Core Insights - On September 22, Fengyuan Co., Ltd. experienced a slight decline of 0.44% in stock price, with a trading volume of 119 million yuan [1] - The company reported a financing buy-in amount of 12.57 million yuan and a net financing buy of 3.98 million yuan on the same day [1] - As of September 22, the total margin balance for Fengyuan Co., Ltd. was 139 million yuan, representing 3.65% of its market capitalization [1] Financing Overview - On September 22, Fengyuan Co., Ltd. had a financing buy-in of 12.57 million yuan, with a current financing balance of 139 million yuan, which is above the 70th percentile of the past year [1] - The company had no short selling activity on September 22, with a short selling balance of 0 shares, indicating a low level of short interest [1] Company Profile - Fengyuan Co., Ltd. is located in Zaozhuang City, Shandong Province, and was established on August 23, 2000, with its listing date on July 7, 2016 [1] - The company's main business includes the production and sales of oxalic acid and nitric acid, as well as import and export operations [1] - The revenue composition of the company is primarily from lithium battery cathode materials (92.78%), followed by oxalic acid (7.14%) and other sources (0.09%) [1] Shareholder and Financial Performance - As of August 29, the number of shareholders for Fengyuan Co., Ltd. was 38,400, a decrease of 3% from the previous period, with an average of 7,261 circulating shares per person, an increase of 3.1% [2] - For the first half of 2025, the company reported a revenue of 723 million yuan, a year-on-year increase of 21.23%, but a net profit attributable to shareholders of -243 million yuan, a significant decrease of 201.29% [2] - Since its A-share listing, Fengyuan Co., Ltd. has distributed a total of 40.65 million yuan in dividends, with 20.00 million yuan distributed in the last three years [2]

——锂电池行业 2025 年中报总结及展望 证券研究报告-行业专题研究 强于大市(维持) 锂电池相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 锂电池 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 净利润恢复增长，板块持续关注 风险提示：国内外宏观经济下滑超预期；新能源汽车销售不及预期； 行业政策执行力度不及预期；行业竞争加剧；细分领域价格大幅波动； 系统风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共26页 投资要点： 《锂电池行业月报：量价齐升，短期持续关注》 2025-09-15 《锂电池行业四季度投资策略：业绩增速提 升，关注三条主线》 2025-09-04 《锂电池行业专题研究：内卷整治有助于提升 行业全球竞争力》 2025-09-02 联系人：李智 马嶔琦 锂矿发布日期：2025 年 09 月 22 日 ⚫ 2025 年锂电池指数强于沪深 300 指数。2025 年以来，锂电池指数 走势总体强于沪深 300 指数，截至 9 月 19 日锂电池指数上 ...

Core Insights - The "anti-involution" policy has shown a differentiated catalytic effect on the market, with significant excess returns in most industries like batteries relative to the CSI 300 index, while the coal industry has not outperformed the index [2][5][15] - The implementation of the "anti-involution" policy has led to a recovery in factory prices from the supply side, but this has not yet translated to consumer prices at the residential level [2][22] - Since July, prices of polysilicon and thermal coal have stabilized and rebounded significantly, indicating the impact of the "anti-involution" policy on price recovery [2][34] Market Performance - From July 1 to September 19, 2025, the battery sector saw a 41.13% increase, while the coal sector only increased by 7.36%, compared to a 14.38% rise in the CSI 300 index [15][16] - The coal production in August was 390 million tons, a year-on-year decrease of 3.2%, while coal prices have stabilized, contributing to the coal sector's recent performance [5][14] Policy Developments - Since June, new "anti-involution" policies have been introduced, emphasizing self-discipline and legal norms to promote capacity optimization, with more noticeable effects in quantifiable areas [6][16] - The effectiveness of these policies may vary, with some sectors lacking quantitative policy support, leading to temporary inefficiencies in supply contraction [6][16] Inflation Data - The Producer Price Index (PPI) has shown signs of recovery, with an August year-on-year decline of 2.9%, a narrowing of 0.7 percentage points from the previous month [22][27] - The Consumer Price Index (CPI) has seen an expanded year-on-year decline, primarily due to a drop in consumer goods prices, with food and beverage prices down by 2.5% [27][31] Industry Price Recovery - Since July, polysilicon prices have shown a significant upward trend, reaching an average price of 50 yuan per kilogram by September 19, 2025 [34][38] - Other materials have experienced short-term price increases followed by a return to a downward trend, indicating a mixed recovery across sectors [34][36] Future Outlook - The market is expected to continue on a "slow bull" trend, driven by a revaluation of Chinese assets, with a focus on sectors benefiting from supply-side improvements and policy expectations [7][45] - Key sectors to watch include metals, transportation, chemicals, lithium batteries, photovoltaic, and pig farming, which are anticipated to benefit from the "anti-involution" policies [7][41][45]

