亿纬锂能

Core Viewpoint - The company reported strong revenue and profit growth in Q3 2025, driven by significant increases in battery shipments, particularly in the power and energy storage sectors [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 16.832 billion yuan, a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [1]. - The net profit attributable to shareholders was 1.211 billion yuan, up 15.13% year-on-year and up 140.16% quarter-on-quarter [1]. - The non-recurring net profit was 780 million yuan, showing a year-on-year decline of 22.04% but a quarter-on-quarter increase of 130.04% [1]. Battery Shipments - The company shipped 13.1 GWh of power batteries in Q3 2025, representing an 83% year-on-year increase [1]. - Energy storage battery shipments reached 19.7 GWh, a 33% year-on-year increase, with overall shipments exceeding industry growth rates [1]. Profit Margins - The gross margin for power batteries was stable at 17%-18%, while energy storage batteries improved to over 12% [1]. - The profit contribution from power and energy storage batteries was estimated at 9-10 billion yuan [1]. - Consumer battery revenue was around 3.1 billion yuan, with expected gross margins of approximately 20% for small cylindrical batteries and over 40% for lithium primary batteries [1]. Future Outlook - In Q4 2025, the company anticipates price adjustments in the energy storage sector to enhance profitability [2]. - The Malaysian energy storage base is expected to ramp up by the end of the year, contributing to excess profits [2]. - The company aims to maintain over 40% gross margin for lithium primary batteries and expects continued growth in small cylindrical batteries [2].