Core Viewpoint - EVE Energy Co., Ltd. has shown strong growth in overseas business and is leading in the mass production of large-capacity battery cells, with a "buy" rating from Minsheng Securities [1] Financial Performance - In the first half of 2025, the company achieved revenue of 28.17 billion yuan, a year-on-year increase of 30.06%, while net profit attributable to shareholders was 1.605 billion yuan, a decrease of 24.90% [2] - For Q2 2025, revenue was 15.373 billion yuan, up 24.56% year-on-year and 20.14% quarter-on-quarter; net profit was 504 million yuan, down 52.96% year-on-year and 54.22% quarter-on-quarter [2] - The gross margin for Q2 2025 was 17.46%, an increase of 1.90 percentage points year-on-year, while the net margin was 3.76%, a decrease of 5.09 percentage points year-on-year [2] Business Growth and Innovation - In H1 2025, the company shipped 21.48 GWh of power batteries, a year-on-year increase of 58.58%, and 28.71 GWh of energy storage batteries, a year-on-year increase of 37.02% [3] - The company's overseas production capacity is expanding, with a factory in Malaysia progressing towards mass production, expected to begin in early 2026 [3] - The CLS model has been successfully implemented, allowing the company to transition from a battery manufacturer to a provider of energy solutions, which is anticipated to be a new growth driver [3] Technological Advancements - The company is the first globally to achieve mass production of 600Ah+ large square lithium iron phosphate storage batteries, marking a significant milestone in the energy storage industry [4] - The company has also achieved mass production of over 60,000 large cylindrical batteries, with a global production capacity exceeding 70 GWh [4] Investment Outlook - Revenue projections for 2025-2027 are 62.34 billion yuan, 80.36 billion yuan, and 104.48 billion yuan, with year-on-year growth rates of 28.2%, 28.9%, and 30.0% respectively [4] - Net profit forecasts for the same period are 4.551 billion yuan, 7.092 billion yuan, and 9.574 billion yuan, with corresponding growth rates of 11.7%, 55.8%, and 35.0% [4]

亿纬锂能（300014.SZ）2025 年半年报点评 海外业务稳步推进，大容量电芯量产领跑 2025 年 08 月 24 日 ➢ 事件。2025 年 8 月 21 日，公司发布 2025 年半年报，公司上半年实现营收 281.70 亿元，同比增长 30.06%，实现归母净利润 16.05 亿元，同比减少 24.90%， 扣非后归母净利润 11.57 亿元，同比减少 22.82%。 ➢ Q2 业绩拆分。营收和净利：公司 2025Q2 营收 153.73 亿元,同增 24.56%， 环增 20.14%；归母净利润为 5.04 亿元，同减 52.96%，环减 54.22%；扣非后 归母净利润为 3.39 亿元，同减 57.48%，环减 58.51%。毛利率：2025Q2 毛利 率为 17.46%，同增 1.90pct，环增 0.30pcts。净利率：2025Q2 净利率为 3.76%， 同减 5.09pcts，环减 5.34pcts。费用率：公司 2025Q2 期间费用率为 13.58%， 同比+3.81pcts，其中销售、管理、研发、财务费用率分别为 1.30%、6.65%、 4.24%、1.39%，同比变动 0 ...

Core Viewpoint - EVE Energy plans to issue H shares and list in Hong Kong, expanding the A+H listing model alongside CATL and BYD, indicating a strong trend of Chinese lithium battery companies entering the Hong Kong market [1][3][24] Group 1: International Expansion - EVE Energy aims to enhance its international brand image and competitiveness through this listing, aligning with its global strategy [3] - The company has established a global cooperation operating model (CLS) to reduce investment risks in overseas markets, collaborating with firms like Daimler Trucks and Cummins [6][7] - EVE Energy is rapidly expanding its overseas production capacity, with factories in Hungary and Malaysia, targeting significant production outputs to support major clients like BMW [8][9][10] Group 2: Hong Kong Listing Trend - The trend of lithium battery companies listing in Hong Kong is gaining momentum, with several firms transitioning from A-share markets to seek opportunities in Hong Kong [12][22] - April 2023 saw a surge in Hong Kong listing announcements from various companies, reflecting strong interest from international capital in the renewable energy sector [13][19] - The market capitalization of the Hong Kong renewable energy sector has significantly increased, from $125 billion a decade ago to $568 billion by March 2023, indicating robust growth potential [20] Group 3: Market Dynamics - The shift to Hong Kong listings is partly due to the tightening of IPOs in the A-share market, with companies seeking more favorable conditions in Hong Kong [22][23] - EVE Energy's position as a leading player in the industry makes its entry into the Hong Kong market a strategic move to attract international capital [24] - The competitive landscape for Chinese battery companies is expected to intensify globally, as they seek to establish market shares and customer bases across different continents [25]