SMM News, April 2: Dealers in Jiangxi reported no significant change for now in replacement demand in the automotive lead-acid battery market, with retailers only purchasing as needed and battery inventory at around one and a half months. In addition, amid the sharp recent rise in lead prices, talk of sales promotions in the battery wholesale market has weakened, and the mainstream model 6-QW-45Ah was quoted at 180-200 yuan/unit. Manufacturers in Zhejiang reported that domestic demand in the automotive lead-acid battery market was average. Coupled with impeded battery exports due to factors including geopolitical issues, tariffs, and differences in domestic and overseas costs, factories are currently producing based on sales, with the operating rate at around 50-60. Manufacturers in Hebei reported stable demand in the automotive lead-acid battery market, among which vehicle OEM supporting orders were moderate, and factory production lines were running at near full capacity. However, as the traditional consumption off-season in April approaches, subsequent production will be adjusted based on order conditions.

[Lead-Acid Battery Enterprise Updates] Yesterday, Leoch International (00842.HK) announced its annual results for 2025. During the period, the company's overall revenue recorded slight growth, with regional contributions showing divergent growth trends. Full-year revenue reached approximately 17.212 billion yuan, up 6.7% YoY. As of the end of the reporting period, the company's total assets were approximately 15.523 billion yuan, and total equity was approximately 4.842 billion yuan.

[Lead-Acid Battery Enterprise Updates] Recently, Leoch International announced that, after considering various factors such as current market and regulatory conditions, it decided not to proceed at this stage with the proposed spin-off of Leoch Energy Inc. and its listing on a US stock exchange. Leoch Energy Inc. will adjust its financing strategy and seek new opportunities.

[Lead-Acid Battery Enterprise Updates] Recently, Camel Group stated in response to investor questions on an interactive platform that the company is steadily advancing its energy storage-related business in line with its established development plan. The European PACK plant project commenced construction in 2025, aiming to support the company’s strategic goals for new energy transformation and internationalization.

SMM News, April 2: As the traditional off-season for the e-bike lead-acid battery market approaches, dealers said battery sales weakened compared with March, while lead prices held up well, and there was no change for the time being in the battery market selling price. For example, the mainstream 48V20Ah model was priced at 380-410 yuan/set. In addition, due to rising raw material costs, e-bike enterprises have issued notices to raise complete vehicle selling prices in April by 200-300 yuan per unit.

[SMM Lead Morning Meeting Summary: Macro Tailwinds Boosted Lead Prices Higher; Follow-up Focus on Alignment With Fundamentals] US President Trump said he would consider a ceasefire only if the Strait of Hormuz were opened. Recently, there have been signs of easing geopolitical tensions outside China, and market risk aversion sentiment has weakened, leading to a relative rebound in nonferrous metals, among which imported lead has flowed into the Chinese market...