欣旺达H1储能出货8.91GWh，同比增长133.25%，储能营收10亿

Core Viewpoint - The company, XINWANDA, reported a revenue of 26.985 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.82%, while the net profit attributable to shareholders was 856 million yuan, up 3.88% year-on-year. However, the net profit excluding non-recurring items decreased by 28.03% to 583 million yuan [2][3]. Revenue Breakdown - The revenue from energy storage systems reached 1 billion yuan, showing a significant growth of 68.85% [3]. - Revenue from consumer batteries was 13.890 billion yuan, with a year-on-year increase of 5.22% and a gross margin of 19.63%, up 1.56% [3]. - Revenue from electric vehicle batteries was 7.604 billion yuan, growing by 22.63%, but the gross margin decreased by 1.89% to 9.77% [3]. - The gross margin for energy storage systems was 20.26%, down 7.86% year-on-year [3]. Regional Performance - Domestic revenue was 16.304 billion yuan, up 14.55%, with a gross margin of 19.89%, down 1.70% [4]. - International revenue reached 10.681 billion yuan, growing by 10.29%, with a gross margin of 9.54%, which increased by 0.31% [4]. Production and R&D - The company has become one of the leading manufacturers of lithium-ion battery modules in China, with strong design and manufacturing capabilities [7]. - In the first half of 2025, the company shipped 8.91 GWh of energy storage systems, marking a year-on-year increase of 133.25% [8]. - The company is expanding its global production bases, with projects in various provinces in China and countries like India, Vietnam, Hungary, Morocco, and Thailand [8]. - The company is increasing R&D investments in various fields, including consumer battery cells, electric vehicle cells, energy storage cells, new materials, hydrogen technology, and green shipping [9].