Core Viewpoint - QYResearch is recognized for its authoritative industry analysis and reports, which are frequently cited by well-known companies and media, ensuring credibility and professionalism in the investment banking sector [2]. Semiconductor Industry - The global semiconductor test probe market is projected to grow from $652 million in 2024 to $1.475 billion by 2031, with a CAGR of 12.5% from 2025 to 2031, highlighting a significant opportunity for domestic semiconductor equipment replacement [3]. - The semiconductor market is experiencing volatility, with companies like XinHua Semiconductor facing challenges due to reliance on by-products from polysilicon production, leading to fluctuating performance [30]. Steel Plate Drill Market - The global steel plate drill market is expected to grow at a CAGR of 9.31% from 2022 to 2024, reaching approximately $1.243 billion by 2031, although the growth rate is projected to slow to 4.6% from 2025 to 2031 [5]. Drone Industry - The drone industry in China is booming, with over 20,000 operational companies and a total industry output value of 210 billion yuan, reflecting a year-on-year growth of 39.5% [7]. Magnetic Levitation Technology - The global market for magnetic levitation centrifugal compressors is anticipated to reach $340 million by 2030, with a CAGR of 14.2% [10]. Data Center Market - The global data center market is projected to grow from $355.2 billion in 2025 to $755.98 billion by 2032, with a CAGR of 11.6% from 2026 to 2032 [24]. Electric Vehicle Market - The electric vehicle reducer market is expected to expand from $2.138 billion in 2024 to $7.555 billion by 2031, indicating a robust growth trajectory [37]. Adult Products Market - The global adult products market is forecasted to grow from $53.65 billion in 2023 to $120.26 billion by 2030, with a CAGR of 12.4% [15]. Lithium-Ion Battery Market - Lithium-ion batteries hold a 72% share of the global engineering machinery battery market, indicating a strong position for companies like Yiwei Lithium Energy [45]. High-Performance Motorcycle Market - The global high-performance motorcycle market reached $8.6 billion in 2023, with a CAGR of 5.2%, while the Chinese market for large-displacement motorcycles has seen over 25% growth in the past five years [63].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站(http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中國‧ 江 西 二 零 二 六 年 三 月 三 十 一 日 江西赣锋锂业集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The supply of lithium carbonate is increasing, with last week's production at 24,186 tons, a 3.24% week - on - week increase, higher than the historical average. The production in February 2026 was 83,090 tons, and the predicted production for the next month is 106,390 tons, a 28.04% month - on - month increase. The import volume in February 2026 was 21,800 tons, and the predicted import volume for the next month is 26,000 tons, a 19.27% month - on - month increase [8][9]. - The demand for lithium carbonate is expected to strengthen next month, and inventory may be reduced. The inventory of sample enterprises of lithium iron phosphate and ternary materials has increased. The inventory of lithium iron phosphate sample enterprises was 106,718 tons last week, a 0.89% week - on - week increase, and the inventory of ternary material sample enterprises was 18,425 tons, a 2.25% week - on - week increase [8]. - The cost of imported lithium spodumene concentrate is 147,976 yuan/ton, with no daily change, resulting in a loss of 1,854 yuan/ton. The cost of imported lithium mica is 137,582 yuan/ton, with no daily change, resulting in a profit of 5,025 yuan/ton. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [9]. - The lithium carbonate 2605 contract is expected to fluctuate in the range of 144,000 - 154,840 [9]. - The main logic is the emotional shock caused by news under the tight supply - demand balance. The main risk points are the impact of production suspension, reduction, and maintenance plans, and the start time of industry clearance [12][13]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Supply - side**: Last week's lithium carbonate production was 24,186 tons, a 3.24% week - on - week increase, higher than the historical average. In February 2026, the production was 83,090 tons, and the predicted production for the next month is 106,390 tons, a 28.04% month - on - month increase. The import volume in February 2026 was 21,800 tons, and the predicted import volume for the next month is 26,000 tons, a 19.27% month - on - month increase [8][9]. - **Demand - side**: The inventory of lithium iron phosphate sample enterprises was 106,718 tons last week, a 0.89% week - on - week increase, and the inventory of ternary material sample enterprises was 18,425 tons, a 2.25% week - on - week increase. It is expected that the demand will strengthen next month, and inventory may be reduced [8][9]. - **Cost - side**: The cost of imported lithium spodumene concentrate is 147,976 yuan/ton, with no daily change, resulting in a loss of 1,854 yuan/ton. The cost of imported lithium mica is 137,582 yuan/ton, with no daily change, resulting in a profit of 5,025 yuan/ton. