Core Viewpoint - The company has secured multiple high-pressure lithium battery data center projects, including contracts in the U.S. and overseas, indicating a strong order backlog and growth potential in the data center market [1] Group 1: Company Developments - The company announced it has won several high-pressure lithium battery data center projects this year, showcasing its robust order book [1] - The current production capacity for data center lithium batteries stands at 1.5 GWh, with plans to expand by an additional 1 GWh next year, totaling 2.5 GWh [1] - The company possesses the capability to rapidly increase production to meet future customer demand [1] Group 2: Technological Advancements - The company has developed a third-generation high-pressure lithium battery product designed to address the high energy density and safety requirements of data centers [1] - This new product utilizes immersion liquid cooling technology, ensuring 100% fire and explosion safety in high-density backup applications [1] Group 3: Market Position and Strategy - The company is focusing on providing "energy storage + backup power" solutions to tackle the energy consumption challenges posed by increasing computational power in data centers [1] - Over the years, the company has diversified its customer base and rapidly expanded its business scale, positioning itself as a leading player in the high-pressure lithium battery data center sector [1]

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]

Financial Performance - The company's revenue for the first three quarters is approximately 5.911 billion CNY, 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 CNY [1] - The net profit attributable to shareholders is approximately -220 million CNY, compared to 247 million CNY in the same period last year, with losses mainly from the recycling segment and a significant reduction in investment income this year [1] - Operating cash flow improved significantly to approximately 860 million CNY, an increase of 1.58 billion CNY compared to -720 million CNY last year [2] Order Status - The company has an unshipped order backlog of approximately 8.9 billion CNY, with large storage orders accounting for about 5.5 billion CNY (4 billion CNY domestic, 1.5 billion CNY overseas) [2] - Data center lithium battery orders are approximately 1.67 billion CNY, all from overseas, while the civil lithium battery market has orders of about 380 million CNY [2] Lithium Battery Production Capacity - Current lithium battery cell production capacity is 10 GWh, with an additional 10 GWh for new energy storage integration [6] - Plans to expand data center lithium battery capacity from 1.5 GWh to a total of 2.5 GWh next year [3] Market Outlook - The North American data center backup battery market demand is expected to be around 20 GWh next year, with global demand projected at 30 GWh [5] - The company is recognized as a qualified supplier for major North American data center clients, anticipating significant growth in product performance [5] Product Development - The company has made progress in semi-solid and all-solid-state battery technologies, with a 2.8 GWh order for independent storage projects [8] - Semi-solid batteries are priced about 15% higher than liquid batteries, but the profit margin remains similar [9] Strategic Direction - The company aims to focus on customer needs and leverage technological innovation to build core competitiveness, adopting a dual-driven model of "technology research + market expansion" [11] - Plans to continue prioritizing lithium batteries while advancing new energy storage, communication, and data center storage businesses [11]

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]