Core Viewpoint - The controlling stake of Heizhima (000716.SZ) may change as its major shareholder, Heiwulai Group, plans to transfer approximately 20% of its shares to a state-owned enterprise in Guangxi, potentially leading to a shift in the company's strategic direction [2][3]. Group 1: Share Transfer and Control Change - Heiwulai Group, the controlling shareholder of Heizhima, is planning to transfer about 20% of its shares to a state-owned enterprise in Guangxi, which could result in a change of control for the company [2][3]. - As of the end of Q1 2025, Heiwulai Group holds 30.25% of Heizhima's shares, and if the transfer is completed, the state-owned enterprise will become the new controlling shareholder [3]. Group 2: Financial Performance and Strategic Challenges - Heizhima has experienced a continuous decline in net profit from 2018 to 2022, with losses of 109 million yuan and 140 million yuan in 2021 and 2022, respectively [5]. - The company attempted to diversify into the renewable energy sector but faced setbacks, including the termination of a planned investment in a lithium battery project [5][6]. - In 2025 Q1, Heizhima reported revenue of 442 million yuan, a year-on-year decrease of 3.74%, and a net profit of 2.25 million yuan, down 29.61% year-on-year [9]. Group 3: Management and Governance Issues - Heizhima has faced governance challenges, including warnings from regulatory bodies regarding non-operational fund occupation and unauthorized guarantees by its controlling shareholders [7][9]. - The former chairman, Wei Qingwen, known as the "father of black food," resigned in October 2024, with the company facing scrutiny over financial irregularities during his tenure [8][9].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，在储能领域异军突起的海辰储能，赴港IPO之路突生变数。上证报从多方渠道获悉，公司前管理 层冯登科因涉嫌侵犯商业秘密，已被宁德公安机关采取强制措施；与此同时，行业龙头宁德时代以不正 当竞争为由，将海辰储能、其创始人吴祖钰及相关方告上法庭，索赔金额超1亿元。 对于今年3月才递交港股IPO招股书的海辰储能而言，这一连串风波影响几何？上证报记者采访的投行 人士与法律专家认为，重大诉讼的叠加，预计将让其上市进程遭遇波折，化解争议需更长时间。 海辰储能被宁德时代视为不正当竞争者 无论是冯登科的刑事案件，还是宁德时代提起的不正当竞争纠纷，核心指向都很明确：宁德时代认为海 辰储能及其部分管理层对其造成了实质性损害，决心通过法律手段追责。 或因提前创业成为被告 海辰储能的招股书，让吴祖钰的形象变得立体起来。1986年出生的他，2011年研究生毕业后踏入锂电行 业，从宁德新能源科技的工程师做起，2016年加入宁德时代。在宁德时代期间，他堪称技术骨干—— 2012年至2018年间主导申请60余项发明专利。 2018年是一个关键的年份，那年6月，宁德时代 ...

Core Viewpoint - The article highlights the increasing role of lithium batteries and new energy vehicles as key drivers of China's foreign trade growth amid the global green energy transition [1][2] Group 1: Industry Insights - The "new three items," including lithium batteries and new energy vehicles, are becoming significant engines for foreign trade growth in China [1] - The Qianjiang Customs has tailored support measures to meet the needs of enterprises in the "new three items" industry, helping to expand their foreign trade networks [1] Group 2: Company Operations - The company, specializing in the production and sales of energy storage lithium batteries, has been actively expanding its international market presence, achieving good sales results in countries like South Africa and Nigeria [1] - The company has benefited from the digitalization efforts of Qianjiang Customs, which have improved the efficiency of obtaining the "dangerous goods transport packaging use certification" [2] - The online application process allows the company to track progress in real-time and download electronic certificates without submitting paper materials, leading to a more efficient customs clearance process [2]

