宁德时代港股上市是今年以来全球最大一笔IPO融资，采用Regulation S 规则将大部分美国境内的投资者排 除在外，国际配售中非美外资投资者占比很高。同时，宁德时代上市之后还罕见出现了H股较A股溢价近 11%。 券商中国记者研究发现，从宁德时代的港股IPO和上市表现来看，A+H股已经出现了三大变化： 今年以来，随着港股市场表现好转，A/H股之间的折溢价有所收敛，但大多数A+H股的上市公司A/H股的价差 仍然存在，不过也有个别代表性的龙头企业被A股和H股市场充分定价，价差收敛和波动的幅度已经非常小。 | | 部分公司AH股溢价情况 | | | | --- | --- | --- | --- | | 名称 | H股价格(折算成元) | A股价格(元) | A股溢价率(%) | | 宇德时代 | 302.95 | 270.37 | -10.75 | | 比亚迪股份 | 419.06 | 398.80 | -4.83 | | 招商银行 | 45.70 | 44.51 | -2.60 | | 药明康德 | 61.64 | 62.79 | 1.87 | | 亿华通 | 20.53 | 21.17 | 3.12 | | ...

Financial Data and Key Metrics Changes - EnerSys reported fourth quarter net sales of $975 million, a 7% increase from the prior year, driven by a 4% increase in organic volume and a 4% positive impact from the Brentronics acquisition [33][34] - Adjusted diluted EPS for the fourth quarter was a record $1.86 per share, up $0.66 from the prior year, demonstrating strong earnings power [35][36] - Full year net sales reached $3.6 billion, up 1% year over year, with adjusted diluted EPS increasing by 22% to $10.15 per share [35][36] Business Line Data and Key Metrics Changes - Energy Systems revenue increased 8% year over year to $399 million, with adjusted operating earnings growing for the fifth consecutive quarter [36][37] - Motive Power revenue remained flat at $392 million, with adjusted operating earnings up 15% to $67 million, driven by favorable price mix despite flat volumes [38][39] - Specialty revenue increased 21% year over year to $178 million, with adjusted operating earnings nearly doubling from the prior year [40][41] Market Data and Key Metrics Changes - Energy Systems saw positive order rates for three consecutive quarters, driven by data centers and communications [18][19] - Motive Power orders were stable to promising, with April ITA truck orders up over 19% compared to last year's historical lows [22][23] - Specialty markets, particularly aerospace and defense, showed robust demand, although Class eight truck OEM volume recovery was slower than anticipated [25][26] Company Strategy and Development Direction - The company is focusing on energy security and labor scarcity, aiming to help customers manage energy costs and consumption through maintenance-free products and automation [11][12] - EnerSys is committed to optimizing its manufacturing footprint and investing in high-speed, lower-cost production capacity [9][28] - The company is also enhancing its lithium strategy in alignment with national priorities, particularly in defense readiness and domestic supply assurance [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather tariff impacts and potential economic downturns, citing a resilient balance sheet and operational flexibility [15][17] - The company anticipates Q1 will be the low point of the fiscal year, with expectations for revenue recovery driven by maintenance-free offerings and strong demand in A&D and data center markets [46][47] - Management is closely monitoring macroeconomic dynamics and adjusting operational strategies to mitigate risks associated with tariffs and supply chain disruptions [12][47] Other Important Information - The company has established a dedicated tariff task force to analyze and mitigate tariff impacts on its operations [12][13] - EnerSys is actively reshaping its manufacturing footprint, including closing a flooded lead acid battery facility in Mexico to optimize costs [28][29] - The company has a strong cash position, with $932 million on hand, and plans to continue evaluating acquisition opportunities [42][44] Q&A Session Summary Question: Clarification on Q1 guidance and EPS growth - Management explained that Q1 is expected to reflect lower volumes in Motive Power, with EPS guidance up about $0.10 year on year, influenced by favorable price mix and tariff impacts [54][60][62] Question: Order recovery and full year guidance pause - Management noted that while orders in Motive Power were down 14% year on year, overall orders were flat, and the decision to pause full year guidance was due to awaiting clarity on reciprocal tariff negotiations [64][68] Question: Updates on Section 45X and IRS interactions - Management confirmed that other companies have received their Section 45X checks, and they expect to receive their refund soon, attributing delays to IRS staffing issues [81][82] Question: Thoughts on lithium plant funding - Management remains optimistic about the lithium plant funding, emphasizing strong support from the administration and ongoing development of cell technology [85][87]

