格隆汇1月30日｜南都电源公告，预计2025年年度净利润亏损8.9亿元–12.5亿元。报告期内公司出现经营 亏损，主要系回收板块业务亏损加大，阶段性资金压力影响，公司产品交付进度未达预期，叠加资产减 值及坏账计提增加等因素导致。 ...

南财智讯1月30日电，南都电源发布2025年年度业绩预告，预计2025年全年归属于上市公司股东的净利 润为亏损8.90亿元—12.50亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏 损9.30亿元—12.90亿元。业绩变动原因说明：报告期内公司出现经营亏损，主要系回收板块业务亏损加 大，阶段性资金压力影响，公司产品交付进度未达预期，叠加资产减值及坏账计提增加等因素导致。尽 管面临盈利压力，公司持续经营活动现金流净流量10亿左右，彰显主营业务稳定的现金获取能力，为保 障持续运营提供支撑。第四季度是影响本期整体业绩的多项不利因素集中显现，导致单季度出现较大亏 损，具体表现为：1、受阶段性资金压力影响，公司产品交付进度未达预期，相关业务利润贡献不足， 直接影响单季度盈利表现；2、回收板块铅回收受市场供需关系及相关政策变化影响亏损进一步加大； 锂回收业务板块竞争激烈，加之原材料价格波动叠加订单签约与交付的时间错配，导致当期亏损，加剧 单季度业绩压力；3、民用锂电产线投产爬坡期生产的批次产品在四季度更换，加大本期亏损；4、应收 账款余额增加及账龄结构变化，整体坏账损失计提增加，对单季度业绩造成 ...

证券代码：300068 证券简称：南都电源 公告编号：2026-008 浙江南都电源动力股份有限公司 2025 年年度业绩预告 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。 一、本期业绩预计情况 1．业绩预告期间：2025 年 01 月 01 日—2025 年 12 月 31 日 2．业绩预告情况：预计净利润为负值 | 项 目 | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损：89,000.00 | 万元–125,000.00 | 万元 | 亏损：149,682.68 | 万元 | | 扣除非经常性损 益后的净利润 | 亏损：93,000.00 | 万元–129,000.00 | 万元 | 亏损：173,365.17 | 万元 | | 营业收入 | 700,000.00 | 万元-800,000 万元 | | 798,375.10 | 万元 | | 扣除后营业收入 | 650,000.00 | 万元-750,000.00 | 万元 | 746,0 ...

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [3][37]. Core Insights - The report highlights a significant increase in the export value of photovoltaic components, reaching approximately $2.314 billion in December 2025, which represents a year-on-year growth of 18.22% [3][31]. - The report indicates that the average price of lithium battery energy storage systems in December 2025 increased by 2.82% compared to the previous month, with a weighted average bid price rising by 6.39% [3][19]. - The domestic photovoltaic installation capacity in November 2025 was 22.02 GW, reflecting a month-on-month growth of 74.76% but a year-on-year decline of 11.92% [3][25]. Summary by Sections Production - The report notes a decrease in the overall production of photovoltaic components in November 2025, with a month-on-month decline of 2.43% and an expected further decrease of 14.77% in December 2025 [3][4]. Prices - As of January 21, 2026, the price of polysilicon remained stable at 54.00 CNY/kg, while the price of TOPCon double-glass components increased by approximately 0.99% to 0.72 CNY/W [3][11]. Domestic Demand - The cumulative newly installed photovoltaic capacity from January to November 2025 reached 274.89 GW, showing a year-on-year increase of 33.25% [3][25]. Overseas Demand - The report states that the export value of inverters in December 2025 was $839 million, marking a year-on-year increase of 26.12% and a month-on-month growth of 9.38% [3][29].

