Core Viewpoint - Changgao Electric New reported a revenue of 1.202 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.22% and a net profit of 203 million yuan, up 11.97% year-on-year [1] Financial Performance - The basic earnings per share for the reporting period was 0.33 yuan, with a weighted average return on equity of 8.10% [2] - The company's gross margin for the first three quarters was 39.41%, an increase of 3.33 percentage points year-on-year, while the net margin was 16.92%, up 0.92 percentage points from the previous year [2] - In Q3 2025, the gross margin reached 42.90%, a year-on-year increase of 6.15 percentage points and a quarter-on-quarter increase of 5.35 percentage points; the net margin was 20.80%, up 5.85 percentage points year-on-year and 2.46 percentage points quarter-on-quarter [2] Expense Analysis - Total expenses for the period were 250 million yuan, an increase of 40.32 million yuan year-on-year, with an expense ratio of 20.78%, up 2.27 percentage points from the previous year [2] - Sales expenses increased by 8.85% year-on-year, while management expenses decreased by 8.22%; R&D expenses surged by 78.66%, and financial expenses decreased by 42.91% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 36,600, a decrease of 2,005 from the end of the previous half-year, representing a decline of 5.20%; the average market value per shareholder increased from 111,800 yuan to 130,700 yuan, a growth of 16.87% [2] Company Overview - Changgao Electric New, established on April 23, 1998, and listed on July 20, 2010, is located in Changsha, Hunan Province. The company specializes in the R&D, production, and sales of power transmission and transformation equipment, power design, engineering services, and new energy power development [3] - The main business revenue composition includes: 93.65% from power transmission and transformation equipment, 4.80% from power survey design and engineering contracting, 0.89% from new energy generation, and 0.66% from other sources [3] - The company belongs to the electric power equipment industry, specifically in the power grid equipment and transmission and transformation equipment sector, and is associated with concepts such as ultra-high voltage, smart grid, solar energy, energy storage, and aerospace military industry [3]

Company Overview - Xiamen Hichain Energy Technology Co., Ltd. submitted an updated IPO application in Hong Kong, indicating strong growth momentum expected to continue into 2025 [2] - The company achieved revenue of 6.97 billion yuan (approximately 980 million USD) in the first half of the year, a year-on-year increase of 224.6% [2] - Gross profit surged over tenfold to 916 million yuan [2] Business Model and Market Position - Founded in 2019, the company is one of the leading manufacturers of energy storage systems (ESS) and complete equipment globally [2] - Hichain Energy offers customized energy storage products and solutions for diverse application scenarios, covering the entire industry chain from energy storage cells to integrated energy storage systems and end-to-end solutions [2] - The company is positioned to benefit from the explosive growth in energy storage demand and is the first Chinese enterprise to produce energy storage systems in the U.S. [2] Financial Performance - The company has achieved adjusted profitability since last year, with an adjusted net profit of 247 million yuan in the first half of this year, rapidly moving towards a positive net profit for the full year [2] Competitive Advantage - Hichain Energy has established a significant competitive edge through differentiated technology, particularly in the long-duration energy storage sector, where it holds a substantial lead [2] - The company emphasizes that it is the first globally to launch energy storage batteries with a capacity exceeding 1,000 ampere-hours [2] - Its large-scale production includes energy storage cells of 587 ampere-hours and 1,175 ampere-hours, forming a product matrix suitable for power and commercial scenarios [2] - Hichain Energy is also the first in the industry to achieve mass production of 314 ampere-hour energy storage batteries [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply side still has projects ramping up or awaiting production both domestically and overseas. If the mine supply remains stable, lithium salt production is expected to grow strongly. - The demand side shows that the demand for cathode materials is expected to increase steadily, and the terminal market, including new - energy vehicles and energy storage, remains strong. - In November 2025, if there are no changes in the mine end, there is expected to be a supply - demand gap of 1.2 million tons. - The operation suggestion is to buy 2601 and sell 2605 [2][58]. 3. Summary According to the Directory 3.1 Carbonate Lithium Market Review in October 2025 - In October, the fundamentals of carbonate lithium showed increased production, decreased inventory, and continuous growth in futures. By October 27, the main contract closed at 81,900 yuan/ton, up 9,020 yuan/ton (+12.4%) within the month. The average spot price of SMM battery - grade carbonate lithium was 76,600 yuan/ton, and the industrial - grade was 74,300 yuan/ton, both up about 4% month - on - month. - In October, raw material prices rose, with a slightly larger increase than lithium salts. By October 27, the price of SMM lithium spodumene concentrate (6%, CIF China) was 906 US dollars/ton, up 49 US dollars/ton (+6%) within the month, and the price of SMM lithium mica (Li2O: 2.0% - 2.5%) was 1,990 yuan/ton, up 115 yuan/ton (+6%) [8]. 