NARADA(SZ:300068) Hua Xia Shi Bao·2025-11-01 01:53Core Viewpoint - Zhejiang Nandu Power Supply Co., Ltd. is undergoing a challenging strategic transformation from lead-acid to lithium-ion batteries, facing significant financial losses and high debt levels while attempting to stabilize its operations and improve profitability [2][3][5]. Financial Performance - In the first three quarters of the year, Nandu Power reported a revenue of 5.911 billion yuan, a year-on-year decline of 24.8%, and a loss of 220 million yuan, which is an improvement compared to a loss of 247 million yuan in the same period last year [3]. - The company experienced a significant loss of 1.497 billion yuan in 2024, and despite some recovery in the second and third quarters of this year, it has not yet achieved overall profitability [3][4]. - The gross margin for the lithium battery products has turned positive this year, with some orders in the data center backup power segment achieving a gross margin of up to 35% [3][4]. Business Transformation - Nandu Power has actively reduced production in its lead-acid recycling business, which has seen a revenue decrease of 2 billion yuan, significantly impacting overall financial performance [3][4]. - The company has approximately 8.9 billion yuan in unfulfilled orders, with a significant portion coming from large-scale energy storage projects and overseas data center lithium battery orders [4]. Debt and Financial Health - As of the end of the third quarter, Nandu Power's asset-liability ratio reached 79.01%, with interest-bearing debt at 49.99%, indicating substantial financial pressure [5]. - The company has a cash shortfall exceeding 4.4 billion yuan when comparing cash on hand to short-term borrowings and current liabilities [5]. - Despite high debt levels, the operating cash flow has improved, with a net inflow of 860 million yuan in the first three quarters, a significant increase from a negative cash flow of 720 million yuan in the previous year [5].