Core Viewpoint - The photovoltaic (PV) industry is experiencing a decline in production and demand, with significant decreases expected in December 2025, influenced by export tax policies and market conditions [1][2]. Production - PV module production in November 2025 decreased by 2.43% compared to October, with a further expected decline of 14.77% in December [2]. - Battery production for January 2026 is projected at 210 GWh in China, down 4.55% month-on-month, with significant reductions in second-tier companies, while energy storage battery production remains stable or slightly increases [2]. Prices - As of January 14, 2026, the price of polysilicon remained stable at 54.00 CNY/kg, while TOPCon dual-glass module prices increased by approximately 1.43% to 0.71 CNY/W [3]. - The average price for lithium iron phosphate battery storage systems in November 2025 was 0.5721 CNY/Wh, reflecting a 6.4% decrease [3]. Demand - In November 2025, the export value of PV modules was approximately $2.412 billion, a year-on-year increase of 34.08% and a month-on-month increase of 6.84% [4]. - Domestic PV installations in November 2025 reached 22.02 GW, a 74.76% increase month-on-month but an 11.92% decrease year-on-year [4]. Investment Recommendations - The expected cancellation of the export tax rebate for certain products in April 2026 may temporarily boost domestic PV product shipments, while also promoting the elimination of outdated production capacity [5]. - Companies to watch include Sungrow Power Supply (300274.SZ), Narada Power Source (300068.SZ), Tongrun Equipment (002150.SZ), Huashengchang (002980.SZ), and Shouhang New Energy (301658.SZ) [5].

Investment Rating - The industry is rated as "Outperform" compared to the market [2][38]. Core Insights - The report highlights a significant increase in the demand for photovoltaic components, with exports reaching approximately $2.412 billion in November 2025, representing a year-on-year growth of 34.08% and a month-on-month increase of 6.84% [2]. - The report anticipates a short-term boost in domestic photovoltaic product shipments due to the cancellation of the export tax rebate starting April 2026, which may lead to the optimization of production capacity in the long term [2]. - The report recommends focusing on companies related to energy storage and photovoltaic sectors, specifically mentioning Yangguang Electric (300274.SZ), Nandu Power (300068.SZ), Tongrun Equipment (002150.SZ), Huashengchang (002980.SZ), and Shouhang New Energy (301658.SZ) [2]. Summary by Sections Production - In November 2025, the overall production of photovoltaic components decreased by 2.43% compared to October, with a forecasted further decline of 14.77% in December due to returning to a period of weak terminal demand [2]. - The production forecast for January 2026 indicates a total of 210 GWh for the Chinese market in power, storage, and consumer batteries, reflecting a month-on-month decrease of 4.55% [2]. Prices - As of January 14, 2026, the price of polysilicon remained stable at 54.00 CNY/kg, while the average price of TOPCon double-glass components increased by approximately 1.43% to 0.71 CNY/W [2][11]. - The average price for lithium iron phosphate battery storage systems in November 2025 was 0.5721 CNY/Wh, with a month-on-month decrease of 6.4% [2]. Domestic Demand - The domestic photovoltaic installation capacity in November 2025 was 22.02 GW, showing a month-on-month increase of 74.76% but a year-on-year decrease of 11.92% [2]. - Cumulative new photovoltaic installations from January to November 2025 reached 274.89 GW, marking a year-on-year growth of 33.25% [2]. Overseas Demand - The report notes that the export value of photovoltaic inverters in November 2025 was $767 million, reflecting a year-on-year increase of 25.91% and a month-on-month increase of 13.29% [2]. - The report indicates that the export of photovoltaic components to Australia saw a year-on-year growth rate exceeding 177%, suggesting new growth opportunities in emerging markets [2].

Core Viewpoint - The article discusses the advancements and production timelines of solid-state batteries from various companies, highlighting the competitive landscape and technological progress leading up to 2026 and beyond [4]. Group 1: Company Developments - CATL launched the world's first sulfide solid-state battery pilot line in Hefei in May 2025, achieving an energy density of 450Wh/kg, with plans to expand production capacity to 50GWh by 2026 [6]. - Guoxuan High-Tech introduced its "Guan" quasi-solid-state square aluminum shell cell with an energy density greater than 300Wh/kg and initiated a pilot line with a 90% yield rate in May 2025 [8]. - EVE Energy's solid-state battery, "Longquan No. 2," achieved an energy density of 300Wh/kg and is aimed at high-end applications like humanoid robots and low-altitude aircraft [8]. - Aoxin Technology plans to launch its polymer solid-state battery with an energy density of 400Wh/kg by the end of 2025, targeting high-end new energy vehicles [8]. - Ganfeng Lithium announced the mass production of lithium sulfide, completing the last link in the solid-state battery ecosystem, with plans to launch solid-state batteries by the end of 2025 [9]. Group 2: Industry Trends - The solid-state battery industry is expected to enter a critical year in 2026, with many companies racing to achieve mass production [4]. - The article outlines the competitive landscape, with over 30 companies making significant strides in solid-state battery technology, indicating a robust growth trajectory in the sector [4]. - The anticipated commercialization of solid-state batteries is projected for around 2030, as supply chains mature and production processes are refined [6].

