NARADA(SZ:300068)2025-08-15 01:34Company Overview - South Power has 30 years of experience in energy storage, initially starting in the communication storage sector and now focusing on lithium-ion and lead batteries for various applications [1][2] - The company has established a presence in over 160 countries and regions, with significant market positions in new power storage and data center communication storage [2] Financial Performance - In the first half of 2025, the company reported revenue of approximately CNY 3.923 billion, a decrease of CNY 1.8 billion year-on-year, primarily due to strategic transformation and reduced production in the recycled lead sector [3][4] - The net profit attributable to shareholders was approximately -CNY 230 million, compared to CNY 185 million in the same period last year, but the company achieved a turnaround in Q2 with a profit of approximately CNY 34 million [3][4] Business Contributions - The main contributors to the profit in Q2 were the deepening of global partnerships in the energy storage market and the expansion of the data center market, leading to high-margin orders [5] - The company has completed its strategic transformation by the end of 2024, enhancing customer and product structures [5] Production Capacity - Current production capacity includes 10 GWh for lithium battery cells and 10 GWh for new power storage integration [6] - Ongoing projects include the construction of a 4 GWh lithium battery cell production line and a 10 GWh integration line [6] Technological Innovations - The company has developed large-capacity iron-lithium storage cells and new liquid-cooled storage systems, with significant advancements in solid-state battery technology [7][11] - The solid-state battery technology has achieved energy densities of up to 350 Wh/kg and has passed multiple safety tests [11] Market Outlook - The company has 7.8 GWh of unfulfilled orders in the large storage market, with 2.3 GWh from overseas markets [8] - In the high-voltage lithium battery sector, the company has secured multiple projects, including significant orders from the U.S. and international data center projects [9] Future Development Strategy - The company aims to focus on customer needs and technological innovation, establishing a dual-driven model of "technology research and market expansion" [12] - Plans include enhancing supply chain management and optimizing operational efficiency to maximize profits while expanding market share [12]