Core Viewpoint - The article analyzes the financial performance of three companies in the lithium battery industry: EVE Energy, Guoxuan High-Tech, and Sunwoda, highlighting their revenue similarities but significant differences in net profit due to variations in profitability, cost control, business structure, and asset efficiency [1]. Group 1: Revenue and Profit Comparison - EVE Energy reported a revenue of 486.15 billion CNY, a slight decrease of 0.35%, with a net profit of 40.76 billion CNY, down 0.63% [1]. - Guoxuan High-Tech achieved a revenue of 353.92 billion CNY, an increase of 11.98%, but its net profit fell by 28.56% to 12.07 billion CNY [1]. - Sunwoda had the highest revenue at 560.21 billion CNY, up 17.05%, but its net profit decreased by 36.43% to 14.68 billion CNY [1]. Group 2: Gross Margin and Product Structure - EVE Energy excels in high-margin businesses, focusing on large cylindrical batteries and energy storage cells, with a gross margin of 28.87% for energy storage systems, up 7.55 percentage points year-on-year [2]. - Guoxuan High-Tech's business structure is dominated by power batteries (73% of revenue), with energy storage growing but starting from a low base, resulting in a gross margin of only 23.87% [3]. - Sunwoda's consumer battery segment, which constitutes 54% of its revenue, suffers from low margins (10%-15%) due to intense competition, while its power battery segment has not yet realized profitability [4]. Group 3: R&D and Management Efficiency - EVE Energy invests approximately 35 billion CNY in R&D, accounting for 7.2% of its revenue, with a high average salary for R&D staff, leading to efficient conversion of research outcomes into high-margin products [5]. - Guoxuan High-Tech faces increased management costs due to overseas expansion, with a 25% rise in management expenses and a financial cost rate of 3.5%, impacting profitability [5]. - Sunwoda's R&D spending exceeds 40 billion CNY (7.1% of revenue), but its dispersed business model dilutes R&D effectiveness, resulting in a lack of competitive advantage [5]. Group 4: Scale Effect and Per Capita Efficiency - EVE Energy achieves a per capita profit of 140,000 CNY, significantly higher than Guoxuan High-Tech's 46,000 CNY and Sunwoda's 27,000 CNY, due to efficient production and lower costs [6]. - EVE Energy's effective production capacity is 100 GWh with a utilization rate of 70%, while Guoxuan High-Tech has 60 GWh (55% utilization) and Sunwoda 50 GWh (50% utilization), highlighting the impact of scale on fixed cost distribution [6]. - The differences in net profit among the companies are primarily driven by high-margin business focus, cost control, and asset efficiency [6].