今年 5月份 ， 宁德时代 成功登陆港股。 356 亿港元的募资，也是当时全球规模最大的 IPO 。 想进一步了解的小伙伴，戳这篇了解：《 3年狂赚2000亿！宁德时代为啥还要上市融资？ 》 从结果来看，宁王的算盘显而易见地打响了：钱融到了，无论是研发的资金、人才的储备还是全球化扩张所需的资源就全都能到位了，港股之行的目的圆满达 成。 但不寻常的，是二次上市正如潮水般在整个中国新能源车圈蔓延。 关注 「电动车公社」 和我们一起重新思考汽车 三年前，初代新势力三剑客"蔚小理"，吹响了多地上市，保证资金稳定性的号角。 谁也没想到，这仅仅只是一个开始。随着地缘政治变得越来越复杂，"蔚小理"的做法回过头来再看是妥妥的"先见之明"。 而宁德时代的二次上市，也成了美国金融学者口中的"重要里程碑"。 只不过站在美国投资者的立场上，中企选择在港上市，影响到的是自己挣大钱—— "这种做法会用在许多中国硬件生产商甚至是软件公司上，让美国投资者无法参与其中，获得潜在的盈利机会！" 而对中国新能源企业来说， A 股 +H 股上市，则是现阶段难得正确的版本答案。 锂原电池 （一次性锂电池）销售额及出口额连续 8 年全球第一； 2024 ...

Core Viewpoint - The recent announcement of EVE Energy Co., Ltd. initiating its H-share issuance plan to list on the Hong Kong Stock Exchange reflects a trend of capital migration within the lithium battery industry, aiming to break the current competitive landscape dominated by a few major players [2][3]. Company Overview - EVE Energy, established in 2001, has expanded its business across consumer batteries, power batteries, and energy storage batteries, ranking ninth globally in power battery installations and second in energy storage cell shipments [2]. - The company is currently in discussions with intermediaries regarding the specifics of its H-share issuance, with further details pending the submission of its prospectus [2]. Financial Performance - In Q1 2025, EVE Energy reported a significant revenue increase of 37.34% to 12.796 billion yuan, while net profit only slightly rose by 3.32%, indicating underlying issues such as profit erosion from price wars and financial pressure from heavy asset expansion [3][4]. - The company's operating costs increased by 37.45%, surpassing revenue growth, which raises concerns about the profitability of its core business [4]. Balance Sheet Insights - EVE Energy's total liabilities rose from 59.891 billion yuan at the end of 2024 to 67.249 billion yuan in Q1 2025, marking a 12.28% increase [5]. - Accounts receivable reached 12.808 billion yuan, representing 314.26% of net profit, suggesting potential risks in customer payment management [5]. Market Context and Strategic Implications - The H-share fundraising could provide crucial support for EVE Energy's expansion projects in Hungary and Malaysia, as well as help mitigate rising costs due to new EU battery regulations [6]. - The company’s potential fundraising of approximately 30 billion HKD could follow the precedent set by CATL, which raised 40.76 billion HKD in its H-share listing [6]. - The dual listing strategy (A+H) poses risks, including a potential valuation adjustment due to the disparity in price-to-earnings ratios between A-shares and the Hong Kong market [6][9]. Industry Trends - The lithium battery sector is experiencing a surge in IPOs, with over 76 billion HKD raised in 2025, reflecting a significant increase in market activity [8]. - The competitive landscape is intensifying, with companies like CATL setting new industry standards, while second-tier manufacturers face increasing pressure from rising production costs and market dynamics [9]. Globalization and Future Outlook - EVE Energy's decision to list in Hong Kong is indicative of broader anxieties within China's new energy supply chain, as companies seek international credibility and funding to compete with global giants [9]. - The company's R&D expenditure of 2.942 billion yuan (6.29% of total revenue) raises questions about its ability to effectively manage multiple technology pathways [9].

