Sou Hu Cai Jing·2025-10-30 03:15Core Viewpoint - Company is undergoing a strategic transformation, resulting in a significant decline in revenue but showing signs of operational improvement in specific segments, particularly in industrial energy storage and data center businesses. Financial Performance - For the first three quarters of 2025, the company's revenue was approximately 5.911 billion, a year-on-year decrease of 24.80%, primarily due to a strategic reduction in the recycled lead segment, which saw a revenue drop of 2 billion [2] - The net profit attributable to shareholders was approximately -220 million, compared to a profit of 247 million in the same period last year, indicating a significant loss primarily from the recycled lead segment [2] - The company reported a net cash flow from operating activities of approximately 860 million, an improvement of 1.58 billion compared to -720 million last year, reflecting a substantial operational performance improvement [2] Order Backlog - The company currently has an order backlog of approximately 8.9 billion, with large storage orders accounting for about 5.5 billion, including 4 billion from domestic and 1.5 billion from overseas [3] - Data center lithium battery orders are approximately 1.67 billion, all from overseas, while the company has also made significant progress in the consumer lithium battery market with an order backlog of about 380 million [3] Competitive Advantages - The company has secured multiple high-voltage lithium battery projects in the U.S. and other overseas markets, establishing itself as a key player in the data center sector [4] - The company has developed a third-generation high-voltage lithium battery product that addresses high energy density and safety concerns, enhancing its competitive edge in the market [4] Market Outlook - The company anticipates that the North American data center backup battery market demand will reach approximately 20 GWh next year, with global demand expected to be around 30 GWh, driven by explosive growth in computing power [5] Production Capacity - The company currently has a lithium battery cell production capacity of 10 GWh and a new energy storage integration capacity of 10 GWh, with ongoing expansions planned [7] Strategic Direction - The company aims to focus on customer needs and leverage technological innovation to build core competitiveness, with a dual-driven model of "technology research and market expansion" [13] - The company plans to continue prioritizing lithium batteries while advancing new energy storage solutions and maintaining a competitive edge in traditional businesses through differentiation [13]