债券代码：123254 债券简称：亿纬转债 证券代码：300014 证券简称：亿纬锂能 惠州亿纬锂能股份有限公司 投资者关系活动记录表 二、公司管理层回答投资者提问 问题一：请问公司对第四季度储能业务板块的出货量及毛利率的展望？ 回复：展望第四季度，储能依然保持满产满销，出货量预计环比会有持 续增长。毛利率方面，努力继续优化商务，陆续会在第四季度得到体现， 预计毛利率环比会继续提升。 问题二：请问公司后续在建工程的转固节奏？ 回复：目前公司的在建工程主要集中在荆门的 60 工厂、沈阳工厂及海 外工厂。荆门的 60 工厂预计会在 2026 年陆续转固。沈阳、匈牙利、马 来西亚工厂预计会在 2026 年底至 2027 年陆续实现转固。 编号： 2025-004 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 电话会议 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名、联系 方式 与会投资者约 552 人 时间 2025 年 10 月 23 日（周四）20:30-21:30 地点 惠州亿纬锂能股份有限公司惠州仲恺总部 A1 栋 6612 ...

Core Viewpoint - The article highlights the financial performance of EVE Energy in Q3 2025, showcasing significant revenue growth and profitability, particularly in the battery segment, while also discussing future prospects in the energy storage market and overseas operations [1][2]. Financial Performance - In Q3 2025, EVE Energy achieved revenue of 16.832 billion yuan, representing a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [1]. - The net profit attributable to shareholders was 1.211 billion yuan, up 15.13% year-on-year and up 140.16% quarter-on-quarter [1]. - The non-recurring net profit was 780 million yuan, showing a year-on-year decline of 22.04% but a quarter-on-quarter increase of 130.04% [1]. Battery Shipment and Margins - The company shipped 13.1 GWh of power batteries in Q3 2025, a year-on-year increase of 83%, and 19.7 GWh of energy storage batteries, a year-on-year increase of 33%, indicating a market share increase [1]. - The gross margin for power batteries was stable at 17%-18%, while energy storage batteries improved to over 12% [1]. - The overall profit contribution from power and energy storage batteries was between 900 million to 1 billion yuan [1]. Consumer Battery Segment - Revenue from consumer batteries was approximately 3.1 billion yuan, with small cylindrical batteries expected to have a gross margin of around 20% and lithium primary batteries exceeding 40% [1]. - The profit contribution from the consumer segment is estimated to be between 200 million to 300 million yuan [1]. Future Outlook - In Q4 2025, the company anticipates price adjustments in the energy storage sector to enhance profitability, with stable contributions expected from the energy storage large cell base [2]. - The Malaysian base is expected to ramp up by the end of the year, potentially leading to premium contributions and excess profits [2]. - The gross margin for lithium primary batteries is expected to remain above 40%, with new product categories and applications being introduced [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company's Q3 2025 net profit attributable to shareholders reached 1.211 billion yuan, a year-on-year increase of 15%. For the first three quarters of 2025, revenue was 45.002 billion yuan, up 32% year-on-year, while net profit attributable to shareholders was 2.816 billion yuan, down 12% year-on-year. Excluding stock incentive expenses and specific bad debt provisions, the net profit attributable to shareholders for the first three quarters of 2025 was 3.675 billion yuan, an 18% increase year-on-year [1][4] - The company experienced rapid growth in the sales volume of power storage batteries, with a total shipment of 83.0 GWh in the first three quarters of 2025, representing a 47% year-on-year increase. The shipment of power batteries was 34.6 GWh, up 67% year-on-year, and storage batteries were 48.4 GWh, up 36% year-on-year [2][4] - The company is advancing its global strategy and rapidly deploying new technologies, including the successful launch of the "Longquan No. 2" 10Ah all-solid-state battery, which has an energy density of 300 Wh/kg [3][4] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 16.832 billion yuan, a 36% year-on-year increase and a 9% quarter-on-quarter increase. The net profit attributable to shareholders was 1.211 billion yuan, a 15% year-on-year increase and a 140% quarter-on-quarter increase [1][4] - The company adjusted its profit forecast, estimating net profits for 2025-2027 to be 4.505 billion yuan, 7.525 billion yuan, and 9.611 billion yuan respectively, with year-on-year growth rates of 11%, 67%, and 28% [4][5] Market Trends - The company’s power storage battery sales maintained a rapid growth trend, with Q3 2025 shipments of 32.8 GWh, a 20% quarter-on-quarter increase. The company is expected to benefit from increasing recognition of its large storage cell products and expanding partnerships with major automotive clients [2][4] Technological Advancements - The company is establishing a solid-state battery research institute and production base in Chengdu, with plans for significant production capacity by the end of 2025 and into 2026. The global expansion includes ongoing projects in Malaysia and Hungary [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 96.96 RMB, up from a previous target of 62.40 RMB [5][7]. Core Insights - The company reported Q3 2025 revenue of 16.832 billion RMB, a year-on-year increase of 35.9% and a quarter-on-quarter increase of 9.5%. The net profit attributable to shareholders was 1.211 billion RMB, up 15.1% year-on-year and 140.2% quarter-on-quarter, although it fell short of the previous expectation of 1.581 billion RMB due to one-time charges [1]. - The company is expected to benefit from improved customer structure and increased production capacity utilization in the future, particularly with the release of orders from the BMW cylindrical battery project and North American energy storage clients [1][2]. - The company anticipates a significant increase in demand for commercial vehicles, with the battery business expected to achieve a gross margin of 20% in 2026, up from over 17% in 2025 [2]. - The energy storage segment saw a 23% quarter-on-quarter increase in battery shipments, with gross margins improving to over 12% due to better customer structure [3]. - The company is making progress in solid-state battery technology, with plans for mass production and potential applications in high-end equipment [4]. Summary by Sections Q3 Financial Performance - Q3 2025 revenue was 16.832 billion RMB, with a year-on-year growth of 35.9% and a quarter-on-quarter growth of 9.5% [1]. - Net profit attributable to shareholders was 1.211 billion RMB, reflecting a year-on-year increase of 15.1% and a quarter-on-quarter increase of 140.2% [1]. Battery Business Outlook - The company shipped 13.1 GWh of power batteries in Q3 2025, with a gross margin exceeding 17% [2]. - The commercial vehicle sector is projected to double in growth by 2026, contributing to improved profitability [2]. Energy Storage Segment - Energy storage battery shipments reached 19.7 GWh in Q3 2025, with a gross margin recovery to over 12% [3]. - The company plans to increase the export ratio of energy storage batteries to over 25% next year [3]. Solid-State Battery Development - The company is advancing in solid-state battery technology, with a production base expected to be completed by December 2025 [4].