Financial Data and Key Metrics Changes - EnerSys reported fourth quarter net sales of $975 million, a 7% increase year-over-year, driven by a 4% increase in organic volume and a 4% positive impact from the Brentronics acquisition [30][34] - Adjusted diluted EPS for the fourth quarter was a record $1.86 per share, up $0.66 per share versus the prior year, demonstrating strong earnings power [32][33] - Full year net sales reached $3.6 billion, up 1% year-over-year, with adjusted diluted EPS increasing by 22% to $10.15 per share [33][34] Business Line Data and Key Metrics Changes - Energy Systems revenue increased 8% year-over-year to $399 million, with adjusted operating earnings growing for the fifth consecutive quarter [34][35] - Motive Power revenue remained flat at $392 million, with adjusted operating earnings up 15% year-over-year, driven by a favorable price mix [36] - Specialty revenue increased 21% year-over-year to $178 million, significantly benefiting from the Brentronics acquisition [37] Market Data and Key Metrics Changes - Energy Systems saw a 22% year-on-year increase in quarterly data center revenue, indicating strong market momentum [17][34] - Motive Power experienced a 14% year-over-year decline in orders, reflecting the impact of tariff disruptions [60][62] - Specialty markets, particularly aerospace and defense, showed robust demand, although Class eight truck OEM volume recovery was slower than anticipated [22][37] Company Strategy and Development Direction - The company is focusing on energy security and labor scarcity, aiming to help customers manage energy costs and consumption through maintenance-free products and automation [10][11] - EnerSys is committed to optimizing its manufacturing footprint and investing in high-speed, lower-cost production capacity to strengthen its foundation for future growth [7][26] - The company plans to deepen customer relationships and expand service capabilities while maintaining operational efficiencies [10][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and tariff impacts, emphasizing a disciplined approach to operations [11][43] - The outlook for the first quarter of fiscal 2026 anticipates typical seasonal volume softness in Motive Power, with expectations for recovery in subsequent quarters [43][44] - Management is awaiting clarity on reciprocal tariff negotiations before providing full-year guidance, indicating a cautious but optimistic approach to future performance [64][65] Other Important Information - The company has established a tariff task force to analyze and mitigate tariff impacts, with a focus on maintaining operational flexibility [11][12] - EnerSys is actively reshaping its manufacturing footprint, including closing a facility in Mexico and transitioning production to Kentucky, which is expected to optimize costs [26][27] - The company is optimistic about its domestic lithium battery manufacturing plans, with ongoing discussions with the Department of Energy [28][83] Q&A Session Summary Question: Clarification on Q1 guidance and EPS growth - Management explained that the Q1 guidance reflects lower volumes in Motive Power, with EPS growth driven by favorable price mix and operational efficiencies [51][59] Question: Order recovery and full-year guidance pause - Management noted that while there has been a rebound in orders, the pause in full-year guidance is due to uncertainty surrounding tariff negotiations [61][64] Question: Section 45X tax credits and IRS interactions - Management confirmed that other companies have received their tax credits and they expect to receive their refund soon, attributing delays to IRS staffing issues [78][79] Question: Opportunities for inorganic growth - Management indicated that the current economic uncertainty may create opportunities for acquisitions, emphasizing a proactive approach to identifying targets that fit their strategic criteria [94]

