国轩为该储能项目定制了液冷解决方案，将理论技术与实际场景进行了精准匹配，搭载 120 套国轩自主研发 10MWh 储能单元以及自研铁锂 储能电芯，同时搭配智能温控技术进行有效运营，该技术集成 PACK 级浸没式设计、电池模块热失控监测、多重灭火系统等安全措施，为储 能电站安全进行全方位保护。 面对材料价格回暖，国轩高科正加紧锁单，并全力布局上游。 起点锂电获悉， 1 月 10 日公司举办的第 15 届供应商大会上， 国轩与诺德股份签订 2026 年供货协议，订单金额约 18 亿元 ，诺德股份 还荣获了国轩高科 2025 年度卓越供应奖。 二者 合作始于 2010 年 ，经过 十余年 深度了解， 诺德已 成为 国轩核心铜箔供应商之一， 为其 稳定供应 5-6 微米铜箔产品 ，二者正在 固态电池领域共同发力， 目前诺德已向国轩送样镀镍合金箔。 在此之前，国轩还有以下布局上游动作。 1 月 6 日国轩高科宣布两个材料项目落地庐江，分别为年产 20 万吨正极材料、 年产万吨级硅碳负极材料产业化项目。 其中正极材料项目将采用第四代磷酸铁锂生产线，同时还兼容新一代磷酸铁锂产品；硅碳负极材料项目采用纳米限域结构设计与多维复 ...

Core Viewpoint - Company achieved significant growth in revenue and net profit in the first half of 2025, indicating a strong performance in both the domestic and overseas markets [1][2]. Financial Performance - For the first half of 2025, the company reported revenue of 19.394 billion, a year-on-year increase of 15.48%, and a net profit attributable to shareholders of 367 million, up 35.22% year-on-year [1]. - In Q2 2025, revenue reached 10.338 billion, a quarter-on-quarter increase of 14.17%, with a net profit of 266 million, reflecting a significant quarter-on-quarter growth of 164.32% [1]. Business Growth - The company's power and energy storage businesses showed steady growth, with the national power battery installation volume reaching 299.6 GWh in the first half of 2025, a year-on-year increase of 47.3% [2]. - The company's global market share in power battery installations was 3.6%, up 1 percentage point year-on-year, while its domestic market share increased to 5.18%, ranking fourth [2]. Market Expansion - Revenue from overseas markets (including Hong Kong, Macau, and Taiwan) was 6.4 billion, a year-on-year increase of 15.79%, accounting for 33% of total revenue, up from 32.91% in the previous year [2]. - Revenue from mainland China was 12.994 billion, a year-on-year increase of 15.33%, making up 67% of total revenue [2]. Global Strategy and R&D - The company is actively expanding its global presence across four major regions: China, the Americas, Europe and Africa, and Asia-Pacific, enhancing its brand influence and competitiveness [3]. - The company has established production bases in multiple countries, including Germany and Vietnam, with a focus on local production and delivery [3]. Technological Advancements - The company has made significant technological breakthroughs, including the development of the LMFP system L600 battery cell and the introduction of solid-state batteries, enhancing product competitiveness [3]. - New products targeting commercial vehicles and portable energy storage devices have gained attention in overseas markets, contributing to business growth [3]. Investment Outlook - The company’s global layout and significant growth in Q2 have led to an upward revision of profit forecasts for 2025-2027, with projected net profits of 1.42 billion, 2.34 billion, and 2.99 billion respectively [4]. - The target price is set at 54.33, based on a 42x PE ratio for 2026, maintaining a "recommended" rating [4].