Group 1 - A-shares saw the listing of Super Electronics and the subscription of Minglue Technology in Hong Kong [2] - EVE Energy reported a net profit of 1.211 billion yuan in Q3, representing a year-on-year increase of 15.13% [2][3] - The total shipment of power and energy storage batteries for EVE Energy increased by 49.48% year-on-year [3] Group 2 - The US stock market saw all three major indices rise, with Intel gaining over 3% and the Chinese concept index rising by 1.66% [3] - European stocks closed higher, with the UK stock market reaching a historical high [3] - US crude oil futures rose by over 5.6% [3] Group 3 - Morgan Stanley predicts that the average gold price will exceed $5,000 by 2026, with a long-term outlook of $6,000 [3] - Tesla anticipates capital expenditures of approximately $9 billion for 2025, while market expectations are at $9.96 billion [3] - Rivian, facing a cooling electric vehicle market in the US, plans to lay off about 600 employees [3]

Core Insights - EVE Energy Co., Ltd. reported a significant increase in revenue and net profit for Q3 2025, indicating strong financial performance [1] Financial Performance - In Q3 2025, EVE Energy achieved operating revenue of 16.832 billion yuan, representing a year-on-year growth of 35.85% [1] - The net profit attributable to shareholders for Q3 2025 was 1.211 billion yuan, showing a year-on-year increase of 15.13% and a quarter-on-quarter growth of 140.16% [1] - For the first three quarters of 2025, the cumulative operating revenue reached 45.002 billion yuan, reflecting a year-on-year growth of 32.17% [1] - The net profit attributable to shareholders for the first three quarters was 2.816 billion yuan [1]

Group 1 - The core viewpoint of the news is the strong performance of the China Securities Consumer Electronics Theme Index, which rose by 3.31% as of October 24, 2025, with significant gains in constituent stocks such as Lixun Precision (up 10.02%) and Huida Technology (up 10.00%) [1] - The Consumer Electronics ETF (561600) also saw an increase of 3.19%, with a latest price of 1.26 yuan, and a cumulative increase of 1.92% for the month as of October 23, 2025 [1] - In terms of liquidity, the Consumer Electronics ETF had a turnover rate of 7.59% during the trading session, with a transaction volume of 31.82 million yuan [1] - The Consumer Electronics ETF experienced a significant growth in scale, increasing by 28.94 million yuan over the past week, ranking in the top fifth among comparable funds [1] - The ETF's share count rose by 10 million shares in the past week, also placing it in the top fifth among comparable funds [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Securities Consumer Electronics Theme Index accounted for 55.93% of the index, with Lixun Precision and SMIC being the top two [2] - The top ten stocks by weight include Lixun Precision (8.06%), SMIC (8.04%), and BOE Technology Group (6.71%), among others [4]

