证券日报网讯南都电源（300068）10月30日发布公告，在公司回答调研者提问时表示，公司今年连续中 标美国、万国海外锂电项目等多个高压锂电数据中心项目，在手订单丰富。数据中心市场作为公司重点 拓展的领域之一，公司凭借自主研发的数据中心后备电源技术、行业级解决方案以及丰富的应用经验， 获得客户认可，与国内外多家头部互联网企业、服务商及金融机构建立了合作关系。公司现有数据中心 锂电产能1.5GWh，根据在谈订单，明年计划再扩产1GWh，合计产能2.5GWh。如未来客户需求增长， 公司具备快速扩产能力，可满足客户需求。公司根据市场需求不断技术研发，针对数据中心对后备电源 的高能量密度、高安全的痛点需求，开发设计了第三代高压锂电产品，该产品采用浸没式液冷方式，可 实现锂电池在数据中心高密度备电应用场景下100%不起火，不爆炸。针对算力激增推高数据中心能 耗，提供"储能+备电"解决方案，破解数据中心用能困局、推动绿色算力建设。经过多年沉淀，公司客 户结构日益多元化，业务规模快速增长，成长为高压锂电数据中心头部企业。 ...

Core Viewpoint - Company is undergoing a strategic transformation, resulting in a significant decline in revenue but showing signs of operational improvement in specific segments, particularly in industrial energy storage and data center businesses. Financial Performance - For the first three quarters of 2025, the company's revenue was approximately 5.911 billion, a year-on-year decrease of 24.80%, primarily due to a strategic reduction in the recycled lead segment, which saw a revenue drop of 2 billion [2] - The net profit attributable to shareholders was approximately -220 million, compared to a profit of 247 million in the same period last year, indicating a significant loss primarily from the recycled lead segment [2] - The company reported a net cash flow from operating activities of approximately 860 million, an improvement of 1.58 billion compared to -720 million last year, reflecting a substantial operational performance improvement [2] Order Backlog - The company currently has an order backlog of approximately 8.9 billion, with large storage orders accounting for about 5.5 billion, including 4 billion from domestic and 1.5 billion from overseas [3] - Data center lithium battery orders are approximately 1.67 billion, all from overseas, while the company has also made significant progress in the consumer lithium battery market with an order backlog of about 380 million [3] Competitive Advantages - The company has secured multiple high-voltage lithium battery projects in the U.S. and other overseas markets, establishing itself as a key player in the data center sector [4] - The company has developed a third-generation high-voltage lithium battery product that addresses high energy density and safety concerns, enhancing its competitive edge in the market [4] Market Outlook - The company anticipates that the North American data center backup battery market demand will reach approximately 20 GWh next year, with global demand expected to be around 30 GWh, driven by explosive growth in computing power [5] Production Capacity - The company currently has a lithium battery cell production capacity of 10 GWh and a new energy storage integration capacity of 10 GWh, with ongoing expansions planned [7] Strategic Direction - The company aims to focus on customer needs and leverage technological innovation to build core competitiveness, with a dual-driven model of "technology research and market expansion" [13] - The company plans to continue prioritizing lithium batteries while advancing new energy storage solutions and maintaining a competitive edge in traditional businesses through differentiation [13]

浙江南都电源动力股份有限公司 2025 年 10 月 29 日投资者关系活动记录表 编号： 2025-010 证券代码:300068 证券简称:南都电源 "储能+备电"解决方案，破解数据中心用能困局、推动绿色算力建设。 经过多年沉淀，公司客户结构日益多元化，业务规模快速增长，成长 为高压锂电数据中心头部企业。 投资者关系活 动类别 □√ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □其他 参与单位名称 及人员姓名 兴业证券：王帅、李峰；中信证券：汪浩；民生证券：林子尧；泰康资管（香 港）：Nancy Yin；创金合信基金：张小郭；星泰投资：曹秉超；广东正圆私 募基金：黎君仪；长江证券(上海)资管：汪中昊、王毅；上海极之资管：缪 增骏；华富基金：邓翔；建信理财：唐文成；渤海汇金证券资管：李晗阳； 阳光资管：李曦辰；长安基金：林忠晶；国融基金：彭双宇；野村东方国际 证券：刘体劲；嘉合基金：梁超逸；北京泓澄投管：刘竞远；北京京管泰富 基金：陈谦；陆家嘴国际信托：江坤；青榕资管： 唐明；川财证券：姜明 松；华福电新：李宜琛等 时间 2025 年 10 月 ...

