Core Viewpoint - The company is undergoing a significant asset restructuring involving the issuance of shares to purchase assets and raise supporting funds, with a focus on expanding production capacity in response to the growing demand in the lithium battery separator market. Financial Analysis - The company reported that the production capacity of the targeted assets is expected to reach approximately 5 billion square meters by the end of 2024, with new production lines being launched during the reporting period [2][3] - The sales revenue from the top five customers accounted for 84.01% and 76.73% of the main business income, indicating a high customer concentration [2][3] - The company has experienced third-party payment situations, with amounts of 71 million and 41 million yuan reported during the period [3] Production Capacity and Utilization - The company had a total of 19 original production lines at the beginning of the reporting period, with 18 new production lines launched, resulting in a significant increase in production capacity [5][6] - The overall capacity utilization rate remained above 80%, with specific production lines achieving utilization rates of up to 94.98% [6][7] - The company has implemented advanced technology and equipment in new production lines to enhance production efficiency and product quality [7][8] Market Demand and Expansion - The lithium battery separator market is experiencing steady growth, with the company planning to expand production capacity to meet increasing demand from the electric vehicle and energy storage sectors [10][11] - The company anticipates a 66.2% year-on-year increase in orders for 2025, indicating strong future demand [11][12] Sales Model and Customer Relationships - The company employs a consignment sales model, with major clients including CATL and BYD, which accounted for 55.51% of the main business income during the reporting period [13][14] - The average sales price and gross margin for consignment sales were lower than non-consignment sales, reflecting changes in product structure and market conditions [14][15] - The company has established long-term stable relationships with key customers, contributing to a steady increase in sales volume [14][15] Competitive Positioning - The company’s products are positioned in the high-end market, with a focus on ultra-thin and high-strength separators, which are in demand due to the evolving requirements of the lithium battery industry [9][10] - The company’s gross margin is higher than the average of comparable companies, attributed to increased sales volume and reduced raw material costs [18][19]

证券代码：603978 证券简称：深圳新星 公告编号：2025-068 深圳市新星轻合金材料股份有限公司 关于 2024 年年度报告的信息披露监管问询函 的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 深圳市新星轻合金材料股份有限公司（以下简称"公司"或"深圳新星"）于 司 2024 年年度报告的信息披露监管问询函》（以下简称"问询函"）（上证公函 【2025】0913 号），根据相关规定，现对问询函有关问题回复如下： 问题一、关于业绩亏损。公司已连续三年亏损，年报显示，公司 2024 年度 实现营业收入 25.63 亿元，同比增长 62.32%，归母净利润-2.91 亿元，同比增亏 现金流量净额-2.06 亿元，流出同比增加 20.04%。综合毛利率 2.94%，同比下 滑 1.74 百分点，其中，六氟磷酸锂毛利率-44.89%，同比下降 37.12 个百分点。 年报披露，营业收入增长主要系铝箔坯料投产销售，业绩亏损主要系六氟磷酸 锂经营亏损及相关减值。 请公司：（1）结合行业趋势、市场竞争、业务结构变化等 ...

