Core Viewpoint - EVE Energy Co., Ltd. has seen a significant increase in stock price and trading activity, indicating strong market interest and potential growth in the battery sector [1][2]. Group 1: Stock Performance - EVE Energy's stock price increased by 57.20% year-to-date, with a recent 5-day increase of 5.47% and a 20-day increase of 1.26%, although it has decreased by 11.04% over the past 60 days [2]. - As of December 26, the stock was trading at 72.31 CNY per share, with a market capitalization of 149.98 billion CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, EVE Energy reported a revenue of 45.002 billion CNY, representing a year-on-year growth of 32.17%, while the net profit attributable to shareholders was 2.816 billion CNY, a decrease of 11.70% year-on-year [2]. - The company has distributed a total of 3.643 billion CNY in dividends since its A-share listing, with 2.866 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, EVE Energy had 187,500 shareholders, an increase of 34.21% from the previous period, with an average of 9,929 circulating shares per shareholder, a decrease of 25.49% [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 48.9094 million shares, and several ETFs, with notable reductions in holdings from previous periods [3].

Core Viewpoint - The article discusses the consumption tax policies related to batteries and coatings, including the scope of taxation, tax rates, exemptions, and necessary documentation for taxpayers [1][2]. Taxation Scope - Since February 1, 2015, batteries and coatings have been included in the consumption tax scope, with a tax rate of 4% applicable at production, commissioned processing, and import stages [1]. Tax Exemption Policies - Certain types of batteries, including mercury-free primary batteries, nickel-metal hydride batteries, lithium primary batteries, lithium-ion batteries, solar cells, fuel cells, and vanadium redox flow batteries, are exempt from consumption tax [1]. - Coatings with volatile organic compound (VOC) content below 420 grams per liter are also exempt from consumption tax [1]. Documentation for Tax Exemption - Taxpayers must retain specific documentation for exempted batteries and coatings, including: 1. Product testing reports from recognized testing institutions [2]. 2. A detailed list of products that matches accounting records and sales invoices [2]. Invoice Issuance for Exempt Sales - Taxpayers must issue value-added tax invoices at the applicable tax rate for sales of exempt batteries and coatings [2]. Tax Declaration for Exempt Sales - Taxpayers must report the exempt sales amount in the relevant sections of the "Consumption Tax and Additional Tax Declaration Form" [2]. For example, if the exempt sales amount for qualifying batteries is 200,000 yuan, it should be recorded accordingly [2]. Production Behavior and Tax Liability - Activities such as repackaging purchased batteries and coatings or merely labeling them without processing are considered taxable production behaviors, requiring tax declaration and payment [3]. Definition of Recognized Testing Institutions - Recognized testing institutions are those accredited by the National Certification and Accreditation Administration or provincial quality supervision departments, holding valid certification for relevant testing projects [3].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, indicating robust operational health and market position [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 16.832 billion yuan, a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [1]. - The net profit attributable to shareholders was 1.211 billion yuan, reflecting a year-on-year growth of 15.13% and a substantial quarter-on-quarter increase of 140.16% [1]. - The non-recurring net profit was 780 million yuan, showing a year-on-year decline of 22.04% but a quarter-on-quarter increase of 130.04% [1]. Product Performance - The company shipped 34.59 GWh of power batteries in the first three quarters, marking a year-on-year increase of 66.98% [2]. - The shipment of energy storage batteries reached 48.41 GWh, representing a year-on-year growth of 35.51%, outperforming industry growth rates and increasing market share [2]. Profitability and Cost Management - The sales gross margin and net profit margin for Q3 2025 were 13.66% and 7.33%, respectively, indicating stable operational profitability when excluding certain costs [2]. - The total period expense ratio improved to 9.5%, with sales, management, R&D, and financial expense ratios at 1.0%, 3.8%, 3.6%, and 1.1%, respectively [2]. Cash Flow and Investments - The net cash inflow from operating activities was 2.531 billion yuan, while capital expenditures amounted to 3.032 billion yuan [2]. Future Outlook - The company maintains a positive outlook for future operations, anticipating profitability improvements from price adjustments in energy storage and stable contributions from the energy storage cell base [2]. - The Malaysian energy storage base is expected to ramp up by the end of 2025, potentially generating premium profits [2]. - The company is projected to benefit from structural improvements and tight battery supply, with expected net profits of 4.5 billion yuan and 8 billion yuan for 2025 and 2026, respectively, corresponding to a 2026 PE of 18X [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 16.832 billion yuan for Q3 2025, representing a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49%. The net profit attributable to shareholders was 1.211 billion yuan, up 15.13% year-on-year and up 140.16% quarter-on-quarter. However, the non-recurring net profit was 780 million yuan, down 22.04% year-on-year but up 130.04% quarter-on-quarter [2][4]. Financial Performance - In the first three quarters, the company shipped 34.59 GWh of power batteries, a year-on-year increase of 66.98%, and 48.41 GWh of energy storage batteries, a year-on-year increase of 35.51%. Overall shipments exceeded industry growth rates, leading to an increase in market share [11]. - The gross profit margin and net profit margin for Q3 2025 were 13.66% and 7.33%, respectively. Excluding stock incentive expenses and specific bad debt provisions, the operating profitability is expected to remain stable [11]. - The company’s operating cash flow was a net inflow of 2.531 billion yuan, with capital expenditures amounting to 3.032 billion yuan [11]. Future Outlook - The company has a positive outlook for future operations, particularly in energy storage, where price adjustments in Q4 2025 are expected to enhance profitability. The Malaysian energy storage base is anticipated to contribute excess profits as it ramps up production [11]. - The company is expected to benefit from structural improvements and tightening battery supply, with a projected net profit of 4.5 billion yuan for 2025 and 8 billion yuan for 2026, corresponding to a PE ratio of 18X for 2026 [11].

