Company Overview - Shanghai Xianhui Automation Technology Co., Ltd. was established on March 28, 2007, and went public on August 11, 2020. The company specializes in the research, production, and sales of various intelligent manufacturing equipment [2] - The main business revenue composition includes: 63.35% from precision structural components for new energy power batteries, 34.90% from intelligent automation equipment for new energy vehicles, 1.02% from other sources, 0.58% from industrial manufacturing data systems, and 0.15% from intelligent automation equipment for fuel vehicles [2] - The company belongs to the Shenwan industry category of electric power equipment - battery - lithium battery special equipment, and is associated with concepts such as solid-state batteries, CATL concept, lithium batteries, energy storage, and new energy vehicles [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.273 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to the parent company of 152 million yuan, with a year-on-year increase of 17.44% [2] - Since its A-share listing, the company has distributed a total of 132 million yuan in dividends, with 102 million yuan distributed in the last three years [3] Stock Performance - As of September 16, the company's stock price decreased by 2.01% to 73.29 yuan per share, with a total market capitalization of 9.196 billion yuan [1] - Year-to-date, the stock price has increased by 94.71%, with a decline of 7.17% over the last five trading days, a rise of 24.49% over the last 20 days, and a 35.72% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on July 22, where it recorded a net purchase of 172 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 9,684, a decrease of 0.72% from the previous period, while the average circulating shares per person increased by 0.72% to 12,913 shares [2][3] - Notably, the fund "Bosera Military Industry Theme Stock A" (004698) has exited the top ten circulating shareholders list [3]

Core Viewpoint - The stock of Youyou Green Energy has experienced fluctuations, with a year-to-date increase of 30.90% but a recent decline of 2.87% over the past five trading days [2]. Group 1: Stock Performance - As of September 16, Youyou Green Energy's stock price was 196.22 CNY per share, with a market capitalization of 8.241 billion CNY [1]. - The stock has seen a trading volume of 82.0987 million CNY and a turnover rate of 5.07% [1]. - Year-to-date, the stock has risen by 30.90%, with a 2.87% decline in the last five trading days, a 15.29% increase over the last 20 days, and a 19.41% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Youyou Green Energy reported a revenue of 723 million CNY, reflecting a year-on-year growth of 0.11%, while the net profit attributable to shareholders was 105 million CNY, down 24.78% year-on-year [2]. - The company has distributed a total of 50.4 million CNY in dividends since its A-share listing [3]. Group 3: Company Overview - Youyou Green Energy, established on August 20, 2015, is located in the Guangming District of Shenzhen, Guangdong Province, and specializes in the research, production, and sales of core components for DC charging equipment for new energy vehicles [2]. - The company's main business revenue composition is 96.15% from charging modules and 3.85% from other sources [2]. - As of June 30, 2025, the number of shareholders was 13,500, a decrease of 3.26% from the previous period, with an average of 602 circulating shares per person, an increase of 3.37% [2].

Core Points - The stock price of Qiaofeng Intelligent dropped by 2.01% on September 16, trading at 82.01 CNY per share with a market capitalization of 9.904 billion CNY [1] - Qiaofeng Intelligent's stock has increased by 92.42% year-to-date, with a 6.99% rise in the last five trading days and a 32.25% increase over the last 20 days [1] - The company reported a revenue of 1.214 billion CNY for the first half of 2025, a year-on-year growth of 50.36%, and a net profit of 179 million CNY, up 56.43% [2] Company Overview - Qiaofeng Intelligent Equipment Co., Ltd. was established on May 5, 2009, and is located in Dongguan, Guangdong Province [1] - The company specializes in the research, production, and sales of CNC machine tools, with its main revenue sources being vertical machining centers (83.81%), followed by other categories [1] - As of June 30, 2025, the number of shareholders increased by 4.34% to 10,600, with an average of 2,279 circulating shares per shareholder, a decrease of 4.16% [2] Shareholder and Dividend Information - Qiaofeng Intelligent has distributed a total of 109 million CNY in dividends since its A-share listing [3] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares compared to the previous period [3]

Company Overview - Saiteng Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on June 19, 2007. It was listed on December 25, 2017. The company specializes in the research, design, production, sales, and technical services of automation production equipment, providing system solutions for intelligent production [1] - The main business revenue composition includes: automation equipment 76.79%, fixtures 18.95%, technical services 3.77%, and others 0.49% [1] Financial Performance - For the first half of 2025, Saiteng Co., Ltd. achieved operating revenue of 1.373 billion yuan, a year-on-year decrease of 15.81%. The net profit attributable to the parent company was 123 million yuan, down 20.50% year-on-year [2] - Since its A-share listing, Saiteng Co., Ltd. has distributed a total of 567 million yuan in dividends, with 211 million yuan distributed in the last three years [3] Stock Performance - As of September 16, Saiteng Co., Ltd. saw a stock price decline of 2.00%, trading at 44.09 yuan per share, with a total market capitalization of 12.283 billion yuan [1] - Year-to-date, the stock price has decreased by 10.44%, but it has increased by 4.11% over the last five trading days, 5.20% over the last 20 days, and 30.64% over the last 60 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 13.59% to 40,100, with an average of 6,783 circulating shares per person, up 22.67% [2] - Notable institutional shareholders include Southern CSI 1000 ETF, Hong Kong Central Clearing Limited, and Huaxia CSI 1000 ETF, with some new entrants and changes in holdings among the top ten circulating shareholders [3] Market Context - Saiteng Co., Ltd. operates within the mechanical equipment sector, specifically in automation equipment and industrial control devices. It is associated with concepts such as Tesla, HBM, new energy vehicles, lithium batteries, and machinery [2]

