Group 1 - The board meeting of Camel Group Co., Ltd. was held on November 14, 2025, and all resolutions passed were in compliance with the Company Law and Articles of Association [2][3][4] - The board approved the revision of the hedging business management system, which is detailed in the announcement on the Shanghai Stock Exchange [5][6] - The board also approved the proposal to conduct commodity futures, options, and foreign exchange hedging business, with specific details available in the related announcement [7][8] Group 2 - The company plans to use idle self-owned funds for entrusted wealth management, with a maximum balance of RMB 1.8 billion for purchasing financial products [12][14] - The purpose of the entrusted wealth management is to enhance the efficiency of fund utilization and maximize returns on idle funds [14][15] - The board authorized the financial director to make investment decisions within the approved limits and timeframe [15][16] Group 3 - The company aims to conduct commodity futures and options hedging to mitigate risks associated with price fluctuations of lead, tin, and lithium carbonate [25][26] - The maximum margin and premium for these transactions are expected to not exceed RMB 90 million, with the highest contract value on any trading day not exceeding RMB 900 million [26][28] - The company will also engage in foreign exchange hedging to manage risks from currency fluctuations, with a maximum margin and premium of USD 10 million [31][34] Group 4 - The hedging activities are intended to be conducted in a legal, prudent, and effective manner, focusing on normal production operations rather than speculative trading [24][30] - The company has established risk control measures for both commodity and foreign exchange hedging, including strict approval processes and the use of self-owned funds [39][43] - The hedging activities will not adversely affect the company's main business operations and are expected to enhance overall financial stability [44]

Core Viewpoint - Camel Group (骆驼股份) is experiencing steady growth in its low-voltage lithium battery business, showcasing innovative products at the 2025 EICMA in Milan, Italy, and reporting significant financial performance improvements in recent quarters [2][3]. Financial Performance - For the first three quarters, the company reported a net profit attributable to shareholders of approximately 619 million yuan, a year-on-year increase of 26.95% [3][4]. - The operating cash flow for the same period was about 266 million yuan, reflecting a substantial year-on-year growth of 9278.8% [2]. - The total revenue for the first three quarters reached 12.142 billion yuan, marking a 7.14% increase compared to the previous year [3]. Product Development - The company has launched a new series of 64V and 76.8V lithium batteries aimed at the growing low-speed electric vehicle market, emphasizing long endurance, fast charging, and high safety [3]. - The newly showcased motorcycle starting lithium battery features high discharge rates and stability in extreme cold, ensuring reliable vehicle start-up [2]. Market Strategy - Camel Group is focusing on a dual technology path and comprehensive product coverage, with over 400 varieties and specifications of low-voltage lead-acid and lithium batteries to meet diverse power needs [3]. - The company is actively transitioning towards low-voltage lithium battery production while maintaining its lead-acid battery business [5][6]. Challenges and Adjustments - The significant decline in net profit for the third quarter is attributed to multiple factors, including reduced exchange gains and lower gross margins in the recycled lead business due to increased competition [4]. - The company plans to adjust its production and sales rhythm for recycled lead and focus on high-value-added products to enhance cost efficiency and stabilize its supply chain [4]. Future Outlook - The low-voltage lithium battery sales have seen a remarkable increase of over 30 times since 2025, driven by the rapid development of the new energy vehicle industry [5][7]. - The company aims to continue expanding its low-voltage lithium battery business through innovation, capacity expansion, and market development, while also enhancing its profit margins [6][7].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][21]. Core Insights - The company's revenue for Q3 2025 reached 4.15 billion yuan, representing a year-on-year increase of 9% and a quarter-on-quarter increase of 7%. However, the net profit attributable to the parent company was 87 million yuan, down 50% year-on-year and 71% quarter-on-quarter, primarily due to intensified competition in the recycled lead industry, reduced foreign exchange gains, and fair value changes [1][9]. - The low-voltage lithium battery business is experiencing significant growth, with revenue for the first half of the year reaching 350 million yuan, a year-on-year increase of 196%. The company has achieved mass production supply for 15 designated projects in the automotive low-voltage lithium battery sector [2][14]. - The company is expanding its channels and customer certifications while enhancing its production capacity. As of Q2 2025, the domestic lead-acid battery production capacity is approximately 35 million KVAH per year, and the overseas capacity is about 5 million KVAH per year [3][19]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue was 4.15 billion yuan, with a gross margin of 12.5%, down 1.0 percentage points year-on-year and 2.5 percentage points quarter-on-quarter. The company is actively expanding its overseas production capacity and enhancing its channel construction, contributing to overall export business growth [1][9][14]. Cost Management - The sales, management, and R&D expense ratios for Q3 2025 were 4.1%, 2.5%, and 1.8%, respectively, showing stable cost control compared to previous periods [2][14]. Business Expansion - The company has developed new customers in 19 new regions, including 9 new countries, and is implementing targeted marketing strategies. The overseas marketing strategy and product list are being refined to enhance market penetration [3][20]. Future Growth Potential - The future growth potential for the company lies in channel upgrades and business expansion, particularly in the aftermarket for lead-acid batteries and overseas markets, which are significantly larger than the domestic market. The company is also actively developing its lithium battery business, which is expected to contribute additional revenue [21][22].

