◆ 电池 ◆ 宁德时代发布多款电池新品 01 4月21日， 宁德时代在超级科技日上发布了多款新品，其中包括： 第二代神行超充电池。据介绍，该款磷酸铁锂电池续航达到800公里，峰值充电倍率接近12C，峰 值充电功率超过1.3兆瓦，可以实现"充电5分钟续航超520公里"。 "钠新"钠离子电池，并推出了第一款产品宁德时代纳新24V重卡启驻一体蓄电池，预计今年6月正 式量产。据透露，宁德时代的钠离子电池可以在多面挤压、针刺贯穿、电钻穿透和电池锯断等实验 之下，做到"不起火、不爆炸" 骁遥双核电池，这是宁德时代双核架构自生成负极技术深度融合的重磅产品。双核架构，可让一个 电池包拥有两个独立能量区确保动力输出连续性、稳定性和安全性；自生成负极技术则是原子层级 的突破，可在同样的电池包空间内配置更多电量，支撑更长续航。 江苏年产60万套电池仓总成项目签约 02 4月17日，江苏省盐都经济开发区与金保利（江苏）新能源科技有限公司举办电池仓总成项目签约 仪式。据悉，此次签约项目计划投资10亿元，一期征地100亩，项目采用"自主研发+联合创新"模 式，与产业链上下游深度协同，重点生产新能源汽车电池托盘及储能箱体，年产能达60万套 ...

Investment Rating - The investment rating for Tianqi Lithium Industries is maintained as "Buy" [8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, transitioning from profit to loss [1] - Lithium salt sales saw a substantial increase, with production of lithium salt at 71,000 tons, up 39.4% year-on-year, and sales at 103,000 tons, up 81.5% year-on-year [1] - The company is actively advancing its mining and smelting operations while exploring new technologies in the downstream sector, including solid-state batteries and battery recycling [4] Financial Summary - In 2024, the company faced challenges due to high inventory and asset impairments, with total asset impairments amounting to 2.11 billion yuan [2] - Investment income turned negative, with a loss of 840 million yuan, primarily due to a decline in lithium prices and tax obligations affecting SQM [3] - The company forecasts a gradual recovery in net profit from 1.16 billion yuan in 2025 to 2.65 billion yuan in 2027, with corresponding EPS increasing from 0.71 yuan to 1.62 yuan [5][7]

Core Insights - The company reported a significant decline in revenue and net profit for the year 2024, marking its first annual loss since going public [1][2] - The drop in lithium prices was identified as the primary reason for the poor performance, with a notable decrease in the average price of lithium carbonate [1][2] Financial Performance - The company's total revenue for 2024 was 18.91 billion yuan, a decrease of 42.66% compared to the previous year [1] - The net loss attributable to shareholders was 2.07 billion yuan, a shift from a profit of 4.95 billion yuan in 2023, representing a decline of 141.93% [1] - The net profit after excluding non-recurring items was a loss of 887 million yuan, down 133.16% from a profit of 2.68 billion yuan in 2023 [1] - Basic and diluted earnings per share were both -1.03 yuan, compared to 2.46 yuan in the previous year, reflecting a decrease of 141.87% [1] Business Operations - The lithium series products contributed 12.02 billion yuan in revenue, a year-on-year decrease of 50.88% [1] - Revenue from lithium battery series was 5.90 billion yuan, down 23.49% year-on-year [1] - The overall gross margin fell to 10.82%, a decrease of 2.86% from the previous year, with the lithium salt business gross margin at only 10.47% [1] Strategic Developments - The company is advancing its global resource layout with multiple projects coming online, including the Cauchari-Olaroz salt lake project in Argentina and the Goulamina spodumene project in Mali [2] - Plans are in place to achieve an annual supply capacity of no less than 600,000 tons of lithium carbonate equivalent (LCE) by 2030 through innovative extraction technologies [2] - The company achieved breakthroughs in solid-state battery research, enhancing the conductivity of sulfide solid electrolytes, which supports the commercialization of solid-state batteries [2] - The battery recycling business has reached an annual processing capacity of 200,000 tons, with a lithium recovery rate exceeding 90% [2] - The company reported significant growth in the energy storage sector, with production and sales of power storage batteries reaching 11,439.5 MWh and 8,195.4 MWh, respectively, marking a year-on-year increase of 98.73% [2]

