WUXI LEAD (00470) rose more than 6% during morning trading, reaching a new record high since its listing. At the time of writing, the stock was up 6.40% at HK$54.90, with a turnover of HK$76.747 million.

According to CATL's 2025 annual report, the company's total battery production capacity reached 772 GWh by the end of 2025, with an output of 748 GWh. The capacity utilization rate for 2025 stood at 96.9%, exceeding the previous cycle's peak and setting a new historical record. GF Securities noted that the sustained high capacity utilization rate among leading battery manufacturers indicates that existing production lines are nearing full capacity and are unable to meet future order growth, creating an urgent need for expansion. Against the backdrop of strong willingness among downstream battery makers to expand production, the growth potential of lithium battery equipment in the new cycle is viewed optimistically.

Public information shows that WUXI LEAD is one of the few equipment companies globally capable of delivering complete lithium battery production lines. The company successfully integrated the entire process equipment for mass production of all-solid-state batteries in 2024. In 2025, WUXI LEAD's solid-state battery equipment achieved batch deliveries, serving customers across Europe, the United States, Japan, South Korea, and leading domestic battery manufacturers. The company has also secured repeat orders due to its stable performance.