证券代码：300068 证券简称：南都电源 公告编号：2025-049 浙江南都电源动力股份有限公司 关于 2022 年股票期权激励计划部分股票期权 注销完成的公告 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。 特别提示： 1、浙江南都电源动力股份有限公司（以下简称"公司"）本次注销 2022 年 股票期权激励计划股票期权数量 1,208,445 份。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次 2022 年股票期权激励计划部分股票期权注销事宜已于 2025 年 8 月 19 日办理完成。 公司于 2025 年 8 月 14 日召开第九届董事会第二次会议，审议通过了《关于 注销 2022 年股票期权激励计划部分股票期权的议案》。截止公司 2022 年股票期 权激励计划第二个行权期结束，到期未行权股票期权数量为 1,191,117 份；同时 在 2022 年股票期权激励计划第二个行权期间，原 2 名激励对象因个人原因离职 已不符合激励条件，董事会同意将上述 2022 年期股票期权激励计划已获授但尚 未行权的合计 1,208,445 份股票期 ...

格隆汇8月19日丨南都电源(300068.SZ)在互动平台表示，随着数据中心、储能系统等对散热效率、功率 密度和空间利用率要求的不断提高，液冷技术已成为行业发展的必然趋势。公司锂电储能产品均已使用 液冷技术。 ...

Core Viewpoint - Nandu Power (300068.SZ) is experiencing a transitional pain period following its transformation, with significant revenue decline and net losses reported in the first half of 2025 [1][2]. Financial Performance - The company reported a revenue of 3.923 billion, a year-on-year decrease of 31.67%, and a net loss of 232 million, compared to a profit of 185 million in the same period last year [2]. - In the second quarter, Nandu Power achieved a revenue of 2.78 billion, a slight increase of 0.9% year-on-year, and a profit of approximately 34 million, indicating a turnaround from previous losses [3]. Business Segments - The decline in revenue is attributed to a proactive reduction in lead recycling production, with the recycling segment's revenue dropping by 72.33% to 759 million, and a negative gross margin of -11.02% [6][7]. - The company has diversified its operations into three main segments: new energy storage, communication and data center storage, and residential storage, focusing primarily on lithium batteries [5]. Market Strategy - Nandu Power is expanding its strategic partnerships with major domestic and international energy developers and equipment integrators, securing high-margin orders [4]. - The company is also focusing on the data center market, with revenue from this segment reaching 1.89 billion, a year-on-year increase of 34.09%, although the gross margin for this segment has decreased by 10.21% [9][10]. Competitive Landscape - The domestic energy storage market is facing intense competition, leading to price wars and declining profit margins. The gross margin for domestic battery products was reported at 12.83%, down 11.41% year-on-year, while the overseas market showed a gross margin of 28.92% [12]. - Nandu Power is actively pursuing international markets, with ongoing projects in regions such as Australia, Europe, and North America, and is developing new markets in Asia-Pacific and the Middle East [12]. Industry Trends - The company is adjusting its battery recycling business in response to the growing trend of lithium batteries replacing lead-acid batteries, leading to a strategic shift away from expanding lead-related production capacity [8]. - A recent initiative by the China Chemical and Physical Power Industry Association aims to combat irrational pricing behaviors in the energy storage sector, with 149 companies, including Nandu Power, participating in this "anti-involution" movement [12].