Core Viewpoint - Zhuhai Guanyu's stock price has shown significant volatility, with a year-to-date increase of 40.78% but a recent decline of 2.84% over the last five trading days [1] Group 1: Stock Performance - As of September 16, Zhuhai Guanyu's stock price was 22.22 CNY per share, with a market capitalization of 25.155 billion CNY [1] - The stock experienced a net outflow of 57.9225 million CNY in principal funds, with large orders showing a buy of 75.9285 million CNY and a sell of 121 million CNY [1] - Over the past 20 days, the stock price increased by 30.86%, and over the past 60 days, it rose by 54.41% [1] Group 2: Company Overview - Zhuhai Guanyu Battery Co., Ltd. was established on May 11, 2007, and went public on October 15, 2021 [1] - The company specializes in the research, production, and sales of consumer batteries, with 88.94% of its revenue coming from consumer products, 7.95% from power and energy storage, and 3.11% from other sources [1] - The company is classified under the power equipment industry, specifically in the battery and lithium battery sectors, and is associated with concepts such as the Apple supply chain and new energy vehicles [1] Group 3: Financial Performance - For the first half of 2025, Zhuhai Guanyu reported a revenue of 6.098 billion CNY, reflecting a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 117 million CNY, up 14.77% year-on-year [2] - Since its A-share listing, the company has distributed a total of 942 million CNY in dividends, with 740 million CNY distributed over the past three years [3] - As of June 30, 2025, the number of shareholders increased by 17.19% to 21,400, while the average circulating shares per person decreased by 14.32% to 52,804 shares [2][3]

Core Viewpoint - The stock of Qingdao Teriade Electric Co., Ltd. has experienced fluctuations, with a recent decline of 2.01% on September 16, 2023, and a total market capitalization of 25.745 billion yuan [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 6.256 billion yuan, a year-on-year decrease of 1.21%, while the net profit attributable to shareholders increased by 69.32% to 327 million yuan [2]. - The company has distributed a total of 684 million yuan in dividends since its A-share listing, with 314 million yuan distributed in the last three years [3]. Stock and Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 9.45% to 46,900, with an average of 21,882 circulating shares per person, an increase of 10.35% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 7.3175 million shares to 29.4614 million shares [3]. Market Activity - The stock price has increased by 11.88% year-to-date, with a recent decline of 2.87% over the last five trading days [1]. - The trading volume on September 16 was 313 million yuan, with a turnover rate of 1.23% [1].

Core Viewpoint - Tibet Mining's stock price has shown fluctuations, with a recent decline of 2.04% and a year-to-date increase of 5.45%, indicating volatility in market performance [1][2]. Financial Performance - For the first half of 2025, Tibet Mining reported a revenue of 134 million yuan, a significant year-on-year decrease of 65.91%, and a net profit attributable to shareholders of -15.30 million yuan, reflecting a decline of 113.78% [2]. - Cumulative cash dividends since the A-share listing amount to 414 million yuan, with 329 million yuan distributed over the past three years [3]. Shareholder Information - As of September 10, 2025, the number of shareholders for Tibet Mining is 115,800, a decrease of 1.20% from the previous period, while the average circulating shares per person increased by 1.22% to 4,498 shares [2]. - Major shareholders include Southern CSI 1000 ETF, which increased its holdings by 720,600 shares, and Hong Kong Central Clearing Limited, which raised its stake by 1,169,600 shares [3]. Market Activity - On September 16, 2025, Tibet Mining's stock traded at 22.62 yuan per share, with a total market capitalization of 11.789 billion yuan and a trading volume of 153 million yuan [1]. - The stock has experienced a 1.65% decline over the last five trading days, a slight increase of 0.09% over the past 20 days, and a notable rise of 17.87% over the last 60 days [1].

