Core Points - The stock price of Kaizhong Co., Ltd. decreased by 2.01% on October 27, trading at 14.16 CNY per share with a market capitalization of 3.796 billion CNY [1] - Year-to-date, the stock has increased by 46.52%, with a recent 5-day decline of 0.49%, a 20-day increase of 16.26%, and a 60-day increase of 12.92% [2] - The company reported a revenue of 349 million CNY for the first half of 2025, a year-on-year growth of 0.89%, while net profit attributable to shareholders decreased by 15.20% to 37.79 million CNY [2] Company Overview - Kaizhong Co., Ltd. was established on July 31, 2000, and went public on January 20, 2017. The company is located in the Pudong New District of Shanghai [2] - The main business activities include the research, production, and sales of special damping components for chassis suspension systems and lightweight pedal assemblies for control systems. The revenue composition is as follows: damping components 67.82%, pedal assemblies 26.26%, rubber wheels 4.14%, and others 1.77% [2] - As of June 30, the number of shareholders increased by 49.92% to 36,300, with an average of 7,342 circulating shares per person, a decrease of 6.62% [2] Financial Performance - Since its A-share listing, Kaizhong Co., Ltd. has distributed a total of 590 million CNY in dividends, with 198 million CNY distributed over the past three years [3]

1. Report Title and Date - Title: Carbonate Lithium Weekly Report [2] - Date: October 27, 2025 [3] 2. Core Viewpoints Supply - side - Last week, carbonate lithium production increased by 405 tons week - on - week to 23,170 tons, and September production increased by 3.3% month - on - month to 95,442 tons [5]. - Ningde Jianxiawo Mine has been shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply [5]. - In the third quarter, Australian mines achieved cost control, with extremely limited further cost - reduction space, and most mainstream Australian mines have reduced their capital expenditure for fiscal year 2025 [5]. - In September 2025, China imported 711,000 tons of lithium concentrate, a 14.7% month - on - month increase. The top three importing countries were Australia, Nigeria, and Zimbabwe. The import from Australia increased by 64.1% month - on - month, from Zimbabwe decreased by 7.8% month - on - month, from Nigeria increased by 14.4% month - on - month, and from South Africa increased by 109,000 tons [5]. - In September, carbonate lithium imports were 19,597 tons, a 10.3% month - on - month decrease, with 11,000 tons from Chile, accounting for 55% [5]. - The CIF price of imported lithium spodumene concentrate increased week - on - week, and some manufacturers producing carbonate lithium from purchased lithium ore faced cost inversion. Self - owned ore and salt lake enterprises had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5]. Demand - side - The overall production schedule in October increased month - on - month, and in September, the production schedule of large battery cell factories increased by 8% month - on - month [6]. - In September, the total production of power and other batteries in China was 151.2 GWh, an 8.3% month - on - month and 35.4% year - on - year increase. The total export of power and other batteries was 26.7 GWh, an 18.2% month - on - month and 28.3% year - on - year increase. The sales volume of power and other batteries was 146.5 GWh, a 9.0% month - on - month and 42.2% year - on - year increase [6]. - The trade - in policy and the extension of the new energy vehicle purchase tax policy are expected to continue to support the rapid growth of China's new energy vehicle market sales [6]. Inventory - This week, carbonate lithium inventory showed a destocking trend, with a 1,040 - ton decrease in factory inventory and a 1,987 - ton decrease in futures inventory [6]. Strategy Suggestion - Before a clear result on the lithium mining license issue in Jiangxi, the domestic supply - demand remains in a tight balance, and it is expected that subsequent lithium salt imports from South America will supplement the supply [6]. - The terminal demand for energy storage continues to be strong. In September, the production schedule of large battery cell factories increased by 8% month - on - month, and in October, the cathode production schedule is expected to increase by 4% month - on - month [6]. - With profit recovery, lithium production from ore continues to increase, and the cost center shifts upward. The proportion of long - term contracts and customer - supplied products for battery factories increases, and warehouse receipts are continuously cancelled. It is expected that the short - term carbonate lithium price will be supported [6]. - As the verification and submission of reserve reports by Yichun mining enterprises are still undetermined and the downstream production schedule exceeds expectations, attention should be paid to the disturbances at the Yichun mining end. During the peak season, downstream enterprises actively purchase carbonate lithium, and it is expected that the price will continue to fluctuate strongly. Prudent trading is recommended, and continuous attention should be paid to the progress of mining licenses in Yichun mines and the resumption of production at Ningde Jianxiawo Lithium Mine [6]. 3. Key Data Tracking - The report presents multiple data charts, including the spot含税均价 of carbonate lithium, weekly and monthly production and inventory of carbonate lithium, average price of lithium concentrate, average production cost of carbonate lithium, production and related data of power batteries, production proportion of carbonate lithium from different raw materials, production of cathode materials (such as lithium iron phosphate, ternary materials), average price of lithium iron phosphate, import volume of carbonate lithium and lithium spodumene, and market price of ternary materials [9][10][12][14][19][21][24][25][27][29][33][35][39][41][43][45]

