Core Viewpoint - Huizhou EVE Energy Co., Ltd. held a conference call on August 21, 2025, with approximately 315 institutional investors, discussing the company's performance, capacity, and profitability [1] Company Performance and Business Progress - In the first half of 2025, EVE Energy achieved total revenue of 28.17 billion yuan, a year-on-year increase of 30.06%; net profit attributable to shareholders was 1.605 billion yuan, with a non-recurring net profit of 1.157 billion yuan [1] - Excluding stock incentive expenses and specific bad debt provisions, the net profit attributable to shareholders was 2.218 billion yuan, a year-on-year increase of 3.78%; the non-recurring net profit was 1.770 billion yuan, a year-on-year increase of 18.06% [1] Shipment Volume and Product Development - 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% [2] - EVE Energy is the first company in China to achieve mass production of large cylindrical power batteries and has become a primary battery supplier for next-generation models of international automakers [2] - The company is also the first globally to mass-produce 600Ah+ large square lithium iron phosphate energy storage batteries, with the first production line of the Jingmen 60GWh super factory entering mass production testing in early June [2] Profitability and Outlook - In Q2, the gross margin for power batteries improved to 17.60%, with stable deliveries expected in Q3 and an upward trend in profitability for the second half of the year [3] - The company anticipates a recovery in profitability for energy storage batteries in Q3 through optimized business terms and product structure [3] - The company plans to expand production capacity for square lithium iron phosphate batteries in Yunnan and Hubei based on demand from passenger vehicle customers [3] Cost Management and Future Projects - EVE Energy is actively conducting cost hedging against fluctuations in lithium carbonate prices, including futures contracts [3] - The first phase of the small cylindrical battery factory in Malaysia has been put into production, with the second phase of the energy storage project expected to be completed by the end of 2025 [3] - The company expects significant growth in the power battery sector driven by the ramp-up of large cylindrical batteries and new factory deliveries, alongside over 30% growth in the energy storage sector with the delivery of the 60GWh super factory [3]

Core Viewpoint - EVE Energy (300014) announced that its large cylindrical new products will begin mass production and delivery in Q3 of this year, with expected low delivery volumes for the year [1] Group 1: Production and Capacity - The large cylindrical battery factory in Jingmen is expected to reach full production capacity by 2026 [1] - The company is planning the construction of a second production line at its Shenyang factory and is gradually implementing other capacity plans [1] Group 2: Customer Base - In addition to overseas clients, there will be new domestic customers for the large cylindrical batteries [1] Group 3: Solid-State Battery Development - The company's solid-state battery MWh production line is planned to be built in Chengdu, with expectations for completion within the year [1]

Core Viewpoint - EVE Energy (300014) reported smooth progress in the construction of its overseas factories, indicating a strong expansion strategy in the battery manufacturing sector [1] Group 1: Production Updates - The production capacity of the cylindrical batteries in Malaysia has reached mass production [1] - The second phase of the energy storage factory in Malaysia is progressing as planned, expected to be completed by the end of this year and to start mass production and delivery in early next year [1] Group 2: International Expansion - The Hungary project received building permit decisions in the first half of this year, and the company has begun comprehensive construction work [1] - The Hungary facility is expected to be completed and put into operation by 2027 [1]

Core Viewpoint - The growth logic of Camel Group's low-voltage lithium battery business is clear, and the scale effect during business growth is expected to significantly enhance the company's performance, maintaining a "buy" rating [1][2]. Financial Performance - The company raised its net profit forecast for 2025/26/27 to 1.04 billion, 1.3 billion, and 1.47 billion yuan, representing year-on-year growth of 69%, 25%, and 14% respectively [2]. - For the first half of 2025, the company achieved revenue of 8 billion yuan, a year-on-year increase of 6.2%, and a net profit of 530 million yuan, a year-on-year increase of 69.5% [2]. - The gross margin was 15.4%, down 0.4 percentage points year-on-year, while the net margin was 6.7%, up 2.4 percentage points year-on-year [2]. - In Q2 2025, revenue was 3.86 billion yuan, a year-on-year decrease of 5.2% and a quarter-on-quarter decrease of 6.7% [2]. Low-Voltage Lithium Battery Business Growth - The low-voltage lithium battery business generated revenue of 350 million yuan in the first half of 2025, a year-on-year increase of 196% [3]. - The company achieved mass production supply for 15 designated projects in the automotive low-voltage lithium battery sector, with clients including Seres, NIO, and Volkswagen [3]. - Cumulative sales of automotive low-voltage lithium batteries reached 229,000 KWH, a year-on-year increase of 274%, maintaining rapid growth [3]. Overseas Business Development - The company's overseas market sales grew by approximately 21% in the first half of 2025, attributed to breakthroughs in partnerships with five major manufacturers and the development of new channels in nine countries [4]. - The sales of AGM lead-acid start-stop batteries increased by approximately 46%, indicating growth potential in the aftermarket as more vehicles with start-stop functions enter the market [4].

