EVE(SZ:300014) 起点锂电·2025-09-06 10:56Core Viewpoint - The article analyzes the financial performance and business strategies of EVE Energy for the first half of 2025, highlighting strong revenue growth driven by robust sales in power and energy storage batteries, despite a decline in net profit due to certain expenses [2][3]. Financial Data and Indicators - EVE Energy achieved a revenue of 28.17 billion yuan in the first half of 2025, marking a year-on-year increase of 30.06%, primarily due to strong performance in power and energy storage batteries [3]. - Power battery shipments reached 21.48 GWh, up 58.58% year-on-year, while energy storage battery shipments were 28.71 GWh, reflecting a 37.02% increase [3]. - The gross profit margin for power batteries was 17.60%, with a year-on-year increase of 6.92%, while the overall gross profit margin for the company was 17.33%, up 1.21% year-on-year [4]. - The net profit attributable to shareholders was 1.605 billion yuan, down 24.90% year-on-year, but adjusted figures excluding certain expenses showed a growth of 3.78% [6]. - Operating cash flow net amount was 2.373 billion yuan, a significant increase of 660.72% year-on-year, indicating strong cash generation capability [6]. R&D Investment - R&D investment in the first half of 2025 was 1.439 billion yuan, a slight decrease of 2.01% year-on-year, emphasizing the company's commitment to core technology development [7]. - Key areas of focus include lithium-ion batteries for XR wearables, high-voltage soft-pack batteries, and high-performance energy storage solutions [7]. Business Analysis Power Battery - EVE Energy's power battery shipments were 21.48 GWh in the first half of 2025, with a significant portion supplied to major clients like XPeng and GAC [8]. - The company has established a comprehensive product range to meet diverse customer needs in the power battery sector [8]. Energy Storage Battery - The company provided comprehensive energy storage solutions, achieving a shipment of 28.71 GWh in the first half of 2025, ranking among the top three in the country [12]. - EVE Energy received over 60 GWh in orders for energy storage solutions, leading the national market [12]. Consumer Battery - The company maintains a leading position in the consumer battery market, with stable growth driven by urbanization and smart city initiatives [13]. New Battery Planning - EVE Energy has developed a prototype of a solid-state battery and plans to launch a high-density solid-state battery by 2026 [14]. - The company is also working on lithium-metal batteries for various applications, including drones and electric vehicles [14]. Overseas Expansion - EVE Energy is expanding its overseas presence, with a battery production base in Malaysia and a planned 30 GWh capacity in Hungary to meet European demand [15]. Innovative Business Model - The CLS global cooperation model aims to enhance the company's global competitiveness through technology licensing and collaborative R&D [16]. - Initial results from this model have shown effective collaboration and production capabilities, particularly in North America and Europe [16].