Core Insights - The Chinese lithium battery market is experiencing strong growth, with a shipment volume of 776 GWh in the first half of 2025, representing a 68% increase year-on-year [1] - The main drivers of this growth are power batteries and energy storage batteries, with power battery shipments reaching 477 GWh (up 49% year-on-year) and energy storage battery shipments at 265 GWh (up 128% year-on-year) [1] Power Battery Sector - Lithium iron phosphate (LFP) batteries have shown remarkable performance, with shipments reaching 372 GWh, accounting for 78% of total power battery shipments, and a year-on-year growth of 68% [3] - The growth is attributed to technological improvements in fast charging and range, as well as increased adoption by overseas automakers like Volkswagen and BMW [3] Energy Storage Battery Market - The energy storage battery market has been robust, with a significant increase in shipments, particularly in May and June, leading to a 94% quarter-on-quarter growth in the second quarter [3] - Domestic energy storage lithium battery shipments have maintained a year-on-year growth rate of over 120% for two consecutive quarters, indicating strong market demand [3] Market Trends and Capacity Utilization - The lithium battery industry is showing a clear trend of differentiation, with leading companies achieving over 70% capacity utilization, while smaller firms struggle with less than 20% [4] - It is expected that this trend will continue into the second half of the year, with leading companies maintaining high capacity utilization rates between 75% and 95% [4] Future Expansion and Pricing - A new round of capacity expansion is anticipated in the lithium iron phosphate materials and energy storage lithium battery segments from the second half of 2025 to 2026, primarily driven by leading companies [4] - Short-term forecasts suggest that the costs of power and energy storage lithium batteries will bottom out, with a potential 2%-3% price increase expected in the second quarter of 2025 due to sustained market demand and improved capacity utilization [4]

Core Insights - The export scale of China's energy storage lithium batteries is projected to reach 200 GWh in 2024, with power storage lithium batteries accounting for 85% of the exports [1] - By 2030, the total export volume of China's energy storage batteries is expected to grow to 560 GWh, indicating a continued upward trend in the market [1] Export Breakdown - In 2024, the export proportions of different types of energy storage lithium batteries are as follows: - Power storage lithium batteries: 85% - Household storage lithium batteries: 13% - Portable storage lithium batteries: 2% [1]

Core Viewpoint - The article emphasizes the significant potential for cooperation between China and Australia in the clean energy and storage sectors, particularly in building a resilient and competitive green industrial chain [1][2]. Group 1: China-Australia Cooperation - The cooperation between Chinese and Australian companies in the energy storage sector has made positive progress, highlighted by BHP's memorandum of understanding with CATL and BYD's subsidiary for storage collaboration [2]. - Australia is a major supplier of lithium, providing 60% of China's lithium imports, while China dominates the global supply chain for energy storage, with over 93% of global shipments of lithium batteries expected in 2024 [2]. Group 2: Australian Energy Storage Market Growth - The Australian energy storage market is projected to grow significantly, with utility-scale battery storage systems expected to double in deployment by the 2024 fiscal year, reaching 18 GW by 2035, up from 2.3 GW in 2024 [4]. - By 2050, Australia will require 49 GW of battery storage and pumped hydro, which is over 15 times the current capacity [4]. Group 3: Recent Developments in Energy Storage Projects - Australia has seen a surge in energy storage projects, with two large battery storage projects recently submitted for approval: a 300 MW/1200 MWh project and a 1000 MW/4000 MWh project [7]. - Chinese companies have secured a significant portion of overseas energy storage orders, with Australia accounting for nearly 24% of the total overseas order capacity in the first half of 2025 [7]. Group 4: Key Projects and Collaborations - Notable collaborations include CATL supplying for three storage projects in Texas with a total capacity of 550 MW and 1100 MWh, and other partnerships involving companies like Huichuan Technology and Jinko Energy in various Australian projects [9].