Core Insights - The report indicates a significant increase in the lithium battery supply chain prices across the board, with specific price movements noted for lithium carbonate and other materials [1][12][24]. Market Review - The Shanghai Composite Index rose by 1.7% this week, while the solid-state battery index increased by 3.96%, outperforming the Shanghai index. Year-to-date, the Shanghai Composite Index is up 10.29%, the solid-state battery index is up 30%, lithium equipment (CITIC) is up 41.91%, and lithium batteries (CITIC) are up 11.47% [7][9]. - The total trading volume for the entire A-share market reached 105,094.59 billion yuan, a week-on-week increase of 23.9%. The trading volume for the solid-state battery index was 2,317.21 billion yuan, up 47.92% week-on-week, while lithium equipment (CITIC) saw a trading volume of 20.66 billion yuan, up 11.1% [7][9]. Price Tracking - As of August 15, the price of lithium carbonate (battery grade Li2CO3 ≥99.5%) was 83,000 yuan per ton, an increase of 13,000 yuan from the previous week. The price of lithium iron phosphate (domestic) was 34,300 yuan per ton, up 170 yuan week-on-week. The price of ternary materials (523) was 114.53 yuan per kilogram, up 3.03 yuan week-on-week. The price of lithium hexafluorophosphate was 55,000 yuan per ton, up 480 yuan week-on-week, and the average price of graphite electrodes was 12,500 yuan per ton, up 250 yuan week-on-week [12][24]. Industry News & Company Announcements - Funeng Technology has achieved large-scale shipments of semi-solid-state batteries, gaining recognition from various clients including major automotive manufacturers [24]. - Nandu Power has signed the world's largest semi-solid-state battery energy storage project, with a total capacity of 2.8 GWh, which is expected to significantly enhance the regional grid's ability to accept renewable energy [26]. - The solid-state battery project by Tailan New Energy has been included in the national key research and development plan, focusing on developing high-energy-density and long-cycle-life battery systems [27]. Demand Tracking for Power Batteries - In the first seven months of 2025, the production of power and other batteries reached 831.1 GWh, a year-on-year increase of 57.5%. The cumulative growth rate has slowed by 2.9 percentage points compared to the previous month. The export volume of power batteries for the same period was 96.4 GWh, up 29.4% year-on-year, with a single-month export volume of 15 GWh, up 54.17% year-on-year [29][30]. - In the first half of 2025, the registration of pure electric passenger vehicles in 30 European countries reached 1.19 million units, a year-on-year increase of 24.9%, while hybrid electric vehicles registered 2.384 million units, up 16.0% year-on-year [33][35].

Core Viewpoint - The company is advancing its solid-state battery technology, with significant developments in both all-solid and semi-solid battery products, indicating a move towards commercial application in energy storage solutions [1] Group 1: Technology Development - The company has ongoing research and development in all-solid and semi-solid battery technologies [1] - The semi-solid battery product has won a bid for a 2.8 GWh new energy storage project, primarily located in Shenzhen and Shanwei [1] - This project aims to alleviate the power supply and demand imbalance in the Guangdong-Hong Kong-Macao Greater Bay Area, marking a significant step in the commercialization of the company's solid-state energy storage battery technology [1] Group 2: Financial Impact - The all-solid battery products are not expected to have a significant impact on the company's performance in the fiscal year 2025 [1]

Core Viewpoint - The energy storage industry is experiencing a price war and a reshuffling of manufacturers, with Nandu Power facing significant challenges despite claims of a performance turnaround after a substantial loss last year [1][6]. Financial Performance - In the first half of 2025, Nandu Power reported revenue of 3.923 billion yuan, a year-on-year decline of 31.67%, and a net loss of 232 million yuan, a year-on-year decrease of 225.48% [1][2]. - The company attributed the revenue decline to strategic transformation and a reduction in the lead recycling business, while the loss was linked to lower revenue recognition in Q1 [1][6]. - In Q2 2025, Nandu Power achieved revenue of 2.784 billion yuan, a year-on-year increase of 0.93%, but the net profit attributable to shareholders was 34 million yuan, down 67.03% year-on-year [2]. Product Performance - Nandu Power's main products include lithium-ion batteries (50.83% of revenue), lead-acid batteries (21.49%), recycled lead (19.35%), and lithium battery materials (8.34%) [4]. - The gross margin for lithium-ion batteries fell by 11.61% to 17.63%, while recycled lead products had a gross margin of -11.02%, indicating significant cost coverage issues [4][5]. Industry Context - The energy storage sector is facing project delays and terminations, with many companies opting for a more rational approach amid tightening financing conditions [8]. - Despite these challenges, Nandu Power is pursuing growth, with a production capacity of 10 GWh for lithium-ion batteries and 4 GWh for lead-acid batteries, although utilization rates are only 70.4% and 62.5%, respectively [8]. IPO and Legal Issues - Nandu Power has initiated plans for an IPO in Hong Kong, aiming to expand its international business and address its high debt levels, which currently stand at 80.04% [8][9]. - The company is also embroiled in a legal dispute with New Day Co., with claims amounting to 486 million yuan, adding financial uncertainty to its IPO prospects [9]. Market Opportunities - Nandu Power has secured several significant orders, including a 2.8 GWh semi-solid battery independent energy storage project, indicating potential for future growth despite current challenges [7]. - The company is also developing a third-generation high-voltage lithium battery system, which could enhance its market position in high-density backup applications [7].

