Core Viewpoint - EVE Energy Co., Ltd. has shown strong growth in overseas business and is leading in the mass production of large-capacity battery cells, with a "buy" rating from Minsheng Securities [1] Financial Performance - In the first half of 2025, the company achieved revenue of 28.17 billion yuan, a year-on-year increase of 30.06%, while net profit attributable to shareholders was 1.605 billion yuan, a decrease of 24.90% [2] - For Q2 2025, revenue was 15.373 billion yuan, up 24.56% year-on-year and 20.14% quarter-on-quarter; net profit was 504 million yuan, down 52.96% year-on-year and 54.22% quarter-on-quarter [2] - The gross margin for Q2 2025 was 17.46%, an increase of 1.90 percentage points year-on-year, while the net margin was 3.76%, a decrease of 5.09 percentage points year-on-year [2] Business Growth and Innovation - In H1 2025, the company shipped 21.48 GWh of power batteries, a year-on-year increase of 58.58%, and 28.71 GWh of energy storage batteries, a year-on-year increase of 37.02% [3] - The company's overseas production capacity is expanding, with a factory in Malaysia progressing towards mass production, expected to begin in early 2026 [3] - The CLS model has been successfully implemented, allowing the company to transition from a battery manufacturer to a provider of energy solutions, which is anticipated to be a new growth driver [3] Technological Advancements - The company is the first globally to achieve mass production of 600Ah+ large square lithium iron phosphate storage batteries, marking a significant milestone in the energy storage industry [4] - The company has also achieved mass production of over 60,000 large cylindrical batteries, with a global production capacity exceeding 70 GWh [4] Investment Outlook - Revenue projections for 2025-2027 are 62.34 billion yuan, 80.36 billion yuan, and 104.48 billion yuan, with year-on-year growth rates of 28.2%, 28.9%, and 30.0% respectively [4] - Net profit forecasts for the same period are 4.551 billion yuan, 7.092 billion yuan, and 9.574 billion yuan, with corresponding growth rates of 11.7%, 55.8%, and 35.0% [4]

亿纬锂能（300014.SZ）2025 年半年报点评 海外业务稳步推进，大容量电芯量产领跑 2025 年 08 月 24 日 ➢ 事件。2025 年 8 月 21 日，公司发布 2025 年半年报，公司上半年实现营收 281.70 亿元，同比增长 30.06%，实现归母净利润 16.05 亿元，同比减少 24.90%， 扣非后归母净利润 11.57 亿元，同比减少 22.82%。 ➢ Q2 业绩拆分。营收和净利：公司 2025Q2 营收 153.73 亿元,同增 24.56%， 环增 20.14%；归母净利润为 5.04 亿元，同减 52.96%，环减 54.22%；扣非后 归母净利润为 3.39 亿元，同减 57.48%，环减 58.51%。毛利率：2025Q2 毛利 率为 17.46%，同增 1.90pct，环增 0.30pcts。净利率：2025Q2 净利率为 3.76%， 同减 5.09pcts，环减 5.34pcts。费用率：公司 2025Q2 期间费用率为 13.58%， 同比+3.81pcts，其中销售、管理、研发、财务费用率分别为 1.30%、6.65%、 4.24%、1.39%，同比变动 0 ...

人民财讯8月23日电，亿纬锂能（300014）在电话会议上表示，大圆柱新产品在今年三季度开始量产交 付，今年交付量预计不大。2026年荆门大圆柱工厂预计会是满产状态。公司同步在规划沈阳工厂第二条 产线的建设工作，并且逐步落地其他产能规划。除了海外客户，国内也会有大圆柱电池的新增客户。另 外，公司的固态电池MWh产线规划在成都投建，预计年内建成。 ...