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [9]. - **Market judgment**: The lithium carbonate 2605 contract is expected to fluctuate in the range of 144,000 - 154,840. The fundamentals are bullish, the basis is bearish, the inventory situation is mixed, the disk is bearish, and the main position is net short with a decrease in short positions [9]. - **Likely factors**: The production suspension and reduction plans of lithium mica manufacturers and the month - on - month decline in the import volume of lithium carbonate from Chile are positive factors. The continuous high supply at the ore/salt lake end with limited decline is a negative factor [10][11]. 3.2 Fundamental/Position Data - **Market price data**: The price of 6% lithium spodumene decreased by 1.41% to 2,028 US dollars/ton; the price of lithium mica concentrate decreased by 1.12% to 4,400 yuan/ton; the price of battery - grade lithium carbonate decreased by 1.68% to 146,500 yuan/ton; the price of industrial - grade lithium carbonate decreased by 1.71% to 143,500 yuan/ton; the price of micro - powder lithium hydroxide decreased by 2.36% to 145,000 yuan/ton; the price of coarse - particle lithium hydroxide decreased by 3.43% to 140,800 yuan/ton [15]. - **Supply - side data**: The weekly operating rate was 73.46% with no change; the daily production cost of lithium spodumene was 147,976 yuan/ton with no change; the monthly processing cost of lithium spodumene decreased by 0.72% to 20,800 yuan/ton; the daily production profit of lithium spodumene decreased by 103.51% to - 1,854 yuan/ton; the daily production cost of lithium mica was 137,582 yuan/ton with no change; the monthly processing cost of lithium mica decreased by 0.51% to 34,890 yuan/ton; the daily production profit of lithium mica decreased by 20.50% to 5,025 yuan/ton; the total weekly inventory decreased by 0.09% to 98,873 tons; the smelter inventory increased by 1.94% to 16,608 tons; the downstream inventory increased by 1.00% to 46,105 tons; the other inventory decreased by 2.32% to 36,160 tons; the monthly total production decreased by 15.13% to 83,090 tons; the monthly import volume of lithium concentrate decreased by 31.07% to 438,336 tons; the monthly import volume of lithium carbonate decreased by 1.61% to 26,426.79 tons; the monthly net import volume decreased by 2.11% to 25,830.71 tons; the supply - demand balance was - 6,821 tons [18]. - **Demand - side data**: The monthly operating rate of lithium iron phosphate decreased by 7.67% to 65%; the monthly production decreased by 7.67% to 300,250 tons; the monthly operating rate of lithium iron phosphate decreased by 11.76% to 60%; the monthly production decreased by 12.20% to 348,200 tons; the monthly export increased by 14.83% to 6,529,967 kg; the weekly inventory increased by 0.89% to 106,718 tons; the monthly operating rate of ternary precursor decreased by 8.16% to 45%; the monthly production decreased by 8.98% to 78,650 tons; the monthly operating rate of ternary material decreased by 15.77% to 63.23%; the monthly production decreased by 12.77% to 70,720 tons; the monthly total battery loading volume decreased by 37.38% to 26,300 GWh; the loading volume of lithium iron phosphate battery decreased by 39.36% to 5,700 GWh; the loading volume of ternary battery decreased by 37.00% to 20,600 GWh; the production of new energy vehicles decreased by 39.41% to 1,041,000 vehicles; the sales decreased by 19.05% to 765,000 vehicles; the export decreased by 6.62% to 282,000 vehicles; the penetration rate increased by 5.21% to 42.38%; the retail - to - wholesale ratio of hybrid vehicles decreased by 11.96% to 0.54; the retail - to - wholesale ratio of pure - electric vehicles decreased by 3.80% to 0.66; the dealer inventory warning index decreased by 5.39% to 56.2; the dealer inventory index increased by 12.98% to 1.48 [18].

