NARADA(SZ:300068) Zheng Quan Zhi Xing·2025-08-15 23:04Financial Performance - The company's total revenue for the first half of 2025 was 3.923 billion yuan, a decrease of 31.67% year-on-year [1] - The net profit attributable to shareholders was -232 million yuan, a decline of 225.48% year-on-year [1] - The gross profit margin was 10.95%, an increase of 7.84% year-on-year, while the net profit margin was -6.24%, a decrease of 298.27% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 438 million yuan, representing 11.17% of total revenue, an increase of 49.92% year-on-year [1] - The company reported a significant increase in operating cash flow per share to 0.66 yuan, up 230.07% year-on-year [1] Business Operations - The company is undergoing a strategic transformation, leading to a reduction in production in the lead recycling segment, which contributed to the revenue decline [3] - The company has a history of weak financial performance, with a median Return on Invested Capital (ROIC) of 3.41% over the past decade, indicating a fragile business model [4] - The company has been focusing on capital expenditures to drive its business, which raises concerns about the sustainability of its financial health [5] Industry Position - The company has over 30 years of experience in energy storage, initially starting in the telecommunications energy storage sector and expanding into battery manufacturing [7] - It ranks third in global market shipments for new electric power storage systems in 2024 and second among Chinese companies for battery shipments to data centers and communication bases [7] - The company has established a strong international presence, with subsidiaries in key regions across four continents and a commitment to technological innovation [7]