计提两笔费用后 亿纬锂能何以“轻装上阵”

Core Viewpoint - The financial report of EVE Energy (300014.SZ) for the first half of 2025 shows a revenue of 28.17 billion yuan, a year-on-year increase of 30.06%, but a net profit attributable to shareholders of 1.605 billion yuan, returning to the level of 2022, indicating a "revenue growth without profit growth" scenario [1] Financial Performance - The decline in net profit is largely attributed to stock incentive expenses and bad debt provisions, with stock incentive expenses impacting profits by approximately 490 million yuan [2] - Excluding these factors, the net profit attributable to shareholders would have increased by 3.78%, with a net profit of 1.77 billion yuan, representing an 18.06% year-on-year growth [2] Business Fundamentals - The gross margin of power batteries has rebounded, and the company ranks second globally in energy storage shipments, with significant advancements in large cylindrical battery technology and solid-state battery R&D [1][4] - EVE Energy has initiated legal action against related parties over contract disputes, reflecting an enhanced risk management awareness in the battery industry [1] Dividend Announcement - EVE Energy announced an interim dividend of 2.45 yuan per share, totaling 500 million yuan to be distributed to all shareholders [1] Market Position and Client Base - The company collaborates with major clients in various sectors, including consumer batteries with Samsung and automotive clients like BMW and Mercedes-Benz, as well as energy storage clients such as ABB and China Mobile [3] Production Capacity - EVE Energy has established eight production bases globally, with two additional bases under construction, supporting a comprehensive production layout in China and international expansion in Malaysia and Hungary [3] Revenue Breakdown - Revenue from power batteries reached 12.748 billion yuan, while energy storage batteries generated 10.298 billion yuan, with power battery gross margins increasing by 6.92 percentage points to 17.60% [4] Product Development - EVE Energy's large cylindrical battery technology has achieved mass production, with over 60,000 units installed and a maximum driving distance exceeding 230,000 kilometers [5] - The company expects stable delivery in the third quarter, with improved profitability in the power battery segment [5] Growth in Energy Storage - The energy storage battery shipments reached 28.71 GWh, a year-on-year increase of 37.02%, maintaining the company's position as the second-largest globally in energy storage shipments [6] Solid-State Battery Advancements - EVE Energy is aggressively pursuing solid-state battery development, with plans to launch a prototype by 2025 and achieve significant breakthroughs in production processes by 2026 [6]