2 INDUSTRY NEWS China EV Bus Sector Booming 2015, visible long-term growth, leading plays to benefit Analyst: Mark Po, CFA; Tel: (852) ; mark

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1 1 行业动态 2016 年 2 月 4 日 中国电动公交车市场 2015 年录得爆发式增长, 长远增长具可见性, 龙头企业为受益者分析员 : 布家杰, CFA; 电话 : (852) ; [email protected]; 宁宁 ; 电话 : (852) ; [email protected] 尽管大盘回调, 中国电动汽车板块在经过了两年的爆发式增长后, 仍然吸引很多投资者的关注 但是, 市场似乎缺乏专门讨论中国电动客车的分析 有见及此, 我们于这报告中描述了该市场的总体情况, 并列出一些投资者应该留意的行业重点 我们认为, 从政府设下的目标来看, 国内电动客车市场有维持多年增长的良好基础, 预计在中型和大型客车之间, 其产品结构将不断优化 对于补贴的逐步退出和电池相关政策的不确定性, 其带来的影响仍然可控 上市的电动客车龙头企业将持续受益于行业的增长和它们周详的战略计划 电动客车介绍 : 目前, 中国电动客车主要分为 (1) 混合动力客车 (2) 纯电动客车 纯电动客车由电力驱动, 现时被纳入中国的补贴方案中 该客车最常用的电池是锂离子电池 混合电动客车由电动马达驱动, 其内燃机小于一般传统型号 为了实现更高的效率, 电池驱动的电动马达允许内燃机在最大效率的环境下操作 混合动力驱动系统的主要部件包括内燃机 (ICE) 发电机 电池组及一个电动马达 若以燃烧的材料分类, 中国的混合动力客车分为 1) 油电混合动力 ;2) 柴电混合动力客车 若以充电类型分类, 它分为插电式混合动力车和非插入式 由于国家针对非插电式混合动力汽车的补贴已在 2013 年 5 月完结, 该款汽车已渐渐退出市场, 因为汽车制造商和客户普遍均追随补贴方案 市场规模庞大, 政府目标令人鼓舞, 行业将维持健康增长 根据在 2015 年发布关于加快新能源汽车推广应用的指导意见, 国家电动公交车到 2020 年将达到 20 万台 在 2015 年底, 中国只有大约 36,000 辆电动公共客车 ( 公交车 ), 这意味着这五年内的年均复合增长率达到 41% 假设每轮公交车的补贴平均为 50 万元人民币 ( 包括中央和地方政府对不同尺寸公交车的购买和运营的补贴, 已考虑了补贴退出的影响 ), 市场总规模将超过千亿元人民币 由于公共交通一般占传统 / 电动公交车终端需求 ( 公共交通 + 其他用途 ) 的 65%, 因此预计在未来五年, 电动公交车市场的补贴总规模 ( 保守而言 ) 将超过 1,700 亿元人民币 根据工信部的数据, 电动客车 2015 年总产量同比增长超过 310%, 而纯电动客车则同比急增 584% 该增长强劲的原因, 部分是由于市场忧虑补贴将在 2016 年完结并提早了下订单, 亦部分由于受到政府的 2015 年底目标推动 展望未来, 我们明白到 2015 年强劲的同比增速可能会在 2016 年恢复正常, 但虽然如此, 年均复合增长率达到 40% 的 健康 增长将得到保证, 主要由于 : 一 ) 国家在推广公共交通方面的目标 ( 新增和更换 ) 十分进取 根据图 1, 新能源公交车推广应用考核办法 考虑到地区性新增 / 置换需求, 对电动客车在公共交通中的使用量设有详细的目标 地方政府能否达到目标, 将很取决于它们收到的油价补贴, 以及取决于它们从中央政府收到的电动公交车运营补贴 二 ) 黄标车 替代品带来巨大的市场 ( 不符合汽车排放标准国 1 国 3 的汽油燃料车 / 柴油燃料公交车 ) 三 ) 在中央补贴逐步退出之下, 地方政府倾向在最后期限前达到推广目标 宇通客车 [ CH] 近日公布,1 月销量同比增长 69.7%( 创月度新高 ), 反映增长势头持续, 这应有助消除部分市场忧虑 1

2 2 INDUSTRY NEWS China EV Bus Sector Booming 2015, visible long-term growth, leading plays to benefit Analyst: Mark Po, CFA; Tel: (852) ; Nevin Ning; Tel: (852) ; February 4, 2015 Despite broad market correction, investors interests have been drawn to the China EV industry after its explosive growth in the past two years. However, there seems to be lacking specialized analysis regarding EV bus ( 客车 ) segment in China. In this light, we present a general picture and highlight several critical points of China EV Bus sector in this note. We believe domestic EV bus market is a multi-year growth story under government target, with product structure expected to optimize between mid and large sized buses. Impact of gradual subsidy exit and policy uncertainty over battery used are under control. Leading listed plays would benefit from sector growth and their strategy plan. Introduction of EV bus: The current China EV bus mainly consists of (1) hybrid electric bus (2) pure electric bus. Pure electric bus is powered by electricity, and included in the current national subsidy program in China. Most commonly used battery is lithium-ion battery. A hybrid-electric bus is powered by an electric motor, and a smaller than normal conventional internal combustion engine. To achieve heightened efficiency, battery powered electric motor allows combustion engine to operate at periods of maximum efficiency. Major components of a hybrid drive system include an internal combustion engine (ICE), a generator, a battery pack, and an electric motor. By combustion material, hybrid electric bus in China divides into i) Gaselectric hybrid and ii) Diesel-electric hybrid bus. By charging type, it divides into plug-in hybrid EV(PHEV) bus and nonplug-in type. Since the exit of targeted national subsidy for non-plug in hybrid bus in May 2013, it gradually faded away from the market as automaker and clients followed closely with the