Core Viewpoint - Zhejiang Jiyao Tongxing Holdings Co., Ltd. was established to accelerate the integration of battery business within Geely Group, focusing on electric battery manufacturing and technology development [3][5]. Group 1: Company Establishment and Structure - Zhejiang Jiyao Tongxing Holdings Co., Ltd. is wholly owned by Zhejiang Geely Investment Holding Co., Ltd., with a registered capital of 1 billion yuan [3]. - The major shareholders of Zhejiang Geely Investment Holding include Li Shufu (82.2330%), Ningbo Yima Enterprise Management Partnership (9.7087%), and Li Shufu's son, Li Xingxing (8.0583%) [4]. Group 2: Business Integration and Strategy - The establishment of Jiyao Tongxing is part of Geely Group's strategy to consolidate its battery business, which includes the formation of a new battery industry group named Zhejiang Jiyao Tongxing Energy Technology Co., Ltd. [5]. - The integration aims to unify various battery brands and product lines under a single brand, "Shen Dun Jin Zhuan Battery," enhancing operational efficiency [5][6]. Group 3: Production Capacity and Market Position - Jiyao Tongxing Energy plans to achieve a production capacity of 70 GWh by 2027, sufficient to meet the production needs of approximately 1 million new energy vehicles [7][8]. - In the first eight months of the year, Jiyao Tongxing's battery installation volume reached 9.3 GWh, capturing a 2.2% market share in China, ranking among the top 10 in battery installation volume [7]. Group 4: Product Focus and Development - The company focuses on lithium iron phosphate short-blade battery technology, with its core product being the Shen Dun Jin Zhuan battery, known for its safety, fast charging, high power, and durability [7]. - Jiyao Tongxing adopts a "focus on blockbuster" strategy, concentrating resources on a few core battery products to achieve economies of scale and ensure consistent product quality [7]. Group 5: Future Outlook and Collaboration - As a core battery supplier for Geely Group, Jiyao Tongxing will prioritize customized battery needs for brands like Zeekr, Lynk & Co, and Galaxy, leveraging Geely's large new energy vehicle sales [8]. - The company maintains partnerships with external suppliers like CATL and EVE Energy to ensure supply chain stability and flexibility, while also exploring next-generation solid-state battery technologies [8].

Core Viewpoint - Camel Group (601311.SH) reported a revenue of 4.147 billion yuan in the third quarter, reflecting a year-on-year growth of 8.95% [1] - The net profit attributable to shareholders decreased by 49.81% to 87.1916 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 46.87% to 74.3341 million yuan [1] - Basic earnings per share stood at 0.07 yuan [1] Financial Performance - Third-quarter revenue reached 4.147 billion yuan, marking an 8.95% increase compared to the previous year [1] - Net profit attributable to shareholders was 87.1916 million yuan, down 49.81% year-on-year [1] - Net profit after excluding non-recurring items was 74.3341 million yuan, a decline of 46.87% year-on-year [1] - Basic earnings per share reported at 0.07 yuan [1]

Core Viewpoint - The company is progressing with its solid-state battery development and plans to launch the next generation of products in the fourth quarter, while also exploring semi-solid battery production through minor upgrades to existing production lines [1] Group 1: Solid-State Battery Development - The company is focused on building its pilot production line for solid-state batteries as per its previous plans [1] - Continuous product upgrades are part of the company's strategy in the solid-state battery sector [1] - The next generation of solid-state battery products is expected to be launched in the fourth quarter [1] Group 2: Semi-Solid Battery Strategy - The company is considering entering the semi-solid battery market [1] - Plans include upgrading existing production lines with small capital investments to facilitate semi-solid battery production [1] Group 3: Market Expansion - The company is actively working on expanding its presence in the downstream market [1]