Core Viewpoint - The financial report for the first half of 2025 from EVE Energy shows strong performance in both shipment volume and profitability, driven by the core businesses of power batteries and energy storage batteries [3][4]. Group 1: Financial Performance - EVE Energy achieved revenue of approximately 28.17 billion RMB in the first half of 2025, representing a year-on-year growth of 30.06% [3]. - In Q2 2025, revenue reached 15.35 billion RMB, marking a record high for a single quarter [3]. - Power battery shipments totaled 21.48 GWh, up 58.58% year-on-year, while energy storage battery shipments reached 28.71 GWh, increasing by 37.02% [3]. - Revenue from the power battery segment was 12.75 billion RMB, a year-on-year increase of 41.75%, and revenue from the energy storage battery segment was 10.30 billion RMB, up 32.47% [3]. Group 2: Business Growth Factors - The growth in business is attributed to two main factors: increased delivery volumes from international automakers and the completion of production line upgrades that enhanced efficiency and profitability [4]. - EVE Energy ranked fifth in domestic power battery installation volume and achieved a 13.59% market share in the new energy commercial vehicle sector, positioning it as the second in the market [4]. Group 3: International Expansion and Revenue Sources - Overseas revenue amounted to 6.97 billion RMB, reflecting a year-on-year growth of 28.05%, accounting for 24.74% of total revenue [5]. - The newly established cylindrical battery factory in Malaysia significantly boosts EVE Energy's delivery capabilities in Southeast Asia, Europe, and North America [5]. - EVE Energy plans to conduct an IPO in Hong Kong to raise funds for its 30 GWh power battery factory in Hungary and a 38 GWh energy storage battery project in Malaysia [5]. Group 4: CLS Business Model - EVE Energy is promoting its CLS business model, which focuses on cooperation, licensing, and service to enhance industry efficiency rather than merely increasing production capacity [5]. - The CLS model has already been implemented in a joint energy storage cell factory with Jinko Energy, which began mass production in June 2025 [6]. - EVE Energy has also partnered with Weita Power to advance battery production for humanoid robots, showcasing the model's adaptability to emerging market needs [6]. Group 5: Future Outlook - The company expressed confidence in meeting its annual targets, with stable delivery expected in the second half of the year [7]. - Several external factories have commenced production under the CLS model, contributing to stable delivery capabilities [8]. - EVE Energy has developed a prototype of an Ah-level sulfide-based solid-state battery, with plans for a pilot line to be operational by 2025 [8].

近日，亿纬锂能发布半年报，传递头部企业明显复苏的信号。 2025 年上半年，亿纬锂能实现营收约 281.7 亿元，同比增长 30.06% ；归属于上市公司股东的净利润为 16.05 亿元，扣除非经常性损益 的净利润为 11.57 亿元。 若剔除股权激励费用及单项坏账计提影响，净利润为 22.18 亿元，同比增长 3.78% ，扣除净利润为 17.70 亿元，同比增长 18.06% 。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 28.169.564.043.41 | 21,659,398,588,08 | 30.06% | | 归属于上市公司股东的净利润(元) | 1.605.171.455.77 | 2.137.249.689.22 | -24.90% | | 归属于上市公司股东的扣除事经常性损 益的净利润(元) | 1,156,964,422,99 | 1,499,101,177.24 | -22.82% | | 经营活动产生的现金流量净额(元) | 2.372.565.711.61 | 311,882,588 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [8]. Core Insights - The company has experienced rapid growth in energy storage battery shipments, with a significant recovery in performance anticipated. The report highlights a 30.06% year-on-year increase in revenue for the first half of 2025, reaching 281.70 billion yuan, despite a 24.90% decline in net profit attributable to shareholders [5][6]. - The company has successfully launched mass production of large cylindrical batteries, becoming a primary battery supplier for a leading international automaker's next-generation electric vehicle model. It is projected that shipments of large cylindrical batteries will reach 20 GWh by 2026 [5][6]. - The energy storage battery segment also showed strong growth, with shipments increasing by 37.02% year-on-year, contributing to a revenue of 102.98 billion yuan, which is a 32.47% increase [5][6]. Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved a revenue of 281.70 billion yuan, a 30.06% increase year-on-year. The net profit attributable to shareholders was 16.05 billion yuan, down 24.90% year-on-year. Excluding stock incentive expenses and specific bad debt provisions, the net profit would have been 22.18 billion yuan, reflecting a 3.78% increase [5][6]. - The gross margin for H1 2025 was 17.33%, up 0.88 percentage points year-on-year, while the net margin was 6.19%, down 3.73 percentage points year-on-year [5][6]. Product and Market Development - The company’s power battery shipments reached 21.48 GWh in H1 2025, marking a 58.58% increase year-on-year. The power battery business generated 127.48 billion yuan in revenue, a 41.75% increase, with a gross margin of 17.60%, up 6.92 percentage points [5][6]. - The energy storage battery segment saw shipments of 28.71 GWh, a 37.02% increase year-on-year, with revenue of 102.98 billion yuan, representing a 32.47% increase [5][6]. Future Outlook - The report projects earnings per share (EPS) of 2.05 yuan and 3.37 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23 times and 14 times [5][6]. - The company is positioned as a platform enterprise in power, energy storage, and consumer lithium batteries, with expectations for improved profitability due to product and customer structure optimization and capacity release [5][6].