Core Viewpoint - Nandu Power (300068) announced that it will provide guarantees exceeding 100% of its latest audited net assets for its subsidiaries and that the total guarantee amount for subsidiaries will not exceed 8.05 billion yuan for the fiscal year 2026 [1][2] Group 1: Guarantee Details - The total guarantee amount for subsidiaries is set at a maximum of 8.05 billion yuan, with 1.4 billion yuan allocated for companies with a debt-to-asset ratio below 70% and 6.65 billion yuan for those above 70% [1] - The guarantees cover various financial instruments, including comprehensive credit applications, loans, bills of exchange, letters of credit, factoring, guarantees, leasing, and trade supply chain businesses [1] - The cumulative approved guarantee amount after this announcement will be 8.05 billion yuan, which represents approximately 201.65% of the company's audited net assets for the fiscal year 2024 [2] Group 2: Financial Performance - As of the announcement date, the actual guarantee balance for subsidiaries and controlled subsidiaries was 4.918 billion yuan, accounting for approximately 123.19% of the company's audited net assets for the fiscal year 2024 [3] - Nandu Power reported a record annual loss in 2024, with revenue of 7.984 billion yuan, a year-on-year decrease of 45.56%, and a net profit loss of 1.497 billion yuan, a decline of 4260.62% [4] - For the first three quarters of 2025, the company achieved revenue of 5.911 billion yuan, down 24.80% year-on-year, with a net profit loss of 220 million yuan compared to a profit of 247 million yuan in the same period last year [4] Group 3: Company Background - Nandu Power specializes in the research, development, manufacturing, and sales of communication power supplies and green environmental storage application products, with key products including AGM batteries and gel batteries [3] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in April 2010 [3] - The company has experienced high debt-to-asset ratios, fluctuating around 70%, and reached 79.14% at the end of 2024, slightly decreasing to 79.01% by the end of the third quarter of 2025 [4]

Trading Information Summary - As of January 16, 2026, Nandu Power (300068) closed at 16.69 yuan, down 0.6%, with a turnover rate of 5.22%, trading volume of 445,500 shares, and a transaction amount of 745 million yuan [1] - On January 16, the net outflow of main funds was 85.69 million yuan, while retail investors saw a net inflow of 54.61 million yuan [1] Company Announcement Summary - The 7th meeting of the 9th Board of Directors approved several resolutions, including the initiation of hedging business for 2026 with a total margin and premium cap of no more than 150 million yuan and a maximum contract value of 2.2 billion yuan [2][4] - The company plans to provide guarantees totaling no more than 8.05 billion yuan for its subsidiaries in 2026, with a cap of 1.4 billion yuan for subsidiaries with a debt-to-asset ratio below 70% and 6.65 billion yuan for those above [2][4] - Nandu Power intends to apply for a comprehensive credit limit of no more than 14.51 billion yuan from banks for various financing needs [2][4] - The company will use up to 2 billion yuan of idle self-owned funds for cash management, with at least 1.95 billion yuan allocated to deposit products [3][4] Hedging Business Feasibility Analysis - Nandu Power aims to mitigate risks from foreign exchange and raw material price fluctuations by engaging in foreign exchange and commodity hedging activities [4] - The maximum contract value for foreign exchange hedging is capped at 800 million yuan, while for commodity hedging, it is capped at 1.4 billion yuan, with a total margin cap of 150 million yuan [4]

Group 1 - The company Nandu Power announced on January 15 that the total approved guarantee amount for the company and its subsidiaries is 8.05 billion RMB, which is entirely for its subsidiaries and controlling subsidiaries [1] - The total approved guarantee amount represents approximately 201.65% of the company's audited consolidated net assets for the fiscal year 2024 [1] - As of now, the actual guarantee balance for the company and its controlling subsidiaries is 4.918 billion RMB, accounting for about 123.19% of the company's audited consolidated net assets for the fiscal year 2024 [1] Group 2 - The company has not provided guarantees for companies outside the consolidated financial statements, and there are no overdue guarantees [1]