Group 1: Business Development and Strategy - Ganfeng Lithium focuses on lithium business and is developing the Congo Bougouma potassium salt project, which has an estimated KCl resource of approximately 1.01 billion tons, making it one of the highest quality potassium projects globally [1] - The company is investing in solid-state battery technology, with oxide-based mixed solid-liquid batteries already forming commercial products, while sulfide-based solid-state batteries are still in development [1] - Ganfeng Lithium plans to achieve an annual lithium product supply capacity of no less than 600,000 tons LCE by 2030, supported by resource acquisition and new capacity plans [2] Group 2: Financial Health and Market Position - The company has a diversified funding source, including substantial cash reserves, cash flow from operations, ample bank credit, and bond financing channels, ensuring financial stability [2] - Ganfeng Lithium's battery recycling business, particularly for lithium iron phosphate batteries, is currently leading in the industry [2] - The company believes that current lithium prices are at a relatively low point, supported by strong cost-side support and low historical inventory levels [3] Group 3: Resource Management - Ganfeng Lithium currently holds lithium resources totaling approximately 40-50 million tons LCE, which is sufficient for future development [3] - The company prioritizes the development of low-cost, high-quality lithium mines and will consider projects that are synergistic with existing mines or have high returns [3]

◆ 电池 ◆ 正力新能B10车型上市 配套正力新能BEV电芯 先导智能发布LEADACE穹顶系列智能平台 01 近期，先导智能推出 LEADACE 穹顶系列智能平台，通过智能算法赋能锂电精益制造， 围绕设备预测性维护和产品质量提升，现已开发出超过50个AI应用场景。 启宸科技完成天使轮融资 02 近日，启宸新能科技有限公司完成千万级天使轮投资。据了解，合肥启宸新能科技有限公司成立于 2024年10月，核心团队由中国科学技术大学、合肥工业大学等顶尖高校的科研专家及产业人才组 成，公司以碳材料作为载体，硅源热分解形成弥散性纳米硅填充于载体碳材料孔隙内；实现纳米硅 表面的均匀碳包覆。具备多孔碳选型、沉积工艺设计和沉积设备选型改造技术。 逸飞激光46系列大圆柱 南孚电池进军固态电池 02 安孚科技发布公告，公司控股子公司福建南平南孚电池有限公司（以下简称"南孚电池"）拟与南 平市绿色产业投资基金有限公司（以下简称"南平绿色产业基金"）、高能时代（广东横琴）新能 源科技有限公司（以下简称"高能时代"）签署合资协议，拟共同合资设立新型电池中试平台合资 公司（以下简称"合资公司"），共同推动全固态电池技术的研发与产业化应用 ...

Core Viewpoint - CATL is actively expanding its presence in the battery recycling sector, investing over 5.6 billion RMB in a lithium iron phosphate recycling project with an annual capacity of 450,000 tons, coinciding with the critical phase of large-scale retirement of electric vehicle batteries in China [1][2]. Group 1: Market Context - The Chinese government has approved an action plan to establish a comprehensive recycling system for electric vehicle batteries, indicating that the market is entering a phase of large-scale battery retirements [1]. - From 2018 to 2020, approximately 4 million electric vehicle batteries were added to the market, with a projected retirement of over 1.04 million tons of batteries by 2025, and a peak of 3.5 million tons expected between 2030 and 2032, leading to a market size exceeding 100 billion RMB [1]. Group 2: CATL's Strategic Moves - CATL's subsidiary, Bangpu Times, is under scrutiny for its capacity expansion in battery recycling, with a significant investment in a lithium iron phosphate project that is part of a broader strategic partnership with the Yichang municipal government [2]. - The integrated production base planned in Yichang will cover multiple stages from raw materials to battery recycling, highlighting CATL's commitment to a closed-loop model in battery production and recycling [2]. Group 3: Recycling Pathways - Battery recycling primarily involves two pathways: cascade utilization and regeneration. Cascade utilization is applied when the remaining battery capacity is between 50%-80%, while regeneration occurs when capacity falls below 40% [3][4]. - Lithium iron phosphate batteries are favored for cascade utilization due to their long cycle life and safety, whereas ternary lithium batteries present economic and safety challenges in this context [4]. Group 4: Economic Challenges - The current decline in lithium prices poses economic challenges for cascade utilization, as the costs of disassembly and reassembly are nearing those of producing new batteries, compounded by the complexity of new battery technologies [3][4]. - Regeneration of lithium iron phosphate batteries faces higher costs due to more complex chemical processing requirements compared to ternary lithium batteries, despite the growing market for lithium iron phosphate in electric vehicles [4]. Group 5: Regulatory Environment - The Chinese government is raising technical standards for the battery recycling industry, with new regulations set to increase lithium recovery rates from 85% to 90% and impose additional recovery rate requirements for electrode materials [5]. - Many companies currently struggle to meet these standards, as the low lithium content in batteries complicates the recovery process, leading to high costs and technical bottlenecks [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ENVISION GREENWISE HOLDINGS LIMITED 晉景新能控股有限公司 （股份代號：1783） （於開曼群島註冊成立的有限公司） 自願性公告 有關戰略框架協議之 業務更新資料 本公告乃由晉景新能控股有限公司（「本公司」）自願作出，以知會其股東及潛在投資者有 關本公司之最新發展。 訂約方將於本公司位於香港環保園的動力電池處置設施設立電池梯次利用示範點， 展示電池回收、再製造及再利用的進展。國軒高科將憑藉其生產能力提供技術專業 支援，而本公司將以環保園提供生產鏈支援及實際運作場景，以促進環保行業的可 持續發展。 茲提述本公司日期為2024年2月19日之自願性公告，內容有關（其中包括）本公司與國軒高 科股份有限公司（「國軒高科」）之間之預期業務合作。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年2月24日，本公司與國軒高科訂立 戰略框架協議（「該協議」），在以下方面展開進 ...

