今年 5月份 ， 宁德时代 成功登陆港股。 356 亿港元的募资，也是当时全球规模最大的 IPO 。 想进一步了解的小伙伴，戳这篇了解：《 3年狂赚2000亿！宁德时代为啥还要上市融资？ 》 从结果来看，宁王的算盘显而易见地打响了：钱融到了，无论是研发的资金、人才的储备还是全球化扩张所需的资源就全都能到位了，港股之行的目的圆满达 成。 但不寻常的，是二次上市正如潮水般在整个中国新能源车圈蔓延。 关注 「电动车公社」 和我们一起重新思考汽车 三年前，初代新势力三剑客"蔚小理"，吹响了多地上市，保证资金稳定性的号角。 谁也没想到，这仅仅只是一个开始。随着地缘政治变得越来越复杂，"蔚小理"的做法回过头来再看是妥妥的"先见之明"。 而宁德时代的二次上市，也成了美国金融学者口中的"重要里程碑"。 只不过站在美国投资者的立场上，中企选择在港上市，影响到的是自己挣大钱—— "这种做法会用在许多中国硬件生产商甚至是软件公司上，让美国投资者无法参与其中，获得潜在的盈利机会！" 而对中国新能源企业来说， A 股 +H 股上市，则是现阶段难得正确的版本答案。 锂原电池 （一次性锂电池）销售额及出口额连续 8 年全球第一； 2024 ...

随着港交所铜锣声在2025年5月为宁德时代(03750.HK)敲响，锂电池行业的资本迁徙潮再度升温。只过了半个多月的 时间，惠州亿纬锂能股份有限公司（300014.SZ）也宣布启动H股发行计划，拟登陆港交所主板。 这家全球动力电池装机量排名第九、储能电芯出货量全球第二的企业，正试图通过跨市场融资打破"双雄争霸"的行 业格局。 亿纬锂能透露，截至目前，公司正积极与相关中介机构就发行上市的相关工作进行商讨，除公司审议通过的相关议 案外，其他关于发行上市的具体细节尚未确定。 当南都·湾财社记者询问"港股上市是否有助于扭转企业境外收入2024年同比下滑11.35%的局面""亿纬锂能A股的 21.56倍市盈率与港股电池板块均值或存在倒挂，贵司将采取何种策略协调两地投资者预期？"等问题时，企业相关 人员表示"鉴于当前相关资料还未提交，需等后续公司提交招股书后，才会给到更多信息。" 高增长背后的隐忧 成立于2001年的亿纬锂能，曾以"锂原电池隐形冠军"的身份在2009年成为创业板首批上市公司。如今，其业务版图 已覆盖消费电池、动力电池、储能电池三大领域，并在匈牙利、马来西亚、美国布局产能。 在业内人士看来，此次亿纬锂能赴港 ...

Core Insights - The company reported a Q1 2025 revenue of 12.8 billion yuan, a year-on-year increase of 37.3% but a quarter-on-quarter decrease of 12% [1] - The net profit attributable to shareholders was 1.1 billion yuan, reflecting a year-on-year growth of 3.3% and a quarter-on-quarter increase of 24% [1] - The non-recurring net profit reached 820 million yuan, up 16.6% year-on-year and 23.6% quarter-on-quarter [1] Group 1: Battery Sales Performance - In Q1 2025, the company shipped 10.17 GWh of power batteries, marking a year-on-year increase of 57.58%, benefiting from the growth in commercial vehicle sales [2] - The market share for power batteries was 13.41%, maintaining the second position in the domestic market, with over 80% coverage among top customers in the new energy commercial vehicle segment [2] - The company shipped 12.67 GWh of energy storage batteries, showing a year-on-year growth of 80.54%, although the quarter-on-quarter performance was affected by seasonal factors [2] Group 2: Profitability and Cost Management - The overall gross margin for the company reached 17.16%, with stable margins for power batteries and a slight decline in energy storage battery margins due to utilization rates [2] - In Q1 2025, the company reported investment income of 120 million yuan, while the total expense ratio was 10.85%, a year-on-year decrease of 1.75 percentage points [3] - The financial expense ratio increased to 1.41%, reflecting a year-on-year rise of 0.57 percentage points, while R&D expense ratio decreased to 4.76%, down 3.00 percentage points year-on-year [3] Group 3: Future Outlook - The company is expected to benefit from increased utilization rates driven by the growth in power battery demand and improved energy storage shipment structure [3] - The establishment of the Malaysian energy storage base is anticipated to mitigate the impact of U.S. tariffs, with expectations for further unit profit growth from large cylindrical battery shipments [3] - Projected revenues for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [3]