Group 1: Market Overview and Valuation - As of June 25, 2025, the lithium battery index has increased by 2.25% since the beginning of the year, slightly outperforming the Shanghai and Shenzhen 300 index by 1.61 percentage points. The solid-state battery index has surged by 24.86%, significantly exceeding the Shanghai and Shenzhen 300 index by 24.22 percentage points [15][16] - The overall PE (TTM) of the lithium battery sector is 24 times, indicating that the sector is still at a historical low valuation after more than three years of deep adjustments [16] Group 2: Lithium Battery Downstream Demand - The global new energy vehicle (NEV) market continues to grow, with China being the largest driving force. From January to May 2025, China's NEV sales reached 5.608 million units, a year-on-year increase of 44%, with domestic sales accounting for 84.8% [20][29] - The penetration rate of NEVs in China reached 44% in the first five months of 2025, up 3 percentage points from 2024, indicating a strong momentum in electric vehicle adoption [22] - NEV exports from China are expected to maintain growth, with 855,000 units exported from January to May 2025, a year-on-year increase of 64.6%, making NEVs a key driver of automotive exports [29] Group 3: Industry Profitability and Marginal Improvement - The lithium battery industry is expected to see a continued marginal improvement in profitability, with net profit for 2024 projected to decline at a slower rate. In Q1 2025, net profit increased by 27.44% year-on-year and 63.06% quarter-on-quarter [61][64] - Inventory levels have bottomed out and are recovering, with total inventory reaching 216.29 billion yuan by the end of Q1 2025, a 10.07% increase from the end of 2024 [69] - Capital expenditures have continued to decrease, reflecting a slowdown in capacity expansion due to temporary overcapacity in the industry [73] Group 4: Solid-State Battery Industrialization - Solid-state batteries are gaining traction due to their high energy density and safety advantages. They are expected to become the next generation of lithium batteries, with several major automakers planning to introduce solid-state battery vehicles by 2027 [80][82] - The industrialization process of solid-state batteries is accelerating, with semi-solid batteries already in mass production and full solid-state batteries expected to start small-scale production around 2027 [80][82] - The demand for solid-state batteries is being driven by the growth of new energy vehicles and low-altitude economy applications, creating structural demand in the materials and equipment sectors [80][82] Group 5: Investment Strategy - It is recommended to focus on leading companies in the battery and materials sectors that are experiencing fundamental improvements, particularly those with technological and capacity advantages in solid-state battery core materials and equipment [6][28] - Key investment targets include companies such as CATL, EVE Energy, and others that are well-positioned to benefit from the solid-state battery transition [6][28]

Core Viewpoint - The article highlights the rapid growth and expansion of Tangshan Guoxuan Battery Co., Ltd. in the lithium-ion battery sector, particularly focusing on its global market strategy and significant projects in the energy storage and heavy-duty electric vehicle battery segments [6][12][16]. Group 1: Company Overview - Tangshan Guoxuan Battery Co., Ltd. was established in 2016 and primarily engages in the research, production, and sales of lithium-ion power batteries [5]. - The company has evolved from supplying 90% of its products to Huawei to expanding its global footprint, with production capacity increasing from 1GWh to 20GWh by 2024 [6]. - The company has successfully exported its products to over 40 countries and regions, with a focus on lithium iron phosphate battery modules [6][7]. Group 2: Production Capacity and Projects - The company is currently constructing a 10GWh new energy heavy-duty truck battery project, which is expected to begin trial production in October 2025 [12][13]. - Upon completion, the total production capacity will reach 30GWh, making it a significant battery research and production base in northern China [3][12]. - The project has a total investment of 3.5 billion yuan and covers an area of 159.2 acres [2]. Group 3: Market Performance and Growth - In 2023, the company's energy storage battery shipments exceeded 10GWh, marking a year-on-year growth of approximately 100%, ranking seventh globally [6]. - The company has secured multiple large-scale energy storage contracts, including a collaboration with an Australian developer for over 4GWh and agreements with U.S. clients totaling 2GWh [7]. - The heavy-duty electric truck market in China is experiencing explosive growth, with a year-on-year sales increase of 195% in the first five months of 2025 [13][14]. Group 4: Technological Advancements - The company has introduced innovative battery solutions, such as the G-series heavy-duty truck standard box, which features a single package capacity of 116kWh and a 30% improvement in charging efficiency [15][16]. - The 314Ah cell remains a core product for the company, with over 6GWh of projects in construction and intention orders [10][11].

