Core Viewpoint - The ternary lithium battery sector is experiencing significant strength, with multiple companies showing notable stock price increases [1] Group 1: Stock Performance - Fengyuan Co., Ltd. has reached the daily limit increase in stock price [1] - Companies such as Hunan Yuno, Yiwei Lithium Energy, Huayou Cobalt, CATL, and others are among those with the highest stock price increases [1]

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry [1][6]. Core Views - The lithium battery sector has shown strong performance, with the index rising 1.94% in October 2025, outperforming the Shanghai Composite Index, which fell by 1.46% [6][10]. - The sales of new energy vehicles (NEVs) in China exceeded 50% for the first time in October 2025, with 1.715 million units sold, marking a year-on-year increase of 19.93% [6][14]. - The report highlights a significant increase in the prices of upstream raw materials, including lithium carbonate and lithium hydroxide, which are expected to continue fluctuating upwards in the short term [6][40]. Summary by Sections 1. Market Review - In October 2025, the lithium battery index outperformed the Shanghai Composite Index, with 54 stocks rising and 50 falling within the sector [10][12]. - Key stocks such as Haike New Energy and Tianji Shares saw substantial gains, while companies like Funeng Technology experienced notable declines [10][12]. 2. New Energy Vehicle Sales and Industry Prices - NEV sales in China reached 1.715 million units in October 2025, with a market share of 51.63%, driven by supportive policies and improved vehicle cost-performance ratios [6][14]. - The report notes that the total NEV sales for 2025 are projected to continue growing, supported by favorable macroeconomic policies [14][17]. 3. Industry and Company News - The report outlines significant collaborations in the industry, including partnerships between leading companies like CATL and logistics providers to enhance supply chain efficiency [54]. - It also mentions strategic agreements aimed at advancing electric vehicle technology and expanding market reach [54]. 4. Industry Chain Prices - The report details the price trends of key materials, indicating that lithium carbonate prices have risen to 85,000 CNY/ton, a 15.65% increase from early October 2025 [6][40]. - Other materials such as cobalt and lithium hydroxide have also seen price increases, reflecting the ongoing demand and supply dynamics in the industry [6][40].

Core Viewpoint - Tianli Lithium Energy announced a plan for shareholder reduction of shares, with a total of up to 3,562,200 shares (3% of total share capital) to be sold by the shareholder Anhui High-tech Investment New Materials Industry Fund Partnership [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - The New Materials Fund plans to reduce its holdings through centralized bidding and block trading, with a maximum of 1,187,400 shares (1% of total share capital) through centralized bidding and 2,374,800 shares (2% of total share capital) through block trading [1] - **Current Shareholding Status** - The New Materials Fund has already reduced its holdings by 568,000 shares, bringing its ownership from 5.478277% to 4.999921%, thus falling below the 5% threshold [1]

Core Points - Tianli Lithium Energy announced a share reduction plan by its shareholder, Fude Fund, which intends to sell 5,400,000 shares, representing 4.55% of the company's total share capital [1] Summary by Sections - **Shareholder Reduction Plan** Fude Fund plans to reduce its holdings through block trading within a specified period from August 11, 2025, to November 10, 2025, excluding a non-reduction window [1] - **Completion of Reduction Period** As of November 10, 2025, the reduction plan period has expired, and the company has received a notification from Fude Fund regarding the completion of this plan [1]

证券代码：301152 证券简称：天力锂能 公告编号：2025-089 关于持股 5%以上股东减持至 5%以下并触及 1%整数倍 暨权益变动的提示性公告 股东安徽高新投新材料产业基金合伙企业（有限合伙）保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动系天力锂能集团股份有限公司持股 5%以上股东安徽高新投 新材料产业基金合伙企业（有限合伙）减持公司股份，不触及要约收购。 天力锂能集团股份有限公司 2、本次权益变动不会导致公司控股股东及实际控制人发生变化。 3、本次权益变动后，新材料基金持有公司股份 5,936,907 股，持股比例为 4.999921%，不再是公司持股 5%以上的股东。 天力锂能集团股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日披 露了《关于股东减持股份的预披露公告》（公告编号：2025-086），公司股东安 徽高新投新材料产业基金合伙企业（有限合伙）（以下简称"新材料基金"）计 划以集中竞价方式、大宗交易方式减持本公司股份不超过 3,562, ...

证券代码：301152 证券简称：天力锂能 公告编号：2025-090 天力锂能集团股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日披露 了《关于股东减持股份的预披露公告》（公告编号：2025-058），公司股东河南 富德高科新材创业投资基金合伙企业（有限合伙）（以下简称"富德基金"）计 划自减持计划公告披露之日起 15 个交易日后的 3 个月内（2025 年 8 月 11 日至 2025 年 11 月 10 日，窗口期不减持）以大宗交易方式减持本公司股份 5,400,000 股（占公司总股本的 4.55%）。 公司于近日收到富德基金出具的《股东减持计划到期告知函》，截至 2025 年 11 月 10 日，富德基金本次减持计划期限已届满，现将本次减持股份具体情况 公告如下： 一、股东减持情况 | 股东名称 | 减持方式 | 减持期间 | | | 减持均价 （元/股） | 减持股数 （万股） | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | --- | | 河南富德高科 新材创业投资 | 大宗交易 | 年 月 2025 10 月 | 10 ...

