Core Viewpoint - Guangdong Huafeng New Energy Technology Co., Ltd. engaged with investors during the online collective reception day, addressing various inquiries regarding project progress and technological advancements [1][2]. Group 1: Project Progress and Developments - Investors inquired about the progress of the LIGONG Huachuang hydrogen energy project initiated five years ago in Foshan, to which the company advised monitoring regular reports and announcements for updates [2]. - The company plans to expand high-pressure aluminum foil production capacity in Xinjiang to optimize product structure and seize growth opportunities in high-pressure foil demand, influenced by the construction of the Yajiang Hydropower Station and the New Tibet Railway [2]. - The company is still in the research and development phase for its high-quality etching technology targeting aluminum foil below 15μm and 4μm ultra-thin copper foil coating technology, with no set timeline for mass production [2]. Group 2: Technological Advancements - The company reported that the development of a 100kW motor controller for low-altitude flight vehicles has completed the A-round prototype design and trial production, currently undergoing system matching and ground testing [2]. - In the maritime sector, a new high-power density SiC motor controller has been applied in heavy trucks and mining vehicles, with ongoing technical exchanges with several shipping companies for product adaptation, although certification from classification societies is still pending [2]. - Regarding collaboration with Baidu on autonomous driving chassis technology, the focus is on high-end all-vector steering chassis technology for non-road scenarios, which is still in the early research and development stage [2].

Group 1: Investment Plans and Projects - The company plans to invest 210 million in Xinjiang to expand high-pressure aluminum foil production capacity, optimizing product structure to meet future demand [2] - The impact of the construction of the Yajiang Hydropower Station and the Xinjiang Railway on the company's projects was discussed, emphasizing the strategic importance of these developments [2] Group 2: Technological Advancements - The company has developed etching technology for aluminum foil below 15μm, enhancing active material adhesion by over 50%, which extends battery cycle life [2] - Research on 4μm ultra-thin copper foil coating technology is underway, significantly improving fast-charging technology for high energy density applications [2] - The high-quality etching technology is still in the R&D phase, with no production timeline provided [2] Group 3: Collaboration and Certification - The company is working on a 100kW motor controller for aircraft, currently in the design and testing phase, with system matching ongoing [2] - Development of a high-power density SiC motor controller for heavy-duty vehicles has been completed, with ongoing discussions for cross-industry applications, including marine certification [2] - The collaboration with Baidu on autonomous driving chassis technology is in the early R&D stage, with potential contributions to the company once Baidu's plans are successful [3]

