NARADA(SZ:300068) Sou Hu Cai Jing·2025-08-15 12:30Core Viewpoint - Nandu Power (300068.SZ) is experiencing a transitional pain period after its transformation, with significant revenue and profit declines in the first half of 2025 [2][3]. Financial Performance - The company reported a revenue of 3.923 billion, a year-on-year decrease of 31.67%, and a net loss of 232 million, compared to a profit of 185 million in the same period last year [2]. - In the second quarter, the company achieved a revenue of 2.78 billion, a slight increase of 0.9% year-on-year, and a profit of approximately 34 million, indicating a turnaround [3]. Business Segments - The revenue from the resource regeneration segment fell by 65.74% to 1.086 billion, with a negative gross margin of -5.52%, a decline of 2.58% year-on-year [7][5]. - The revenue from the lithium-ion battery segment was 1.994 billion, up 17.63%, while the lead-acid battery segment generated 843 million, an increase of 16.37% [7]. - The communication and data center storage segment saw revenue growth of 34.09% to 1.89 billion, making it the only segment with positive revenue growth [9][10]. Market Dynamics - The company is focusing on the data center market, establishing long-term partnerships with major internet companies and financial institutions, and winning contracts for overseas lithium battery projects [3][10]. - The domestic battery market is facing intense competition, leading to a decline in gross margins, with domestic battery product revenue at 2.057 billion and a gross margin of 12.83%, down 11.41% year-on-year [11]. - In contrast, the overseas battery product revenue was 780 million, with a gross margin of 28.92%, indicating significantly higher profitability compared to the domestic market [12]. Strategic Adjustments - Nandu Power is adjusting its operations in response to the increasing number of retired batteries from new energy vehicles, focusing on lithium battery expansion and reducing lead battery production capacity [8]. - The company is part of a broader industry initiative to combat irrational pricing behaviors in the domestic storage market, with 149 companies participating in this "anti-involution" movement [12].