另一方面，从PPI数据来看，本轮价格运行最显著的亮点在于供需结构的实质性改善带动多个 行业价格企稳回升， 这清晰地反映了我国市场竞争秩序持续优化的积极成效。 具体来看，煤 炭、钢铁等传统重点行业，在供需关系动态改善与产能治理深入推进的双重作用下，价格环比 已实现由降转升。这一转变不能简单归因于周期性波动，而是全国统一大市场建设走向纵深、 企业无序竞争得到有效治理的直接体现，标志着我国产业治理模式正在发生深刻变革。 尤为值得关注的是，这种秩序优化的积极效应正在从传统产业向新兴领域广泛延伸。在光伏设 备、新能源电池制造等新兴产业中，价格同比降幅已出现显著收窄，这表明曾经影响这些行业 健康发展的价格战等无序竞争现象正在得到有效遏制。这一变化正是近年来我国治理内卷、规 范市场竞争秩序的直接成果，通过建立健全良性竞争规则，为高技术含量、高附加值产业的发 展减少障碍，为我国经济高质量发展注入新的动能。 10月15日，新修订的《中华人民共和国反不正当竞争法》正式施行，标志着我国在构建公平竞 争市场秩序方面迈出关键一步。这部历经三次修订的法律直面数字经济时代的新挑战，通过制 度性升级为治理"内卷式"竞争提供了明确的法律依据。 ...

10月15日，新修订的《中华人民共和国反不正当竞争法》正式施行，标志着我国在构建公平竞争市场秩 序方面迈出关键一步。这部历经三次修订的法律直面数字经济时代的新挑战，通过制度性升级为治 理"内卷式"竞争提供了明确的法律依据。在部分行业部分领域，以价格战为代表的不良竞争扰乱了市场 秩序，不仅挤压企业利润、抑制创新动力，也会损害消费者的长期权益。此次修法的核心突破在于第十 四条的针对性设计，明确禁止平台经营者强制或变相强制平台内经营者以低于成本的价格销售商品，并 赋予市场监管部门对扰乱市场秩序的低于成本价销售行为实施查处的权力。 根据国家统计局10月15日公布的9月物价数据，CPI与PPI呈现同步改善态势，反映出我国物价运行出现 积极的结构性变化。其中，CPI同比虽仍为-0.3%，但核心CPI连续第5个月回升，涨幅达1%，为近19个 月来首次回到这一水平；PPI同比为-2.3%，降幅连续两个月收窄，工业领域从购进端到出厂端价格均有 所回暖。这些变化表明，随着全国统一大市场建设的深入推进、重点行业产能治理的持续显效，市场竞 争秩序正不断优化，供需关系逐步改善，推动整体价格运行趋于良性回升。 随着新法的施行，市场竞争规 ...

一方面，从CPI结构来看，扣除能源的工业消费品与部分服务类价格呈现稳步回升态势，清晰释放出市 场竞争秩序持续优化、治理内卷成效显现的积极信号。尽管消费品价格整体同比下降0.8%，但这主要 受原油等能源价格下行影响；若剔除能源因素，工业消费品价格实际上涨1.8%，涨幅较上月扩大0.3个 百分点，且已形成逐月回升的稳健趋势。这一变化表明，随着市场竞争环境的持续净化，企业正从以往 的低价竞争模式转向价值竞争轨道，推动工业消费品价格进入良性回升通道。 根据国家统计局10月15日公布的9月物价数据，CPI与PPI呈现同步改善态势，反映出我国物价运行出现 积极的结构性变化。其中，CPI同比虽仍为-0.3%，但核心CPI连续第5个月回升，涨幅达1%，为近19个 月来首次回到这一水平；PPI同比为-2.3%，降幅连续两个月收窄，工业领域从购进端到出厂端价格均有 所回暖。这些变化表明，随着全国统一大市场建设的深入推进、重点行业产能治理的持续显效，市场竞 争秩序正不断优化，供需关系逐步改善，推动整体价格运行趋于良性回升。 10月15日，新修订的《中华人民共和国反不正当竞争法》正式施行，标志着我国在构建公平竞争市场秩 序方面迈出关 ...

Core Viewpoint - The company reported a significant decline in revenue from its new energy battery manufacturing business, with a revenue of 395 million yuan in 2024, a year-on-year decrease of 38.70%, while the gross profit margin increased by 4.54 percentage points to 29.57% [2][3]. Financial Performance - The company's 2024 financial statements were audited, and a clean audit report was issued [1]. - The year-end inventory balance was 120 million yuan, an increase of 13% year-on-year, with work-in-progress and finished goods rising by 43% [2]. Customer Analysis - The top five customers for the lithium battery business in 2024 included STIHL, Baoshide, Guangdong Xinbao, Shanghai Qiwei, and Guangdong Dongling, with significant changes in sales amounts and customer rankings compared to 2023 [4]. - Baoshide's sales decreased by 59.72%, while STIHL's sales were 3,957.20 million yuan, showing a 12.78% increase in sales quantity [4]. Revenue and Margin Analysis - The lithium battery business revenue for 2024 was 258 million yuan, a decrease of 48.6%, but the gross profit margin increased to 28.44%, up by 3.50 percentage points [12]. - The average sales price for lithium batteries decreased by 21% to 5.71 yuan per unit, while the average cost dropped by 26% to 3.99 yuan per unit [13]. Market and Competitive Landscape - The global market for lithium batteries in electric tools is expected to grow, with a projected 25.4% increase in shipments, reaching 2.63 billion units in 2024 [9]. - The competition in the lithium battery market is intensifying, leading to price reductions and margin pressures [9]. Inventory Management - The company shifted from a "pure order production" model to a "production plus proactive inventory" model to meet domestic customer demands, resulting in increased inventory levels [16]. - The year-end inventory for the lithium battery business was 94.76 million yuan, with a significant portion locked in orders, indicating no immediate risk of obsolescence [21]. Credit Policy and Receivables - The company has a credit policy that includes prepayment and credit sales, with a credit period ranging from 30 to 120 days [21]. - As of December 31, 2024, accounts receivable from Baoshide amounted to 54.62 million yuan, with 43.24 million yuan exceeding the normal credit period [21].

Group 1 - The integration of "technology-finance-industry" is becoming a key engine for cultivating new productive forces in the era of technological innovation [1] - The supply chain financing model introduced by Bank of Communications Anhui Branch has provided timely financial support to leading enterprises in the new energy sector, addressing the financing difficulties faced by upstream small and micro enterprises [2] - The "Common Growth Plan" strategic cooperation agreement initiated by Bank of Communications Anhui Branch aims to create a new paradigm of symbiosis between banks and enterprises, featuring a tiered interest rate pricing mechanism and a "loan + direct investment" model [3] Group 2 - A 22 million yuan supply chain loan has been crucial for Anhui Yijiatong Battery Co., Ltd., enabling it to expand production capacity and invigorate the entire supply chain [2] - The agreement has been signed with over 1,000 technology-based enterprises, resulting in nearly 6.7 billion yuan in loans, significantly boosting the output value of the new energy industry [3]