空降总裁，为“亏损王”锂电巨头逆天改命

Core Viewpoint - The company, Rui Pu Lan Jun (0666.HK), has demonstrated a remarkable turnaround in its performance despite the challenges in the new energy industry, showcasing significant improvements in revenue and profitability in its latest half-year report [1][2]. Financial Performance - In the first half of 2025, Rui Pu Lan Jun achieved revenue of 9.491 billion yuan, a year-on-year increase of 24.9%, and a gross profit of 829 million yuan, up 177.8% year-on-year [2]. - The company's loss narrowed to 63 million yuan, indicating a 90.4% reduction compared to the same period last year, with gross margin improving from 3.9% to 8.7% [2]. Production and Sales - The company sold 32.40 GWh of lithium battery products in the first half of 2025, representing a year-on-year growth of approximately 100.2% [2]. - The sales of energy storage batteries reached 18.87 GWh, up about 119.3% year-on-year, while power battery sales were 13.53 GWh, an increase of approximately 78.5% [2]. Market Position - Rui Pu Lan Jun ranked among the top five globally in energy storage cell shipments, with its household energy storage cells becoming the best-selling product in the world [4]. - The company has successfully penetrated the top ten household storage customers globally, with its cells being used in key products that define industry standards [4]. Strategic Leadership - The new president, Feng Ting, has implemented significant strategic adjustments, focusing on organizational efficiency, customer engagement, and profit protection [6]. - The company has adopted a "double 70% principle," prioritizing high-margin overseas markets and ensuring that 70% of customers provide project proof and long-term operational plans [6]. Production Capacity and Expansion - Rui Pu Lan Jun's production lines are operating at nearly full capacity, with plans for expansion to meet increasing demand, including a new production base in Indonesia with a capacity of 8 GWh [8]. - The management emphasizes that new capacity planning for 2026 will be closely tied to customer orders to ensure full utilization upon production [8].