Core Viewpoint - The lithium battery company, XINWANDA, has reported mixed financial results for the first half of 2025, with revenue growth but significant declines in net profit, indicating a bifurcation in performance among leading firms in the industry [1][2]. Financial Performance - XINWANDA achieved a revenue of 26.99 billion yuan, a year-on-year increase of 12.8%, while the net profit attributable to shareholders was 860 million yuan, up 3.9% [1]. - The company's non-recurring net profit fell by 28.0% year-on-year to 580 million yuan, highlighting challenges in its core business profitability [1]. - The revenue from energy storage batteries was 7.6 billion yuan, with a unit price of approximately 0.5 yuan per Wh and a gross margin of 9.8%, down 1.9 percentage points year-on-year [1]. Cash Flow and Financial Health - Operating cash flow decreased by 39.8% to 1.04 billion yuan, with a significant drop in the second quarter to -490 million yuan, reflecting severe cash flow issues [2]. - Capital expenditures rose by 27.5% to 4.16 billion yuan, indicating increased investment despite cash flow challenges [2]. - Accounts receivable reached 16.4 billion yuan, a 20.6% increase year-on-year, with collection pressure evident as the accounts receivable turnover days increased to 107 days [2]. Debt and Financial Strategy - The asset-liability ratio increased to 65.46%, up 5.18 percentage points year-on-year, with interest-bearing liabilities at 25.81 billion yuan, a 26.25% increase [2]. - Plans for a spin-off listing of XINWANDA Power were halted due to cumulative losses exceeding 5 billion yuan, which impacted the parent company's profits [2]. - XINWANDA has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming to become the third lithium battery company to achieve an "A+H" listing [2]. Production Capacity and Market Conditions - The overall capacity utilization rate for XINWANDA has declined, with consumer battery utilization dropping from 94.2% in 2022 to 84.3% in Q1 2025, and power battery utilization falling from 83.5% to 53.6% [3]. - The mismatch between production capacity and demand has led to resource wastage, compounded by increasing competition and ongoing losses in the power battery segment [3].

出品：新浪财经上市公司研究院 作者：昊 A股锂电上市公司中报披露完毕。上半年，多数企业营收实现增长，但净利润则呈现出较为明显的两级分化之势。 根据公开数据，2021年、2022年和2023年，公司动力储能锂离子电池产能利用率分别为96.14%、92.82%和72.92%。2024年底，公司动力储能电池产能利用率更是下降至69.2%，创下近四 尽管产能利用率逐年下滑，亿纬锂能仍在积极推进产能扩张计划。 根据2023年底的产能测算，亿纬锂能拥有产能84GWh，预计到2025年投产项目释放产能126GWh，现有产能与新增释放产能之和将达到210GWh。 有息负债创历史新高 直接融资200亿后欲再赴港募资 不断扩产之下，亿纬锂能债务负担也日趋沉重。 截至2025年上半年，亿纬锂能负债率飙升至62.57%，其中有息负债约315亿元，同比增长20%，有息资产负债率已达28.49%，创历史新高。与此同时，公司账上货币资金仅约70亿元，可交易 此外，除2023年以外，亿纬锂能在其它年份的经营现金流净额均显著小于同期资本开支，资金常年入不敷出。同时，亿纬锂能收现比也从100%左右逐步回落，到2024年已不足80%。 事实上，自 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 自2020年7月登陆科创板以来，孚能科技累计亏损额已达45亿元。 | 上市公司 | 营业总收入(亿元) | 菅收増速 | 归母净利润(亿元) | 净利增速 | 扣非净利润(亿元) | 扣非净利增 | | --- | --- | --- | --- | --- | --- | --- | | 宇德时代 | 1.788.9 | 7.3% | 304.9 | 33.3% | 272.0 | 35.6% | | 亿纬锂能 | 281.7 | 30.1% | 16.1 | -24.9% | 11.6 | -22.8% | | 欣旺达 | 269.9 | 12.8% | 8.6 | 3.9% | 5.8 | -28.0% | | 国轩高科 | 193.9 | 15.5% | 3.7 | 35.2% | 0.7 | 48.5% | | 德赛电池 | 97.6 | 9.3% | 1.0 | -9.4% | 0.7 | -15.3% | | 孚能科技 | 43.5 | -37.6% | -1.6 | 14.9% | -1.9 | -8.7% | | 劇監 ...

