Core Viewpoint - The report highlights the recent research conducted by Congrong Investment on Nandu Power, emphasizing its focus on the energy storage sector and the company's financial performance and growth strategies in the global market [1]. Company Overview - Nandu Power was established in 1994 and specializes in energy storage, providing lithium-ion and lead-acid batteries as core products and services, covering over 160 countries and regions globally [1]. - The company reported an operating revenue of approximately 3.923 billion yuan for the first half of 2025, a year-on-year decrease of 1.8 billion yuan, and a net profit attributable to shareholders of approximately -230 million yuan [1]. - In Q2, the company achieved a profit of approximately 34 million yuan, with a net cash flow from operating activities of 590 million yuan [1]. Market Performance - The company turned a profit in Q2 due to its deep engagement in the global energy storage market, securing high-margin orders, and experiencing rapid growth in the data center market [1]. - Nandu Power has a current lithium battery cell production capacity of 10 GWh and a new power storage integration capacity of 10 GWh, with ongoing projects in Huatuo Phase II and Yangzhou [1]. - The company is reducing production in its recycled lead segment and increasing research and development in phosphorous iron resource utilization [1]. Product Development - Nandu Power has developed large-capacity iron-lithium storage battery cells (783Ah and 587Ah) and completed the development of a 5MWh liquid-cooled storage system using a 314Ah semi-solid battery cell [1]. - The company has released a 20-foot 6.25MWh storage system and is expanding its overseas large storage market, with unfulfilled orders totaling 7.8 GWh, including 2.3 GWh from overseas markets such as Australia, Europe, the UK, and the Middle East [1]. Strategic Focus - Nandu Power has continuously won bids for multiple high-voltage lithium battery data center projects, with unfulfilled orders of approximately 0.8 GWh, and is developing third-generation high-voltage lithium battery products to provide "energy storage + backup power" solutions [1]. - The company's civilian lithium battery business is primarily focused on battery swapping and vehicle distribution, collaborating with vehicle manufacturers and distributors for product promotion [1]. - The 2.8 GWh semi-solid project consists of three independent storage projects located in Shenzhen and Shanwei, effectively alleviating the power supply and demand conflict in the Guangdong-Hong Kong-Macao Greater Bay Area [1]. - Nandu Power aims to continue its customer-oriented approach, relying on technological innovation to build core competitiveness and establish a dual-driven model of "technology research and development + market expansion" [1].