EVE(SZ:300014) 高工锂电·2025-08-23 08:23Core Viewpoint - The financial report for the first half of 2025 from EVE Energy shows strong performance in both shipment volume and profitability, driven by the core businesses of power batteries and energy storage batteries [3][4]. Group 1: Financial Performance - EVE Energy achieved revenue of approximately 28.17 billion RMB in the first half of 2025, representing a year-on-year growth of 30.06% [3]. - In Q2 2025, revenue reached 15.35 billion RMB, marking a record high for a single quarter [3]. - Power battery shipments totaled 21.48 GWh, up 58.58% year-on-year, while energy storage battery shipments reached 28.71 GWh, increasing by 37.02% [3]. - Revenue from the power battery segment was 12.75 billion RMB, a year-on-year increase of 41.75%, and revenue from the energy storage battery segment was 10.30 billion RMB, up 32.47% [3]. Group 2: Business Growth Factors - The growth in business is attributed to two main factors: increased delivery volumes from international automakers and the completion of production line upgrades that enhanced efficiency and profitability [4]. - EVE Energy ranked fifth in domestic power battery installation volume and achieved a 13.59% market share in the new energy commercial vehicle sector, positioning it as the second in the market [4]. Group 3: International Expansion and Revenue Sources - Overseas revenue amounted to 6.97 billion RMB, reflecting a year-on-year growth of 28.05%, accounting for 24.74% of total revenue [5]. - The newly established cylindrical battery factory in Malaysia significantly boosts EVE Energy's delivery capabilities in Southeast Asia, Europe, and North America [5]. - EVE Energy plans to conduct an IPO in Hong Kong to raise funds for its 30 GWh power battery factory in Hungary and a 38 GWh energy storage battery project in Malaysia [5]. Group 4: CLS Business Model - EVE Energy is promoting its CLS business model, which focuses on cooperation, licensing, and service to enhance industry efficiency rather than merely increasing production capacity [5]. - The CLS model has already been implemented in a joint energy storage cell factory with Jinko Energy, which began mass production in June 2025 [6]. - EVE Energy has also partnered with Weita Power to advance battery production for humanoid robots, showcasing the model's adaptability to emerging market needs [6]. Group 5: Future Outlook - The company expressed confidence in meeting its annual targets, with stable delivery expected in the second half of the year [7]. - Several external factories have commenced production under the CLS model, contributing to stable delivery capabilities [8]. - EVE Energy has developed a prototype of an Ah-level sulfide-based solid-state battery, with plans for a pilot line to be operational by 2025 [8].