subsidy program. A sizable market under government target, growth to sustain under a healthy way. According to Implementation opinion on EV promotion in transportation sector issued by Ministry Of Commerce (MOC) in 2015, national EV public bus should reach 200,000 units by There are roughly only around 36,000 EV public bus ( 公交车 ) by 2015 end, implying a five-year CAGR of 41%. Assuming average subsidy of RMB500,000/bus (including central & local subsidy on purchase and operation for different sized public bus, and considering subsidy exit effect), total market size would be over RMB100bn. As public transportation normally accounts for ~65% of end-demand for traditional/ev bus sector, total market size for EV Bus (public transportation + other usage) in next 5 years in terms of subsidy (which is conservative) would be over RMB170bn. Total output of EV bus grew by +310% YoY in 2015, with pure EV bus surging by 584% YoY, according to MIIT data. The inspiring growth is partially due to the possible rush order upon fear over subsidy exit in 2016, and partially driven by government target by end Going forward, we understand that strong YoY growth rate in 2015 may have a chance to normalize in 2016 but the 40% CAGR long term healthier growth is guaranteed and driven mainly by: a) aggressive public transportation promotion target (addition & replacement). According to figure 1, Pilot Evaluation Scheme on EV Public Bus Promotion> has set detailed target for EV public bus usage in public transportation in regional addition/replacement demand. Whether local government achieves the target is closely linked to the oil subsidy they would receive and EV public bus operating subsidy they would get from central government. b) ample market for substitution of yellow sign car (gasoline-fuel car/diesel-fuel bus that don t fulfill National-I/National- III emission standard). c) incentive for local government to achieve promotion target ahead of deadline under gradual exit of central purchase subsidy to be received. Recent announcement of Yutong Bus [ CH] s January +69.7%YoY sales volume growth (record high on a monthly basis) indicating sustained growth momentum to continue should partly clear market concerns. 2

3 3 Figure 1: Proportion of EV public bus in regional addition/replacement demand ( ) Atmosphere pollution key protected region Central & southern region Beijing, Shanghai, Tianjing, Hebei, Shanxi, Jiangsu, Zhejiang, Shandong, Guangdong, Hainan Anhui, Jiangxi, Henan, Hubei, Hunan, Fujian % 50% 60% 70% 80% 25% 35% 45% 55% 65% Other regions 10% 15% 20% 25% 30% Sources: MIIT, MOC, MOF, CGIS Research Figure 2: EV public Bus operating subsidy plan ( ) Unit: RMB100,000/bus/year Bus Type Length (meter) 6<=L<8 8<=L<10 L>=10 Pure EV public bus PHEV public bus Fuel cell powered public bus Super-capacitor public bus Non-PHEV public bus Sources: MIIT, MOC, MOF, CGIS Research PHEV Bus vs. Pure EV: aggressive expansion of pure EV may gradually calm in future. In 2013, pure EV bus only accounted for 16% of total EV bus output, and rose to 49% in The percentage surged to 78.5% in 2015, as pure EV bus gained further momentum with sales proportion even climbing above 80% in Nov and Dec Government subsidy s leaning towards pure EV was the main reason behind its rising popularity over the past years, directing focus gradually towards pure EV for major bus manufactures. Going forward, we expect the aggressive expansion of pure EV bus would gradually calm while PHEV bus, with its mature technology that caters to increasing safety awareness from customers and reduced subsidy gap with pure EV bus, would regain market attention and attract more investments in the field, which finally leads to a stabilized market structure. Figure 3: Yellow sign car market (10,000 units) 1,800 1,600 1,400 1,200 1, Sources: MEP, CGIS Research 3