Report Summary 1. Report Industry Investment Ratings No investment ratings for the industry were provided in the report. 2. Core Views - The supply - demand outlook for domestic bauxite in August is expected to be loose, and the domestic social inventory of electrolytic aluminum has increased month - on - month [1]. - The rising prices of domestic and imported bauxite push up production costs. The decline in domestic alumina operating capacity cannot change the loose supply - demand outlook, limiting the upside potential of alumina prices. It is recommended that investors wait and see, focusing on the support level around 3000 - 3100 and the resistance level around 3300 - 3600 [2]. - With the increasing expectation of the Fed's interest rate cut in August, the transition from the traditional off - season to the peak season in the domestic market, and the low social inventory of domestic electrolytic aluminum, the Shanghai aluminum price is expected to be cautiously bullish. Investors are advised to go long on the main contract at low prices with a light position, focusing on the support level around 20200 - 20400 and the resistance level around 21000 - 21500. For LME aluminum, focus on the support level around 2300 - 2500 and the resistance level around 2700 - 2800 [2]. - With the increasing expectation of the Fed's interest rate cut in August and the tight supply of scrap aluminum leading to near - loss in recycled aluminum alloy production, the aluminum alloy price is expected to be cautiously bullish. Investors are advised to short the spread between electrolytic aluminum and aluminum alloy with a light position in the short term, focusing on the support level around 19800 - 20000 and the resistance level around 20300 - 20500 [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Aluminum Futures Active Contract**: On August 25, 2025, the closing price was 20770, up 140 from the previous day; the trading volume was 146160 lots, up 11586; the open interest was 248343 lots, up 11056; the inventory was 56670 tons, down 474 [2]. - **Shanghai Aluminum Basis**: The average price of SMM A00 electrolytic aluminum was 20780, up 70; the Shanghai aluminum basis was 10, down 70; the spread between the near - month and the continuous - first contract was 15, down 5 [2]. - **Alumina Spot Price**: The national average price of alumina was 3241.72 yuan/ton, down 3.15; the average price in Shanxi was 3215 yuan/ton, down 5; in Shandong, it was 3190 yuan/ton, down 15; in Henan, it was 3215 yuan/ton, down 10 [2]. - **Alumina Futures Price**: On August 25, 2025, the closing price was 3184 yuan/ton, up 46; the trading volume was 455135 lots, up 182961; the open interest was 193845 lots, up 10870; the inventory was 83132 tons, up 5386; the basis was 57.72, down 49.15 [2]. - **LME 3 - Month Aluminum Futures**: On August 22, 2025, the closing price (electronic trading) was 9796.5, up 72 from the previous day; the spread between the 0 - 3 - month contract was - 78.38, up 2.63; the spread between the 3 - 15 - month contract was - 158.98, up 12.64 [2]. Industry News - Anhui Wufang Electromechanical Co., Ltd. is investing 2 billion yuan in a project to produce 80,000 tons of aluminum castings per year in Bengbu High - tech Zone. The first - phase production capacity of 20,000 tons has been achieved, and the annual output value will reach 800 million yuan after full - scale production [2]. - Huafeng Co., Ltd.'s subsidiary plans to jointly invest 20 million yuan with an affiliated company to establish Xinjiang Huafeng New Materials Technology Co., Ltd., aiming to build a production line with an annual output of 4 million square meters of high - voltage formed foil [2]. - India's National Aluminium Company (NALCO) plans to invest 171.63 billion Indian rupees to increase the smelter's annual capacity by 500,000 tons, 120 billion Indian rupees to increase power generation capacity by 1080 MW, and 56.77 billion Indian rupees to build a 1 - million - ton - per - year alumina refinery [2]. - The first - phase project of Inner Mongolia Huodu New Materials Co., Ltd. with an annual output of 300,000 tons of new pre - baked anodes was put into production on August 19, 2025. The second - phase project of 300,000 tons is expected to be put into production on October 19, and the third - phase project of 800,000 tons has started design [2]. Industry Supply and Demand - The supply - demand outlook for domestic bauxite in August is expected to be loose, with the production (import) volume likely to increase month - on - month. The port departure (arrival/inventory) volume of global (Chinese) port bauxite has decreased (decreased/increased) compared with last week [2]. - China's alumina production rate (production volume) has decreased compared with last week, leading to a decrease in the alumina inventory of Chinese alumina and electrolytic aluminum plants (SHFE) [2]. - Some projects are expected to increase China's alumina production in August, and the excess of China's alumina operating capacity compared with electrolytic aluminum in July has widened [2]. - Overseas alumina production in August is expected to decrease month - on - month, and the import window is closed, resulting in a decrease in domestic alumina imports (exports) and a decrease in domestic port alumina inventory [2].

Core Points - The meeting of the independent directors of Guangdong Huafeng New Energy Technology Co., Ltd. was held on August 19, 2025, to discuss important resolutions [1] - The independent directors unanimously approved a proposal for a joint investment with related parties to establish a joint venture for a production line with an annual capacity of 4 million square meters of high-pressure lithium foil [1] - The transaction is aligned with the company's strategic development needs and aims to enhance the product line to meet future industry demands [1] - The independent directors confirmed that the transaction adheres to principles of fairness and will not adversely affect the company's main business, operational capability, or financial status [1] Voting Results - The voting results showed unanimous support with 3 votes in favor, 0 against, and 0 abstentions [2] - The independent directors present were Zhou Qiao, Luo Yutao, and Wang Dafang [2]

Group 1 - The company held its 24th meeting of the 6th Board of Directors on August 14, 2025, where decisions were made in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] - The Board approved a proposal for the establishment of a joint venture company, Xinjiang Huafeng New Materials Technology Co., Ltd., to build a production line with an annual capacity of 4 million square meters of high-voltage electrolytic foil [1][2] - The joint venture will be formed between the company's wholly-owned subsidiary and an affiliated party, and the production line will focus on manufacturing high-voltage electrolytic foil for aluminum electrolytic capacitors [1] Group 2 - The Board proposed to convene the second extraordinary general meeting of shareholders in 2025 on September 5, 2025, to review the relevant matters discussed in the Board meeting [2] - The proposal for the extraordinary general meeting received unanimous approval from the Board members present [2] - The company will disclose further details regarding the extraordinary general meeting on its official information platform [3]