Group 1 - Panasonic plans to establish a second battery factory in the U.S., facing significant challenges in Kansas due to local work culture and natural disasters [1] - The Kansas factory's production is expected to start as early as July, but this timeline has been affected by multiple delays and uncertainties, including tariffs imposed by the Trump administration [1] - Panasonic is adjusting the installation of production equipment at the Kansas factory, aiming for mass production readiness in the first half of the fiscal year 2026 [1] Group 2 - Due to rising demand for electric vehicles, Panasonic initially planned a third battery production facility in the U.S., but this has been postponed due to issues with charging infrastructure and battery costs [2] - The company announced a significant workforce reduction of 10,000 employees, approximately 4% of its global workforce, indicating a major strategic shift [2] - Panasonic is focusing on restructuring its business, divesting from loss-making segments, and shifting its strategic emphasis towards electric vehicle batteries and artificial intelligence [2]

Core Viewpoint - The two-wheeler and battery swapping market will become a key battleground for lithium battery companies, with many enterprises preparing for a fierce competition for market share [1] Group 1: Market Trends and Predictions - The electric two-wheeler market is expected to benefit from shared battery swapping, new national standards, and growing overseas demand, leading to trends of electrification, lightweighting, intelligence, and connectivity [1] - By 2030, the battery landscape for electric two-wheelers is predicted to be dominated by lithium, sodium, and lead batteries, with lithium batteries providing higher energy density for lighter vehicles and longer ranges [1] - In 2024, cylindrical batteries are expected to see significant growth, with a projected shipment of 43 GWh, representing a year-on-year increase of 21.5% [1] Group 2: Company Developments - BYD has launched a full range of batteries for two-wheeled and three-wheeled vehicles, with 32 models planned, focusing on lithium iron phosphate batteries [3] - Chuangming New Energy's large cylindrical batteries offer high safety, energy density, and long cycle life, meeting diverse customer needs across multiple applications [4] - Zhongbi New Energy's production capacity for its 32 series large cylindrical batteries reached 1.5 GWh, with plans for further expansion [5] - Funeng Technology has established a strong presence in the electric two-wheeler market, recognized for its soft-pack batteries and compliance with new safety standards [6] - Boliwei focuses on consumer batteries and light-duty power, with its large cylindrical cells compatible with various applications [8] - Xingheng Power dominates over 70% of the domestic two-wheeler lithium battery market with its manganese-based lithium batteries [9] - XWANDA Lithium's strategy revolves around consumer electronics, power batteries, and energy storage, with a focus on adapting to national standards [10] - Hualiyuan's cylindrical batteries are expected to see significant application in new energy two-wheeled and three-wheeled vehicles [11] - Tianneng Group is expanding its product range and focusing on new technologies like sodium and solid-state batteries [12] - Lishen Battery is developing large cylindrical batteries and targeting markets in India and Southeast Asia due to high demand [14] - Pylontech has developed various specifications for electric two-wheeled vehicles, emphasizing high energy density for consumer use [15] Group 3: Regulatory and Market Changes - The introduction of safety standards for lithium batteries marks a significant shift towards compliance in the electric vehicle market [20] - The market is expected to see enhanced battery safety, improved performance, diversified technology, and increased market concentration due to the entry of lithium batteries [20] - The rise of semi-solid state batteries may disrupt the two-wheeler market, with companies like State Power Investment Corporation collaborating to upgrade battery swapping networks [22]

5月19日，位于泰安的山东快驴科技发展股份有限公司（下称"快驴科技"）向香港联交所递交招股书， 拟在港交所主板上市，由交银国际独家保荐。 公开资料显示，快驴科技2014年成立于泰安市，公司的主要业务包括提供铅酸电池及锂离子电池等电池 产品、销售充电器、轮胎等短距离轻型电动车的各种零件和配件，以及向当地合作门店提供技术及人员 培训和提供咨询服务。截至2024年12月31日，快驴科技的服务网络已覆盖全国31个省份，拥有超过950 名区域服务商及2万家合作门店。 快驴科技的业务生态体系由三大核心支柱组成，其中"快驴出行"构成公司的核心服务支柱，而"快驴优 选"及"快驴教育"分别透过产品质量保障及技术培训能力提供支持。 | | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- | | | 二零二二年 | 二零二三年 | 二零二四年 | | | 人民幣千元 | 人民幣于元 | 人民幣千元 | | 收入 | 1,310,768 | 1,223,187 | 1,631,248 | | 銷售成本 | (1.265,158) | (1,181,543) | (1,565,037) | | 毛 ...