Group 1: New Companies Listed - Five new companies were listed this week, with a focus on BeiBian Technology and XinYuan Technology, among others. The average revenue for 2024 is projected to be 249 million yuan, with a median of 188 million yuan. The average net profit is estimated at 41.1 million yuan, with a median of 46.7 million yuan [2][13]. Group 2: BeiBian Technology - BeiBian Technology specializes in phase-shifting rectifier transformers for data centers, which are expected to enter the supply chain of major manufacturers by 2024. The market for phase-shifting rectifiers in China is projected to grow from 2.916 billion yuan in 2023 to 4.788 billion yuan by 2030, with a compound annual growth rate of 7.34% [3][21]. - The company is actively developing solid-state transformers (SST) to meet future demands in data centers and power supply systems [15][24]. Group 3: XinYuan Technology - XinYuan Technology is a manufacturer of bipolar plates for flow batteries, with a market share of 19.41% in 2023 and 27.39% in 2024. The revenue from flow battery bipolar plates is projected to be 4.6178 million yuan in 2023 and 36.9605 million yuan in 2024 [4][42]. - The domestic market for flow battery bipolar plates is expected to reach 1.26 billion yuan by 2026, with a significant increase in installed capacity anticipated [39][37]. Group 4: Market Dynamics - The total market capitalization of companies listed on the New Third Board reached 25,856.35 billion yuan as of February 28, 2026, reflecting a 13.17 billion yuan increase [5][11]. - The New Third Board has cumulatively facilitated the listing of 873 companies, contributing to the multi-tiered capital market structure in China [2][15]. Group 5: Industry Trends - The transition from UPS systems to high-voltage direct current (HVDC) technology in data centers is gaining momentum, driven by the need for efficiency and cost reduction [21][22]. - The liquid flow battery market is experiencing rapid growth, with a projected compound annual growth rate of 1,462.50% from 2023 to 2026, indicating a strong demand for long-duration energy storage solutions [36][37].

Core Viewpoint - The International Energy Agency (IEA) highlights that China is steadily transitioning from a patent powerhouse to a standard leader, with its integrated capabilities across the entire industry chain being a core competitive advantage in global energy innovation [2][5]. Group 1: Global Energy Innovation Landscape - The global energy innovation landscape is entering a new phase shaped by energy security, industrial competitiveness, and infrastructure resilience [3]. - The IEA's latest "Energy Innovation Report" confirms over 150 significant technological innovations, with 50 emerging energy technologies showing notable maturity improvements [3][5]. - China is a leading contributor to global energy innovation, accounting for 60% of energy supply and infrastructure R&D growth over the past decade [5]. Group 2: China's Role in Energy Technology - China's energy patent growth rate is an impressive 800%, with over 95% of energy patent applications by 2025 focusing on low-emission technologies [5]. - Battery storage is at the forefront of global innovation, with batteries accounting for 40% of all energy patents in 2023, and this proportion is expected to increase in 2024 and 2025 [5]. - China has become a leader in perovskite solar cell patents, which now represent over 70% of all solar cell patents [5]. Group 3: R&D Investment Trends - Global energy R&D spending growth is slowing, with public energy R&D spending projected to be around $55 billion in 2025, a 2% decrease year-on-year [10]. - Corporate energy R&D spending is expected to reach $160 billion in 2025, with a mere 1% increase in 2024, marking the slowest growth since 2015 [10]. - The share of global venture capital flowing into energy has decreased, with nearly 30% now directed towards artificial intelligence, while energy's share has declined [10]. Group 4: Emerging Growth Areas - New growth areas have emerged since 2021, with significant funding increases in fusion energy, nuclear fission, critical minerals, geothermal energy, carbon removal, low-carbon industry, and aviation [11]. - Since 2020, fusion energy startups have raised over $10 billion in venture capital, accounting for more than 5% of all energy venture investments [11]. - By 2025, over 320 new energy startups are expected to secure their first round of financing [11].

