Core Viewpoint - Ruipu Lanjun has released a positive profit forecast for 2025, expecting a net profit of 630 million to 730 million yuan, marking its first annual profit since establishment, a significant improvement from a net loss of 1.353 billion yuan in 2024. The performance improvement is primarily attributed to increased shipments of power and energy storage batteries, enhanced capacity utilization, and cost reduction measures. This forecast indicates a fundamental turnaround in the company's fundamentals, providing direct support for the stock price [1]. Recent Developments - In terms of business progress, Ruipu Lanjun is collaborating with Saike Technology on a battery project in Chongqing, which will hold a construction push event in January 2026, with an initial planned capacity of 12 GWh, focusing on the production of power and energy storage batteries, supporting the "Wen Ding Battery" product system. Additionally, since the appointment of President Feng Ting in November 2024, the company has implemented strategic focus, organizational restructuring, and overseas market expansion, which have provided momentum for the performance turnaround [2]. Institutional Perspectives - According to a report by CMB International on February 2, 2026, Ruipu Lanjun maintains a "Buy" rating with a target price of 15.46 HKD. The report indicates that the company is entering a profit upturn through economies of scale and integrated transformation, with net profit expected to further increase in 2026, although attention should be paid to fluctuations in raw material costs and industry competition risks [3]. Stock Performance - In the past week, Ruipu Lanjun's stock price has increased by 4.75%, with a fluctuation of 6.56%. On February 9, the stock surged by 5.73% in a single day, with significantly increased trading volume, reflecting the market's positive reaction to the profit forecast; however, the stock price has since experienced some pullback. Technical indicators show that the MACD remains positive, while the KDJ is at a high level, indicating potential short-term adjustment pressure [4].

Core Viewpoint - Rui Pu Lan Jun is expected to achieve a net profit of 630 million to 730 million yuan in 2025, marking a turnaround from a loss of 1.353 billion yuan in 2024, resulting in an improvement of nearly 2 billion yuan in profit [2][20]. Financial Performance - In the first half of 2025, Rui Pu Lan Jun reported total revenue close to 9.5 billion yuan, a year-on-year increase of nearly 25% [5][23]. - The net loss was significantly reduced by 90.4% year-on-year, and gross profit surged by 177.8% to reach 829 million yuan [5][23]. - The total sales volume of lithium batteries reached 32.40 GWh in the first half of 2025, doubling year-on-year with a growth of approximately 100.2% [5][23]. Strategic Transformation - The turnaround is attributed to strategic adjustments, management reforms, and market focus initiated by President Feng Ting, who took office in November 2024 [7][25]. - The company implemented a deep reform centered on "strategic focus" and "cost reduction and efficiency enhancement," including the merger with Lan Jun New Energy to unify resources and eliminate internal friction [7][25]. Market Positioning - Rui Pu Lan Jun has shifted its focus to the commercial vehicle battery swap market, achieving a market share that ranks second nationally for both new energy heavy truck batteries and battery swap heavy truck batteries in the first half of 2025 [27]. - The company has successfully expanded into overseas markets, generating 2.663 billion yuan in overseas revenue in 2025 and establishing partnerships with several international companies [27]. Industry Context - The energy storage industry is transitioning from "scale competition" to "value competition," with technological commercialization becoming a core competitive advantage [12][30]. - The European market remains a key variable, with potential recovery expected as inventory depletion concludes and supportive policies emerge [12][30]. Future Outlook - Rui Pu Lan Jun plans to pursue three growth trajectories: collaborative growth of its business matrix, deepening globalization, and continuous technological leadership [33]. - The global energy storage market is projected to maintain a compound annual growth rate of 15%, with new installed capacity expected to reach 16 GW by 2030 [33].

