Sou Hu Cai Jing·2025-09-15 03:53Core Insights - The performance of power battery suppliers has improved significantly due to the rising sales of new energy vehicles (NEVs) in China, with NEV production and sales reaching 6.968 million and 6.937 million units respectively in the first half of 2025, marking a year-on-year growth of 41.4% and 0.3% [3] - The power battery market has also seen substantial growth, with a total shipment of 477 GWh in the first half of 2025, representing a year-on-year increase of 49% [3] - Among seven major suppliers with over 40% revenue from power batteries, only two companies reported revenue decline, while others experienced revenue and net profit growth [3][4] Company Performance - CATL reported total revenue of 178.886 billion yuan, with power battery revenue accounting for 73.55% and a net profit of 30.485 billion yuan, up 33.33% [4] - EVE Energy achieved total revenue of 28.170 billion yuan, with power battery revenue at 45.25%, and a net profit increase of 24.90% [4] - Guoxuan High-Tech's total revenue was 19.394 billion yuan, with power battery revenue at 72.36%, and a net profit increase of 35.20% [4] - Zhongxin Innovation's total revenue reached 16.419 billion yuan, with power battery revenue at 64.94%, and a remarkable net profit growth of 87.14% [4] - Ruipu Lanjun reported total revenue of 9.491 billion yuan, with power battery revenue at 42.43%, although it still recorded a net loss [4] - Funeng Technology's total revenue was 4.353 billion yuan, with a significant drop in revenue and a net loss [4] - Zhengli New Energy turned a profit with total revenue of 3.172 billion yuan, marking a 94.10% increase in power battery revenue [4] Accounts Receivable Trends - The average accounts receivable turnover days for 12 major power battery suppliers increased to 94.75 days in the first half of 2025, compared to 89.4 days at the end of 2024 [5] - Among the suppliers, seven companies shortened their accounts receivable turnover days, while five experienced an increase [5][6] - BYD had the shortest accounts receivable turnover days at 25 days, while Guoxuan High-Tech had the longest at 163 days [5][6] Payment Terms and Cash Flow - In June 2025, 17 car manufacturers collectively committed to reducing supplier payment terms to no more than 60 days to alleviate cash flow pressures for component manufacturers, including battery suppliers [5] - The accounts receivable turnover days for major battery suppliers reflect the overall payment terms from their automotive clients, which may not directly correspond to the payment terms set by car manufacturers [9][10] - The average accounts payable turnover days for 18 major car manufacturers increased to 187.97 days, indicating a trend of extended payment terms [12][14] Financial Health of Suppliers - Guoxuan High-Tech's accounts receivable accounted for 94.64% of its revenue, indicating potential credit risk [19] - EVE Energy, Ruipu Lanjun, and Xinnengda also reported high accounts receivable ratios, exceeding 60% of their revenues [19][20] - In contrast, leading companies like CATL and BYD had much lower accounts receivable ratios at 35.84% and 11.68% respectively, reflecting stronger cash flow management [19][20]