Core Viewpoint - Camel Group reported a mixed financial performance for Q3 2025, with revenue growth but a significant decline in net profit [1] Financial Performance Summary - In Q3 2025, the company achieved a revenue of 4.147 billion, representing a year-on-year increase of 8.95% [1] - The net profit attributable to shareholders for Q3 2025 was 87.1916 million, showing a year-on-year decrease of 49.81% [1] - For the first three quarters of 2025, the company reported a total revenue of 12.142 billion, which is a year-on-year growth of 7.14% [1] - The net profit attributable to shareholders for the first three quarters was 619 million, reflecting a year-on-year increase of 26.95% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate market is in a stage of increasing supply and demand with inventory reduction. The price of lithium carbonate may be supported. It is recommended to conduct short - term long trades at low prices with a light position and control risks [7][8]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: The weekly line of the lithium carbonate main contract fluctuated strongly, with a change rate of +5.05% and an amplitude of 7.32%. As of the end of this week, the closing price of the main contract was 79,520 yuan/ton [7]. - **Macro Aspect**: The communiqué of the Fourth Plenary Session of the 20th Central Committee was released, setting the main goals for economic and social development during the "15th Five - Year Plan" period [7]. - **Fundamentals**: Overseas miners continue to support prices. The current demand of lithium salt plants is good, and the ore price rises with the lithium price. The smelters maintain a high production schedule, and the domestic lithium carbonate supply shows a stable growth trend. The downstream material factories have good production and order situations. The power battery benefits from the peak consumption season of the new energy vehicle industry, and the energy storage market also maintains a high growth rate. The domestic demand for lithium carbonate is strong, and the industrial inventory is gradually reduced [7]. - **Strategy Recommendation**: Conduct short - term long trades at low prices with a light position and control trading rhythm to manage risks [8]. 3.2 Futures and Spot Market - **Futures Price**: As of October 24, 2025, the closing price of the lithium carbonate main contract was 79,520 yuan/ton, a week - on - week increase of 3,820 yuan/ton. The near - far month spread was - 600 yuan/ton, a week - on - week decrease of 120 yuan/ton [14]. - **Spot Price**: As of October 24, 2025, the average price of battery - grade lithium carbonate was 75,400 yuan/ton, a week - on - week increase of 2,050 yuan/ton. The basis of the main contract was - 4,120 yuan/ton, a week - on - week decrease of 1,770 yuan/ton [20]. 3.3 Upstream Market - **Spodumene**: As of October 24, 2025, the average price of spodumene concentrate (6% - 6.5%) was 897 US dollars/ton, a week - on - week increase of 45 US dollars/ton. The spot exchange rate of the US dollar against the RMB was 7.1221, a week - on - week decrease of 0.04% [24]. - **Lepidolite**: As of the latest data, the average price of lepidolite (Li₂O: 2.0% - 3%) was 2,835 yuan/ton, a week - on - week increase of 112 yuan/ton. The average price of lithiophilite was 8,250 yuan/ton, a week - on - week increase of 700 yuan/ton [31]. 3.4 Industry Supply - **Imports and Exports**: As of September 2025, the monthly import volume of lithium carbonate was 19,596.9 tons, a decrease of 2,250.01 tons from August, a decline of 10.3%, and a year - on - year increase of 20.49%. The monthly export volume was 150.816 tons, a decrease of 218.09 tons from August, a decline of 59.12%, and a year - on - year decrease of 9.07% [34]. - **Production**: As of September 2025, the monthly output of lithium carbonate was 47,140 tons, an increase of 1,260 tons from August, an increase of 2.75%, and a year - on - year increase of 47.59%. The monthly operating rate was 43%, a month - on - month decrease of 5% and a year - on - year decrease of 32% [34]. 3.5 Downstream Demand - **Lithium Hexafluorophosphate**: As of October 24, 2025, the average price was 95,000 yuan/ton, a week - on - week increase of 16,000 yuan/ton. As of September 2025, the monthly output of electrolyte was 211,050 tons, an increase of 18,950 tons from August, an increase of 9.86%, and a year - on - year increase of 45.25% [38]. - **Lithium Iron Phosphate**: As of the latest data, the average price of lithium iron phosphate (power type) was 33,400 yuan/ton, with no week - on - week change. As of September 2025, the monthly output of lithium iron phosphate cathode materials was 246,300 tons, an increase of 6,300 tons from August, an increase of 2.63%, and a year - on - year increase of 35.93%. The monthly operating rate was 59%, a month - on - month increase of 2% and a year - on - year decrease of 1% [41]. - **Ternary Materials**: As of September 2025, the monthly output of ternary materials was 63,140 tons, a decrease of 2,720 tons from August, a decline of 4.13%, and a year - on - year increase of 15.56%. The monthly operating rate was 53%, a month - on - month decrease of 2% and a year - on - year decrease of 4%. As of the latest data, the prices of ternary materials 811 type, 622 type, and 523 type continued to strengthen [46]. - **Lithium Manganate**: As of September 2025, the monthly output of lithium manganate was 9,920 tons, a decrease of 410 tons from August, a decline of 3.97%, and a year - on - year decrease of 5.52%. As of the latest data, the average price of lithium manganate was 32,000 yuan/ton, with no week - on - week change [51]. - **Lithium Cobaltate**: As of the latest data, the average price of lithium cobaltate was 343,500 yuan/ton, a week - on - week increase of 17,000 yuan/ton. As of September 2025, the monthly output of lithium cobaltate was 15,080 tons, an increase of 100 tons from August, an increase of 0.67%, and a year - on - year increase of 103.23% [54]. - **New Energy Vehicles**: As of September 2025, the penetration rate of new energy vehicles was 46.09%, a month - on - month increase of 0.55% and a year - on - year increase of 7.52%. The monthly production was 1,617,000 vehicles, a month - on - month increase of 16.25%, and the monthly sales were 1,604,000 vehicles, a month - on - month increase of 14.98%. The cumulative export volume was 1.758 million vehicles, a year - on - year increase of 89.44% [56][61]. 3.6 Options Market - According to the option parity theory, the premium of the synthetic underlying is 0.23, presenting a positive arbitrage opportunity. Based on the performance of option at - the - money contracts and the fundamental situation, it is recommended to go long on volatility by constructing a long straddle option [66].