Core Viewpoint - The Chinese energy storage lithium battery market is expected to experience significant growth in 2025, with a shipment volume of 630 GWh, representing an 85% year-on-year increase, and maintaining over 90% of the global market share [1][4]. Group 1: Market Growth Drivers - The growth is driven by three main factors: the gradual exit of mandatory storage policies and the acceleration of independent storage projects in the domestic market, transitioning the industry from "passive configuration" to "active investment" [4]. - The overseas market is boosted by the U.S. installation surge, demand release in emerging markets, and the end of inventory depletion in overseas household storage, leading to strong order growth [4]. - New application scenarios, such as data centers, are contributing to the continuous increase in demand for energy storage cells [4]. Group 2: Competitive Landscape - The top 10 companies in China's energy storage lithium battery shipments for 2025 include CATL, BYD, Hicharge, EVE Energy, and others, which also rank among the top globally [1][2]. - The competition in the household storage lithium battery market in 2025 will focus on specialized production capacity and large-scale delivery capabilities, solidifying the market share and industry position of leading companies [5]. Group 3: Future Trends - In 2026, the household storage lithium battery market is expected to see a relaxation of capacity constraints, with the establishment of a dual mainline product matrix as 100Ah and 314Ah cells become standard options [4][5]. - The global supply chain layout is accelerating, with localized production becoming a key strategy to address trade barriers and raw material sourcing requirements in overseas markets [5]. - The penetration rate of large capacity cells (500+ Ah) is projected to exceed 20% in 2026, with most manufacturers expected to achieve mass production by the second half of the year [9]. Group 4: Market Projections - The energy storage battery market is anticipated to maintain a high growth trend into 2026, with an expected shipment of over 850 GWh, although capacity pressure will remain significant in the first half of the year [8][11]. - The price of energy storage cells is projected to increase by approximately 3-6 cents per Wh due to rising costs of key raw materials, which will be passed down to downstream procurement costs [12].

Core Viewpoint - Rui Pu Lan Jun (00666) has seen a significant stock price increase of over 5%, currently trading at HKD 13.38, with a transaction volume of HKD 58.04 million, following a profit warning indicating a turnaround to profitability with a projected net profit of RMB 630 million to RMB 730 million for the year [1] Group 1: Financial Performance - The company expects to achieve a net profit of RMB 630 million to RMB 730 million, marking a successful turnaround from previous losses [1] - The anticipated profit for the second half of the year is estimated to be around RMB 700 million to RMB 800 million, which exceeds previous forecasts by approximately RMB 500 million [1] Group 2: Key Growth Drivers - Two main factors contributing to the profit increase are the continuous rise in the shipment volume of power and energy storage battery products, which has effectively driven revenue growth [1] - Improvements in production capacity utilization and the implementation of cost reduction and efficiency enhancement measures have significantly boosted gross margins [1] Group 3: Analyst Insights - Citi's report highlights that the profit forecast is surprising and indicates a potential profit range for the second half that is higher than their previous estimates [1] - The current profit forecasts for the company for the fiscal years 2026 and 2027 are set at RMB 1.3 billion and RMB 1.9 billion, respectively, with a rating of "outperform" assigned to the stock [1]

Core Viewpoint - Ruipu Lanjun (00666) has experienced a significant stock price increase of over 5%, currently trading at HKD 13.38, with a transaction volume of HKD 58.04 million, following the announcement of a profit forecast indicating a turnaround to profitability [1] Financial Performance - The company expects to achieve a net profit of RMB 630 million to RMB 730 million for the full year, marking a successful turnaround from previous losses [1] - The anticipated profit for the second half of the year is projected to be approximately RMB 700 million to RMB 800 million, which exceeds previous estimates by about RMB 500 million [1] Key Growth Drivers - The increase in profitability is attributed to two main factors: 1. A continuous rise in the shipment volume of power and energy storage battery products, which has effectively driven steady revenue growth [1] 2. Improvements in production capacity utilization and the implementation of cost reduction and efficiency enhancement measures, leading to a significant improvement in gross profit margins [1] Analyst Insights - Citi's research report highlights that Ruipu Lanjun's profit forecast is surprising and indicates a stronger performance than previously anticipated [1] - The current profit forecasts for the fiscal years 2026 and 2027 are set at RMB 1.3 billion and RMB 1.9 billion, respectively, with a rating of "outperform" assigned to the company [1]

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00666 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 934,422,124 | RMB | | 1 | RMB | | 934,422,124 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 934,422,124 | RMB | | 1 | RMB | | 934,422,124 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | - | ...

