为加速固态电池技术创新与成果转化，南都电源积极携手行业优质企业构建协同发展生态，先后与太蓝新能源、雅迪等签 署战略合作协议。根据合作规划，各方将充分发挥各自研发平台与产业资源优势，通过重点项目合作整合技术研究能力，共同 开展固态电池核心技术研发、产品迭代及成果产业化工作。 与此同时，南都电源"高安全长寿命半固态锂电池关键技术开发及储能系统应用"项目成功入选2025年浙江省先进技术创新 成果名单，从省级层面认可了其在半固态锂电池关键技术及产业化应用上的突出成就，以及对区域先进制造业升级的积极贡 献。 作为储能领域技术创新的先行者，南都电源在固态电池赛道构建了多元化产品矩阵，其中314Ah半固态储能电池与783Ah 超大容量储能固态电池的技术突破尤为瞩目。783Ah超大容量产品依托"柔性两相氧化物固态电解质""多层异质复合结构设 计"及"电解质原位成膜"三大核心技术革新，成功破解传统电池容量与安全难以平衡的行业痛点，实现能量密度与安全性能的 跨越式提升。经测试，该电芯循环寿命不低于10000次，单体能量超过2.5kWh，能量效率超95%，体积能量密度大于 430Wh/L，可广泛适配大型储能场景，为高安全、高效能储 ...

格隆汇12月23日丨南都电源(300068.SZ)在投资者互动平台表示，公司未参加航天方面的电源项目。公 司仍将独立且继续推进再生铅业务的股权出售或相关资产优化工作。再生铅业务的股权结构优化或资产 整合，是公司着眼于未来长远发展、提升整体运营效率和市场竞争力的重要举措。 ...

Core Viewpoint - The report highlights a decline in the production and demand for photovoltaic components, with a notable decrease in both domestic and overseas markets, while also indicating a mixed performance in battery production and pricing trends across different segments [1][2]. Production - Photovoltaic component production in November 2025 decreased by 2.43% compared to October 2025, with domestic terminal installation progress falling short of expectations and rising component prices causing reluctance among downstream buyers [2] - In December 2025, the predicted production volume for power, storage, and consumer batteries in China is 220 GWh, reflecting a 5.3% month-on-month increase, with storage battery production accounting for approximately 35.3% [2] Pricing - As of December 17, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers was 1.18 CNY/piece, and TOPCon double-glass components also held steady at 0.69 CNY/W [3] - In November 2025, the average price of lithium iron phosphate battery storage systems ranged from 0.4452 to 0.6828 CNY/Wh, with an average price of 0.5721 CNY/Wh, reflecting a 6.4% decrease month-on-month [3] Demand - In November 2025, the export value of photovoltaic components reached approximately 2.412 billion USD, marking a year-on-year increase of 34.08% and a month-on-month increase of 6.84% [4] - The cumulative export value from January to November 2025 was 25.885 billion USD, showing a year-on-year growth of 4.89% [4] - Domestic photovoltaic installations in October 2025 totaled 12.6 GW, representing a month-on-month increase of 30.4% but a year-on-year decrease of 38.3% [4] - The newly tendered capacity for EPC/PC (including DC-side equipment) and storage systems in November 2025 reached 21.8 GW/64 GWh, marking a monthly high for 2025 with a 65% increase month-on-month [4] Investment Recommendations - The report suggests focusing on companies related to the photovoltaic and storage sectors, recommending specific companies such as Sunshine Power, Nandu Power, Tongrun Equipment, Huashengchang, and Shouhang New Energy [5]

Core Viewpoint - Nandu Power (300068.SZ) announced the termination of its control change plan, leading to the resumption of its stock trading on December 19, after a seven-day suspension due to the failed negotiations with potential buyers [2][4]. Group 1: Control Change Plan - The company was in discussions regarding a control change and the sale of its lead recycling business but failed to reach a consensus on key terms after multiple negotiations [4]. - No information about the potential buyers or specific details of the transaction was disclosed during the planning and termination phases [4]. Group 2: Financial Performance - In 2023, Nandu Power reported revenue of 14.666 billion yuan, a year-on-year increase of 24.83%, but net profit plummeted by 89.19% to 36 million yuan [4]. - For 2024, the company expects revenue to drop to 7.984 billion yuan, a significant decline of 45.56%, with a projected net loss of 1.497 billion yuan, representing a staggering year-on-year decrease of 4260.62% [4]. - Cumulatively, the company has incurred losses of 2.8 billion yuan from 2020 to 2024 [5]. Group 3: Strategic Shift and Legal Issues - Nandu Power attributed its financial downturn to a strategic shift from lead recycling to lithium battery production, resulting in reduced output from its lead recycling segment [5]. - The company is involved in a legal dispute with Xinri Co. (603787.SH) over quality issues related to lithium batteries supplied under a contract, with Xinri seeking approximately 565 million yuan in damages [5]. - Nandu Power maintains that its products meet quality standards, and a court ruling indicated that the company did not fundamentally breach the contract, although it was ordered to pay 100 million yuan to Xinri [6][7].