4 4 Figure 4: Selected policies on promoting EV Bus Date Authority Policy Content Jul-2014 State Council Guidance opinion on accelarating EV promotion For cities engaged in EV promotion, EV should account no less than 30% of newly added/replacement demand. Mar-2015 MOC Implementation opinion on EV promotion in transportation sector Total number of EV public bus, taxi and civil logistic cars should reach 300,000 by 2020, with EV public bus reach 200,000. May-2015 MOF, MIIT, MOC Notice on improving oil subsidy policy and accelerating EV promotion Link traditional oil subsidy with EV bus promotion results. Launch central subsidy on EV public bus operation. Nov-2015 MOF, MIIT, MOC Pilot evaluation scheme on EV public bus promotion Sets detailed proportion target of EV public bus in regional addition/replacement demand. Sources: CGIS Research Small size vs. large size: 6~8m-long EV bus booming in 2015, 2016 to normalize. In Jan-Nov 2015, 6~8m-long-EV bus (small size compared to 8~10m and >10m type) accounted for at least 70% of EV bus output for major players. The portion even soared above 90% for certain players. Core reason behind is the imbalanced subsidy program. Previous subsidy program has granted RMB300k per vehicle purchase subsidy for 6~8m EV bus on central government level. Adding another package from local provinces, this type of EV bus could receive an average RMB400k~600k subsidy. Besides, an annual operation subsidy of RMB40k per vehicle is granted for this size pure EV public bus. Such rich package almost exceeds total cost, which directly led to abnormal growth of the segment. In contrast, 12m-long-EV public bus,a dispensable part of civil public transportation system, currently only occupies 5% market share. Recognizing this structure imbalance, Notice on fiscal support over EV promotion during 2016 and 2020 has adjusted down subsidy by at least 30% for some 6~8m EV bus based on driving range and energy efficiency, equivalent to at least RMB100,000 reduction considering potential reduction in local government level, which would impact the comparative advantage of purchasing 6~8m bus. Meanwhile, recent news over cheating in subsidy claim pointed to 6~8m EV bus segment (to claim for subsidy more easily by setting up auto leasing company collaborated with some battery makers to purchase EV bus with less than required amount of batteries needed). We believe the news coverage would stimulate revisit of existing policies for 6~8m EV bus sector. It also help normalize the segment growth to benefit the long term prospect of EV bus sector through abandoning irrational expansion plan of those opportunistic players without core technologies and R&D. 4

5 5 Figure 5: Central purchase subsidy for EV Bus ( ) Type Bus body length Subsidy (RMB10,000/bus) 6 R<8 30 Pure EV Bus 8 R<10 40 R PHEV Bus R Sources: MIIT, CGIS Research Figure 6: Central purchase subsidy for EV Bus ( ) Type Pure EV Bus Quantity of energy to cover driving range and payload (E kg, Wh/km kg) Standard bus body length (10m<L 12m) Driving range of pure EV: R (km) 6 R<20 20 R<50 50 R< R< R<250 R 250 E kg < E kg < E kg < E kg < E kg < PHEV Bus n.a. n.a Note 1: 10m<L 12m: standard subsidy; L<6m: 20%* subsidy; 6m<L 8m: 50%*subsidy; 8m<L 10m: 80%*subsidy; L 12m double-decker: 120%* subsidy Note 2: : 80% of 2016 subsidy; : 60% of 2016 subsidy Sources: MIIT, CGIS Research Market concentration: more competition for pure EV bus in 2015, potential reshuffle in Top four players in terms of output for domestic EV bus sector dropped