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].

兴业能源革新股票A（013049）成立日期2021年8月31日，最新规模3.52亿。今年以来收益42.89%，同 类排名651/4208；近一年收益33.33%，同类排名903/3972；成立以来收益5.41%。 兴业能源革新股票A（013049）基金经理为邹慧。 截至发稿，邹慧累计任职时间4年363天，现任基金资产总规模57.21亿元，任职期间最佳基金回报 80.46%， 任职期间最差基金回报11.69%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月21日，亿纬锂能跌5.1%，截至发稿，报72.41元/股，成交20.50亿元，换手率1.50%，总市值1481.32 亿元。 资料显示，惠州亿纬锂能股份有限公司位于广东省惠州市仲恺高新区惠风七路38号,香港铜锣湾希慎道 33号利园1期19楼1910室，成立日期2001年12月24日，上市日期2009年10月30日，公司主营业务涉及消 费电池(包括锂原电池、小型锂离子电池、三元圆柱电池)和动力电池(包括新能源汽车电 ...

11月18日，亿纬锂能跌5.03%，截至发稿，报79.25元/股，成交35.01亿元，换手率2.31%，总市值 1621.25亿元。 从基金十大重仓股角度 数据显示，恒越基金旗下1只基金重仓亿纬锂能。恒越优势精选混合（011815）三季度持有股数19.8万 股，占基金净值比例为7.33%，位居第三大重仓股。根据测算，今日浮亏损失约83.16万元。 截至发稿，吴海宁累计任职时间2年227天，现任基金资产总规模2.62亿元，任职期间最佳基金回报 88.56%， 任职期间最差基金回报-42.19%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，惠州亿纬锂能股份有限公司位于广东省惠州市仲恺高新区惠风七路38号,香港铜锣湾希慎道 33号利园1期19楼1910室，成立日期2001年12月24日，上市日期2009年10月30日，公司主营业务涉及消 费电池(包括锂原电池、小型锂离子电池、三元圆柱电池)和动力电池(包括新能源汽车电池及其电池系 统、储能电池)的研发、生产和销售 ...

兴业能源革新股票A（013049）成立日期2021年8月31日，最新规模3.52亿。今年以来收益50.86%，同 类排名587/4216；近一年收益36.15%，同类排名741/3955；成立以来收益11.29%。 兴业能源革新股票A（013049）基金经理为邹慧。 截至发稿，邹慧累计任职时间4年356天，现任基金资产总规模57.21亿元，任职期间最佳基金回报 80.06%， 任职期间最差基金回报3.46%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月14日，亿纬锂能跌5.1%，截至发稿，报82.91元/股，成交45.30亿元，换手率2.90%，总市值1696.13 亿元。 资料显示，惠州亿纬锂能股份有限公司位于广东省惠州市仲恺高新区惠风七路38号,香港铜锣湾希慎道 33号利园1期19楼1910室，成立日期2001年12月24日，上市日期2009年10月30日，公司主营业务涉及消 费电池(包括锂原电池、小型锂离子电池、三元圆柱电池)和动力电 ...

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].

Core Viewpoint - EVE Energy Co., Ltd. has seen a significant stock price increase, with a 5.17% rise on October 31, reaching 88.13 CNY per share, and a total market capitalization of 180.29 billion CNY, reflecting a cumulative increase of 8.99% over three days [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 - According to data, a fund under Zheshang Securities Asset Management holds a significant position in EVE Energy. The Zheshang Huijin Transformation Growth Fund (000935) held 22,700 shares in the third quarter, representing 3.99% of the fund's net value, making it the fifth-largest holding. The fund has realized a floating profit of approximately 98,300 CNY today and 156,900 CNY during the three-day increase [2] - The Zheshang Huijin Transformation Growth Fund was established on December 30, 2014, with a current size of 51.79 million CNY. Year-to-date returns stand at 44.4%, ranking 1559 out of 8154 in its category, while the one-year return is 37.82%, ranking 1979 out of 8046 [2]

Group 1 - The core point of the news is that EVE Energy Co., Ltd. experienced a decline of 5.13% in its stock price, reaching 76.13 CNY per share, with a trading volume of 6.485 billion CNY and a turnover rate of 4.48%, resulting in a total market capitalization of 155.742 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, EVE Energy is heavily weighted in one fund under Baodao Fund, specifically Baodao Growth Zhihang Stock A (013641), which held 523,300 shares in the second quarter, representing 0.99% of the fund's net value, making it the eighth largest holding [2] - The estimated floating loss for Baodao Growth Zhihang Stock A today is approximately 2.156 million CNY [2] - Baodao Growth Zhihang Stock A was established on October 26, 2021, with a latest scale of 999 million CNY, and has achieved a year-to-date return of 48.3%, ranking 661 out of 4,218 in its category [2]