股票简称：纳百川 股票代码：301667 纳百川新能源股份有限公司 （浙江省泰顺县月湖工业区分泰路 59 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （浙江省杭州市五星路 201 号） 二零二五年十二月 纳百川新能源股份有限公司 上市公告书 特别提示 纳百川新能源股份有限公司（以下简称"纳百川""本公司""公司"或"发 行人"）股票将于 2025 年 12 月 23 日在深圳证券交易所创业板上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《纳百川新能源股份 有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股说明 书"）中的相同。如本上市公告书中部分合计数与各单项数据之和在尾数上存在 差异，系由于四舍五入所致。 1 纳百川新能源股份有限公司 上市公告书 第一节 重要声明 ...

12月16日，储能产品公司果下科技正式登陆港股市场。果下科技的资本市场首秀可谓极为亮眼，公司股价首日涨幅达到117.91%，市值达到224亿港元。 | 43.800 | | | 39.741 (CNY) | | | 果下科技 立即 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | +23.700 +117.91% | | | | | 2655 交易 | | HKEX HKD 16:08:32 | | | | | | | 1 . . + | | 委比 | 63.05% 委员 | | 2.56万 | रोस | 0.00% 120H | | 0.00% | | 文句 | 43.960 | . | - ) | 5日 | 0.00% 250日 | | 0.00% | | 卖四 | 43.940 | - | - ) | 20日 | | 0.00% 52周高 | 0.00 | | 婆三 | 43.920 | - | - ) | 60日 | | 0.00% 52周低 | 0.00 | | 彩 | 43.900 | 100 | 1) | | 2023 | ...

格隆汇12月15日丨博俊科技(300926.SZ)在投资者互动平台表示，公司目前产品暂未涉及储能行业。 ...

南华期货碳酸锂产业周报 ——复产扰动+Q1淡季预期，注意回调风险 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2025年12月07日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周碳酸锂市场呈现宽幅偏弱震荡态势。展望未来一个月，碳酸锂期货价格的驱动逻辑将聚焦以下因素：国 内锂矿库存紧张程度、枧下窝复产进展、下游补库节奏、Q1下游排产，上述因素将共同主导后续市场价格走 势。 锂矿端，国内可售锂精矿库存仍较为紧张。供给方面，"枧下窝复产进度"是关键变量，若其复产进度超市 场预期，将直接扩大锂盐供给规模，对价格形成潜在压制。需求端表现强劲，市场整体库存持续去化，下游 库存降幅显著。12月份下游正极材料及动力电芯排产环比微增，市场需求维持强劲。同时，下游补库节奏亦 不容忽视，碳酸锂价格已连续上涨约1个月，涨价周期内下游对高价碳酸锂的采购意愿显著下降，以消耗自身 库存为主。若后续刚需补库需求逐步释放，现货基差有望逐步走强。从技术面分析，当前面临较大回调压 力。 综合基本面等因素分 ...

Core Viewpoint - The article discusses the recent performance and strategic shifts of LG Energy Solution, highlighting its reliance on government subsidies and the growth of its energy storage business, particularly in lithium iron phosphate batteries, as key factors for its financial recovery and future prospects [5][8][10]. Group 1: LG Energy Solution's Financial Performance - In Q3, LG Energy Solution reported revenue of approximately 5.7 trillion KRW, a 2.4% increase quarter-on-quarter, with an operating profit of 601.3 billion KRW, reflecting a 22.2% increase [5]. - The company's performance in the first three quarters of the year shows a trend of increasing operating profit, with Q1 at 375 billion KRW, Q2 at 492.2 billion KRW, and Q3 at 601.3 billion KRW, indicating a recovery trajectory [5][6]. - The operating profit in Q3 included 365.5 billion KRW from U.S. policy subsidies, suggesting that the company's profitability is significantly supported by external financial assistance [8][9]. Group 2: Energy Storage Business Growth - LG Energy Solution has secured approximately 120 GWh of battery orders for energy storage systems, indicating a strong demand and potential for growth in this sector [6][10]. - The company has made strategic decisions to focus on lithium iron phosphate batteries, which are more stable and cost-effective for large-scale energy storage applications, positioning itself advantageously in the North American market [10][12]. - A notable achievement includes a significant order for lithium iron phosphate batteries worth approximately 30.6 billion KRW from Tesla, highlighting the company's growing influence in the energy storage market [10][12]. Group 3: Strategic Adjustments and Market Position - LG Energy Solution's shift towards lithium iron phosphate batteries is a strategic response to market demands, as these batteries present lower risks and costs compared to traditional lithium-ion batteries [12]. - The company's partnerships and orders in the energy storage sector reflect a deepening integration with the North American market, which is experiencing rapid energy transition [12]. - The competitive landscape is evolving, with LG Energy Solution emerging as a strong contender against other Korean battery manufacturers like Samsung SDI and SK On, which are currently facing challenges [6][12].

