“宁王”中报出炉！拟10派10.07元

Core Viewpoint - Ningde Times reported a revenue of 178.9 billion yuan for the first half of 2025, representing a year-on-year growth of 7.27%, and a net profit attributable to shareholders of 30.5 billion yuan, up 33.33% year-on-year [2][3]. Financial Performance - Revenue for the first half of 2025 was 178.89 billion yuan, compared to 166.77 billion yuan in the same period last year, marking a growth of 7.27% [3]. - Net profit attributable to shareholders was 30.49 billion yuan, up from 22.86 billion yuan, reflecting a growth of 33.33% [3]. - The net profit excluding non-recurring gains and losses was 27.20 billion yuan, a 35.62% increase from 20.05 billion yuan [3]. - Operating cash flow increased by 31.26% to 58.69 billion yuan from 44.71 billion yuan [3]. - Basic and diluted earnings per share were both 6.92 yuan, up 33.08% from 5.20 yuan [3]. - Total assets reached 867.18 billion yuan, a 10.24% increase from 786.66 billion yuan at the end of the previous year [3]. Dividend Announcement - The company announced a mid-term dividend plan, proposing a cash dividend of 10.07 yuan per 10 shares, totaling 4.573 billion yuan [2][5][8]. Product Performance - Revenue from power battery systems was 131.57 billion yuan, a year-on-year increase of 16.8%, with a gross margin of 22.41%, down 1.07% [6][7]. - Revenue from energy storage battery systems was 28.4 billion yuan, down 1.47%, with a gross margin of 25.52%, up 1.11% [6][7]. - Revenue from battery materials and recycling was 7.89 billion yuan, down 44.97%, with a gross margin of 26.42%, up 18.21% [6][7]. - The company achieved a cumulative global installation of approximately 20 million power batteries and over 2,000 energy storage projects by the end of the first half [8]. R&D and Market Outlook - The company is leading in solid-state battery research, but commercial application is expected to be realized around 2030 [4][9]. - The company is confident in overseas market development, particularly in Europe, where local production capacity is expected to gradually increase [8]. - The company is actively expanding its global production capacity, with ongoing projects in China and abroad, including Hungary and Spain [8]. Market Conditions - Recent fluctuations in lithium carbonate prices are linked to market expectations regarding the sustainability of lithium mining in Yichun, Jiangxi [9].