Core Viewpoint - Nandu Power has experienced a stock price increase of 9.46% year-to-date, with a notable rise of 6.11% over the past five trading days, despite a decline of 17.63% over the last 60 days [1] Financial Performance - For the period from January to September 2025, Nandu Power reported a revenue of 5.911 billion yuan, representing a year-on-year decrease of 24.80% [2] - The company recorded a net profit attributable to shareholders of -220 million yuan, a significant decline of 189.22% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Nandu Power was 115,000, a decrease of 6.02% from the previous period [2] - The average number of circulating shares per shareholder increased by 6.42% to 7,415 shares [2] Dividend Distribution - Since its A-share listing, Nandu Power has distributed a total of 684 million yuan in dividends, with 56.1024 million yuan distributed over the past three years [3] Major Shareholders - As of September 30, 2025, Qianhai Kaiyuan Public Utility Stock (005669) became the second-largest circulating shareholder with 18.9477 million shares, marking a new entry [3] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder with 9.0985 million shares, having decreased its holdings by 1.2013 million shares [3] - Southern CSI 1000 ETF (512100) is the seventh-largest circulating shareholder with 8.2114 million shares, also showing a reduction of 70,600 shares [3]

Core Viewpoint - The company Nandu Power has terminated its control change plan after a brief one-week period, primarily due to failure to reach consensus among involved parties regarding key terms [2][4]. Group 1: Control Change Announcement - Nandu Power announced the control change plan on December 12, 2023, but terminated it on December 19, 2023, citing multiple unresolved issues during negotiations [2]. - The announcement did not provide details on the future arrangements for the recycled lead segment [3]. Group 2: Financial Performance - Nandu Power's financial performance has been under pressure, with a projected net loss of 1.497 billion yuan for 2024, and a loss of 220 million yuan reported in the first three quarters of the current year [1][6]. - The company reported revenues of approximately 11.749 billion yuan, 14.666 billion yuan, and 7.984 billion yuan for the years 2022, 2023, and 2024 respectively, with corresponding net profits of 333 million yuan, 35.976 million yuan, and a loss of 1.497 billion yuan [6]. - In the first three quarters of 2023, Nandu Power's revenue decreased by 24.8% year-on-year to about 5.911 billion yuan, with a net loss of approximately 220 million yuan [6]. Group 3: Business Segments - The company primarily focuses on energy storage applications, providing lithium-ion and lead-acid battery products, solutions, and operational services [6]. - In the first half of 2023, revenue from lithium-ion battery products was approximately 1.994 billion yuan (up 9.54%), while revenue from lead-acid battery products was about 843 million yuan (up 12.29%). However, revenue from recycled lead products fell by 72.33% to approximately 759 million yuan [8].

Core Viewpoint - The company Nandu Power has terminated its control change plan after a brief one-week period, primarily due to unresolved negotiations among involved parties, reflecting ongoing financial struggles and a significant projected loss for 2024 [1][3][4]. Group 1: Control Change Announcement - Nandu Power announced the control change plan on December 12, 2023, but terminated it just a week later on December 19, 2023, due to a lack of consensus on core terms among the parties involved [3][4]. - The announcement of the control change was linked to the potential sale of the company's recycling lead segment, but no further details were provided regarding this segment after the termination [5]. Group 2: Financial Performance - Nandu Power is facing significant financial pressure, with a projected net loss of 1.497 billion yuan for 2024, and a loss of 220 million yuan reported in the first three quarters of the current year [1][8]. - The company's revenue has shown a downward trend, with reported revenues of approximately 11.749 billion yuan, 14.666 billion yuan, and 7.984 billion yuan for the years 2022, 2023, and 2024 respectively, alongside corresponding net profits of 333 million yuan, 35.976 million yuan, and a loss of 1.497 billion yuan [9]. - In the first three quarters of 2023, Nandu Power's revenue decreased by 24.8% year-on-year to approximately 5.911 billion yuan, with a net loss of about 220 million yuan, attributed to strategic adjustments and reduced production in the recycling segment [9][10]. Group 3: Market Reaction - Following the announcement of the termination of the control change, Nandu Power's stock price fell by 11.37%, closing at 16.29 yuan per share, resulting in a total market capitalization of 14.63 billion yuan [7].

