Core Viewpoint - The company, Nandu Power (300068), reported a significant increase in its order backlog due to the accelerated growth of the energy storage market driven by global renewable energy integration and energy security strategies [1] Group 1: Order Backlog - The company has an unshipped order backlog of approximately 8.9 billion yuan [1] - Among this, large-scale storage orders account for about 5.5 billion yuan, with 4 billion yuan from domestic orders and 1.5 billion yuan from overseas [1] - The company has lithium battery orders for data centers totaling approximately 1.67 billion yuan, all of which are overseas orders [1] Group 2: Market Development - The company has successfully developed the market for consumer lithium battery products, with an unshipped order backlog of about 380 million yuan [1] - Communication lithium battery orders amount to approximately 470 million yuan, with a relatively small proportion from overseas [1] - The company has 790 million yuan in lead-acid battery orders, primarily from domestic sources [1] Group 3: Geographic Distribution - The primary sources of the company's overseas large-scale storage orders are Australia, Europe, and the United Kingdom [1]

Core Viewpoint - Nandu Power (300068) announced on October 30 that its civil lithium battery business focuses on battery swapping and vehicle distribution, collaborating with vehicle manufacturers and dealers for product promotion [1] Group 1: Business Focus - The company's civil lithium battery business is primarily concentrated on battery swapping and vehicle distribution [1] - The company has started to launch semi-solid civil lithium battery products since the end of September [1] Group 2: Industry Trends - With the implementation of new national standards, safety performance requirements for civil lithium batteries are expected to increase, leading to a competitive environment where only the best products will survive [1]

Core Viewpoint - Nandu Power announced its current lithium battery cell production capacity of 10 GWh and new energy storage integration capacity of 10 GWh, with ongoing construction of additional capacities [1] Group 1 - The company has a current lithium battery cell production capacity of 10 GWh [1] - The new energy storage integration capacity is also at 10 GWh [1] - The construction of Huatuo Phase II with a capacity of 4 GWh for lithium battery cells is progressing smoothly [1] - The construction of a 10 GWh integrated production line in Yangzhou is also advancing in an orderly manner [1]

Core Viewpoint - The company has secured multiple high-pressure lithium battery data center projects, including contracts in the U.S. and overseas, indicating a strong order backlog and growth potential in the data center market [1] Group 1: Company Developments - The company announced it has won several high-pressure lithium battery data center projects this year, showcasing its robust order book [1] - The current production capacity for data center lithium batteries stands at 1.5 GWh, with plans to expand by an additional 1 GWh next year, totaling 2.5 GWh [1] - The company possesses the capability to rapidly increase production to meet future customer demand [1] Group 2: Technological Advancements - The company has developed a third-generation high-pressure lithium battery product designed to address the high energy density and safety requirements of data centers [1] - This new product utilizes immersion liquid cooling technology, ensuring 100% fire and explosion safety in high-density backup applications [1] Group 3: Market Position and Strategy - The company is focusing on providing "energy storage + backup power" solutions to tackle the energy consumption challenges posed by increasing computational power in data centers [1] - Over the years, the company has diversified its customer base and rapidly expanded its business scale, positioning itself as a leading player in the high-pressure lithium battery data center sector [1]

Core Viewpoint - Nandu Power has announced a significant milestone in the commercialization of solid-state battery technology by winning a 2.8GWh independent energy storage project order, which consists of three projects located in Shenzhen and Shanwei, addressing the power supply and demand imbalance in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Project Details - The 2.8GWh order marks the first commercial application of solid-state battery technology in a gigawatt-hour level energy storage project globally, showcasing industry recognition of Nandu's solid-state technology [1] - The projects will provide operational data support for future expansions into data center storage and commercial industrial storage scenarios [1] Group 2: Technical Specifications - Nandu's 20Ah and 30Ah solid-state batteries utilize a high nickel ternary positive electrode and a confined growth silicon-carbon negative electrode system, achieving an energy density of 350Wh/kg [1] - The batteries have successfully passed multiple safety tests, ensuring they do not catch fire or explode, and can operate in a wide temperature range, meeting extreme working conditions [1] - The batteries can undergo 500 complete charge-discharge cycles while maintaining a capacity retention rate of over 92% [1] Group 3: Future Research Directions - The company will continue to conduct research on advanced technologies such as oxide and sulfide solid-state batteries to further strengthen its core technological advantages [1]

