资金流向方面，主力资金净流入817.19万元，特大单买入1795.44万元，占比5.87%，卖出1470.31万元， 占比4.81%；大单买入6361.91万元，占比20.80%，卖出5869.85万元，占比19.19%。 南都电源今年以来股价涨6.75%，近5个交易日跌0.52%，近20日涨15.56%，近60日涨18.83%。 资料显示，浙江南都电源动力股份有限公司位于浙江省杭州市西湖区文二西路822号，成立日期1997年 12月8日，上市日期2010年4月21日，公司主营业务涉及专注于新型电力储能、工业储能、民用储能等全 系列产品和系统的研发、制造、销售、服务等,及环保型资源再生产业一体化。主营业务收入构成为： 锂离子电池产品50.83%，铅蓄电池产品21.49%，再生铅产品19.35%，锂电池材料8.33%。 8月27日，南都电源盘中上涨2.07%，截至10:38，报17.23元/股，成交3.06亿元，换手率2.11%，总市值 154.76亿元。 责任编辑：小浪快报 南都电源所属申万行业为：电力设备-电池-蓄电池及其他电池。所属概念板块包括：IDC电源、飞行汽 车、石墨烯、数字能源、新能源车等。 截至 ...

分红方面，南都电源A股上市后累计派现6.84亿元。近三年，累计派现5610.24万元。 机构持仓方面，截止2025年6月30日，南都电源十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1029.98万股，相比上期增加101.30万股。南方中证1000ETF（512100）位居第五大流通股 东，持股828.20万股，相比上期增加175.90万股。华夏中证1000ETF（159845）位居第十大流通股东， 持股488.92万股，相比上期增加126.74万股。 资料显示，浙江南都电源动力股份有限公司位于浙江省杭州市西湖区文二西路822号，成立日期1997年 12月8日，上市日期2010年4月21日，公司主营业务涉及专注于新型电力储能、工业储能、民用储能等全 系列产品和系统的研发、制造、销售、服务等,及环保型资源再生产业一体化。主营业务收入构成为： 锂离子电池产品50.83%，铅蓄电池产品21.49%，再生铅产品19.35%，锂电池材料8.33%。 南都电源所属申万行业为：电力设备-电池-蓄电池及其他电池。所属概念板块包括：IDC电源、数字能 源、飞行汽车、石墨烯、新能源车等。 截至6月30日，南都电源 ...

营收显著下滑，净利润转亏，全球储能龙头南都电源（300068.SZ）的2025年半年报，折射出新能源行业严峻的生存现实。 继2024年全年录得巨额归母净亏损14.97亿元后，2025年上半年，公司营收同比下滑31.67%，净利润亏损2.32亿元，同比大幅下降225%，累计亏损额已达 17.29亿元。然而，值得关注的是，财报发布后首个交易日，南都电源股价却逆势上涨2.14%。 这家持续亏损的"亏损王"，为何吸引市场资金青睐？在营收暴跌、净利巨亏的同时，公司经营活动产生的现金流净额却同比激增233%。这组反差强烈的数 据背后，究竟隐藏着怎样的经营逻辑与生存密码？ 转型代价显现，再生业务主动"断腕" 拆解财报数据，南都电源业绩下滑的核心来自于战略调整的阵痛。半年报明确披露："营业收入下降主要原因为公司战略转型，回收板块业务主动减少所 致。" | | 营业收入 | 营业成本 | 毛利率 | 营业收入比上 | 营业成本比上 | 毛利率比上年 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 年同期增减 | 年同期增减 | 同期增减 | | से नाल्ड ...

Core Viewpoint - Nandu Power (300068.SZ) is experiencing a transitional pain period following its transformation, with significant revenue decline and net losses reported in the first half of 2025 [1][2]. Financial Performance - The company reported a revenue of 3.923 billion, a year-on-year decrease of 31.67%, and a net loss of 232 million, compared to a profit of 185 million in the same period last year [2]. - In the second quarter, Nandu Power achieved a revenue of 2.78 billion, a slight increase of 0.9% year-on-year, and a profit of approximately 34 million, indicating a turnaround from previous losses [3]. Business Segments - The decline in revenue is attributed to a proactive reduction in lead recycling production, with the recycling segment's revenue dropping by 72.33% to 759 million, and a negative gross margin of -11.02% [6][7]. - The company has diversified its operations into three main segments: new energy storage, communication and data center storage, and residential storage, focusing primarily on lithium batteries [5]. Market Strategy - Nandu Power is expanding its strategic partnerships with major domestic and international energy developers and equipment integrators, securing high-margin orders [4]. - The company is also focusing on the data center market, with revenue from this segment reaching 1.89 billion, a year-on-year increase of 34.09%, although the gross margin for this segment has decreased by 10.21% [9][10]. Competitive Landscape - The domestic energy storage market is facing intense competition, leading to price wars and declining profit margins. The gross margin for domestic battery products was reported at 12.83%, down 11.41% year-on-year, while the overseas market showed a gross margin of 28.92% [12]. - Nandu Power is actively pursuing international markets, with ongoing projects in regions such as Australia, Europe, and North America, and is developing new markets in Asia-Pacific and the Middle East [12]. Industry Trends - The company is adjusting its battery recycling business in response to the growing trend of lithium batteries replacing lead-acid batteries, leading to a strategic shift away from expanding lead-related production capacity [8]. - A recent initiative by the China Chemical and Physical Power Industry Association aims to combat irrational pricing behaviors in the energy storage sector, with 149 companies, including Nandu Power, participating in this "anti-involution" movement [12].