slightly to ~52% in 2015 compared to 56.4% in 2014, according to MIIT data. This is rather fragmented compared to market share of 72.8% of the top four players in passenger EV market (using 2015 sales figure from CPCA), because there is no dominated players in EV bus sector as BYD in passenger EV field (34.9% market share by 2015 sales volume). Concentration in hybrid bus segment stayed largely the same, while pure EV bus segment became increasingly competitive with market share of top four players dropping from 60.2% to 48.3% in 2015, which is obvious as more attractive subsidy package draws more players into the field. Yutong continues its market leading position with more efforts in pure EV bus segment that grabs 15.2% market share. BYD is a dominating player in the pure EV bus segment with length > 12m without major competitor. We expect the sharp decline in concentration for pure EV would normalize in 2016 as decline of subsidy program for this field may keep potential new entrants away from the market. We may expect to see reshuffle in existing competitive landscape as recent document regarding possible temporary ban over NMC (nickel manganese cobalt) in EV bus may have some impact on players with part of future production capacity set aside for NMC adoption. 5

6 6 Figure 7: China EV Bus Market (Pure EV & PHEV) by output (LHS: 2015, RHS: 2014) Yutong Jinlong Auto Zhongtong Nanjing Jinlong BYD Other Yutong Jinlong Auto BYD Nanjing Jinlong BAIC Ford Other 17.6% 26.3% 43.0% 37.8% 17.5% 13.6% 5.0% 7.8% 9.1% 5.9% 6.9% 9.5% Sources: MIIT, CGIS Research Figure 8: China Pure EV Bus Market by output (LHS: 2015, RHS: 2014) Yutong Jinlong Auto Nanjing Jinlong Zhongtong BYD Other BYD Nanjing Jinlong Yutong Jinlong Auto BAIC Ford Other 15.2% 20.2% 33.3% 45.3% 13.9% 14.6% 10.0% 6.5% 6.4% 9.3% 10.8% 14.6% Sources: MIIT, CGIS Research 6

7 7 Comparative advantage for EV bus stands firmly despite gradual subsidy cut. We did a comparative analysis on the annual power cost (net of oil/operating subsidy for traditional/ev). For a traditional diesel-fueled public bus, assuming average fuel consumption of 36L per 100km, annual mileage of 80,000 km, current diesel fuel ex-factory price (tax-included) RMB4.27/L (RMB5020/t), 0# diesel fuel retail price for Shanghai RMB5.11/L ( ), with government subsidy on diesel consumption for public bus RMB( )/L (historical subsidy program claimed that when ex-factory diesel price exceeds RMB3.29/L or RMB3870/t, fiscal budget would cover the exceeded portion for public bus), net power cost is about RMB120,700. For a 12m pure EV public bus, assuming 1.3 degree power consumption per 100km, annual mileage of 80,000 km, charging fee (base power cost + service fee) of RMB1.2/degree, annual operating subsidy of RMB80,000 based on latest program, net power cost is about RMB45,000 per annum. The cost gap expects to stand firmly due to: a) latest oil pricing mechanism by National Development and Reform Commission (NDRC) has set floor benchmark for domestic oil price and also adjust back retail price based upon latest global oil price drop, which means no further downside for domestic retail price. b) currently there is limited visibility for potential decline on operating subsidy for EV bus. c) Implementation Opinion on EV Promotion in Transportation Sector has stated gradual decline of oil subsidy in future, which sets downward pressure on diesel fuel subsidy and in turn incentivize promotion campaign for EV public bus. Safety issue revisit in EV bus sector: rising NMC s contribution, impact still under control Recent news flow regarding EV bus on fire has arose people s awareness over safety issue of EV bus, while relevant