Core Viewpoint - The article emphasizes the importance of promoting green and low-carbon development in the manufacturing industry, highlighting the need for technological innovation, traditional industry transformation, and the establishment of a comprehensive support system for enterprises [1][2]. Group 1: Focus Areas of the Action Plan - The action plan will focus on three main areas: carbon footprint accounting standards for industrial products, the establishment of a new solid waste comprehensive utilization system, and the promotion of clean low-carbon hydrogen applications in the industrial sector [2]. - It aims to accelerate the development of carbon footprint accounting standards for key products such as steel, electrolytic aluminum, lithium batteries, and new energy vehicles, facilitating the reduction of carbon emissions throughout the product lifecycle [2]. - The plan will also address the comprehensive utilization of waste materials, particularly focusing on used power batteries and photovoltaic components, to prepare for the upcoming retirement peak [2]. Group 2: Key Strategies - Strengthening green technology innovation and application is a core direction of the action plan, aiming to fundamentally change manufacturing processes to reduce energy consumption and environmental pollution [3]. - The plan emphasizes the transformation of traditional industries, which are crucial yet challenging for green low-carbon development, by optimizing production equipment and processes to enhance energy efficiency and reduce emissions [4][5]. - For emerging industries, the plan advocates for high-standard green development, promoting clean energy use and resource recycling from the outset, particularly in sectors like new energy vehicles and photovoltaics [6]. Group 3: Technical and Policy Support - The action plan highlights the need for common technology breakthroughs, which are essential for supporting the green low-carbon development of the manufacturing sector, alongside the establishment of standardized practices [7]. - Optimizing policies and establishing a robust service system are crucial for creating a favorable environment for green transformation, including financial incentives and support services for enterprises [8].

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by strong growth in lithium battery and LED businesses, with expectations for continued high growth in the coming years [1][2]. Financial Performance - For 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.756 billion, 488 million, and 429 million yuan, respectively, representing year-on-year growth of +29.4%, +246.4%, and +285% [2]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.728 billion, 142 million, and 148 million yuan, respectively, with year-on-year growth of +20.9%, +100.6%, and +204%, but a quarter-on-quarter decline of -9.9%, -31.2%, and -24.9% [2]. Lithium Battery Business - The lithium battery segment generated revenue of 2.587 billion yuan in 2024, a year-on-year increase of 58%, with a gross margin of 21.94%, up 13.5 percentage points [3]. - The company sold 442 million lithium batteries in 2024, marking a year-on-year growth of 100.7%, with expectations to reach 700 million units or more in 2025 due to recovery in the electric tool market and growth in capacity-type shipments [1][4]. Pricing and Cost Structure - The average selling price of lithium batteries decreased from approximately 7.43 yuan per unit in 2023 to around 5.85 yuan in 2024, while the profit per unit increased from 0.42 yuan to approximately 0.51 yuan [3]. - In Q1 2025, the average selling price was estimated at around 5.2 yuan per unit, slightly down by 0.2 yuan, attributed to shipment structure changes [4]. Production Capacity and International Expansion - The company's Malaysian factory commenced production in April 2024, expected to contribute over 200 million units this year, helping to mitigate tariff issues due to lower tariffs in Malaysia [5]. - The company anticipates continued growth in lithium battery shipments, with significant contributions from various sectors including electric tools and emerging applications like robotics and AI data centers [4]. Other Business Segments - The LED business is transitioning to high-value products such as miniLED and microLED, while the metal logistics business is maintaining stable growth, with expected contributions of over 150 million and 170 million yuan, respectively [6]. Profit Forecast - The company projects net profit attributable to shareholders for 2025, 2026, and 2027 to be 692 million, 859 million, and 1.09 billion yuan, with corresponding valuation multiples of 21, 17, and 13 times [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 35.392 billion yuan in 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders was 1.207 billion yuan, up 28.56% year-on-year, while the non-recurring net profit reached 263 million yuan, showing a significant increase of 125.86% [3][10]. - In Q4 2024, the company achieved a revenue of 10.217 billion yuan, a growth of 3.97% year-on-year, with a net profit of 794 million yuan, up 22.88% year-on-year, and a non-recurring net profit of 205 million yuan, increasing by 213.66% [3][10]. - For Q1 2025, the company reported a revenue of 9.055 billion yuan, reflecting a year-on-year growth of 20.61%, with a net profit of 101 million yuan, up 45.55% year-on-year, and a non-recurring net profit of 15 million yuan, increasing by 37.59% [3][10]. Summary by Sections Sales and Profitability - The company achieved a total lithium-ion battery sales volume of 19.75 billion ampere-hours in 2024, marking a year-on-year increase of 40.38%, driven by strong market demand [10]. - The overall gross margin for 2024 was 18%, an increase of 2.23 percentage points year-on-year. The gross margin for the power battery system was 15.14%, up 1.33 percentage points, while the gross margin for the energy storage battery system reached 21.75%, an increase of 4.64 percentage points [10]. Cost and Expenses - The total expense ratio for 2024 was 14.76%, a slight increase of 0.09 percentage points year-on-year. The sales expense ratio decreased to 0.86%, down 0.07 percentage points, while the management expense ratio was 5.45%, down 0.05 percentage points [10]. Future Outlook - The company is expected to continue upgrading its product and customer structure in the domestic power market, enhancing its market share and profitability through partnerships with B-class vehicle customers. The expansion of production capacity in overseas markets, including the U.S., Czech Republic, and Morocco, is also anticipated to contribute positively [10].

