增收不增利困局难解，野马电池75倍市盈率下的贴牌之殇

Core Viewpoint - Yema Battery (605378.SH) faces significant operational challenges, with a notable contrast between revenue growth and a sharp decline in net profit, indicating a "revenue without profit" dilemma [1][2][20]. Financial Performance - In the first three quarters of 2025, Yema Battery achieved total revenue of 1.028 billion yuan, a year-on-year increase of 8.15%, but the net profit attributable to shareholders plummeted by 53% to 54.656 million yuan [1]. - For Q3 2025, revenue was 443 million yuan, up 4.37% year-on-year, while net profit fell by 50.58% to 24.03 million yuan [1]. - The gross profit margin dropped to a record low of 14.26%, down 7.22 percentage points from 21.48% in the same period of 2024 [2][6]. Market Dynamics - The global zinc-manganese battery market is projected to reach approximately 8 billion USD in 2025, with a compound annual growth rate of only 2%, leading to intensified price competition [6]. - Yema Battery primarily operates under an OEM model, which limits its pricing power and exposes it to aggressive pricing pressures from larger clients [6][7]. Competitive Position - Compared to competitors, Yema Battery's profitability is significantly lower, with peers like Nanfu Battery achieving a gross margin of 48% and Changhong Energy at 16% [6]. - The company is heavily reliant on OEM production for international brands, which constrains its ability to establish a strong market presence with proprietary brands [7]. Industry Trends - The zinc-manganese battery industry is experiencing increasing concentration, with leading companies like Nanfu and Shuanglu dominating the market, capturing 60% of the domestic alkaline battery market [8]. - The shift towards alkaline batteries over carbon batteries is further squeezing the market space for smaller players like Yema Battery [8]. Cash Flow and Receivables - Yema Battery's accounts receivable reached 390 million yuan, a 20% increase year-on-year, indicating declining cash flow efficiency [9][12]. - The high accounts receivable, which accounted for 38% of total receivables and 17.3% of total assets, suggests potential risks in cash recovery [9][12]. Future Outlook - The company is exploring a transition to new energy solutions, such as sodium batteries, but faces significant challenges due to high technical barriers and resource allocation issues [13][20]. - The current high valuation of Yema Battery, with a price-to-earnings ratio of 75, is seen as unsustainable given its declining profitability and growth prospects compared to peers [15][17].