Core Viewpoint - EVE Energy (300014) announced that its large cylindrical new products will begin mass production and delivery in Q3 of this year, with expected low delivery volumes for the year [1] Group 1: Production and Capacity - The large cylindrical battery factory in Jingmen is expected to reach full production capacity by 2026 [1] - The company is planning the construction of a second production line at its Shenyang factory and is gradually implementing other capacity plans [1] Group 2: Customer Base - In addition to overseas clients, there will be new domestic customers for the large cylindrical batteries [1] Group 3: Solid-State Battery Development - The company's solid-state battery MWh production line is planned to be built in Chengdu, with expectations for completion within the year [1]

人民财讯8月23日电，亿纬锂能（300014）在电话会议上表示，公司动力电池产品在今年二季度对国际 车企的交付逐渐起量，毛利率有了明显提升，上半年动力电池板块毛利率做到了17.60%，同比上年的 11.45%有了明显的改善。预计三季度依然是稳定交付的状态。公司过去对部分产线进行改造，改造完 成的产线在今年7月开始陆续投产交付。动力电池板块盈利能力预计在下半年会呈现稳定向上的趋势。 ...

Core Viewpoint - EVE Energy (300014) reported smooth progress in the construction of its overseas factories, indicating a strong expansion strategy in the battery manufacturing sector [1] Group 1: Production Updates - The production capacity of the cylindrical batteries in Malaysia has reached mass production [1] - The second phase of the energy storage factory in Malaysia is progressing as planned, expected to be completed by the end of this year and to start mass production and delivery in early next year [1] Group 2: International Expansion - The Hungary project received building permit decisions in the first half of this year, and the company has begun comprehensive construction work [1] - The Hungary facility is expected to be completed and put into operation by 2027 [1]

Financial Performance - In the first half of 2025, the company achieved total revenue of 28.17 billion CNY, a year-on-year increase of 30.06% [1] - The net profit attributable to shareholders was 1.605 billion CNY, with a non-recurring net profit of 1.157 billion CNY [1] - Excluding stock incentive expenses and specific bad debt provisions, the adjusted net profit was 2.218 billion CNY, up 3.78% year-on-year, while the adjusted non-recurring net profit was 1.770 billion CNY, an increase of 18.06% [1] Product Shipment - During the reporting period, the company shipped 21.48 GWh of power batteries, representing a year-on-year growth of 58.58% [1] - The shipment of energy storage batteries reached 28.71 GWh, marking a year-on-year increase of 37.02% [1] Production Capacity and Expansion - The company is the first in China to achieve mass production of large cylindrical power batteries and is a primary supplier for next-generation models of leading international automotive companies [1] - The first production line of the 600Ah+ large square lithium iron phosphate energy storage battery has entered mass production testing [2] - The Malaysian small cylindrical battery plant has achieved mass production, with the second phase of the energy storage factory expected to be completed by the end of 2025 [2] Profitability Insights - The gross margin for the power battery segment improved to 17.60% in Q2 2025, up from 11.45% in the previous year [3] - The company anticipates stable delivery and profitability trends in the second half of the year [3] Future Outlook - The commercial vehicle sector is expected to see a compound annual growth rate of approximately 35% over the next few years, with current electric vehicle penetration at around 10% [6] - The company projects significant growth in both the power and energy storage battery segments in 2026, driven by new product launches and factory expansions [7] Cost Management - The company is actively managing costs related to lithium carbonate price fluctuations through hedging strategies [4] - The impact of stock incentive expenses on profits was approximately 570 million CNY in the first half of 2025, with expectations of slightly lower expenses in the second half [5]

