华西证券研报指出，骆驼股份2025年前三季度公司营收121.42亿元，同比增长7.14%，增长保持稳健； 前三季度归母净利润同比增长26.95%。2025年第三季度单季利润下滑，兑损益影响Q3单季业绩，低压 锂电高增趋势不改。公司低压锂电客户覆盖广泛，上半年公司新获得汽车低压锂电池项目定点23个，其 中12V锂电项目16个，包括小鹏汽车、赛力斯、岚图汽车、吉利汽车、长城汽车、奇瑞汽车、东风日 产、北京现代、上汽乘用车等主机厂的多款车型；24V锂电项目7个，包括东风商用车、东风华神、江 淮汽车等主机厂项目定点。公司坚定推进国际化战略，海外业务已成为重要增长引擎。公司铅酸主业稳 固，低压锂电业务进入高速增长通道。行业竞争加剧短期影响毛利率，基于此下调盈利预测。维持"增 持"评级。 ...

Core Insights - The 12th China (Suzhou) Battery New Energy Industry International Summit Forum (ABEC) focuses on technological innovation and ecological restructuring in the battery new energy industry, highlighting the rapid development of next-generation battery technologies such as sodium batteries and solid-state batteries [1][3] Industry Trends - The forum emphasizes that sodium batteries have achieved batch applications, while semi-solid batteries are gradually moving towards mass production and commercialization. Solid-state batteries are entering a critical development phase, indicating a clear progression in battery technology [3] - The solid-state battery market is projected to exceed 156 GWh by 2030, driven by its potential applications in emerging fields like low-altitude economy and robotics [11] Challenges and Opportunities - The battery industry is currently undergoing a deep adjustment period, facing challenges such as price wars, international trade barriers, and raw material price volatility. The industry must navigate these uncertainties while focusing on technological breakthroughs and strategic positioning [5][6] - Key challenges for solid-state batteries include quality, cost, and delivery, with various technical routes facing production difficulties. The industry is exploring solutions to overcome these challenges [8] Technological Innovations - Sodium-ion batteries are highlighted for their resource abundance, cost advantages, and safety features compared to traditional lithium-ion and lead-acid batteries. The sodium's crustal abundance is significantly higher than lithium, and sodium-ion batteries can reduce raw material costs by approximately 50% [13] - Solid-state batteries are seen as a transformative technology in the lithium battery industry, offering high energy density, improved safety, and cost optimization. However, their development requires systemic innovation across materials science, electrochemistry, and interface engineering [12][13]

Core Insights - The 2025 Changsha International Procurement and Industrial Collaborative Innovation Conference was held, releasing over 220 international procurement demand orders [1][2] - The event attracted nearly 800 representatives from domestic and international enterprises, including over 390 international buyers and suppliers from 30 countries and regions [1] - Key procurement areas include intelligent manufacturing, aerospace, inspection and testing, new materials, and energy storage equipment, featuring high-end manufacturing products and advanced components [1] Group 1 - The procurement information covers various sectors such as rail transit parts, industrial automation equipment, lightweight aerospace components, intelligent driving systems, and energy-efficient building engineering testing [1] - Changsha ranks 44th in the global technology cluster and 23rd among global research cities, indicating its growing significance in the tech landscape [1] - The focus for Changsha's development during the 14th Five-Year Plan includes digital transformation, AI, aerospace, low-altitude economy, and integrated services in inspection and testing [1] Group 2 - The conference reflects a broader consensus on "buying global, selling global," emphasizing the importance of industrial complementarity and collaborative innovation in global industrial development [2] - The event is a practical measure for Changsha to optimize its industrial ecosystem and deepen global and regional industrial cooperation and investment connections [2]

