Core Viewpoint - The company confirmed that its major clients include prominent lithium-ion battery manufacturers such as CATL, BYD, and others, indicating a strong position in the supply chain of the battery industry [1] Group 1 - The company has a diverse client base that includes both domestic and international well-known lithium-ion battery manufacturers [1] - Major clients mentioned include CATL, BYD, China Innovation Aviation, Guoxuan High-Tech, Xinwangda, LG Chem, Samsung SDI, Murata, and SK On [1] - The inquiry about the impact of CATL's expansion on the company suggests potential benefits from increased demand in the battery sector [1]

Core Viewpoint - The stock of Xingyuan Material has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 39.61%, indicating volatility in investor sentiment and market performance [1][2]. Company Overview - Xingyuan Material, established on September 17, 2003, and listed on December 1, 2016, specializes in the research, production, and sales of lithium-ion battery separators, with 99.08% of its revenue derived from this core business [1]. - The company is located in Shenzhen, Guangdong Province, and operates within the electric equipment industry, specifically in battery and battery chemical products [1]. Financial Performance - For the first half of 2025, Xingyuan Material reported a revenue of 1.898 billion yuan, reflecting a year-on-year growth of 14.78%, while the net profit attributable to shareholders decreased by 58.53% to 100 million yuan [2]. - Cumulatively, the company has distributed 791 million yuan in dividends since its A-share listing, with 490 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 26.79% to 115,200, while the average number of circulating shares per person decreased by 21.13% to 10,532 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings compared to the previous period [3].

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the lithium battery industry and its related sectors, including energy storage and electric vehicles [1][2][3]. Key Points and Arguments 1. **Domestic Energy Storage Demand**: The impact of Document 136 on domestic energy storage demand was less than expected, with independent energy storage demand being driven by local policies and project rush installations. The forecast for domestic energy storage demand growth has been revised upward to 10-20% for next year [1][5]. 2. **Global Electric Vehicle Market Growth**: The global electric vehicle market is expected to grow by approximately 20% year-on-year next year, with specific growth rates of 10-20% for China's passenger car retail, 25-30% in Europe, and over 30% for commercial vehicles [1][6]. 3. **Battery Installation Demand**: By 2026, the demand for power batteries is projected to reach around 1.5 TWh, representing a year-on-year growth of over 25% [1][6]. 4. **Global Energy Storage Battery Shipment**: The global shipment of energy storage batteries is expected to be revised upward to 500-550 GWh this year, with projections for 2026 at 600-650 GWh, indicating a nearly 30% year-on-year growth [1][7]. 5. **C Company Production Guidance**: C Company has provided a production guidance for 2026 that exceeds expectations, reaching TWh levels with a year-on-year growth of approximately 40% [1][8]. 6. **Market Dynamics**: The effective production capacity of major battery manufacturers is expected to grow by 25-30% year-on-year, aligning with demand growth. The industry concentration is anticipated to increase, with limited material release leading to potential price volatility [1][9]. 7. **Profitability Projections**: - Ningde Times is expected to achieve a profit of over 90 billion yuan in 2026, with a market value target of 1.8-2 trillion yuan, indicating a potential upside of 20-30% [3][10]. - Yiwei Lithium Energy is projected to have a total profit of over 9 billion yuan in 2026, with a market value target of 200 billion yuan, also showing close to 30% upside potential [3][11]. 8. **Electrolyte Industry Trends**: The processing fees for lithium hexafluorophosphate are expected to rise, with Tianqi Materials forecasting an optimistic total profit of 2.5-3 billion yuan [3][12]. 9. **Separator Industry Developments**: The separator industry is experiencing price increases due to the full production status of leading companies, which is expected to enhance profitability [3][13]. 10. **Iron Lithium Battery Market**: The iron lithium battery market shows a favorable supply-demand structure with ongoing price increase expectations [3][17]. 11. **Yuneng Company Outlook**: Yuneng is expected to grow by 30% next year, with a target profit of over 2 billion yuan [3][18]. 12. **Overseas Business Performance**: Companies like Longpan and Wanrun are expected to achieve significant profits from their overseas operations, with Longpan projecting a net profit of 500 million yuan [3][19]. 13. **Negative Material Market**: The negative material market is currently stable, but there are risks of price declines due to structural issues [3][20]. 14. **Future Profit Projections**: A company is expected to achieve a profit of 1.3 billion yuan in 2026, with a valuation of around 15-16 times [3][21]. 15. **Purtai's Incentive Goals**: Purtai has set a profit target of 3 billion yuan for 2026, with potential for exceeding expectations based on negative material performance [3][22]. 16. **Lithium Battery Sector Outlook**: The lithium battery sector is expected to have a favorable future with high cost-effectiveness and safety margins, making it a worthwhile area for investor attention [3][23]. Other Important but Overlooked Content - The call highlighted the importance of local policies and market dynamics in shaping the future of the lithium battery industry, emphasizing the need for continuous monitoring of these factors [1][4][5]. - The potential for new product launches and expansions in production capacity, particularly in emerging markets, was noted as a significant driver for future growth [3][22][23].