Core Viewpoint - Nandu Power is undergoing significant capital changes, including a potential change in control and the sale of its lead recycling business, amid ongoing financial struggles and a strategic shift from lead to lithium batteries [2][3]. Financial Performance - Nandu Power has reported a cumulative loss of 2.779 billion yuan over the past five years, with a net loss of 220 million yuan in the first three quarters of 2024, representing a 189.22% year-over-year decline [2][6]. - For the year 2023, the company achieved a revenue of 14.666 billion yuan, a 24.83% increase, but net profit plummeted by 89.19% to 36 million yuan [6]. - In 2024, revenue is projected to drop by 45.56% to 7.984 billion yuan, with a staggering net loss of 1.497 billion yuan, marking a 4260.62% decline [6]. Strategic Shift - The company initiated a "shift from lead to lithium" strategy in 2020, which has not yet yielded positive results, leading to a significant reduction in revenue from its lead recycling segment [6][11]. - The revenue from the lead recycling business fell by 72.33% to 759 million yuan in the first half of the year, contributing only 19.35% to total revenue [6]. Corporate Governance - The current actual controller of Nandu Power is Zhou Qingzhi, who has transitioned from real estate to the renewable energy sector after a failed real estate IPO in 2006 [10][11]. - Zhou Qingzhi has not held a board position since May 2022, with Zhu Baoyi currently serving as the chairman [5]. Market Position - Nandu Power ranks fourth in global market shipments for energy storage system integrators and second among Chinese companies for lithium battery shipments to data centers and base stations [10]. - The company's stock price closed at 18.38 yuan per share on December 11, 2023, with a market capitalization of 16.51 billion yuan, down 11.4 billion yuan from its peak [11].

Group 1 - The company, Nandu Power, announced plans for a change in control and the sale of its lead recycling segment, with stock suspension starting December 12, 2023, for up to two trading days [1] - The major shareholders, including Hangzhou Nandu Power Co., Ltd., Shanghai Yidu Industrial Co., Ltd., and Shanghai Nandu Group Co., Ltd., collectively hold approximately 10.52% of the company's shares, with Zhou Qingzhi as the actual controller [1] - Nandu Power's main products include lithium-ion batteries, lead-acid batteries, hydrogen energy equipment, and recycling products, with lead recycling being the largest revenue source from 2022 to 2024, despite negative gross margins for several years [1] Group 2 - In 2023, the company experienced a transformation period, reporting revenue of approximately 5.911 billion yuan, a year-on-year decrease of 24.80%, primarily due to a strategic reduction in lead recycling production [2] - The net profit attributable to the parent company was approximately -220 million yuan, compared to a profit of 247 million yuan in the same period last year, with losses mainly from the recycling segment [2] - The revenue share from lead recycling products dropped significantly from 42.31% to 19.35%, with the gross margin for lead recycling products falling to -11.02% in the first half of the year, compared to -4.53% in the previous year [2]

Core Viewpoint - Nandu Power experienced a decline in stock price and significant net outflow of funds, indicating potential investor concerns about the company's financial performance and market position [1][2]. Company Overview - Nandu Power, established on December 8, 1997, and listed on April 21, 2010, is based in Hangzhou, Zhejiang Province. The company focuses on the research, manufacturing, sales, and service of a full range of new energy storage products, including industrial and residential storage systems, as well as environmental resource recycling [1]. - The company's revenue composition includes lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1]. Financial Performance - For the period from January to September 2025, Nandu Power reported a revenue of 5.911 billion yuan, a year-on-year decrease of 24.80%. The net profit attributable to shareholders was -220 million yuan, reflecting a significant year-on-year decline of 189.22% [2]. - As of September 30, 2025, the number of shareholders decreased by 6.02% to 115,000, while the average circulating shares per person increased by 6.42% to 7,415 shares [2]. Shareholder and Dividend Information - Since its A-share listing, Nandu Power has distributed a total of 684 million yuan in dividends, with 56.102 million yuan distributed over the past three years [3]. - As of September 30, 2025, the second-largest circulating shareholder is Qianhai Kaiyuan Public Utilities Stock, holding 18.9477 million shares as a new shareholder. Hong Kong Central Clearing Limited is the sixth-largest shareholder, holding 9.0985 million shares, a decrease of 1.2013 million shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Nandu Power has experienced a significant decline in its stock price, dropping 5.36% on November 21, with a cumulative decline of 8.18% over three consecutive days [1] - Nandu Power, established on December 8, 1997, and listed on April 21, 2010, focuses on the research, manufacturing, sales, and service of a full range of new energy storage products, including industrial and residential storage systems [1] - The company's main business revenue composition includes lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1] Group 2 - From the perspective of major fund holdings, Nandu Power is heavily weighted in the Guoshou Anbao Fund, specifically in the Guoshou Anbao Chuang Jingxuan 88 ETF (159804), which held 119,700 shares as of the third quarter, accounting for 1.8% of the fund's net value [2] - The fund has incurred a floating loss of approximately 117,300 yuan today, with a total floating loss of 195,100 yuan during the three-day decline [2] - The Guoshou Anbao Chuang Jingxuan 88 ETF was established on March 4, 2020, with a current scale of 137 million yuan, achieving a year-to-date return of 24.05% and a one-year return of 13.62% [2]