Core Viewpoint - Camel Group (骆驼股份) reported a revenue increase in Q3 but faced a significant decline in net profit, indicating challenges in operational performance despite growth in sales [1][2] Group 1: Financial Performance - In Q3, Camel Group achieved a revenue of 4.147 billion yuan, a year-on-year increase of 8.95%, with a cumulative revenue of 12.142 billion yuan, up 7.14% year-on-year [1] - The net profit attributable to shareholders in Q3 was 87 million yuan, down 49.81% year-on-year, while the cumulative net profit reached 619 million yuan, an increase of 26.95% [1] - The decline in Q3 net profit was attributed to both operational and non-operational losses, including reduced exchange gains due to currency fluctuations and a decrease in gross margin for the recycled lead business [1] Group 2: Product Performance - Camel Group's main products, low-voltage lead-acid batteries and lithium batteries, saw an increase in gross margins year-on-year, with stable growth in lead-acid battery sales [2] - The sales of low-voltage lithium batteries doubled by the end of Q3, reflecting a strong growth trend [2] - The company experienced explosive growth in the sales of lithium batteries for parking air conditioning, with a nearly 50-fold increase in demand for commercial vehicle lithium battery products [2]

Core Viewpoint - Camel Group is positioned as a leading player in the automotive low-voltage battery market, with growth opportunities in the aftermarket and overseas markets [2][8]. Financial Performance - In Q2 2025, the company reported revenue of 3.86 billion yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 7%. However, the net profit attributable to shareholders was 295 million yuan, showing a year-on-year increase of 87% and a quarter-on-quarter increase of 25% [3][8]. - The gross profit margin for Q2 2025 was 15.0%, an increase of 0.5 percentage points year-on-year but a decrease of 0.8 percentage points quarter-on-quarter [3][5]. Business Segments - The company sold 19.17 million KVAH of automotive low-voltage lead-acid batteries in the first half of the year, a year-on-year increase of 0.8%. In contrast, sales of automotive low-voltage lithium batteries reached 229,000 KWH, a significant year-on-year increase of 274% [3][8]. - The company has made substantial progress in its lithium battery business, achieving mass production supply for 15 designated projects and securing 23 new project designations in the first half of 2025 [5][6]. Cost Management - In Q2 2025, the company's sales, management, and R&D expense ratios were 4.3%, 2.5%, and 1.9%, respectively, showing slight year-on-year and quarter-on-quarter changes [5][6]. Market Expansion - The company has expanded its distribution channels, partnering with over 2,000 dealers and more than 120,000 terminal stores and repair points across the country [6][8]. - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a year-on-year sales increase of 21.3% in overseas markets [6][8]. Future Growth Potential - The company's future growth is expected to come from channel upgrades, as the aftermarket and overseas markets for lead-acid batteries are significantly larger than the domestic front-end market [9]. - The company is actively pursuing lithium battery business expansion and ongoing research in energy storage batteries, along with the establishment of standardized processes for lithium battery recycling [9].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][22] Core Viewpoints - The company is experiencing stable growth in both domestic and international markets, with a significant increase in net profit driven by export expansion and recovery in lithium battery profitability [1][4][22] - The company has successfully expanded its overseas capacity and strengthened its distribution channels, contributing to growth in export business [3][22] - The future growth potential lies in channel upgrades and business expansion, particularly in the lead-acid battery aftermarket and overseas markets, which are larger than the domestic market [22] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 3.86 billion yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 7%. However, net profit reached 295 million yuan, up 87% year-on-year and 25% quarter-on-quarter [1][10] - The gross profit margin for Q2 2025 was 15.0%, an increase of 0.5 percentage points year-on-year but a decrease of 0.8 percentage points quarter-on-quarter [2][10] Cost Management - The company maintained stable cost control with sales, management, and R&D expense ratios of 4.3%, 2.5%, and 1.9% respectively in Q2 2025 [2][13] - The gross margin for low-voltage lithium batteries improved to 15.0% in the first half of 2025, compared to 12.3% for the entire year of 2024 [2][13] Business Expansion - The company has established partnerships with over 2,000 distributors and more than 120,000 retail outlets across the country, enhancing its distribution network [3][22] - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a 21.3% year-on-year increase in overseas sales [3][22] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 930 million yuan, 1.126 billion yuan, and 1.334 billion yuan for 2025, 2026, and 2027 respectively [4][22] - The report emphasizes the potential for growth in the lead-acid battery aftermarket and the ongoing development of lithium battery projects, which are expected to contribute to future revenue [22]

