EVE(SZ:300014) Xin Lang Cai Jing·2026-01-07 09:54Core Viewpoint - The company, EVE Energy, has submitted an updated listing application to the Hong Kong Stock Exchange, focusing its fundraising on a 30GWh cylindrical battery project in Hungary, while removing the previously planned 38GWh energy storage project in Malaysia due to existing funding support [1] Financial Performance - In 2025, EVE Energy reported a concerning "revenue without profit" trend, with a revenue of 45 billion yuan, a year-on-year increase of 32.17%, but a net profit of 2.82 billion yuan, a year-on-year decrease of 11.17% [2] - The company's energy storage business is experiencing significant pressure on gross margins, with revenue of 10.3 billion yuan in the first half of 2025 and a gross margin of only 12.03%, down 2.32 percentage points year-on-year [2] Business Segments - In contrast, the company's power battery business achieved a gross margin of 17.60%, an increase of 6.92 percentage points year-on-year [3] - The energy storage market is growing rapidly, with a cumulative new bidding volume of 218.54GWh from January to August 2025, a year-on-year increase of 125.37% [3] - EVE Energy is betting on cylindrical batteries, expecting its Jingmen factory to reach full production by 2026, and plans to invest 1.9 billion yuan in a 21GWh cylindrical passenger car battery project [3] Risks and Challenges - The company faces risks related to its investment in cylindrical batteries, as market demand may not grow as expected, leading to significant depreciation pressure on large-scale capacity investments [3] - The overseas expansion strategy, which includes building production bases in Hungary and Malaysia, presents challenges such as geopolitical issues, cultural differences, and supply chain restructuring [4] Financial Health - EVE Energy's financial situation is concerning, with total liabilities reaching 73.86 billion yuan and a debt-to-asset ratio of 63.47%, a historical high [5] - Current liabilities amount to 44.55 billion yuan, with 4.65 billion yuan due within one year, while cash and cash equivalents total only 9.45 billion yuan, insufficient to cover short-term debts [5] - The company raised 5 billion yuan through convertible bonds in 2025, primarily for battery projects [5] Market Perception - The company's intensive financing activities and major shareholder sell-offs have raised market concerns regarding its valuation and actual funding needs [6] - The chairman has emphasized the need to "slow down" the balance sheet amidst intense industry competition and ongoing technological pressures [7]