募资计划生变 在首次递表失效后，亿纬锂能（300014.SZ）于2026年1月2日再次向香港联交所提交IPO申请。 《中国经营报》记者梳理发现，在本次更新的招股书中，亿纬锂能调整了募资用途——取消原先的马来 西亚第三期项目募投计划，资金主要用于匈牙利工厂的46系列大圆柱电池产能建设。 亿纬锂能方面表示，随着欧洲电动汽车市场不断增长，建设匈牙利项目是其拓展海外市场份额（尤其是 欧洲动力电池市场）的必要举措。并且，募资项目地址位于主要汽车客户的工厂附近，以便更好地满足 客户需求。 在亿纬锂能方面看来，其在大圆柱电池领域具备竞争优势。该公司方面表示，其已率先建立了大圆柱电 池工厂（20GWh），成为汽车行业国际头部企业下一代电动车型的首发大规模电池供应商。并且，其 大圆柱电池已实现量产装车超过8万台，单车最长运行距离已经超过了27万公里。 目前，全球动力电池市场竞争激烈。2024年，亿纬锂能动力电池出货量为30.3GWh，占全球市场份额约 2.8%，位列中国动力电池制造商第五，全球第九。 为保持竞争力，亿纬锂能近年来多次募资扩产。2025年三季报显示，亿纬锂能在建工程较上年同期增长 42.74%。截至2025年三季 ...

记者丨 林典驰 编辑丨孙超逸 港交所1月2日披露，亿纬锂能（300014.SZ）向港交所主板递交上市申请，中信证券为其独家 保荐人。 2025年6月30日，亿纬锂能向港交所递交上市申请。由于香港联交所的A1版招股书有效期为6 个月，到期后需更新财务数据及其他信息，其后重新递交。 因此，截至12月30日，亿纬锂能港股招股书失效。亿纬锂能在互动易回应称，"重新递交属于 正常流程。我们将按照香港联交所上市规则尽快安排重新递交上市申请文件，对公司整体港股 IPO进程无重大影响。" 对于本次资金募资用途，亿纬锂能将其更改为用于匈牙利生产基地的持续建设，主要费用包括 与项目相关的工厂建设和机器设备采购所需的资金。 值得一提的是，亿纬锂能已经取得匈牙利生产基地的土地使用权，且匈牙利项目已开工建设， 预计2027年投产，规划产能为30GWh。计划生产的主要产品为动力电池，主要为46系列大圆 柱电池。项目地址战略性位于主要客户的工厂附近，以便更好满足客户需求。 此前在上一份招股中，涉及的募资款项用途还包括马来西亚基地第三期项目，此次新递交的招 股书已经删除。 招股书中提及，马来西亚电池生产基地已于2025年建成投产，这也是亿纬 ...

2025年6月30日，亿纬锂能向港交所递交上市申请。由于香港联交所的A1版招股书有效期为6个月，到期后需更新财务 数据及其他信息，其后重新递交。 因此，截至12月30日，亿纬锂能港股招股书失效。亿纬锂能在互动易回应称，"重新递交属于正常流程。我们将按照香 港联交所上市规则尽快安排重新递交上市申请文件，对公司整体港股IPO进程无重大影响。" 对于本次资金募资用途，亿纬锂能将其更改为用于匈牙利生产基地的持续建设，主要费用包括与项目相关的工厂建设 和机器设备采购所需的资金。 值得一提的是，亿纬锂能已经取得匈牙利生产基地的土地使用权，且匈牙利项目已开工建设，预计2027年投产，规划 产能为30GWh。计划生产的主要产品为动力电池，主要为46系列大圆柱电池。项目地址战略性位于主要客户的工厂附 近，以便更好满足客户需求。 此前在上一份招股中，涉及的募资款项用途还包括马来西亚基地第三期项目，此次新递交的招股书已经删除。 招股书中提及，马来西亚电池生产基地已于2025年建成投产，这也是亿纬锂能在海外的首个量产工厂，规划消费电 池、动力电池和储能电池等系列。 今年年中，亿纬锂能曾公告，马来西亚二期新型储能电池项目规划总投资不超 ...

在东方旭能（山东）科技发展有限公司研发中心，大屏幕上实时跳动着全国各储能电站的运行数 据。"目前，我们已为全国超3吉瓦新能源项目提供专业储能解决方案，有效增强了区域电网韧性，大幅 提升了绿电消纳能力。"公司研发技术总工程师说道。 这家成立于2018年的公司，从最初十几人的研发团队起步，以"3年增长百倍"的发展速度，抢抓储能产 业发展机遇，成长为中大型高新技术企业，实现了飞跃发展。 2025年底，烟台黄渤海新区的两大战略性新兴产业预计实现产值超200亿元，成为拉动经济增长的新引 擎。下一步，该区将围绕产业链补链、延链、强链，通过壮大产业集群、健全创新体系、加强产业招 商，力争未来5年内，每个战略性新兴产业集聚的上下游企业达到150家以上，着力打造中国北方最具竞 争力的新型储能产业、特色半导体产业高地。 （文章来源：经济日报） 产业集群具有系统协同效应，能够显著提升经济效率和创新能力。烟台黄渤海新区高标准规划新型储能 产业园，围绕先进材料、电池制造、高端装备、系统集成、应用示范5大方向，重点建设"4个集聚区+1 个示范区"，积极引导资源、技术、资金等要素向重点企业聚集，构建"雁阵型"新型储能企业梯队。目 前，全区 ...

