Group 1 - The core viewpoint of the news is that Yitian Smart has experienced significant stock price fluctuations and changes in financial performance, with a notable increase in stock price year-to-date but a decline in recent trading days [1][2] - As of September 15, Yitian Smart's stock price was 53.60 CNY per share, with a market capitalization of 9.721 billion CNY and a year-to-date stock price increase of 176.89% [1] - The company has seen a net outflow of main funds amounting to 4.314 million CNY, with large orders showing a slight imbalance between buying and selling [1] Group 2 - Yitian Smart's main business involves the research, production, and sales of integrated stoves and other modern kitchen appliances, with integrated stoves accounting for 58.38% of its main business revenue [1] - The company belongs to the household appliances industry, specifically in kitchen appliances, and is associated with concepts such as DeepSeek, artificial intelligence, and computing power [2] - As of July 31, the number of shareholders increased by 12.20% to 7,623, while the average circulating shares per person decreased by 10.87% [2] Group 3 - Since its A-share listing, Yitian Smart has distributed a total of 425 million CNY in dividends, with 307 million CNY distributed over the past three years [3]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **battery materials sector** and provides insights into the **battery market dynamics** as of September 2025, particularly in China [4][5]. Core Insights and Arguments - **Battery Price Expectations**: There is caution regarding sustained price increases in the battery market despite short-term tightness. Seasonal strengths may lead to temporary price rebounds, but a sustainable price hike is deemed unlikely due to expected seasonal weakness in Q1 2026 and a balanced supply-demand dynamic [4][6]. - **Earnings Sensitivity**: A sensitivity analysis indicates that a 10% price increase in batteries could result in a 30%-60% earnings upside for 2026 estimates. Companies like Gotion, CALB, and EVE Energy are noted to be more sensitive to battery price hikes [6]. - **Recent Earnings Reviews**: - **CATL**: 2Q25 earnings exceeded expectations, but the battery unit gross profit profile was mixed. The recommendation is to maintain a Buy on A-Shares and downgrade H-Shares to Neutral due to valuation concerns [6]. - **Gotion**: 2Q25 results missed expectations due to one-off items, but the recommendation remains a Buy with a raised target price reflecting strong volume trends and operational efficiency [6]. - **EVE Energy**: 2Q25 earnings missed due to one-off expenses, but unit gross profit beat expectations due to product mix upgrades. The recommendation is Neutral on valuation [6]. - **CALB**: 1H25 earnings beat expectations due to volume strength, maintaining a Neutral rating with a higher target price [6]. - **Farasis**: 2Q25 results were below expectations due to volume misses and new plant ramp-up issues, maintaining a Sell rating [6]. - **Hunan Yuneng**: Strong 2Q25 results affirming sector inflection, maintaining a Buy rating due to improving bargaining power [6]. - **Dynanonic**: Missed both volume and profitability targets, downgraded to Sell from Neutral due to marginalization risks [6]. Additional Important Insights - **Supply Chain Utilization Trends**: The report includes month-over-month changes in supply chain utilization for various battery components, indicating a general upward trend in utilization rates across cathodes, anodes, separators, and electrolytes [8][9]. - **Export Trends**: The report highlights significant growth in battery exports, particularly in Li-ion batteries, with a notable increase in export volumes and unit prices for various battery components [57][58]. - **Market Dynamics**: The report emphasizes the competitive landscape among major players in the battery materials sector, including CATL, BYD, and CALB, and their respective market shares and growth trajectories [39][40]. This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and future outlook of the battery materials industry.

财通证券股份有限公司 关于浙江亿田智能厨电股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：财通证券股份有限公司 | 被保荐公司简称：亿田智能 | | --- | --- | | 保荐代表人姓名：孙江龙 | 联系电话：0571-87821394 | | 保荐代表人姓名：余东旭 | 联系电话：0571-87821394 | （以下无正文） （本页无正文，为《财通证券股份有限公司关于浙江亿田智能厨电股份有限 公司 2025 年半年度持续督导跟踪报告》之签章页） 二、保荐机构发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 亿田智能董事会已审议通过 | | | | 《关于终止募集资金投资项目 并将剩余募集资金永久补充流 | | | | 动资金的议案》，相关议案已经 | | | 截至本报告出具日，公 | 公司 年第三次临时股东大 202 ...

