中金发布研报称，雅迪控股(01585)产品结构改善、多措施降本，上调25E/26E归母净利润12%/12%至 30/35亿元。当前股价对应12x/10x25/26E P/E。维持跑赢行业评级，维持目标价18港元，对应 17x/14x25E/26E P/E，较当前有40.4%的上行空间。公司公布1H25业绩：1H25公司实现营业收入191.9亿 元，同比+33.1%;归母净利润16.5亿元，同比+59.5%。 中金主要观点如下： 上半年销量如期高增，产品结构环比改善 毛利率同环比增长，单车净利润创新高 1H25毛利率19.6%，同比+1.6ppt/环比+7.4ppt，该行认为主要系产品结构改善、电池自供比例提升、平 台化生产研发等因素共同带动。从分部资料来看，电池及电驱动业务毛利率为11%，1H25公司销售/研 发/管理费用分别为8.2/5.3/6.2亿元，对应费率分别为4.3%/2.8%/3.3%，合计同比-0.2ppt/环比-2.4ppt。 1H25净利率为8.6%，同比+1.4ppt，单车净利润188元/扣除其他收益的单车净利润150元，均创新高。 旺季动销无虞，积极推进高质量增长 考虑到8月31日生产端 ...

Core Viewpoint - Company Yadea Holdings (01585) has improved its product structure and implemented cost-reduction measures, leading to an upward revision of its net profit forecasts for 2025 and 2026 by 12% to 30 billion and 35 billion respectively, with a current stock price corresponding to 12x/10x P/E for 2025/2026 [1] Group 1: Sales Performance - In the first half of 2025, the company achieved sales of 8.794 million units, a year-on-year increase of 37.8%, driven by low base effects and the old-for-new replacement program [2] - The sales breakdown shows electric scooters sold 2.128 million units (up 12% YoY) and electric bicycles sold 6.666 million units (up 49% YoY), with battery sales reaching 9.384 million units (up 40% YoY) [2] - The average revenue per vehicle was 2,182 yuan, an increase of 99 yuan from the previous period, with a higher proportion of high-priced products contributing to this growth [2] Group 2: Profitability Metrics - The gross margin for the first half of 2025 was 19.6%, reflecting a year-on-year increase of 1.6 percentage points and a quarter-on-quarter increase of 7.4 percentage points, attributed to improved product structure and increased self-supply of batteries [3] - The net profit margin was 8.6%, up 1.4 percentage points year-on-year, with a record high net profit per vehicle of 188 yuan [3] Group 3: Future Outlook - The company anticipates strong sales growth in the third quarter, supported by the cessation of production of old national standard models, which will meet terminal sales demand from September to November [4] - The company is focusing on high-quality growth through product innovation and market expansion, including the introduction of high-end brands and deepening its presence in the commercial market [4] - The potential of the battery aftermarket is recognized, with expectations for significant contributions to incremental performance [4]

Core Viewpoint - The rapid growth of AI technology is driving significant increases in power consumption for AIDC computing centers, with projections indicating a sixfold increase in energy consumption by 2025, reaching 77.7 TWh [2][4]. Group 1: Energy Consumption and Demand - The power consumption of single cabinets in AIDC computing centers has surged from a traditional range of 2-8 kW to between 20-50 kW, with future estimates suggesting it may exceed 100 kW [2]. - The core demands for AIDC computing centers include high-density power supply, efficient cooling, smaller footprint, and rapid deployment [2]. Group 2: Energy Solutions and Innovations - The company has proposed a series of "green electricity + energy storage" solutions, including 220 kV "green electricity direct connection," 10 kV AC UPS power supply with storage, and future trends like SST-800V DC storage [4]. - These solutions aim to optimize the collaboration between power sources, grids, loads, and energy storage to enhance energy efficiency, reduce carbon emissions, and ensure stable and reliable power supply [4][5]. Group 3: Technological Advancements and Recognition - The company has established a comprehensive technology matrix covering new energy storage and application scenarios, focusing on lithium batteries, sodium batteries, fuel cells, and solid-state batteries [5]. - The company has received numerous accolades, including national manufacturing single champion, national-level specialized and innovative small giant, and national quality benchmark enterprise [5]. Group 4: Future Directions - The company plans to continue driving industrial upgrades through technological innovation and aims to collaborate with global partners to build a "green carbon ecosystem" [5].

