Group 1 - The core viewpoint of the news is the performance and market position of Xinyuren Technology Co., Ltd., which saw a stock price increase of 5.3% to 30.38 CNY per share, with a total market capitalization of 2.97 billion CNY [1] - Xinyuren's main business involves the research, production, and sales of high-end intelligent manufacturing equipment, with revenue composition including 41.93% from other lithium battery equipment and key components, 26.93% from lithium battery drying equipment, 16.36% from lithium battery coating equipment, 9.44% from lithium battery rolling and cutting equipment, and 5.34% from other supplementary products [1] Group 2 - From the perspective of fund holdings, Xinyuren is the second-largest holding in the Huatai-PB SSE STAR Market Composite ETF Linked A (023741), which held 615 shares, accounting for 0.01% of the fund's net value [2] - The fund has a total scale of 61.42 million CNY and has achieved a return of 33.23% since its inception [2] Group 3 - The fund manager of Huatai-PB SSE STAR Market Composite ETF Linked A is Tan Hongxiang, who has been in the position for 4 years and 177 days, managing assets totaling 27.34 billion CNY [3] - During his tenure, the best fund return was 91.47%, while the worst return was -37.2% [3]

Core Viewpoint - The article highlights the recent developments in the lithium battery equipment sector, particularly focusing on the partnership between Ningde Times and Changan Automobile, and the implications for related companies like Xinyuren. Group 1: Partnership Developments - Xinyuren (688573) recently won a bid for the drying line project for the Ningde Times-Changan Times base, marking a new phase in their joint battery project [1] - The joint venture, Times Changan, was established on June 28, 2023, with Ningde Times holding 51%, Changan Automobile 19%, and Deep Blue Automobile 30% [2] - Times Changan has two production bases, one in Yibin with an investment of 6 billion yuan, and another in Guang'an with a planned investment of 5 billion yuan, aiming for an annual production capacity of 25 GWh [2] Group 2: Production Capacity and Future Plans - Changan Automobile has outlined its capacity planning, with the first phase of Times Changan targeting 25 GWh, and plans to reach a total capacity of 75 GWh by 2026 [3] - The Yibin base is the first smart, digital, and low-carbon factory for Ningde Times and Changan, producing both ternary lithium batteries and lithium iron phosphate batteries [2] Group 3: Xinyuren's Business Performance - Xinyuren has faced challenges in the lithium battery equipment market, with a significant drop in net profit to -63.26 million yuan in 2024, a decrease of 208.41% year-on-year [4] - The company's gross margin decreased to 20.33%, down 6.56 percentage points year-on-year, indicating intensified market competition [4] - To improve performance, Xinyuren is diversifying into solid-state battery technologies and enhancing its manufacturing capabilities through smart factories [4][5] Group 4: Market Trends and Challenges - The lithium battery industry is experiencing structural overcapacity, leading to increased competition and a concentration of orders among leading companies [5] - Despite the challenges, Xinyuren aims to accelerate new product commercialization and improve existing product margins as a priority for 2025 [5]