Group 1 - Nandu Power has won the "High-tech Golden Ball Award for Annual Innovative Product" for its self-developed "Key Technology Development of High-Safety Long-Life Semi-Solid Lithium Battery and Energy Storage System Application" project at the 2025 High-tech Energy Storage Annual Conference [1] - The core product awarded is the 783Ah ultra-large capacity solid-state battery, which achieves a leap in energy density and safety performance through three core technological innovations, reaching industry-leading performance indicators [1] - The battery features a cycle life of no less than 10,000 times, a single unit energy exceeding 2.5kWh, energy efficiency over 95%, and a volumetric energy density greater than 430Wh/L, providing a safe, efficient, and economical solution for large-scale energy storage systems [1] Group 2 - The company has successfully entered mass production of its 314Ah semi-solid energy storage battery and secured the world's largest 2.8GWh semi-solid battery storage project, validating the maturity and reliability of its semi-solid technology [2] - In the all-solid-state battery sector, its 20Ah and 30Ah products have achieved an energy density of 350Wh/kg, with a capacity retention rate exceeding 92% after 500 cycles, showcasing significant potential for commercial applications in specialized scenarios [2] - Nandu Power has consistently prioritized technological innovation as its core development driver, accumulating deep technical expertise and rich market resources in lead-acid batteries, lithium-ion batteries, and energy storage system solutions [2] Group 3 - The company has outlined its strategic plan to continue focusing on technological innovation, accelerating the mass production and commercialization of the 783Ah ultra-large capacity solid-state battery [3] - Nandu Power aims to deepen its layout in core areas such as new energy storage, communication, and data center storage, providing safer, longer-lasting, and more economical energy storage solutions to support the achievement of "dual carbon" goals [3] - Through continuous technological iteration and precise market positioning, Nandu Power is empowering global energy transition with its "Nandu Wisdom" and "Nandu Solutions" [3]

证券代码：300068 证券简称：南都电源 公告编号：2025-066 浙江南都电源动力股份有限公司 关于股东部分股份质押及解除质押的公告 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。 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次解除 | 本次解除 | | | 情况 | | 情况 | | | 股东名 | 持股数量 | 持股比 | 质押及质 | 质押及质 | 占其所持 | 占公司 | 已质押股 | | 未质押股 | | | 称 | （万股） | 例 | 押前：质 | 押后：质 | 股份比例 | 总股本 | 份限售和 | 占已质押 | 份限售和 | 占未质押 | | | | | 押股份数 | 押股份数 | | 比例 | 冻结、标 | 股份比例 | 冻结数量 | 股份比例 | | | | | 量（万股） | 量（万股） | | | 记 数 量 | | （万股） | | | | | | ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 22 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 《锂电行业跟踪：11 月国内动力电池装车量和 出口量同比增长，锂电材料价格趋于稳定》 2025-12-15 《数据中心及 AI 景气上行，电力设备需求持续 增长》2025-12-12 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——光储行业跟踪 11 月光伏组件出口额同比高增，海外需 求持续旺盛 目录 | 1. 11 月国内光伏组件产量环比下降，储能需求旺盛 ...