Core Viewpoint - Nandu Power's revenue and net profit have significantly declined in the first three quarters, primarily due to strategic adjustments and reduced production in the recycling segment, despite growth in overseas lithium battery products [1] Financial Performance - The company reported a revenue of 5.911 billion yuan for the first three quarters, a year-on-year decrease of 24.80% [1] - The net profit attributable to shareholders was -220 million yuan [1] - In the third quarter, revenue was 1.988 billion yuan, down 6.22% year-on-year [1] - The net profit for the third quarter was 12.1718 million yuan, reflecting an 80.26% decline year-on-year [1] Operational Insights - The revenue decline is attributed to strategic adjustments, particularly a proactive reduction in production within the recycling segment, leading to a continuous decrease in revenue scale [1] - The significant increase in revenue from overseas data center lithium battery products has also influenced the overall financial performance [1] - The net loss is partly due to a lack of substantial investment gains compared to the previous year, where large investment income was recorded from equity disposals [1] - The recycling lead segment has faced increased losses due to policy changes and supply-demand dynamics [1]

Core Viewpoint - Company is undergoing a strategic transformation, resulting in a significant decline in revenue but showing signs of operational improvement in specific segments, particularly in industrial energy storage and data center businesses. Financial Performance - For the first three quarters of 2025, the company's revenue was approximately 5.911 billion, 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 [2] - The net profit attributable to shareholders was approximately -220 million, compared to a profit of 247 million in the same period last year, indicating a significant loss primarily from the recycled lead segment [2] - The company reported a net cash flow from operating activities of approximately 860 million, an improvement of 1.58 billion compared to -720 million last year, reflecting a substantial operational performance improvement [2] Order Backlog - The company currently has an order backlog of approximately 8.9 billion, with large storage orders accounting for about 5.5 billion, including 4 billion from domestic and 1.5 billion from overseas [3] - Data center lithium battery orders are approximately 1.67 billion, all from overseas, while the company has also made significant progress in the consumer lithium battery market with an order backlog of about 380 million [3] Competitive Advantages - The company has secured multiple high-voltage lithium battery projects in the U.S. and other overseas markets, establishing itself as a key player in the data center sector [4] - The company has developed a third-generation high-voltage lithium battery product that addresses high energy density and safety concerns, enhancing its competitive edge in the market [4] Market Outlook - The company anticipates that the North American data center backup battery market demand will reach approximately 20 GWh next year, with global demand expected to be around 30 GWh, driven by explosive growth in computing power [5] Production Capacity - The company currently has a lithium battery cell production capacity of 10 GWh and a new energy storage integration capacity of 10 GWh, with ongoing expansions planned [7] Strategic Direction - The company aims to focus on customer needs and leverage technological innovation to build core competitiveness, with a dual-driven model of "technology research and market expansion" [13] - The company plans to continue prioritizing lithium batteries while advancing new energy storage solutions and maintaining a competitive edge in traditional businesses through differentiation [13]

Core Insights - The company, Nandu Power (300068), anticipates a demand of approximately 20 GWh for backup batteries in the North American data center market and around 30 GWh globally for the next year [1] - The explosive growth in computing power demand is expected to drive data center construction needs to maintain a growth rate of over 100% in the coming years [1] - The company is currently a qualified supplier for leading clients in the North American data center sector, which is expected to lead to rapid growth in product performance alongside client expansion [1]

财报显示，2025年前三季度，南都电源实现营业收入约为59.11亿元，同比下降24.8%；对应实现归属净 利润约为-2.2亿元，同比由盈转亏。 北京商报讯（记者 马换换 王蔓蕾）10月30日，南都电源（300068）发布2025年三季报显示，公司前三 季度实现归属净利润约为-2.2亿元，同比转亏。 ...

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]