Group 1: Stock Suspension and Resumption - Shinko Co., Ltd. has resumed trading after the expiration of the tender offer period [1] - Zhonghuan Hailu has suspended trading due to plans for a change in control [1] Group 2: Mergers and Acquisitions - Su Da Weige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co., Ltd. for no more than 510 million yuan [2] Group 3: Investment Cooperation and Business Conditions - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with EVE Energy to build a closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration [3] - Keli Sensor plans to acquire 45% of Huahong Technology for 122 million yuan [4] Group 4: Company Announcements - China Shipbuilding Industry Corporation's A-shares will be delisted on September 5 [5] - Samsung Medical's subsidiary signed a contract for an intelligent meter project in Egypt worth 58.8 million USD, approximately 419 million yuan [5] - Chengdu Huami released a 4-channel 12-bit 40G high-precision RF direct sampling ADC chip and has received intention orders [6] - Yuandong Bio's hydrochloride nafurafine orally disintegrating tablets received drug registration certification, making it the first domestic generic drug approved for market [6] - Fosun Pharma's subsidiary received FDA approval for its independently developed Duzhong injection [6] - Longi Green Energy aims to break even on gross profit and expenses in the fourth quarter [6] - Chint Electric terminated the plan to spin off its subsidiary Chint Aneng for listing on the Shanghai Stock Exchange [6] - BYD's new energy vehicle sales in August reached 373,626 units, slightly up from 373,083 units in the same period last year [6] - Xianghe Industrial signed several contracts with Zhongyuan Lida Railway Track Technology Development Co., Ltd. totaling 400 million yuan [6]

Core Viewpoint - The strategic cooperation agreement between Tianqi Co., Ltd. and Huizhou EVE Energy Co., Ltd. aims to establish a comprehensive closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration, promoting sustainable development in the lithium battery industry [1] Group 1: Strategic Cooperation - The agreement focuses on building a green value chain for lithium batteries throughout their lifecycle, enhancing supply chain resilience and leading the industry's sustainable development [1] - The collaboration is based on a shared vision for low-carbon and sustainable development in the global lithium battery industry, emphasizing resource sharing, technological collaboration, and market interaction [1] Group 2: Market and Global Strategy - Both companies plan to create a global reverse supply chain system for lithium batteries, utilizing a differentiated pricing mechanism for recycled materials to enhance market recognition of their green value [1] - The company is actively implementing a global lithium battery recycling strategy, with established recycling networks and crushing capacities in regions such as Japan, South Korea, Southeast Asia, and Europe, expecting a significant increase in the proportion of overseas recycled battery waste by the second half of 2025 [1] Group 3: Regulatory Context - The cooperation is positioned favorably within the context of the EU's new battery regulation and the domestic policy of allowing the import of regenerated black powder from lithium batteries, which will enhance the company's long-term market share in the global lithium recycling sector [1]

Core Viewpoint - Tianqi Co., Ltd. has signed a strategic cooperation framework agreement with Huizhou EVE Energy Co., Ltd. to establish a closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration [1] Group 1: Strategic Cooperation - The agreement aims to jointly build a comprehensive closed-loop system for the entire lifecycle of lithium batteries [1] - The collaboration focuses on enhancing the recycling network layout, efficient sorting, and regeneration processes within the reverse supply chain [1] Group 2: Industry Impact - The initiative is expected to improve the resilience of the industry chain and lead the green sustainable development of the sector [1]

Core Viewpoint - The energy storage industry is experiencing a "stronger getting stronger" trend, with significant revenue growth for companies with strong brand effects and comprehensive strength, while others face challenges [2]. Financial Performance Summary - All 10 companies reported revenue growth, ranging from 7% to 35% [3]. - Six companies achieved positive profit growth, with the highest increase at 80.4% [3]. - Most companies disclosing energy storage revenue experienced growth, with the highest increase at 109% [3]. - Although the gross margin for most companies declined, the decrease was not substantial [3]. Lithium Battery Sector Insights - In the first half of 2025, all 10 lithium battery companies reported revenue increases, with BYD and CATL both surpassing 100 billion yuan in revenue and over 10 billion yuan in profit, indicating a significant competitive advantage [4]. - The average revenue growth rate for lithium battery companies was 18.15%, with the highest growth rate of 31.68% from Zhongxin Innovation [7]. Profit Growth Analysis - Zhongxin Innovation, CATL, and Guoxuan High-Tech led in profit growth, with increases of 87.14%, 35.6%, and 35.22% respectively, showcasing strong profitability resilience [8]. Energy Storage Revenue Trends - Seven lithium battery companies disclosed energy storage revenue, with most reporting significant contributions to overall revenue [10]. - CATL's energy storage revenue was 28.4 billion yuan, despite a slight decline, while Yiyuan Lithium Energy's energy storage revenue exceeded 10 billion yuan, showing a year-on-year increase of over 30 billion yuan [12]. - Zhongxin Innovation's energy storage business grew by 109.7%, indicating robust growth momentum [12]. Market Demand and Capacity Utilization - CATL, Yiyuan Lithium Energy, and Ruipu Lanjun ranked highest in shipment volume, with year-on-year growth rates of 22%, 37.02%, and 119.3% respectively, reflecting strong market demand [14]. - CATL and Yiyuan Lithium Energy maintained overall capacity utilization rates of 89.86% and 87.51%, respectively, with energy storage production lines nearing full capacity [14]. Gross Margin and Competitive Landscape - Most companies experienced a decline in gross margins, maintaining levels between 12% and 25%, indicating intense competition in the energy storage battery industry [16]. - CATL led the industry with a gross margin of 25.52%, while Yiyuan Lithium Energy followed with 20.24% [16]. - The overall decline in gross margins may be attributed to previous low lithium prices and increased domestic market competition [18].

