Core Viewpoint - Haibo Sichuang has signed a strategic cooperation agreement with CATL, ensuring a supply of no less than 200 GWh of battery cells from 2026 to 2028 [1][3] Group 1 - The cooperation period is set from January 1, 2026, to December 31, 2035, lasting ten years [1] - A separate procurement agreement will be established to specify product specifications, pricing mechanisms, delivery cycles, and quality standards [3] - Haibo Sichuang will procure battery cells and system products from CATL, which must meet quality and technical requirements [3] Group 2 - Both parties will update cooperation goals annually and sign corresponding memorandums for the next three years [3] - The collaboration will explore multi-dimensional cooperation, including establishing an energy storage project fund and creating an integrated management platform [3] - There will be collaborative procurement in component parts for exchange-side system products to achieve supply chain synergy [3]

Core Viewpoint - The strategic cooperation agreement between Haibosichuang and CATL aims to enhance supply chain stability and strengthen the competitive position of Haibosichuang in the energy storage industry through a long-term partnership [1][3][4]. Group 1: Strategic Cooperation - Haibosichuang signed a 10-year strategic cooperation agreement with CATL, committing to a minimum procurement of 200 GWh of electricity from 2026 to 2028 [1][3]. - The agreement focuses on core business collaboration and innovation in business models, with Haibosichuang prioritizing the purchase of battery and system products from CATL [3][4]. - Both companies will explore multi-dimensional cooperation, including establishing an energy storage project industry fund and enhancing supply chain efficiency [3][4]. Group 2: Market Impact - Following the announcement of the cooperation, Haibosichuang's stock price surged by 20% on November 13, reflecting strong market sentiment [2][5]. - Since its listing in January 2025, Haibosichuang's stock has increased over 18 times, closing at 378.16 yuan per share [2][5]. Group 3: Financial Performance - Haibosichuang reported significant revenue growth, with a 52.23% year-on-year increase in revenue to 79.13 billion yuan in the first three quarters of 2025 [7]. - The company achieved a net profit of 6.23 billion yuan, marking a 98.65% increase year-on-year, with the third quarter showing a revenue growth of 124.42% [7]. - The company's R&D investment has been increasing, with expenditures rising from 0.94 billion yuan in 2022 to 2.24 billion yuan in the first three quarters of 2025 [7]. Group 4: Industry Position - Haibosichuang ranks among the top three global energy storage integrators for newly installed capacity in 2023, holding the second position in power scale and third in energy scale [6]. - The company is recognized as the leading player in the domestic market based on cumulative installed capacity and contracted projects [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The futures market of lithium carbonate is in high - level oscillation with light spot trading. While recent inventory reduction supports the futures price, the downstream is reluctant to purchase at 85,000 yuan/ton. With the progress of mine restart, the market may turn from de - stocking to inventory accumulation if consumption weakens, leading to a potential decline in the futures price [1][2][4]. 3. Summary by Related Content Market Analysis - On November 12, 2025, the lithium carbonate main contract 2601 opened at 86,760 yuan/ton and closed at 86,580 yuan/ton, a - 0.21% change from the previous settlement price. The trading volume was 1,145,329 lots, and the open interest was 528,966 lots, up from 526,493 lots the previous day. The basis was - 4,400 yuan/ton, and the number of lithium carbonate warrants was 2,8287 lots, an increase of 188 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 81,400 - 85,200 yuan/ton, up 1,000 yuan/ton from the previous day, and industrial - grade lithium carbonate was 80,600 - 81,600 yuan/ton, also up 1,000 yuan/ton. The price of 6% lithium concentrate was 1,020 US dollars/ton, up 8 US dollars/ton [2]. - The downstream material factories are cautious, only making rigid - demand purchases. The market trading is mainly post - pricing. Upstream and downstream enterprises are negotiating long - term agreements for next year, focusing on coefficients [2]. - The overall operating rate of lithium salt plants remains high, with both spodumene and salt - lake production ends having an operating rate of over 60%. The domestic lithium carbonate output in November is expected to be similar to that in October [2]. - In terms of demand, the new - energy vehicle market in the power sector and the energy - storage market are both booming, with supply in the energy - storage market remaining tight [2]. Corporate News - On November 12, Haibo Sichuang announced a ten - year strategic cooperation agreement with CATL from January 1, 2026, to December 31, 2035. Haibo Sichuang will purchase battery cells and system products from CATL, and CATL will ensure product quality and provide preferential supply and competitive prices. The cumulative purchase volume from 2026 to 2028 will be no less than 200 GWh [3]. Strategy - Short - term: It is advisable to wait and see, pay attention to inventory and consumption turning points and the restart of mines, and sell hedging at high prices when appropriate. - Options: Sell out - of - the - money call options [4].

Core Viewpoint - The strategic cooperation agreement between Haibo Technology and CATL aims to secure a stable supply of battery cells amid a competitive market, addressing the current shortage in the energy storage sector [2][5][8]. Group 1: Strategic Cooperation Agreement - Haibo Technology signed a 10-year strategic cooperation agreement with CATL to enhance supply chain stability and maintain industry leadership [5]. - The agreement stipulates that Haibo Technology will procure a minimum of 200 GWh of battery cells from CATL between January 2026 and December 2028 [5]. - Both companies will update their cooperation goals annually and confirm them through a memorandum [5]. Group 2: Market Context and Company Performance - The energy storage cell market is currently facing a "chip shortage," with leading battery manufacturers operating at full capacity and orders extending into early next year [8]. - Haibo Technology has emerged as a top player in the global energy storage market, ranking third in new installations and first in the domestic market for cumulative installations and contracted projects [6]. - The company's stock has seen significant growth, with an increase of over 360% in less than six months, reflecting strong market confidence [8].