Camel Group(SH:601311) Chang Jiang Shang Bao·2025-11-12 23:44Core Viewpoint - Camel Group (骆驼股份) is experiencing steady growth in its low-voltage lithium battery business, showcasing innovative products at the 2025 EICMA in Milan, Italy, and reporting significant financial performance improvements in recent quarters [2][3]. Financial Performance - For the first three quarters, the company reported a net profit attributable to shareholders of approximately 619 million yuan, a year-on-year increase of 26.95% [3][4]. - The operating cash flow for the same period was about 266 million yuan, reflecting a substantial year-on-year growth of 9278.8% [2]. - The total revenue for the first three quarters reached 12.142 billion yuan, marking a 7.14% increase compared to the previous year [3]. Product Development - The company has launched a new series of 64V and 76.8V lithium batteries aimed at the growing low-speed electric vehicle market, emphasizing long endurance, fast charging, and high safety [3]. - The newly showcased motorcycle starting lithium battery features high discharge rates and stability in extreme cold, ensuring reliable vehicle start-up [2]. Market Strategy - Camel Group is focusing on a dual technology path and comprehensive product coverage, with over 400 varieties and specifications of low-voltage lead-acid and lithium batteries to meet diverse power needs [3]. - The company is actively transitioning towards low-voltage lithium battery production while maintaining its lead-acid battery business [5][6]. Challenges and Adjustments - The significant decline in net profit for the third quarter is attributed to multiple factors, including reduced exchange gains and lower gross margins in the recycled lead business due to increased competition [4]. - The company plans to adjust its production and sales rhythm for recycled lead and focus on high-value-added products to enhance cost efficiency and stabilize its supply chain [4]. Future Outlook - The low-voltage lithium battery sales have seen a remarkable increase of over 30 times since 2025, driven by the rapid development of the new energy vehicle industry [5][7]. - The company aims to continue expanding its low-voltage lithium battery business through innovation, capacity expansion, and market development, while also enhancing its profit margins [6][7].