事 锂电池产业链 超配（维持） 8 月电池销量同比延续快速增长 锂电池产业链跟踪点评 2025 年 9 月 15 日 分析师：黄秀瑜（SAC 执业证书编号：S0340512090001） 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 件 点 评 事件： 2025 年 8 月新能源汽车产销量及电池产销量数据公布。 点评： 8月新能源汽车产销同比延续快速增长。根据中汽协数据，2025年8月新能源汽车产销分别为139.1万 辆和139.5万辆，同比分别增长27.4%和26.8%，环比分别增长11.91%和10.54%。其中，纯电动销量90.8 万辆，同比增长40.5%，环比增长11.96%；插电式混动销量48.7万辆，同比增长7.5%，环比增长7.98%。 1-8月新能源汽车产销分别为962.5万辆和962万辆，同比分别增长37.3%和36.7%。其中，纯电动销量 615.8万辆，同比增长46.1%；插电式混动销量346万辆，同比增长22.8%。8月新能源汽车渗透率48.8%， 环比上升0.1pct；1-8月渗透率45.5%。8月新能源汽车出口22.4万辆，同比增长1倍，环比下降0.6% ...

Core Insights - Star Source Material's stock increased by 5.27% to 14.99 CNY per share, with a trading volume of 1.403 billion CNY and a turnover rate of 7.86%, resulting in a total market capitalization of 20.115 billion CNY [1] Company Overview - Shenzhen Star Source Material Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on September 17, 2003. The company went public on December 1, 2016. Its main business involves the research, production, and sales of lithium-ion battery separators, with 99.08% of its revenue coming from this segment and 0.92% from other sources [1] Fund Holdings - According to data from the top ten holdings of funds, China Life Asset Management's fund holds a significant position in Star Source Material. The Guoshou Anbao Chuang Selected 88 ETF (159804) held 207,400 shares in the second quarter, accounting for 2.03% of the fund's net value, making it the sixth-largest holding. The estimated floating profit for today is approximately 155,500 CNY [2] Fund Performance - The Guoshou Anbao Chuang Selected 88 ETF (159804) was established on March 4, 2020, with a current size of 130 million CNY. Year-to-date returns are 25.29%, ranking 1940 out of 4222 in its category. Over the past year, the fund has achieved a return of 71.5%, ranking 1163 out of 3802, and since inception, it has returned 41.95% [2] Fund Management - The fund managers of Guoshou Anbao Chuang Selected 88 ETF are Li Kang and Su Tianxing. As of the report, Li Kang has a tenure of 10 years and 183 days, managing assets totaling 7.118 billion CNY, with the best return during his tenure being 41.95% and the worst being -48.35%. Su Tianxing has a tenure of 4 years and 200 days, managing assets of 3.303 billion CNY, with the best return of 31.5% and the worst of -1.84% [3]