Core Viewpoint - The signing of the cooperation agreement for the 2.5GWh cylindrical power battery production base project in Malaysia marks a significant step in the company's "win-win, dual-track" strategy, aiming to enhance the local new energy economy and attract upstream and downstream enterprises to Malaysia [1]. Group 1 - The cooperation agreement was signed between the company and the owner unit WH during the signing ceremony on May 20, emphasizing the principles of future-oriented, complementary advantages, mutual benefit, and common development [1]. - The construction of the Malaysia factory is planned to be completed within six months, with equipment installation and debugging expected to be finished by the third quarter of 2025, making it the company's first overseas factory to achieve mass production [1]. - The products from the Malaysia factory will not only meet the demand in Southeast Asia but will also extend to important global markets such as Europe and North America, showcasing the company's strong supply capability in the global new energy sector [1]. Group 2 - The company aims to deepen its focus on the new energy sector and accelerate its global layout, reinforcing its leading position in the lithium battery "capacity going abroad" track [1]. - The strategic goal of "win-win, dual-track" will drive the company to enhance its international competitiveness and influence, injecting strong momentum into the improvement of its global industrial layout [1].

Core Viewpoint - The article discusses the upcoming 2025 High-Performance Sodium Battery and Solid-State Battery Technology and Application Summits, highlighting the critical turning point for the global new energy industry in 2025, with significant advancements in battery technology and market demands [2][3]. Group 1: Industry Trends - In 2025, the penetration rate of power batteries is expected to exceed 50%, and the energy storage market's battery shipments are projected to increase by over 60% year-on-year [3]. - Emerging scenarios such as low-altitude economy, humanoid robots, engineering machinery, and medical lithium batteries are driving diverse demands for battery performance, including ultra-fast charging, high discharge rates, long cycle life, and adaptability to extreme environments [3][4]. - The lithium battery industry is facing dual challenges of "technical breakthroughs" and "scenario breakthroughs," with material system iterations and structural design innovations being core directions for companies [3][4]. Group 2: Company Innovations - EVE Energy showcases a comprehensive product matrix covering various scenarios, including light-duty power, passenger vehicles, low-altitude economy, hydrogen energy, and medical applications, emphasizing a "safety first" technology route [5][6]. - Guoxuan High-Tech focuses on "green manufacturing," demonstrating a full-chain product lineup from positive and negative electrode materials to battery systems, with innovations in high-density materials and fast-charging capabilities [10][12]. - Lihua Power emphasizes standardized and high-rate cylindrical battery technology, achieving a 20% reduction in internal resistance through its true tabless structure [16][18]. - Ruipu Lanjun highlights its ultra-high energy density battery for low-altitude flying vehicles, achieving an energy density of 350Wh/kg and supporting a wide temperature range [21][23]. - Xindong Lithium Battery focuses on long-cycle and low-temperature battery technologies, achieving a standard cycle life of over 8,000 times and maintaining energy retention at extreme temperatures [25][27]. - Xinwanda introduces the industry's first supercharging battery for two-wheeled vehicles, capable of charging to 80% in 20 minutes, showcasing advancements in fast-charging technology [29][31]. Group 3: Regulatory Impact - The new national standard for power batteries, set to be implemented in 2026, is expected to accelerate industry reshuffling, enhancing safety standards and promoting upgrades towards high reliability and long life [36].

