经受战略转型阵痛，南都电源三季报透露两大积极变化

Core Viewpoint - The global energy storage and lithium battery industry has entered a high prosperity phase in Q3 2025, with leading companies experiencing simultaneous increases in both volume and price, driven by explosive demand in downstream sectors such as new energy grid integration and data center backup power [2] Group 1: Industry Performance - In Q3 2025, CATL reported a net profit of 49.034 billion yuan, a year-on-year increase of 36.20%, while EVE Energy's adjusted net profit was 3.675 billion yuan, up 18.40% year-on-year [2] - The surge in demand is attributed to the orderly release of production capacity and the rapid growth in downstream applications [2] Group 2: Company-Specific Challenges - In contrast, Narada Power's revenue for the first three quarters was 5.911 billion yuan, a decrease of 24.80% year-on-year, with a net loss of 220 million yuan compared to a profit of 247 million yuan in the same period last year, marking a decline of 189.22% [3][4] - The revenue decline is primarily due to strategic adjustments, including a proactive reduction in the low-margin recycled lead segment, which accounted for a revenue drop of approximately 2 billion yuan [4] Group 3: Strategic Adjustments and Future Outlook - Narada Power is focusing on high-margin energy storage and lithium battery businesses, with a significant improvement in the profitability of its core operations, as evidenced by a gross profit of 330 million yuan from battery products in Q3, up from 180 million yuan year-on-year [4] - The company reported a significant turnaround in operating cash flow, achieving a net cash flow of 860 million yuan in the first three quarters, an improvement of 1.58 billion yuan compared to the same period last year [4] Group 4: Order Backlog and Market Expansion - As of the end of Q3, Narada Power had an order backlog of 8.9 billion yuan, including 5.5 billion yuan in large storage orders, indicating strong future revenue growth potential [5] - The company has secured 1.67 billion yuan in data center lithium battery orders, all from overseas, and plans to expand its production capacity to 2.5 GWh by 2026 [6] Group 5: Technological Advancements - Narada Power has made strides in solid-state battery technology, winning a 2.8 GWh independent storage project, marking a significant milestone in commercializing gigawatt-level solid-state batteries [7] - The company’s research on solid-state batteries has achieved an energy density of 350 Wh/kg, showcasing its commitment to innovation in the battery sector [7]