宁德时代联手滴滴成立新公司 近日，时代小桔（厦门）新能源技术有限公司成立，法定代表人为杨峻，注册资本3.3亿元。经营范围包含：新能源汽车换电设施销售；电动 汽车充电基础设施运营；蓄电池租赁；电池销售等。 股权穿透显示，该公司由宁德时代、滴滴出行关联公司北京小桔科技有限公司间接共同持股。据公开资料，杨峻现任宁德时代换电业务总经 理、时代电服CEO。 宁德时代与大众签署战略合作备忘录 近日，大众汽车集团（中国）与宁德时代签署战略合作备忘录。依托各自优势，双方将聚焦技术创新与产品升级，全面深化在新能源汽车锂电 池研发、新材料应用以及零部件开发领域的合作，共同开发技术先进、具有成本竞争力的电池概念及产品。 未来，双方还将立足动力电池，进一步探索电池回收、换电、V2G、碳减排、原材料供应透明度等领域，助力大众汽车集团（中国）更好把握 市场机遇，为中国消费者提供优质安全的新能源汽车产品，推动电动化加速发展。 宁德时代再签300MWh海外储能市场订单 2月15日，在行业论坛上，比亚迪锂电池有限公司CTO孙华军透露，2024年比亚迪已经下线(中试)60ah全固态电池，将在2027年左右启动全固 态电池批量示范装车应用，203 ...

据"郑州经开发布"消息，近日，河南省全省第十五期"三个一批"项目建设活动举行。赣锋锂业 新能源产业集群项目在"签约一批"现场签约。 赣锋锂业新能源产业集群项目由赣锋锂业投资建设，总投资额约45亿元。项目建设计划分三 期，其中，一期建设两条电池包pack（动力及储能）生产线和中原地区退役电池循环回收利用 核心基地，预计年产值6亿元。 ☆走进深圳中基 ☆走进博力威 圆柱电池论坛： 行业首届圆柱电池技术论坛定档2025年2月28日，深圳举办！ 在锂电池回收业务方面，其已在江西新余、赣州、四川达州等地建成多处拆解及再生基地，成 为中国磷酸铁锂电池及废料回收能力超前，电池综合处理能力行业前列的电池回收行业头部企 业之一。 （来源：电动驿家 ） 圆柱电池巡访： ☆走进国轩高科 ☆走进利维能 ☆走进诺达智慧 ☆走进中泽科技 ☆走进苏州力神 ☆走进睿恩新能源 ☆走进天鹏电源 ☆走进中比新能源 ☆走进天能集团 ☆走进新能安 ☆走进浙江锋锂 ☆走进华立源 ☆走进鹏辉能源 ☆走进欣旺达锂威 作为世界领先的锂生态企业，赣锋锂业业务贯穿上游锂资源开发、中游锂盐深加工及金属锂冶 炼、下游锂电池制造及废旧电池综合回收利用等价值链的各重要环 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ENVISION GREENWISE HOLDINGS LIMITED 晉景新能控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1783） 自願公告 有關電池回收合作的業務更新 本公告由晉景新能控股有限公司（「本公司」）自願發佈，以告知其股東及潛在投資者有關 本公司之最新發展。 電池回收合作 於2024年12月27日，本公司與Huayou Green Energy Technology Netherlands B.V.（「Huayou Green Energy」）訂立電池回收合作協議（「合作協議」）。 根據合作協議，雙方同意，將基於歐洲現有31個服務點位，為終端客戶提供一站式電池收 集及處置服務；而Huayou Green Energy將在其位於歐洲的本地化處置設施中，按照歐盟最 新電池法，合規處置本公司上述點位所收集的各類電池。合作協議為本公司與浙江華友 循環科技有限公司（「華友」）於20 ...