Group 1: Strategy and Market Outlook - The report indicates that the computing power sector has entered a main rising market, fulfilling necessary conditions for a significant market uptrend similar to the mobile internet boom in 2013 [8][10] - Short-term opportunities are identified in packaging testing, storage, computing chips, algorithm technology, and software, which show favorable technical indicators [13] - Mid-term analysis suggests that the valuation gap between Chinese and US computing power sectors is expected to converge, with higher performance expectation adjustments in advanced packaging, storage, and power sectors in China [11][12] Group 2: Company-Specific Analysis - Tianshan Co., as the largest cement producer in China, is expected to achieve revenues of 83.3 billion, 82.6 billion, and 82.1 billion CNY from 2025 to 2027, with net profits of 1.72 billion, 2.15 billion, and 2.70 billion CNY respectively [23][24] - The company is currently valued at a low PB of 0.5x, with a target price set at 8.22 CNY per share, reflecting a "buy" rating [23] - The report highlights that Tianshan Co. is well-positioned to benefit from regional infrastructure policies and has potential for cost reduction through enhanced management and resource utilization [24] Group 3: Economic and Industry Trends - The report notes a slowdown in industrial and service sector growth, with retail sales continuing to decline, indicating a weakening domestic demand [5][26] - Fixed asset investment has decreased by 5.3% year-on-year, with significant declines in real estate development investment, which fell by 17% [27][28] - The cement demand is projected to decline by 5%-6% in 2025, but the report anticipates stabilization in the long term, particularly in regions like Xinjiang [24]

Group 1 - The core viewpoint of the news is that Zhaoshi Investment has conducted research on Nandu Power, a company specializing in energy storage, which has shown a significant decline in revenue but has managed to turn a profit in the second quarter due to high-margin orders and growth in the data center market [1] - Nandu Power was established in 1994 and focuses on providing lithium-ion and lead batteries, serving over 160 countries and regions globally [1] - The company's revenue for the first half of 2025 is approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, with a net profit of approximately -230 million yuan [1] Group 2 - In the second quarter, Nandu Power achieved a profit of approximately 34 million yuan, with a net cash flow from operating activities of 590 million yuan [1] - The company has a current lithium battery cell production capacity of 10 GWh and is advancing projects in Huatuo Phase II and Yangzhou, while reducing production in the recycled lead sector [1] - Nandu Power has developed large-capacity iron-lithium storage cells and completed the development of a 5 MWh liquid-cooled storage system [1] Group 3 - The company has an order backlog of 7.8 GWh, with 2.3 GWh from overseas markets, primarily in Australia, Europe, the UK, and the Middle East [1] - Nandu Power has won multiple high-voltage lithium battery data center projects, with an order backlog of approximately 0.8 GWh, and is developing third-generation high-voltage lithium battery products [1] - The company is focusing on customer demand and technological innovation to build core competitiveness, adopting a dual-driven model of "technology research and development + market expansion" [1]

