中国电池材料：剖析中国两家私营固态电池公司

China Battery Materials Equities Profiling two private SSB companies in China China Kunlun LiAnalystkunlun.li@ubs.com Profiling two China SSB start-ups During our panel discussion on the battery supply chain at the 2026 Greater ChinaConference(GCC),we hosted two Chinese start-ups focused on the R&D and Tao WangAnalystS1460523110002tao-za.wang@ubs.com+86-21-3866 8341 Hytzer Energy Hytzer, a Chinese start-up, specialises in commercialising polymer-based all-solid-statebatteries (ASSBs). Its R&D began in 2005, led by chief scientist Dr Guanglei Cui and CEODr Xi Dou at Max Planck Institute. The company has developed the world's first large-scale pilot production line for polymer ASSBs and conducted extensive reliability testing Tim BushAnalysttim-d.bush@ubs.com Golden Feather Energy Founded in 2019, Golden Feather specialises in the low-altitude economy, short-distancelogistics,commercial vehicles and embedded intelligent applications.Itsproprietary embedded solid-state electrolyte with anode-free lithium metal architectureachievesenergy density of up to 500Wh/kg with industry-leading safety levels,positioning it as a leader in next-generation battery technology. The company hascommercialised its products at scale, serving more than 500 global customers, with Valuation Method and Risk Statement We believe the risks inherent to the electric vehicle (EV) battery materials sector include, butare not limited to, the volatile nature of commodity prices and currencies, which may differmaterially from expectations. The sector is also exposed to government EV regulations and Required Disclosures This document has been prepared by UBS Securities Asia Limited, an affiliate of UBS AG. UBS AG, its subsidiaries, branches andaffiliates, including former Credit Suisse AG and its subsidiaries, branches and affiliates are referred to herein as "UBS". For information on the ways in which UBS manages conflicts and maintains independence of its UBS Global Research product;historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms andconditions for certain third party data used in research report, please visit https://www.ubs.com/disclosures. Unless otherwiseindicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterlyreports and other company announcements. The figures contained in performance charts refer to the past; past performance is not areliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed toconduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principalin the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 19 January2026 06:40 AM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts wherethose department members publish research principally on the analysis of the price or market for a derivative, and provide informationreasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts co- Analyst Certification: Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to eachsecurity or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views aboutthose securities or issuers and were prepared in an independent manner, including with respect to UBS, and (2) no part of his or her Source: UBS. Rating allocations are as of 31 December 2025.1:Percentage of companies under coverage globally within the 12-month rating category.2:Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the KEY DEFINITIONS:Forecast Stock Return (FSR)is defined as expected percentage price appreciation plus gross dividend yield overthe next 12 months. In some cases, this yield may be based on accrued dividends.Market Return Assumption (MRA)is defined asthe one-year local market interest rate plus 5% (a proxy for, and not a forecast of, the equity risk premium).Under Review (UR)Stocks may be flagged as UR by the analyst, indicating that the stock's price target and/or rating are subject to possible change in the EXCEPTIONS AND SPECIAL CASES:UK and European Investment Fund ratings and definitions are: Buy:Positive on factorssuch as structure, management, performance record, discount;Neutral:Neutral on factors such as structure, management,performance record, discount;Sell:Negative on factors such as structure, management, performance record, discount.CoreBanding Exceptions (CBE):Exceptions to the standard +/-6% bands may be granted by the Investment Revie