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Core Insights - XINWANDA has made significant progress by entering the "2025 China Top 500 Enterprises" list for the first time, ranking 439th, and has been listed in the "2025 China Top 500 Private Enterprises" for eight consecutive years, improving its rank by 40 places [1][2] - The company reported a revenue of 56.021 billion yuan in 2024, a year-on-year increase of 17.05%, and a net profit of 1.468 billion yuan, up 36.43% [2] - XINWANDA has submitted an application for a Hong Kong IPO, aiming to establish a dual capital platform and enhance its global competitiveness [4] Performance and Rankings - XINWANDA has been recognized in multiple rankings, including the "Top 100 Strategic Emerging Industries" (83rd) and "Top 100 Innovative Large Enterprises" (69th) [2] - The company's comprehensive strength is reflected in its improved rankings, which are based on revenue, profit, and R&D capabilities [2] Research and Development - Since its listing, XINWANDA has invested over 18.9 billion yuan in R&D, forming a team of nearly 10,000 researchers and filing over 6,100 patents [3] - The company has developed advanced technologies, such as a fast-charging battery that can charge to 80% in 10 minutes and energy storage cells with a lifespan exceeding 20 years [3] Sustainability Goals - XINWANDA aims to peak carbon emissions by 2029 and achieve carbon neutrality by 2050, with five parks already certified for carbon neutrality [3] - The company has been recognized on the Fortune ESG Impact List for two consecutive years, maintaining an AA rating [3] Global Expansion Strategy - The Hong Kong IPO is part of XINWANDA's global strategy, with existing production bases in India, Vietnam, Hungary, and Morocco, and increasing overseas revenue [4] - The company is preparing for a roadshow to present its performance, products, and development plans to international investors [4] Challenges in the Battery Sector - XINWANDA's profitability in the power battery sector has been under pressure, with a gross margin of 8.8% in 2024, which is considered low [5] - The company faces common industry challenges, including high initial costs and intense competition leading to price wars [5][6] Strategic Response - XINWANDA has outlined a clear strategy to address profitability challenges by focusing on technology, supply chain optimization, and service improvements [6] - The company aims to enhance product performance through material innovation and improve production efficiency by optimizing supply chain management [6]

Company Overview - Copper Crown Copper Foil Co., Ltd. is located in Chizhou Economic and Technological Development Zone, Anhui Province, established on October 18, 2010, and listed on January 27, 2022. The company specializes in the research, manufacturing, and sales of various high-precision electronic copper foils [1][2]. Financial Performance - For the first half of 2025, Copper Crown Copper Foil achieved operating revenue of 2.997 billion yuan, representing a year-on-year growth of 44.80%. The net profit attributable to shareholders was 34.954 million yuan, showing a significant increase of 159.47% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 257 million yuan in dividends, with 133 million yuan distributed over the past three years [3]. Stock Performance - As of September 22, the stock price of Copper Crown Copper Foil increased by 2.01% to 32.54 yuan per share, with a total market capitalization of 26.976 billion yuan. The stock has risen by 193.68% year-to-date, but has seen a decline of 2.87% over the last five trading days and 8.60% over the last 20 days [1]. - The company has appeared on the trading leaderboard seven times this year, with the most recent appearance on August 13, where it recorded a net purchase of 198 million yuan [1]. Shareholder Information - As of September 10, the number of shareholders for Copper Crown Copper Foil was 62,600, an increase of 2.47% from the previous period. The average number of circulating shares per person decreased by 2.41% to 13,253 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 2.7515 million shares, an increase of 1.5035 million shares from the previous period [3].