Core Viewpoint - The lithium battery companies listed in A-shares have shown revenue growth in the first half of the year, but there is a significant divergence in net profit performance among them [1]. Group 1: Financial Performance - A majority of companies reported revenue growth, with CATL achieving revenue of 1,788.9 billion yuan, a year-on-year increase of 7.3%, and a net profit of 304.9 billion yuan, up 33.3% [3]. - In contrast, companies like EVE Energy and Xinwangda experienced declines in net profit, with EVE's net profit down 24.9% and Xinwangda's down 28.0% [3][4]. - Xinwangda's revenue reached 269.9 billion yuan, a 12.8% increase, but its net profit was only 8.6 billion yuan, reflecting a modest growth of 3.9% [3]. Group 2: Profitability Challenges - Xinwangda's non-recurring net profit fell by 28.0% year-on-year, indicating a significant decline in core business profitability [4]. - The company's gross margin decreased to 15.79%, down 4.77 percentage points, and its net margin dropped to 0.91%, a substantial decline of 46.81% [4]. - The decline in profitability is attributed to the drop in revenue from energy storage batteries, which generated 76 billion yuan with a gross margin of only 9.8% [4]. Group 3: Cash Flow and Debt Situation - Xinwangda's operating cash flow decreased by 39.8% to 10.4 billion yuan, with a negative cash flow of 4.9 billion yuan in the second quarter [4]. - The company's accounts receivable reached 164 billion yuan, a 20.6% increase, with a collection period of 107 days, indicating significant cash flow pressure [5][8]. - The asset-liability ratio rose to 65.46%, up 5.18 percentage points, with interest-bearing debt increasing by 26.25% to 258.1 billion yuan [8]. Group 4: Strategic Moves and Market Position - Xinwangda has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to become the third lithium battery company to achieve dual listing [8]. - The company faced challenges with its previous plans to spin off its power battery segment due to significant losses exceeding 50 billion yuan [8]. - The overall capacity utilization rate for Xinwangda has declined, with consumer battery utilization dropping from 94.2% in 2022 to 84.3% in the first quarter of 2025 [8].

9月12日，亿纬锂能涨5.29%，截至发稿，报75.49元/股，成交62.05亿元，换手率4.54%，总市值1544.32 亿元。 截至发稿，刘先政累计任职时间7年228天，现任基金资产总规模2.87亿元，任职期间最佳基金回报 118.04%， 任职期间最差基金回报-34.66%。 张艺敏累计任职时间4年364天，现任基金资产总规模2.87亿元，任职期间最佳基金回报17.86%， 任职 期间最差基金回报-40.75%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中银证券旗下1只基金重仓亿纬锂能。中银证券创业板ETF（159821）二季度减持2200股， 持有股数8265股，占基金净值比例为1.66%，位居第十大重仓股。根据测算，今日浮盈赚取约3.13万 元。 中银证券创业板ETF（159821）成立日期2020年9月29日，最新规模2284.25万。今年以来收益43.25%， 同类排名663/4222；近一年收益96.75%，同类排名4 ...

Company Overview - Haopeng Technology Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on October 8, 2002. The company was listed on September 5, 2022. Its main business involves the research, design, manufacturing, and sales of lithium-ion batteries and nickel-hydrogen batteries [1][2]. Financial Performance - For the first half of 2025, Haopeng Technology achieved operating revenue of 2.763 billion yuan, representing a year-on-year growth of 19.29%. The net profit attributable to the parent company was 96.71 million yuan, showing a significant year-on-year increase of 252.49% [2]. - Since its A-share listing, Haopeng Technology has distributed a total of 98.4633 million yuan in dividends [3]. Stock Performance - As of September 12, Haopeng Technology's stock price increased by 2.06%, reaching 80.40 yuan per share, with a trading volume of 369 million yuan and a turnover rate of 5.85%. The total market capitalization is 8.035 billion yuan [1]. - Year-to-date, the stock price has risen by 39.96%, with a 2.39% increase over the last five trading days, a 3.88% increase over the last 20 days, and a substantial 61.19% increase over the last 60 days [1]. Shareholder Structure - As of June 30, the number of shareholders of Haopeng Technology reached 12,300, an increase of 40.78% compared to the previous period. The average number of circulating shares per person decreased by 28.96% to 4,712 shares [2]. - Among the top ten circulating shareholders, the "Zhaoshang Quantitative Selected Stock Fund" ranks as the fifth largest with 929,500 shares, while "Xinao New Energy Industry Stock Fund" is the eighth largest with 745,700 shares, having decreased by 81,400 shares compared to the previous period [3]. Business Segmentation - The company's main business revenue composition includes 88.37% from consumer application scenario new energy solution products, 9.12% from energy storage application scenario new energy solution products, and 2.51% from other sources [1]. - Haopeng Technology is categorized under the Shenwan industry classification of electric power equipment - batteries - lithium batteries, and is involved in several concept sectors including sodium batteries, e-cigarettes, energy storage, solid-state batteries, and fast charging concepts [1].