天津文化底蕴厚重，有着悠久的商业文化和航运文化，作为中国首批沿海开放城市，依港而生、向海而生。上合组织峰会将于8月31日至9月1日在天津举 办，上合进入"天津时间"，世界期待"上合智慧"。一组海报，带你领略天津的开放风采与澎湃动能。 上海合作组织峰会将于8月31日至9 月1日在天津举办。届时20多个国家领 导人和10个国际组织负责人将出席峰会 相关活动。 上海合作组织成立于2001年 6月15日，创始成员国为中国、俄罗 斯、哈萨克斯坦、吉尔吉斯斯坦、塔吉 克斯坦、乌兹别克斯坦。2017年，印度 和巴基斯坦加入。2023年，伊朗加入。 2024年,白俄罗斯加入,上海合作组织 成员国增加至10个。现有阿富汗、蒙古 2个观察员国,阿塞拜疆、亚美尼亚、柬 埔寨、尼泊尔、土耳其、斯里兰卡、沙 特阿拉伯、埃及、卡塔尔、巴林、马尔 代夫、缅甸、阿联酋、科威特14个对话 伙伴。 of (A) 20 itl tel 19 0 e C 100 Fa t 201 TOF re . . . d all 14 Res } : t TENTLIN 天津因港而立、借港而兴,天津港 作为中国北方最大的综合性港口、世界 等级最高的人工深水港, ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is accelerating the industrialization of sodium batteries and manganese iron lithium, with significant progress in lithium-rich manganese and solid-state electrolytes. A 6000-ton production line for sodium battery cathodes has been initiated, with plans for larger scale production, expected to reach a shipment scale of 10,000 tons by 2026. In the manganese iron lithium sector, sales in the commercial vehicle field exceeded 1,000 tons in the first half of 2025, with second-generation products expected to be implemented in passenger vehicles within the year. In the solid-state sector, high-nickel and ultra-high-nickel cathodes have achieved ton-level shipments, with sulfide electrolytes undergoing pilot line construction, expected to be completed by Q4 2025 and commence production in early 2026 [3]. Financial Performance Summary - In Q2 2025, the company's operating cash flow increased significantly, with a net cash flow from operating activities of 890 million yuan in the first half of 2025, up 206% year-on-year. Q2 operating cash flow reached 1.5 billion yuan, a quarter-on-quarter increase of 825% [4]. - The company's revenue for the first half of 2025 was 6.25 billion yuan, a decrease of 9.3% year-on-year, with a net profit attributable to the parent company of -70 million yuan, a decline of 765.5% year-on-year. Q2 revenue was 3.28 billion yuan, with a quarter-on-quarter increase of 2.8% [10]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 27 million yuan, 500 million yuan, and 730 million yuan respectively, with corresponding P/E ratios for 2026-2027 at 31x and 22x. The company maintains a "Buy" rating due to its significant overseas layout advantages and the competitive positioning of its new businesses [11].

Financial Performance - Company reported total revenue of 6.248 billion yuan for the first half of 2025, a decrease of 9.28% year-on-year [1] - Net profit attributable to shareholders was -68.39 million yuan, down 765.45% year-on-year [1] - Gross margin improved to 8.57%, an increase of 9.95% year-on-year, while net margin fell to -0.55%, a decrease of 263.74% [1] - Total receivables accounted for 1208.67% of the latest annual net profit, indicating significant credit risk [1][4] Business Evaluation - The company's return on invested capital (ROIC) was 2.76%, indicating weak capital returns [3] - Historical median ROIC since listing is 4.62%, suggesting average investment returns [3] - The company relies heavily on R&D and capital expenditures, necessitating scrutiny of the effectiveness of these investments [3] Cash Flow and Debt Situation - Cash flow situation is concerning, with cash and cash equivalents covering only 59.05% of current liabilities [4] - Interest-bearing debt ratio reached 29.32%, indicating potential financial strain [4] Market and Product Insights - The company’s three-element business reported a profit of approximately 47 million yuan in Q1 2025, but this was a decline due to reduced sales [7] - The manganese iron lithium product has achieved full production and sales, with expectations for increased demand in 2026 [7] - The company is actively expanding its supply chain and has plans for new production capacity in both domestic and international markets [10] Future Outlook - The company anticipates significant growth in sodium battery production capacity by 2026-2027 [11] - The high nickel and medium nickel three-element materials are expected to dominate the market in the long term, with ongoing product development [12] - The company is also focusing on solid-state battery technology, with ongoing testing and development of high nickel three-element materials [13]

Core Viewpoint - Rongbai Technology (688005) reported a decline in revenue and a net loss for the first half of 2025, primarily due to fluctuations in raw material prices and increased R&D investments [1] Financial Performance - The company achieved operating revenue of 6.248 billion yuan in the first half of 2025, a year-on-year decrease of 9.28% [1] - The net profit for the period was a loss of 68.3946 million yuan, compared to a profit of 10.2779 million yuan in the same period last year, indicating a significant year-on-year decline [1] Factors Affecting Performance - Revenue decline was mainly attributed to significant fluctuations in the prices of key raw materials, which led to adjustments in product pricing [1] - The net profit decrease was also influenced by temporary impairment issues during the reporting period [1] Investment and R&D - The company continued to invest in new industries such as sodium batteries, precursors, and manganese iron lithium, which had a certain impact on current profits [1] - To maintain a technological edge, the company increased its R&D expenditure compared to the previous year [1]