Core Viewpoint - The article emphasizes the rapid development and commercialization of large cylindrical batteries, highlighting their advantages in energy density, safety, and cost-effectiveness, which are driving their adoption across various sectors, including automotive and energy storage [2][3][4]. Group 1: Automotive Sector - Large cylindrical batteries are entering a critical phase of commercialization, particularly in passenger vehicles, with major automakers like Tesla and BMW increasing their procurement [5][7]. - Chery Automobile has signed a six-year supply agreement with LG Energy for 8GWh of 46 series large cylindrical batteries, sufficient for approximately 120,000 electric vehicles [5][8]. - EVE Energy has achieved significant milestones, with over 60,000 units of large cylindrical batteries installed in vehicles by mid-2023, showcasing their performance in long-range applications [7][8]. Group 2: Energy Storage and Light-Duty Power - The small storage and light-duty power sectors are rapidly adopting large cylindrical batteries, particularly in portable and residential energy storage applications [10][11]. - The demand for home energy storage is surging globally, especially in regions like Australia and Africa, where supply shortages for traditional battery types are creating opportunities for cylindrical batteries [11][12]. - In the light-duty power market, large cylindrical batteries are becoming the preferred choice for two-wheeled vehicles, driven by new safety regulations and the need for higher performance [12][13]. Group 3: Emerging Markets and Applications - New markets are emerging for large cylindrical batteries, particularly in the eVTOL (electric vertical takeoff and landing) sector, which requires high energy density and lightweight solutions [16][17]. - The robotics industry is also a promising area for large cylindrical batteries, as they meet the stringent performance requirements for high-energy applications [18][19]. - Companies like CATL and EVE Energy are actively developing specialized battery solutions for these new applications, positioning themselves as key players in the evolving market landscape [20][21][23].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Insights - The company reported significant growth in net profit for Q3, with a quarter-on-quarter increase of 140.16% [9]. - The company's revenue for the first three quarters of 2025 reached 450.02 billion yuan, a year-on-year increase of 32.17% [9]. - The company is a leading player in the power battery sector, with a 66.98% year-on-year increase in battery shipments [9]. - The company has optimized its customer structure, which is expected to enhance profitability [9]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 168.32 billion yuan, a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [9]. - The net profit for Q3 was 12.11 billion yuan, representing a year-on-year increase of 15.13% and a quarter-on-quarter increase of 140.16% [9]. - The gross margin for the first three quarters was 15.95%, down 1.43 percentage points year-on-year, while the net margin was 6.61%, down 3.01 percentage points year-on-year [9]. Product and Market Development - The company has successfully launched large cylindrical batteries and is the first supplier for BMW's next-generation electric vehicle [9]. - The company’s energy storage battery shipments reached 48.41 GWh in the first three quarters, a year-on-year increase of 35.51% [9]. - The company is expected to release a solid-state battery with an energy density of 350 Wh/kg by 2026 [9]. Future Outlook - The company maintains a "Buy" rating with projected EPS of 2.16 yuan and 3.47 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 36 times and 23 times [9][11]. - The company is positioned as a platform enterprise in power, energy storage, and consumer lithium batteries, with anticipated rapid profit growth due to product and customer structure optimization [9].

Core Insights - EVE Energy has commenced the installation and commissioning phase of its battery production facility in Debrecen, Hungary, marking a significant milestone in the project [1][2] - The Hungarian facility is a key component of EVE Energy's European strategy, with a total planned investment of approximately 9.9 billion RMB and an annual production capacity of 28 GWh [2] - The project will primarily manufacture 46 series cylindrical batteries for the BMW Group's electric vehicle platform, with an expected completion and production start date in 2026, creating over 1,000 local jobs [2] Group 1 - The facility covers an area of approximately 450,000 square meters and is designed to integrate manufacturing, supply chain management, and customer service within the European renewable energy sector [2][3] - EVE Energy's senior vice president highlighted the importance of the Hungarian project in the company's global layout, emphasizing its role in enhancing the company's capabilities in the European renewable energy market [3] Group 2 - The local government of Jingmen expressed support for the project, viewing it as a model for international industrial cooperation and a step forward in EVE Energy's globalization efforts [2] - The project is expected to strengthen the local business environment and enhance the global competitiveness of local enterprises [2]