截至6月30日，维科技术股东户数6.14万，较上期增加18.74%；人均流通股8613股，较上期减少 15.78%。2025年1月-6月，维科技术实现营业收入6.38亿元，同比减少6.48%；归母净利润-3914.87万 元，同比减少435.25%。 分红方面，维科技术A股上市后累计派现2.14亿元。近三年，累计派现0.00元。 责任编辑：小浪快报 今年以来维科技术已经3次登上龙虎榜，最近一次登上龙虎榜为7月2日，当日龙虎榜净买入-393.62万 元；买入总计9230.44万元 ，占总成交额比7.63%；卖出总计9624.06万元 ，占总成交额比7.96%。 资料显示，维科技术股份有限公司位于浙江省宁波市柳汀街225号20楼，成立日期1993年7月28日，上市 日期1998年6月9日，公司主营业务涉及消费类电池(包括聚合物电池、铝壳电池)和小动力电池(包括两轮 车电池、电动工具电池、储能电池)的研发、生产和销售。主营业务收入构成为：消费类聚合物电池 76.01%，小动力电池14.18%，消费类铝壳电池3.45%，储能电池2.02%，资产出租1.17%，废旧物资 1.11%，材料物资0.90%，其他0.67%， ...

9月12日，德赛电池盘中上涨2.02%，截至11:28，报26.20元/股，成交2.60亿元，换手率2.63%，总市值 100.78亿元。 德赛电池所属申万行业为：电力设备-电池-锂电池。所属概念板块包括：固态电池、锂电池、储能、新 能源、新能源车等。 截至8月29日，德赛电池股东户数6.15万，较上期增加3.29%；人均流通股6252股，较上期减少3.19%。 2025年1月-6月，德赛电池实现营业收入97.62亿元，同比增长9.32%；归母净利润9754.53万元，同比减 少9.36%。 分红方面，德赛电池A股上市后累计派现14.84亿元。近三年，累计派现4.95亿元。 机构持仓方面，截止2025年6月30日，德赛电池十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股576.44万股，相比上期增加206.81万股。南方中证1000ETF（512100）位居第四大流通股 东，持股212.26万股，相比上期增加40.10万股。华夏中证1000ETF（159845）位居第五大流通股东，持 股125.53万股，相比上期增加29.72万股。广发中证1000ETF（560010）位居第七大流通股东，持股 ...

每经AI快讯，有投资者在投资者互动平台提问：公司的复合锂负极应用于固态电池的客户验证结果如 何？ 天铁科技（300587.SZ）9月12日在投资者互动平台表示，公司金属锂产品可用于固态锂电池负极材料， 目前相关产品送样，客户反馈良好。 （文章来源：每日经济新闻） ...

9月12日，盟固利涨5.25%，截至发稿，报26.45元/股，成交3.98亿元，换手率5.73%，总市值121.57亿 元。 资料显示，天津国安盟固利新材料科技股份有限公司位于天津市宝坻区九园工业园9号路，成立日期 2009年11月18日，上市日期2023年8月9日，公司主营业务涉及锂电池正极材料的研发、生产和销售,主 要产品为应用于消费领域的钴酸锂和应用于动力电池领域的三元材料。主营业务收入构成为：锂电材料 99.80%，其他业务0.20%。 从盟固利十大流通股东角度 数据显示，华夏基金旗下1只基金位居盟固利十大流通股东。华夏中证1000ETF（159845）二季度增持 48.52万股，持有股数124.98万股，占流通股的比例为0.46%。根据测算，今日浮盈赚取约164.97万元。 华夏中证1000ETF（159845）成立日期2021年3月18日，最新规模382.27亿。今年以来收益25.44%，同 类排名1893/4222；近一年收益66.57%，同类排名1277/3800；成立以来收益26.21%。 华夏中证1000ETF（159845）基金经理为赵宗庭。 截至发稿，赵宗庭累计任职时间8年151天，现 ...