Recently, Shenzhen Denza New Energy Automobile Co., Ltd. has undergone equity and industrial and commercial changes, BYD's shareholding ratio has increased from 90% to 100%, and Mercedes-Benz (China) Investment Co., Ltd., which originally held 10% of the shares, has withdrawn.

BYD (SZ002594, share price of 256.10 yuan, market value of 745.1 billion yuan) will take over Denza, which will further strengthen its ability to integrate internal resources and optimize its brand strategic layout. As Wang Chuanfu, Chairman and President of BYD, said, DENZA has become an important link in BYD's brand matrix, which not only integrates the resources and support of Dynasty.com, Ocean.com and Equation Leopard, but also provides a solid foundation for high-end brands to look up to.

Looking back on the development of Denza, Wang Chuanfu once summed up its initial challenges with "hardships and twists and turns". Although it is the first luxury brand in China's automotive history to focus on new energy and has the luxury genes of Mercedes-Benz, DENZA still faces many challenges in terms of brand recognition and channel layout.

Today, BYD has demonstrated its strength with its high-end brand look-up, and no longer needs to rely on Mercedes-Benz to enhance the brand image of Denza. On the contrary, BYD can make full use of its own brand advantages and matrix effect to promote DENZA to achieve higher quality development and further consolidate and expand its leading position in the new energy vehicle market.

Major releases

CATL (SZ300750): Launched CATL TECTRANS, an overseas commercial EV battery brand

On September 16, the 2024 Germany Hannover International Transportation Expo (IAA Transportation 2024) officially opened. On the day of the launch, CATL launched CATL TECTRANS, an overseas commercial power battery brand, and launched five new products. Among them, the supercharging version and long-life version of CATL TECTRANS-T are mainly suitable for heavy-duty commercial vehicles, with a cruising range of 500 km. CATL TECTRANS-Bus version is mainly suitable for bus passenger transportation, and the energy density of the product is up to 175Wh/kg; The CATL TECTRANS-L is suitable for light commercial vehicles.

Comments: CATL launched CATL TECTRANS, an overseas commercial power battery brand, with five new products covering heavy-duty and light-duty commercial vehicles and bus passenger transport, demonstrating the deepening of its global layout to meet the diversified market demand. This move not only consolidates CATL's leading position in the global power battery market, but also provides strong support for its further expansion in the international market.

Trina Solar (SH688599): Winner of the 2024 Asia Pacific Water Management Award

On September 19, Trina Solar announced that the company has won the 2024 Asia-Pacific Water Management Award from Environmental Finance for its outstanding performance in reducing water consumption, and is the only company in the Asia-Pacific region to receive this honor. It is reported that the award was initiated by Environmental Finance, a world-renowned media that focuses on sustainable investment and green finance, and aims to recognize enterprises that actively promote sustainable development change and adjust their resources, operations and entire business models to achieve or even exceed sustainable development and climate goals.

Comments: This not only demonstrates Trina Solar's excellent performance in the field of sustainable water management, but also further strengthens its position in the field of sustainable development. Over the past year, Trina Solar has taken a number of measures to reduce water consumption, such as introducing the World Resources Institute's water risk assessment tool, Aqueduct Water Risk Areas, which assesses water risks in the areas where 23 production sites around the world are located.

Operational initiatives

BYD (SZ002594): DENZA has changed from a joint venture between BYD and Mercedes-Benz to an independent brand automaker

Recently, Shenzhen Denza New Energy Automobile Co., Ltd. has undergone equity and industrial and commercial changes, BYD's shareholding ratio has increased from 90% to 100%, and Mercedes-Benz (China) Investment Co., Ltd., which originally held 10% of the shares, has withdrawn; Hans Georg Engel, the former director, withdrew. So far, DENZA has changed from a joint venture between BYD and Mercedes-Benz to an independent brand car company.

Comments: As the result of the cooperation between BYD and Mercedes-Benz, DENZA's products have certain competitiveness in the high-end new energy vehicle market. After BYD is wholly owned, it is expected to further integrate resources, accelerate the marketing and technological innovation of DENZA products, and enhance its market competitiveness in the field of new energy vehicles.

