关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：普沃思环保科技无锡有限公司 注：文中提到的方案和文字版权归普沃思所有，方案已申请专利 1 硫化氢高低浓度 目前，全固态硫化物体系电池生产过程中产生的硫化氢（ H₂S）气体 主要分类两大类： 高浓度硫化氢和低浓度硫化氢。 其中， 高浓度硫化氢源于众多 工艺单元，浓度偏高，大约在 10ppm左右，甚至更高 ； 低浓度硫化氢源于空间扩散，浓度大约 1-5ppm（硫化氢浓度数据来源于现有工艺反馈，数据 需要生产工艺优化后同步更新）。 2 传统方案：从源头抑制 目前 业界 (实验室或小型中试线） 普遍采用惰性气体保护系统，并搭配超低露点与超高密封性的阀门、管道和密封件。其核心机理是从 "抑制产生"入 手。该方法在实验、手套箱及小试阶段尚可适用，运行成本与初投资也可接受。 然而，规模化生产代价太大，很难大规模推广应用，难以满足全固态电 池规模化产业验证。 当前，全固态电池产业化路径已基本明确，多家企业计划于 2027年实现小批量装车，标志着该技术将正式迈向规模化应用。 业内人士分析认为， 2025–2026年 是 中试生 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - Leap Motor plans to issue 74.832 million domestic shares to FAW at a price of HKD 50.03 per share, totaling HKD 3.744 billion. Approximately 50% of the funds will be allocated for R&D, 25% for operational capital, and 25% for expanding sales and service networks [2][4][6]. - The company is expected to benefit from a strong domestic new car cycle, driving continuous sales growth, while its partnership with Stellantis will facilitate a light-asset overseas expansion, enhancing global sales potential [4][6]. - The projected net profits for Leap Motor from 2025 to 2027 are estimated at CNY 6.3 billion, CNY 5.0 billion, and CNY 8.37 billion, with corresponding P/E ratios of 102.5X, 13.0X, and 7.7X [4]. Summary by Relevant Sections Domestic Market - The company leverages its technological foundation to create a strong price-performance ratio, which is expected to enhance sales during the ongoing new car cycle. Scale effects and product structure optimization are anticipated to improve profitability [4][6]. Overseas Market - The collaboration with Stellantis, the fourth-largest automotive group globally, allows Leap Motor to utilize Stellantis's extensive sales and after-sales network and production capacity for a rapid and flexible overseas expansion. This partnership is expected to yield significant profit contributions from high single-vehicle profitability [4][6]. Product Development and Sales Network - Leap Motor plans to launch 2-3 new products globally each year over the next three years, with several models already introduced in 2025. The company has established a robust domestic sales network with 866 sales outlets across 292 cities and has expanded its international presence with over 700 sales and service points in approximately 30 international markets [6].

Core Viewpoint - Leap Motor announced a share subscription agreement with FAW Group, marking a significant partnership as the company celebrates its tenth anniversary [2][3] Group 1: Share Subscription Details - Leap Motor will issue 74.8322 million domestic shares at a subscription price of 50.03 CNY per share, representing a 10.7% premium over the previous closing price of 49.94 HKD [2] - The total proceeds from the share subscription will amount to 3.744 billion CNY, with approximately 50% allocated for R&D, 25% for operational funds, and 25% for expanding sales and brand awareness [2] Group 2: Historical Context and Market Reactions - The partnership between Leap Motor and FAW has been developing since March, with their first collaborative project expected to launch in the overseas market next year [2] - Market speculation about FAW acquiring a stake in Leap Motor has been ongoing, with initial reports suggesting a potential 10% acquisition [3] Group 3: Strategic Implications - FAW's investment is seen as a recognition of Leap Motor's efforts over the past decade, enhancing the company's stability and risk resilience [5] - The partnership is expected to improve Leap Motor's brand recognition in China and facilitate technical exchanges between the two companies [5] Group 4: Financial Performance - Leap Motor reported a quarterly revenue of 19.45 billion CNY and a net profit of 150 million CNY, achieving profitability for the quarter [6] - The company delivered 173,900 vehicles in the same period, surpassing competitors and positioning itself as a leader among new energy vehicle brands in China [6] Group 5: Future Goals - Leap Motor aims to achieve a sales target of 1 million vehicles by 2026, with a long-term goal of 4 million vehicles annually [7][8] - Key focus areas for the company include technological innovation, quality, overseas market expansion, and maintaining an efficient organizational structure [8]