Financial Performance - In the first half of 2025, the company achieved total revenue of 28.17 billion CNY, a year-on-year increase of 30.06% [1] - The net profit attributable to shareholders was 1.605 billion CNY, with a non-recurring net profit of 1.157 billion CNY [1] - Excluding stock incentive expenses and specific bad debt provisions, the adjusted net profit was 2.218 billion CNY, up 3.78% year-on-year, while the adjusted non-recurring net profit was 1.770 billion CNY, an increase of 18.06% [1] Product Shipment - During the reporting period, the company shipped 21.48 GWh of power batteries, representing a year-on-year growth of 58.58% [1] - The shipment of energy storage batteries reached 28.71 GWh, marking a year-on-year increase of 37.02% [1] Production Capacity and Expansion - The company is the first in China to achieve mass production of large cylindrical power batteries and is a primary supplier for next-generation models of leading international automotive companies [1] - The first production line of the 600Ah+ large square lithium iron phosphate energy storage battery has entered mass production testing [2] - The Malaysian small cylindrical battery plant has achieved mass production, with the second phase of the energy storage factory expected to be completed by the end of 2025 [2] Profitability Insights - The gross margin for the power battery segment improved to 17.60% in Q2 2025, up from 11.45% in the previous year [3] - The company anticipates stable delivery and profitability trends in the second half of the year [3] Future Outlook - The commercial vehicle sector is expected to see a compound annual growth rate of approximately 35% over the next few years, with current electric vehicle penetration at around 10% [6] - The company projects significant growth in both the power and energy storage battery segments in 2026, driven by new product launches and factory expansions [7] Cost Management - The company is actively managing costs related to lithium carbonate price fluctuations through hedging strategies [4] - The impact of stock incentive expenses on profits was approximately 570 million CNY in the first half of 2025, with expectations of slightly lower expenses in the second half [5]

Core Viewpoint - The financial report for the first half of 2025 from EVE Energy shows strong performance in both shipment volume and profitability, driven by the core businesses of power batteries and energy storage batteries [3][4]. Group 1: Financial Performance - EVE Energy achieved revenue of approximately 28.17 billion RMB in the first half of 2025, representing a year-on-year growth of 30.06% [3]. - In Q2 2025, revenue reached 15.35 billion RMB, marking a record high for a single quarter [3]. - Power battery shipments totaled 21.48 GWh, up 58.58% year-on-year, while energy storage battery shipments reached 28.71 GWh, increasing by 37.02% [3]. - Revenue from the power battery segment was 12.75 billion RMB, a year-on-year increase of 41.75%, and revenue from the energy storage battery segment was 10.30 billion RMB, up 32.47% [3]. Group 2: Business Growth Factors - The growth in business is attributed to two main factors: increased delivery volumes from international automakers and the completion of production line upgrades that enhanced efficiency and profitability [4]. - EVE Energy ranked fifth in domestic power battery installation volume and achieved a 13.59% market share in the new energy commercial vehicle sector, positioning it as the second in the market [4]. Group 3: International Expansion and Revenue Sources - Overseas revenue amounted to 6.97 billion RMB, reflecting a year-on-year growth of 28.05%, accounting for 24.74% of total revenue [5]. - The newly established cylindrical battery factory in Malaysia significantly boosts EVE Energy's delivery capabilities in Southeast Asia, Europe, and North America [5]. - EVE Energy plans to conduct an IPO in Hong Kong to raise funds for its 30 GWh power battery factory in Hungary and a 38 GWh energy storage battery project in Malaysia [5]. Group 4: CLS Business Model - EVE Energy is promoting its CLS business model, which focuses on cooperation, licensing, and service to enhance industry efficiency rather than merely increasing production capacity [5]. - The CLS model has already been implemented in a joint energy storage cell factory with Jinko Energy, which began mass production in June 2025 [6]. - EVE Energy has also partnered with Weita Power to advance battery production for humanoid robots, showcasing the model's adaptability to emerging market needs [6]. Group 5: Future Outlook - The company expressed confidence in meeting its annual targets, with stable delivery expected in the second half of the year [7]. - Several external factories have commenced production under the CLS model, contributing to stable delivery capabilities [8]. - EVE Energy has developed a prototype of an Ah-level sulfide-based solid-state battery, with plans for a pilot line to be operational by 2025 [8].

Group 1 - The core viewpoint of the article highlights that Hengdian East Magnetic (002056) is maintaining a strategy of "high operating rates and increasing market share" in its lithium battery business, with steady growth in the market share of its main products [1] - The demand for high-power batteries, particularly in applications such as BBU, is rapidly increasing, and the company is actively monitoring this trend [1] - The company has completed the technical reserve for full-tab ear technology and will evaluate the decision to invest in mass production next year based on its development, market demand, and capital return considerations [1]

截至8月22日收盘，万里股份股价报11.56元，较前一交易日下跌1.78%。当日成交量为35302手，成交金 额达0.41亿元。 8月22日，万里股份主力资金净流入109.54万元，占流通市值的0.06%。近五日主力资金累计净流入 99.74万元。 风险提示：以上内容仅供参考，不构成投资建议。股市有风险，投资需谨慎。 从半年报数据来看，公司货币资金较上年末减少52.11%，存货较上年末增加6.12%。十大流通股东中， 北京盈动安通科技有限公司为新进股东。 万里股份主营业务为铅酸蓄电池产品的生产和销售。公司最新披露的半年报显示，2025年上半年实现营 业收入2.43亿元，同比下降9.38%；归母净利润亏损1868.21万元，较上年同期亏损幅度扩大。公司经营 活动产生的现金流量净额为-4469.12万元，同比减少1476.18万元。 ...

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