“户储之王” 瑞浦兰钧，何以制霸全球｜深度

Core Viewpoint - The global power and energy storage battery industry is undergoing a deep reshuffle and competitive cycle, with only a few companies able to continuously break through in this challenging environment [2][3]. Group 1: Company Overview - Ruipu Lanjun (0666.HK) has emerged as a strong player in the lithium battery manufacturing sector, particularly in the household storage field, achieving significant breakthroughs in industrial layout, technological innovation, global development, and capital strength over the past year [2][3]. - The largest shareholder of Ruipu Lanjun is Qingshan Holding Group, a Fortune 500 company, which holds approximately 47.85% of the shares, providing substantial resources for the company's growth [3]. - The chairman, Cao Hui, is a veteran in the lithium battery field with over 20 years of experience, contributing to numerous technological innovations and holding over 870 patents [3]. Group 2: Financial Performance - Ruipu Lanjun achieved a revenue of 9.491 billion yuan in the first half of 2025, a year-on-year increase of 24.94%, with a net profit growth of 85.25%, significantly surpassing the industry average [4]. - The company sold 32.4 GWh of lithium battery products in the first half of 2025, representing a year-on-year growth of 100.2%, with energy storage battery shipments increasing by 119.3% [4][8]. - Cumulative capital expenditure from 2021 to the first half of 2025 reached 17.232 billion yuan, indicating strong investment momentum [4]. Group 3: Technological Innovation - Ruipu Lanjun's total battery production capacity has grown from 2.3 GWh in early 2020 to a projected 74 GWh by the end of 2024, marking a 31.17-fold increase in five years [5]. - The company launched the "WenDing" battery technology, achieving a 15% increase in energy density at the cell level and a 26% improvement in effective volume utilization [6][8]. - In May 2023, Ruipu Lanjun became the first company in the industry to officially release the 320Ah energy storage cell, further solidifying its technological leadership [7]. Group 4: Global Expansion Strategy - Ruipu Lanjun plans to establish production facilities in Europe, Southeast Asia, and South America to enhance its global business presence and mitigate geopolitical risks [9][10]. - The company has signed overseas orders totaling approximately 15.50 GWh from 2024 to August 2025, ranking sixth in the industry [10][11]. - Overseas revenue reached 2.663 billion yuan in 2024, a year-on-year increase of 153.41%, with the overseas revenue share rising from 0.28% in 2020 to 14.96% in 2024 [11]. Group 5: Challenges and Risks - The company faces significant financial pressures, with a debt ratio of 73.46% as of June 2025, and a 48.89% year-on-year decline in cash reserves [12]. - There is a risk of talent loss, with the number of R&D personnel decreasing by 34.88% from the end of 2024 to June 2025 [12]. - Many orders are only intention-based, with execution cycles potentially extending over 2-3 years, posing risks to the company's global development [13][14].