NARADA(SZ:300068)2025-09-01 10:54Company 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-acid batteries for various applications [1] - The company has established a presence in over 160 countries and regions, with subsidiaries on four continents and service centers in Europe, the USA, and Australia [2] - In 2024, South Power ranked third in global market shipments for new electric storage systems and second in battery shipments for data centers and communication [2] Financial Performance - In the first half of the year, revenue from lead-acid products for data centers was approximately CNY 850 million, while lithium battery products generated around CNY 500 million [3] - North American data center backup battery sales accounted for about CNY 300 million, with a gross margin of approximately 35% [4] - The company turned a profit in Q2, driven by high-margin orders from major energy developers and the expansion of its data center business [4] Product Development - South Power has a current production capacity of 1.5 GWh for lithium batteries and 3.5 GWh for lead batteries, with the ability to quickly scale up production to meet increasing demand [4] - The company has made significant advancements in solid-state battery technology, including a 2.8 GWh order for independent storage projects, marking a milestone in commercial application [6] - The energy density of the new solid-state batteries can reach 350 Wh/kg, with a cycle life of over 500 charge-discharge cycles and a capacity retention rate of over 92% [6] Strategic Direction - The company aims to enhance its core competitiveness through technology innovation and market expansion, focusing on a dual-driven model of "technology research + market development" [6] - Future strategies include optimizing core business operations, improving supply chain management, and ensuring maximum profitability [6]