Group 1 - The core viewpoint of the news is that Zhaoshi Investment has conducted research on Nandu Power, a company specializing in energy storage, which has shown a significant decline in revenue but has managed to turn a profit in the second quarter due to high-margin orders and growth in the data center market [1] - Nandu Power was established in 1994 and focuses on providing lithium-ion and lead batteries, serving over 160 countries and regions globally [1] - The company's revenue for the first half of 2025 is approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, with a net profit of approximately -230 million yuan [1] Group 2 - In the second quarter, Nandu Power achieved a profit of approximately 34 million yuan, with a net cash flow from operating activities of 590 million yuan [1] - The company has a current lithium battery cell production capacity of 10 GWh and is advancing projects in Huatuo Phase II and Yangzhou, while reducing production in the recycled lead sector [1] - Nandu Power has developed large-capacity iron-lithium storage cells and completed the development of a 5 MWh liquid-cooled storage system [1] Group 3 - The company has an order backlog of 7.8 GWh, with 2.3 GWh from overseas markets, primarily in Australia, Europe, the UK, and the Middle East [1] - Nandu Power has won multiple high-voltage lithium battery data center projects, with an order backlog of approximately 0.8 GWh, and is developing third-generation high-voltage lithium battery products [1] - The company is focusing on customer demand and technological innovation to build core competitiveness, adopting a dual-driven model of "technology research and development + market expansion" [1]

Core Insights - Kaishi Fund recently conducted research on Nandu Power, a company established in 1994, focusing on energy storage solutions, including lithium-ion and lead batteries, serving over 160 countries and regions globally [1] Company Overview - Nandu Power's revenue for the first half of 2025 is approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, with a net profit of approximately -230 million yuan. The company achieved a quarterly profit of about 34 million yuan in Q2, with a net cash flow from operating activities of 590 million yuan [1] - The company has a current lithium battery cell production capacity of 10 GWh and a new energy storage integration capacity of 10 GWh, with ongoing projects in Huatuo Phase II and Yangzhou [1] Market Performance - Nandu Power has seen a turnaround in Q2 due to its deep engagement in the global energy storage market, securing high-margin orders and experiencing rapid growth in the data center market, winning multiple significant projects [1] - The company has an order backlog of 7.8 GWh, with 2.3 GWh from overseas markets, primarily in Australia, Europe, the UK, and the Middle East [1] Product Development - Nandu Power is developing large-capacity iron-lithium storage cells (783Ah and 587Ah) and has completed the development of a 5MWh liquid-cooled storage system using a 314Ah semi-solid cell [1] - The company is also focusing on the development of third-generation high-voltage lithium battery products, providing "energy storage + backup power" solutions [1] Strategic Initiatives - The company is addressing power supply and demand issues in the Guangdong-Hong Kong-Macao Greater Bay Area through an 8GWh semi-solid project consisting of three independent storage projects located in Shenzhen and Shanwei [1] - Nandu Power aims to build core competitiveness through customer-oriented innovation and a dual-driven model of "technology research and development + market expansion" [1]

Core Viewpoint - The company, Nandu Power (300068), has successfully secured multiple high-voltage lithium battery data center projects, including contracts in the U.S. and overseas, with an outstanding order backlog of approximately 0.8 GWh [1] Group 1: Market Expansion and Technology Development - The data center market is a key area of expansion for the company, which has gained recognition from clients through its self-developed backup power technology and industry-level solutions [1] - The company has established partnerships with several leading internet companies, service providers, and financial institutions both domestically and internationally [1] - In response to market demands, the company has developed the third generation of high-voltage lithium battery products, designed to meet the high energy density and safety requirements of data centers [1] Group 2: Product Innovation and Environmental Solutions - The new product utilizes an immersion liquid cooling method, ensuring that lithium batteries do not catch fire or explode in high-density backup power applications within data centers [1] - The company offers a "storage + backup" solution to address the increasing energy consumption of data centers driven by surging computing power, promoting green computing initiatives [1] Group 3: Business Growth and Client Diversification - Over the years, the company has diversified its client base, leading to rapid business growth and establishing itself as a leading player in the high-voltage lithium battery data center sector [1]