Core Viewpoint - Hisense Home Appliances has experienced fluctuations in stock performance, with a recent increase in share price and notable changes in shareholder structure and financial performance [1][2][3]. Financial Performance - For the first half of 2025, Hisense Home Appliances reported revenue of 49.34 billion yuan, a year-on-year increase of 1.44% [2]. - The net profit attributable to shareholders was 2.08 billion yuan, reflecting a year-on-year growth of 3.01% [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.964 billion yuan, with 3.823 billion yuan distributed over the past three years [3]. Stock Performance - As of October 27, the stock price of Hisense Home Appliances was 25.33 yuan per share, with a year-to-date decline of 8.46% [1]. - Over the last five trading days, the stock has increased by 1.04%, while it remained flat over the past 20 days and decreased by 1.52% over the last 60 days [1]. Shareholder Structure - As of June 30, the number of shareholders increased to 41,200, a rise of 27.22% compared to the previous period [2]. - The largest shareholders include Hong Kong Central Clearing Limited, which holds 28.22 million shares, a decrease of 20.65 million shares from the previous period [3]. - Southern CSI 500 ETF and Southern Growth Mixed A have also seen changes in their holdings, with the former increasing its stake and the latter reducing it [3]. Business Overview - Hisense Home Appliances, established on April 21, 1997, and listed on July 13, 1999, is primarily engaged in the manufacturing and sales of refrigerators, air conditioners, and home appliances [1]. - The main revenue composition includes HVAC (48.02%), washing machines and refrigerators (31.20%), and other segments (20.78%) [1].

Company Overview - Huichuangda Technology Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on February 2, 2004. The company was listed on November 18, 2020. Its main business involves the research, design, production, and sales of light guide structural components and precision key switch structural components [1][2]. Financial Performance - For the first half of 2025, Huichuangda achieved operating revenue of 697 million yuan, representing a year-on-year growth of 7.93%. However, the net profit attributable to the parent company was 32.21 million yuan, a decrease of 26.32% year-on-year [2]. - Since its A-share listing, Huichuangda has distributed a total of 116 million yuan in dividends, with 65.73 million yuan distributed over the past three years [3]. Stock Performance - As of October 27, Huichuangda's stock price decreased by 2.01%, trading at 34.63 yuan per share, with a total market capitalization of 5.99 billion yuan. The stock has increased by 46.61% year-to-date [1]. - Over the past five trading days, the stock rose by 2.91%, by 2.40% over the past 20 days, and by 16.84% over the past 60 days [1]. Shareholder Information - As of June 30, Huichuangda had 11,100 shareholders, an increase of 1.33% from the previous period. The average number of circulating shares per shareholder was 11,048, a slight increase of 0.04% [2]. Capital Flow - In terms of capital flow, there was a net outflow of 891,000 yuan from main funds, with large orders accounting for 27.26% of purchases and 18.35% of sales [1].

Core Points - Zhejiang Shibao's stock price decreased by 2.01% on October 27, trading at 13.19 CNY per share with a total market capitalization of 10.851 billion CNY [1] - The company has seen a year-to-date stock price increase of 16.62%, but a recent decline of 3.51% over the past five trading days [2] - Zhejiang Shibao's main business involves the research, design, manufacturing, and sales of automotive steering systems and components, with 95.55% of revenue coming from steering systems [2] Financial Performance - For the first half of 2025, Zhejiang Shibao reported revenue of 1.524 billion CNY, a year-on-year increase of 35.32%, and a net profit attributable to shareholders of 93.034 million CNY, up 39.09% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 209 million CNY, with 69.358 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.94% to 78,500, with no change in the average circulating shares per person [2] - In the top ten circulating shareholders, Invesco Great Wall Research Select Stock A is the fourth largest shareholder, having recently entered with 1.974 million shares [3]