Summary of Conference Call Records Industry Overview - The records primarily discuss the electric vehicle (EV) and battery industry, focusing on sales performance and market dynamics in Europe, the United States, and China. Key Points and Arguments Electric Vehicle Sales Performance - In Europe, cumulative EV sales from January to April reached nearly 25%, with some countries like the Soviet Union exceeding 28% [1] - In the U.S., EV sales growth was reported at 10% for the first quarter, while traditional vehicles saw a higher growth rate of approximately 16% [1] Battery Procurement Trends - European automakers are expected to increase battery procurement significantly starting in Q2, following a period of inventory digestion in Q1 [1] - The overall battery procurement volume is anticipated to rise in the second half of the year, with a target growth rate of around 25% for Europe [1] Domestic Market Insights - In China, the market remains robust, with major automakers maintaining a penetration rate above 50% in the first four months of the year [2] - The expected annual growth rate for the domestic market is projected to be between 25% to 30% [2] Energy Storage and Power Supply - The energy storage sector has seen substantial growth, with some manufacturers reporting nearly 70% year-over-year increases in shipments [2] - The overall performance of energy storage manufacturers is expected to remain strong, with stable growth rates around 30% [2] Profitability and Market Share - Companies like LG are struggling with profitability, with a reported annual profit margin of only 6%, and many overseas manufacturers have yet to achieve profitability [6] - The market share for certain manufacturers has been declining, with some reporting a drop to below 10% [6] Production Capacity and Future Outlook - Companies are ramping up production capacity, with expectations to exceed 80% of planned output for the year [4] - The average operating rate is projected to remain above 10%, with hopes of achieving 4% to 5% credit rates in the latter half of the year [4] Regional Production Plans - Companies are expanding their production capabilities in Asia-Pacific, Europe, and the U.S., with plans to increase production capacity significantly in the second half of the year [5] - The overall production capacity is expected to reach 50% to 60% by the end of the year, with potential for further increases [5] Cost and Pricing Dynamics - The cost of raw materials and production has been impacted by price fluctuations, with some companies reporting significant cost increases due to supply chain issues [8] - Companies are also facing challenges related to pricing strategies, particularly in the context of rising costs and competitive pressures [9] Future Developments and Innovations - Companies are focusing on innovation, with new product developments aimed at meeting customer demands for lighter and more efficient products [12] - The introduction of new technologies and materials is expected to enhance product offerings and improve market competitiveness [12] Conclusion - The electric vehicle and battery industry is experiencing dynamic changes, with varying growth rates across regions and segments. Companies are adapting to market demands through increased production capacity, innovation, and strategic procurement practices. The overall outlook remains positive, with expectations for continued growth in the coming quarters.

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the domestic lithium carbonate production increased by 656 tons week - on - week to 18,100 tons. There is an incremental expectation for non - integrated supply in June due to the reduction in lithium ore costs. In May, the amount of lithium carbonate exported from Chile to China was 9,700 tons, a significant month - on - month decrease of 38%. The domestic social inventory of lithium carbonate increased by 1,117 tons week - on - week to 133,500 tons, with smelters and other sectors having a slight inventory build - up, and the overall inventory remaining at a high level. In the medium - to - long term, the pressure of oversupply of lithium carbonate in the next two years is still large [5][6]. - In June, downstream demand was basically flat month - on - month. The production schedule of the power sector declined, while there was a certain behavior of rush - exporting for energy - storage cells. The terminal market maintained a relatively fast growth rate. In May, the sales volume of the new - energy passenger vehicle market in China was 1.307 million, a year - on - year increase of 36.9% [6]. - This week, the price of spodumene concentrate was basically flat week - on - week, while the price of lepidolite concentrate increased by 3.4% week - on - week. Overseas mines had a strong sentiment of price support, but downstream lithium salt plants had low willingness to take delivery [6]. - Considering the decrease in imported lithium carbonate, it is expected that the supply and demand will be in a tight balance or there will be a slight inventory reduction in June, but the medium - term oversupply pattern is difficult to change. Near the end of the second quarter, both upstream and downstream have certain inventory management needs. The high inventory exerts a certain suppression on lithium prices, but further downward movement is likely to trigger supply disturbances. It is expected that lithium prices will fluctuate. In the medium term, the idea of shorting on rallies is recommended, and attention should be paid to the trends at the mine end [6]. 