Core Viewpoint - The company reported a revenue of 28.2 billion yuan for the first half of 2025, a year-on-year increase of 30%, while the net profit attributable to shareholders was 1.605 billion yuan, a year-on-year decrease of 25% [1] Revenue and Profit Analysis - In 25H1, the company achieved a revenue of 28.2 billion yuan, with a net profit of 1.605 billion yuan, and a non-recurring net profit of 1.157 billion yuan, reflecting a year-on-year decrease of 23% [1] - In 25Q2, the revenue was 15.4 billion yuan, a year-on-year increase of 25% and a quarter-on-quarter increase of 20%, while the net profit was 504 million yuan, a year-on-year decrease of 53% and a quarter-on-quarter decrease of 54% [1] Battery Segment Performance - Power Battery: In 25H1, revenue reached 12.7 billion yuan, a year-on-year increase of 42%, with shipments of 21.48 GWh, a year-on-year increase of 59%. The average price was 0.59 yuan/Wh, with a gross margin of 17.60% [1] - Energy Storage Battery: In 25H1, revenue was 10.3 billion yuan, a year-on-year increase of 32%, with shipments of 28.71 GWh, a year-on-year increase of 37%. The average price was 0.36 yuan/Wh, with a gross margin of 12.03% [2] - Consumer Battery: In 25H1, revenue was 5.1 billion yuan, a year-on-year increase of 5%, with a gross margin of 26.68% [2] New Developments - The company has successfully developed a prototype of Ah-level sulfide-based solid-state batteries, with a pilot line expected to be operational by 2025 [2] - The lithium metal battery system is designed to meet the extreme demands of low-altitude unmanned aerial vehicles, with significant energy density improvements [2] Profit Forecast and Valuation - The company adjusted its profit forecast for 2025 down by 11% to 4.71 billion yuan, while increasing the forecasts for 2026 and 2027 by 2% and 8% respectively [3] - The current stock price corresponds to a PE ratio of 21/14/11 for the years 2025, 2026, and 2027 [3] - The company maintains a strong competitive position in energy storage batteries, with growth potential in power batteries and positive demand in consumer batteries, sustaining a "buy" rating [3]

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].

点评： 事件：公司发布了2025年半年度报告。 储能电池业务增长持续强劲，客户结构调整有望带来盈利能力回升。 2025年上半年，公司储能电池出货28.71GWh，同比增长37.02%。储能电池业务实现营收102.98亿元， 同比增长32.47%，占比36.56%。毛利率12.03%，同比下降2.32pct。2025年6月第30万颗储能专用大方形 Mr.Big电池于荆门60GWh超级工厂下线。马来西亚储能项目预计2026年初开始量产，支持全球海外交 付。后续客户结构调整有望带来盈利能力回升。 若剔除股权激励费用及单项坏账计提，公司2025年上半年实现业绩同比增长。公司2025年H1实现营收 281.70亿元，同比增长30.06%，归母净利润16.05亿元，同比下降24.90%；扣非后净利润11.57亿元，同 比下降22.82%。拟每10股派2.45元（含税）。毛利率17.33%，同比上升0.88pct；净利率6.19%，同比下 降3.73pct。若剔除股权激励费用及单项坏账计提影响，则归母净利润为22.18亿元，同比增长3.78%，扣 非后净利润17.70亿元，同比增长18.06%。其中，2025年Q2营收15 ...

惠州亿纬锂能股份有限公司 2025 年半年度报告摘 | 要 | | | | | | | --- | --- | --- | --- | --- | --- | | 证券代码：300014 证券简称：亿纬锂能 | | | | | 公告 | | 编号：2025-097 | | | | | | | 2025 惠州亿纬锂能股份有限公司 年半年度报告摘要 | | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | 资者应当到证监会 | | | | | | | 指定媒体仔细阅读半年度报告全文。 | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | 非标准审计意见提示 | | | | | | | □适用 | ?不适用 | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | ?适用 | □不适用 | | | | | | 是否以公积金转增股本 | | | | | | | □是 ?否 | | | | | | ...

【DT新材料】 获悉，5月19日，韩国贸易、工业和能源部宣布启动一项重要的研究项目，旨在开发 聚合物基固态电池技术 。该项目汇集了韩国在科研和产业领域的顶尖力量，包括Amo Greentech公 司、忠南国立大学以及韩国光子技术研究所。 此次项目的重点是针对快速增长的小型IT和可穿戴设 备市场，开发出重量轻、能量密度高且安全性高的固态电池，以满足智能手表、VR耳机、无线耳机 和智能戒指等小型化、柔性化设备的需求。 多项目协同推进，构建固态电池技术矩阵 聚焦小型化市场，助力可穿戴设备发展 除了聚合物基固态电池项目外，韩国还同时推进另外两个国家资助的固态电池开发项目，形成了一个 全方位的固态电池技术研发矩阵。 随着科技的不断进步，小型IT和可穿戴设备市场呈现出爆发式增长。然而，现有电池技术在重量、安 全性和能量密度方面的局限性，成为制约这些设备发展的瓶颈。韩国此次启动的聚合物基固态电池项 目，正是为了突破这一瓶颈 。项目计划从2025年开始，持续至2028年，总投资额高达358亿韩 元，其中政府将投入250亿韩元，私营部门则承担108亿韩元的投资。 第一个项目是用于基板安装的超小型层压陶瓷固态电池开发项目（氧化物 ...