从国家政策到行业倡议，从企业争相承诺到被集体约谈，2025年，一套国家政策、行业倡议、企业约谈"组合拳"，精准直击行业外少有人关注的"支付账 期"问题。 近年来，不断加剧的"内卷式"竞争让汽车产业陷入"增量不增收、增收不增利"怪象，这一现象在今年前5个月尤为显著。据国家统计局数据，1—5月，我国 汽车产销量同比增长均超10%；同时，汽车制造业营业收入上涨7.1%；但利润总额却下滑11.9%。 与此同时，这一压力更已传导至供应商等上游环节。据行业数据，2024年，中国上市车企平均应付账款周转天数达182天，部分企业超过240天，导致中小供 应商资金链压力巨大，融资成本高达5%—8%，远高于整车企业的3%—5%，对汽车产业链条带来极大安全风险。 由此，"缩短账期"已刻不容缓。中国汽车流通协会专家委员会委员章弘表示，"缩短账期"能够缓解供应商的资金压力，提升其经营韧性和创新能力。 其实早在3月17日，国务院就发布修订版《保障中小企业款项支付条例》，其中明确提出，大型企业从中小企业采购货物、工程、服务，应当自货物、工 程、服务交付之日起60日内支付款项。该条例已于6月1日起正式施行。 为巩固"六十天账期承诺"的贯彻执 ...

编辑 杨娟娟 校对 赵琳 新京报贝壳财经讯（记者林子）12月29日上午，对于一汽入股零跑汽车，零跑科技创始人、董事长、首 席执行官朱江明在媒体发布会上现场回应，零跑汽车和一汽投资协议里有相关约定，会保持零跑创始团 队的控制权，"这是不会改变的，毕竟还是有一个主导方来管理公司，有我们创始团队，还有Stellantis 和一汽等比较固定的股东作为零跑的股东方，对公司的稳定性非常好。" 朱江明表示，有大股东，车企的抗风浪的能力会更强。未来几年的新能源汽车的赛道并不是一帆风顺 的，还是有一定风险。有了这些大股东的加持和支持，以及战略层面、产品层面的合作、零部件层面的 合作，确实对零跑是非常好的一件事情。 ...

Group 1 - The core viewpoint of the article is that Leap Motor (09863.HK) emphasizes the importance of maintaining control by its actual controller, which will not change despite new investments and partnerships [1] - Leap Motor has entered into a domestic share subscription agreement with FAW, where FAW will subscribe for 74,832,245 domestic shares at a price of RMB 50.03 per share (equivalent to HKD 55.29), resulting in FAW holding approximately 5% of the company's shares [1]

12月29日早间，零跑汽车（09863.HK）创始人、董事长朱江明回应第一财经称，要保证实控人的控制 权，这是不会改变的。有了大股东的加入和支持，以及战略层面和产品层面的合作，公司的稳定性会更 强。零跑副总裁李腾飞表示，无论是跟斯特兰蒂斯还是和一汽的合作，投资协议里对股权的比例都有明 确的约定，来保证公司实控人团队的实控地位。 编辑 ｜心一 今日早些时候，零跑汽车公告称，与一汽订立内资股认购协议，约定由一汽股权以每股人民币50.03元 （相当于港元55.29元）认购74,832,245股内资股。认购完成后，一汽股权将持有约5%的公司股份，成 为重要股东之一。 记者｜葛慧 ...