Core Viewpoint - Nandu Power (300068.SZ) is experiencing a transitional pain period after its transformation, with significant revenue and profit declines in the first half of 2025 [2][3]. Financial Performance - The company reported a revenue of 3.923 billion, a year-on-year decrease of 31.67%, and a net loss of 232 million, compared to a profit of 185 million in the same period last year [2]. - In the second quarter, the company achieved a revenue of 2.78 billion, a slight increase of 0.9% year-on-year, and a profit of approximately 34 million, indicating a turnaround [3]. Business Segments - The revenue from the resource regeneration segment fell by 65.74% to 1.086 billion, with a negative gross margin of -5.52%, a decline of 2.58% year-on-year [7][5]. - The revenue from the lithium-ion battery segment was 1.994 billion, up 17.63%, while the lead-acid battery segment generated 843 million, an increase of 16.37% [7]. - The communication and data center storage segment saw revenue growth of 34.09% to 1.89 billion, making it the only segment with positive revenue growth [9][10]. Market Dynamics - The company is focusing on the data center market, establishing long-term partnerships with major internet companies and financial institutions, and winning contracts for overseas lithium battery projects [3][10]. - The domestic battery market is facing intense competition, leading to a decline in gross margins, with domestic battery product revenue at 2.057 billion and a gross margin of 12.83%, down 11.41% year-on-year [11]. - In contrast, the overseas battery product revenue was 780 million, with a gross margin of 28.92%, indicating significantly higher profitability compared to the domestic market [12]. Strategic Adjustments - Nandu Power is adjusting its operations in response to the increasing number of retired batteries from new energy vehicles, focusing on lithium battery expansion and reducing lead battery production capacity [8]. - The company is part of a broader industry initiative to combat irrational pricing behaviors in the domestic storage market, with 149 companies participating in this "anti-involution" movement [12].

Core Viewpoint - Nandu Power has reported its largest loss in history, struggling with a significant decline in revenue and a shift from lead-acid to lithium batteries amid intense market competition [2][3]. Financial Performance - In 2024, Nandu Power achieved revenue of 7.984 billion yuan, a year-on-year decrease of 45.56%, and incurred a loss of 1.497 billion yuan, a 4260.62% decline compared to a profit of 35.976 million yuan in 2023 [2]. - In Q1 2025, the company reported revenue of 1.139 billion yuan, down 61.81% year-on-year, with a loss of 266 million yuan, contrasting with a profit of 82.586 million yuan in Q1 2024, marking a 422.47% decrease in net profit [2]. Business Transition - Nandu Power has been transitioning from lead-acid to lithium batteries since its establishment in 1994, but has faced challenges, including a significant drop in new energy storage shipments and underutilization of production capacity [3][4]. - The company has chosen to abandon some low-price competitive orders to ensure product quality and cash flow, leading to a substantial decrease in new energy storage shipments [3][6]. Product Revenue Breakdown - The revenue from Nandu Power's four main product categories—recycled lead products, lithium battery products, lead-acid battery products, and lithium battery materials—was 42.31%, 29.44%, 19.62%, and 8.63% respectively, all experiencing contraction in 2024 [4]. - Sales of lithium batteries fell to 2.81 GWh, a decrease of 1.78 GWh or 38.78% year-on-year, while lead-acid battery sales dropped to 2.62 GWh, down 0.96 GWh or 26.82% [4]. Profitability Challenges - The recycled lead products, which are the largest revenue source, are currently operating at a loss, with a gross margin of -3.11% in 2024, despite a slight improvement from the previous year [5]. - The gross margin for lithium battery products plummeted to -8.12% in 2024, a decrease of 26.44 percentage points year-on-year, due to intense competition and falling sales prices [6][7]. Asset and Debt Management - Nandu Power's asset impairment losses reached 588 million yuan in 2024, accounting for 36.78% of total profit, primarily due to inventory write-downs and goodwill impairment [7]. - The company's debt ratio has been increasing, reaching 81.14% by Q1 2025, indicating a high-risk financial position [8]. Future Outlook - Nandu Power aims to optimize its customer structure and improve cash flow while pursuing a listing on the Hong Kong Stock Exchange to enhance its international market presence and alleviate debt pressure [8].