Lenovo Group (HK00992): Reached a strategic cooperation with the Wuhan Baiji Dolphin Conservation Foundation and adopted the Yangtze finless porpoise

Recently, Lenovo Group has reached a strategic cooperation with the Wuhan Baiji Dolphin Conservation Foundation, and under the guidance of the Institute of Hydrobiology of the Chinese Academy of Sciences, it has officially adopted the "No. 1575" Yangtze finless porpoise of the Baiji Dolphin National Nature Reserve in the Xinluo section of the Yangtze River in Hubei Province. It is reported that this is the first time that Lenovo Group has publicly adopted a national first-class key protected wild animal. Known as the "giant panda in the water" due to its scarcity, the Yangtze finless porpoise is a unique flagship species in the Yangtze River basin and a barometer of the health of the Yangtze River.

Comments: Lenovo Group's move demonstrates corporate social responsibility. It not only contributes to the conservation of rare species, but also aligns with Lenovo's green and sustainable development strategy, which helps to enhance the brand image and promote public awareness and participation in ecological protection.

Earnings Announcements

Meituan-W (HK03690): Disclose the structure and income of platform riders

On September 19, Meituan Research Institute disclosed the latest data, further explaining the structure and income of riders on the platform. The data shows that if a rider runs orders for more than 260 days a year and receives orders for more than 6 hours a day, his income is competitive in the local area. Taking June 2024 as an example, if a rider runs an order in a first-tier city, the monthly income can reach more than 7,354 yuan, and if he is in a third-tier city and below, the monthly income can reach more than 5,556 yuan.

Comments: Meituan's disclosure of rider income structure shows that the income of highly active riders is competitive, and also reflects the platform's emphasis on rider welfare. This move may enhance the stability of riders and improve service quality, which is of positive significance for Meituan to build a good ecosystem and consolidate its market position.

Li Auto-W (HK02015): Ideal L6 achieved 100,000 deliveries, setting a record for the fastest delivery of new forces

On September 19, Li Auto's official WeChat announced that in the 37th week of 2024 (September 9~15), Li Auto's weekly sales reached 12,600 units, ranking first among new power brands in the Chinese market for 21 consecutive weeks. On the same day, Li Auto also issued a document stating that since the start of delivery on April 24, 2024, the Ideal L6 has achieved 100,000 deliveries, setting a record for the fastest delivery of new forces.

Comments: The rapid delivery record of Li L6 and the market performance of Li Auto show the strong competitiveness and brand influence of Li Auto in the field of new energy vehicles. With the continuous advancement of technology and the further development of the market, Li Auto is expected to continue to maintain and consolidate its market position.

Industrial expansion

CNOOC Limited (SH600938): Liuhua 11-1/4-1 oilfield secondary development project was put into production

On September 19, CNOOC Liuhua 11-1/4-1 oilfield secondary development project was put into production. The project is China's first deepwater oilfield secondary development project, located in the eastern part of the South China Sea, composed of Liuhua 11-1 and Liuhua 4-1 oilfields, with an average water depth of about 305 meters, the main production facilities are Asia's first deepwater jacket platform "Haiji No. 2" and Asia's first cylindrical FPSO (floating production, storage and offloading device) "Haikui No. 1", 32 development wells are planned to be put into production, with a peak daily output of about 2,700 tons, and the oil nature is heavy crude oil.

Comments: The successful commissioning of the secondary development project of Liuhua 11-1/4-1 oilfield not only demonstrates CNOOC's leading position in the field of deepwater oil and gas development, but also injects new vitality into the goal of "stable production of more than 20 million tons for ten years" in the eastern oilfield of the South China Sea, provides new solutions for the efficient development of China's deepwater oil and gas fields, and adds new momentum to the deepening of enterprise-local cooperation between CNOOC Limited and Shenzhen.

Important collaborations

Great Wall Motor Co., Ltd. (SH601633): The company will cooperate with Viet Nam Chengan Group for CKD assembly

On September 16, Great Wall Motor announced that the company recently signed a memorandum of cooperation with Viet Nam Cheng An Group, and the two sides will cooperate in CKD assembly. Relying on Great Wall Motor's car manufacturing accumulation and the localized resources of Chengan Group, by the end of 2025, Great Wall Motor will realize Viet Nam Automobile Viet Nam and provide Viet Nam users with car purchase options. It is reported that starting from Thailand, Great Wall Motor has realized the normal operation of regional countries such as Thailand, Malaysia, Laos, Brunei, and Viet Nam.

Comments: Great Wall Motor and Viet Nam Chengan Group reached a CKD assembly cooperation, aiming to accelerate the layout of the Southeast Asian market. This move also marks the further advancement of Great Wall Motor's globalization strategy, especially in the Southeast Asian market, which will bring new growth momentum to Great Wall Motor.