3.2 Supply Side 3.2.1 Domestic Lithium Mines - Domestic lithium mine production decreased month - on - month. In September, the sample production of domestic mines was 20,000 tons of LCE, a month - on - month decrease of 700 tons of LCE (-3.4%), and the cumulative production from January to September was 205,000 tons of LCE, a year - on - year increase of 52,000 tons of LCE (+34%). - Projects in the process of ramping up production include Lijiagou, Dahongliutan, and Lagocuo [11]. 3.2.2 Overseas Lithium Resources - Australian mines: Production continued to grow, but the growth rate slowed down. In the second quarter, the production of operating mines was about 940,000 tons of ore, a month - on - month increase of about 108,000 tons (+13%), and the sales volume was about 996,000 tons, a month - on - month increase of about 150,000 tons (+18%). - South American salt lakes: Continued to grow rapidly. New projects were put into production in 2025, and the Atacama salt lake was expanding production. - American mines: The main projects were relatively stable, with increased production and sales volume month - on - month. In the second quarter, the production of the main lithium spodumene projects in the Americas was 140,200 tons, a month - on - month increase of about 16,500 tons (+13%), and the sales volume was about 120,600 tons, a month - on - month increase of about 20,000 tons (+18%). - African mines: Expected to have considerable growth, but geopolitical issues may disrupt production and shipping [16][17][18]. 3.2.3 Domestic Carbonate Lithium Capacity and Production - Capacity: The total smelting capacity of carbonate lithium in China has expanded rapidly in the past two years. In October 2025, the monthly total smelting capacity was close to 150,000 tons, a year - on - year increase of 37,400 tons (+33%), mainly from the lithium spodumene and salt lake ends. - Production: The overall production of domestic lithium salt plants has continuously reached new highs this year. In September, the production was 87,300 tons, a month - on - month increase of 2,000 tons (+2.4%), and the cumulative production was 684,000 tons, a year - on - year increase of 203,000 tons (+42%) [23]. 3.2.4 Import of Lithium Ore and Lithium Salt - Lithium concentrate: The cumulative import volume increased slightly. In September, the import of lithium concentrate was 521,000 tons, a month - on - month increase of about 50,000 tons (+10.6%), and the cumulative import from January to September was 4.37 million tons (+3.4%). Among them, the cumulative import of Australian ore increased by 8.5% year - on - year, and that of Zimbabwean ore decreased by 15%. - Lithium salt: In September, the import of carbonate lithium was 19,600 tons, a month - on - month decrease of 2,200 tons (-10%), and the cumulative import in September was 173,000 tons (+5.2%) [28]. 3.3 Demand Side 3.3.1 Direct Demand - The production schedule of cathode materials is expected to increase steadily. In September, the production of lithium iron phosphate was 356,800 tons, a month - on - month increase of 40,000 tons (+13%); the production of ternary cathode materials was 75,300 tons, a month - on - month increase of 2,000 tons (+3%). In October, the estimated production of lithium iron phosphate and ternary materials increased by 5% and 1.65% month - on - month respectively, and the production schedule in November is expected to remain strong [39]. 3.3.2 Terminal Demand - Power market: The sales of new - energy vehicles in China still had a high growth rate. In September 2025, the cumulative sales of new - energy vehicles (including exports) were 11.198 million, a year - on - year increase of 34.6%, and the sales penetration rate reached 49.72%. The sales of pure - electric heavy - duty trucks increased rapidly, and the proportion of plug - in hybrids decreased. - Energy storage: Due to cost reduction and policy support, there is an expected increase in demand. From January to September, the total winning bid capacity of energy storage was 131.6 GWh, a year - on - year increase of 37.8% [45][46]. 3.4 Inventory and Outlook 3.4.1 Inventory - Mine - end inventory dropped to a low level. Lithium salt inventory has been gradually reduced for about 3 months, and the warehouse receipt volume decreased rapidly in advance [51]. 3.4.2 Carbonate Lithium Outlook in November - There are still projects ramping up or awaiting production both at home and abroad. - Raw materials: The Jianxiawo project in China has stopped production, and some mining rights in Jiangxi are still uncertain. Overseas, the production and sales volume of Australian mines, South American salt lakes, and American lithium spodumene in the second quarter did not decrease significantly. Lithium ore inventory has fallen to a low level in the past half - month. - Lithium salt: Production continues to increase, and the proportion of lithium spodumene - end carbonate lithium production has increased from 55% at the beginning of the year to 64%. - Import: The subsequent import of lithium ore and lithium salt depends on the geopolitics in Africa and whether overseas producers will adjust sales volume due to price fluctuations. - Overall, if there are no changes in the mine end, there is expected to be a supply - demand gap of 1.2 million tons in November 2025 [56][58].