Financial Data and Key Metrics Changes - Net sales increased by 8% year over year, reaching a record high of $951 million for the second quarter [4][15] - Adjusted diluted EPS rose by 21% to $2.56 per share, marking a record high for the fiscal second quarter [16] - Adjusted operating earnings increased by 13%, with adjusted EBITDA also up by 13% [4][15] Business Line Data and Key Metrics Changes - Energy systems revenue grew by 14% year over year to $435 million, with adjusted operating earnings up 38% [17] - Motive power revenue decreased by 2% to $360 million, with adjusted operating earnings down by $10 million [18] - Specialty revenue increased by 16% to $157 million, driven by organic volume growth and the Bren-Tronics acquisition [19] Market Data and Key Metrics Changes - Data center market revenue grew by 29% year over year, indicating strong demand [35] - Communications sector showed signs of recovery, with increased spending on network refreshes rather than expansions [11][39] - A&D (Aerospace and Defense) demand remained robust, with expectations for increasing sales in upcoming quarters [12][40] Company Strategy and Development Direction - The company is focusing on its Energize strategic framework to optimize core operations and accelerate growth [5][6] - Three centers of excellence have been launched to enhance innovation and reduce costs [6][7] - The company is evaluating its lithium cell supply options and plans to provide updates on a new lithium factory [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in offsetting tariff impacts through proactive supply chain actions [10] - The order book reflects dynamic market conditions, with expectations for improving macro conditions to stabilize demand [11] - The company anticipates continued earnings growth, with adjusted operating earnings growth expected to outpace revenue growth [25][46] Other Important Information - Free cash flow for the quarter was strong at $197 million, with a conversion rate of 288% [21] - The company repurchased 636,000 shares for $68 million during the quarter, demonstrating a commitment to returning value to shareholders [23] - The next Investor Day is scheduled for June 11, 2026, in New York City [14] Q&A Session Summary Question: What end markets are most impacted by demand pull-ins and customer spending shifts? - Management noted that the communication sector was significantly impacted, with customers front-loading their orders due to large acquisitions [27][28] Question: How are elevated lithium costs affecting margins? - Management explained that higher costs are due to sourcing from China and that margins will be pressured until production ramps up [30] Question: What is the outlook for gross margins? - Management indicated that gross margins are expected to improve, driven by price mix improvements and ongoing cost reduction initiatives [32][34] Question: Can you provide an update on the data center revenue? - Data center revenue was up 29% year over year, with strong opportunities for growth in lead-acid and UPS systems [35][36] Question: What is the impact of the government shutdown on A&D demand? - Management reported that while there were some impacts, overall A&D demand remains strong, particularly in advanced defense applications [40]

Investment Rating - The report indicates a positive outlook for the electric two-wheeler industry in China, driven by new national standards and technological advancements [2][3]. Core Insights - The electric two-wheeler industry in China is undergoing significant transformation due to the implementation of new national standards, which promote product standardization and brand concentration, shifting competition from price wars to technological innovation and quality enhancement [2][3]. - The market is expected to grow steadily from 51.17 million units in 2025 to 59.32 million units by 2030, with the market size projected to increase from 81.87 billion yuan to 83.05 billion yuan [4][50]. - Key trends include the transition to lithium batteries, the rise of smart technology, and the emergence of high-end products, with leading brands like Yadea and Aima capturing over 40% of the market share [5][50]. Summary by Sections Industry Overview - The electric two-wheeler industry has evolved through five stages, currently entering a new standard period initiated in 2018, which emphasizes speed, weight, and voltage regulations to ensure sustainable development [3][19]. - The market has a total ownership of 425 million units, indicating a shift from incremental expansion to stock renewal driven by policy changes and consumer demand for higher quality [4][50]. Policy Impact - The new national standards, effective from September 2025, will enforce stricter safety and quality requirements, leading to the elimination of weaker players and enhancing the competitive landscape [10][20]. - Policies such as trade-in programs are expected to accelerate market transformation and promote compliance with new standards [18][20]. Technological Trends - The industry is witnessing a shift towards lithium battery technology, with sodium-ion batteries showing long-term potential due to their cost advantages and performance characteristics [27][28]. - The mandatory installation of Beidou positioning modules is projected to create a market worth between 4.3 billion and 12.9 billion yuan, enhancing safety and management capabilities [31][33]. Market Dynamics - The competitive landscape is characterized by a clear differentiation in pricing strategies among brands, with high-end brands like Ninebot gaining market share through smart technology [36][40]. - Consumer preferences are shifting towards products that offer better performance, range, and smart features, driving demand for electric motorcycles [50]. Future Outlook - The report forecasts that the electric two-wheeler market will continue to grow, supported by policy initiatives, technological advancements, and changing consumer expectations [50].

