NUODE(SH:600110) Zheng Quan Zhi Xing·2025-08-30 23:23Core Viewpoint - Nord Co., Ltd. reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating improved operational performance despite ongoing challenges in profitability [1]. Financial Performance - Total revenue for the first half of 2025 reached 3.016 billion yuan, a year-on-year increase of 26.37% [1]. - The net profit attributable to shareholders was -72.43 million yuan, showing a year-on-year improvement of 54.47% [1]. - In Q2 2025, total revenue was 1.606 billion yuan, up 20.15% year-on-year, while the net profit attributable to shareholders was -34.76 million yuan, an increase of 46.27% year-on-year [1]. - Gross margin improved to 9.62%, a 75.24% increase year-on-year, while net margin was -2.68%, up 61.31% year-on-year [1]. - The company’s current ratio is 0.87, indicating rising short-term debt pressure [1]. Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 272 million yuan, accounting for 9.03% of revenue, a decrease of 6.4% year-on-year [1]. - The company reported a significant increase in operating cash flow per share to 0.29 yuan, a 469.76% increase year-on-year [1]. Debt and Liquidity - The company’s cash assets are considered healthy, but the liquidity ratio is low, with cash assets covering only 49.92% of current liabilities [5]. - The interest-bearing debt ratio reached 37.46%, and the total interest-bearing debt to the average operating cash flow over the past three years is 54.59% [5]. Business Model and Strategy - The company focuses on capital expenditure-driven growth and is actively exploring investment opportunities in new energy, new materials, and advanced manufacturing [4][6]. - The company emphasizes research and development, particularly in high-value-added products such as ultra-thin lithium battery copper foil [6][8]. Industry Outlook - The demand for lithium battery copper foil is expected to grow significantly due to the expanding electric vehicle market, with China projected to maintain a leading position in global sales [9][11]. - The global lithium battery shipment is forecasted to reach 1,899.3 GWh in 2025, indicating a compound annual growth rate of approximately 22.4% from 2024 to 2030 [10]. - The high-end PCB copper foil market is also anticipated to grow, driven by advancements in technology and increasing demand for high-performance materials [11].