长江商报消息 ●长江商报记者 潘瑞冬 亿纬锂能（300014.SZ）业绩重回增长。 4月25日晚间，亿纬锂能发布一季报显示，今年1—3月，公司实现营业收入127.96亿元，同比增长 37.34%；归母净利润11.01亿元，同比增长3.32%；扣非净利润8.18亿元，同比增长16.60%。 作为亿纬锂能的创始人、董事长，刘金成从学生时代就专注锂电，毕业后更是押注锂电下游产业链，从 小灵通电池、电表电池、电子烟，再到动力电池、储能电池，无一不有刘金成的身影。也正是战略转向 储能，多条腿走路，让亿纬锂能稳住了业绩，实现突围，储能电芯出货量占据全球第二位。 今年初，刘金成表示，2025年多种材料体系的大圆柱电池将迎来"元年"，他认为圆柱较方形更适合插 混，并预计2025年大圆柱需求预计5GWh。 行业周期回暖，叠加公司大圆柱电池2025年上车宝马新车，未来，刘金成能否推动公司再上一个台阶？ 善于捕捉风口的锂电专家 与众多电池行业的创业者一样，刘金成有着扎实的学科背景。 1981年，刘金成考入成都电子科技大学物理化学专业，1985年毕业后被分配到国营752厂。在这里，他 接触到实际的电池生产工作，并且因工作原因，长期与 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 49.20 [7][8]. Core Views - The company has shown significant growth in energy storage shipments, with a strong performance in the consumer sector and expectations for profitability improvement in the power sector in 2025 [1][2]. - The company's Q1 2025 revenue reached RMB 12.796 billion, representing a year-on-year increase of 37.34% [1]. - The net profit attributable to the parent company for Q1 2025 was RMB 1.101 billion, exceeding previous expectations due to improved non-recurring gains [1][2]. Summary by Sections Energy Storage and Power Sector - In Q1 2025, the company shipped 10.17 GWh of power storage, a year-on-year increase of 58%, with a capacity utilization rate close to 70% [2][3]. - The company anticipates continued improvement in profitability in the power business throughout 2025, supported by the construction of a storage factory in Malaysia, which is expected to begin production in 2026 [3]. Consumer Sector - The company has maintained its leading position in lithium batteries, with monthly sales of small cylindrical batteries exceeding 10 million units [4]. - The Malaysian small cylindrical battery factory has commenced production, and the company expects a revenue growth rate of 20% in consumer batteries for 2025 [4]. Financial Projections - The company forecasts net profits attributable to the parent company of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for 2025, 2026, and 2027, respectively [4][6]. - The projected revenue for 2025 is RMB 72.494 billion, reflecting a growth rate of 49.12% compared to 2024 [6].

4月17日，亿纬锂能披露2024年"成绩单"。 据 2024年年度报告显示， 亿纬锂能去年实现 营收486.15亿元 ，同比下降0.3%； 净利润40.76亿元，同比上升0.6% ； 扣非净利润 31.62亿元，同比增长14.76%。 单看第四季度， 亿纬锂能 营收145.7亿元， 净利润8.87亿元， 扣非净利润6.62亿元， 实现三线同增 ， 分别增长9.9%、 41.7%、 10.3%。 综合年报来看， 亿纬锂能过去一年的表现可圈可点，早已为业绩增长奠定了基础。 众所周知，亿纬锂能一直以 消费电池、动力电池、储能电池三大业务板块进行布局，其中消费电池业务包括锂原电池、小型锂离子电池、圆 柱电池，动力电池业务包括新能源汽车电池及其电池系统。 报告期内，亿纬锂能 消费、动力、储能三大板块均实现较大突破。 具体来看， 消费电池 营收103.22亿元，同比增长23.44%， 占营收比重21.23%。 其中，锂原电池产品包括 锂-亚硫酰氯电池、锂-二氧化锰电池、电池电容器（SPC）、复合电源ES等，适用于 各类智能表计、汽车电子、 智能安防、智慧医疗、定位追踪、资源监测等物联网及新兴产业。据悉，其锂亚硫酰氯电池（ ...