Core Viewpoint - TianNeng Co., Ltd. is a leading player in the green energy solutions sector, particularly in the battery industry, with a strong focus on various battery types and significant market share in revenue and profit [1][2]. Group 1: Business Performance - In Q3 2025, TianNeng's revenue reached 33.402 billion yuan, ranking first in the industry, significantly surpassing the second-place Camel Group's 12.142 billion yuan, with the industry average at 6.243 billion yuan [2]. - The net profit for the same period was 1.386 billion yuan, also leading the industry, with the second-place Anfu Technology at 714 million yuan and the industry average at 281 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, TianNeng's asset-liability ratio was 61.99%, down from 64.27% year-on-year but still above the industry average of 38.83% [3]. - The gross profit margin for the same period was 14.95%, a decline from 16.59% year-on-year and below the industry average of 17.75% [3]. Group 3: Leadership and Compensation - The chairman, Zhang Tianren, has been in his position since 2003, with no disclosed salary information. The general manager, Yang Jianfen, received a salary of 2.088 million yuan in 2024, down from 3.0326 million yuan in 2023 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.73% to 21,800, while the average number of circulating A-shares held per shareholder decreased by 10.50% to 44,600 [5]. Group 5: Business Highlights - In H1 2025, TianNeng's net profit attributable to shareholders was 869 million yuan, a year-on-year decrease of 27%, with revenue at 20.917 billion yuan, down 3% [6]. - The lead-acid battery business remained stable, generating 19.15 billion yuan in revenue, while lithium battery revenue surged by 193% to 540 million yuan [6]. - The company is advancing its technology with the introduction of solid-state battery prototypes and sodium-ion battery developments [6]. Group 6: Future Projections - According to Southwest Securities, TianNeng's revenue for 2024 is projected at 45.042 billion yuan, a decrease of 5.7%, with a net profit of 1.555 billion yuan, down 32.5% [7]. - The company is expected to see a recovery in lead-acid battery shipments and progress in various battery technologies, including sodium-ion and hydrogen fuel cells [7].

Core Viewpoint - The company, Xiongtao Co., Ltd., is a leading player in the global LFP lithium battery UPS market, with a diverse product range including lead-acid, lithium, hydrogen fuel cells, and sodium batteries. The company has significant advantages in the UPS power supply business [1]. Group 1: Business Performance - In Q3 2025, Xiongtao Co., Ltd. achieved a revenue of 2.38 billion yuan, ranking 6th in the industry, significantly lower than the top competitor, Tianneng Co., Ltd., which reported 33.40 billion yuan [2]. - The net profit for the same period was 104 million yuan, placing the company 5th in the industry, again below Tianneng Co., Ltd.'s 1.39 billion yuan [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 47.65%, slightly down from 48.37% year-on-year, but higher than the industry average of 38.83% [3]. - The gross profit margin for the same period was 17.88%, down from 19.15% year-on-year, yet still above the industry average of 17.75% [3]. Group 3: Executive Compensation - The chairman, Zhang Huanong, received a salary of 713,200 yuan in 2024, a decrease of 600,900 yuan from 2023 [4]. - The general manager, Tang Tao, earned 1,086,400 yuan in 2024, down 205,300 yuan from the previous year [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.01% to 44,900, while the average number of circulating A-shares held per shareholder increased by 4.18% to 8,214.29 [5]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 16.20 million shares, an increase of 11.78 million shares from the previous period [5]. Group 5: Market Outlook - The company is recognized as a veteran in the power supply industry, with its UPS power supply business for data centers contributing 47% of revenue and 75% of profits in the first half of 2025 [5]. - Forecasts for total revenue from 2025 to 2027 are 4.84 billion, 5.65 billion, and 6.66 billion yuan, with year-on-year growth rates of 36.2%, 16.8%, and 17.9% respectively [5]. - Expected net profits for the same period are 290 million, 460 million, and 640 million yuan, with growth rates of 197.0%, 58.3%, and 40.2% respectively [5].