Core Viewpoint - The SCSP report highlights the competitive landscape between the U.S. and China in key technology sectors, indicating a complex, fluid, and uncertain multi-dimensional competition rather than a clear-cut dominance by either side [2]. Group 1: China's Strengths - China leads in four strategic technology areas: advanced batteries, advanced manufacturing, commercial drones, and 5G infrastructure, with high confidence ratings [4]. - In the battery sector, China's manufacturing capacity reached 1,705 GWh in 2023, compared to the U.S. at 93 GWh, marking an 18-fold difference. China controls 80% of global lithium-ion battery component shipments and holds about 60% of the global electric vehicle battery market [4]. - China accounts for approximately 35% of global manufacturing output, while the U.S. is at about 12%. The number of industrial robots deployed by Chinese companies in 2023 matches the total of all other countries combined [5]. - China has deployed over 4 million 5G base stations, averaging 206 per 100,000 people, compared to the U.S. with about 100,000 base stations or 77 per 100,000 people. By 2024, China is expected to have over 1 billion 5G users, covering 88% of its mobile users [5]. Group 2: U.S. Strengths - The U.S. maintains a lead in artificial intelligence, quantum computing, semiconductors, fusion energy, and internet platforms, relying on foundational research breakthroughs and private sector innovation [6]. - In AI, U.S. private investment reached $67.2 billion in 2023, compared to China's $7.76 billion, a nearly 9-fold difference. Most foundational AI models have originated from U.S. private companies [6]. - The semiconductor sector is rated as "U.S. leading, high confidence," with the CHIPS Act expected to drive over $400 billion in private investment, projecting that the U.S. will hold 28% of global advanced logic chip capacity by 2032 [7]. Group 3: Structural Weaknesses - A recurring structural pattern is observed: U.S. innovation versus Chinese commercialization. The U.S. holds 39% of global biotechnology patents but has seen a shift in the production side, with Chinese companies supplying about 17% of U.S. active pharmaceutical ingredients (APIs) [9]. - In synthetic biology, the U.S. market is valued at $16.3 billion compared to China's $1.05 billion, yet China controls 70% of global fermentation capacity, highlighting a significant production bottleneck for U.S. firms [10]. - DJI dominates the global consumer drone market with over 90% share, raising national security concerns for the U.S. as it lacks comparable domestic alternatives [10]. Group 4: Strategic Recommendations - The report suggests establishing a "Technology Competition Council" to unify strategic direction and coordinate responses across departments, addressing the misalignment between private sector focus and government priorities [11]. - The trajectory of fusion energy illustrates the competitive dynamics, with the U.S. currently leading but facing significant investment from China, which may narrow the gap in the coming years [12].

Core Insights - The report highlights an upward cycle in the lithium battery industry, driven by dual demand from power storage and energy storage, leading to a significant recovery in profitability and an optimistic growth outlook for 2026 [2] - Key investment themes include the recovery of the industry cycle and breakthroughs in solid-state battery technology [2] Group 1: Market Performance Review - The battery index significantly rebounded, outperforming the broader market, with the Shenwan Battery Index rising 53.43% in 2025, compared to a 21.19% increase in the CSI 300 Index [3][21] - The overall revenue of the lithium battery industry reached 636.19 billion yuan in the first three quarters of 2025, marking a 16.12% year-on-year increase, while net profit attributable to shareholders grew by 40.37% [3][29] Group 2: Demand Side Analysis - The global lithium battery demand surged, with total shipments reaching 2280.5 GWh in 2025, a 47.6% year-on-year increase, driven by high growth in both power batteries and energy storage [4][36] - In 2026, the lithium battery industry is expected to enter a new growth cycle, with energy storage batteries becoming a core driver of growth, projected to reach 3016.3 GWh in shipments, a 32.26% increase [39] Group 3: Supply Side Analysis - The supply-demand balance is improving, with leading companies in the battery segment solidifying their market positions, and the industry is experiencing a recovery in profitability [11] - The lithium hexafluorophosphate market is expected to maintain a tight balance, with high concentration in supply and demand, supporting profitability recovery for leading manufacturers [11] Group 4: New Technology Developments - Solid-state battery technology is advancing, with manufacturers entering the critical technology validation phase, which is expected to accelerate industry development [12] - Key materials and equipment for solid-state batteries are highlighted, with significant potential for growth in the segments of electrolyte materials and negative electrode materials [12]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [5] Core Insights - The report highlights significant growth in the lithium battery sector, with a production increase of 41.3% year-on-year in February, reaching 141.6 GWh, and sales growth of 25.7%, totaling 113.2 GWh [7][13] - The report emphasizes the strong performance of major companies like CATL, which achieved a revenue of 423.7 billion yuan in 2025, a 17.04% increase year-on-year, and a net profit of 72.2 billion yuan, up 42.28% [15] - The European clean energy investment strategy and the UK's removal of tariffs on wind turbine components are expected to boost the wind power sector, particularly offshore wind [7] Summary by Sections Lithium Battery Sector - In February, the total production of power and energy storage batteries reached 141.6 GWh, with a year-on-year growth of 41.3% [7] - The sales of energy storage batteries surged by 67.3%, indicating a strong market demand [7] - Major companies like CATL and Yiwei Lithium are recommended for investment due to their robust growth and market position [7] Energy Storage Sector - The