Group 1 - The stock price of CIMC Vehicles has increased by 5.82% year-to-date, but has decreased by 4.13% in the last five trading days [2] - As of June 30, 2025, CIMC Vehicles reported a revenue of 9.753 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million yuan, down 28.48% year-on-year [2] - The company has a market capitalization of 17.392 billion yuan, with a trading volume of 34.2134 million yuan and a turnover rate of 0.25% as of September 16 [1] Group 2 - CIMC Vehicles' main business revenue composition includes 80.61% from semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [2] - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders of CIMC Vehicles decreased by 2.95% to 35,500, while the average circulating shares per person increased by 3.04% to 40,937 shares [2]

Core Viewpoint - Jiewater's stock price has shown significant growth this year, with a year-to-date increase of 73.34%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - On September 16, Jiewater's stock rose by 2.04%, reaching a price of 53.06 CNY per share, with a trading volume of 253 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 23.711 billion CNY [1]. - The stock has experienced a 15.57% increase over the last five trading days, a 57.92% increase over the last 20 days, and a 73.40% increase over the last 60 days [1]. - Jiewater has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 15, where it recorded a net purchase of 195 million CNY [1]. Group 2: Company Overview - Jiewater Microelectronics Co., Ltd. was established on March 18, 2013, and went public on December 23, 2022. The company specializes in the research and sales of analog integrated circuits, providing high-efficiency, high-performance, and high-reliability solutions [2]. - The company's main revenue source is power management chips, accounting for 93.09% of total revenue, with DC-DC chips making up 56.79%, AC-DC chips 20.48%, and linear power chips 14.40% [2]. - As of June 30, 2025, Jiewater had 11,000 shareholders, a decrease of 9.16% from the previous period, with an average of 23,997 circulating shares per shareholder, an increase of 10.08% [2]. Group 3: Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Galaxy Innovation Mixed A, holding 11 million shares as a new shareholder [3]. - The third-largest circulating shareholder is Harvest SSE Sci-Tech Innovation Board Chip ETF, holding 6.3677 million shares, also a new shareholder [3]. - Other notable changes include an increase in holdings by Guotou Ruijin New Energy Mixed A and a decrease in holdings by Qianhai Kaiyuan New Economy Mixed A [3].

Report Overview - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: September 15, 2025 [3] 1. Industry Investment Rating - No information provided in the report 2. Core Viewpoints - Supply side: Last week's carbonate lithium production increased by 250 tons to 21,000 tons, and August production increased by 7.8% to 92,380 tons. The Ningde Jianxiawo mine will be shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for mineral right transfer review, affecting supply. In Q1, Australian mines achieved cost control, with limited further cost - reduction space. In July 2025, China's lithium ore imports were 751,000 tons, a 30.3% month - on - month increase. The top three import countries were Australia, Nigeria, and South Africa. The import volume of carbonate lithium in July was 14,000 tons, a 22% month - on - month decrease [5]. - Demand side: The overall production schedule in September increased month - on - month, with large battery cell manufacturers' production schedules increasing by 8% month - on - month. In August, the total production of power and other batteries in China was 139.6 GWh, a 4.4% month - on - month increase and a 37.3% year - on - year increase. The total export of power and other batteries was 22.6 GWh, a 2.6% month - on - month decrease but a 23.9% year - on - year increase. Sales were 134.5 GWh, a 5.7% month - on - month increase and a 45.6% year - on - year increase [6]. - Price outlook: It is expected that the import of South American lithium salts will supplement supply. The terminal demand for energy storage is good. The cost center has shifted upward. It is expected that the short - term price of carbonate lithium will be supported, but it will continue to fluctuate widely. It is recommended to trade cautiously and pay attention to the production reduction of upstream enterprises and the production schedules of cathode material factories [6]. 3. Summary by Directory 3.1 Zhoudu Viewpoint (Weekly Viewpoint) - **Supply situation**: The production volume, mine shutdown, mineral right review, and import volume of lithium ore and carbonate lithium are as described above. The CIF price of imported lithium spodumene concentrate decreased week - on - week, and some manufacturers using外购 lithium ore for carbonate lithium production faced cost inversion. Self - owned ore and salt lake enterprises had certain profit support, while lithium hydroxide manufacturers faced greater cost pressure [5]. - **Demand situation**: The September production schedule increased, and the production, export, and sales data of power and other batteries in August are as mentioned. The new energy vehicle market in China is expected to be supported by policies [6]. - **Inventory situation**: This week, carbonate lithium inventory showed a destocking state, with factory inventory increasing by 360 tons, market inventory decreasing by 2,663 tons, and futures inventory increasing by 1,994 tons [6]. - **Strategy recommendation**: It is recommended to trade cautiously and pay attention to the production reduction of upstream enterprises and the production schedules of cathode material factories [6]. 3.2 Key Data Tracking - **Price data**: It includes the historical prices of carbonate lithium (such as Shanghai - colored spot tax - included average price, average price of 99.2% industrial - grade carbonate lithium), lithium spodumene concentrate, and related battery materials like average price of lithium iron phosphate for power use, average price of NCA - type ternary materials [9][18][21]. - **Production data**: It involves the weekly and monthly production of carbonate lithium, the monthly production of power batteries, the production of carbonate lithium from different raw materials in August 2024 (salt lake 21.56%, lithium mica 23.05%, lithium spodumene 43.87%), and the monthly production of lithium iron phosphate and ternary materials [5][10][12][25]. - **Import data**: It contains the import volume of lithium spodumene and the import volume of lithium ore from different countries in July 2025 [5][39]. - **Inventory data**: It consists of the weekly and monthly inventory of carbonate lithium, and the inventory of smelters and downstream [14][19][22].