新浪科技讯 12月29日上午消息，在零跑十周年发布会后，零跑科技创始人、董事长、CEO朱江明等高 管团队与媒体对话。 根据零跑汽车公告，其与一汽股权投资签署内资股认购协议，拟以每股人民币50.03元（相当于港币 55.29元）的价格向一汽股权发行7，483.2万股内资股，总金额为人民币37.44亿元。本次发行的内资股 占公司扩大后已发行内资股总数的20.47%，占扩大后已发行股份总数的5%。 谈及一汽入股，朱江明表示，双方约定还是要保持创始团队的实控权，一汽和斯特兰蒂斯的持股，对公 司的稳定性是非常好的，抗风险能力更强，对股民也是大的保障。有了大股东的加持和产品层面的合 作，对零跑是很好的加持。 零跑科技副总裁舒春成则表示，与一汽合作，代表央企层面对零跑的认可，这是央企第一次入股新势 力；同时有利于零跑在中国市场品牌知名度的提升，加强用户对零跑的信任和信赖；双方可以优势互 补，同时形成稳定的股权架构，一汽和斯特兰蒂斯入股时，对方都明确表示不谋求控股。 新浪科技讯 12月29日上午消息，在零跑十周年发布会后，零跑科技创始人、董事长、CEO朱江明等高 管团队与媒体对话。 根据零跑汽车公告，其与一汽股权投资签署内资 ...

Group 1: Robotics Business Development - The company has established robotics as its third strategic business segment following bearings and automotive chassis systems, with a product range including universal joints, precision shafts, and various specialized bearings [4] - Current production capacity includes 100,000 sets of roller screws and 10 million sets of universal joints, with plans to establish a capacity of 1.2 million specialized bearings by 2026 [4] - The company is focusing on optimizing its supply chain and expanding international production, particularly in Thailand [4] Group 2: Automotive Business Growth - Major automotive clients include BYD, Chery, Dongfeng, and international brands like Mercedes-Benz and BMW, with new clients such as Xiaomi and Li Auto contributing to growth [5] - Incremental products in the automotive sector include drive shafts and braking products [5] Group 3: Financial Performance and Projections - For the first three quarters of 2025, the company reported revenue of 10.406 billion yuan and a net profit of 773 million yuan, with expectations for continued growth in 2026 [7] - The company aims to enhance its core products and invest in new technologies related to chassis control and humanoid robotics [7] Group 4: Mergers and Acquisitions - The company is actively pursuing the acquisition of the American WAC company, with due diligence and negotiations ongoing [6] - Future investment plans include increasing stakes in startups within humanoid robotics, low-altitude economy, clean energy, and new energy vehicle components [8] Group 5: Employee Incentives - A stock option incentive plan was disclosed in March 2024, with the first exercise period completed in September 2025, aimed at enhancing profitability and employee engagement [9]

Core Viewpoint - The Ministry of Industry and Information Technology of China has officially announced the first batch of L3 autonomous driving vehicle permits, marking a significant step towards the commercialization of L3 autonomous driving in the country [1] Group 1: Industry Developments - The first two models to receive permits are Changan Automobile's Deep Blue SL03 and BAIC's Arcfox Alpha S6, which will conduct pilot tests in designated areas of Beijing and Chongqing [1] - This approval follows the framework established in November 2023, which outlined the pilot program for L3/L4 vehicles, with 29 consortiums participating in the application process [2] - The selection of Changan and BAIC was based on comprehensive assessments of their R&D, testing, and emergency response capabilities, as well as third-party evaluations of safety and network security risks [2] Group 2: Vehicle Specifications - The Deep Blue SL03 utilizes Changan's self-developed "Tianshu Intelligent" technology, while the Arcfox Alpha S6 is equipped with Huawei's Qiankun driving system [3] - Both models have undergone extensive real-world testing and are classified as sedans, which offer better stability and precision in maneuvering compared to SUVs [3] - The permitted models can only operate under specific conditions: the Deep Blue SL03 is limited to a maximum speed of 50 km/h in congested traffic environments, while the Arcfox Alpha S6 can reach up to 80 km/h on highways and urban expressways [3] Group 3: Future Outlook - The approval of these two vehicles is expected to lead to a gradual expansion of L3 vehicle permits, rather than a blanket release, with further approvals anticipated as the regulatory framework develops [3] - Currently, the permitted vehicles are restricted to operation by ride-hailing service companies, indicating a focus on professional operation and strong monitoring rather than immediate consumer access [3]