Core Viewpoint - Desay Battery (000049) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 9.762 billion yuan, a year-on-year increase of 9.32% compared to 8.93 billion yuan in 2024 [1] - Net profit attributable to shareholders was 97.545 million yuan, down 9.36% from 108 million yuan in the previous year [1] - The gross margin decreased to 9.21%, down 2.94% year-on-year, while the net margin fell to 0.36%, a decline of 40.53% [1] - The company reported a significant increase in accounts receivable, which accounted for 1223.75% of the latest annual net profit [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased by 65.82% to 1.991 billion yuan, attributed to the collection of accounts receivable and redemption of financial products [1] - Short-term borrowings rose by 48.72% due to rapid sales growth in subsidiaries and increased foreign exchange risk exposure [2] - The company’s debt situation is concerning, with interest-bearing debt reaching 4.346 billion yuan, a 17.68% increase [1][2] Operational Insights - The company’s return on invested capital (ROIC) was only 3.63%, indicating weak capital returns, with a historical median ROIC of 14.97% over the past decade [5] - The business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [5] Market Position and Future Outlook - Analysts project a net profit of 485 million yuan for 2025, with an average earnings per share of 1.26 yuan [5] - The largest fund holding Desay Battery shares is the CITIC Securities CSI 1000 Index Enhanced A Fund, which has shown significant growth over the past year [6]

Industry Overview - The Ministry of Industry and Information Technology is set to issue satellite internet licenses to three major telecom operators, which will likely accelerate the launch of satellite networks and ground facilities, presenting investment opportunities in satellite manufacturing and related companies [2] - Shanghai has announced adjustments to its real estate purchase restrictions, including lifting limits for single individuals and equalizing loan rates for first and second homes, which may boost confidence in the real estate sector and consumer spending, particularly in the liquor industry [3] - The Chinese government aims to increase the self-sufficiency rate of semiconductors for data centers to 70% by 2027, with plans for Beijing to reach 100%, indicating a growing market for domestic AI servers and computing chips [3] Advanced Manufacturing - Desay Battery reported a revenue of 9.762 billion yuan for the first half of the year, a year-on-year increase of 9.32%, while net profit decreased by 9.36% to 98 million yuan. The company is undergoing a strategic transformation, with traditional consumer electronics battery business performing well, but significant losses in its energy storage segment [6] - Jiangsu province has clarified the "discharge pricing mechanism" for vehicle-grid interaction, allowing electric vehicles to act as distributed energy storage units, which could incentivize the operation of energy storage fleets and charging stations [7] Consumer Sector - Maiqiuer's total revenue for the first half of 2025 was 294 million yuan, a decrease of 4.49%, but net profit turned positive at 1.5466 million yuan, a significant turnaround after three years of losses. The company's gross margin improved to 25.32% [9] - Guibao Pet reported a revenue of 3.221 billion yuan, a year-on-year increase of 32.72%, with net profit rising by 22.55% to 378 million yuan. The company saw strong growth in its core pet food segment, particularly in staple food, while online sales channels have become a significant growth driver [10]

格隆汇8月25日丨德赛电池(000049.SZ)公布2025年半年度报告，上半年公司实现营业收入97.62亿元，同 比增长9.32%；归属于上市公司股东的净利润9754.53万元，同比下降9.36%；归属于上市公司股东的扣 除非经常性损益的净利润6637.36万元，同比下降15.29%；基本每股收益0.2536元。 ...

Core Viewpoint - Desay Battery (000049.SZ) reported a revenue of 9.762 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.32%. However, the net profit attributable to shareholders decreased by 9.36% to 97.5453 million yuan [1]. Financial Performance - The company's operating revenue reached 9.762 billion yuan, marking a 9.32% increase compared to the previous year [1]. - The net profit attributable to shareholders was 97.5453 million yuan, which represents a decline of 9.36% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 66.3736 million yuan, down 15.29% year-on-year [1]. - Basic earnings per share stood at 0.2536 yuan [1].

深圳市德赛电池科技股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 深圳市德赛电池科技股份有限公司 2025 年半年度财务报告 编制单位：深圳市德赛电池科技股份有限公司 单位：人民币元 会合 01 表 | 资产 | 注释号 | 期末数 | 期初数 | 负债和所有者权益 | 注释号 | 期末数 | 期初数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 流动资产： | | | | 流动负债： | | | | | 货币资金 | 1 | 1,991,155,819.06 | 1,292,121,103.14 | 短期借款 | 22 | 1,763,769,066.35 | 1,185,994,239.17 | | 结算备付金 | | | | 向中央银行借款 | | | | | 拆出资金 | | | | 拆入资金 | | | | | 交易性金融资产 | 2 | 866,327,613.10 | 1,334,312,556.32 | 交易性金融负债 | 23 | 1,075,700.00 | 352,300.00 | | 衍生金融资 ...