Group 1 - The company held its 14th meeting of the 6th Supervisory Board on August 14, 2025, which was legally convened and chaired by Ms. Liang Yali [1][2] - The Supervisory Board approved a proposal for a joint investment with related parties to establish a joint venture company and build a production line with an annual capacity of 4 million square meters of high-pressure chemical foil [1][2] - The investment aligns with the company's strategic development needs and is expected to positively impact long-term growth and strategic layout without adversely affecting the company's main business or financial status [1][2] Group 2 - The proposal received 2 votes in favor, 0 votes against, 1 abstention, and was passed, pending approval from the company's shareholders' meeting [2] - The company disclosed further details of the proposal on the same day through the official website [2]

Core Viewpoint - The company plans to establish a joint venture, Xinjiang Huafeng New Materials Technology Co., Ltd., with an investment of RMB 12 million from its wholly-owned subsidiary, Zhaoqing Huafeng Electronic Aluminum Foil Co., Ltd., to build a production line for high-voltage aluminum electrolytic capacitor foil with an annual capacity of 4 million square meters, with a total investment of RMB 210 million [1][2][19]. Group 1: Investment Overview - The joint venture will be established with a registered capital of RMB 20 million, where Zhaoqing Huafeng will contribute RMB 12 million (60%) and Huaying Investment will contribute RMB 8 million (40%) [2][10]. - The project aims to enhance the company's product line and meet the growing demand for high-voltage aluminum electrolytic capacitor foil in the market [19]. Group 2: Related Party Transactions - The joint venture involves a related party transaction as Huaying Investment is an entity associated with the company, but it does not constitute a major asset restructuring as per regulations [3][4]. - The board of directors and the independent directors have approved the transaction, confirming that it aligns with the company's strategic development needs and will not adversely affect the interests of shareholders, especially minority shareholders [4][5]. Group 3: Project Feasibility and Market Outlook - The project is strategically located in Xinjiang, an area with abundant electricity resources, which is advantageous for reducing operational costs [7][19]. - The demand for high-voltage aluminum electrolytic capacitor foil is expected to grow, driven by technological advancements and increasing market needs, indicating a positive market outlook for the project [7][19].

Group 1 - The latest stock price of Huafeng Co., Ltd. is 12.51 yuan, up 0.24% from the previous trading day [1] - The company operates in two main business segments: new energy vehicle power systems and electrode foil [1] - A wholly-owned subsidiary, Gaoyao Huafeng, plans to jointly invest with related party Huaying Investment to establish Xinjiang Huafeng New Materials Technology Co., Ltd. with a registered capital of 20 million yuan [1] Group 2 - Gaoyao Huafeng will contribute 12 million yuan, holding a 60% stake in the joint venture [1] - The joint venture aims to build a production line for high-pressure formation foil with an annual capacity of 4 million square meters in Xinjiang, with a total project investment of 210 million yuan [1] - On August 20, the net outflow of main funds was 7.9358 million yuan, accounting for 0.36% of the circulating market value [1]

Core Viewpoint - Huafeng Co., Ltd. (002806.SZ) plans to establish a joint venture with Huaying Investment to build a production line for high-voltage electrolytic foil with an annual capacity of 4 million square meters, with a total investment of 210 million yuan [1] Group 1: Joint Venture Details - The joint venture, tentatively named Xinjiang Huafeng New Materials Technology Co., Ltd., will be established to meet the strategic development needs of Huafeng New Energy Technology Co., Ltd. [1] - The registered capital of the joint venture is set at 20 million yuan, with Huayao Huafeng contributing 12 million yuan (60%) and Huaying Investment contributing 8 million yuan (40%) [1] Group 2: Project Scope and Financials - The project will focus on the production and sales of high-voltage electrolytic foil specifically for aluminum electrolytic capacitors [1] - Following the completion of this transaction, Xinjiang Huafeng will be included in the company's consolidated financial statements as a controlled subsidiary [1]

Core Viewpoint - The company Huafeng Co., Ltd. plans to establish a joint venture, Xinjiang Huafeng New Materials Technology Co., Ltd., with an investment of 210 million yuan to produce high-voltage aluminum foil for electrolytic capacitors [1] Group 1 - Huafeng's wholly-owned subsidiary, Zhaoqing Gaoyao Huafeng Electronic Aluminum Foil Co., Ltd., will invest 120 million yuan, holding a 60% stake in the joint venture [1] - The joint venture aims to build a production line with an annual capacity of 4 million square meters of high-voltage aluminum foil in stages [1] - The registered capital of Xinjiang Huafeng is set at 20 million yuan [1]