Group 1 - The core viewpoint of the article emphasizes that green development will become the core driving force for promoting high-quality economic development in China, as indicated by the approval of the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)" [1][3] - The meeting highlighted the necessity of advancing green low-carbon development in the manufacturing sector, accelerating green technology innovation, and promoting the application of advanced green technologies [3] - The government plans to focus on key products such as steel, electrolytic aluminum, lithium batteries, and new energy vehicles, and will develop carbon footprint accounting standards while preparing for the comprehensive utilization of retired products like used power batteries and photovoltaic components [3] Group 2 - Establishing a horizontal ecological protection compensation mechanism is crucial for enhancing ecological environment protection and promoting regional collaborative development [4] - The meeting called for a comprehensive, clear, and efficient horizontal ecological protection compensation mechanism, which will facilitate the interaction between ecological product supply areas and beneficiary areas [4] - The discussion on the revision of the Food Safety Law reflects the government's high emphasis on food safety issues, providing a stronger legal guarantee for ensuring the safety of food for the public [4]

5月23日，国务院总理李强主持召开国务院常务会议。审议通过《制造业绿色低碳发展行动方案（2025－ 2027年）》，研究进一步健全横向生态保护补偿机制有关举措，讨论《中华人民共和国食品安全法（修正 草案）》。 会议指出，推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿色技术推广应用，强化新型工 业化绿色底色。要推进传统产业深度绿色转型，引领新兴产业高起点绿色发展，加强共性技术攻关。 会议指出，建立成本共担、效益共享、合作共治的横向生态保护补偿机制，对于加强生态环境保护、促进区域 间协同发展具有重要意义。要推动建立覆盖更加全面、权责更加清晰、方式更加多元、治理更加高效的横向生 态保护补偿机制。 加快重点行业绿色改造升级 会议审议通过《制造业绿色低碳发展行动方案（2025-2027年）》（下称《行动方案》）。会议指出，要推进 传统产业深度绿色转型，结合大规模设备更新等政策实施，积极应用先进装备和工艺，加快重点行业绿色改造 升级。要引领新兴产业高起点绿色发展，加大清洁能源、绿色产品推广，提升资源循环利用水平。 会议还指出，要加强共性技术攻关，完善重点领域标准，优化相关政策，健全绿色制造和服务体系，更好支 ...

国常会最新部署。 绿色低碳是新型工业化的生态底色，去年以来，工业和信息化部持续加强政策供给，联合相关部门出台了《加 快推动制造业绿色化发展的指导意见》，加强绿色工厂梯度培育和工信领域节能降碳技术装备推广应用，锻造 产业绿色竞争优势。 工业和信息化部有关负责人在2024年10月23日召开的国新办发布会上曾透露，下一步，将着眼健全绿色低碳发 展机制，制定出台《制造业绿色低碳发展行动方案》，聚焦钢铁、电解铝、锂电池、新能源汽车等重点产品， 加快研制一批碳足迹核算标准。聚焦废旧动力电池，制定出台综合利用管理办法。聚焦废旧光伏组件等，提前 布局综合利用能力，为迎接退役高峰做好准备。聚焦清洁低碳氢应用的瓶颈制约，加快推动其在冶金、化工、 石化等行业规模化应用。 健全横向生态保护补偿机制 5月23日，国务院总理李强主持召开国务院常务会议。审议通过《制造业绿色低碳发展行动方案（2025－2027 年）》，研究进一步健全横向生态保护补偿机制有关举措，讨论《中华人民共和国食品安全法（修正草 案）》。 会议指出，推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿色技术推广应用，强化新型工 业化绿色底色。要推进传统产业深度 ...

