According to the CICC research report, the performance of the Ningde Era was in line with expectations, and dividends+large repurchases strengthened shareholder returns. The company's net profit from 1H26 to mother was 43.284 billion yuan, an increase of 41.98%. The performance was in line with market expectations. 2Q26 lithium battery shipments continued to increase year-on-year, and unit profit fluctuated month-on-month; non-lithium 2Q26 revenue increased year-on-year, and gross margin continued to improve month-on-month. The company expects a dividend of 6.5 billion yuan in mid-'26; at the same time, it plans to use 20 to 40 billion yuan to repurchase A shares to cancel and reduce registered capital, increase shareholder returns and demonstrate the company's confidence. Keep the target price of A Shares/H Shares unchanged at 500.0/715.0 yuan, and the “outperform the industry” rating.

According to the CICC research report, Ningde Era's performance was in line with expectations, and dividends+large repurchases strengthened shareholder returns. The company's net profit from 1H26 to mother was 43.284 billion yuan, an increase of 41.98%. The performance was in line with market expectations. 2Q26 lithium battery shipments continued to increase year-on-year, and unit profit fluctuated month-on-month; non-lithium 2Q26 revenue increased year-on-year, and gross margin continued to improve month-on-month. The company expects a dividend of 6.5 billion yuan in mid-'26; at the same time, it plans to use 20 to 40 billion yuan to repurchase A shares to cancel and reduce registered capital, increase shareholder returns and demonstrate the company's confidence. Keep the target price of A Shares/H Shares unchanged at 500.0/715.0 yuan, and the “outperform the industry” rating.