债券代码：123254 债券简称：亿纬转债 证券代码：300014 证券简称：亿纬锂能 惠州亿纬锂能股份有限公司 投资者关系活动记录表 二、公司管理层回答投资者提问 问题一：请问公司对第四季度储能业务板块的出货量及毛利率的展望？ 回复：展望第四季度，储能依然保持满产满销，出货量预计环比会有持 续增长。毛利率方面，努力继续优化商务，陆续会在第四季度得到体现， 预计毛利率环比会继续提升。 问题二：请问公司后续在建工程的转固节奏？ 回复：目前公司的在建工程主要集中在荆门的 60 工厂、沈阳工厂及海 外工厂。荆门的 60 工厂预计会在 2026 年陆续转固。沈阳、匈牙利、马 来西亚工厂预计会在 2026 年底至 2027 年陆续实现转固。 编号： 2025-004 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 电话会议 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名、联系 方式 与会投资者约 552 人 时间 2025 年 10 月 23 日（周四）20:30-21:30 地点 惠州亿纬锂能股份有限公司惠州仲恺总部 A1 栋 6612 ...

Group 1 - The article discusses tax incentives aimed at supporting the development of the manufacturing industry in China, specifically focusing on consumption tax exemptions for certain battery and coating products [1] - Eligible products for consumption tax exemption include mercury-free primary batteries, nickel-metal hydride batteries, lithium primary batteries, lithium-ion batteries, solar batteries, fuel cells, and all-vanadium flow batteries [1] - The exemption applies to coatings with volatile organic compound (VOC) content below 420 grams per liter during construction [1] Group 2 - The consumption tax exemption policy has been in effect since February 1, 2015, and continues to be applicable [1] - Eligible taxpayers must meet specific conditions to benefit from the consumption tax exemption [1] - The policy is based on the notification from the Ministry of Finance and the State Administration of Taxation regarding the consumption tax on batteries and coatings [6]