3. Summary According to the Directory Supply Side - **Lithium Spodumene Import Volume in April Increased Slightly Month - on - Month**: From January to April, China imported 2.315 million tons of lithium spodumene. In April, the import volume was 622,900 tons, a month - on - month increase of 16.5%. Among them, 1.179 million tons were imported from Australia, accounting for 50.9%; 343,000 tons from South Africa, accounting for 14.3%; and 315,000 tons from Zimbabwe, accounting for 13.6% [10]. - **The Decline of Lithium Concentrate Slowed Down**: This week, the price of spodumene concentrate was basically flat week - on - week, and the price of lepidolite concentrate increased by 3.4% week - on - week. Overseas mines on the spodumene side had a strong sentiment of price support, with the SC6 quotation remaining above $630 per ton. Some traders were eager to sell due to factors such as hedging or inventory pressure [13]. - **Domestic Lithium Carbonate Production in June May Slightly Increase Month - on - Month**: In May, the total production of SMM lithium carbonate decreased by 2% month - on - month and increased by 15% year - on - year. By raw material, the production of lithium carbonate from spodumene and recycling decreased by 4% and 13% month - on - month respectively, while the production from lepidolite and salt lakes increased by 2% and 3% month - on - month respectively. It is expected that the domestic lithium carbonate production will slightly increase month - on - month in June as the profitability of subcontractors has recovered and the production of the salt - lake sector has increased with the warming weather [17]. - **Lithium Carbonate Import Volume and Its Changes**: From January to April, China imported 78,900 tons of lithium carbonate, a year - on - year increase of 26.8%. Among them, 53,200 tons were imported from Chile, a year - on - year increase of 9.8%, and 22,600 tons from Argentina, a year - on - year increase of 80.7%. According to Chilean customs, in May, the scale of lithium carbonate exported from Chile to China was 9,700 tons, a month - on - month decrease of 38%. It is expected that this part of lithium carbonate will arrive in China from late June to July [20]. - **Spot Prices Were Basically Flat Week - on - Week**: This week, the spot price of battery - grade lithium carbonate was 60,700 yuan per ton, basically flat week - on - week. Market transactions were relatively dull. Lithium salt plants were reluctant to sell at low prices, but downstream buyers mostly adopted a wait - and - see attitude and mainly made purchases based on rigid demand. The price of industrial - grade lithium carbonate was 59,050 yuan per ton, also basically flat week - on - week [21]. Demand Side - **The Global New - Energy Vehicle Market Started Well**: The new - energy vehicle industry accounts for about 62% of the global lithium carbonate demand. In the first quarter of 2025, the global sales volume of electric vehicles was 4.1 million, a year - on - year increase of 29%. Among them, the sales volume in Europe was 900,000, a year - on - year increase of 22%; in North America, 500,000, a year - on - year increase of 16%; and in China, 2.4 million, a year - on - year increase of 36%. The markets in China and Europe had strong growth, while the growth rate in the United States declined due to political factors [26]. - **The Production of Power Batteries Maintained a High Growth Rate**: In April, the total production of power and other batteries in China was 118.2 GWh, a month - on - month decrease of 0.03% and a year - on - year increase of 49.0%. From January to April, the cumulative production was 444.6 GWh, a cumulative year - on - year increase of 67.1%. From January to April, the cumulative sales volume was 403.9 GWh, a cumulative year - on - year increase of 73.7%. Among them, the cumulative sales volume of power batteries was 303.9 GWh, accounting for 75.2% of the total sales volume, with a cumulative year - on - year increase of 56.8%; the cumulative sales volume of other batteries was 100.0 GWh, accounting for 24.8% of the total sales volume, with a cumulative year - on - year increase of 157.8% [36]. - **The Year - on - Year Increase of Domestic Mobile Phone Shipments Was Slight**: In the first quarter of 2025, the shipment volume of the domestic smartphone market was 71.6 million, a year - on - year increase of 3.3%. From January to December 2024, the production volume of electronic computer units in the first quarter was 85.322 million, a year - on - year increase of 9.6%, showing positive growth for two consecutive quarters, which was driven by the upgrading of the entire industrial chain under the impetus of technologies such as cloud computing and artificial intelligence [41]. - **The Energy - Storage Installation in May Maintained a High Growth Rate**: According to incomplete statistics from CNESA DataLink, in May this year, the newly commissioned installed capacity of new - energy storage projects in China totaled 6.32 GW/15.85 GWh, a year - on - year increase of 193%/228%. The "531" rush - installation contributed a certain increment. The joint release of the "Guiding Opinions on Further Promoting the Development of New - Energy Storage" by the National Development and Reform Commission and the National Energy Administration clarified that "new - energy projects should not be required to be equipped with energy storage compulsorily". After the cancellation of the compulsory