authority has issued document to consider temporarily ban on use of NMC in EV bus. MIIT has initiated investigation and evaluation procedure over risks of using NMC Lithium battery, and EV bus that currently adopted NMC would be temporarily excluded from the promotion list of recommended EV model (not apply to passenger vehicle and logistic cars) before the investigation procedure ends. We understand that lithium battery with NMC as Cathode material bears higher requirement for BMS (battery management system) and for overall stability, especially in EV bus where large power needed compared to passenger EV. China still lacks experience in wide application of NMC compared to existing track record of using lithium iron phosphate (LFP) battery. However, we believe the news, which has its impact nevertheless on certain players with model in progress applying NMC, would not veil the attractiveness of China EV bus sector due to strong growth momentum, better energy efficiency and limited exposure to NMC usage. We also believe that occurrence of such accident at early stage of a new industry is, on the other hand, conducive for the improvement of overall regulations, quality check, manufacturing standard and would help curb the potential investment bubble that leads to industry over-supply. 7

8 8 Figure 9: Battery market share in pure EV Bus monthly output (LHS: Dec 2014, RHS: Nov 2015) LFP NMC Multi-composite LMO LTO 4.55% 2.04% 0.91% LFP NMC Multi-composite LMO LTO 3.0% 5.0% 0.0% 1.0% 27.60% 64.90% 91.0% Sources: auto.gasgoo.com, CGIS Research Only 1% of total pure EV bus manufactured during December 2014 used NMC material as cathode of the lithium battery, while LFP, the cathode material with more mature technology and longer application track record in China, dominated 91% market share. We understand the proportion for NMC was up in 2015 (which accounts for 12% of total EV bus market in 2015 according to relevant news), as PHEV bus may tend to prefer NMC material due to better ability of soc (state of charge) calibration as battery often could not get fully used in PHEV. However, we believe the actual impact should not be overly addressed due to: a) EV bus sector with higher safety-consciousness than passenger EV would prefer LFP rather than NMC which bears higher power density and requirement for BMS. b) existing pure EV bus model types largely apply for LFP and not compatible with NMC battery, while it takes time for R&D of new EV bus model. Meanwhile, we shall recall such suspension does not apply to the logistic vehicles and passenger vehicles, and the relevant authorities' have held an neutral tone towards technology to be used. Current suspension only serves as a tool to lift safety awareness and to optimize product structure, it would not veil the long term trend of wider application of NMC given future improvement in BMS technology. 8

9 9 Leading domestic plays to benefit in the long run. We believe that leading players with better QC procedure, less exposure to risky components, established track record and global footprints would benefit from the elevation of regulatory standard and therefore, enjoy more from the growth dividend of the whole EV bus market. BYD [1211.HK] has operated EV bus since 2011 under K series, including K9 (12m), K8(10m), K7(8m). Its K series EV bus is mainly powered by its in-house developed LFP batteries and has been launched in over 30 cities across China. We estimate that its EV bus contributed ~47% in 1H15 EV segment revenue (or ~9.3% of total 1H15 turnover), and about 40% in 2015E EV revenue, while profit contribution also expects to be considerable. According to the management, during the 2016 