Core Viewpoint - In the competitive landscape of the lithium battery industry in 2025, EVE Energy (亿纬锂能) has demonstrated strong performance with significant revenue and profit growth in Q3 2025, indicating resilience and strategic positioning in the market [1][2]. Financial Performance - In Q3 2025, EVE Energy achieved a revenue of 16.832 billion yuan, a year-on-year increase of 35.85%, marking a record high for quarterly revenue [1]. - The net profit attributable to shareholders reached 1.211 billion yuan, up 15.13% year-on-year and a substantial 140.16% increase compared to the previous quarter [1]. - For the first three quarters of 2025, cumulative revenue was 45.002 billion yuan, reflecting a year-on-year growth of 32.17%, with net profit at 2.816 billion yuan [2]. Business Segments - EVE Energy is expanding in both the power battery and energy storage battery sectors, optimizing customer structure and market layout [3]. - The company added two new passenger car clients in 2025, with a total of 10 models, enhancing its presence in the supply chains of major automotive brands [3]. - Power battery shipments in Q3 2025 are projected to reach 34.59 GWh, a year-on-year increase of over 66.98% [3]. - Energy storage battery shipments for the first three quarters reached 48.41 GWh, a growth of 35.51% year-on-year [3]. Industry Trends - The domestic energy storage market is experiencing growth due to policy support and market reforms, with a projected doubling of new energy storage installations by 2027 [4]. - The global energy storage market is also expected to see strong demand, with a forecast of over 390 GWh in shipments by 2025, representing a 16% year-on-year increase [4]. Technological Advancements - EVE Energy is focusing on key technological routes, particularly in cylindrical battery production, establishing a competitive edge in the market [6]. - The company has successfully mass-produced cylindrical batteries, with over 60,000 units delivered, and is recognized as a primary supplier for BMW's new generation models [6]. Future Outlook - EVE Energy is positioned for growth in 2025, with expectations of increased revenue and improved profit margins due to reduced one-time costs and a strong order backlog in both domestic and international markets [8].

（文章来源：第一财经） 亿纬锂能公告，第三季度营收为168.32亿元，同比增长35.85%；净利润为12.11亿元，同比增长 15.13%。前三季度营收为450.02亿元，同比增长32.17%；净利润为28.16亿元，同比下降11.70%。 ...

亿纬锂能公告，第三季度营收为168.32亿元，同比增长35.85%；净利润为12.11亿元，同比增长 15.13%。前三季度营收为450.02亿元，同比增长32.17%；净利润为28.16亿元，同比下降11.70%。 ...

惠州亿纬锂能股份有限公司 2025 年第三季度报告 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-129 惠州亿纬锂能股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1、董事会、董事及高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季 度报告中财务信息的真实、准确、完整。 3、第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 16,831,954,115.53 | 35.85% | 45,001,518,158.94 | 32.17% | | ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-130 本次会议的会议通知及相关资料于 2025 年 10 月 20 日以邮件方式送达各位董事， 全体董事知悉本次会议的审议事项，并充分表达意见。公司高级管理人员列席了本次 会议。 会议的召集和召开符合《公司法》和《公司章程》的有关规定。经表决，形成以 下决议： 一、审议通过了《关于<公司 2025 年第三季度报告>的议案》 公司董事认真审阅了《公司 2025 年第三季度报告》，认为《公司 2025 年第三季度 报告》能够真实、准确、完整地反映公司的实际情况，公司的董事及高级管理人员均 对报告出具了书面确认意见。《公司 2025 年第三季度报告》的具体内容详见公司同日 在创业板信息披露网站巨潮资讯网披露的相关公告。 本议案表决结果：8 票同意，0 票反对，0 票弃权，获得通过。 特此公告。 惠州亿纬锂能股份有限公司董事会 惠州亿纬锂能股份有限公司 第六届董事会第五十八次会议决议公告 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。 惠州亿纬锂能股份有限公司（以下简称"公司"）于 2025 年 10 月 ...

