Core Viewpoint - The company, Nandu Power (300068), emphasizes the advantages of its lithium batteries for data centers, specifically highlighting the superiority of iron-lithium technology over ternary technology in terms of safety and cycle life [1] Group 1: Technology Comparison - The company's lithium batteries utilize iron-lithium technology, while competitors like Samsung and LG use ternary technology [1] - Iron-lithium technology is noted to have better safety and cycle life compared to ternary technology [1] Group 2: Certifications and Applications - The company's high-voltage lithium products have received major certifications in the U.S., including UL9540A and UL1973 [1] - These products are widely used in major data center projects across the United States [1]

Core Viewpoint - Nandu Power has signed a strategic cooperation agreement with Yadi to enhance collaboration in solid-state battery technology research and development, product development, and industry chain synergy, aiming to create an innovative solid-state battery ecosystem and accelerate marketization [1] Company Collaboration - The partnership will leverage the strengths of both companies to build an open and innovative solid-state battery industry ecosystem [1] - Both companies will explore diverse cooperation models to establish a comprehensive and multi-level strategic partnership [1]

Core Viewpoint - The company Nandu Power has signed strategic cooperation agreements with TaiLan and Yadi to leverage their respective R&D platforms for joint technology development and commercialization of solid-state battery technology [1] Group 1: Strategic Cooperation - The agreements aim to integrate leading technological research capabilities through collaboration on key projects [1] - The parties will utilize their resource, industry, and production advantages to promote the large-scale application of solid-state batteries in energy storage and consumer sectors [1] Group 2: Technology Innovation - The focus will be on advancing solid-state battery technology innovation, application, and product iteration [1] - The collaboration will involve independent planning, industry-driven initiatives, and resource exchanges to enhance the synergy within the industry chain [1]

Core Viewpoint - Nandu Power's all-solid-state battery utilizes oxide technology to address the "solid-solid interface" challenge, significantly improving the interface contact performance and effectively reducing internal resistance of the battery cells [2] Group 1: Company Developments - The company has developed an all-solid-state battery using oxide electrolyte in-situ film formation assembly technology and dense dry electrode process [2] - The all-solid-state battery business is not expected to have a significant impact on the company's performance in 2025 [2]

Core Viewpoint - Nandu Power has established itself as a leading player in the data center industry, leveraging 30 years of production and technology experience to gain significant market share both domestically and globally [2] Company Overview - Nandu Power is one of the earliest entrants into the data center sector, with a strong reputation among customers due to its extensive experience and technological expertise [2] - The company's data center-related business is a key focus area, with products widely applicable in data centers, intelligent computing centers, and supercomputing centers, providing backup power support [2] Market Position - Nandu Power holds a leading position in market share within the domestic and global data center industry [2] - The company's North American data center terminal clients primarily consist of major internet companies in the United States, although specific client information is confidential [2]

Core Viewpoint - The company, Nandu Power (300068.SZ), emphasizes the advantages of its lithium batteries for data centers, particularly highlighting the safety and cycle life of its iron-lithium technology compared to the ternary technology used by competitors like Samsung and LG [1]. Group 1: Product Technology - The company's lithium battery for data centers utilizes iron-lithium technology, which is noted for its superior safety and cycle life compared to ternary technology [1]. - The high-voltage lithium products have received major certifications in the U.S., including UL9540A and 1973, and are widely used in various data center projects across the U.S. [1]. Group 2: Market Position and Competitiveness - The company is responding to investor inquiries regarding its competitive advantages in the North American data center market, particularly concerning its semi-solid lithium backup power products [3]. - There is a focus on the company's ability to provide solid-state products in light of significant fire incidents in foreign data centers, indicating a potential market demand for safer alternatives [3].

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司全固态电池研发进展是否顺利，何时能够 实现批量生产并且进行商业应用？ 南都电源（300068.SZ）9月17日在投资者互动平台表示，公司目前有全固态、半固态等固态电池相关技 术及产品研发储备。其中，半固态产品已中标2.8GWh新型电力储能项目，主要建设地在深圳和汕尾， 将有效缓解粤港澳大湾区电力供需矛盾，该订单标志着公司固态储能电池技术的商业化应用。20Ah、 30Ah全固态电池目前较匹配的应用场景为低空飞行器、无人机、机器人等，目前已在对接相关公司。 全固态电池产品对2025年度业绩不产生较大影响。 敬请广大投资者注意投资风险，理性决策，审慎投 资。 （记者 王晓波） ...

Core Insights - Company has developed solid-state battery technologies including all-solid-state and semi-solid-state batteries, with a pilot production line for small batch delivery [1] - The impact of solid-state battery products on the company's performance in 2025 is expected to be minimal [1] Company Developments - The company currently has a pilot production line for all-solid-state batteries capable of small batch deliveries [1] - A key research project in Zhejiang province is set to complete acceptance in December 2024, which will establish a pilot demonstration line for solid-state batteries [3] Industry Context - Competitors such as CATL and Guoxuan High-Tech have already established pilot production lines for all-solid-state batteries and have clear mass production plans [3] - The competitive landscape in the solid-state battery industry is becoming increasingly differentiated [3]

Core Viewpoint - The company is advancing its solid-state battery technology, with a focus on both all-solid-state and semi-solid-state batteries, and has secured a significant order for semi-solid-state products, indicating progress in commercializing its energy storage solutions [2]. Group 1: Company Developments - The company has developed both all-solid-state and semi-solid-state battery technologies and products [2]. - The semi-solid-state battery product has won a bid for a 2.8 GWh new energy storage project, primarily located in Shenzhen and Shanwei, which will help alleviate power supply and demand issues in the Guangdong-Hong Kong-Macau Greater Bay Area [2]. - The order for semi-solid-state batteries marks a significant step towards the commercial application of the company's solid-state energy storage battery technology [2]. Group 2: Financial Impact - The all-solid-state battery products are not expected to have a significant impact on the company's performance in the fiscal year 2025 [2].

Company Overview - Nandu Power, established on December 8, 1997, and listed on April 21, 2010, is located in Hangzhou, Zhejiang Province. The company focuses on the research, manufacturing, sales, and service of a full range of new energy storage products and systems, including industrial and residential storage, as well as integrated recycling of environmentally friendly resources [1][2]. Financial Performance - As of June 30, 2025, Nandu Power reported a revenue of 3.923 billion yuan, a year-on-year decrease of 31.67%. The net profit attributable to shareholders was -232 million yuan, reflecting a significant year-on-year decline of 225.48% [2]. - The company has cumulatively distributed 684 million yuan in dividends since its A-share listing, with 56.102 million yuan distributed over the past three years [3]. Stock Performance - On September 15, Nandu Power's stock price increased by 2.06%, reaching 20.34 yuan per share, with a trading volume of 1.023 billion yuan and a turnover rate of 5.96%. The total market capitalization stood at 18.269 billion yuan [1]. - Year-to-date, the stock price has risen by 26.02%, with a 7.62% increase over the past five trading days, a 14.21% increase over the past 20 days, and a 36.69% increase over the past 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased to 122,400, a reduction of 8.78%. The average number of circulating shares per person increased by 9.66% to 6,968 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 10.2998 million shares, an increase of 1.013 million shares from the previous period. Southern CSI 1000 ETF and Huaxia CSI 1000 ETF are also among the top shareholders, with increases in their holdings [3]. Business Segments - Nandu Power's main business revenue composition includes lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1]. - The company operates within the electric equipment industry, specifically in the battery sector, and is involved in various concept sectors such as solid-state batteries, energy interconnection, flying cars, battery recycling, and sodium batteries [1].