EVE(SZ:300014) Xi Niu Cai Jing·2025-12-03 12:55Core Viewpoint - EVE Energy's major shareholder, Liu Jincheng and Luo Jinhong, sold 40.77 million shares at a price of 72.20 CNY per share, raising 2.944 billion CNY, reducing their combined stake from 39.85% to 37.85% [2][3] Financial Performance - For the first three quarters of 2025, EVE Energy reported revenue of 45.002 billion CNY, a year-on-year increase of 32.17%, but net profit attributable to shareholders decreased by 11.70% to 2.816 billion CNY [3] - The company's gross margin for the first three quarters was 15.95%, lower than competitors like CATL and Guoxuan High-Tech [3] - In Q3 2025, EVE Energy achieved a record quarterly revenue of 16.832 billion CNY, up 35.85% year-on-year, and net profit of 1.211 billion CNY, a 15.13% increase year-on-year and a significant 140.16% increase quarter-on-quarter [3][4] Strategic Adjustments - EVE Energy is undergoing a structural adjustment, with significant growth in energy storage battery shipments, which surpassed power battery shipments for the first time [5] - The company secured a procurement agreement for 50 GWh of battery cells from Haibosi Chuang, equivalent to 99% of its total energy storage shipments last year, ensuring future capacity utilization [5] - EVE Energy is planning a Hong Kong IPO to raise 30 billion HKD, focusing on expanding its global production capacity, particularly in Hungary and Malaysia [5] Industry Context - The lithium battery industry is experiencing profound changes, with global demand for power batteries projected at 1500 GWh, while China's planned production capacity exceeds 3000 GWh, leading to significant overcapacity [4] - EVE Energy's third-quarter results reflect a strategic move to mitigate the impact of one-time rebates, which temporarily lowered profits but positioned the company for future growth [4]