倒计时5X天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 两轮车换电运营与传统经销商大不同 会议合作： 陈女士 13560731836（微信同号） 电动自行车新国标正式实施，两轮车去铅化全面加速。 尤其是在新国标25km/h的限速要求下，消费者对电池动力、爬坡性能、续航等现实需求再次被放 大，锂电池能带来更好的动力体验。 从细分场景来看， 两轮换电商业模式通常使用的是锂电池 。 从本质需求来看，两轮车电池柜的 用户一般为外卖骑手等高频使用用户，而锂电池一般能带来更好的动力体验和续航。 经济性方面 ，由于两轮车换电柜需要密集存放多块电池，在相同的占地面积下，如果配套铅酸电 池，柜体存放数量较少，且铅酸电池较锂电池更重，换电柜体需要特别加固。 如果配套锂电池， 这意味着同样的场地成本，锂电池换电柜的服务能力比铅酸电 ...

Core Viewpoint - Chongqing plans to establish a global smart connected electric vehicle industry base by 2027, focusing on comprehensive smart connectivity and global development strategies for the electric vehicle industry [1] Group 1: Industry Development - The global development summit for smart connected electric vehicles highlighted the need for a smart standard system, industry brain system, and green evaluation system to support the development of China's smart electric vehicle industry ecosystem [1][2] - The domestic electric two-wheeler ownership has surpassed 400 million units, necessitating the acceleration of smart upgrades to prevent a surge in abandoned electric vehicles and batteries [2][3] Group 2: Action Plans - The Smart Connected Electric Vehicle Global Development Alliance proposed four major action plans during the 14th Five-Year Plan period: smart electric motorcycles, lead-acid battery smart connectivity, urban integration of electric motorcycles, and international expansion of electric motorcycles [4] - Companies like Tailin Technology aim to promote 200 million smart electric vehicle products and replace existing non-smart products to enhance product and brand value [4] Group 3: Service System Creation - The establishment of a smart connected electric vehicle service system is underway, with a focus on collaborative mechanisms and integration of production, usage, and recycling processes [3] - China Quality Certification Center is leading the construction of a lifecycle data service system for smart electric vehicles, supporting the creation of green low-carbon standards and evaluation rules [3] Group 4: Market Expansion - Leading companies such as Aima Technology and Yadea Technology are targeting Southeast Asia, Africa, and Latin America for market expansion, aiming to enhance brand value and meet new consumer demands [5]

Group 1: Battery Classification and Performance Parameters - The article discusses various types of batteries and their performance parameters, including open circuit voltage, working voltage, rated voltage, discharge cutoff voltage, and charging limit voltage [3][4]. - It defines battery capacity (Ah) as the amount of charge a battery can store, which is a crucial indicator of battery performance [5][6]. - The power of a battery (W/kW) is described as the energy output per unit time under specific discharge conditions, with formulas provided for calculating power and power density [9][10]. Group 2: Energy and Density Metrics - Battery energy (Wh) is defined as the amount of energy stored in a battery, influencing the driving range of electric vehicles [12][13]. - Energy density and specific energy (Wh/kg) are critical metrics that indicate the energy released per unit volume or mass, with lithium batteries showing significantly higher energy density compared to nickel-cadmium and nickel-hydride batteries [14][15]. Group 3: Discharge and Charging Characteristics - Discharge rate (A) refers to the current required to release the rated capacity within a specified time, which is essential for understanding battery performance [16]. - The article explains different charging methods, including constant current/constant voltage (CC/CV) and trickle charging, highlighting their applications in various battery types [18][19]. Group 4: Battery Lifespan and Self-Discharge - Cycle life is defined as the number of charge-discharge cycles a battery can undergo before its capacity drops to 80%, with various factors affecting this lifespan [26]. - Self-discharge rate (%/month) indicates the capacity loss during storage, influenced by environmental conditions, particularly temperature [22][25]. Group 5: Additional Battery Characteristics - The article mentions memory effect, particularly in nickel-cadmium batteries, and emphasizes that lithium-ion batteries do not exhibit this effect [28]. - Consistency within battery packs is crucial, as the overall performance and lifespan depend on the weakest cell, necessitating high uniformity among individual cells [30].