锂电池企业期中考成绩单公布，二线企业上半年整体业绩同比改善，"宁王"继续一大独大。 据智通财经不完全统计的七家锂电池上市公司中，有五家实现营收、净利双提升。其中，欣旺达 (300207.SZ)、中创新航(03931.HK)、正力新能(03677.HK)实现了半年度业绩新高。 | | | 宁德时代及二线电池厂商上半年业绩概况 | | | | --- | --- | --- | --- | --- | | 企业 | 营收 | 变动 | 净利润 | 变动 | | 宁德时代 | 1788.86亿元 | 7.27% | 304.85亿元 | 33.33% | | 亿维锂能 | 281.69亿元 | 30.06% | 16.05亿元 | -24.90% | | 欣旺达 | 269.85亿元 | 12.85% | 8.56亿元 | 3.88% | | 中创新航 | 164.19亿元 | 31.68% | 4.66亿元 | 87.14% | | 国轩高科 | 193.94亿元 | 15.48% | 3.67亿 | 35.22% | | 正力新能 | 31.72 元 | 71.94% | 2.2 乙元 | 296.51% | ...

Core Viewpoint - The company has achieved significant growth in both revenue and net profit in the first half of the year, with a strong performance in consumer battery business and a notable increase in power battery shipments, while also advancing in cutting-edge battery technologies [1][2][5]. Group 1: Consumer Battery Business - The consumer battery business has shown steady growth, with revenue reaching 138.9 billion yuan, a year-on-year increase of 5.22%, and a gross margin of 19.63%, up by 1.56 percentage points [5]. - The company is actively expanding into emerging applications such as service robots and VR/AR glasses, leveraging deep collaborations with consumer clients [5][7]. - The overall revenue for the company in the first half of the year was 269.85 billion yuan, reflecting a year-on-year growth of 12.82%, with a net profit of 8.56 billion yuan, up by 3.88% [5]. Group 2: Power Battery Business - The company reported a significant increase in power battery shipments, totaling 16.08 GWh in the first half of the year, a year-on-year growth of 93.04%, generating revenue of 76.04 billion yuan, which is a 22.63% increase compared to the previous year [8][9]. - The product mix of power batteries includes a ratio of 2:8 for ternary and lithium iron phosphate batteries, aligning with industry standards [10]. - The company has launched several new products, including the world's first 1,400A fast-charging battery, which can provide 450 kilometers of range in just 5 minutes of charging [10]. Group 3: Cutting-edge Technology Development - The company is focused on the development of solid-state batteries, with plans to launch the first generation by 2026 and the second generation by 2027 [12][13]. - The first generation of semi-solid batteries has been developed with an energy density exceeding 300 Wh/kg, while the second generation is undergoing pilot testing [12]. - The company is also investing in next-generation battery technologies, including silicon-based anode materials, to maintain its technological leadership [15]. Group 4: Market Position and Future Outlook - The company is recognized as one of the leading manufacturers in the lithium-ion battery module sector, with a strong design and manufacturing capability [6]. - The H-share listing in Hong Kong is seen as a significant step in the company's globalization strategy, aimed at enhancing its international capital support and expanding its market presence in Europe and Southeast Asia [4]. - Analysts predict that the company's consumer battery business will continue to grow, benefiting from the expansion of AI applications, while the power storage battery business is expected to have significant profit elasticity [16].

碳酸锂周报 波动仍有放大可能 www.hongyuanqh.com 2025年9月1日 宏源期货研究所 吴金恒 从业资格号：F03100418 投资咨询从业证书号：Z0021125 电话：010-82293229 投资策略 ⚫ 逻辑： ⚫ 策略:区间操作，适当买入期权进行保护；买入双跨期权 ⚫ 运行区间：70000-90000 ⚫ 资源端，江西锂云母供应担忧未消除，锂辉石产量基本持平；锂矿进口量回升。 ⚫ 供给端，上周碳酸锂产量小幅下降，各原料产碳酸锂量变化不大，进口锂盐量 下降，智利出口锂盐量显著回升，回收端有所增强。 ⚫ 需求端，新能源汽车产销量增速放缓。正极厂、电芯厂排产稳健增长，上周磷 酸铁锂累库、三元材料累库；储能电池排产小幅增长，储能中标规模上升。 ⚫ 成本端，锂辉石精矿与锂云母价格继续回落。 ⚫ 库存上，总体去库，冶炼厂与其他去库，下游累库。 ⚫ 综上，锂辉石生产碳酸锂弥补缺口，当前供应整体未见明显减量，下游排产尚 可，但前期价格下跌后下游积极补库后近期采购意愿较低，宏观情绪反复，预 计短期碳酸锂价格宽幅震荡。关注江西矿山进展及"反内卷"情绪延续性。 ⚫ 风险提示：供应端扰动持续、"反内卷"情绪 ...

