Core Viewpoint - The report provides a detailed account of the fundraising activities and the utilization of the raised funds by Huizhou EVE Energy Co., Ltd., confirming compliance with regulatory guidelines and reflecting the company's financial management practices [1][2][3]. Fundraising Overview - In 2020, the company raised approximately RMB 2.5 billion by issuing 48,440,224 shares at a price of RMB 51.61 per share, with a net amount of RMB 2.48 billion after deducting issuance costs [3]. - In 2022, the company raised RMB 9 billion by issuing 142,970,611 shares at a price of RMB 62.95 per share, with the funds received on November 24, 2022 [3]. Fund Management - The company has established a special account management system for the raised funds to ensure their proper use, in compliance with relevant laws and regulations [3][4]. - As of December 31, 2024, the balance of the special account for the 2020 fundraising was RMB 14.31 million, while the balance for the 2022 fundraising was RMB 677.53 million [9]. Fund Utilization - By December 31, 2024, the total amount utilized from the 2020 fundraising was RMB 2.38 billion, while RMB 6.58 billion was utilized from the 2022 fundraising [5][6]. - The company has made adjustments to the use of funds, reallocating some to the "Passenger Vehicle Power Battery Project (Phase III)" [5][6]. Investment Projects - The company committed to invest RMB 897.36 million in various projects, with actual investments amounting to RMB 657.58 million, resulting in a difference of RMB 239.78 million primarily due to ongoing payments for the "Passenger Vehicle Lithium-ion Battery Project" [6][10]. - The projects include the "HBF16GWh Passenger Vehicle Lithium-ion Battery Project," which has reached its intended operational status, with some payments pending [6][10]. Financial Performance - The report indicates that the actual investment amounts align with the disclosed information, with no discrepancies noted in the fundraising utilization compared to previous disclosures [11].

Core Viewpoint - The battery sector is experiencing significant technological advancements, particularly with sodium-ion and solid-state batteries, which are expected to reshape the market and create new investment opportunities in the Battery 50 ETF (159796) [3][4][5]. Group 1: Battery 50 ETF Performance - The Battery 50 ETF (159796) is currently experiencing a slight decline of 0.37% [1]. - Most component stocks of the Battery 50 ETF have retreated, with notable gains from companies like DLG (over 3%), Terui (over 2%), and CATL (over 1%) [3]. Group 2: Technological Innovations - CATL has launched the second-generation "Shenxing" ultra-fast charging battery, which is the world's first lithium iron phosphate battery with an 800 km range and peak 12C performance [3]. - The company also introduced the "Xiaoyao" dual-core battery and showcased its sodium-ion battery brand "Naxin," with plans for mass production in June and December for heavy trucks and passenger vehicles, respectively [3]. Group 3: Sodium-Ion Battery Developments - Sodium-ion batteries are anticipated to enter a mass production phase by 2025, with advantages in cost, low-temperature performance, and safety compared to lithium batteries [4]. - CATL's sodium battery production aims to create a closed-loop system from raw materials to manufacturing and application [4]. - Innovations in sodium battery technology include a 50% increase in energy density and a 60% reduction in carbon emissions during production compared to lithium batteries [4]. Group 4: Solid-State Battery Progress - The industrialization of solid-state batteries is advancing, with SAIC Motor planning to mass-produce a new generation of solid-state batteries by the end of 2025 [5]. - Ganfeng Lithium is actively promoting the commercialization of solid-state batteries and has signed a joint development agreement with a leading international automaker [5]. Group 5: Regulatory Impact - New national standards for power batteries are expected to enhance the development of solid-state and sodium-ion batteries by raising safety requirements [5].