BYD investor conference, EV bus order in 2015 amounted to 7,500 units. The company estimated EV bus output in 2016 would be with range of 10,000~15,000 (significantly up from the previously mentioned 8,000 EV bus target during interim investor presentation in Aug 2015), with Guangzhou and Shenzhen to secure 9,000, among which output from Shenzhen expects to up from 3,600 (dominated the local tendering in 2015) to 6,000. Besides, as mentioned above, 6~8m EV bus segment was the major area of domestic cheating for subsidy claim where BYD currently has no exposure to, which better outlines the company s comparative advantage. BYD also leads the China EV Bus makers in global coverage. The company has already become the first China automobile brand to provide K9 electric buses to Japan. It also received orders of 60 units of K9 from bus operators in California, 52 units from London and 35 units from Netherland in FDG [729.HK] is another electric bus play that is LFP-battery based, with strong presence in Hangzhou (Hangzhou production facility is now in trial production). The company s Hangzhou factory has designed annual capacity of 100,000 vehicles, mainly producing 2-seater pure electric passenger cars, 5-seater pure electric passenger cars, and 6-9 meter long electric minibuses. FDG is now marketing its electric minibuses to local government agencies and departments. According to management, demand for electric minibuses is strong due to central government s policy of supporting development of EV and reduction of PM2.5 emission. Hangzhou government targets to replace all conventional buses for public transportation in 2016 and On the other hand, as NMC battery market are currently dominated mainly by international giants such as Samsung SDI, LG Chemical, we believe the potential temporary ban on adoption of NMC in EV bus also set the tone to support development of domestic battery plays. 9

10 10 Figure 10: BYD K9 Spec Size Power Function Driving range Price Length mm Width mm 2550 Height mm 3360 Battery LFP Supplier BYD Capacity Kwh 324 Charging time hour 3~6 Max Speed km/h km accleration s 23 Seat No Under 40km/h km 400 Under urban mode km 250 Selling Price (after subsidy) RMB 1,000,000 Subsidy (central&local) RMB 1,000,000 Sources: bydauto, Internet, CGIS Research Figure 11: BYD EV Bus Historical Sales Volume (assuming order fulfilled for 2016E) 12,000 10,000 8,000 6,000 4,000 2, E Sources: Internet, company, CGIS Research 10

11 11 Figure 11: Peer Comparison Sector Ticker Company PE EV/EBITDA P/B ROE ROA Div yield Share Price Performance Price Premium/(Discount) Price Market Cap 2015F 2016F 2017F 2015F 2016F 2017F F F F F 1M 3M 6M 12M to Close Price 2015F PB 2015F PE Lcy US$m x x x x x x x x % % % % % % % % % % % Lcy x x Automaker PV 1211 HK Byd Co Ltd-H , % HK Geely Automobile Holdings Lt , % HK Guangzhou Automobile Group-H , n.a % HK Great Wall Motor Company-H , % CH Saic Motor Corp Ltd-A , n.a % Bus CH Zhengzhou Yutong Bus Co -A , n.a % CH Zhongtong Bus & Holding Co-A n.a n.a % CH Anhui Ankai Automobile-A n.a. n.a. n.a. n.a. n.a. n.a. 3.4 n.a. 1.9 n.a. 0.7 n.a. n.a. n.a % 5.4 n.a. n.a CH Beiqi Foton Motor Co Ltd-A , n.a. n.a % HK China Dynamics Holdings Ltd n.a. n.a. n.a n.a % HK Fdg Electric Vehicles Ltd n.a. n.a. n.a. n.a. n.a. n.a. 2.9 n.a n.a % 0.4 n.a. n.a HK China Harmony New Energy Aut , % Average % CH Ningbo Shanshan Co Ltd-A , n.a % CH Beijing Easpring Material-A n.a % CH Citic Guoan Information-A ,532 n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a % n.a. Cathode materials CH China Baoan Group-A ,965 n.a. n.a. n.a. n.a. n.a. n.a. 4.4 n.a. 9.4 n.a. 4.7 n.a. n.a. n.a % 10.7 n.a. n.a CH Kingray New Materials Sci -A n.a. n.a. n.a. n.a. n.a. n.a. 3.9 n.a n.a n.a. n.a. n.a % 10.1 n.a. n.a CH Hengdian Group Dmegc -A , n.a. n.a. n.a n.a % CH Jiangxi Special Electric -A ,098 n.a. n.a. n.a. n.a. n.a. n.a. 6.6 n.a. 2.8 n.a. 1.4 n.a. n.a. n.a % 6.9 n.a. n.a CH Jiangsu Guotai Int Group -A n.a n.a n.a. n.a. n.a. n.a. Anode material CH China Baoan Group-A ,965 n.a. n.a. n.a. n.a. n.a. n.a. 4.4 n.a. 9.4 n.a. 4.7 n.a. n.a. n.a % 10.7 n.a. n.a CH Ningbo Shanshan Co Ltd-A , n.a % CH Fspg Hi-Tech Co Ltd -A n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4.0 n.a. 1.