Core Viewpoint - The company reported strong revenue and profit growth in Q3 2025, driven by significant increases in battery shipments, particularly in the power and energy storage sectors [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 16.832 billion yuan, a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [1]. - The net profit attributable to shareholders was 1.211 billion yuan, up 15.13% year-on-year and up 140.16% quarter-on-quarter [1]. - The non-recurring net profit was 780 million yuan, showing a year-on-year decline of 22.04% but a quarter-on-quarter increase of 130.04% [1]. Battery Shipments - The company shipped 13.1 GWh of power batteries in Q3 2025, representing an 83% year-on-year increase [1]. - Energy storage battery shipments reached 19.7 GWh, a 33% year-on-year increase, with overall shipments exceeding industry growth rates [1]. Profit Margins - The gross margin for power batteries was stable at 17%-18%, while energy storage batteries improved to over 12% [1]. - The profit contribution from power and energy storage batteries was estimated at 9-10 billion yuan [1]. - Consumer battery revenue was around 3.1 billion yuan, with expected gross margins of approximately 20% for small cylindrical batteries and over 40% for lithium primary batteries [1]. Future Outlook - In Q4 2025, the company anticipates price adjustments in the energy storage sector to enhance profitability [2]. - The Malaysian energy storage base is expected to ramp up by the end of the year, contributing to excess profits [2]. - The company aims to maintain over 40% gross margin for lithium primary batteries and expects continued growth in small cylindrical batteries [2].

Group 1 - The core viewpoint of the news highlights the strong performance of the new energy sector, with significant increases in stock prices and ETF values, indicating robust market interest and investment potential [1][2]. - As of October 23, 2025, the New Energy ETF has seen a net value increase of 54.16% over the past six months, ranking 341 out of 3777 index stock funds, placing it in the top 9.03% [1]. - The New Energy ETF has experienced a monthly return of 25.07% at its peak since inception, with an average monthly return of 8.85% during its rising months [1]. Group 2 - In the first nine months of 2025, China's new energy storage sector achieved a total of 214.7 GWh in new overseas orders and collaborations, marking a year-on-year growth of 131.75% [2]. - The cost advantages of Chinese energy storage cells and systems are enabling companies to win large projects abroad with lower Levelized Cost of Energy (LCOE) [2]. - By 2030, China's energy storage industry chain and supply chain output value is expected to reach between 2 to 3 trillion yuan, with cumulative installed capacity projected to exceed 300 GW [2]. Group 3 - As of September 30, 2025, the top ten weighted stocks in the China New Energy Index include CATL, Sungrow Power, and EVE Energy, collectively accounting for 45.2% of the index [4].

Core Insights - The 2025 New Energy Battery Industry Development Conference concluded, leading to a significant rise in the battery sector, with notable stock increases for companies like Penghui Energy and Ningde Times [1][3]. Group 1: Market Performance - As of 9:51 AM, Penghui Energy surged over 12%, while Sunshine Power rose by 4.46%. Other companies such as Kehua Data, Tiannai Technology, and Xinnengda saw increases of over 3% [1]. - The battery ETF (561910) increased by over 2%, tracking the CS battery index, which has over 40% solid-state battery content and has risen more than 58% this year [2][5]. Group 2: Technological Advancements - Xinnengda launched a new generation polymer solid-state battery, "Xinn·Bixiao," with an energy density of 400Wh/kg and a cycle life of 1200 weeks under ultra-low external pressure [3]. - The company plans to establish a 0.2GWh polymer solid-state cell pilot line by the end of this year and has developed a laboratory sample of a lithium metal super battery with an energy density of 520Wh/kg [3]. Group 3: Industry Trends - According to the Ministry of Industry and Information Technology, Chinese companies occupy six of the top ten global battery manufacturers, accounting for 69% of total shipment volume [3]. - Recommendations were made for the development of new battery technologies, including solid-state batteries and metal-air batteries [3]. Group 4: Company Performance - Yiwei Lithium Energy reported a significant increase in both revenue and profit for Q3, achieving a revenue of 16.832 billion yuan, a year-on-year increase of 35.85%, and a net profit of 1.457 billion yuan, up 50.70% year-on-year [4]. - The company’s battery shipments for the first three quarters included 34.59 GWh of power batteries and 48.41 GWh of energy storage batteries, marking increases of 66.98% and 35.51% respectively [4]. Group 5: Investment Outlook - Zhongyin International highlighted the accelerating progress in solid-state battery technology and the increasing demand for specialized equipment in the production process, indicating a high growth potential [5]. - Dongguan Securities noted strong domestic demand for energy storage cells and the ongoing production ramp-up in the electric vehicle market, suggesting a positive outlook for companies involved in solid-state battery equipment [5].