Summary of Nandu Power's Conference Call Company Overview - **Company**: Nandu Power - **Date**: Q3 2025 Key Points Financial Performance - Nandu Power reported a loss of 220 million RMB in Q3 2025, a shift from a profit of 240 million RMB in the same period last year, primarily due to reduced investment income, expanded losses in the recycled lead business, and increased R&D expenses [2][4][5] - Revenue decreased by 1.9 billion RMB, mainly due to a 2 billion RMB drop from the recycled lead business and a 200 million RMB decline in recycled aluminum due to price reductions [3][4] - Despite the overall revenue decline, the company saw an increase in gross profit of 120 million RMB, improving from 180 million RMB to 300 million RMB year-on-year [3][5] - Operating cash flow improved significantly from -400 million RMB to 590 million RMB year-on-year [3] Business Segments - **Recycled Lead Business**: Experienced a loss of approximately 120 million RMB, with ongoing evaluations on whether to continue this as a core business or seek external buyers [4][18] - **Civil Lithium Battery Business**: Expected to contribute over 1 billion RMB in revenue this year, with projections to reach at least 2 billion RMB next year [4][21] - **High-Pressure Lithium Battery Business**: Sales reached 1 billion RMB this year, with expectations to confirm revenue of 300-400 million RMB next year. The average gross margin for this segment is around 25% [2][7][8][9] Order Backlog - The company has an order backlog of approximately 8.9 billion RMB, including 5.5 billion RMB for large storage, 1.67 billion RMB for Suzhou center lithium batteries, 380 million RMB for civil lithium batteries, and 470 million RMB for communication lithium batteries [2][6] Production Capacity and Future Outlook - Nandu Power confirmed 3 GWh of large-scale storage revenue for the first three quarters, with a new production capacity of 4 GWh expected to come online by year-end, which is anticipated to drive profit growth [2][14] - Plans to deliver 1.2 GWh of semi-solid storage products, with 1.8 GWh scheduled for next year, although there are challenges in meeting delivery timelines [2][17] - The company aims to increase its production capacity from 1.8 GWh to 2.5 GWh by mid-next year, with potential further expansions under consideration [19][20] Market Dynamics - The high-pressure lithium battery market is primarily focused on data center backup applications, with a competitive edge in phosphate lithium supply compared to ternary lithium in the U.S. market [7][9] - The company is optimistic about the growth potential in the high-pressure lithium battery segment, driven by changes in data center backup requirements and new construction [9] Challenges and Strategic Focus - The recycled lead business is facing significant challenges, and the company is assessing its future viability [4][18] - Nandu Power is focusing on optimizing its product structure and enhancing its high-margin segments to ensure sustainable growth [25] Conclusion - Despite a challenging financial quarter, Nandu Power is positioned with a solid order backlog and strategic plans for capacity expansion, indicating a positive outlook for future performance [25]

Financial Performance - The company's revenue for the first three quarters is approximately 5.911 billion CNY, a year-on-year decrease of 24.80%, primarily due to a strategic reduction in the recycled lead segment, which saw a revenue drop of 2 billion CNY [1] - The net profit attributable to shareholders is approximately -220 million CNY, compared to 247 million CNY in the same period last year, with losses mainly from the recycling segment and a significant reduction in investment income this year [1] - Operating cash flow improved significantly to approximately 860 million CNY, an increase of 1.58 billion CNY compared to -720 million CNY last year [2] Order Status - The company has an unshipped order backlog of approximately 8.9 billion CNY, with large storage orders accounting for about 5.5 billion CNY (4 billion CNY domestic, 1.5 billion CNY overseas) [2] - Data center lithium battery orders are approximately 1.67 billion CNY, all from overseas, while the civil lithium battery market has orders of about 380 million CNY [2] Lithium Battery Production Capacity - Current lithium battery cell production capacity is 10 GWh, with an additional 10 GWh for new energy storage integration [6] - Plans to expand data center lithium battery capacity from 1.5 GWh to a total of 2.5 GWh next year [3] Market Outlook - The North American data center backup battery market demand is expected to be around 20 GWh next year, with global demand projected at 30 GWh [5] - The company is recognized as a qualified supplier for major North American data center clients, anticipating significant growth in product performance [5] Product Development - The company has made progress in semi-solid and all-solid-state battery technologies, with a 2.8 GWh order for independent storage projects [8] - Semi-solid batteries are priced about 15% higher than liquid batteries, but the profit margin remains similar [9] Strategic Direction - The company aims to focus on customer needs and leverage technological innovation to build core competitiveness, adopting a dual-driven model of "technology research + market expansion" [11] - Plans to continue prioritizing lithium batteries while advancing new energy storage, communication, and data center storage businesses [11]

Core Viewpoint - Nandu Power's Q3 financial report indicates a decline in both revenue and net profit, reflecting ongoing challenges in the market [1] Financial Performance - The company's Q3 operating revenue was 1.988 billion yuan, a year-on-year decrease of 6.22% [1] - The net profit attributable to shareholders for Q3 was 12.1718 million yuan, down 80.26% year-on-year [1] - For the first three quarters, the total operating revenue reached 5.911 billion yuan, representing a year-on-year decline of 24.80% [1] - The net loss attributable to shareholders for the first three quarters was 220 million yuan [1]