Core Insights - The automotive industry is rapidly advancing towards solid-state batteries, which are seen as the next generation of energy storage technology, especially as traditional lithium-ion batteries approach their performance limits [1][4]. Industry Trends - By the end of 2024, solid-state batteries are expected to be a key trend in China's electric vehicle industry, with significant investments from automakers and battery manufacturers [2][4]. - Major companies like CATL, Guoxuan High-Tech, and others are actively developing solid-state battery technologies, with CATL focusing on sulfide routes and expanding its R&D team [2][9]. Technological Developments - Recent breakthroughs in solid-state battery technology have led to significant improvements in performance, such as the potential for over 1000 km range with lighter batteries [3][17]. - The industry anticipates that solid-state batteries will begin to be installed in vehicles by 2027, with mass production expected by 2030 [4][11]. Competitive Landscape - A variety of companies, including traditional automakers like Changan and Geely, are entering the solid-state battery space, each pursuing different technological routes [10][12]. - International players like Toyota and Samsung SDI are also making strides, with plans for mass production of solid-state batteries by 2027 [13]. Challenges and Barriers - Despite the promising outlook, solid-state batteries face challenges such as high production costs, which are currently 5 to 10 times higher than traditional lithium-ion batteries [20][21]. - Technical hurdles include the need for high-pressure environments for solid-state cells, which complicates their commercial viability [23][24]. Market Dynamics - The rapid increase in patent applications for solid-state batteries in China indicates a growing interest and investment in this technology, outpacing Japan by three times [14]. - The cost of solid-state batteries poses a significant barrier, with estimates suggesting that the cost of a solid-state battery pack could exceed 400,000 yuan compared to 40,000 to 44,000 yuan for traditional batteries [20][22].

G高工锂电修 2025年11月18-20日 深圳前海华侨城JW万豪酒店 赵盛宇 博士 海目星激光 董事长 固态电池的发展是渐进式的,当下 技术路线仍存变数。目前,半固态、准固 态电池已完全具备装配到eVTOL或特种应 用场景的能力,行业在关键工艺与设备上 也正突破量产瓶颈。而要真正解决固-固 界面与稳定性问题,固态电池需走向半导 体化、薄膜化、微纳结构化,通过精细化 控制到原子结构,其稳定性可控性才能达 理想状态,这一目标可能要在十年以后实 现。 来源： 高工锂电15周年策划《飞哥对话赵盛宇》2025.09 激荡十五载 喷望新征程 ２０２５第十五届高工锂电年会 暨十五周年庆典＆高工金球奖颁奖典礼 码 上 报 名 ...

Core Viewpoint - Zhengli New Energy (03677) has experienced a significant decline of over 25% in the past six trading days, with a current drop of 7.96% to HKD 9.02, and a trading volume of HKD 62.77 million [1] Group 1: Company Actions - Zhengli New Energy announced a placement of 45.92 million shares at a price of HKD 10.98 per share, representing a discount of approximately 7.89% from the closing price on October 16 [1] - The net proceeds from the placement are expected to be around HKD 500 million, with approximately 70% allocated for the construction, equipment purchase, and preparatory expenses related to the second phase of the new production facility in Changshu [1] - About 10% of the proceeds will be used for the construction of a solid-state battery pilot line, another 10% for research and development activities, and the remaining 10% for working capital and general corporate purposes [1] Group 2: Industry Context - Fuyao Glass (600660) announced that founder Cao Dewang has submitted a resignation report for the chairman position, with Cao Hui elected as the new chairman [1] - Zhengli New Energy was established and is controlled by two former deputy general managers of Fuyao Glass, Cao Fang and Chen Jicheng, indicating a close relationship between the two companies [1] - Cao Fang is the sister of Fuyao Glass founder and chairman Cao Dewang, and Fuyao Glass is recognized as the largest automotive glass supplier globally, possessing a vast customer base among major manufacturers [1]