Core Viewpoint - TianNai Technology announced a share buyback of 400,000 shares, representing 0.11% of its total share capital, with a total expenditure of approximately 17.48 million RMB [1] Group 1: Share Buyback - The company completed a share buyback of 400,000 shares through the Shanghai Stock Exchange, with a maximum price of 43.85 RMB per share and a minimum price of 43.46 RMB per share [1] - The total funds used for the buyback amounted to approximately 17.48 million RMB [1] Group 2: Revenue Composition - For the year 2024, the revenue composition of TianNai Technology is as follows: - 67.38% from new energy vehicle power lithium batteries - 20.23% from energy storage lithium batteries - 11.56% from 3C electronic lithium batteries - 0.8% from non-lithium batteries - 0.03% from other businesses [1] Group 3: Market Capitalization - As of the report date, the market capitalization of TianNai Technology is 18.6 billion RMB [1]

Company Overview - XINWANDA is engaged in the research, design, production, and sales of lithium-ion battery modules, established on December 9, 1997, and listed on April 21, 2011 [1] - The company is located in Shenzhen, Guangdong Province, and operates within the electric equipment industry, specifically in the battery sector [1] Financial Performance - For the first half of 2025, XINWANDA reported revenue of 26.985 billion yuan, a year-on-year increase of 12.82%, and a net profit attributable to shareholders of 856 million yuan, up 3.88% [2] - Cumulative cash dividends since the A-share listing amount to 1.661 billion yuan, with 645 million yuan distributed over the past three years [3] Stock Market Activity - As of September 1, XINWANDA's stock price increased by 2.04%, reaching 25.05 yuan per share, with a trading volume of 2.203 billion yuan and a turnover rate of 5.24%, resulting in a total market capitalization of 46.237 billion yuan [1] - Year-to-date, the stock price has risen by 13.04%, with notable increases of 9.87% over the last five trading days, 16.62% over the last twenty days, and 34.97% over the last sixty days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 114,600, a rise of 5.76%, with an average of 14,946 circulating shares per person, down 5.45% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 90.695 million shares, a decrease of 5.8824 million shares from the previous period [3]

Macro Economic Group - In August, China's manufacturing PMI was 49.4%, a slight increase of 0.1 percentage points from the previous month. Large enterprises reported a PMI of 50.8%, up 0.5 percentage points, while medium and small enterprises reported PMIs of 48.9% and 46.6%, respectively, indicating a clear divergence in economic conditions between large and smaller firms [4][5] - The production index for August was 50.8%, up 0.3 percentage points from last month. New orders increased to 49.5%, and new export orders rose to 47.2%, both showing slight improvements [4] - The inventory index for finished products was 46.8%, indicating a smooth destocking process in the manufacturing sector, with a sales inventory ratio of 1.03, down from 1.06 in July [5] Industry Comprehensive Group - Alibaba reported a 26% year-on-year growth in cloud revenue for Q2 2025 and reaffirmed its AI capital expenditure plan of 380 billion over three years. This is expected to positively impact the AI sector [8] - The U.S. Department of Commerce canceled import equipment safety review exemptions for Intel, Samsung, and Hynix in China, which is seen as beneficial for the domestic chip industry [8] - Huahong Semiconductor announced plans to acquire a 12-inch integrated circuit foundry line with a monthly capacity of 38,000 wafers, projecting a revenue of approximately 5 billion in 2024 [9] Advanced Manufacturing Group - Li Auto reported a total revenue of 30.2 billion for Q2 2025, a year-on-year decline of 4.5%, with a net profit of 1.1 billion, down 0.4%. The company aims to enhance product competitiveness through deep upgrades in smart assisted driving [11] - Xinwanda achieved a total revenue of 26.985 billion, a year-on-year increase of 12.82%, with a net profit of 856 million, up 3.88%. The growth was driven by successful expansions in electric vehicle batteries and energy storage systems [12] Consumer Group - Zhengbang Technology reported a total revenue of 6.838 billion for the first half of 2025, a year-on-year increase of 112.17%, with a net profit of 202 million, up 258.18%. The growth was attributed to increased sales in pig farming [14] - Sanfu Outdoor reported a total revenue of 378 million for the first half of 2025, a year-on-year increase of 15.1%, with a net profit of 17 million, up 105.75%, aligning with previous performance forecasts [14]