Core Viewpoint - The company, Shenzhen Lianyu Optoelectronics Co., Ltd., is actively expanding its business in the fields of energy storage, smart home, and charging stations, benefiting from the depreciation of the RMB and the Belt and Road Initiative [2][3]. Company Overview - Shenzhen Lianyu Optoelectronics was established on February 16, 2012, and went public on November 9, 2023. The company specializes in the research, production, and sales of medium and high-power LED lighting products [8]. - The main revenue composition includes LED lighting products (88.43%), accessories (6.55%), LED light sources (4.80%), and others (0.22%) [8]. - As of September 10, the number of shareholders increased by 4.94% to 8,522, while the average circulating shares per person decreased by 4.71% to 2,828 shares [8]. Financial Performance - For the first half of 2025, the company reported a revenue of 769 million yuan, a year-on-year decrease of 0.35%, and a net profit attributable to shareholders of 16.15 million yuan, down 78.85% year-on-year [8]. - The company has distributed a total of 129 million yuan in dividends since its A-share listing [9]. Market Position and Strategy - The company has a significant overseas revenue share of 95.62%, benefiting from the depreciation of the RMB [3]. - It is actively establishing production bases in Vietnam and Mexico [4]. - The company is focusing on developing new technologies in smart lighting, including self-adaptive plant control spectrums and wireless networking for intelligent control circuits [2]. Investment Activity - On October 28, the company's stock price fell by 2.31%, with a trading volume of 64.57 million yuan and a turnover rate of 5.27%, resulting in a total market capitalization of 3.66 billion yuan [1]. - The main capital inflow for the day was negative at 5.93 million yuan, indicating a lack of clear trends in major capital movements [5][6].

Market Overview - The three major indices experienced slight adjustments, with the Shanghai Composite Index down 0.22%, Shenzhen Component Index down 0.44%, ChiNext Index down 0.15%, and the STAR Market 50 Index down 0.84%. Over 2,200 stocks rose in the two markets, with a total trading volume of approximately 2.15 trillion yuan [2]. Fujian Sector Performance - The Fujian sector saw significant gains, with Haixia Innovation rising by 19.97%, and Pingtan Development, Xiamen Port Authority, and Xiamen Airport all increasing by 10%. During the 2025 World Maritime Equipment Conference, Fujian Province signed 172 projects with a total investment exceeding 200 billion yuan [2]. Military Industry Insights - The military industry showed strong performance, with North China Long Dragon up 16.46% and Great Wall Military Industry up 10%. The growth in military spending and positive expectations for equipment procurement during the 14th Five-Year Plan are anticipated to drive orders in the fourth quarter [3]. New Energy and Lithium Battery Sector - The new energy and lithium battery sectors were active, with Jinyang Galaxy rising by 11.74% and multiple other companies seeing increases. Pacific Securities noted that the recent peak season and the explosion of energy storage are pushing the industry into an upward cycle, with battery production in October increasing by 10% month-on-month [4]. Nuclear Power Sector Developments - The nuclear power sector performed well, with Jieqiang Equipment rising over 10%. The Chinese government shared plans for the "artificial sun," expected to be completed by 2027, which could be the first device to achieve fusion power generation. This is expected to lead to a continuous release of orders in the nuclear power components sector during the 14th Five-Year Plan [5]. Declining Sectors - The precious metals and industrial metals sectors weakened, with Tongling Nonferrous Metals down 10% and Chifeng Jilong Gold Mining down 4.3%. The steel, securities, and semiconductor sectors also performed poorly, with Guoyuan Securities down 5.41% and Hanwha Techwin down 3.4% [5].