Summary of Conference Call for Xingyuan Material Industry Overview - **Dry Film Separator Price Increase**: Prices for dry film separators have risen over 30% due to the influence of the China Plastics Association's anti-involution meeting, with expectations for further price increases in the future, benefiting companies like Xingyuan Material [2][5] - **Industry Supply and Demand Tightening**: By the end of 2025, the separator industry is expected to reach a state of supply-demand balance, with a potential beta market emerging in mid to late 2026, although the pace of capacity expansion among companies remains slow [2][8] Company Performance and Outlook - **Production Capacity Expansion and Overseas Layout**: The company's Boshan project has commenced production, and the Malaysia project is expected to start shipments in Q4. Once fully operational next year, overseas profit contributions are anticipated to be comparable to domestic profits, significantly enhancing the company's profit elasticity [2][6][7] - **Sales Volume Guidance**: The company expects to exceed 5 billion square meters in sales volume this year and aims for approximately 6 billion square meters next year, with the overall industry growth rate projected to remain above 20% [2][10] - **Production Line Utilization**: The wet production line is operating at full capacity, while the dry production line is utilized at about 70%. The Boshan project is fully operational, and the Malaysia project is set to begin shipments by the end of this year, contributing an estimated 600 to 800 million square meters in sales volume next year [2][11] Technological Developments - **Solid-State Battery Production Line**: A solid-state battery production line in collaboration with Zhongke Shanglan is expected to commence production in October, focusing on high-rate and high-energy density batteries with energy densities of 300-310 Wh/kg and 350 Wh/kg, respectively [3][14][15] - **Solid-State Battery Field Layout**: The company has significant technological reserves in rigid frameworks and solid-state batteries, being the exclusive supplier of rigid frameworks to Zhongke Shenlan and providing sulfide samples to several leading companies, positioning itself competitively in the solid-state battery sector [2][9] Market Dynamics - **Lithium Battery Demand**: The lithium battery industry exceeded expectations in the first half of the year, driven by strong energy storage demand, with growth rates surpassing 30%. Major players have been operating at near full capacity, indicating robust supply-demand conditions [4] - **Wet Film Separator Price Trends**: The wet film separator market is expected to trend towards tight balance by the second half of next year, potentially leading to price increases [13] Financial Insights - **Profitability of Malaysia Base**: The Malaysia base serves both international and domestic clients, with pricing 30% to 40% higher than domestic rates while maintaining comparable or lower costs due to local energy prices [12] Additional Considerations - **Investment in Electronic Skin Company**: The company has acquired an electronic skin company, currently in the early stages, with plans for further investments in promising companies to ensure shareholder value [19] - **Negotiations with VeriTec**: Specific details regarding negotiations with VeriTec cannot be disclosed at this time, with stakeholders advised to await further announcements [20] - **Solid Electrolyte Shipment and Outlook**: The oxide solid electrolyte currently has a production capacity in the hundred-ton range, with shipments at the ten-ton level, while sulfide solid electrolytes are at the ton-level shipment stage, with plans to continue as scheduled for next year [21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].

山股份、冰轮环境、雪人股份。 证券研究报告 | 行业周报 gszqdatemark 2025 09 14 年 月 日 电力设备 储能：2025 年 9 月 W1 储能系统项目投标报价区间为 0.3928 元/Wh-0.585 元/Wh。均价：9 月 W1 EPC 投标报价区间为 0.5398 元/Wh-1.4555 元/Wh，储能 系统投标报价区间为 0.3928 元/Wh-0.585 元/Wh。推荐关注方向：建议关注国内 外增速确定性高的大储方向，关注阳光电源、海博思创、上能电气、科华数据、三 晖电气、东方日升。 干湿法隔膜价格均出现明显回升，山东 136 号文件后风光新增项目竞价结果落地 光伏：效率、良率全面提升，关注钙钛矿产业化进程。9 月 11 日，BOE IPC 钙钛 矿光伏峰会论坛上，BOE 表示目前已经实现 1.2m*2.4m 钙钛矿组件量产功率 505W（ 交付效率 18.6%）、产线良率达到 95%以上、且未来每年预计可以实现效 率提升约 1%。钙钛矿作为下一代光伏技术，转换效率一直是主要攻关的方向。当 下晶硅组件平均效率在 22~23%左右，考虑上弱光性能，对应钙钛矿单节组件实 现 21% ...

