扣非净利预亏高达12.9亿，南都电源在储能热潮中“逆势”巨亏

Core Viewpoint - The energy storage industry is experiencing a dichotomy of growth and challenges, with some companies thriving while others, like Nandu Power, face significant losses despite a favorable market environment [1] Group 1: Company Performance - Nandu Power expects a net loss of 930 million to 1.29 billion yuan for the year 2025, highlighting a stark contrast to the overall industry growth [1] - The company's revenue for the first three quarters of 2025 was 5.911 billion yuan, a decrease of 24.80% year-on-year, primarily due to a strategic shift from lead-acid batteries to lithium batteries [2] - The revenue from the recycled lead segment dropped from over 40% in 2024 to about 15%, while the energy storage business's revenue share increased from 50% to approximately 75% [2] Group 2: Financial Health - Nandu Power reported a net profit of -232 million yuan for the first half of 2025, a decline of 225.48% year-on-year, with a staggering 707.55% drop in net profit after excluding non-recurring items [3] - Despite the losses, the company's operating cash flow improved significantly, reaching 860 million yuan in the first three quarters, a turnaround of 1.58 billion yuan from the previous year [3] - The company's debt ratio reached 79.01% by the end of the third quarter of 2025, significantly exceeding the industry safety threshold of 60% [4] Group 3: Industry Context - The energy storage industry is in a high-growth phase, with new installations in China reaching 21.9 GW/55.2 GWh in the first half of 2025, marking year-on-year increases of 69.4% and 76.6% respectively [6] - National policies are strongly supporting the industry, with plans for over 100 million kilowatts of new installations by 2027 [7] - Other leading companies in the sector, such as CATL and EVE Energy, reported significant profit increases, contrasting with Nandu Power's struggles [7][8]