Market Performance - The electric equipment and new energy sector increased by 3.07% this week, with the lithium battery index rising by 9.25%, wind power sector up by 5.35%, industrial automation up by 2.93%, and the new energy vehicle index up by 1.09%. In contrast, the nuclear power sector decreased by 0.73%, and both the power generation equipment and photovoltaic sectors fell by 1.06% each [1][3]. New Energy Vehicles - The cumulative sales of new energy vehicles in the country have surpassed 40 million, maintaining the global lead in production and sales for ten consecutive years. The Ministry of Industry and Information Technology and other departments issued a "Work Plan for Stable Growth in the Automotive Industry (2025-2026)" [2][3]. Battery Technology - Panasonic and SK On are accelerating the mass production of solid-state batteries, with Panasonic aiming for sample shipments by 2026 and SK On planning commercial production by 2029 [2][3]. Photovoltaic Sector - The industry maintains a "anti-involution" investment theme, with upstream materials like silicon and battery prices continuing to rise. The National Standardization Administration has released energy consumption limits for polysilicon and germanium products, indicating potential upstream capacity contraction [2][3]. Energy Storage - The "New Energy Storage Scale Construction Special Action Plan (2025-2027)" has been released, targeting a new energy storage installation capacity of over 180 million kilowatts by 2027, indicating sustained high demand in the energy storage sector [2][3]. Hydrogen Energy - The National Energy Administration is promoting green liquid fuel technology and industrialization trials. Companies like Goldwind Technology and China Shipbuilding Technology have announced investments in integrated hydrogen and ammonia projects, indicating a developing relationship between green electricity, hydrogen, and green fuels [2][4]. Company Highlights - Longpan Technology's subsidiary signed a procurement agreement with CATL for lithium iron phosphate cathode materials, with total sales expected to exceed 6 billion RMB from 2026 to 2031 [4]. - Fulin Precision signed a prepayment agreement with CATL, receiving a total of 1.5 billion RMB to secure lithium iron phosphate supply and support raw material construction [4].

Summary of Key Points from Conference Call Industry Overview - The lithium battery industry is entering a new cycle with improvements in supply and demand, as well as technological iterations. The potential replacement of liquid batteries by solid-state batteries is noteworthy, particularly in the equipment and materials sectors. Identifying companies with strong profitability in these incremental segments is crucial [1][2][3]. Core Insights and Arguments Solid-State Battery Technology - Solid-state battery technology, focusing on sulfide electrolytes, presents numerous innovation opportunities in both anode and cathode materials. Companies like Panasonic and SK On are actively investing in this area, indicating significant market potential. Panasonic aims to launch solid-state battery products by 2027, while SK On plans commercialization by 2029 [2][4]. - The investment framework emphasizes identifying incremental segments, positive feedback from downstream, and maintaining strong profitability in the materials sector. Current positive changes in material profitability, especially among companies excelling in traditional materials, are expected to perform even better with solid-state advancements [2][4]. AIDC Power Supply - In the AIDC (Artificial Intelligence Data Center) sector, the importance of solid-state transformers is increasing, with simultaneous growth in domestic and international demand for high-efficiency transformers. Power density enhancement is a key driving factor, with companies like Megmeet and Luton gaining attention for their server internal power solutions [3][5]. - The trend towards higher power density is crucial for upgrading supply and distribution systems, particularly in data center applications [5]. Anti-Involution in the Photovoltaic Sector - The photovoltaic industry faces challenges related to anti-involution, with the National Standardization Committee releasing energy efficiency limits for polysilicon products. This is expected to drive price recovery in the sector, with potential positive outcomes anticipated in October as policies are implemented [2][6][10]. - The current market position is relatively low, suggesting cautious optimism for future price recovery and profitability enhancement across various segments, including solar energy and energy storage [6]. Humanoid Robotics Sector - The humanoid robotics sector has shown recent activity, with companies like Feige completing financing rounds and Yushu Technology potentially preparing for an IPO. Key companies to watch include Keda Li and Fulin Precision, which have solid business foundations and clear product layouts in the industry [7][8]. Additional Important Insights - The partnership between Zhongheng Electric and Silver Lake is noteworthy, aiming to enhance global market positioning and provide power solutions. This collaboration is expected to facilitate the large-scale application of 800V HVDC solid-state transformers [9]. - The electric grid equipment sector is currently undervalued, with recommended companies including Pinggao Electric, China West Electric, and Guodian NARI, among others. These companies are seen as having good cost-performance ratios [11]. - Recent developments in solid-state battery technology, humanoid robotics, and photovoltaic anti-involution measures are guiding future investment strategies, emphasizing the need for targeted investments in these sectors [12].