业绩符合预期： 25Q2收入154亿、同比+25%/环比+20%；归母5亿，同比-53%/环比-54%，主要收到计提股权激励费用影响4.9亿、Q2计提信用减 值2.4亿（其中1.5亿为哪吒全额计提） 板块拆分 动力： 25H1收入51亿（同-29%），毛利率17.6%（同+6.2pct），销量21.48GWh（同+59%）；25Q2销量11.3GWh（同+61%/环 +11%），净利率接近5%，主要由于海外大圆柱交付起量、净利率明显提升，提前完成目标。预计25年全年出货50GWh、26年同比增长40%，其中大圆柱20G+ 储能： 25H1收入103亿（同-49%），毛利率12.0%（同-2.3pct），销量28.71GWh（同+37%）；Q2销量16GWh（同+14%/环+26%） 主要由于大 客户集中交付（占比从29%提升到55%）拉低毛利率、后续会启动谈价，受会计影响，部分在途订单后续确认。预计25年出货80G、26年同比增长30%。 消费： 25H1收入51亿（同-26%），毛利率26.7%（同-1.6pct），主要受马来产能爬坡影响，预计25Q2净利润贡献3.5亿元，维持稳定。全年出货11-12 亿颗 ...

亿纬锂能 20250821 摘要 2025 年上半年，亿纬锂能营收 177 亿元，同比增长 18%。动力电池出 货 21.48GWh，同比增长 58.58%；储能电池出货 28.71GWh，同比 增长 37%。动力电池毛利率达 17.6%，净利润率接近年度目标 5%，预 计三季度保持稳定交付，全年有望超额完成净利润目标。 大圆柱电池已在国际头部车企下一代车型首发并量产交付，预计 2026 年荆门工厂满产，沈阳工厂第二条线建设中，届时出货量可达 20GWh。同时，公司正拓展国内乘用车市场，已有部分项目落地。 上半年计提减值约 2 亿元，含正常坏账 5,000 万元，单项计提主要针对 破产的合众客户，应收账款全额计提 1.5 亿元。小电芯和大电芯三季度 涨价趋势明显，碳酸锂价格上涨可能影响经营成本，公司调整曲靖产能 优化生产布局。 公司已全额计提坏账，解决相关客户问题。储能业务因两三家大客户出 货占比高且价格略低，导致上半年盈利下滑，毛利率仅 12%。公司正努 力通过商务优化和产品结构调整改善，期望三季度取得进展。 除三元软包产线外，其他产线基本开启，但 OEE 未稳定达 80%以上。 公司扩建曲靖和金门新工厂， ...

