Core Insights - A well-known domestic investment institution has announced an exclusive investment of 8 million RMB in Dongguan Noxing Electronics Co., Ltd. (Noxing Battery), a leading company in the high-performance battery sector, aimed at enhancing its technological capabilities and global market presence [1][11]. Company Overview - Noxing Electronics was established in 2006 and focuses on the research, production, and global sales of high-performance batteries. The company operates a modern production base of 50,000 square meters with an annual production capacity exceeding 580 million units [3][13]. - The product line includes high-temperature batteries (125°C), TPMS batteries, low-temperature batteries (-40°C), high-performance alkaline batteries, manganese-lithium batteries, lithium-thionyl chloride batteries, zinc-air batteries, and lithium-manganese button batteries, with a leading market share in the industry [3]. Technological Strength - Noxing Battery has a robust technological moat, holding 45 patents (including 19 invention patents) and 11 software copyrights, establishing a comprehensive intellectual property system. Its products have passed various international certifications, allowing entry into demanding markets such as Europe, the United States, Japan, and South Korea [8]. - The company has established long-term partnerships with major clients such as Xiaomi, Hema, Foxconn, Luxshare Precision, and New Hope Gas, demonstrating its strong product quality and reliability [8]. Investment Rationale - The investor expressed strong confidence in the core role of high-performance batteries in various trillion-level markets, including consumer electronics, smart homes, automotive electronics, and the Internet of Things. Noxing Battery's deep technological foundation and international certification capabilities align well with the investor's focus on "hard technology" and "Chinese manufacturing going global" [11]. - The completion of this angel round financing is expected to provide significant momentum for Noxing Battery's rapid development, particularly in advancing research in solid-state batteries, graphene batteries, and wide-temperature batteries [11].

● 本报记者 杨梓岩 5月9日，北交所以"四海扬帆"为主题，精选一诺威、海泰新能、力佳科技、拾比佰以及润普食品五家上 市公司集中召开年报说明会。在年报说明会上，主营业务进展、盈利能力预测、公司核心竞争力以及所 处行业发展前景等是投资者重点关注的话题。上述公司表示，将聚焦主业，持续加大研发投入力度，密 切关注行业变动，积极做好产品创新、市场拓展工作。 聚焦主营业务 投资者普遍关注上市公司主营业务进展和对未来盈利能力的预期。 一诺威专注于聚氨酯原材料及环氧乙烷、环氧丙烷下游衍生物系列产品的研发、生产与销售。公司2023 年销售净利率为2.02%，2024年销售净利率为2.57%，同比增加0.55个百分点。 一诺威在年报说明会上表示，销售净利率的增长主要得益于2024年公司加大新产品研发和市场开发力 度，营业收入较上年同期增加。公司推进降本增效，销售费用、管理费用、财务费用较上年同期均下 降。同时，通过开展外汇衍生品交易，适度开展外汇套期保值，使投资收益较上年增加。 海泰新能主要覆盖光伏组件、光伏电站、光伏支架、储能、氢能以及风能业务。在回答投资者关于2025 年一季度亏损的问题时，海泰新能表示，一季度亏损主要受市 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report indicates that the decline in lithium prices in 2024 will lead to a recovery in gross profit margins, while price transmission in 2025 may see a decline [1] - The company achieved a revenue of 381.94 million in 2023, with a slight decrease to 381.62 million in 2024, but is expected to grow to 419.79 million in 2025, reflecting a 10% year-on-year increase [1] - The net profit attributable to the parent company is projected to increase from 44.61 million in 2023 to 73.22 million in 2024, before declining to 58.59 million in 2025, indicating a 19.99% decrease [1] Financial Performance Summary - Total revenue for 2024 is forecasted at 381.62 million, with a year-on-year change of -0.08% [8] - The gross profit margin is expected to be 32.91% in 2024, decreasing to 31.00% in 2025 [8] - The net profit margin for 2024 is projected at 19.19%, with a decline to 13.96% in 2025 [8] - Earnings per share (EPS) is expected to be 1.10 in 2024, dropping to 0.88 in 2025 [8] Market Data - The closing price of the company's stock is 29.10, with a market capitalization of 1,933.87 million [5] - The price-to-earnings (P/E) ratio is 28.14 based on the latest diluted earnings per share [5][8] - The company has a net asset value per share of 7.70 [6]