energy - storage installation, the energy - storage installation ratio will decrease, which may affect the demand for lithium iron phosphate by about 3% [46]. - **The Downstream Production Schedule in June Increased Slightly Month - on - Month**: This week, the theoretical production profit of ternary material enterprises was 3,430 yuan per ton, a decrease of 40 yuan per ton compared with last week. The profit of ternary material enterprises increased slightly month - on - month, but the overall profitability was not optimistic. According to research, downstream demand in June may increase slightly month - on - month. The production schedule at the power end declined, and there was a certain behavior of rush - exporting for energy - storage cells [52]. Other Indicators - **The Cost of Non - Integrated Lithium Salt Plants Was Inverted**: Recently, as the price of lithium concentrate stabilized, the production cost of lithium salt plants increased slightly. The theoretical production cost of manufacturers processing with purchased spodumene was 70,242 yuan per ton, a week - on - week increase of 779 yuan per ton. At the current lithium price, manufacturers processing with purchased spodumene have fallen into losses. The theoretical production profit was - 9,442 yuan per ton, a week - on - week decrease of 679 yuan per ton [49]. - **The Basis Widened This Week**: This week, the basis of lithium carbonate was 710, with the spot price at a premium to the futures price. The closing price of the main futures contract of lithium carbonate was 59,940 yuan per ton, and the basis of the contract widened. The price difference between battery - grade and industrial - grade lithium carbonate was flat week - on - week, at 1,600 yuan per ton [55]. - **The Spread Between Contracts Narrowed**: This week, the term structure of lithium carbonate contracts was a horizontal structure, and the spread between the first - month and near - month contracts was negative. The spread between the first - month and near - month contracts was - 40, an increase of 340 compared with last week, and the spreads between different contracts narrowed [59].

Battery - Jiangsu Jieyuan's 20GWh energy storage lithium battery project is progressing as planned, with the first phase expected to be completed and operational by Q3, involving a total investment of 5 billion yuan and an annual production capacity of 20GWh, which will reduce CO2 emissions by 500,000 tons per year [2] - Zhongchen Juchi's solid-state battery project in Gansu has completed the main plant construction and is entering the equipment installation phase, with a total investment of 320 million yuan and a production capacity of 2,000 solid-state cells per day [4] - Honeycomb Energy's overseas battery shipments have surged, with April shipments reaching 0.77GWh, a 72% year-on-year increase, and cumulative shipments from January to April totaling 2.76GWh, up 126% year-on-year [5] Materials - Argentina's lithium production is expected to increase by 77% by 2025, reaching 13.18 million tons of LCE [8] - Jinlongyu New Energy's solid-state battery material project has commenced with a total investment of 1.2 billion yuan, including 870 million yuan for construction and a projected construction period of up to three years [10] - Hangzhou Xingkeyuan has completed a multi-million yuan angel+ financing round to develop next-generation silicon-carbon anode materials and solid-state battery technologies [12] - A 110 billion yuan project for producing 200,000 tons of iron phosphate annually has been announced in Hubei, with construction divided into two phases [13]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 22.67 yuan [1]. Core Views - The company faces short-term profit pressure due to intense competition in the lithium battery market, but new products and international expansion provide growth potential [5][10]. - In 2024, the company achieved operating revenue of 7.961 billion yuan, a year-on-year increase of 14.83%, but reported a net loss of 252 million yuan, primarily due to fierce price competition in the lithium battery market [5][9]. - The company plans to not distribute cash dividends or issue bonus shares [5]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 7.961 billion yuan, up 14.83% year-on-year, but a net loss of 252 million yuan compared to a profit in the previous year [5][9]. - The first quarter of 2025 saw operating revenue of 1.690 billion yuan, a 5.83% increase year-on-year, with a net loss of 45 million yuan [5]. - The gross profit margin for 2024 was 12.80%, down from 16.51% in 2023, while the first quarter of 2025 showed a slight recovery to 14.19% [9][10]. Market Position and Strategy - The company ranks among the top 9 globally in terms of lithium battery shipments and is positioned as the second in China's commercial energy storage systems [10]. - The company is actively developing new products and has made significant progress in solid-state battery technology and other advanced battery technologies [10]. - The company has established nine overseas offices and is expanding its global market presence, particularly in Southeast Asia [10]. Future Outlook - The company plans to strengthen its three main business segments: energy storage, consumer products, and power systems, while enhancing its global footprint [10]. - The report has adjusted the net profit forecasts for 2025 and 2026 to 140 million yuan and 250 million yuan, respectively, with a new forecast for 2027 at 320 million yuan [10].