Core Viewpoint - The concept of "anti-involution" has become a necessary response for sustainable industry development, as the negative impacts of "involution" have become increasingly evident across various sectors, including automotive, photovoltaic, lithium battery, steel, and cement industries [1][2]. Group 1: Automotive Industry - The automotive industry is particularly affected by "involution," with a profit margin of only 3.9% in Q1 this year, and a net operating cash flow of -2.376 billion yuan among eight listed passenger car companies, marking a five-year low [3]. - The China Automobile Industry Association issued an urgent call against bottomless price wars, and regulatory bodies have prohibited high-interest automotive finance practices to promote rational business operations [3]. - The industry is expected to undergo consolidation, with weaker companies likely exiting the market, reshaping the competitive landscape as a means to combat "involution" [6]. Group 2: Photovoltaic Industry - The photovoltaic sector is facing severe challenges, with total revenue for 64 listed companies projected at 931.096 billion yuan in 2024, a year-on-year decrease of 22.4%, and a shift from a profit of 104.955 billion yuan in 2023 to a loss of 29.757 billion yuan in 2024 [3]. - Leading companies like Trina Solar and LONGi Green Energy are focusing on accelerating the commercialization of high-efficiency products and responding to the construction of a unified national market [3][4]. Group 3: Lithium Battery Industry - The lithium battery sector is experiencing a downturn after rapid capacity expansion, with 65 out of 104 listed companies expected to see a decline in net profits, and over 60 companies facing a year-on-year decrease in gross margins [4]. - Some companies are adjusting their expansion plans in response to market conditions, with notable projects being halted [4]. - The industry is also facing challenges in capacity clearance, with experts suggesting that the ultimate solution lies in the bankruptcy or restructuring of inefficient enterprises [7]. Group 4: Industry-Wide Responses - Various industries are signaling a move towards "anti-involution" by optimizing capacity and releasing production cuts [6]. - The photovoltaic sector is identified as having a critical window for supply-side reform between late 2025 and early 2026, necessitating market-driven mergers and technological elimination of outdated capacities [6]. - The automotive industry is also expected to see a shift towards value-driven competition, focusing on differentiated high-quality products and services to meet diverse market demands [9]. Group 5: Technological Innovation - Technological innovation is viewed as a proactive approach to counter "involution," with a shift from low-price competition to high-end differentiation being essential for improving profitability [9]. - Companies in the lithium battery sector are competing through technological advancements to create unique products and establish competitive advantages [9]. - The CEO of Lantu Automotive emphasizes the importance of continuous value creation for society and users through innovation and efficiency improvements [10].

Core Viewpoint - The global battery market is witnessing a significant shift, with Japanese and South Korean battery manufacturers experiencing a decline in market share, while Chinese competitors, particularly CATL, are gaining ground rapidly [1][4][8]. Market Share Decline - LG Energy Solution's market share has fallen below 10%, while Samsung SDI has reported negative growth, leading to a combined market share of under 17% for the three major South Korean manufacturers [2][7]. - Excluding the large Chinese market, the combined share of South Korean companies in overseas markets has decreased by nearly 10 percentage points [3][8]. - The overall market share of the four major Japanese and South Korean battery manufacturers has dropped from approximately 23% to 16% year-on-year [7][8]. Financial Recovery - Despite declining market shares, the latest financial reports from Japanese and South Korean battery companies indicate a recovery in profitability [6][15]. - LG Energy Solution reported a 31.4% increase in operating profit in Q2 2025, with an operating profit margin of 8.8%, up over 5 percentage points from the previous year [15][16]. - SK On has narrowed its operating losses significantly, achieving a quarterly profit for the first time due to improved operational efficiency and external subsidies [18][20]. Strategic Shifts - Japanese and South Korean battery manufacturers are shifting focus from merely defending market share to targeting high-value segments in emerging markets [24][25]. - The global energy storage market is growing rapidly, outpacing the electric vehicle market, driven by renewable energy expansion and AI data center demands [26][27]. - LG Energy Solution has secured a $4.3 billion supply contract for LFP storage batteries with Tesla, indicating a strategic pivot towards energy storage [28]. Technological Advancements - Japanese and South Korean companies are investing in next-generation battery technologies, including high-nickel ternary batteries and solid-state batteries, to maintain competitive advantages [30][36]. - LG Energy Solution is advancing research on lithium-rich manganese-based materials, aiming for over 30% energy density improvement while keeping costs low [36][37]. Global Manufacturing Capacity - Panasonic has launched a new factory in Kansas, increasing its total annual production capacity in the U.S. to 73 GWh, highlighting the significant manufacturing footprint of Japanese and South Korean companies in North America [38][39]. - The establishment of local supply chains and production facilities in the U.S. is seen as a strategic advantage for these companies amid changing geopolitical landscapes [40][42]. Emerging Market Opportunities - Japanese and South Korean battery manufacturers have established a strong presence in Southeast Asia, with LG Energy Solution and Samsung SDI investing in local production facilities [48][49]. - The competitive landscape in emerging markets is intensifying, with traditional automotive giants like Toyota expanding their electric vehicle production in the region [47].