Group 1 - The core point of the news is that Boliwei's stock price dropped by 5.03% to 34.95 CNY per share, with a trading volume of 72.70 million CNY and a turnover rate of 2.04%, resulting in a total market capitalization of 3.535 billion CNY [1] - Boliwei Technology Co., Ltd. is located in Dongguan, Guangdong Province, established on April 8, 2010, and listed on June 11, 2021. The company specializes in the research, production, sales, and service of green and environmentally friendly lithium-ion battery packs and cells [1] - The main business revenue composition of Boliwei includes: 46.21% from lithium-ion batteries for light vehicles, 21.91% from consumer electronics batteries, 17.72% from energy storage batteries, 9.03% from other sources, and 5.12% from lithium battery cells [1] Group 2 - Among Boliwei's top ten circulating shareholders, a fund under China Merchants Fund, the China Merchants Quantitative Selected Stock A (001917), entered the top ten in the third quarter, holding 455,300 shares, accounting for 0.46% of the circulating shares, with an estimated floating loss of approximately 842,400 CNY today [2] - The China Merchants Quantitative Selected Stock A (001917) was established on March 15, 2016, with a latest scale of 3.663 billion CNY. Year-to-date returns are 38.85%, ranking 1005 out of 4212 in its category; the one-year return is 41.14%, ranking 695 out of 3956; and since inception, the return is 272.68% [2] Group 3 - The fund manager of China Merchants Quantitative Selected Stock A (001917) is Wang Ping, who has a cumulative tenure of 15 years and 154 days. The total asset scale of the fund is 21.247 billion CNY, with the best fund return during his tenure being 274.97% and the worst being -70.61% [3]

Group 1 - The core point of the news is that Boliwei's stock price has dropped by 5.1%, currently trading at 35.16 CNY per share, with a total market capitalization of 3.556 billion CNY [1] - Boliwei Technology Co., Ltd. specializes in the research, production, sales, and service of green and environmentally friendly lithium-ion battery packs and cells, with its main revenue sources being: 46.21% from lightweight vehicle lithium-ion batteries, 21.91% from consumer electronics batteries, 17.72% from energy storage batteries, and 5.12% from lithium battery cells [1] - The company was established on April 8, 2010, and went public on June 11, 2021 [1] Group 2 - Among Boliwei's top circulating shareholders, a fund under China Merchants Fund has entered the top ten, holding 455,300 shares, which is 0.46% of the circulating shares, with an estimated floating loss of approximately 860,600 CNY [2] - The fund, China Merchants Quantitative Selected Stock A (001917), was established on March 15, 2016, and has a current scale of 3.663 billion CNY, with a year-to-date return of 41.27% [2] - The fund manager, Wang Ping, has a tenure of 15 years and 140 days, with the fund's total asset scale at 21.247 billion CNY [3]

（文章来源：证券日报） 证券日报网讯蔚蓝锂芯10月22日在互动平台回答投资者提问时表示，公司关注并拓展各种新兴应用的同 时，也看好电动工具行业的持续发展。公司本身有不同规格的电池产品，公司持续的产品开发也是为更 好满足客户需要。公司客户也会将不同颗数的公司锂电芯进行组包，以满足其产品需要。 ...

Company Overview - Guangdong Bolivian Technology Co., Ltd. is located in Dongguan City, Guangdong Province, established on April 8, 2010, and listed on June 11, 2021. The company specializes in the research, production, sales, and service of green and environmentally friendly lithium-ion battery packs and cells [1]. Business Segmentation - The main business revenue composition is as follows: - Lithium-ion batteries for light vehicles: 46.21% - Consumer electronics batteries: 21.91% - Energy storage batteries: 17.72% - Others (supplementary): 9.03% - Lithium battery cells: 5.12% [1]. Stock Performance - On September 12, the stock price of Bolivian fell by 5.06%, closing at 37.70 CNY per share, with a trading volume of 84.69 million CNY and a turnover rate of 2.21%. The total market capitalization is 3.813 billion CNY [1]. Fund Holdings - Huashang Fund has one fund heavily invested in Bolivian, specifically the Huashang Quality Selection Mixed A (014558), which held 49,700 shares in the second quarter, accounting for 1.23% of the fund's net value, ranking as the ninth largest holding. The estimated floating loss today is approximately 99,900 CNY [2]. Fund Performance - The Huashang Quality Selection Mixed A (014558) was established on March 8, 2022, with a current scale of 107 million CNY. Year-to-date returns are 54.82%, ranking 612 out of 8,174 in its category. Over the past year, returns are 90.12%, ranking 682 out of 7,981. Since inception, the return is 12.34% [2]. Fund Management - The fund manager of Huashang Quality Selection Mixed A is Deng Mo, who has a cumulative tenure of 10 years and 7 days. The total asset size of the fund is 2.044 billion CNY, with the best fund return during his tenure being 127.85% and the worst being -41.84% [3].

Core Viewpoint - Guangdong Boliv Technology Co., Ltd. has reported a significant decline in revenue and an increase in losses for the year 2024, primarily due to factors such as inventory destocking by downstream enterprises, falling raw material prices, and provisions for bad debts [1][19]. Group 1: Financial Performance - The company achieved a revenue of 184,399.25 million yuan in 2024, a decrease of 17.48% compared to the previous year [19]. - The net profit for the company was -9,661.33 million yuan, representing a 186.01% increase in losses year-on-year [19]. - The main reasons for the losses include decreased market demand due to inflation and competition, as well as increased provisions for bad debts [19][20]. Group 2: Product Performance - The company primarily engages in the research, manufacturing, and sales of lithium-ion batteries, with a reported revenue decline of 21.95% in 2024 [1]. - The revenue from light vehicle lithium-ion batteries decreased by 7.15%, while sales volume increased, indicating that price reductions were not offset by volume increases [8]. - The sales revenue for consumer electronic batteries dropped significantly, with a unit price decrease of 30.59% leading to a revenue decline [9][10]. Group 3: Market Trends - The lithium battery industry has seen rapid growth, with production expected to reach 1,170 GWh in 2024, although the growth rate is slowing [3]. - The export volume of lithium batteries is projected to increase in 2024 after a slight decline in 2023, indicating a recovery in demand [3]. - The competitive landscape in the lithium battery market is intensifying, with increased production capacity and price pressures affecting profitability [20][21]. Group 4: Industry Comparisons - Compared to peers, the company's revenue and gross margin changes reflect differences in product structure and market focus [14][15]. - For instance, while the company experienced a revenue decline, competitors like Xinwanda reported a 17.05% increase in revenue, highlighting the impact of product diversification [14][16]. - The company’s gross margin was lower than the industry average, indicating challenges in maintaining profitability amidst competitive pressures [14][18]. Group 5: Future Outlook - The company anticipates a recovery in the lithium battery market, driven by new policies and increasing demand for electric vehicles and consumer electronics [20][21]. - The first quarter of 2025 showed signs of improvement, with a significant increase in revenue from storage batteries, indicating potential for recovery [22][23]. - The company is focusing on optimizing production capacity and expanding into new markets to enhance profitability [22][23].