Core Insights - Camel Group (骆驼股份) reported a revenue of 7.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.22% [2] - The net profit attributable to shareholders reached 532 million yuan, showing a significant increase of 69.46% compared to the previous year [2] - The growth in net profit is attributed to increased sales of automotive low-voltage batteries, particularly lithium batteries, and improved management processes leading to a decrease in expense ratios [2] Revenue and Profit Analysis - The company's main products, automotive low-voltage batteries, saw a continuous increase in sales, with lithium battery sales and gross margins experiencing significant year-on-year growth [2] - Despite a slight decline in domestic sales of lead-acid batteries due to market shifts towards lithium batteries, overseas sales of lead-acid batteries grew by 21.31% [3] - The company achieved a net profit increase due to non-operating factors, including investment project fair value adjustments and debt restructuring, which contributed to higher investment income [2] Market Dynamics - The domestic market for lead-acid batteries faced challenges, with a 2.4% decline in sales for lead-acid batteries in the original equipment manufacturer (OEM) market, while AGM lead-acid start-stop battery sales surged by 46% [2][3] - The transition from lead-acid to lithium batteries in the domestic OEM and maintenance replacement markets is impacting the company's lead-acid battery business [2] - The company is actively developing new products to capitalize on the market opportunities presented by the shift to lithium batteries, with low-voltage lithium battery sales increasing by 274% year-on-year [3] Strategic Initiatives - Camel Group is focusing on expanding its international presence, having developed 19 new customers and secured 5 OEM project designations in overseas markets [3] - The company has initiated mass production supply for 15 OEM projects in the domestic market, including partnerships with notable manufacturers such as NIO and Geely [3] - The construction of a low-carbon industrial park and a PACK factory in Europe is progressing well, with the first production line of the low-carbon industrial park already operational [3]

8月21日，骆驼股份（601311）披露2025年半年度报告，上半年实现营业收入79.95亿元，同比增长 6.22%；归母净利润5.32亿元，同比增长69.46%。 报告期内，公司汽车低压铅酸电池销量同比小幅增长，受汽车行业电动化、电池轻量化、消费结构化转 型等因素影响，公司在国内市场销量不及预期，但海外市场销量保持快速增长。锂电池方面，公司汽车 低压锂电池销量保持高速增长。 骆驼股份表示，国内主机配套及维护替换市场铅酸电池加速向锂电池转型，给公司铅酸电池业务带来一 定冲击。公司铅酸电池产品在国内主机配套市场的销量同比下降2.4%，但AGM铅酸启停电池销量同比 增长46%；铅酸电池产品在国内维护替换市场销量同比下降2.72%。 不过得益于国际化战略布局，公司铅酸电池产品在海外市场销量同比增长21.31%，对冲了国内市场波 动。上半年，公司在海外共开发了19个新客户，获得5个主机厂项目定点，实现了首个中国系商用车品 牌的海外配套定点，并获得欧洲知名车企在OEM项目和OES项目上的双定点。 对于净利润大幅提升原因，骆驼股份表示，公司主营产品汽车低压电池销量持续增长，其中锂电池产品 销量及毛利率同比增长显著；公司持 ...