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.1 n.a. n.a. Li-ion battery separator CH Zhejiang Nanyang Technolog-A , n.a. n.a. n.a. 2.8 n.a. 2.6 n.a. 2.5 n.a. n.a. n.a % 11.4 n.a CH Shenzhen Hifuture Electric-A n.a. n.a. n.a. n.a. n.a. n.a. 5.4 n.a n.a. 8.6 n.a. n.a. n.a % 9.6 n.a. n.a CH Cangzhou Mingzhu Plastic -A , n.a % CH Jiangsu Guotai Int Group -A n.a n.a n.a. n.a. n.a. n.a CH Shenzhen Capchem Technolog-A n.a n.a n.a % Electrolytic solution CH Do-Fluoride Chemicals Co-A , n.a. n.a. n.a % CH Jiangsu Jiujiujiu Technolo-A ,389 n.a. n.a. n.a. n.a. n.a. n.a. 5.3 n.a. 3.3 n.a. 0.5 n.a. n.a. n.a % 10.8 n.a. n.a CH Ningbo Shanshan Co Ltd-A , n.a % CH Sichuan Chengfei Integrat -A , n.a. n.a. n.a. n.a. 6.4 n.a. 2.6 n.a. 2.3 n.a. n.a. n.a % 29.2 n.a Pow er core CH Zhejiang Narada Pow er Sour-A , n.a % CH Shenzhen Desay Battery Tec-A , n.a % CH Sunw oda Electronic Co Ltd-A , n.a % BMS CH Shenzhen Topband Co Ltd -A n.a. n.a. n.a. n.a. n.a. n.a. 4.4 n.a n.a. 7.0 n.a. n.a. n.a % 15.2 n.a. n.a CH Ningbo Joyson Electronic -A n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a CH Jiangxi Ganfeng Lithium Co-A , % Lithium materials CH Tibet Mineral Development-A ,387 n.a. n.a. n.a. n.a. n.a. n.a. 5.6 n.a n.a n.a. n.a. n.a % 10.1 n.a. n.a CH Qinghai Salt Lake Industry-A , n.a % CH Sichuan Tianqi Lithium Ind-A , n.a % Battery 1043 HK Coslight Technology Intl Gp n.a. n.a. n.a. n.a. n.a. n.a. 0.5 n.a. 1.8 n.a. 0.4 n.a. 0.0 n.a % 1.9 n.a. n.a. 819 HK Tianneng Pow er Intl Ltd % HK Chaow ei Pow er Holdings Ltd % HK Ciam Group Ltd n.a. n.a. n.a. n.a. n.a. n.a. 4.0 n.a n.a n.a. 0.0 n.a % 1.6 n.a. n.a. Super Capacitor 894 HK Man Yue Technology Holdings n.a. n.a. n.a. n.a. n.a. n.a. 0.2 n.a. 2.8 n.a n.a. 1.8 n.a % 0.9 n.a. n.a. Average % Permanent magnetic material CH Beijing Zhongke Sanhuan Hi-A , n.a % CH Jilin Sino-Microelectronic-A n.a. n.a. n.a n.a % CH Zhongshan Broad Ocean Moto-A , n.a % HK Zhuzhou Csr Times Electric-H , % CH Shenzhen Inovance Technolo-A , n.a % Motor driver CH Zhejiang Founder Motor Co -A n.a % CH Beijing Zhongke Sanhuan Hi-A , n.a % CH Jiugui Liquor Co Ltd-A n.a. n.a. n.a. n.a. n.a. n.a. 2.5 n.a n.a. 1.9 n.a. n.a. n.a n.a. n.a. n.a. n.a CH Jiangxi Special Electric -A ,098 n.a. n.a. n.a. n.a. n.a. n.a. 6.6 n.a. 2.8 n.a. 1.4 n.a. n.a. n.a % 6.9 n.a. n.a CH Ningbo Yunsheng (Group) Co-A , n.a n.a. n.a. n.a. n.a CH Wolong Electric Group Co L-A , n.a. n.a. n.a n.a. n.a. n.a % CH Xinzhi Motor Co Ltd-A , n.a % Average % Charging equpment CH Shenzhen Auto Electric Pow -A , n.a. n.a. n.a. n.a. 9.8 n.a n.a. 6.4 n.a. n.a. n.a % 17.9 n.a CH Nari Technology Co Ltd-A , n.a % CH Sieyuan Electric Co Ltd-A , n.a % CH Shanghai Potevio Co Ltd - A ,627 n.a. n.a. n.a. n.a. n.a. n.a n.a. 0.7 n.a n.a. n.a. n.a % 12.0 n.a. n.a CH Shenzhen Kstar Science And-A , % CH Suzhou Industrial Park Hes-A % HK China Titans Energy Technolo n.a. n.a. n.a. n.a. n.a. n.a. 1.9 n.a n.a n.a. 0.0 n.a % 0.6 n.a. n.a HK Wasion Group Holdings Ltd % HK Zte Corp-H , n.a % HK Jiangnan Group Ltd % Average % HSI Index HSCEI Index SHCOMP Index Sources: Bloomberg, CGIS Research 11

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