Event Overview - The Guangdong Province Live Job Recruitment Event will take place from July to December 2025, featuring 40 online job fairs [2] - The event is guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments and organizations [2] Live Broadcast Information - The first live broadcast will occur on July 28, 2025, from 10:00 to 12:00, focusing on Dongguan [4] - The live broadcast will be held at the Guangdong Province Veterans Employment and Entrepreneurship Service Promotion Association [4] Participating Companies - **Yishite Power System Technology Co., Ltd.**: Founded in 1989, listed in 2014, recognized as a key high-tech enterprise and has been included in various global rankings, including the Global New Energy Enterprises Top 500 [6][7] - **Guangdong Aoxin Technology Co., Ltd.**: Certified as a national high-tech enterprise, specializes in temperature control equipment manufacturing [6] - **Shenzhen Top Weighing Equipment Co., Ltd.**: Established in 2007, focuses on electronic weighing equipment manufacturing and adheres to international standards [8] - **Dongguan Meixing Automobile Co., Ltd.**: A limited liability company invested by Hong Kong, Macau, and Taiwan, known for its luxury electric off-road vehicles [9] - **Bingge Supply Chain Service Co., Ltd.**: Aims to support veterans' employment and entrepreneurship, with a comprehensive service model and multiple operational bases in Dongguan [10] Job Opportunities - **Yishite Power System Technology Co., Ltd.**: Positions available include After-sales Engineer, Sales Manager, Forklift Driver, Welding Technician, and Debugging Technician [6] - **Guangdong Aoxin Technology Co., Ltd.**: Hiring for Market Manager, Marketing Promotion Manager, Sales Personnel, and E-commerce Customer Service Specialist [6] - **Shenzhen Top Weighing Equipment Co., Ltd.**: Open positions include Business Assistant, Network Administrator, and After-sales Service [8] - **Dongguan Meixing Automobile Co., Ltd.**: Positions available include Administrative General Affairs and Sales Consultant [9] - **Bingge Supply Chain Service Co., Ltd.**: Hiring for positions such as Assistant to the Chairman, Market Department Investment Responsible Person, and Online Operations Supervisor [10]

Core Insights - The second Lithium Battery Conference and EVE Energy's 24th anniversary celebration took place in Huizhou, Guangdong, showcasing EVE Energy's diverse applications in various scenarios, including daily life, industrial transportation, and healthcare [2] - EVE Energy has developed multiple technology routes, including lithium, sodium, hydrogen, and solid-state batteries, establishing a comprehensive and adaptable multi-dimensional technology platform [2] - Over 300 experts, industry representatives, partners, and media gathered to discuss innovations in lithium battery technology and new trends in industry development [2] Technological Innovations - Academics presented on the rapid advancements in new energy and artificial intelligence, analyzing future societal trends and strategic opportunities in energy industry transformation [4] - EVE Energy's R&D team introduced innovations addressing key challenges in electric heavy trucks, such as insufficient range and poor low-temperature performance, with the LMX technology enabling long-range, all-weather, and long-life solutions [4] - EVE Energy has successfully overcome mass production challenges for the 46 series large cylindrical batteries, becoming the first domestic company to achieve this milestone, holding over 2,700 patents for cylindrical battery technology and 79 international certifications [4] Healthcare Applications - EVE Energy's research institute highlighted its role in transforming power sources into the "heart" of medical devices, facilitating a shift from "treatment intervention" to "preventive unobtrusive monitoring" in healthcare [4] Recycling Initiatives - EVE Energy, in collaboration with industry partners, launched a global lithium battery recycling network platform to address structural challenges in the recycling industry, including lagging recycling system development and price discrepancies [5] - The platform features a global layout, digital traceability, and open collaboration, covering over 30 countries across Europe, North America, Asia, and Oceania, establishing a full value chain from "battery recycling" to "material regeneration" [5] Strategic Vision - EVE Energy's chairman emphasized the company's commitment to leveraging its technological foundation and forward-looking strategies to navigate industry fluctuations, focusing on breakthroughs in energy storage, diversified power solutions, advanced technology, and intelligent system integration [5]

Group 1 - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, at the Shangri-La Hotel in Suzhou [1][2] - The event is organized by GGII and sponsored by Zhongna Energy [2] - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, at the same venue [3] Group 2 - The 2025 Solid-State Battery Summit is organized by GGII and sponsored by Liyuanheng [3] - Both summits are focused on advancements in battery technology and applications [1][2][3]