Core Viewpoint - Fulin Precision's stock has shown significant growth this year, with a year-to-date increase of 76.75%, driven by strong performance in its core business segments, particularly in lithium battery materials and automotive components [1][2]. Company Performance - As of June 30, 2025, Fulin Precision achieved a revenue of 5.813 billion yuan, representing a year-on-year growth of 61.70%, and a net profit attributable to shareholders of 174 million yuan, up 32.41% year-on-year [2]. - The company's main business revenue composition includes lithium battery materials at 68.09% and automotive engine components at 31.91% [1]. Stock Market Activity - On October 28, 2023, Fulin Precision's stock price rose by 2.06%, reaching 19.29 yuan per share, with a trading volume of 1.356 billion yuan and a turnover rate of 4.22% [1]. - The stock has seen significant trading activity, with net inflows of 52.581 million yuan from major funds and a notable presence on the "Dragon and Tiger List" with a net buy of 203 million yuan on September 30, 2023 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 18.56% to 91,200, with an average of 18,541 shares held per shareholder, up 18.07% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited and Jianxin New Energy Industry Fund, which have increased their holdings [3]. Dividend Distribution - Fulin Precision has distributed a total of 736 million yuan in dividends since its A-share listing, with 366 million yuan distributed over the past three years [3].

Core Viewpoint - The stock of Southern Power Grid Energy has experienced fluctuations, with a recent decline of 2.03%, while the company shows a year-to-date increase of 25.49% in stock price [1] Financial Performance - For the period from January to June 2025, Southern Power Grid Energy reported a revenue of 3.301 billion yuan, representing a year-on-year growth of 13.38%, and a net profit attributable to shareholders of 832 million yuan, reflecting a year-on-year increase of 32.93% [2] Shareholder Information - As of October 10, the number of shareholders for Southern Power Grid Energy reached 48,400, an increase of 5.22% from the previous period, while the average circulating shares per person decreased by 4.96% to 66,075 shares [2] Business Overview - Southern Power Grid Energy, established on December 29, 1997, and listed on June 15, 2004, is primarily engaged in the development, investment, construction, and operation of pumped storage, peak regulation hydropower, and grid-side independent energy storage [1] - The company's main revenue sources are: pumped storage (66.22%), peak regulation hydropower (26.73%), new energy storage (5.38%), other services (1.01%), and technical services (0.66%) [1] Dividend Information - Since its A-share listing, Southern Power Grid Energy has distributed a total of 1.622 billion yuan in dividends, with 930 million yuan distributed over the past three years [3]

Core Insights - The long-term outlook for global renewable energy installations is positive, with increasing demand for energy storage driven by rising grid instability [1] - The report highlights regional trends in energy storage demand, indicating a recovery in Europe, strong demand in the US, rapid growth in emerging markets, and stable growth in the Middle East [1] Regional Analysis - **Europe**: The impact of household storage inventory is diminishing, and large-scale storage installations are accelerating, leading to a gradual market recovery [1] - **United States**: There is significant demand for large-scale storage installations, with an expected acceleration in project grid connections, aided by reduced tariff impacts [1] - **Emerging Markets**: Regions such as Asia, Africa, South America, and Oceania show substantial potential for household storage growth, contributing to ongoing demand for energy storage [1] - **Middle East**: Investment in renewable energy is increasing, with accelerated construction of storage projects, particularly in Saudi Arabia and the UAE [1] Inverter Export Data - In September 2025, China's inverter exports amounted to 5.067 billion yuan, reflecting a month-on-month decline of 19.37% but a year-on-year increase of 4.60% [2] - Cumulative inverter exports from January to September 2025 reached 48.322 billion yuan, marking a year-on-year growth of 7.30% [2] Regional Export Performance - **Asia**: Exports to Asia totaled 1.695 billion yuan in September 2025, with a month-on-month decline of 12.70% and a year-on-year decrease of 