Group 1 - The core viewpoint of the news is that CIMC Vehicles has experienced a decline in stock price and financial performance, with a notable drop in net profit and revenue for the year-to-date period [1][2]. - As of October 27, CIMC Vehicles' stock price decreased by 2.73%, trading at 9.28 CNY per share, with a total market capitalization of 17.392 billion CNY [1]. - The company has seen a net outflow of main funds amounting to 2.9415 million CNY, with large orders accounting for 17.33% of purchases and 27.40% of sales [1]. Group 2 - For the first nine months of 2025, CIMC Vehicles reported a revenue of 15.012 billion CNY, representing a year-on-year decrease of 5.13%, while the net profit attributable to shareholders was 622 million CNY, down 26.23% year-on-year [2]. - The company has distributed a total of 2.664 billion CNY in dividends since its A-share listing, with 1.655 billion CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 16.07% to 29,800, while the average circulating shares per person increased by 19.17% to 48,786 shares [2][3].

1. Report Industry Investment Rating - The report gives a "Shock" rating for lithium carbonate [5] 2. Core Viewpoints of the Report - Last week, lithium salt prices showed a strong upward trend. The closing prices of LC2511 and LC2601 increased by 4.3% and 4.9% respectively. SMM's average spot prices of battery - grade and industrial - grade lithium carbonate rose by 2.8% and 2.9%. The price of lithium hydroxide stabilized. The strong reality of destocking during the peak season attracted incremental funds, causing the lithium carbonate futures to increase in both price and trading volume. The inventory of lithium carbonate in China decreased by 0.23 million tons to 13.0 million tons, and the destocking pace accelerated. The resumption of the Jiangxi mica project is still uncertain [2][12][15] - In the future, the demand in the terminal energy storage field remains strong, and battery cell factories are operating at full capacity. The apparent demand in November may still have a small increase. Before the supply - side projects resume production, the balance sheet will maintain destocking in the short term, which will support prices. However, further upward price movement may depend on unexpected disruptions on the supply side. In terms of strategies, short - term interval operations are recommended, and medium - term short - selling opportunities after the demand peaks should be monitored. For arbitrage, the reverse arbitrage of LC2511 - LC2601 has been gradually realized and can be gradually closed for profit. In the future, attention should be paid to the positive arbitrage opportunities of LC2601 against more distant contracts [3][15] 3. Summary According to the Table of Contents 3.1. Peak Season Strong Reality Drives, and the Market Increases in Volume and Price - Lithium salt prices were strong last week. The closing prices of LC2511 and LC2601 increased by 4.3% and 4.9% respectively compared to the previous week, reaching 78,900 yuan/ton and 79,500 yuan/ton. SMM's average spot prices of battery - grade and industrial - grade lithium carbonate increased by 2.8% and 2.9% to 75,400 yuan/ton and 73,200 yuan/ton. The price of lithium hydroxide stabilized [2][12] - The trading volume of lithium carbonate futures increased. The main contract LC2601 had a weekly increase of nearly 5%, and the trading volume increased by 1.6 million lots to 4.3 million lots, reaching a record high. The strong reality of destocking during the peak season attracted incremental funds. The inventory of lithium carbonate in China decreased by 0.23 million tons to 13.0 million tons, and the destocking pace accelerated. The resumption of the Jiangxi mica project is still uncertain [2][15] 3.2. Weekly Industry News Review - In September 2025, China's lithium ore imports were 710,600 tons, a month - on - month increase of 14.7%. From January to September, China's lithium ore imports were 5.576 million tons, a year - on - year increase of 37% [16] - In September 2025, China's lithium carbonate imports were 19,600 tons, a month - on - month decrease of 10.3% and a year - on - year increase of 20.5%. From January to September, China's lithium carbonate imports were 173,000 tons, a year - on - year increase of 5.2%. In September, China's lithium hydroxide imports were 1,473 tons, a month - on - month increase of 20.3% and a year - on - year decrease of 74.8%. From January to September, China's lithium hydroxide imports were 10,654 tons, a year - on - year increase of 81.9% [16] - The first batch of spodumene concentrate was shipped from the Bougouni lithium project. The project team will transport 30,000 tons of spodumene concentrate to the port for export to Hainan, China, and will also transport the current inventory of 45,000 tons [17] - EVE Energy announced that in the third quarter of 2025, its revenue was 16.832 billion yuan, a year - on - year increase of 35.85%, and its net profit was 1.211 billion yuan, a year - on - year increase of 15.13%. From January to September, its revenue was 45.002 billion yuan, a year - on - year increase of 32.17%, and its net profit was 2.816 billion yuan, a year - on - year decrease of 11.70%. In the first three quarters of 2025, its power battery shipments were 34.59GWh, a year - on - year increase of 66.98%, and its energy storage battery shipments were 48.41GWh, a year - on - year increase of 35.51% [17] - Pilbara Minerals announced its Q3 2025 operating results. The production of spodumene concentrate in this quarter was 224,800 tons, a month - on - month increase of 1.7%. The sales price of spodumene sc6 in the quarter was $841, a month - on - month increase of 19%. The quarterly recovery rate reached 78%, and the operating cost per ton (FOB) decreased by 13% to A$540 ($351) compared to the previous quarter [18] 3.3. Monitoring of Key High - Frequency Data in the Industry Chain 3.3.1. Resource End: The Spot Price of Lithium Concentrate Remains Stable - The spot price of lithium concentrate remains stable, but specific data is not provided in the text [19] 3.3.2. Lithium Salt: The Market Increases in Volume and Price - The trading volume of lithium carbonate futures increased, and the price of the main contract LC2601 increased by nearly 5%. The trading volume increased by 1.6 million lots to 4.3 million lots, reaching a record high [2][15] - The prices of lithium carbonate and lithium hydroxide showed an upward trend. The average spot prices of battery - grade and industrial - grade lithium carbonate increased by 2.8% and 2.9%, and the average prices of battery - grade lithium hydroxide increased by 0.8% [2][12] 3.3.3. Downstream Intermediates: The Quotes of Ternary and Lithium Cobalt Oxide Increase Sharply - The prices of downstream intermediate products such as ternary materials and lithium cobalt oxide increased. The spot price of ternary material 523 increased by 8.9%, and the spot price of lithium cobalt oxide increased by 4.6% [13] 3.3.4. Terminal: The Penetration Rate of New Energy Vehicles Reached 50% in September - In September, the penetration rate of new energy vehicles in China reached 50%, indicating strong demand in the terminal market [46]

