智通财经记者 | 梁宝欣 1月30日晚，位于深圳的"便携式储能第一股"华宝新能发布2025年度业绩预告。其2025年营业收入预计为40亿至42亿元，较2024年的36.06亿元实现稳步增 长。 然而，利润却呈现出断崖式下跌。净利润从2024年的2.39亿元暴跌至2025年不足2300万元，同比下跌超90%。 在这一涨一跌中，华宝新能2025年净利率直接被抹平，仅有0.37%-0.58%。这意味着，华宝新能去年每100元收入里，有99.4元以上都被成本和费用吃掉了， 最终仅剩下不到0.6元的净利润。 华宝新能在2025年几乎处于"卖得动、但不赚钱"的状态。 成立于2011年的华宝新能，是深圳跨境消费电子行业的代表性企业之一，旗下拥有"Jackery电小二"等品牌，主攻便携储能（户外电源）市场。2022年9月， 华宝新能正式登陆创业板，被誉为"便携储能第一股"。 从披露信息看，利润下滑一方面与销售费用长期处于高位有关。 一位国内头部储能企业员工向智通财经提到，2025年底，华宝新能在市场端明显加大投入，"他们那段时间投钱投得很猛。" 投放的核心是"买量"：通过平台广告、搜索排名和促销资源位，用资金直接换取订单转化 ...

Core Viewpoint - Huabao New Energy, known as the "first stock of portable energy storage," is projected to see its revenue grow to between 4 billion and 4.2 billion yuan in 2025, up from 3.606 billion yuan in 2024, but its net profit is expected to plummet by over 90% to less than 23 million yuan, resulting in a net profit margin of only 0.37%-0.58% [2][3][4] Revenue and Profit Forecast - The company anticipates a revenue increase to 40-42 billion yuan in 2025, compared to 36.06 billion yuan in 2024 [2] - The projected net profit for 2025 is between 15.5 million and 23 million yuan, a significant drop from 239 million yuan in 2024 [2][8] Sales and Marketing Expenses - Huabao New Energy's sales expenses have remained high, with a sales expense rate of approximately 27.9% in the first three quarters of 2025, compared to 22.35% for Anker Innovations and 20.12% for Ugreen Technology [4][5] - The company has heavily invested in marketing and brand building, which has contributed to the decline in net profit [4][5] Promotional Strategies and Market Performance - The company's promotional strategies, particularly during key shopping periods like Black Friday and Cyber Monday, have impacted profit margins, with the fourth quarter of 2025 expected to show a net profit loss of approximately 120 million to 128 million yuan [6][7] - The fourth quarter revenue is projected to be around 10.58 billion to 12.58 billion yuan, which is lower than previous years' performance [6][9] External Factors Affecting Profitability - Huabao New Energy's export business has been affected by geopolitical and trade policy changes, leading to increased costs and a decline in gross profit margins [14] - The company faces significant tax burdens due to tariffs on Chinese energy storage products, with an estimated exchange loss of 20 million to 30 million yuan for the entire year of 2025 [14] Business Model and Future Challenges - The company's reliance on high advertising spending to drive sales in overseas markets, particularly North America, has revealed vulnerabilities in its business model as external pressures mount [16] - Huabao New Energy is exploring diversification into home energy solutions, but this shift requires sustained R&D investment and poses challenges in maintaining profitability [16]