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3883.98 points, down 0.76%, while the total trading volume reaches 797.39 billion yuan, indicating a mixed performance among stocks [1]. Group 1: Market Performance - As of 10:30 AM, the Shanghai Composite Index is at 3883.98 points, with a decrease of 0.76% [1]. - The total trading volume in the A-share market is reported at 797.39 billion yuan [1]. Group 2: Stock Performance - A total of 241 A-shares have surpassed their five-day moving average, with notable stocks showing significant deviation rates [1]. - The stocks with the highest deviation rates include: - 深赛格 (Shenzhen Saige) with a deviation rate of 7.52% and a price increase of 10.04% [1]. - 特力A (TeLi A) with a deviation rate of 7.34% and a price increase of 10.01% [1]. - 上海能源 (Shanghai Energy) with a deviation rate of 7.10% and a price increase of 10.04% [1]. - Other stocks with smaller deviation rates that have just crossed the five-day moving average include 亿纬锂能 (EVE Energy), 众诚科技 (Zhongcheng Technology), and 南微医学 (Nanwei Medical) [1].

Core Insights - The China Securities New Energy Vehicle Industry Index (930997) experienced a decline of 0.34% as of October 23, 2025, with mixed performance among constituent stocks [1] - The New Energy Vehicle ETF (515700) decreased by 0.43%, currently priced at 2.33 yuan, but has seen a cumulative increase of 2.09% over the past month, ranking it in the top half among comparable funds [1] - The index includes 50 listed companies involved in various sectors of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Stock Performance - The top ten weighted stocks in the index as of September 30, 2025, accounted for 54.61% of the total weight, with CATL (300750) leading at 9.80% [2] - Notable stock performances include: - CATL (300750) increased by 0.46% - BYD (002594) decreased by 0.89% - Chang'an Automobile (000625) decreased by 0.65% [4] - The index's PE valuation has returned to historical averages, indicating potential for valuation recovery driven by industry growth and advancements in solid-state batteries and robotics [1]

Core Insights - The electric ship battery market is projected to grow from $1.196 billion in 2024 to $1.745 billion by 2031, with a compound annual growth rate (CAGR) of 5.6% from 2025 to 2031, driven by decarbonization pressures and advancements in green energy technology [3][4]. Market Overview - The current dominant technology in electric ship batteries is lithium batteries, which account for 82% of the market, offering significant advantages over lead-acid batteries in terms of energy density and cycle life [3]. - The Asia-Pacific region is expected to hold 65% of the global market share in 2024, with China's market size reaching $320 million, projected to increase to 70% by 2031 [4]. - The European market is anticipated to account for 20% of the market share in 2024, with expectations to rise to 25% by 2031, supported by the EU's Green Shipping Fund [4]. - North America's market is expected to grow by 12% in 2024, influenced by the Inflation Reduction Act, although it faces a 65% dependency on imports due to insufficient local production [4]. Competitive Landscape - The market is characterized by a structure where international brands dominate the high-end segment while local companies penetrate the mid-range market [5]. - The first tier of companies, including AKASOL and Furukawa Battery, holds 55% of the market share, while the second tier accounts for 30%, primarily serving the inland shipping market [5]. - Chinese manufacturers, such as Yiwei Lithium Energy and Guoxuan High-Tech, represent 15% of the market, focusing on battery and system integration solutions [5]. Technological Developments - Notable advancements include CATL's launch of lithium iron phosphate batteries with an energy density of 180 Wh/kg, certified by CCS for use in electric cargo ships [3]. - Danfoss Editron has developed a liquid-cooled battery system that operates in extreme temperatures, while EcoMarinePower has created a solar-battery hybrid system that enhances self-sufficiency for ships [5]. Supply Chain Insights - Lithium battery raw material costs constitute 70% of the total battery price, with lithium carbonate averaging 250,000 yuan per ton in 2024 and cobalt stabilizing at 350,000 yuan per ton due to established recycling systems [5]. Regulatory Environment - The International Maritime Organization (IMO) has set a target for a 50% reduction in greenhouse gas emissions by 2050, influencing the growth of electric ship batteries [3]. - China's "14th Five-Year Plan" aims for a battery production capacity of 10 GWh by 2025, promoting local enterprise expansion [6].