Core Viewpoint - Nandu Power experienced a decline in stock price and significant net outflow of funds, reflecting market challenges despite a year-to-date price increase of 19.33% [1][2]. Financial Performance - For the period from January to September 2025, Nandu Power reported a revenue of 5.911 billion, a year-on-year decrease of 24.80%, and a net profit attributable to shareholders of -220 million, a decrease of 189.22% [2]. - Cumulative cash dividends since the A-share listing amount to 684 million, with 56.102 million distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.02% to 115,000, while the average circulating shares per person increased by 6.42% to 7,415 shares [2]. - The second-largest circulating shareholder is Qianhai Kaiyuan Public Utilities Stock, holding 18.948 million shares, while Hong Kong Central Clearing Limited is the sixth-largest, holding 9.099 million shares, down by 1.2013 million shares from the previous period [3]. Market Activity - On November 19, Nandu Power's stock fell by 2.03%, trading at 19.26 per share with a total market capitalization of 17.303 billion [1]. - The stock saw a net outflow of 19.876 million in principal funds, with significant selling pressure compared to buying [1].

Core Viewpoint - Nandu Power experienced a 3.46% increase in stock price on November 11, with a trading volume of 2.284 billion yuan, indicating positive market sentiment towards the company [1] Financing Summary - On November 11, Nandu Power had a financing buy-in of 282 million yuan and a repayment of 212 million yuan, resulting in a net financing purchase of approximately 69.77 million yuan [1] - The total financing and securities balance for Nandu Power reached 1.193 billion yuan, with the financing balance accounting for 6.42% of the circulating market value, which is below the 50th percentile level over the past year, indicating a relatively low financing level [1] - In terms of securities lending, 19,600 shares were repaid, and 4,500 shares were sold, with a selling amount of approximately 92,800 yuan, while the remaining securities lending volume was 168,500 shares, with a balance of 3.4745 million yuan, also below the 50th percentile level over the past year [1] Business Performance - As of September 30, Nandu Power reported a total of 115,000 shareholders, a decrease of 6.02% from the previous period, while the average circulating shares per person increased by 6.42% to 7,415 shares [2] - For the period from January to September 2025, Nandu Power achieved an operating income of 5.911 billion yuan, a year-on-year decrease of 24.80%, and a net profit attributable to the parent company of -220 million yuan, a significant year-on-year decrease of 189.22% [2] Dividend and Shareholding Structure - Since its A-share listing, Nandu Power has distributed a total of 684 million yuan in dividends, with 56.1024 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Qianhai Kaiyuan Public Utilities Stock as the second-largest shareholder with 18.9477 million shares, a new addition, while Hong Kong Central Clearing Limited, the sixth-largest shareholder, reduced its holdings by 1.2013 million shares to 9.0985 million shares [3] - Southern CSI 1000 ETF ranked seventh among the top ten circulating shareholders with 8.2114 million shares, a decrease of 70,600 shares from the previous period, while Huashang Credit Enhanced Bond A, a new addition, ranked tenth with 5.5368 million shares [3]

Core Insights - The A-share listed energy storage companies have released their Q3 reports, revealing a mixed performance with some companies facing increased debt and losses despite overall industry growth [1][3]. Industry Performance - The energy storage sector has shown significant growth, with many companies reporting substantial increases in revenue and profit. For instance, Guoxuan High-Tech and Kelu Electronics saw net profit growth exceeding 10 times [3]. - In the first three quarters of this year, the cumulative shipment of energy storage cells reached 430 GWh, which is 130% of the total expected for 2024. Prices, after a decline in the first half, began to rise in the second half of the year [3]. - Notably, leading companies like CATL reported revenues of 283.07 billion yuan, a 9.28% increase, and a net profit of 49.03 billion yuan, up 36.2% [5]. Company-Specific Performance - CATL (宁德时代) led the sector with a revenue of 2830.72 billion yuan and a net profit of 490.34 billion yuan [5]. - Other notable performers include: - Sungrow Power (阳光电源): Revenue of 664.02 billion yuan, up 32.95%, and net profit of 118.81 billion yuan, up 56.34% [5]. - Guoxuan High-Tech (国轩高科): Revenue of 295.08 billion yuan, up 17.21%, and net profit of 25.33 billion yuan, up 514.35% [4]. - Nandu Power (南都电源): Revenue of 59.11 billion yuan, down 24.80%, with a net loss of 2.20 billion yuan [4][14]. Challenges and Risks - Some companies, despite the overall positive trend, reported declines in performance. For example, Nandu Power's revenue dropped due to strategic adjustments and increased losses in its lead-acid battery segment [14]. - High debt levels are a concern, with Nandu Power's debt ratio reaching 80.04% and Guoxuan High-Tech at 71.72% [19][20]. Kelu Electronics reported the highest debt ratio at 90.59% [20]. - The financial strain is exacerbated by aggressive expansion strategies, which have led to increased financial leverage and potential risks of cash flow issues [22][24].