Core Viewpoint - The report from Tianfeng Securities highlights that Xiongtao Co., Ltd. is a veteran in the power supply industry, with its computing center and data center UPS power supply business contributing significantly to its profits. [1] Revenue Contribution - In the first half of 2025, revenue from the computing center and data center UPS power supply business is expected to account for 47% of the company's total revenue, contributing 75% of its profits. [1] Market Trends - The demand for AI computing power is rapidly increasing, leading data centers to evolve towards large-scale, high-density, and high-power configurations. [1] Product Advantages - Lithium battery products offer advantages such as long lifespan, high energy density, and environmental benefits. Compared to lead-acid batteries, lithium batteries have a significant cost advantage over their entire lifecycle, potentially saving over 40% in total ownership costs within 10 years. [1] Strategic Positioning - The company is deeply engaged in the UPS business for computing centers and data centers, with a diversified product line including lithium, lead-acid, and hydrogen energy solutions. [1] Investment Outlook - Given the company's strong positioning in the UPS business, it is expected to benefit from investments in AI data centers, leading to an initial coverage rating of "Buy." [1]

Core Viewpoint - The green low-carbon circular economy is a crucial direction for developing new productive forces and is an urgent requirement for China to achieve its "dual carbon" strategic goals. In Laohokou, Hubei Province, the circular economy has become a key industry, with the industrial output value of a circular economy industrial park accounting for nearly half of the total industrial output of the city last year [1]. Group 1: Circular Economy Development - The circular economy industrial park in Laohokou has established a robust industrial chain, including six major circular economy industries such as recycled lead and aluminum, contributing significantly to local economic growth [17][28]. - The park has transformed from a small fishing village to a significant industrial hub, with industrial output exceeding 20 billion yuan, providing over 1,000 jobs and significantly increasing local incomes [30][40]. Group 2: Lead-Acid Battery Recycling - A lead-acid battery recycling company in Laohokou achieves a recycling rate of 98.5%, processing batteries that typically have a lifespan of 3 to 5 years [4][16]. - The recycling process involves five steps, resulting in pure lead, lead alloys, plastics, and sulfuric acid, with a production cycle of less than two days for a battery [6][8]. - The demand for recycled lead-acid batteries is high, with the company operating at full capacity and achieving an average monthly output value of 200 million yuan, reflecting an 8% year-on-year growth [16]. Group 3: Aluminum Recycling - The largest waste aluminum recycling factory in Central China has an annual production capacity of 200,000 tons, utilizing waste resources from various sectors to produce high-quality aluminum alloy products [18][20]. - The company employs an integrated operation method to minimize waste and reduce solid waste emissions, achieving a daily output of 700 tons of aluminum ingots and aluminum water [22]. - The aluminum products are further processed into components for electric vehicles, creating a closed-loop industrial chain within a 5-kilometer radius [24]. Group 4: Economic Impact and Future Goals - The circular economy industry in Laohokou has become a core engine for local economic growth, with a total industrial output value of 11.09 billion yuan in the first half of the year, a 24.4% increase year-on-year [38]. - The local government aims to achieve a GDP of over 50 billion yuan and enter the top 50 county economies in central China, with confidence in meeting these targets based on current progress [40].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company's lead-acid battery business remains stable, with a revenue of 191.5 billion yuan in H1 2025, down 5% year-on-year, and a gross margin of 15.97% [2]. - The lithium battery segment has shown rapid growth, achieving a revenue of 540 million yuan in H1 2025, up 193% year-on-year, with improved profitability [2]. - The company is accelerating technological iterations and diversifying its technology routes, including solid-state and sodium-ion batteries, with successful product developments and applications [3]. Financial Performance Summary - In H1 2025, the company reported a net profit of 869 million yuan, a decrease of 27% year-on-year, with total revenue of 20.917 billion yuan, down 3% year-on-year [1]. - For Q2 2025, the company achieved a revenue of 10.679 billion yuan, down 13% year-on-year but up 4% quarter-on-quarter, with a net profit of 448 million yuan, down 35% year-on-year but up 7% quarter-on-quarter [1]. - The company's gross margin for Q2 2025 was 15.14%, a decrease of 1.55 percentage points year-on-year, while the net margin was 4.32%, down 1.35 percentage points year-on-year [1]. Earnings Forecast and Financial Indicators - The company is expected to achieve net profits of 1.957 billion yuan, 2.304 billion yuan, and 2.602 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26%, 18%, and 13% [3][4]. - The earnings per share (EPS) are projected to be 2.01 yuan, 2.37 yuan, and 2.68 yuan for the years 2025, 2026, and 2027, respectively [4]. - The company's price-to-earnings (P/E) ratios are forecasted to be 15.0, 12.8, and 11.3 for the years 2025, 2026, and 2027, respectively [4].

Core Points - The new national standard for electric bicycles (GB17761-2024) was officially implemented on September 1, 2023, with a transition period until November 30, 2023 [1][15] - The new standard aims to enhance safety and reduce fire hazards and traffic accident risks by modifying nearly 200 key indicators related to electric bicycles [2] Group 1: New Standard Specifications - The weight limit for lead-acid battery models has increased from 55 kg to 63 kg, which may extend the range of some vehicles by approximately 20 km [9] - The new standard mandates that plastic components must not exceed 5.5% of the total vehicle weight and enhances fire resistance requirements for non-metal materials [10] - Electric bicycles must now include a Beidou positioning function, which can be optional for private use [1][10] Group 2: Market Reactions - Following the implementation of the new standard, older models have seen price increases, with some dealers struggling to maintain inventory of these models [3][12] - Dealers report that many consumers are unaware of the new standard and continue to purchase older models, leading to a supply shortage [14] Group 3: Consumer Experience and Concerns - Consumers are facing challenges with speed limits set at 25 km/h, which some find inadequate for daily commuting [17][18] - There are concerns regarding the practicality of the weight adjustments and the potential for manufacturers to compromise safety by reducing material thickness [19] Group 4: Safety and Compliance - The new standard includes measures to combat illegal modifications, such as a "one vehicle, one battery, one charge" system to increase the difficulty of unauthorized alterations [8] - Dealers acknowledge the importance of the fire safety requirements but express concerns about the strict limitations on plastic components, which may raise production costs [21]