Industry Investment Rating - Absolute price: Neutral [4] Core View - The domestic lead ore supply is relatively tight, and smelters have low willingness to purchase high-silver ores. The market is in a situation of weak supply and demand. However, the energy storage battery sector is performing well, with the operating rates of relevant enterprises generally reaching 80 - 100% due to the support of demands from mobile base stations and data centers. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. Currently, the lead price should be treated with a volatile perspective, and the Pb2507 contract is expected to trade between 16,300 yuan/ton and 17,150 yuan/ton [4] Summary by Directory Market News and Important Data Spot Market - On June 19, 2025, the LME lead spot premium was -31.32 dollars/ton. The SMM1 lead ingot spot price increased by 75 yuan/ton to 16,775 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by 25 yuan/ton to -25.00 yuan/ton, the SMM Guangdong lead spot price changed by 75 yuan/ton to 16,800 yuan/ton, the SMM Henan lead spot price changed by 100 yuan/ton to 16,775 yuan/ton, and the SMM Tianjin lead spot premium changed by 100 yuan/ton to 16,825 yuan/ton. The lead concentrate-scrap price difference remained unchanged at -50 yuan/ton, the price of scrap electric vehicle batteries increased by 25 yuan/ton to 10,225 yuan/ton, the price of scrap white shells increased by 25 yuan/ton to 10,125 yuan/ton, and the price of scrap black shells remained unchanged at 10,450 yuan/ton [1] Futures Market - On June 19, 2025, the main Shanghai lead futures contract opened at 16,850 yuan/ton and closed at 16,925 yuan/ton, up 115 yuan/ton from the previous trading day. The trading volume was 37,967 lots, an increase of 1,410 lots from the previous trading day, and the position was 33,907 lots, a decrease of 6,147 lots. During the day, the price fluctuated, with the highest point reaching 16,965 yuan/ton and the lowest point at 16,760 yuan/ton. In the night session, the main Shanghai lead futures contract opened at 16,920 yuan/ton and closed at 16,910 yuan/ton, up 0.18% from the afternoon close [2] Inventory - On June 19, 2025, the total SMM lead ingot inventory was 56,000 tons, a decrease of 400 tons from the same period last week. As of June 19, the LME lead inventory was 287,425 tons, a decrease of 2,050 tons from the previous trading day [3] Strategy - Treat the lead price with a volatile perspective, and the Pb2507 contract is expected to trade between 16,300 yuan/ton and 17,150 yuan/ton [4]

Core Viewpoint - The article discusses the rapid development and ambitions of Chuangneng New Energy, highlighting its entry into the electric vehicle manufacturing sector and its strong position in the energy storage battery market [2][10]. Group 1: Company Overview - Chuangneng New Energy was established in 2021 with a registered capital of 4.12 billion yuan, focusing on power batteries and energy storage [5]. - The company has set up production bases in Wuhan, Xiaogan, Yichang, and Inner Mongolia, with a planned total production capacity exceeding 350 GWh [5]. - In 2024, the company secured over 30 GWh in energy storage orders and ranked 14th in domestic installed capacity with nearly 1.5 GWh from January to May 2025 [5][6]. Group 2: Market Position and Growth - Chuangneng New Energy ranked 7th in global energy storage battery shipments in 2024 and has continued to win large-scale energy storage projects in 2025, with new orders exceeding 40 GWh [6]. - The company has established partnerships with major energy companies both domestically and internationally, enhancing its market presence [6][8]. Group 3: Product Development - The company launched a new 472Ah large-capacity energy storage battery in March 2025, which boasts a nominal energy capacity of 1510.4 Wh, a 50% increase compared to its previous 314Ah battery [6]. - The new battery is expected to enter mass production by the end of June 2025, with a production capacity exceeding 80 GWh [7]. Group 4: Strategic Advantages - Chuangneng New Energy is backed by Hengxin Automotive Group, which provides significant financial resources, sales channels, and battery production capacity, positioning the company favorably in the competitive electric vehicle market [10][12]. - The founder, Dai Deming, has a strong background in various industries, including automotive distribution, which further strengthens the company's operational capabilities [12]. Group 5: Future Plans - The company aims to independently develop its electric vehicle project, potentially becoming the second company after BYD to achieve complete self-supply of batteries [13].