Group 1: Industry Overview - The dual drivers of policy and demand are expected to highlight companies with resource advantages, technological barriers, and regional collaboration advantages in the lithium battery industry [1] - The global lithium battery demand is projected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size anticipated to exceed 1.5 trillion yuan [1] - The Ministry of Industry and Information Technology (MIIT) has emphasized the strategic importance of the lithium battery industry, signaling a focus on preventing low-level redundant construction and optimizing industrial layout [1] Group 2: Policy Support - The MIIT and the State Administration for Market Regulation have issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic equipment manufacturing from 2025 to 2026, with the lithium battery sector contributing to an overall revenue growth of over 5% [2] - The automotive industry growth plan aims for approximately 32.3 million vehicle sales in 2025, including around 15.5 million new energy vehicles, providing a substantial market opportunity for the lithium battery sector [2] - Recent initiatives to stabilize payment terms for battery suppliers are expected to enhance order predictability and support capacity planning [2] Group 3: Market Demand - The current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is anticipated to create new growth points for the lithium battery sector [2] Group 4: Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027, which will drive structural growth in high-end lithium resource demand [3] - Companies like CATL are achieving significant technological breakthroughs, with pilot line yields exceeding 90%, accelerating the industrialization process [3] Group 5: Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026, focusing on leading battery companies such as CATL and Yiwei Lithium Energy [3] - New technologies like solid-state batteries are expected to reshape the competitive landscape, with companies that have technological advantages likely to see early rebounds [4] Group 6: Company Performance - Tianqi Lithium is positioned as a global leader in metal lithium production, with a capacity of 600 tons and an additional 1,000 tons under construction, indicating significant market potential as solid-state batteries gain traction [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market, indicating strong growth prospects [6] - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing robust demand in both electric vehicle and energy storage system markets, leading to upward revisions in earnings forecasts [7]

Core Viewpoint - The commercial dispute between CATL, the industry leader, and Haicheng Energy, a rising star in energy storage, has intensified due to allegations of trade secret infringement involving a key executive from Haicheng Energy [1][2]. Group 1: Company Background - Haicheng Energy was established on December 27, 2019, focusing on the research, production, and sales of lithium battery core materials and lithium iron phosphate energy storage batteries [1]. - The company plans to go public in Hong Kong on March 25, 2025, and has experienced rapid revenue growth, with projected revenue of 12.9 billion yuan in 2024 and a valuation of 25 billion yuan [1][7]. - Haicheng Energy's lithium-ion energy storage battery shipment volume is expected to rank third globally in 2024, with a market share of 11% [7]. Group 2: Legal Disputes - Since 2023, CATL has initiated multiple legal actions against Haicheng Energy, including a lawsuit for breach of non-compete agreements and claims of unfair competition, seeking 150 million yuan in damages [2][6]. - The latest legal action involves the arrest of Feng Dengke, a former executive at Haicheng Energy, accused of infringing trade secrets, marking CATL's fourth legal move against the company [1][2]. Group 3: Patent Competition - As of June 2025, CATL holds 49,347 patents, significantly outnumbering Haicheng Energy's 3,900 patents, highlighting a substantial gap in intellectual property [1][7]. - The patent dispute centers around a composite electrolyte patent, with claims that Haicheng Energy's technology closely resembles CATL's, differing only by 4.4% in energy density [2][5]. Group 4: Executive Background - Many key executives at Haicheng Energy, including its founder Wu Zuyu, have previous experience at CATL, contributing to the company's rapid rise in the energy storage sector [6][7]. - The company has seen a compound annual growth rate of 167% in lithium-ion energy storage battery shipments from 2022 to 2024 [7].