Core Viewpoint - TianNeng Power (00819) reported a significant decline in mid-term performance, with revenue dropping by 51.53% year-on-year to 24.192 billion RMB and net profit attributable to shareholders decreasing by 11.68% to 820 million RMB, which fell below market expectations [1] Financial Performance - Revenue for the first half of the year was 24.192 billion RMB, a decrease of 51.53% compared to the previous year [1] - Net profit attributable to shareholders was 820 million RMB, down 11.68% year-on-year [1] Market Dynamics - The decline in revenue was attributed to a contraction in trade business scale and a significant drop in demand in the aftermarket due to macroeconomic conditions and the impact of government subsidy policies [1] - The new national standards and trade-in policies stimulated demand in the two-wheeler front-loading market, leading to good growth in front-loading market shipments [1] - However, the aftermarket experienced weak demand, influenced by macroeconomic conditions and high base effects from the first half of 2024 [1] Cost and Margin Analysis - The fluctuation in lead prices compared to the same period last year significantly narrowed, which improved the gross margin of lead-acid batteries [1] - The company's lithium battery business saw high revenue growth, but the reduction in non-operating income and interest income negatively impacted overall performance [1]

Core Viewpoint - TianNeng Power (00819) reported a significant decline in mid-term performance, with revenue dropping by 51.53% year-on-year to 24.192 billion RMB and net profit attributable to shareholders decreasing by 11.68% to 820 million RMB, which fell below market expectations [1][1][1] Financial Performance - Revenue for the first half of the year was 24.192 billion RMB, a decrease of 51.53% compared to the previous year [1] - Net profit attributable to shareholders was 820 million RMB, down 11.68% year-on-year [1] Market Dynamics - The decline in revenue was attributed to a contraction in trade business scale and a significant drop in demand in the aftermarket due to macroeconomic conditions and reduced government subsidies [1][1] - The new national standards and the trade-in policy stimulated demand in the two-wheeler front-loading market, leading to good growth in front-loading market shipments [1][1] - However, the aftermarket experienced weak demand, influenced by macroeconomic conditions and the trade-in policy, resulting in a year-on-year decline in aftermarket shipments [1][1] Cost and Margin Analysis - The fluctuation in lead prices compared to the same period last year significantly narrowed, which improved the gross margin of lead-acid batteries [1] - The company's lithium battery business saw high revenue growth, but the decrease in non-operating income and interest income negatively impacted overall performance [1][1]

Core Viewpoint - The new mandatory national standard for electric bicycles (GB17761-2024) has been officially implemented, marking a significant shift towards safety, intelligence, and standardization in the industry [1][2]. Group 1: New National Standard Implementation - The new standard increases the weight limit for lead-acid battery models from 55 kg to 63 kg, improves braking performance, and enhances anti-tampering requirements for controllers [1][4]. - The transition period from September 1 to November 30 allows for the sale of old standard models, but from December 1, all production of non-compliant models must cease [5][7]. Group 2: Market Reactions - Following the implementation of the new standard, there has been a noticeable market reaction, including price increases for old standard models and efforts by dealers to clear inventory [2][5]. - Some dealers report a shortage of old standard models as they are being sold out quickly, while new standard models have yet to arrive in stores [6][8]. Group 3: Consumer Experience and Concerns - Consumers are facing practical issues such as speed adjustments and model choices due to the new regulations, with some expressing a desire for higher speed limits [3][8]. - The new standard aims to address safety concerns, particularly regarding fire hazards, by limiting the plastic material proportion in bicycles to no more than 5.5% of the total weight [4][9]. Group 4: Technical Adjustments and Features - The new standard introduces features like optional Beidou positioning and dynamic safety monitoring, enhancing user experience and safety [4][9]. - The standard also includes measures to combat illegal modifications, raising the technical barriers for such practices [3][4]. Group 5: Industry Perspectives - Industry stakeholders acknowledge the necessity of the new fire safety requirements but express concerns about the potential increase in production costs due to stricter material regulations [9]. - There is a consensus among dealers that while the new standard improves safety, further adjustments may be needed regarding speed limits and weight restrictions for larger models [8][9].