Core Insights - Bojun Technology reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 4.075 billion yuan, a year-on-year growth of 42.36%, and net profit attributable to shareholders at 627 million yuan, up 70.47% [1][2] Financial Performance - Basic earnings per share for the reporting period were 1.42 yuan, with a weighted average return on equity of 22.58% [2] - The company's gross margin for the first three quarters was 26.99%, an increase of 0.59 percentage points year-on-year, while the net margin was 15.38%, up 2.54 percentage points from the previous year [2] - In Q3 2025, the gross margin improved to 29.37%, a year-on-year increase of 4.83 percentage points, and the net margin reached 17.56%, up 5.64 percentage points year-on-year [2] Expense Analysis - Total operating expenses for Q3 2025 were 306 million yuan, an increase of 51.62 million yuan compared to the same period last year, with an expense ratio of 7.52%, down 1.38 percentage points year-on-year [2] - Breakdown of expenses showed sales expenses increased by 25.16%, management expenses by 40.27%, R&D expenses by 9.96%, and financial expenses by 0.30% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 18,600, an increase of 2,198 from the end of the previous half-year, representing a growth of 13.39% [2] - The average market value per shareholder rose from 700,400 yuan to 729,500 yuan, an increase of 4.15% [2] Company Overview - Bojun Technology, established on March 29, 2011, and listed on January 7, 2021, specializes in the R&D, design, production, and sales of precision automotive components and molds [3] - The company's main business revenue composition includes stamping business at 91.99%, other (supplementary) at 6.92%, injection molding at 1.08%, and commodity molds at 0.01% [3] - Bojun Technology is categorized under the automotive industry, specifically in automotive parts, and is associated with concepts such as pre-profit growth, NIO, Huawei Automotive, Tesla, and new energy vehicles [3]

Core Viewpoint - Rui Xin Technology (300828.SZ) is focusing on expanding its market presence and aims to attract more high-end clients in the automotive parts sector, currently serving major brands like Toyota, Honda, Geely, Volvo, Audi, BMW, and BYD, but not yet Chery [1] Group 1 - The company produces automotive parts primarily for traditional fuel vehicles and new energy vehicles [1] - Current clients include well-known automotive brands, indicating a strong market position [1] - Future plans involve enhancing market expansion efforts to secure additional high-end customers [1]

Group 1 - The core viewpoint of the article is that Ruixin Technology (300828.SZ) is actively expanding its market presence and aims to attract more high-end clients in the automotive parts sector [1] Group 2 - The company produces automotive parts and components primarily used in traditional fuel vehicles and new energy vehicles from brands such as Toyota, Honda, Geely, Volvo, Audi, BMW, and BYD [1] - Currently, the company's products have not been applied to Chery Automobile [1] - The company plans to strengthen its market expansion efforts in the future [1]