欢迎扫描下方二维码关注： 原电池又称一次电池,是按不可以充电设 计的电池。 按照电极所含的活性物质分类,原电池包 括锌原电池、锂原电池和其他原电池。 二、蓄电池 蓄电池又称二次电池,是按可充电、重复 使用设计的电池。 包括酸性蓄电池、碱性或其他非酸性蓄电 池、氧化还原液流蓄电池和其他蓄电池。 三、燃料电池 燃料电池,指通过一个电化学过程,将连 续供应的反应物和氧化剂的化学能直接转换为 电能的电化学发电装置。 四、太阳能电池 太阳能电池,是将太阳光能转换成电能的 装置。 包括晶体硅太阳能电池、薄膜太阳能电 池、化合物半导体太阳能电池等,但不包括用 于太阳能发电储能用的蓄电池。 五、其他电池 除原电池、蓄电池、燃料电池、太阳能电 池以外的电池。 电池消费税在哪些环节征收? 电池消费税在生产、委托加工和进口 环节征收。征收对象主要是生产、委托加工以 及进口电池的纳税人。 电池消费税的税率是多少? 对电池征收消费税的税率为 4% 对电池征收消费税有哪些税收优惠政策? 对无汞原电池、金属氢化物镍蓄电池 "才书书记"""""中"社会如""" (人們 到妹爵巴心 以 妹ଶ备电心 八 锂原电池、锂离子蓄电池、太阳能电池、燃料 ...

对权益资产来说，4月以来市场在一次性风险计提之后，基于逆周期政策"对冲"和贸易环境"冲回"两大逻辑，已逐步定价了基本面的"下限抬高"。下一阶段的关键 在于能否进一步推动内需短板领域的积极变化，以进一步打开"上限"。 广发宏观周度述评（第14期） 广发宏观周度述评（第1-13期，复盘必读） 内容 第一， 下限已经抬高，上限尚待打开。 5月12日中美日内瓦经贸会谈联合声明发布，双边关税出现较大幅度下调，中美贸易短期内排除了极端情形。值得注意的 是，关税下调落地后，海外进口商在90天确定性较高的窗口期内有一定程度"抢进口"的迹象，部分航线一舱难求再现[1]。我们估计短期内出口仍不会差。 经济年初以来的拉动因素主要集中在出口和"两新"，一季度出口交货值同比达6.7%，是经济的支点之一；设备工器具投资、家电销售季度增速分别达19.0%、 19.3%，在投资、消费端形成另外两个支点。 出口短期下行风险排除后，这三个支点依旧成立，经济的下限假设将较前期加税时的审慎预期有所上修。 但值得注意的是，"924"以来本轮稳增长政策的逻辑起点本来就不是关税，而是名义增长中枢问题。目前经济的四个短板领域仍是地产、消费、地方投资、物价。 ...

Core Insights - The company reported a Q1 2025 revenue of 12.8 billion yuan, a year-on-year increase of 37.3% but a quarter-on-quarter decrease of 12% [1] - The net profit attributable to shareholders was 1.1 billion yuan, reflecting a year-on-year growth of 3.3% and a quarter-on-quarter increase of 24% [1] - The non-recurring net profit reached 820 million yuan, up 16.6% year-on-year and 23.6% quarter-on-quarter [1] Group 1: Battery Sales Performance - In Q1 2025, the company shipped 10.17 GWh of power batteries, marking a year-on-year increase of 57.58%, benefiting from the growth in commercial vehicle sales [2] - The market share for power batteries was 13.41%, maintaining the second position in the domestic market, with over 80% coverage among top customers in the new energy commercial vehicle segment [2] - The company shipped 12.67 GWh of energy storage batteries, showing a year-on-year growth of 80.54%, although the quarter-on-quarter performance was affected by seasonal factors [2] Group 2: Profitability and Cost Management - The overall gross margin for the company reached 17.16%, with stable margins for power batteries and a slight decline in energy storage battery margins due to utilization rates [2] - In Q1 2025, the company reported investment income of 120 million yuan, while the total expense ratio was 10.85%, a year-on-year decrease of 1.75 percentage points [3] - The financial expense ratio increased to 1.41%, reflecting a year-on-year rise of 0.57 percentage points, while R&D expense ratio decreased to 4.76%, down 3.00 percentage points year-on-year [3] Group 3: Future Outlook - The company is expected to benefit from increased utilization rates driven by the growth in power battery demand and improved energy storage shipment structure [3] - The establishment of the Malaysian energy storage base is anticipated to mitigate the impact of U.S. tariffs, with expectations for further unit profit growth from large cylindrical battery shipments [3] - Projected revenues for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [3]