report notes that China has signed over 15 orders in the European market, with a total capacity nearing 30 GWh, indicating a booming energy storage market [23] - The first batch of independent energy storage projects in Inner Mongolia includes 31 projects totaling 33 GWh, showcasing significant growth potential in the sector [22] Electric Power Equipment Sector - The report suggests focusing on companies involved in ultra-high voltage projects and those exporting electric power equipment, as these areas are expected to see increased demand [26] - The "14th Five-Year Plan" emphasizes the development of new energy infrastructure and storage systems, which will drive growth in the electric power equipment sector [26] Photovoltaic Sector - The report indicates a decline in silicon material prices, with multi-crystalline silicon averaging 46.5 yuan/kg, reflecting market adjustments [27] - The solar cell and module prices are expected to remain under pressure due to weak demand and high inventory levels [27][30] Wind Power Sector - The European clean energy investment strategy is expected to enhance the demand for wind power, particularly offshore wind projects [7] - Companies involved in wind turbine components and related sectors are highlighted as key investment opportunities [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint In January - February 2026, major economic indicators showed a significant rebound, and the national economy got off to a good start. However, the impact of changes in the external environment has deepened, geopolitical risks have continued to rise, and there are still many old problems and new challenges in domestic economic development and transformation, with some enterprises facing operational difficulties [3]. 3. Summary by Relevant Catalogs Industrial Production - From January - February, the added value of industrial enterprises above designated size increased by 6.3% year - on - year, 1.1 percentage points faster than in December of the previous year. Equipment manufacturing and high - tech manufacturing had good growth momentum, with their added values increasing by 9.3% and 13.1% respectively, 3.0 and 6.8 percentage points faster than the overall industrial added value. The output of products such as 3D printing equipment, lithium - ion batteries, and industrial robots increased significantly [3]. - In February, the manufacturing PMI was 49.0%, and the enterprise production and operation activity expectation index was 53.2%, up 0.6 percentage points from the previous month [3]. Service Industry - From January - February, the national service industry production index increased by 5.2% year - on - year, 0.2 percentage points faster than in December of the previous year. Industries such as information transmission, software and information technology services, leasing and business services, and finance had relatively fast growth [4]. - In February, the service industry business activity index was 49.7%, up 0.2 percentage points from the previous month; the service industry business activity expectation index was 55.8%. Industries such as accommodation, catering, and culture, sports and entertainment were in a high - level boom range [4]. Market Sales - From January - February, the total retail sales of consumer goods reached 8607.9 billion yuan, a year - on - year increase of 2.8%, 1.9 percentage points faster than in December of the previous year. Service retail sales increased by 5.6% year - on - year, 0.1 percentage points faster than the whole of the previous year. Online retail sales of goods and services reached 3254.6 billion yuan, a year - on - year increase of 9.2% [5]. Fixed - Asset Investment - From January - February, national fixed - asset investment (excluding rural households) was 5272.1 billion yuan, a year - on - year increase of 1.8%, compared with a decline of 3.8% for the whole of the previous year. Infrastructure investment increased by 11.4% year - on - year, while real estate development investment decreased by 11.1% [6]. Goods Import and Export - From January - February, the total volume of goods import and export was 7732.1 billion yuan, a year - on - year increase of 18.3%, 13.4 percentage points faster than in December of the previous year. Exports were 4617.8 billion yuan, an increase of 19.2%; imports were 3114.3 billion yuan, an increase of 17.1% [7]. Employment - From January - February, the average urban surveyed unemployment rate was 5.3%, the same as the same period of the previous year. In February, the urban surveyed unemployment rate was 5.3%, up 0.1 percentage points from the previous month [8]. Price - From January - February, the national consumer price index (CPI) increased by 0.8% year - on - year. The industrial producer price index (PPI) decreased by 1.2% year - on - year, with the decline narrowing [9].

Economic Performance - In January-February 2026, retail sales growth improved to 2.8%, up from below 2%[4] - Retail sales of automobiles decreased by 7.3% year-on-year, significantly underperforming other retail categories which grew by 3.7%[4] - Essential consumption categories showed strong performance, with food and oil up 10.2%, beverages up 6%, and tobacco and alcohol up 19.1%[4] Investment Trends - Infrastructure investment grew by 11.0%, manufacturing by 4.3%, while real estate investment declined by 9.9%[4] - The investment recovery is supported by the "14th Five-Year Plan" projects, but potential policy-induced volatility should be monitored[4] - High-quality growth is expected to reshape investment structures in the medium to long term[4] Industrial Output - Industrial value-added returned to levels seen in the first half of the previous year, with mining, manufacturing, and high-tech industries showing growth rates of 6.1%, 6.6%, and 13.1% respectively[4] - High-tech industries experienced their largest growth in three years, driven by new industrial products[4] External Factors - Rising oil prices and global supply chain instability are emerging risks as of March 2026[4] - The potential for PPI to turn positive could impact the cost structure of the real economy[4] - Increased external risks may heighten the urgency for domestic energy conservation and carbon reduction efforts[4]