浙江南都电源动力股份有限公司 证券代码：300068 证券简称：南都电源 公告编号：2025-052 公司根据《中华人民共和国公司法》《中华人民共和国证券法》以及《上市 公司章程指引》等有关法律、法规、规范性文件的规定，结合公司的实际情况， 拟对《公司章程》相关条款进行修订，内容如下： | | 修订前 | 修订后 | | --- | --- | --- | | 第六条 | 公司注册资本为人民币898,039,858元。 第六条 | 公司注册资本为人民币898,367,299元。 | | 第二十条 | 公司已发行的股份数为898,039,858股，均 | 第二十条 | 公司已发行的股份数为898,367,299股，均 | | --- | --- | --- | --- | | 为普通股。 | | 为普通股。 | | 关于变更公司注册资本及修订公司章程的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江南都电源动力股份有限公司（以下简称"公司"）于2025年10月29日召 开第九届董事会第三次会议，审议通过了《关于变更公司注册资本及修订公司章 程的议案》。现将有 ...

证券代码：300068 证券简称：南都电源 公告编号：2025-053 浙江南都电源动力股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 根据《中华人民共和国公司法》和《公司章程》的有关规定，经浙江南都电 源动力股份有限公司（以下简称"公司"、"本公司"）第九届董事会第三次会 议审议通过，决定于 2025 年 11 月 17 日（星期一）14:30 在浙江省杭州市西湖 区文二西路 822 号公司会议室召开 2025 年第三次临时股东会会议。现将具体事 宜通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会召集人：公司董事会 3、会议召开的合法、合规性：经第九届董事会第三次会议审议通过，公司 召开 2025 年第三次临时股东会；会议召集程序符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 11 月 17 日（星期一）14:30； （2）网络投票时间：2025 年 11 月 17 日 ...

一、审议通过了《关于<2025年第三季度报告>的议案》 公司《2025年第三季度报告》详见公司于同日披露在中国证监会指定的创业 板信息披露网站巨潮资讯网（http://www.cninfo.com.cn/）上的相关公告。 证券代码：300068 证券简称：南都电源 公告编号：2025-050 浙江南都电源动力股份有限公司 第九届董事会第三次会议决议公告 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。 浙江南都电源动力股份有限公司（以下简称"公司"）第九届董事会第三次 会议于2025年10月29日以现场表决与通讯表决相结合的方式召开。公司于2025 年 10 月 24 日以当面送达、电子邮件或电话的方式通知了全体董事，本次会议应 参会的董事 7 名，实际参会的董事 7 名，会议的召集、召开和表决符合《中华人 民共和国公司法》和《公司章程》的有关规定。会议由公司董事长朱保义先生主 持，会议审议通过了以下议案： 表决结果：7票同意，0票反对，0票弃权。 该议案尚需提交公司股东会审议。 三、审议通过了《关于召开2025年第三次临时股东会的议案》 董事会同意公司于202 ...

格隆汇10月29日｜南都电源(300068.SZ)公告称，公司发布2025年第三季度报告，前三季度实现营业收 入59.11亿元，同比下降24.80%；归属于上市公司股东的净利润为-2.20亿元。第三季度营业收入为19.88 亿元，同比下降6.22%；归属于上市公司股东的净利润为1217.18万元，同比下降80.26%。 ...

浙江南都电源动力股份有限公司 2025 年第三季度报告 证券代码：300068 证券简称：南都电源 公告编号：2025-051 浙江南都电源动力股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、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 1 浙江南都电源动力股份有限公司 2025 年第三季度报告 （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 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 1,988,162,952.16 | -6.22% ...

Group 1 - The A-share market's energy storage sector is experiencing significant growth, with notable stock price increases for several companies [1] - HaiBo SiChuang's stock rose over 13%, followed by AiLuo Energy with over 9%, and KeLu Electronics with over 7% [2] - The growth is driven by policy support and increasing global demand for grid stability equipment and AI-driven data center power supply systems [1] Group 2 - The battery industry, along with solar energy and electric vehicles, is a core component of China's industrial growth strategy [1] - The total market capitalization of HaiBo SiChuang is 50.6 billion, while AiLuo Energy stands at 12.2 billion [2] - Year-to-date, KeLu Electronics has seen a remarkable increase of 105.52% in its stock price [2]

Group 1 - The core viewpoint of the news is that Nandu Power has seen a significant increase in its stock price, rising 5.01% to 18.87 CNY per share, with a total market capitalization of 16.949 billion CNY and a trading volume of 784 million CNY [1] - Nandu Power has experienced a cumulative increase of 5.71% over the past four days, indicating positive market sentiment [1] - The company specializes in the research, manufacturing, sales, and service of a full range of products and systems related to new energy storage, industrial storage, and residential storage [1] Group 2 - The main revenue sources for Nandu Power include lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1] - Among the top ten circulating shareholders, a fund under Southern Fund has increased its holdings in Nandu Power, acquiring an additional 1.759 million shares, bringing its total to 8.282 million shares, which represents 0.97% of the circulating shares [2] - The Southern CSI 1000 ETF has achieved a year-to-date return of 27.01% and a one-year return of 24.44%, ranking 2080 out of 4216 and 1925 out of 3877 respectively in its category [2]