Core Insights - Camel Group (骆驼股份) reported a revenue of 7.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.22% [2] - The net profit attributable to shareholders reached 532 million yuan, showing a significant increase of 69.46% compared to the previous year [2] - The growth in net profit is attributed to increased sales of automotive low-voltage batteries, particularly lithium batteries, and improved management processes leading to a decrease in expense ratios [2] Revenue and Profit Analysis - The company's main products, automotive low-voltage batteries, saw a continuous increase in sales, with lithium battery sales and gross margins experiencing significant year-on-year growth [2] - Despite a slight decline in domestic sales of lead-acid batteries due to market shifts towards lithium batteries, overseas sales of lead-acid batteries grew by 21.31% [3] - The company achieved a net profit increase due to non-operating factors, including investment project fair value adjustments and debt restructuring, which contributed to higher investment income [2] Market Dynamics - The domestic market for lead-acid batteries faced challenges, with a 2.4% decline in sales for lead-acid batteries in the original equipment manufacturer (OEM) market, while AGM lead-acid start-stop battery sales surged by 46% [2][3] - The transition from lead-acid to lithium batteries in the domestic OEM and maintenance replacement markets is impacting the company's lead-acid battery business [2] - The company is actively developing new products to capitalize on the market opportunities presented by the shift to lithium batteries, with low-voltage lithium battery sales increasing by 274% year-on-year [3] Strategic Initiatives - Camel Group is focusing on expanding its international presence, having developed 19 new customers and secured 5 OEM project designations in overseas markets [3] - The company has initiated mass production supply for 15 OEM projects in the domestic market, including partnerships with notable manufacturers such as NIO and Geely [3] - The construction of a low-carbon industrial park and a PACK factory in Europe is progressing well, with the first production line of the low-carbon industrial park already operational [3]

Core Viewpoint - Camel Group (骆驼股份) reported a significant increase in net profit for the first half of 2025, driven by growth in low-voltage automotive battery sales and effective management optimization [1] Financial Performance - The company achieved a revenue of 7.995 billion yuan, representing a year-on-year growth of 6.22% [1] - The net profit attributable to shareholders reached 532 million yuan, marking a substantial year-on-year increase of 69.46% [1] Business Strategy - Camel Group aims to strengthen its lead-acid battery business while aggressively expanding its lithium battery segment and pursuing internationalization [1] - The company has developed 19 new customers in overseas markets and secured five projects with major manufacturers [2] Market Dynamics - Domestic sales of lead-acid batteries faced challenges, with a 2.4% decline in the original equipment market, while AGM lead-acid start-stop battery sales surged by 46% [1] - In contrast, overseas sales of lead-acid batteries grew by 21.31%, mitigating domestic market fluctuations [2] Product Development - The company reported a remarkable 274% increase in low-voltage lithium battery sales [2] - In the domestic market, Camel Group has initiated mass production for 15 projects and secured 23 new project approvals, including multiple lithium battery projects for various manufacturers [2] Infrastructure Expansion - The company is accelerating the construction of its low-carbon industrial park and European PACK factory, with the first production line of the low-carbon industrial park already operational [3]

Core Insights - The company reported a revenue of 7.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.22% [1] - The net profit attributable to shareholders reached 532 million yuan, showing a significant year-on-year increase of 69.46% [1] - Basic earnings per share were reported at 0.45 yuan [1] Business Performance - The automotive low-voltage lead-acid battery business faced challenges due to the electrification of the automotive industry, battery lightweighting, and changes in consumer structure, leading to a slight decline in domestic market sales [1] - Despite the domestic sales decline, the overall sales volume of automotive low-voltage lead-acid batteries saw a slight increase year-on-year, driven by growth in overseas markets [1] - The sales volume of automotive low-voltage lithium batteries continued to grow rapidly, supported by the ramp-up of previously designated projects and increased demand in the domestic maintenance and replacement market for stationary lithium batteries [1] - The recycling business has been steadily advancing [1]

Core Viewpoint - The company presented its 2024 financial results and 2025 budget plan during the annual shareholders' meeting, highlighting a focus on sustainable growth and shareholder returns through strategic initiatives and operational improvements [2][17][22]. Financial Performance - The company achieved a total revenue of CNY 1,559,219.95 million in 2024, representing a year-on-year increase of 10.75% [6][19]. - The net profit attributable to shareholders was CNY 61,397.22 million, up 7.26% compared to the previous year [6][19]. - The net profit after deducting non-recurring items was CNY 59,339.74 million, reflecting a growth of 10.85% [6][19]. - The company paid a total of CNY 316,749,451.86 in cash dividends, with a dividend payout ratio of 55.34% [11][23]. Strategic Initiatives - The company implemented a dual-drive strategy focusing on both traditional lead-acid batteries and the transition to lithium batteries, resulting in a 10.69% increase in lead-acid battery sales and a remarkable 376.02% growth in revenue from lithium battery products [5][6]. - The company is committed to enhancing its ESG (Environmental, Social, and Governance) practices, having released its second ESG report in April 2024, which outlines its efforts in sustainability and governance [12][10]. Governance and Compliance - The board of directors conducted 19 meetings in 2024, passing 42 resolutions, ensuring compliance with relevant laws and regulations [6][9]. - The company has established a robust internal control system, with the supervisory board confirming that there were no violations of laws or regulations by the management [16]. Future Outlook - For 2025, the company aims to achieve a revenue growth of over 15%, aligning with its strategic goals and market conditions [22]. - The board plans to enhance investor relations and ensure transparent communication with stakeholders to maintain trust and support [14].