Core Viewpoint - The article emphasizes the significant growth and global expansion of China's lithium battery industry, highlighting the need for companies to adopt a more rational and cautious approach to overseas ventures, balancing policy, market, and cost considerations [4][42]. Group 1: Lithium Battery Segment - CATL's overseas revenue reached 61.208 billion yuan in the first half of the year, accounting for 34.22% of total revenue, with a year-on-year increase of 21.14% [8]. - BYD exported 89.9 GWh of power batteries and energy storage systems in the first half of the year, a year-on-year increase of 58.4%, capturing a global market share of 17.8% [9][10]. - EVE Energy's overseas revenue for the first half of 2025 was 6.969 billion yuan, a year-on-year increase of 28.05%, with a gross margin of 21.71% [11]. - Guoxuan High-Tech's overseas revenue was 6.4 billion yuan, accounting for 33% of total revenue, with a focus on expanding production capacity in Thailand, Vietnam, and Morocco [13][14]. - A new trend in the industry is the shift from simple product exports to comprehensive overseas strategies, including technology, capital, and project investments [43]. Group 2: Positive Developments in the Industry - The article notes that many leading lithium battery companies have overcome previous overcapacity issues and are now experiencing full order books for overseas factories, such as CATL's German factory and EVE Energy's Indonesian project [44]. - The article highlights the supportive policies from Chinese customs to facilitate the export of lithium batteries, which are classified as hazardous goods [45]. - Southeast Asia is identified as a key market for lithium battery companies, with favorable policies and abundant resources, making it an attractive base for expansion [46]. Group 3: Emerging Markets and Strategic Considerations - The article discusses the complexities of entering European and North American markets, where Chinese companies face high barriers but also opportunities due to the lack of established local supply chains [46]. - Emerging markets in Africa, the Middle East, and South America are seen as important areas for energy storage and solar power projects, requiring companies to understand local regulations and policies [47].

Overview of Guarantee Situation - The company has approved a total guarantee amount not exceeding RMB 16.8 billion for its subsidiaries, which includes various forms of guarantees such as joint liability guarantees, equity pledges, and asset mortgages [2][4]. Progress of Guarantees - The company provided a joint liability guarantee of up to RMB 150 million for its wholly-owned subsidiary, Innoway (Singapore) Ltd., for financing needs with Hang Seng Bank (China) Ltd. [4][8]. - Additionally, a joint liability guarantee of up to USD 10 million was provided for Innoway (Singapore) Ltd. for foreign exchange and financial derivative transactions with Hang Seng Bank [4][10]. - The company also signed a maximum guarantee contract with OCBC Bank (China) Ltd. for its wholly-owned subsidiary, Senior International Holding (Singapore) Pte. Ltd., with a guarantee amount of up to USD 5 million [4][11]. Basic Information of Guaranteed Entities - Innoway (Singapore) Ltd. has a registered capital of 1 Singapore Dollar and is fully owned by the company, focusing on equity investment and factory operation management [5]. - Senior International Holding (Singapore) Pte. Ltd. has a registered capital of SGD 10 million and is also fully owned by the company, specializing in the research and sales of lithium-ion battery separators and functional films [7]. Cumulative External Guarantee Situation - As of the announcement date, the actual guarantee balance of the company and its subsidiaries is RMB 6.37572 billion, accounting for 65.06% of the company's audited net assets for 2024 [12].