Group 1 - The core viewpoint of the news is that Zhaoshi Investment has conducted research on Nandu Power, a company specializing in energy storage, which has shown a significant decline in revenue but has managed to turn a profit in the second quarter due to high-margin orders and growth in the data center market [1] - Nandu Power was established in 1994 and focuses on providing lithium-ion and lead batteries, serving over 160 countries and regions globally [1] - The company's revenue for the first half of 2025 is approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, with a net profit of approximately -230 million yuan [1] Group 2 - In the second quarter, Nandu Power achieved a profit of approximately 34 million yuan, with a net cash flow from operating activities of 590 million yuan [1] - The company has a current lithium battery cell production capacity of 10 GWh and is advancing projects in Huatuo Phase II and Yangzhou, while reducing production in the recycled lead sector [1] - Nandu Power has developed large-capacity iron-lithium storage cells and completed the development of a 5 MWh liquid-cooled storage system [1] Group 3 - The company has an order backlog of 7.8 GWh, with 2.3 GWh from overseas markets, primarily in Australia, Europe, the UK, and the Middle East [1] - Nandu Power has won multiple high-voltage lithium battery data center projects, with an order backlog of approximately 0.8 GWh, and is developing third-generation high-voltage lithium battery products [1] - The company is focusing on customer demand and technological innovation to build core competitiveness, adopting a dual-driven model of "technology research and development + market expansion" [1]

Core Insights - Kaishi Fund recently conducted research on Nandu Power, a company established in 1994, focusing on energy storage solutions, including lithium-ion and lead batteries, serving over 160 countries and regions globally [1] Company Overview - Nandu Power's revenue for the first half of 2025 is approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, with a net profit of approximately -230 million yuan. The company achieved a quarterly profit of about 34 million yuan in Q2, with a net cash flow from operating activities of 590 million yuan [1] - The company has a current lithium battery cell production capacity of 10 GWh and a new energy storage integration capacity of 10 GWh, with ongoing projects in Huatuo Phase II and Yangzhou [1] Market Performance - Nandu Power has seen a turnaround in Q2 due to its deep engagement in the global energy storage market, securing high-margin orders and experiencing rapid growth in the data center market, winning multiple significant projects [1] - The company has an order backlog of 7.8 GWh, with 2.3 GWh from overseas markets, primarily in Australia, Europe, the UK, and the Middle East [1] Product Development - Nandu Power is developing large-capacity iron-lithium storage cells (783Ah and 587Ah) and has completed the development of a 5MWh liquid-cooled storage system using a 314Ah semi-solid cell [1] - The company is also focusing on the development of third-generation high-voltage lithium battery products, providing "energy storage + backup power" solutions [1] Strategic Initiatives - The company is addressing power supply and demand issues in the Guangdong-Hong Kong-Macao Greater Bay Area through an 8GWh semi-solid project consisting of three independent storage projects located in Shenzhen and Shanwei [1] - Nandu Power aims to build core competitiveness through customer-oriented innovation and a dual-driven model of "technology research and development + market expansion" [1]