Core Insights - Shenzhen Yilian Technology Co., Ltd. reported revenue and net profit growth for the first three quarters of 2025, with revenue reaching 3.506 billion yuan, a year-on-year increase of 28.93%, and net profit attributable to shareholders at 221 million yuan, up 20.42% [1] - In Q3 alone, the company achieved revenue of 1.440 billion yuan, reflecting a 40.15% year-on-year growth, and a net profit of approximately 84.58 million yuan, which is a 23.69% increase [1] - The company attributes its growth to a focus on core business, increased R&D and technological innovation, and expansion into global markets, driven by rising demand in the new energy vehicle and energy storage sectors, as well as emerging fields like low-altitude economy and AIDC [1][2] Revenue Breakdown - In the first three quarters, new energy vehicles accounted for 83.6% of the company's product applications, while energy storage systems represented 10.9%, and other sectors such as industrial equipment, medical devices, consumer electronics, low-altitude economy, and AIDC servers made up approximately 5.5% [1] - The company reported approximately 9 million yuan in revenue from the low-altitude economy and 19 million yuan from AIDC servers during the same period [2] Company Overview - Founded in 1991, the company is a comprehensive provider of electrical connection components and solutions, encompassing R&D, design, production, sales, and service [2] - Recently, the company was ranked 234th in the "2025 Shenzhen Top 500 Enterprises" list [2]

Core Viewpoint - In the competitive landscape of the lithium battery industry in 2025, EVE Energy (300014.SZ) reported strong performance in its Q3 results, showcasing significant growth in both revenue and profit despite previous challenges related to one-time accounting impacts and incentive costs [1][2]. Financial Performance - In Q3 2025, EVE Energy achieved a revenue of 16.832 billion yuan, marking a year-on-year increase of 35.85%, setting a new record for quarterly revenue [1]. - The net profit attributable to shareholders reached 1.211 billion yuan, reflecting a year-on-year growth of 15.13% and a substantial quarter-on-quarter increase of 140.16% [1]. - For the first three quarters of 2025, cumulative revenue was 45.002 billion yuan, up 32.17% year-on-year, with a net profit of 2.816 billion yuan [2]. - Excluding the impacts of stock incentive costs and bad debt provisions, the net profit for the first three quarters would have been 3.675 billion yuan, indicating an 18.40% year-on-year increase [2]. Market and Customer Expansion - EVE Energy has expanded its customer base in the power battery sector, adding two new passenger car customers and increasing the number of compatible models to ten [3]. - The company has established partnerships with major automotive brands, including GAC Aion, BAIC, Geely, and BMW, enhancing its market presence [3]. - In the energy storage segment, EVE Energy's battery shipments reached 48.41 GWh in the first three quarters, a year-on-year increase of 35.51% [4]. Industry Trends and Demand - The domestic energy storage market is experiencing growth due to supportive policies and market reforms, with a projected doubling of installed capacity by 2027 [4]. - The global energy storage market is also expected to see significant growth, with a forecasted increase in global shipments to over 390 GWh in 2025, up 16% year-on-year [5]. Technological Advancements - EVE Energy is focusing on key technological advancements, particularly in large cylindrical batteries, which are becoming the mainstream choice for high-performance vehicles [6]. - The company has successfully mass-produced large cylindrical batteries, achieving over 60,000 units in production and establishing a competitive edge in the market [6]. - EVE Energy is also advancing in solid-state and sodium-ion battery technologies, expanding its product matrix and market opportunities [7]. Future Outlook - The company is expected to benefit from the production ramp-up of BMW's new generation models and the delivery peaks of new customer vehicles, leading to increased sales of large cylindrical batteries [8]. - With the reduction of stock incentive costs anticipated in 2026, EVE Energy is positioned for improved profit margins alongside revenue growth [8].