Core Viewpoint - The company, Ruipu Lanjun, anticipates a net profit of approximately RMB 6.30 billion to RMB 7.30 billion for the fiscal year ending December 31, 2025, following a net loss of about RMB 13.53 billion for the year ending December 31, 2024, indicating a turnaround to profitability [1][3]. Financial Performance - In 2024, Ruipu Lanjun achieved a revenue of RMB 177.96 billion, representing a year-on-year growth of 29.44%, despite a net loss of RMB 13.53 billion [1][3]. - For the first half of 2025, the company reported a revenue of RMB 94.91 billion, reflecting a year-on-year increase of 24.9%, with a net loss of RMB 65.32 million [4]. Product Shipment and Revenue Breakdown - The total shipment of power and energy storage batteries reached 32.4 GWh, marking a year-on-year growth of 97.6%. This includes a power battery installation volume of 13.53 GWh (up 78.5%) and energy storage battery shipments of 18.87 GWh (up 119.3%) [2][4]. - Revenue from energy storage batteries was RMB 50.83 billion, a year-on-year increase of 58.4%, accounting for 53.6% of total revenue, making it the largest source of income for the company [2][4]. Market Position - Ruipu Lanjun ranked fifth globally in energy storage cell shipments in 2024, second in the household storage segment, third in the installation volume of new energy heavy trucks in China, and sixth in domestic shipments of lithium iron phosphate power cells [1][3].

Core Viewpoint - Ruipu Lanjun has announced a profit forecast, expecting a net profit between approximately RMB 630 million to RMB 730 million by December 31, 2025, after a net loss of approximately RMB 1.353 billion for the year ending December 31, 2024, indicating a turnaround in performance driven by increased sales of power and energy storage battery products, improved capacity utilization, and cost reduction measures [1][3] Group 1: Financial Performance - The company reported a revenue of RMB 9.491 billion for the first half of 2025, representing a year-on-year growth of 24.9%, with a significant reduction in net loss by over 90% compared to the previous year [3] - The forecasted net profit for 2025 marks a significant recovery from the previous year's losses, showcasing the company's confidence in its operational improvements and market strategies [1][3] Group 2: Strategic Adjustments - Under the leadership of President Feng Ting, who took office in November 2024, the company has implemented strategic adjustments, resource integration, and internal reforms, contributing to its improved financial performance [3] - The company has shifted its strategic focus from "technology exploration" to a "customer demand-driven" approach, ensuring that technological advancements align closely with market needs [8] Group 3: Technological Advancements - The core technology platform "WenDing®" has successfully transitioned from laboratory to market, enhancing internal space utilization by 3%-5% and reducing direct current resistance (DCR) by 16% [8][9] - The company has developed several industry-leading products based on this technology, including a 392Ah energy storage cell with an energy efficiency of 95%-96.4% and a 588Ah ultra-large capacity cell achieving 96.6% efficiency in specific charging scenarios [9] Group 4: Global Expansion Strategy - Ruipu Lanjun is shifting its global strategy from simple product exports to "industrial chain export" and deep localization, exemplified by its investment in a battery factory in Indonesia with an initial planned capacity of 8GWh [11] - The company has signed strategic cooperation agreements with local firms in Indonesia and South Korea, significantly increasing its overseas revenue by 153.4% year-on-year to RMB 2.663 billion in 2024 [11] Group 5: Future Outlook - The company is positioning itself as a comprehensive energy solutions provider, aiming to integrate deeply into local green energy infrastructure in Southeast Asia, the Middle East, and Europe [15] - Ruipu Lanjun's global narrative is evolving from "going out" to "going in" and "integrating in," with a focus on sustainable innovation and maintaining its technological edge in the global energy revolution [15]

