WUXI LEAD (00470) saw its shares rise more than 6% during the morning trading session, reaching a new record high since its listing. As of the time of writing, the stock was up 5.52%, trading at HK$54.45, with a turnover of HK$64.0144 million. According to CATL's 2025 annual report, by the end of 2025, CATL's total battery production capacity reached 772 GWh, with an output of 748 GWh. The capacity utilization rate for 2025 stood at 96.9%, surpassing the previous cycle's peak and hitting a new historical high. 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 expansion intentions among downstream battery producers, the growth potential of lithium battery equipment in the new cycle is viewed positively. Public information shows that WUXI LEAD is one of the few equipment companies globally capable of delivering integrated lithium battery production lines. The company successfully completed the full process equipment chain 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, America, Japan, South Korea, and leading domestic battery enterprises, securing repeat orders due to its stable performance.