Group 1 - The core point of the news is that EVE Energy Co., Ltd. experienced a 5.1% drop in stock price, trading at 72.41 yuan per share, with a total market capitalization of 148.13 billion yuan [1] - EVE Energy's main business includes the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] - The revenue composition of EVE Energy is as follows: power batteries account for 45.26%, energy storage batteries 36.56%, consumer batteries 18.03%, and others 0.16% [1] Group 2 - From the perspective of fund holdings, EVE Energy is a significant position in the portfolio of the Xinyi Fund, specifically the Xinyi Energy Innovation Stock A fund, which holds 469,100 shares, representing 6.66% of the fund's net value [2] - The Xinyi Energy Innovation Stock A fund has a total scale of 352 million yuan and has achieved a year-to-date return of 42.89%, ranking 651 out of 4208 in its category [2] - The fund manager, Zou Hui, has been in charge for nearly 5 years, with the best fund return during this period being 80.46% [3]

Group 1 - The core point of the news is that EVE Energy Co., Ltd. experienced a 5.03% decline in stock price, trading at 79.25 CNY per share, with a total market capitalization of 162.125 billion CNY [1] - EVE Energy's main business includes the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] - The revenue composition of EVE Energy is as follows: power batteries account for 45.26%, energy storage batteries 36.56%, consumer batteries 18.03%, and others 0.16% [1] Group 2 - From the perspective of major fund holdings, one fund under Hengyue Fund has a significant position in EVE Energy, with 198,000 shares held, representing 7.33% of the fund's net value, making it the third-largest holding [2] - The Hengyue Advantage Select Mixed Fund (011815) has achieved a return of 144.74% year-to-date, ranking 3rd out of 8140 in its category, and a one-year return of 151.33%, ranking 4th out of 8057 [2] - The fund manager, Wu Haining, has been in position for 2 years and 227 days, with the fund's total asset size at 262 million CNY, achieving a best return of 88.56% and a worst return of -42.19% during his tenure [3]