3.48% [3] - **Europe**: Exports to Europe were 1.881 billion yuan, showing a significant month-on-month decline of 30.11% and a year-on-year decrease of 9.51% [4] - **North America**: Exports to North America were 151 million yuan, continuing a downward trend with a month-on-month decline of 16.9% and a year-on-year decrease of 24.84% [4] - **Latin America**: Exports to Latin America reached 529 million yuan, with a month-on-month decline of 5.07% but a year-on-year increase of 36.60% [5] - **Africa**: Exports to Africa totaled 373 million yuan, reflecting a month-on-month decline of 13.42% but a year-on-year increase of 22.69% [6] - **Oceania**: Exports to Oceania remained high at 456 million yuan, with a month-on-month decline of 7.17% but a year-on-year increase of 288.29% [6] Export Performance by Province - In September 2025, Guangdong, Anhui, Zhejiang, and Jiangsu saw inverter export amounts of 1.825 billion, 464 million, 1.365 billion, and 686 million yuan respectively, with varying month-on-month and year-on-year changes [7]

Core Viewpoint - In the third quarter of 2025, Xiongtao Co., Ltd. reported a significant decline in both revenue and net profit despite a booming energy storage battery industry, highlighting operational challenges and growth bottlenecks for the company [1][7]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 2.38 billion yuan, a year-on-year decrease of 9.39%, and a net profit attributable to shareholders of 106 million yuan, down 10.40% from the previous year [1][5]. - The cash flow from operating activities plummeted by 52.04% to 219 million yuan compared to the same period last year [3][5]. - In Q3 2025 alone, revenue was 773 million yuan, a year-on-year decline of 25.8% and a quarter-on-quarter drop of 18.03% [5][7]. Profitability and Quality - The gross profit margin for the reporting period was 17.88%, down 1.26 percentage points from 19.14% in Q3 2024, while the net profit margin slightly decreased by 0.18 percentage points to 4.35% [3][5]. - The non-recurring net profit saw a significant decline of 29.44%, indicating weakened core business profitability [1][10]. Business Segments and Challenges - The company operates in multiple segments, including lead-acid batteries, lithium batteries, hydrogen fuel cells, and energy storage systems, but has not disclosed specific performance data for these segments in the Q3 report [7][9]. - The UPS power supply business, which was a key growth driver, accounted for 47% of total revenue in the first half of 2025, contributing 75% of the profits [9][10]. - The hydrogen fuel cell business has faced slow progress, with revenue dropping by 72.70% in the first half of 2025, and the overall commercialization of hydrogen energy remains sluggish [10][12][13]. Market Position and Competition - Despite the energy storage battery market experiencing a 65% year-on-year growth in Q3 2025, Xiongtao Co., Ltd. failed to capitalize on this opportunity, with energy storage revenue accounting for only 4.04% of total revenue [14][15]. - The company faces intense competition from industry leaders like CATL and BYD, which poses significant challenges for its energy storage business [14][15]. Strategic Outlook - The company is at a critical juncture, needing to optimize its business structure and enhance operational efficiency to alleviate performance pressures [15]. - Long-term success will depend on breakthroughs in core technology development, high-end market expansion, and effective integration of the supply chain [15].

Core Insights - Abison's stock price increased by 2.01% on October 28, reaching 17.72 CNY per share, with a total market capitalization of 6.54 billion CNY [1] - The company has seen a year-to-date stock price increase of 53.29%, but a recent decline of 7.76% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Abison reported a revenue of 2.872 billion CNY, representing a year-on-year growth of 5.66%, and a net profit attributable to shareholders of 185 million CNY, which is a significant increase of 57.33% [2] - The company has distributed a total of 1.066 billion CNY in dividends since its A-share listing, with 347 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Abison had 17,900 shareholders, an increase of 6.76% from the previous period, with an average of 13,034 shares held per shareholder, down by 6.33% [2] - The fourth largest shareholder is Hong Kong Central Clearing Limited, holding 10.098 million shares, an increase of 7.936 million shares from the previous period [3]