Core Viewpoint - The company Nandu Power has terminated its control change plan after a brief one-week period, primarily due to failure to reach consensus among involved parties regarding key terms [2][4]. Group 1: Control Change Announcement - Nandu Power announced the control change plan on December 12, 2023, but terminated it on December 19, 2023, citing multiple unresolved issues during negotiations [2]. - The announcement did not provide details on the future arrangements for the recycled lead segment [3]. Group 2: Financial Performance - Nandu Power's financial performance has been under pressure, with a projected net loss of 1.497 billion yuan for 2024, and a loss of 220 million yuan reported in the first three quarters of the current year [1][6]. - The company reported revenues of approximately 11.749 billion yuan, 14.666 billion yuan, and 7.984 billion yuan for the years 2022, 2023, and 2024 respectively, with corresponding net profits of 333 million yuan, 35.976 million yuan, and a loss of 1.497 billion yuan [6]. - In the first three quarters of 2023, Nandu Power's revenue decreased by 24.8% year-on-year to about 5.911 billion yuan, with a net loss of approximately 220 million yuan [6]. Group 3: Business Segments - The company primarily focuses on energy storage applications, providing lithium-ion and lead-acid battery products, solutions, and operational services [6]. - In the first half of 2023, revenue from lithium-ion battery products was approximately 1.994 billion yuan (up 9.54%), while revenue from lead-acid battery products was about 843 million yuan (up 12.29%). However, revenue from recycled lead products fell by 72.33% to approximately 759 million yuan [8].

Core Viewpoint - The company Nandu Power has terminated its control change plan after a brief one-week period, primarily due to unresolved negotiations among involved parties, reflecting ongoing financial struggles and a significant projected loss for 2024 [1][3][4]. Group 1: Control Change Announcement - Nandu Power announced the control change plan on December 12, 2023, but terminated it just a week later on December 19, 2023, due to a lack of consensus on core terms among the parties involved [3][4]. - The announcement of the control change was linked to the potential sale of the company's recycling lead segment, but no further details were provided regarding this segment after the termination [5]. Group 2: Financial Performance - Nandu Power is facing significant financial pressure, with a projected net loss of 1.497 billion yuan for 2024, and a loss of 220 million yuan reported in the first three quarters of the current year [1][8]. - The company's revenue has shown a downward trend, with reported revenues of approximately 11.749 billion yuan, 14.666 billion yuan, and 7.984 billion yuan for the years 2022, 2023, and 2024 respectively, alongside corresponding net profits of 333 million yuan, 35.976 million yuan, and a loss of 1.497 billion yuan [9]. - In the first three quarters of 2023, Nandu Power's revenue decreased by 24.8% year-on-year to approximately 5.911 billion yuan, with a net loss of about 220 million yuan, attributed to strategic adjustments and reduced production in the recycling segment [9][10]. Group 3: Market Reaction - Following the announcement of the termination of the control change, Nandu Power's stock price fell by 11.37%, closing at 16.29 yuan per share, resulting in a total market capitalization of 14.63 billion yuan [7].

Group 1 - The core viewpoint of the news is the strategic development plan proposed by Baoding City, Hebei Province, focusing on nurturing emerging and future industries in line with the digital and intelligent era [1] - The plan emphasizes the acceleration of industries such as life and health, green health buildings, data services, new materials, new energy storage, low-altitude economy, safety emergency equipment, and aerospace information [1] - It aims to establish a national regional medical center and an international medical base, promoting a first-class life and health city through integration of medical, production, research, education, and data [1] Group 2 - The battery manufacturing sector, particularly lithium and sodium-ion battery companies, is expected to benefit from expanding installation demand and accelerated technological iteration [2] - The system integration sector is seeing growth in orders for energy storage power station EPC and solution providers, leading to improved profit margins [2] - The materials and equipment sector is experiencing strong demand for upstream materials such as electrolytes and separators, with accelerated domestic substitution [2] Group 3 - Contemporary Amperex Technology Co., Limited (CATL) is recognized as a global leader in energy storage batteries [3] - Pylon Technologies is a leading provider of household energy storage systems, benefiting significantly from surging overseas demand [3] - Guoxuan High-Tech is actively developing sodium-ion batteries and has released its first-generation product, securing orders from multiple energy storage companies [3] - Nandu Power is focused on lead-carbon and lithium energy storage while also developing energy storage recycling to create a closed-loop industry chain [3] - Shenling Environment is a leader in precision temperature control equipment, providing cooling solutions for energy storage power stations and entering the supply chain of CATL [3] - Qinda Environmental Protection is innovating in flexible transformation of thermal power and molten salt energy storage, with steadily advancing demonstration projects [3] - Greeenme is a major player in battery recycling, having established multiple production lines for energy storage battery recycling, positioning itself at the forefront of the circular economy [3]