Core Viewpoint - The company, Funeng Technology (688567.SH), announced its advancements in solid-state batteries, positioning itself as a leader in the industry, particularly in semi-solid battery commercialization and ongoing development of various solid-state battery materials [1] Group 1: Semi-Solid Battery Development - The company has received recognition from multiple clients, including GAC, Dongfeng, SANY, FAW Liberation, leading eVTOL customers in the U.S., and top domestic flying car clients, making it one of the earliest companies to achieve semi-solid battery industrialization [1] Group 2: Solid-State Battery Progress - The company is concurrently advancing research on various material systems for solid-state batteries, including sulfide and oxide/polymer composite systems, with plans to deliver small batches of 60Ah sulfide solid-state batteries to strategic partners by the end of 2025 [1] Group 3: SPS Super Soft Pack Battery - The company's SPS super soft pack battery is compatible with multiple material systems, including ternary, lithium iron phosphate, solid-state, and sodium-ion batteries, and has secured project designations from several clients, including GAC, Geely, and Jiangling [1]

5月22日，豪鹏转债盘中下跌2.0%报126.631元/张，成交额5712.36万元，转股溢价率21.87%。 资料显示，豪鹏转债信用级别为"AA-"，债券期限6年（本次发行的可转债票面利率第一年0.30%、第二 年0.50%、第三年1.00%、第四年1.50%、第五年1.90%、第六年2.10%），对应正股名称为豪鹏科技，转 股开始日为2024年6月28日，转股价50.66元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，深圳市豪鹏科技股份有限公司(股票代码:001283)创立于2002年,公司致力于锂离子电池、镍 氢电池的研发、设计、制造和销售,废旧电池回收及资源循环利用,是一家具备自主研发能力和全球市场 综合竞争力的企业,能够为客户提供灵活可靠的一站式电源解决方案。公司秉承"成就客户、开放共赢、 严谨务实、自我批判"的核心价值观,聚焦全球品牌商面临的挑战和压 ...

智通财经5月22日电，港股午间收盘，恒生指数跌0.55%，恒生科技指数跌0.66%。小鹏汽车涨超7%，哔 哩哔哩跌超3%，宁德时代跌超2%。 港股午评：恒生指数跌0.55% 哔哩哔哩跌超3% ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 文章来源： 环球时报 报道称，美国商务部20日初步裁定中国关键电池组件存在补贴，认为中国活性阳极材料生产商获得高额政 府补贴，为后续加征反补贴关税铺平道路。对此，接受《环球时报》采访的专家表示， 美国以补贴为借口 对中国下手，实质是出于政治考量。 5月20日，美国商务部发布"对原产于中国的活性阳极材料反补贴调查"的裁定公告，宣称两家中国企业未 充分配合调查，依据"不利推定事实"推断补贴率超过700%，其他中企补贴率为6.55%。 据悉，活性阳极材料是指在电池中作为阳极使用，并且能够积极参与电化学反应的材料，是电动汽车电池 的核心组件之一，主要由石墨、硅等材料构成。对电池来说，活性阳极材料至关重要，它直接影响电池的 性能、寿命和安全性。彭博社报道称，中国供应全球大部分石墨，据Capstone LLC数据，美国59%的天 然石墨和68%的人造石墨进口依赖中国。 美国商务部对中国活性阳极材料的调查始于去年12月18日，美国行业协会——美国活性阳极材料生产商联 盟就补贴问题提交申诉。 彭博社报道称，这些调查独立于美国政府对贸易 ...