Core Viewpoint - The report highlights the recent research conducted by Congrong Investment on Nandu Power, emphasizing its focus on the energy storage sector and the company's financial performance and growth strategies in the global market [1]. Company Overview - Nandu Power was established in 1994 and specializes in energy storage, providing lithium-ion and lead-acid batteries as core products and services, covering over 160 countries and regions globally [1]. - The company reported an operating revenue of approximately 3.923 billion yuan for the first half of 2025, a year-on-year decrease of 1.8 billion yuan, and a net profit attributable to shareholders of approximately -230 million yuan [1]. - In Q2, the company achieved a profit of approximately 34 million yuan, with a net cash flow from operating activities of 590 million yuan [1]. Market Performance - The company turned a profit in Q2 due to its deep engagement in the global energy storage market, securing high-margin orders, and experiencing rapid growth in the data center market [1]. - Nandu Power has a current lithium battery cell production capacity of 10 GWh and a new power storage integration capacity of 10 GWh, with ongoing projects in Huatuo Phase II and Yangzhou [1]. - The company is reducing production in its recycled lead segment and increasing research and development in phosphorous iron resource utilization [1]. Product Development - Nandu Power has developed large-capacity iron-lithium storage battery cells (783Ah and 587Ah) and completed the development of a 5MWh liquid-cooled storage system using a 314Ah semi-solid battery cell [1]. - The company has released a 20-foot 6.25MWh storage system and is expanding its overseas large storage market, with unfulfilled orders totaling 7.8 GWh, including 2.3 GWh from overseas markets such as Australia, Europe, the UK, and the Middle East [1]. Strategic Focus - Nandu Power has continuously won bids for multiple high-voltage lithium battery data center projects, with unfulfilled orders of approximately 0.8 GWh, and is developing third-generation high-voltage lithium battery products to provide "energy storage + backup power" solutions [1]. - The company's civilian lithium battery business is primarily focused on battery swapping and vehicle distribution, collaborating with vehicle manufacturers and distributors for product promotion [1]. - The 2.8 GWh semi-solid project consists of three independent storage projects located in Shenzhen and Shanwei, effectively alleviating the power supply and demand conflict in the Guangdong-Hong Kong-Macao Greater Bay Area [1]. - Nandu Power aims to continue its customer-oriented approach, relying on technological innovation to build core competitiveness and establish a dual-driven model of "technology research and development + market expansion" [1].

Core Insights - Kaishi Fund recently conducted research on Nandu Power, a company established in 1994, focusing on energy storage solutions, including lithium-ion and lead batteries, serving over 160 countries and regions globally [1] Company Overview - Nandu Power's revenue for the first half of 2025 is approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, with a net profit of approximately -230 million yuan. The company achieved a quarterly profit of about 34 million yuan in Q2, with a net cash flow from operating activities of 590 million yuan [1] - The company has a current lithium battery cell production capacity of 10 GWh and a new energy storage integration capacity of 10 GWh, with ongoing projects in Huatuo Phase II and Yangzhou [1] Market Performance - Nandu Power has seen a turnaround in Q2 due to its deep engagement in the global energy storage market, securing high-margin orders and experiencing rapid growth in the data center market, winning multiple significant projects [1] - The company has an order backlog of 7.8 GWh, with 2.3 GWh from overseas markets, primarily in Australia, Europe, the UK, and the Middle East [1] Product Development - Nandu Power is developing large-capacity iron-lithium storage cells (783Ah and 587Ah) and has completed the development of a 5MWh liquid-cooled storage system using a 314Ah semi-solid cell [1] - The company is also focusing on the development of third-generation high-voltage lithium battery products, providing "energy storage + backup power" solutions [1] Strategic Initiatives - The company is addressing power supply and demand issues in the Guangdong-Hong Kong-Macao Greater Bay Area through an 8GWh semi-solid project consisting of three independent storage projects located in Shenzhen and Shanwei [1] - Nandu Power aims to build core competitiveness through customer-oriented innovation and a dual-driven model of "technology research and development + market expansion" [1]