01 进入8月，新能源企业开始密集公布半年报。在一众惨淡中，预见能源注意到了一家值得研究的"黑马逆 袭"案例。 近日，在连续亏损六年后，瑞浦兰钧拿出了一份颇有"亮点"的半年报。 据半年报显示，瑞浦兰钧不仅实现了24.9%的营收增长，毛利率也实现了从同期的2.6%到8.5%的提升。 期内亏损大幅收窄至0.65亿元，同比收窄 90.4%。 这似乎意味着这家曾经的"亏损王"，距离全面盈利仅有一步之遥。 事实上，瑞浦兰钧是一家曾被外界称为"亏损王"的锂电池生产商，其成立于2017年，2019年4月开始批 量交付锂离子电池，之后的2023年12月在港交所上市， 与长期耕耘锂电和储能行业的巨头相比，成立时间尚不足8年的瑞浦兰钧，妥妥的行业后来者。 不过，这家行业新锐玩家却家世显赫，母公司是全球最大镍和不锈钢生产商——青山控股集团。 对于一般人而言，这家企业多少有些陌生，但提起2022年初在伦敦金属交易所（LME）上演的，震惊 世界的史诗级"伦镍逼空大战"，许多财经界人士还记忆犹新。 而那次差点酿成全球大宗商品市场崩盘"大戏"的主角，正是青山集团。 据披露，青山集团目前是全球最大的镍和不锈钢生产商，早在2009年就投资了印 ...

Core Viewpoint - The company, Rui Pu Lan Jun (0666.HK), has demonstrated a remarkable turnaround in its performance despite the challenges in the new energy industry, showcasing significant improvements in revenue and profitability in its latest half-year report [1][2]. Financial Performance - In the first half of 2025, Rui Pu Lan Jun achieved revenue of 9.491 billion yuan, a year-on-year increase of 24.9%, and a gross profit of 829 million yuan, up 177.8% year-on-year [2]. - The company's loss narrowed to 63 million yuan, indicating a 90.4% reduction compared to the same period last year, with gross margin improving from 3.9% to 8.7% [2]. Production and Sales - The company sold 32.40 GWh of lithium battery products in the first half of 2025, representing a year-on-year growth of approximately 100.2% [2]. - The sales of energy storage batteries reached 18.87 GWh, up about 119.3% year-on-year, while power battery sales were 13.53 GWh, an increase of approximately 78.5% [2]. Market Position - Rui Pu Lan Jun ranked among the top five globally in energy storage cell shipments, with its household energy storage cells becoming the best-selling product in the world [4]. - The company has successfully penetrated the top ten household storage customers globally, with its cells being used in key products that define industry standards [4]. Strategic Leadership - The new president, Feng Ting, has implemented significant strategic adjustments, focusing on organizational efficiency, customer engagement, and profit protection [6]. - The company has adopted a "double 70% principle," prioritizing high-margin overseas markets and ensuring that 70% of customers provide project proof and long-term operational plans [6]. Production Capacity and Expansion - Rui Pu Lan Jun's production lines are operating at nearly full capacity, with plans for expansion to meet increasing demand, including a new production base in Indonesia with a capacity of 8 GWh [8]. - The management emphasizes that new capacity planning for 2026 will be closely tied to customer orders to ensure full utilization upon production [8].

Core Viewpoint - The company, 瑞浦兰钧 (0666.HK), has shown significant recovery in its financial performance, moving from a state of substantial losses to a near break-even point, demonstrating that success is possible even in a challenging market environment [1][3]. Financial Performance - In the first half of 2025, 瑞浦兰钧 achieved revenue of 9.491 billion yuan, a year-on-year increase of 24.9%, and a gross profit of 829 million yuan, up 177.8% [3]. - The company's loss narrowed to 63 million yuan, indicating a 90.4% reduction compared to the same period last year, with gross margin improving from 3.9% to 8.7% [3]. - The total sales volume of lithium batteries reached 32.40 GWh, representing a growth of approximately 100.2% year-on-year, with energy storage battery shipments at 18.87 GWh (up 119.3%) and power battery shipments at 13.53 GWh (up 78.5%) [3]. Production Capacity and Market Position - The company has achieved nearly 100% utilization of its production capacity, particularly in the small square aluminum shell batteries for household energy storage, which are in high demand overseas [3][5]. - 瑞浦兰钧 ranks among the top five globally in energy storage cell shipments, with its household energy storage cells leading the market [5]. - The company has successfully penetrated the top ten household storage customers globally, with its cells being used in key products that define industry standards [5]. Strategic Leadership and Organizational Changes - The new president, 冯挺, has implemented significant strategic adjustments, focusing on organizational efficiency and collaboration among departments [8]. - Key strategies include optimizing customer engagement by deepening relationships with fewer clients, enhancing production flexibility across various bases, and prioritizing high-margin overseas markets [8][9]. - The company has adopted a "delivery priority over cost control" strategy to ensure supply chain stability, even at the expense of short-term costs [9]. Future Expansion Plans - 瑞浦兰钧 plans to expand its production capacity, with a new facility in Indonesia set to produce 8 GWh, aligning production with secured customer orders [9]. - The management emphasizes that future capacity planning will be closely tied to customer orders to avoid the pitfalls of previous blind expansions [9]. - The company aims to validate its expansion model through manageable scales before replicating successful practices [9]. Challenges Ahead - Despite the significant improvement in gross margin, it remains lower than that of leading competitors in the industry, posing a challenge for further profitability enhancement [9]. - The company must navigate potential risks related to global geopolitical issues and supply chain disruptions, which will test the management's capabilities [9].

Core Viewpoint - The company, Ruipu Lanjun (0666.HK), has demonstrated a remarkable turnaround in its performance amidst the challenges faced by the new energy industry, showcasing significant improvements in revenue and profitability in its latest half-year report [2][3]. Financial Performance - In the first half of 2025, Ruipu Lanjun achieved revenue of 9.491 billion yuan, a year-on-year increase of 24.9%, and a gross profit of 829 million yuan, a year-on-year increase of 177.8% [3]. - The company's loss narrowed by 90.4% compared to the same period last year, indicating that it is close to achieving overall profitability [4]. - The gross margin improved from 3.9% to 8.7% during the same period [3]. Production and Sales - The company sold 32.40 GWh of lithium battery products in the first half of 2025, representing a year-on-year growth of approximately 100.2% [4]. - Sales of energy storage batteries reached 18.87 GWh, up about 119.3% year-on-year, while power battery sales were 13.53 GWh, up about 78.5% year-on-year [4]. - Ruipu Lanjun ranked among the top five in global energy storage cell shipments, with its household energy storage cells becoming the best-selling product globally [4]. Strategic Management - The new president, Feng Ting, has implemented significant strategic adjustments, focusing on organizational reform, efficiency, and customer selection [6][7]. - The company has adopted a "double 70% principle," directing 70% of orders towards high-margin overseas markets and ensuring that 70% of customers provide project proof and long-term operational plans [7]. - A strategy prioritizing delivery over cost control has been established, ensuring supply chain continuity even at the expense of short-term material redundancy [8]. Capacity Expansion - To meet the increasing demand, Ruipu Lanjun is set to launch its first overseas production base in Indonesia, with an initial capacity of 8 GWh [9]. - The company plans to strictly align new capacity with customer orders to ensure full production upon launch, reflecting a cautious approach to avoid industry cyclical risks [9]. - Future challenges include improving profitability and addressing potential risks from global geopolitical issues and supply chain disruptions [9].