Summary of Nandu Power's Conference Call Company Overview - **Company**: Nandu Power - **Date**: Q3 2025 Key Points Financial Performance - Nandu Power reported a loss of 220 million RMB in Q3 2025, a shift from a profit of 240 million RMB in the same period last year, primarily due to reduced investment income, expanded losses in the recycled lead business, and increased R&D expenses [2][4][5] - Revenue decreased by 1.9 billion RMB, mainly due to a 2 billion RMB drop from the recycled lead business and a 200 million RMB decline in recycled aluminum due to price reductions [3][4] - Despite the overall revenue decline, the company saw an increase in gross profit of 120 million RMB, improving from 180 million RMB to 300 million RMB year-on-year [3][5] - Operating cash flow improved significantly from -400 million RMB to 590 million RMB year-on-year [3] Business Segments - **Recycled Lead Business**: Experienced a loss of approximately 120 million RMB, with ongoing evaluations on whether to continue this as a core business or seek external buyers [4][18] - **Civil Lithium Battery Business**: Expected to contribute over 1 billion RMB in revenue this year, with projections to reach at least 2 billion RMB next year [4][21] - **High-Pressure Lithium Battery Business**: Sales reached 1 billion RMB this year, with expectations to confirm revenue of 300-400 million RMB next year. The average gross margin for this segment is around 25% [2][7][8][9] Order Backlog - The company has an order backlog of approximately 8.9 billion RMB, including 5.5 billion RMB for large storage, 1.67 billion RMB for Suzhou center lithium batteries, 380 million RMB for civil lithium batteries, and 470 million RMB for communication lithium batteries [2][6] Production Capacity and Future Outlook - Nandu Power confirmed 3 GWh of large-scale storage revenue for the first three quarters, with a new production capacity of 4 GWh expected to come online by year-end, which is anticipated to drive profit growth [2][14] - Plans to deliver 1.2 GWh of semi-solid storage products, with 1.8 GWh scheduled for next year, although there are challenges in meeting delivery timelines [2][17] - The company aims to increase its production capacity from 1.8 GWh to 2.5 GWh by mid-next year, with potential further expansions under consideration [19][20] Market Dynamics - The high-pressure lithium battery market is primarily focused on data center backup applications, with a competitive edge in phosphate lithium supply compared to ternary lithium in the U.S. market [7][9] - The company is optimistic about the growth potential in the high-pressure lithium battery segment, driven by changes in data center backup requirements and new construction [9] Challenges and Strategic Focus - The recycled lead business is facing significant challenges, and the company is assessing its future viability [4][18] - Nandu Power is focusing on optimizing its product structure and enhancing its high-margin segments to ensure sustainable growth [25] Conclusion - Despite a challenging financial quarter, Nandu Power is positioned with a solid order backlog and strategic plans for capacity expansion, indicating a positive outlook for future performance [25]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company is positioned as a leader in the domestic lead-acid battery industry, with a growing focus on low-voltage lithium batteries and international markets. The rapid growth of the low-voltage lithium battery business and the ongoing expansion into overseas markets present significant growth opportunities [6][8]. - The company reported steady revenue growth in Q3 2025, with a year-on-year increase of 8.9%, but faced a significant decline in net profit, down 49.8% year-on-year, primarily due to high base effects from foreign exchange gains in the previous year and increased competition in the recycled lead industry [6][8]. - The company’s low-voltage lithium battery business is entering a high-growth phase, with substantial project additions and partnerships with major automotive manufacturers, which will support future revenue growth [6][8]. Financial Summary - For 2023A, the company achieved a revenue of 14,079 million yuan, with a projected growth rate of 5% year-on-year. By 2025E, revenue is expected to reach 17,933 million yuan, reflecting a growth rate of 15% [2]. - The net profit for 2023A was 572 million yuan, with a significant projected increase to 934 million yuan by 2025E, indicating a growth rate of 52% [2]. - The earnings per share (EPS) is projected to grow from 0.49 yuan in 2023A to 0.80 yuan in 2025E [2]. Market Position - The company maintains a strong position in the low-voltage lead-acid battery market, with a continuous increase in the proportion of high-value-added products like AGM batteries [6]. - The overseas business has shown a revenue increase of 21.3% year-on-year, indicating successful market penetration in Europe [6].

Core Viewpoint - In the third quarter of 2025, Xiongtao Co., Ltd. reported a significant decline in both revenue and net profit despite a booming energy storage battery industry, highlighting operational challenges and growth bottlenecks for the company [1][7]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 2.38 billion yuan, a year-on-year decrease of 9.39%, and a net profit attributable to shareholders of 106 million yuan, down 10.40% from the previous year [1][5]. - The cash flow from operating activities plummeted by 52.04% to 219 million yuan compared to the same period last year [3][5]. - In Q3 2025 alone, revenue was 773 million yuan, a year-on-year decline of 25.8% and a quarter-on-quarter drop of 18.03% [5][7]. Profitability and Quality - The gross profit margin for the reporting period was 17.88%, down 1.26 percentage points from 19.14% in Q3 2024, while the net profit margin slightly decreased by 0.18 percentage points to 4.35% [3][5]. - The non-recurring net profit saw a significant decline of 29.44%, indicating weakened core business profitability [1][10]. Business Segments and Challenges - The company operates in multiple segments, including lead-acid batteries, lithium batteries, hydrogen fuel cells, and energy storage systems, but has not disclosed specific performance data for these segments in the Q3 report [7][9]. - The UPS power supply business, which was a key growth driver, accounted for 47% of total revenue in the first half of 2025, contributing 75% of the profits [9][10]. - The hydrogen fuel cell business has faced slow progress, with revenue dropping by 72.70% in the first half of 2025, and the overall commercialization of hydrogen energy remains sluggish [10][12][13]. Market Position and Competition - Despite the energy storage battery market experiencing a 65% year-on-year growth in Q3 2025, Xiongtao Co., Ltd. failed to capitalize on this opportunity, with energy storage revenue accounting for only 4.04% of total revenue [14][15]. - The company faces intense competition from industry leaders like CATL and BYD, which poses significant challenges for its energy storage business [14][15]. Strategic Outlook - The company is at a critical juncture, needing to optimize its business structure and enhance operational efficiency to alleviate performance pressures [15]. - Long-term success will depend on breakthroughs in core technology development, high-end market expansion, and effective integration of the supply chain [15].