Core Viewpoint - The financial report for the first half of 2025 from EVE Energy shows strong performance in both shipment volume and profitability, driven by the core businesses of power batteries and energy storage batteries [3][4]. Group 1: Financial Performance - EVE Energy achieved revenue of approximately 28.17 billion RMB in the first half of 2025, representing a year-on-year growth of 30.06% [3]. - In Q2 2025, revenue reached 15.35 billion RMB, marking a record high for a single quarter [3]. - Power battery shipments totaled 21.48 GWh, up 58.58% year-on-year, while energy storage battery shipments reached 28.71 GWh, increasing by 37.02% [3]. - Revenue from the power battery segment was 12.75 billion RMB, a year-on-year increase of 41.75%, and revenue from the energy storage battery segment was 10.30 billion RMB, up 32.47% [3]. Group 2: Business Growth Factors - The growth in business is attributed to two main factors: increased delivery volumes from international automakers and the completion of production line upgrades that enhanced efficiency and profitability [4]. - EVE Energy ranked fifth in domestic power battery installation volume and achieved a 13.59% market share in the new energy commercial vehicle sector, positioning it as the second in the market [4]. Group 3: International Expansion and Revenue Sources - Overseas revenue amounted to 6.97 billion RMB, reflecting a year-on-year growth of 28.05%, accounting for 24.74% of total revenue [5]. - The newly established cylindrical battery factory in Malaysia significantly boosts EVE Energy's delivery capabilities in Southeast Asia, Europe, and North America [5]. - EVE Energy plans to conduct an IPO in Hong Kong to raise funds for its 30 GWh power battery factory in Hungary and a 38 GWh energy storage battery project in Malaysia [5]. Group 4: CLS Business Model - EVE Energy is promoting its CLS business model, which focuses on cooperation, licensing, and service to enhance industry efficiency rather than merely increasing production capacity [5]. - The CLS model has already been implemented in a joint energy storage cell factory with Jinko Energy, which began mass production in June 2025 [6]. - EVE Energy has also partnered with Weita Power to advance battery production for humanoid robots, showcasing the model's adaptability to emerging market needs [6]. Group 5: Future Outlook - The company expressed confidence in meeting its annual targets, with stable delivery expected in the second half of the year [7]. - Several external factories have commenced production under the CLS model, contributing to stable delivery capabilities [8]. - EVE Energy has developed a prototype of an Ah-level sulfide-based solid-state battery, with plans for a pilot line to be operational by 2025 [8].

Core Insights - The core viewpoint of the article is that Huizhou EVE Energy Co., Ltd. reported its financial performance for the first half of 2025, showing significant revenue growth but a decline in net profit attributable to shareholders [1] Financial Performance - In the first half of 2025, the company achieved total operating revenue of 28.169 billion yuan, representing a year-on-year increase of 30.06% [1] - The net profit attributable to shareholders of the listed company was 1.605 billion yuan, reflecting a year-on-year decrease of 24.90% [1] - Excluding the impact of equity incentive expenses and specific bad debt provisions, the net profit attributable to shareholders was 2.218 billion yuan, which indicates a year-on-year growth of 3.78% [1]

Core Viewpoint - The article highlights the financial performance and market dynamics of EVE Energy in the first half of 2025, emphasizing significant growth in revenue and battery shipments, while also noting a decline in net profit and non-recurring profit [2][6]. Financial Performance - In the first half of 2025, EVE Energy achieved a revenue of approximately 28.2 billion yuan, representing a year-on-year growth of 30.06% [2]. - The net profit attributable to shareholders was 1.605 billion yuan, a decrease of 24.9% year-on-year [2]. - The non-recurring net profit was 1.157 billion yuan, down 22.82% compared to the previous year [2]. Business Segments - The company shipped 21.48 GWh of power batteries, marking a year-on-year increase of 58.58% [3]. - The shipment of energy storage batteries reached 28.71 GWh, reflecting a growth of 37.02% year-on-year [3]. Revenue and Cost Analysis - Revenue from the electronic components manufacturing sector was approximately 28.17 billion yuan, with a gross margin of 17.33%, showing a 1.21% increase year-on-year [4]. - Power battery revenue was 12.75 billion yuan, with a gross margin of 17.60%, up 6.92% year-on-year [4][6]. - Energy storage battery revenue was 10.30 billion yuan, with a gross margin of 12.03%, down 2.32% year-on-year [4][6]. - Domestic revenue was 21.20 billion yuan, with a gross margin of 15.88%, increasing by 1.64% year-on-year [4][6]. - Overseas revenue was 6.97 billion yuan, with a gross margin of 21.71%, showing a slight decrease of 0.02% year-on-year [4][6]. Market Dynamics - The global energy storage demand is experiencing high growth, driven by core market quality improvements and emerging regions [5]. - In China, new energy storage installations reached 42.61 GWh in the first half of 2025, a year-on-year increase of 27.5% [7]. - The U.S. market is expected to reach a cumulative energy storage installation of 49 GWh for the year, while Europe is incentivizing storage development through subsidies [7]. - The company is focusing on strategic partnerships with leading energy firms to accelerate technological innovation and market expansion [7].

