炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 百亿A股，拟易主 来源：中国基金报 记者 若文 【导读】南都电源公司控股股东正在筹划控制权变更等事宜 12月11日，南都电源发布公告称，公司于近日收到公司控股股东杭州南都电源有限公司、上海益都实业 有限公司、上海南都集团有限公司通知，获悉其正在筹划控制权变更、促进再生铅板块股权出售事宜。 公司股票自2025年12月12日（星期五）开市起停牌，预计停牌时间不超过2个交易日。 南都电源表示，目前各方尚未签署相关协议，拟就具体交易方案、协议等相关事项进行论证和磋商，具 体情况以各方签订的相关协议为准。 此外，公司负债压力亦不容忽视。截至2025年三季度，公司资产负债率从2022年的68.53%升至 79.01%；货币资金合计18.64亿元，而短期借款及一年内到期的非流动负债合计达63.49亿元，资金缺口 超过44亿元，现金流压力突出。 12月11日，南都电源股价一度涨超14%，截至收盘，上涨8.69%，报18.38元/股，总市值为165.1亿元。 | 南都电源@ | | | | | | | | --- | --- | --- | --- | ...

Core Viewpoint - The company, Nandu Power (300068), is undergoing a potential change in control and is planning to sell its recycling lead segment, with no agreements signed yet [1][3]. Group 1: Company Developments - The company has received notifications from its controlling shareholders regarding the planned change in control and the sale of the recycling lead segment [1]. - The company has applied for a trading suspension starting December 12, 2025, to ensure fair information disclosure and protect investor interests [3]. - During the suspension, the company will adhere to legal regulations for timely information disclosure based on the progress of the related matters [4]. Group 2: Financial Performance - For the first half of the year, the company reported revenue of 3.923 billion yuan, a year-on-year decrease of 31.67%, with revenue from recycling lead products at 759 million yuan, down 72.33% [4]. - The decline in revenue is attributed to the company's strategic transformation and the proactive reduction of production in the lead recycling segment [4]. - The third-quarter report indicated a revenue of 5.911 billion yuan, a year-on-year decrease of 24.80%, continuing the trend of reduced income due to strategic adjustments [5]. Group 3: Market Performance - The company's stock experienced a significant increase of over 14% in early trading, closing with an 8.69% rise at 18.38 yuan per share, resulting in a total market capitalization of 16.512 billion yuan [6].

Core Viewpoint - Nandu Power (300068) announced a suspension of trading due to potential changes in control and the sale of its lead recycling segment, with no agreements signed yet [1][6][8]. Company Overview - Nandu Power focuses on the development and application of energy storage technologies and products, providing lithium-based products and services across various sectors including new energy storage, communication, and data centers [3][9]. - The company has established a comprehensive ecosystem around energy storage, covering the entire industry chain from lithium battery manufacturing to resource recycling [8][9]. Financial Performance - For the first half of the year, Nandu Power reported revenue of 3.923 billion yuan, a year-on-year decrease of 31.67%, with revenue from lead recycling products dropping to 759 million yuan, down 72.33% [4][9]. - The third-quarter report indicated a revenue of 5.911 billion yuan for the first three quarters, reflecting a year-on-year decline of 24.80%, primarily due to strategic adjustments and reduced output in the recycling segment [4][9]. Stock Market Activity - On the day of the announcement, Nandu Power's stock initially surged over 14% before closing with an increase of 8.69% at 18.38 yuan per share, with a total market capitalization of 16.512 billion yuan [4][9].

Core Viewpoint - The company, Nandu Power (300068), is undergoing a potential change in control and is planning to sell its lead recycling segment, which has led to a temporary suspension of its stock trading starting December 12, 2025 [1][3]. Group 1: Company Announcement - Nandu Power announced that it received notifications from its major shareholders regarding the planning of a change in control and the sale of its lead recycling segment [1]. - The company has not yet signed any agreements, and discussions regarding specific transaction plans are ongoing [1]. Group 2: Stock Suspension Details - The stock of Nandu Power will be suspended from trading for up to two trading days to ensure fair information disclosure and protect investor interests [3]. - The company will fulfill its information disclosure obligations in accordance with legal regulations during the suspension period [4]. Group 3: Business Overview - Nandu Power focuses on the development and application of energy storage technologies and products, providing lithium-based products and services across various sectors, including new energy storage and communication [4]. - The company has established a comprehensive ecosystem around energy storage, covering the entire industry chain from lithium battery manufacturing to resource recycling [4]. Group 4: Financial Performance - In the first half of the year, Nandu Power reported revenue of 3.923 billion yuan, a year-on-year decrease of 31.67%, with lead recycling product revenue dropping by 72.33% to 759 million yuan [4]. - The decline in revenue is attributed to the company's strategic transformation and a voluntary reduction in lead recycling operations [5]. - For the first three quarters, the company reported revenue of 5.911 billion yuan, a year-on-year decrease of 24.80%, primarily due to ongoing strategic adjustments and reduced output in the recycling segment [5].

Core Viewpoint - The report highlights the financial performance and strategic direction of Zhejiang Narada Power Source Co., Ltd. for the first half of 2025, indicating a significant decline in revenue and net profit due to strategic shifts and market conditions. Company Overview and Key Financial Indicators - The company reported a revenue of approximately 3.92 billion yuan, a decrease of 31.67% compared to the previous year [2] - The net profit attributable to shareholders was a loss of approximately 232.46 million yuan, a decline of 225.48% year-on-year [2] - The total assets at the end of the reporting period were approximately 18.23 billion yuan, a slight decrease of 0.41% from the previous year [2] Management Discussion and Analysis Industry Situation - The company focuses on energy storage technology and has established a comprehensive ecosystem covering lithium and lead battery manufacturing, system integration, and resource recycling [4][5] - The new power storage industry is experiencing steady growth, with installed capacity in China reaching 94.91 GW/222 GWh, a 29% increase from the end of 2024 [4] - The global battery energy storage system (BESS) capacity increased by 54% year-on-year in the first half of 2025 [4] Business Development - The company has optimized its customer structure and expanded into key markets such as Australia, Europe, and North America, while also exploring new markets in Southeast Asia and the Middle East [5][6] - The company has successfully undertaken over a hundred energy storage demonstration projects, showcasing its capabilities in the sector [5] Financial Performance Drivers - The decline in revenue is attributed to strategic transformations and a reduction in the lead recycling segment [20] - The company has maintained a focus on technological innovation, with significant advancements in energy storage solutions and battery technologies [20][21] Core Competitiveness - The company has established a strong research and development team and has been recognized for its technological innovations, holding over 460 global safety certifications [12][13] - The company emphasizes sustainability and has developed a comprehensive recycling system, achieving a recycling rate of 95% [9] Product and Service Offerings - The main products include lithium-ion batteries, lead-acid batteries, and hydrogen energy equipment, serving various sectors such as new power storage, communication, and data centers [10][11] - The company provides integrated solutions from product design to system integration and operational services, enhancing its competitive edge in the market [17] Market Expansion and Strategy - The company continues to pursue a global strategy, expanding its market presence in over 160 countries and regions [19] - Recent project wins include significant contracts in the UK, India, and the US, indicating a robust pipeline of future business opportunities [19]