Core Viewpoint - The company, EVE Energy, reported a mixed performance in its 2025 semi-annual report, showcasing a significant revenue growth of 30.06% year-on-year, reaching 28.17 billion yuan, while net profit was only 1.605 billion yuan, indicating pressure on profitability despite historical revenue highs [1][3] Financial Performance - Total revenue for the first half of the year was 28.17 billion yuan, a 30.06% increase year-on-year, while net profit was 1.605 billion yuan, with a non-recurring profit of 1.16 billion yuan [3] - Excluding stock incentive expenses and specific bad debt provisions, net profit would have been 2.218 billion yuan, reflecting a growth of 3.78% year-on-year [3] - The gross profit margin for the power battery business improved significantly, reaching 17.60%, an increase of 6.92 percentage points year-on-year [4] Operational Highlights - In Q2, the company achieved a record revenue of 15.351 billion yuan, with power battery shipments reaching 21.48 GWh, a year-on-year increase of 58.58%, and energy storage battery shipments at 28.71 GWh, up 37.02% [4] - Operating cash flow showed a remarkable recovery, with a net cash flow of 2.373 billion yuan, a year-on-year increase of 660.72% [4] Strategic Focus - The company is transitioning from "scale expansion" to "value cultivation," emphasizing the importance of technology iteration and product differentiation as survival strategies [1][7] - EVE Energy has established a multi-layered technological moat in power batteries, energy storage batteries, and frontier energy sectors, focusing on long-term talent investment and incentive mechanisms [2][8] Industry Context - The lithium battery industry is expected to see a significant shift, with the penetration rate of new energy vehicles in China projected to exceed 50% by 2025, and the energy storage market expected to grow at a compound annual growth rate of 30% [7][9] - The industry is experiencing a "tear" with competition among different battery technologies, including lithium iron phosphate and ternary batteries, as well as the commercialization of solid-state batteries [7] Future Outlook - The company is well-positioned in the market, with its large cylindrical battery technology leading to significant market share and expected growth in global shipments [8] - EVE Energy is also advancing in the energy storage sector, with a projected market size of 120 billion yuan by 2025 and over 500 billion yuan by 2030, driven by large-scale applications [9] - The company’s focus on R&D and technological advancements is expected to yield strong financial resilience and competitive advantages in the long term [10]

Financial Performance - Company reported a revenue of 21.66 billion yuan for the first half of the year, a year-on-year decrease of 5.73% [1] - Net profit was 2.14 billion yuan, essentially flat with a slight decrease of 0.64% [1] - Non-recurring net profit increased by 19.32% year-on-year to 15.0 billion yuan [1] - Operating cash flow sharply declined by 90.55% from 3.3 billion yuan in the same period last year to 312 million yuan [1] Core Business Developments - Energy storage battery shipments surged by 133.18% year-on-year, with a global market share rising to second place [1][2] - Power battery shipments increased by 7.03% year-on-year, ranking second in the commercial vehicle sector with a market share of 13.54% [1][2] - The company has delivered over 21,000 units of the 46 series cylindrical battery, with the product evolving into the Omnicell all-purpose battery [2] Strategic Initiatives - The CLS model has been elevated to one of the company's five strategic business segments, focusing on co-development, technology licensing, and service support [3] - The first project under this strategy is a joint venture with Daimler Truck, PACCAR, and Electrified Power to establish ACT in Mississippi, USA, with an annual production capacity of approximately 21 GWh of lithium iron phosphate batteries [3] - The joint venture aims to secure stable market demand by having the three foreign partners as primary customers for the new production capacity [3]

Core Insights - The company reported a revenue of 21.66 billion yuan for the first half of the year, representing a year-on-year decline of 5.73% [1][2] - Net profit was 2.14 billion yuan, showing a slight decrease of 0.64% compared to the previous year [1][2] - The company's net profit excluding non-recurring items increased by 19.32% year-on-year, reaching 1.50 billion yuan [1][2] Financial Performance - Revenue: 21,659,398,588.08 yuan, down from 22,975,722,909.04 yuan, a decrease of 5.73% [2] - Net profit attributable to shareholders: 2,137,249,689.22 yuan, compared to 2,150,924,034.44 yuan, a decrease of 0.64% [2] - Net profit excluding non-recurring items: 1,499,101,177.24 yuan, up from 1,256,413,275.44 yuan, an increase of 19.32% [2] Cash Flow and Earnings - Net cash flow from operating activities was 311,882,588.92 yuan, a significant decline of 90.55% [3] - Basic earnings per share: 1.04 yuan, down 0.95% from 1.05 yuan [3] - Diluted earnings per share: 1.04 yuan, also down 0.95% from 1.05 yuan [3] - Return on equity: 5.97%, down from 6.80%, a decrease of 0.83% [3] Business Segment Performance - The company shipped 20.95 GWh of energy storage batteries, a remarkable increase of 133.18% year-on-year, achieving the second-largest global market share [3] - The shipment of power batteries reached 13.54 GWh, a year-on-year growth of 7.03%, ranking second in the commercial vehicle sector [3] - Cumulative delivery of the 46 series large cylindrical batteries exceeded 21,000 units, with product iteration to the Omnicell all-in-one battery [3]