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 28.17 billion yuan, a year-on-year increase of 30.06%, while net profit attributable to shareholders decreased by 24.90% to 1.605 billion yuan [1] - Excluding stock incentive expenses and specific bad debt provisions, the net profit attributable to shareholders would be 2.218 billion yuan, reflecting a year-on-year growth of 3.78% [1] - The gross margin was 17.33%, up 0.88 percentage points year-on-year, while the net margin was 6.19%, down 3.73 percentage points year-on-year [1] Group 2: Battery Business Growth - In H1 2025, the company’s power battery shipments reached 21.48 GWh, a significant year-on-year increase of 58.58%, with revenue from this segment amounting to 12.748 billion yuan, up 41.75% [2] - The gross margin for the power battery business was 17.60%, an increase of 6.92 percentage points year-on-year [2] - The company has become the first battery supplier for a leading international automaker's next-generation electric vehicle model, with expectations to reach 20 GWh in shipments of large cylindrical batteries by 2026 [2] Group 3: Energy Storage Battery Performance - The company’s energy storage battery shipments totaled 28.71 GWh in H1 2025, marking a year-on-year growth of 37.02%, with revenue of 10.298 billion yuan, up 32.47% [3] - The gross margin for the energy storage battery segment was 12.03%, a decrease of 2.32 percentage points year-on-year [3] - The company is set to begin mass production of a storage project in Malaysia by early 2026, which will support global deliveries [3]

近日，亿纬锂能发布半年报，传递头部企业明显复苏的信号。 2025 年上半年，亿纬锂能实现营收约 281.7 亿元，同比增长 30.06% ；归属于上市公司股东的净利润为 16.05 亿元，扣除非经常性损益 的净利润为 11.57 亿元。 若剔除股权激励费用及单项坏账计提影响，净利润为 22.18 亿元，同比增长 3.78% ，扣除净利润为 17.70 亿元，同比增长 18.06% 。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 28.169.564.043.41 | 21,659,398,588,08 | 30.06% | | 归属于上市公司股东的净利润(元) | 1.605.171.455.77 | 2.137.249.689.22 | -24.90% | | 归属于上市公司股东的扣除事经常性损 益的净利润(元) | 1,156,964,422,99 | 1,499,101,177.24 | -22.82% | | 经营活动产生的现金流量净额(元) | 2.372.565.711.61 | 311,882,588 ...

东莞证券8月21日发布研报称，给予亿纬锂能（300014.SZ）买入评级。评级理由主要包括：1）若剔除 股权激励费用及单项坏账计提，公司2025年上半年实现业绩同比增长；2）动力电池出货同比大幅增 长，46系列大圆柱率先量产；3）储能电池业务增长持续强劲，客户结构调整有望带来盈利能力回升。 风险提示：下游需求不及预期风险；市场竞争加剧风险；新产品新技术迭代风险；原材料价格大幅波动 风险。 （文章来源：每日经济新闻） ...