Market Overview - The kitchen and bathroom appliance sector increased by 0.49% on September 11, with Mars leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance: - Mars (300894) closed at 13.53, up 1.65% with a trading volume of 51,900 shares and a turnover of 69.21 million yuan [1] - Sunrise Oriental (603366) closed at 10.01, up 1.42% with a trading volume of 207,900 shares and a turnover of 206 million yuan [1] - Other notable stocks include: - Vatti (002035) at 6.51, up 1.24% - Wanhe Electric (002543) at 11.88, up 0.42% - Boss Electric (002508) at 20.27, down 0.05% [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 15.57 million yuan from institutional investors, while retail investors saw a net inflow of 8.15 million yuan [1] - Detailed capital flow for key stocks: - Mars (300894) had a net inflow of 6.38 million yuan from institutional investors, but a net outflow from retail investors [2] - Sunrise Oriental (603366) also saw a net inflow from institutional investors of 6.23 million yuan, with retail investors showing a net outflow [2] - Vatti (002035) had a net inflow of 4.57 million yuan from institutional investors, while retail investors had a slight net inflow [2]

Investment Rating - The report maintains a "Recommendation" rating for Yitian Intelligent, with a target price of 59.00 CNY, compared to the current price of 51.99 CNY [4][8]. Core Views - Yitian Intelligent's revenue for H1 2025 was 170 million CNY, a year-over-year decline of 49.1%, with a net profit attributable to shareholders of -70 million CNY, a year-over-year decline of 507.0% [2][8]. - The core business of integrated stoves saw a significant revenue drop of 66.4% year-over-year, primarily due to low demand linked to the real estate market and high replacement costs [8]. - The newly added computing power business generated 10 million CNY in revenue, indicating potential for future growth [8]. - The overall gross margin for H1 2025 was 14.1%, down 29.5 percentage points year-over-year, reflecting pressure on pricing due to insufficient demand [8]. - The report highlights that the company's profitability is under pressure, with a net loss recorded in Q2 2025 due to declining gross margins and increased fixed costs [8]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are 584 million CNY, 594 million CNY, and 658 million CNY respectively, with corresponding year-over-year growth rates of -16.9%, 1.8%, and 10.7% [4][9]. - The net profit attributable to shareholders is projected to be 28 million CNY in 2025, 40 million CNY in 2026, and 59 million CNY in 2027, with growth rates of 3.9%, 43.7%, and 48.1% respectively [4][9]. - The report indicates a significant increase in the price-to-earnings (P/E) ratio from 355 in 2024 to 161 in 2027, reflecting anticipated recovery in earnings [4][9].

Group 1 - The kitchen and bathroom appliance sector experienced a decline of 0.65% on September 10, with Yitian Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Individual stock performance in the kitchen and bathroom appliance sector varied, with Zhejiang Meida showing a slight increase of 0.59% and Yitian Intelligent declining by 1.92% [1] Group 2 - The kitchen and bathroom appliance sector saw a net outflow of 21.18 million yuan from main funds, while retail investors contributed a net inflow of 24.41 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors increased their positions [2]

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.21% on September 9, with Yitian Smart leading the drop [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Boss Electric up by 0.25% and Yitian Smart down by 3.92% [1] - The closing prices and changes for notable stocks are as follows: - Boss Electric: 20.36, +0.25% - Yitian Smart: 53.01, -3.92% - Daybreak Oriental: 9.90, -2.65% [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 81.36 million yuan from institutional investors, while retail investors had a net inflow of 91.50 million yuan [1] - Detailed capital flow for specific stocks indicates significant outflows for Daybreak Oriental (-56.01 million yuan) and Boss Electric (-6.05 million yuan), while retail investors showed positive inflows for several stocks [2]

智通财经APP讯，亿田智能(300911.SZ)发布公告，公司近日与合肥三只羊网络科技有限公司(以下简 称"三只羊")签署了《终止协议》，现因双方战略合作规划调整，经友好协商一致，就终止原签署的 《网络推广服务合同》和《网络推广服务合同之补充协议》相关事宜达成约定。 ...

每经AI快讯，9月8日，亿田智能（300911）(300911.SZ)公告称，公司近日与合肥三只羊网络科技有限 公司签署《终止协议》，终止原签署的《网络推广服务合同》和《网络推广服务合同之补充协议》。 ...

亿田智能公告，公司近日与合肥三只羊网络科技有限公司签署了《终止协议》，因双方战略合作规划调 整，决定终止原签署的《网络推广服务合同》和《网络推广服务合同之补充协议》。双方已全面梳理尚 未实质开展的直播推广服务，亦未产生任何需要分配结算的佣金或费用。终止合作不会对公司正常生产 经营造成影响。 ...