深圳市德赛电池科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：深圳市德赛电池科技股份有限公司 单位：人民币万元 | | | | 占用方与上市公司的关 | 上市公司核算 | 2025 年期 | 年半 2025 年度占用 | 年半 2025 年度占用 | 2025 年半年 | 2025 年半年 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 资金占用方名称 | 联关系 | 的会计科目 | 初占用资 金余额 | 累计发生 金额（不含 | 资金的利 | 度偿还累计 发生金额 | 度占用资金 余额 | 原因 | 占用性质 | | | | | | | | 利息） | 息（如有） | | | | | | 控股股东、实际控制 | 无 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | 小计 | | - | - | - | | | | | | - | - | | 前控股股 ...

证券代码：000049 证券简称：德赛电池 公告编号：2025-021 （一）本次计提资产减值准备的原因 为了更加真实、准确、客观地反映公司的财务状况及经营成果，基于谨慎性原则， 根据《企业会计准则》及公司会计政策的相关规定，公司对各类资产进行了全面清查， 对各项资产减值的可能性进行了充分的评估和分析，对存在减值迹象的资产计提相应减 值准备。 （二）本次计提资产减值准备的资产范围、总金额及拟计入的报告期间 公司本次计提资产减值准备的范围包括应收账款、合同资产、其他非流动资产和存 货，计提信用减值准备与资产减值准备总金额为 16,605.26 万元，占公司 2024 年度经 审计归属于上市公司股东净利润的比例为 40.21%。具体明细如下： 单位：人民币万元 | 项目 | 类别 | 2025 年半年度 计提金额 | | --- | --- | --- | | 信用减值准备 | 应收账款坏账准备 | 1,609.20 | | 资产减值准备 | 存货跌价准备 | 15,155.03 | | | 合同资产减值准备 | -181.94 | | | 其他非流动资产减值准备 | 22.97 | | | 合计 | 16,60 ...

证券代码：000049 证券简称：德赛电池 公告编号：2025-019 深圳市德赛电池科技股份有限公司 第十一届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 深圳市德赛电池科技股份有限公司（以下简称"公司"）第十一届监事会第五次会 议通知于 2025 年 8 月 12 日以电子邮件形式发出，会议于 2025 年 8 月 22 日在惠州市 德赛大厦 24 楼 2402 会议室以现场方式召开。公司实有监事 3 人，实际出席会议 3 人。 会议由监事会主席夏志武先生主持，会议符合《公司法》和《公司章程》的规定，所 作决议合法有效。 经审核，全体监事认为：董事会编制和审议《2025 年半年度报告》及其摘要的程 序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详情请见公司同日登载于《证券时报》和巨潮资讯网的《2025 年半年度报告摘要》 （公告编号：2025-020）和登载于巨潮资讯网的《2025 年半年度报告》。 2、《关于 20 ...

深圳市德赛电池科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳市德赛电池科技股份有限公司 2025 年半年度报告全文 | 第一节 | 重要提示、目录和释义 1 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 8 | | 第四节 | 公司治理、环境和社会 19 | | 第五节 | 重要事项 21 | | 第六节 | 股份变动及股东情况 27 | | 第七节 | 债券相关情况 30 | | 第八节 | 财务报告 31 | | 第九节 | 其他报送数据 123 | 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连 带的法律责任。 公司负责人刘其、主管会计工作负责人及会计机构负责人（会计主管人员） 罗仕宏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在 ...

一、董事会会议召开情况 深圳市德赛电池科技股份有限公司（以下简称"公司"）第十一届董事会第七次 会议通知于 2025 年 8 月 12 日以电子文件形式通知董事、监事和高管，会议于 2025 年 8 月 22 日在惠州市德赛大厦 24 楼 2402 会议室以现场结合视频方式召开。应出席 董事 9 名，实际出席董事 9 名，其中董事罗翔先生和独立董事宋文吉先生以视频方式 出席本次会议。会议由董事长刘其先生主持，监事和高管人员列席了会议。本次会议 符合《公司法》和《公司章程》的规定，所作决议合法有效。 证券代码：000049 证券简称：德赛电池 公告编号：2025-018 深圳市德赛电池科技股份有限公司 第十一届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 详情请见公司同日登载于《证券时报》和巨潮资讯网的《2025 年半年度报告摘要》 （公告编号：2025-020）和登载于巨潮资讯网的《2025 年半年度报告》。 2、《关于 2025 年半年度计提资产减值准备的议案》 董事会认为，公司本次计提资产减值准备事项符合《企业会计准则》和公司相 ...