Core Viewpoint - In the competitive landscape of the lithium battery industry in 2025, EVE Energy (亿纬锂能) has demonstrated strong performance with significant revenue and profit growth in Q3 2025, indicating resilience and strategic positioning in the market [1][2]. Financial Performance - In Q3 2025, EVE Energy achieved a revenue of 16.832 billion yuan, a year-on-year increase of 35.85%, marking a record high for quarterly revenue [1]. - The net profit attributable to shareholders reached 1.211 billion yuan, up 15.13% year-on-year and a substantial 140.16% increase compared to the previous quarter [1]. - For the first three quarters of 2025, cumulative revenue was 45.002 billion yuan, reflecting a year-on-year growth of 32.17%, with net profit at 2.816 billion yuan [2]. Business Segments - EVE Energy is expanding in both the power battery and energy storage battery sectors, optimizing customer structure and market layout [3]. - The company added two new passenger car clients in 2025, with a total of 10 models, enhancing its presence in the supply chains of major automotive brands [3]. - Power battery shipments in Q3 2025 are projected to reach 34.59 GWh, a year-on-year increase of over 66.98% [3]. - Energy storage battery shipments for the first three quarters reached 48.41 GWh, a growth of 35.51% year-on-year [3]. Industry Trends - The domestic energy storage market is experiencing growth due to policy support and market reforms, with a projected doubling of new energy storage installations by 2027 [4]. - The global energy storage market is also expected to see strong demand, with a forecast of over 390 GWh in shipments by 2025, representing a 16% year-on-year increase [4]. Technological Advancements - EVE Energy is focusing on key technological routes, particularly in cylindrical battery production, establishing a competitive edge in the market [6]. - The company has successfully mass-produced cylindrical batteries, with over 60,000 units delivered, and is recognized as a primary supplier for BMW's new generation models [6]. Future Outlook - EVE Energy is positioned for growth in 2025, with expectations of increased revenue and improved profit margins due to reduced one-time costs and a strong order backlog in both domestic and international markets [8].

Core Viewpoint - The report from Bank of America Securities indicates a positive outlook for the energy storage industry, driven by domestic policy support and growth in overseas markets, particularly in the context of the recent World Energy Storage Conference held in Ningde, Fujian Province, China [1] Industry Summary - From 2025 to 2030, demand for energy storage batteries is expected to remain robust, with industry experts predicting that China's cumulative installed capacity for battery storage will reach 240 GW by 2030 [1] - Global energy storage demand is projected to be approximately 500 GWh in 2025, with growth rates of about 30% and 25% anticipated for 2026 and 2027, respectively [1] Company Summary - Bank of America has raised its sales and profit forecasts for CATL (Contemporary Amperex Technology Co., Limited) by 3%, 4%, and 3% for the years 2025 to 2027, along with an increase in battery shipment forecasts by 3%, 3%, and 2% for the same period [1] - The target price for CATL has been adjusted from HKD 475 to HKD 570, maintaining a "Buy" rating [1] - Additionally, the target price for China Innovation Aviation has been increased from HKD 24 to HKD 35, also with a "Buy" rating [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [9][7]. Core Views - The company's revenue for H1 2025 was 1.41 billion RMB, a year-on-year decrease of 9.7%, with a net profit attributable to shareholders of 170 million RMB, down 5.4% year-on-year. The decline is attributed to the construction cycle of power grid measurement projects and the performance cycle of energy storage projects. However, with the further promotion of the "Silk Road" system and the growth of testing services for new thermal power installations, revenue and profit are expected to recover in the second half of the year [3][7]. - In Q2 2025, the company reported revenue of 895 million RMB, a year-on-year decrease of 14.7% but a quarter-on-quarter increase of 75.7%. The net profit attributable to shareholders was 118 million RMB, down 17.5% year-on-year but up 106.6% quarter-on-quarter, primarily due to the low base in Q1 [4]. - The energy storage segment saw a revenue of 329 million RMB in H1 2025, down 42.88% year-on-year, mainly due to the impact of project performance cycles. In contrast, the testing and inspection revenue grew by 24% year-on-year to 450 million RMB, with a gross margin of 45.72% [5][6]. Summary by Sections Financial Performance - The company’s H1 2025 revenue was 1.41 billion RMB, with a net profit of 170 million RMB, reflecting a decline due to project cycles [3]. - Q2 2025 showed a revenue of 895 million RMB, with a significant quarter-on-quarter increase of 75.7% [4]. Business Segments - Energy storage revenue in H1 2025 was 329 million RMB, down 42.88% year-on-year, while testing and inspection revenue reached 450 million RMB, up 24% year-on-year [5]. - The smart monitoring equipment segment saw a revenue increase of 92.18% year-on-year, driven by growth in environmental monitoring and emergency equipment [6]. Future Outlook - The report projects net profits attributable to shareholders for 2025-2027 to be 516 million, 708 million, and 935 million RMB respectively, with adjustments made to revenue growth assumptions for various segments [7]. - The target price for the company is set at 40.04 RMB, reflecting a price-to-earnings ratio of 44 times for 2025 [9][7].