Core Viewpoint - The company is actively engaging in various projects to enhance its operational efficiency and profitability, despite facing challenges in the market for its main products [1][2]. Group 1: Company Announcements - The company announced an earnings briefing on June 12, 2025, to discuss its financial performance and strategic initiatives [1]. - The company clarified that there are no major restructuring plans involving Yihua Group, and it is focused on a specific stock issuance to acquire a stake in Hubei Hongyi Chemical Technology Co., Ltd. [1]. Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 613 million yuan, a year-on-year decrease of 26.31%, and a net profit attributable to shareholders of -9.95 million yuan, down 106.01% [2]. - The company's debt ratio stands at 41.07%, with investment income of 89.86 million yuan and financial expenses of -11.99 million yuan, resulting in a gross margin of 4.74% [2]. Group 3: Strategic Initiatives - The company is investing 1.366 billion yuan in upgrading its soda ash production facilities to reduce costs, which is currently in trial production [1]. - A 199 million yuan investment is being made in a thermal system upgrade project, expected to save approximately 11 million yuan annually once fully operational [1]. - The company is developing a 50,000-ton battery-grade sodium carbonate production facility and is conducting small-scale tests for sodium-ion battery cathode materials [1]. - Plans include a new 1.5 million-ton vacuum salt project and a 400,000-ton annual value-added nitrogen fertilizer project, both in preliminary stages [1]. - The company is exploring the decomposition of its main product, ammonium chloride, to recycle ammonia for soda ash production and extract chlorine for other chemical products [1]. Group 4: Market Challenges - The company faced losses in Q4 2024 and Q1 2025 primarily due to a significant decline in market prices for its main products, despite normal production and sales conditions [2].

美国掀起的 "关税大战" 重创全球金融市场，且冲击全球储能江湖之际，储能赛道独角兽海辰储 能正闯关港交所。 纵观海辰储能的发展历程，堪称是一位强人离职创业的励志样本。 2019年，当储能行业骤冷时，吴祖钰却放弃宁德时代工程师职位，与搭档王鹏程在厦门创立海辰 储能。行业收缩之际，他们逆势扩张，以280Ah电池重新定义行业标准，三年出货量暴增500%， 斩获多个头部客户订单。 成立仅六年，就跻身全球储能电池前三名，仅次于宁德时代和亿纬储能，而在2023年，它还仅排 在第五。 得益于大踏步的全球化布局，海辰储能2024年的收入激增到129.17亿元，是2022年的3.6倍，净 利润上升到2.88亿元，而在2022年，公司还亏损近18亿元。 创立以来，公司获得了中金资本、中国宝安、鼎晖百孚、农银国际、建信股权、经纬创投、中银 资产等知名投资机构的青睐，目前估值已超过250亿元。 但诸多光环背后，海辰储能隐忧不少。与宁德时代的恩怨纠葛曾对簿公堂，令公司声誉受损；与 上一年相比，其电池业务几乎停滞，国内收入不增反降 （2024年下降8.75%，2023年增幅为 179.42%） ；增量市场主要源于海外，而在全球贸易大动荡 ...

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [4] Core View - The current lead market is in a situation of weak supply and demand. The domestic ore supply is relatively tight, and smelters have low willingness to purchase high-silver ores. However, the energy storage battery sector performs outstandingly, with the operating rates of relevant enterprises generally reaching 80 - 100%. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. The lead price is currently treated with a volatile mindset, and the Pb2506 contract is expected to be in the range of 16,300 yuan/ton to 17,050 yuan/ton [3] Summary by Directory Spot Market - On May 22, 2025, the LME lead spot premium was -26.12 dollars/ton. The SMM1 lead ingot spot price decreased by 100 yuan/ton to 16,625 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium decreased by 100 yuan/ton to -15.00 yuan/ton, the SMM Guangdong lead spot price decreased by 100 yuan/ton to 16,675 yuan/ton, the SMM Henan lead spot price decreased by 125 yuan/ton to 16,600 yuan/ton, and the SMM Tianjin lead spot premium decreased by 100 yuan/ton to 16,650 yuan/ton. The lead refined-scrap price difference remained unchanged at -50 yuan/ton compared to the previous trading day. The prices of waste electric vehicle batteries, waste white shells, and waste black shells all decreased by 100 yuan/ton to 10,200 yuan/ton, 10,050 yuan/ton, and 10,400 yuan/ton respectively [1] Futures Market - On May 22, 2025, the main SHFE lead contract opened at 16,895 yuan/ton and closed at 16,685 yuan/ton, a decrease of 215 yuan/ton compared to the previous trading day. The trading volume for the whole trading day was 42,980 lots, an increase of 22,116 lots compared to the previous trading day. The position for the whole trading day was 45,301 lots, an increase of 28,537 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 16,895 yuan/ton and the lowest point reaching 16,670 yuan/ton. In the night session, the main SHFE lead contract opened at 16,685 yuan/ton and closed at 16,695 yuan/ton, a decrease of 0.51% compared to the afternoon closing price of the previous day [2] Inventory - On May 22, 2025, the total SMM lead ingot inventory was 5.0 million tons, a decrease of 0.88 million tons compared to the same period last week. As of May 22, the LME lead inventory was 295,825 tons, an increase of 13,700 tons compared to the previous trading day [2]

Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy: Sell wide straddle [5] Core View - The current domestic lead ore supply is relatively tight, but smelters' willingness to purchase high-silver ore is also low. The market is in a pattern of weak supply and demand. However, due to the outstanding performance of the energy storage battery sector, supported by the demand from mobile base stations and data centers, the operating rates of related enterprises are generally 80 - 100%. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. The lead price is currently treated with a sideways trading mindset, with the Pb2507 contract ranging from 16,300 yuan/ton to 17,050 yuan/ton [4] Summary by Directory Spot Market - On May 21, 2025, the LME lead spot premium was -24.07 dollars/ton. The SMM1 lead ingot spot price increased by 75 yuan/ton to 16,725 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium/discount changed by -75 yuan/ton to 0.00 yuan/ton, the SMM Guangdong lead spot price increased by 100 yuan/ton to 16,775 yuan/ton, the SMM Henan lead spot price increased by 100 yuan/ton to 16,725 yuan/ton, and the SMM Tianjin lead spot premium/discount changed by 50 yuan/ton to 16,750 yuan/ton. The lead concentrate scrap price difference remained unchanged at -50 yuan/ton compared to the previous trading day. The price of waste electric vehicle batteries decreased by 75 yuan/ton to 10,300 yuan/ton, the price of waste white shells decreased by 75 yuan/ton to 10,150 yuan/ton, and the price of waste black shells decreased by 75 yuan/ton to 10,500 yuan/ton [1] Futures Market - On May 21, 2025, the main Shanghai lead futures contract opened at 16,900 yuan/ton and closed at 16,900 yuan/ton, an increase of 55 yuan/ton compared to the previous trading day. The trading volume for the whole trading day was 20,864 lots, a decrease of 3,522 lots compared to the previous trading day, and the open interest was 16,764 lots, a decrease of 6,034 lots compared to the previous trading day. The intraday price fluctuated, reaching a high of 16,935 yuan/ton and a low of 16,830 yuan/ton. In the night session, the main Shanghai lead futures contract opened at 16,895 yuan/ton and closed at 16,835 yuan/ton, a 0.33% decrease from the afternoon closing price of the previous day [2] Inventory - On May 21, 2025, the total SMM lead ingot inventory was 59,000 tons, an increase of 3,000 tons compared to the same period last week. As of May 21, the LME lead inventory was 282,125 tons, an increase of 36,375 tons compared to the previous trading day [3] Market Transaction - According to SMM, the SMM1 lead price increased by 75 yuan/ton compared to the previous trading day. In Henan, suppliers quoted at a discount of 25 - 0 yuan/ton to SMM1 lead, or at a discount of 180 - 150 yuan/ton to the SHFE lead 2506 contract for ex-factory sales. In Hunan, smelters quoted at a discount of 30 yuan/ton to the SMM1 lead average price. Some smelters mentioned factors such as raw material costs and were reluctant to sell at low prices. Traders quoted at a discount of 200 yuan/ton to the SHFE lead 2506 contract. In Anhui and Jiangxi, smelters quoted at a premium of 100 - 150 yuan/ton to the SMM1 lead average price for ex-factory sales. In Guangdong, suppliers' ex-factory supplies were sold at a premium of 50 - 75 yuan/ton to the SMM1 lead average price for rigid demand transactions. The lead price rebounded, and downstream enterprises still mainly purchased for rigid demand. Coupled with the decrease in the shipments of secondary lead smelters, the regional transactions in the spot market were acceptable [2]