Core Viewpoint - Zhengli New Energy has turned a profit in the first half of 2025, achieving a revenue of 3.172 billion RMB, a year-on-year increase of over 71.9%, and a net profit of 220 million RMB, marking a turnaround from losses [3][4]. Revenue Growth Drivers - The company's revenue growth is attributed to three main factors: 1. Business growth from multiple designated vehicle models entering mass production, leading to high capacity utilization. Zhengli has collaborated with several major state-owned enterprises and new car manufacturers, including FAW Hongqi, GAC Trumpchi, Leap Motor, SAIC General Motors, GAC Toyota, and Volkswagen, which has steadily increased its supply share [4]. 2. A significant increase in power battery shipments, with total shipments reaching 7.8 GWh in the first half of 2025, a year-on-year growth of 99.2%, and passenger vehicle power battery shipments at 7.63 GWh, up 110.8% [4][5]. 3. Continuous improvement in quality and efficiency, with a notable increase in gross margin and a significant decrease in period expenses. The overall gross margin for the first half of 2025 was 17.9%, compared to 9.9% in the same period of 2024, while the power battery gross margin rose from 11.1% to 18.3% [5]. Production Capacity Expansion - Zhengli New Energy plans to launch 10 GWh of new production capacity in the fourth quarter of this year, with total capacity expected to increase from 25.5 GWh at the end of 2024 to 35.5 GWh by the end of 2025, and projected to reach 50.5 GWh by the end of 2026. The production lines are highly flexible, capable of producing different types of batteries with a switch-over time of 1-3 days [6]. Revenue Composition - The company's revenue is primarily derived from power batteries and energy storage products, with power battery revenue accounting for over 94%. In the energy storage segment, revenue for the first half of 2025 was 187 million RMB, representing 5.9% of total revenue, a year-on-year decline of 8.4% due to tight production capacity as lines were mainly used for power battery production [6][7]. New Product Development - In August 2025, Zhengli New Energy delivered its aviation power batteries to Hefei Zero Gravity Aircraft Industry, utilizing dual semi-solid technology to enhance battery safety and high-rate discharge capabilities. This delivery is seen as recognition of the company's technological research and development strength, marking a new phase in its "land, sea, and air" layout [8].
正力新能扭亏为盈!
起点锂电·2025-08-29 09:39