Group 1 - The core point of the news is that EVE Energy Co., Ltd. experienced a 5.1% drop in stock price, trading at 82.91 yuan per share, with a total market capitalization of 169.61 billion yuan [1] - EVE Energy's main business includes the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] - The revenue composition of EVE Energy is as follows: power batteries account for 45.26%, energy storage batteries 36.56%, consumer batteries 18.03%, and others 0.16% [1] Group 2 - From the perspective of fund holdings, EVE Energy is a significant position in the portfolio of a fund managed by Industrial Bank, specifically the Industrial Energy Innovation Stock A fund, which holds 469,100 shares, representing 6.66% of the fund's net value [2] - The Industrial Energy Innovation Stock A fund has a total scale of 352 million yuan and has achieved a year-to-date return of 50.86%, ranking 587 out of 4,216 in its category [2] - The fund manager, Zou Hui, has been in charge for nearly 5 years, with the best fund return during this period being 80.06% [3]

Group 1 - The core point of the article highlights the decline in the stock price of EVE Energy Co., Ltd., which fell by 5.01% to 82.99 CNY per share, with a trading volume of 5.912 billion CNY and a turnover rate of 3.68%, resulting in a total market capitalization of 169.776 billion CNY [1] - EVE Energy, established on December 24, 2001, and listed on October 30, 2009, is primarily engaged in the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] - The revenue composition of EVE Energy is as follows: power batteries account for 45.26%, energy storage batteries 36.56%, consumer batteries 18.03%, and others 0.16% [1] Group 2 - From the perspective of major fund holdings, Zhejiang Merchants Securities Asset Management has a fund that heavily invests in EVE Energy, specifically the Zhejiang Merchants Huijin Transformation Growth Fund (000935), which held 22,700 shares in the third quarter, representing 3.99% of the fund's net value, making it the fifth-largest holding [2] - The Zhejiang Merchants Huijin Transformation Growth Fund (000935) was established on December 30, 2014, with a latest scale of 51.7885 million CNY, achieving a year-to-date return of 42.06% and ranking 1688 out of 8219 in its category [2] - The fund manager, Ma Binbo, has been in position for 7 years and 321 days, with the fund's total asset scale at 51.7961 million CNY, achieving a best return of 78.16% and a worst return of -43.63% during his tenure [3]

Core Viewpoint - EVE Energy Co., Ltd. experienced a 5.01% decline in stock price, closing at 82.99 CNY per share, with a trading volume of 5.892 billion CNY and a turnover rate of 3.67%, resulting in a total market capitalization of 169.776 billion CNY [1] Company Overview - EVE Energy, established on December 24, 2001, and listed on October 30, 2009, is located in Huizhou, Guangdong Province. The company specializes in the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] - The revenue composition of EVE Energy is as follows: power batteries account for 45.26%, energy storage batteries 36.56%, consumer batteries 18.03%, and others 0.16% [1] Fund Holdings - Chang'an Fund has a significant holding in EVE Energy, with its Chang'an Industry Select Mixed A Fund (000496) holding 20,700 shares, representing 3.42% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is approximately 90,700 CNY [2] - The Chang'an Industry Select Mixed A Fund was established on May 7, 2014, with a latest scale of 21.9728 million CNY. Year-to-date returns are 34.46%, ranking 2474 out of 8219 in its category; the one-year return is 23.46%, ranking 3104 out of 8125; and since inception, the return is 73.23% [2]

Core Viewpoint - EVE Energy Co., Ltd. has experienced a significant stock price increase of 85.99% year-to-date, with recent trading activity showing a slight decline of 2.08% on November 10, 2023 [1][2]. Financial Performance - For the period from January to September 2025, EVE Energy achieved a revenue of 45 billion yuan, representing a year-on-year growth of 32.17%. However, the net profit attributable to shareholders decreased by 11.70% to 2.816 billion yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.643 billion yuan, with 2.866 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 10, 2023, EVE Energy's stock price was 85.55 yuan per share, with a market capitalization of 175.013 billion yuan. The trading volume reached 3.42 billion yuan, with a turnover rate of 2.09% [1]. - The company has seen a net inflow of 37.2249 million yuan from major funds, with significant buying and selling activity recorded [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 34.21% to 187,500, while the average circulating shares per person decreased by 25.49% to 9,929 shares [2]. - The second-largest circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 32.3798 million shares, while new entrants and exits among the top ten circulating shareholders were noted [3].