签署日期：2025 年 11 月 7 日 1 / 14 信息披露义务人声明 一、本报告书系根据《中华人民共和国证券法》《上市公司收购管理办法》《公开 发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及其他相关 法律法规编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反信 息披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 天力锂能集团股份有限公司 简式权益变动报告书 上市公司名称：天力锂能集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：天力锂能 股票代码：301152 信息披露义务人名称：安徽高新投新材料产业基金合伙企业（有限合伙） 住所：安徽省淮北市烈山区青龙山产业园陶博路三号双创服务中心 416 室 通讯地址：上海市黄浦区淮海中路 381 号中环广场 1601 室 股份变动性质：股份减少，持股比例下降至 5%以下 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的 公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本报告书已全 面披露了信息披露义务人在天力锂能集团股份有限公司中拥有权益的股份变动情况。 四 ...

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry [1][6]. Core Insights - The lithium battery index has outperformed the CSI 300 index, with a year-to-date increase of 73.20%, surpassing the CSI 300 by 54.39 percentage points as of November 7, 2025 [3][10]. - The industry is experiencing continuous performance improvement, with a revenue of 1.78 trillion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.81% [6][17]. - The demand for energy storage is exceeding expectations, with a significant increase in shipments of lithium batteries for energy storage, which grew by 99.07% year-on-year in the first three quarters of 2025 [6][24]. - The report suggests focusing on four main investment lines based on the industry's development trends and price movements in the lithium supply chain [6][32]. Summary by Sections Industry Performance - The lithium battery sector's revenue for 2024 was 2.25 trillion yuan, a slight increase of 0.14% year-on-year, while net profit was 111.39 billion yuan, down 21.68% [6][16]. - In the first three quarters of 2025, the sector's revenue reached 1.78 trillion yuan, with a net profit of 679.5 billion yuan, marking a year-on-year increase of 28.07% [6][24]. Market Dynamics - The sales of new energy vehicles in China reached 11.196 million units in the first nine months of 2025, a year-on-year increase of 34.55% [6][24]. - The production of power and other batteries totaled 1,121.90 GWh, reflecting a year-on-year growth of 51.40% [6][24]. Price Trends - The prices of key materials in the lithium supply chain have shown a general upward trend, with lithium hexafluorophosphate prices increasing by 90.40% to 119,000 yuan per ton since the beginning of 2025 [6][24]. - The price of electrolytes has also risen by 44.33% since the start of the year [6][24]. Investment Strategy - The report emphasizes maintaining an "Outperform" rating based on the industry's growth prospects and valuation levels, suggesting continued investment in four main lines [6][32].

Core Viewpoint - Tianli Lithium Energy (301152.SZ) reported a revenue of 1.535 billion yuan for the first three quarters of 2025, marking an 11.18% year-on-year increase, but the net profit attributable to shareholders was -89.74 million yuan, an improvement from -171 million yuan in the same period last year [1] Financial Performance - For the first nine months of 2025, the company achieved a revenue of 1.535 billion yuan, up 11.18% year-on-year [1] - The net profit attributable to shareholders was -89.74 million yuan, compared to -171 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -90.42 million yuan, improving from -179 million yuan year-on-year [1] - The net cash flow from operating activities was 51.47 million yuan, a significant increase of 114.11% year-on-year [1] Previous Year Comparison - In 2024, the company reported a revenue of 1.754 billion yuan, a decrease of 28.23% compared to the previous year [3] - The net profit attributable to shareholders for 2024 was -429 million yuan, compared to -502 million yuan in the previous year [3] - The net cash flow from operating activities in 2024 was -305 million yuan, down from a positive 124 million yuan in the previous year [3] Initial Public Offering (IPO) Details - Tianli Lithium Energy was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 29, 2022, with an initial public offering of 30.5 million shares at a price of 57.00 yuan per share [2] - The total amount raised from the IPO was 1.7385 billion yuan, with a net amount of 1.5503 billion yuan after expenses [3] - The company planned to use the raised funds for the construction of projects related to ternary cathode materials [3]

Group 1 - The core viewpoint of the news is that Tianli Lithium Energy's stock has experienced fluctuations, with a recent decline of 2.02% and a total market value of 3.81 billion yuan [1] - As of November 4, the stock price is reported at 32.09 yuan per share, with a trading volume of 125 million yuan and a turnover rate of 5.41% [1] - The company has seen a net outflow of main funds amounting to 3.00 million yuan, with significant buying and selling activities recorded [1] Group 2 - For the year-to-date, Tianli Lithium Energy's stock price has decreased by 2.31%, but it has shown a 2.13% increase over the last five trading days and a 9.71% increase over the last 20 days [1] - The company specializes in the research, production, and sales of lithium battery ternary materials and their precursors, with a revenue composition of 82.29% from ternary materials, 11.38% from lithium iron phosphate, 4.12% from lithium carbonate, and 2.20% from other sources [1] - As of September 30, the number of shareholders has increased by 4.71% to 18,200, while the average circulating shares per person have decreased by 4.53% to 3,899 shares [2] Group 3 - For the period from January to September 2025, Tianli Lithium Energy achieved an operating income of 1.535 billion yuan, representing a year-on-year growth of 11.18%, while the net profit attributable to shareholders was a loss of 89.74 million yuan, but this reflects a year-on-year improvement of 47.42% [2] - Since its A-share listing, the company has distributed a total of 36.59 million yuan in dividends [3]