长江商报消息 ●长江商报记者 潘瑞冬 亿纬锂能（300014.SZ）业绩重回增长。 4月25日晚间，亿纬锂能发布一季报显示，今年1—3月，公司实现营业收入127.96亿元，同比增长 37.34%；归母净利润11.01亿元，同比增长3.32%；扣非净利润8.18亿元，同比增长16.60%。 作为亿纬锂能的创始人、董事长，刘金成从学生时代就专注锂电，毕业后更是押注锂电下游产业链，从 小灵通电池、电表电池、电子烟，再到动力电池、储能电池，无一不有刘金成的身影。也正是战略转向 储能，多条腿走路，让亿纬锂能稳住了业绩，实现突围，储能电芯出货量占据全球第二位。 今年初，刘金成表示，2025年多种材料体系的大圆柱电池将迎来"元年"，他认为圆柱较方形更适合插 混，并预计2025年大圆柱需求预计5GWh。 行业周期回暖，叠加公司大圆柱电池2025年上车宝马新车，未来，刘金成能否推动公司再上一个台阶？ 善于捕捉风口的锂电专家 与众多电池行业的创业者一样，刘金成有着扎实的学科背景。 1981年，刘金成考入成都电子科技大学物理化学专业，1985年毕业后被分配到国营752厂。在这里，他 接触到实际的电池生产工作，并且因工作原因，长期与 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 49.20 [7][8]. Core Views - The company has shown significant growth in energy storage shipments, with a strong performance in the consumer sector and expectations for profitability improvement in the power sector in 2025 [1][2]. - The company's Q1 2025 revenue reached RMB 12.796 billion, representing a year-on-year increase of 37.34% [1]. - The net profit attributable to the parent company for Q1 2025 was RMB 1.101 billion, exceeding previous expectations due to improved non-recurring gains [1][2]. Summary by Sections Energy Storage and Power Sector - In Q1 2025, the company shipped 10.17 GWh of power storage, a year-on-year increase of 58%, with a capacity utilization rate close to 70% [2][3]. - The company anticipates continued improvement in profitability in the power business throughout 2025, supported by the construction of a storage factory in Malaysia, which is expected to begin production in 2026 [3]. Consumer Sector - The company has maintained its leading position in lithium batteries, with monthly sales of small cylindrical batteries exceeding 10 million units [4]. - The Malaysian small cylindrical battery factory has commenced production, and the company expects a revenue growth rate of 20% in consumer batteries for 2025 [4]. Financial Projections - The company forecasts net profits attributable to the parent company of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for 2025, 2026, and 2027, respectively [4][6]. - The projected revenue for 2025 is RMB 72.494 billion, reflecting a growth rate of 49.12% compared to 2024 [6].

4月17日，亿纬锂能披露2024年"成绩单"。 据 2024年年度报告显示， 亿纬锂能去年实现 营收486.15亿元 ，同比下降0.3%； 净利润40.76亿元，同比上升0.6% ； 扣非净利润 31.62亿元，同比增长14.76%。 单看第四季度， 亿纬锂能 营收145.7亿元， 净利润8.87亿元， 扣非净利润6.62亿元， 实现三线同增 ， 分别增长9.9%、 41.7%、 10.3%。 综合年报来看， 亿纬锂能过去一年的表现可圈可点，早已为业绩增长奠定了基础。 众所周知，亿纬锂能一直以 消费电池、动力电池、储能电池三大业务板块进行布局，其中消费电池业务包括锂原电池、小型锂离子电池、圆 柱电池，动力电池业务包括新能源汽车电池及其电池系统。 报告期内，亿纬锂能 消费、动力、储能三大板块均实现较大突破。 具体来看， 消费电池 营收103.22亿元，同比增长23.44%， 占营收比重21.23%。 其中，锂原电池产品包括 锂-亚硫酰氯电池、锂-二氧化锰电池、电池电容器（SPC）、复合电源ES等，适用于 各类智能表计、汽车电子、 智能安防、智慧医疗、定位追踪、资源监测等物联网及新兴产业。据悉，其锂亚硫酰氯电池（ ...