Core Viewpoint - The article discusses the latest developments in the lithium battery industry, highlighting key players like CATL and BYD, their strategic moves, and market trends in lithium materials and battery production. Group 1: Company Developments - CATL has launched a new generation of heavy-duty truck battery swapping ecosystem, aiming for a market share expansion in the rapidly growing new energy commercial vehicle sector, with expectations that battery swapping will account for over 50% of the domestic market for electric heavy trucks [2] - BYD is entering the two-wheeler and three-wheeler battery market, with a product launch event scheduled, indicating a strategic shift towards lithium batteries for these vehicles [3] - BYD Electronics in Vietnam is expanding production capacity significantly, introducing new production lines for high-end electronic products and automotive electronics, with a projected increase in registered capital from $50 million to $500 million by the end of 2024 [4] Group 2: Contracts and Collaborations - Wanrun New Energy has signed a five-year sales contract with CATL to supply approximately 1.32 million tons of lithium iron phosphate products, with CATL committing to purchase at least 80% of the agreed quantity monthly [5][6] Group 3: Lithium Material Market Conditions - Domestic lithium carbonate prices are on a downward trend, nearing 60,000 yuan per ton, with lithium salt manufacturers reducing production due to losses [8] - The latest prices for lithium carbonate are reported at 63,500 to 65,000 yuan per ton for battery-grade and 61,500 to 62,000 yuan per ton for industrial-grade [9] - The three-material market has seen a slight decline, with stable demand from the domestic market and some increase in demand from sectors like humanoid robots and electric tools [10] - Phosphate lithium market remains stable, with recent contracts indicating a "bottom-fishing" mentality among battery manufacturers [12] Group 4: Battery and Energy Storage Demand - The domestic energy storage sector is experiencing a recovery in production expectations, with increased orders following adjustments in U.S. tariffs [19] - The overall market for new energy vehicles shows a year-on-year increase in sales, with a penetration rate of 55.88% for the week, marking a new high for the year [20] - BYD has signed a significant storage order agreement with Grenergy for a total of 6.5 GWh of storage systems for a project in Chile, indicating strong demand in the energy storage market [21]

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~ 本文来源： #鑫椤锂电 " 4月锂电产业链各材料涨跌不一，四氧化三钴、钴酸锂、三元材料及前驱体价格出现一定幅度 上涨，电解铜、六氟磷酸锂、锰酸锂、碳酸锂价格走低。 数据来源：ICC鑫椤 锂电 三元材料细分市场概况 据ICC鑫椤 锂电显示，3月5系三元材料占比16.3%，6系占比36.7%，高镍型（含NCA、9系）三元占比 46.5%。 数据来源：ICC鑫椤锂电 正极材料概况 据ICC鑫椤 锂电显示，4月国内四大正极材料合计产量为35.83万吨，同比增长27%，环比增长4%。其中 三元材料产量为5.62万吨，磷酸铁锂产量为28.07万吨，钴酸锂产量0.97万吨，锰酸锂产量为1.17万吨。 " 数据来源：ICC鑫椤 锂电 负极材料 据ICC鑫椤 锂电显示，4月国内负极材料产量达到21.82万吨，同比增长18%，环比增长4.7%。 数据来源：ICC鑫椤 锂电 电解液 据ICC鑫椤 锂电显示，4月国内电解液产量为16.09万吨，同比增长41%，环比增长2.5%。 三元前驱体 据ICC鑫椤 锂电显示，4月国内三元前驱体产量为7. ...