Group 1 - SF Express (09699) expects a profit of no less than RMB 238 million for the year ending December 31, 2025, representing an increase of at least 80% compared to 2024. Adjusted net profit is projected to be no less than RMB 376 million, a growth of at least 158%, with revenue expected to reach no less than RMB 22 billion, a 40% increase from 2024 [1] - Fuhong Hanlin (02696) shares rose nearly 5% following a successful offline researcher meeting in San Francisco regarding its international multi-center Phase III clinical study for HLX22, a new anti-HER2 monoclonal antibody [1] - Xpeng Motors (09868) saw a decline of over 2.2% as it reported January vehicle deliveries of 20,011 units, a year-on-year decrease of 34.07% and a month-on-month decrease of 46.65% [1] Group 2 - Engineering machinery stocks continued to rise, with Zoomlion (01157) up 7.47% and Sany International (00631) up 3.57%. The total import and export trade of engineering machinery in China for 2025 is projected to be USD 62.743 billion, a year-on-year increase of 13.2% [2] - Ruipu Lanjun (00666) shares increased over 5% after announcing its first profit forecast since listing, expecting a net profit of RMB 630 million to RMB 730 million for the year ending December 31, 2025 [2] - Pony.ai (02026) shares rose over 2.5% following a partnership with Aitbot to build a fully autonomous driving service fleet [2] Group 3 - MINIMAX-WP (00100) shares surged over 12.7% after the release of the MiniMax Music 2.5 audio model, which achieved breakthroughs in "paragraph-level strong control" and "physical-level high fidelity" [3] - China International Marine Containers (02039) shares rose over 12% after discussing its data center business and container manufacturing performance in an investor relations activity [3] Group 4 - WanGuo Gold Group (03939) shares increased over 6.8% after announcing an expected profit of approximately RMB 1.4 billion to RMB 1.5 billion for 2025, a year-on-year increase of about 143% to 161% due to rising sales volume and prices of gold products [4] - Junda Co., Ltd. (02865) shares rose over 13% after completing a placement agreement [4] Group 5 - Carnival Cruise Line (CCL.US) shares rose 8.09% as U.S. House Speaker Mike Johnson expressed confidence in gaining Republican support to end the government shutdown [5] - Major tech stocks like AMD (AMD.US) and Intel (INTC.US) saw gains, with AMD up 4.03% and Intel up 5.04%, following unexpected expansion in U.S. manufacturing activity [5] - The storage sector strengthened, with SanDisk (SNDK.US) up 15.44% as demand for AI and data centers continues to drive price increases in DRAM and NAND Flash products [6] Group 6 - Disney (DIS.US) shares fell 7.4% despite reporting a 5% year-on-year revenue increase to USD 26 billion for Q1 2026, exceeding analyst expectations [7] - Coterra Energy (CTRA.US) shares dropped 3.6% following Devon Energy's announcement of a significant acquisition deal [6] - Oracle (ORCL.US) shares declined 2.75% as the company plans to raise USD 45 billion to USD 50 billion for expanding its cloud infrastructure [8]

Core Viewpoint - RuiPu LanJun (00666) has released its first profit warning since listing, projecting a net profit of RMB 630 million to RMB 730 million for the fiscal year ending December 31, 2025, marking a successful turnaround to profitability [1][5]. Group 1: Financial Performance - The expected profit increase is driven by two main factors: a continuous rise in the shipment volume of power and energy storage battery products, which effectively boosts revenue, and improvements in capacity utilization along with cost reduction measures that significantly enhance gross margins [1][5]. Group 2: Industry Outlook - According to CMB International, the energy storage industry is expected to maintain high prosperity in 2026, benefiting from the accelerated global energy transition [1][5]. - RuiPu LanJun is strategically positioned in the household storage sector, with its shipment volume ranking among the industry leaders [1][5]. Group 3: Capacity Expansion - The company has a clear capacity expansion plan, targeting a production capacity of 90 GWh by 2025, with expectations to expand to approximately 120 GWh in 2026 and 150 GWh in 2027, which is anticipated to continuously release scale effects [1][5]. Group 4: Product Strategy - RuiPu LanJun is shifting its focus from solely selling battery cells or modules to promoting direct current system integration products, which is expected to structurally enhance the gross margin of the overall energy storage segment [1][5].