Investment Rating - The report assigns an "Overweight" rating for the electric heavy truck market [4]. Core Insights - The electric heavy truck market in China is experiencing rapid growth driven by the vehicle replacement policy, with a significant increase in penetration rates. The market is expected to continue expanding due to economic and environmental advantages [7][14]. - In Europe, stricter carbon emission regulations and supportive policies are accelerating the electrification of heavy trucks, with notable growth in sales and penetration rates [16][19]. - The U.S. market currently has a low level of electrification for heavy trucks, but growth is beginning to emerge due to government incentives [35]. Summary by Sections Investment Recommendations - The report highlights that the electric heavy truck market in China is set for explosive growth, benefiting the lithium battery industry and key material companies. Recommended stocks include CATL, BYD, Guoxuan High-Tech, Yiwei Lithium Energy, and others [7][8]. Electric Heavy Trucks: Policy Support and Economic Viability - Electric heavy trucks are gaining traction due to their zero emissions, low noise, and efficiency, making them increasingly popular among logistics and transportation companies. The comprehensive cost of electric trucks is becoming competitive compared to traditional fuel trucks, especially with government subsidies [9][13]. China: Growth Driven by Replacement Policies - In 2024, China's electric heavy truck sales reached 82,100 units, a 140% year-on-year increase, with penetration rates doubling to 13.61%. By 2025, sales continued to rise, with a total of 137,800 units sold in the first three quarters, marking a 184% increase [14]. Europe: Accelerated Electrification Due to Emission Regulations - The European market saw electric heavy truck sales exceed 3,000 units in 2023, a threefold increase from the previous year, with penetration rates surpassing 1%. The growth is supported by stringent emission regulations and the introduction of new models [19][27]. United States: Low Current Electrification Level - The U.S. electric heavy truck market remains at a low penetration rate of less than 1%. However, sales are projected to reach 1,103 units in 2024, a 34% increase from the previous year, driven by clean vehicle subsidy programs [35].

Core Insights - The article highlights the rapid expansion of production capacity in the lithium battery industry, driven by increasing demand and technological advancements [3][8][10]. Group 1: Industry Events and Conferences - The 2025 Solid-State Battery Industry Annual Conference and the Golden Ding Award Ceremony will take place on November 8, 2025, in Guangzhou, focusing on new technologies and ecosystem building [2]. - The event will feature over 1000 participants and includes concurrent exhibitions for solid-state and sodium batteries [2]. Group 2: Company Performance and Expansion - CATL reported a revenue of 1041.86 billion yuan in Q3, a year-on-year increase of 12.9%, and a net profit of 185.49 billion yuan, up 41.21% [2]. - The company is accelerating global capacity construction, with new production lines in its Luoyang base expected to add 30 GWh annually [5]. - BYD and other leading companies are also expanding their production capabilities, with significant investments announced for new battery production lines [6][10]. Group 3: Market Demand and Capacity Utilization - The battery production capacity is currently tight, especially in the energy storage market, where leading manufacturers are operating at full capacity [3][4]. - The demand for batteries has surged, with major companies like CATL, BYD, and others initiating new capacity projects since Q2 of this year [3][6]. Group 4: Technological Advancements - The current round of capacity expansion is characterized by a focus on technology upgrades rather than just scale, with companies aiming to establish new competitive advantages [8][9]. - The introduction of larger capacity cells, such as the 314Ah and upcoming 500Ah+ cells, is driving a shift in market dynamics and necessitating the retirement of older production lines [9].