NARADA(SZ:300068)2025-10-30 01:14Financial Performance - The company's revenue for the first three quarters is approximately 5.911 billion CNY, a year-on-year decrease of 24.80%, primarily due to a strategic reduction in the recycled lead segment, which saw a revenue drop of 2 billion CNY [1] - The net profit attributable to shareholders is approximately -220 million CNY, compared to 247 million CNY in the same period last year, with losses mainly from the recycling segment and a significant reduction in investment income this year [1] - Operating cash flow improved significantly to approximately 860 million CNY, an increase of 1.58 billion CNY compared to -720 million CNY last year [2] Order Status - The company has an unshipped order backlog of approximately 8.9 billion CNY, with large storage orders accounting for about 5.5 billion CNY (4 billion CNY domestic, 1.5 billion CNY overseas) [2] - Data center lithium battery orders are approximately 1.67 billion CNY, all from overseas, while the civil lithium battery market has orders of about 380 million CNY [2] Lithium Battery Production Capacity - Current lithium battery cell production capacity is 10 GWh, with an additional 10 GWh for new energy storage integration [6] - Plans to expand data center lithium battery capacity from 1.5 GWh to a total of 2.5 GWh next year [3] Market Outlook - The North American data center backup battery market demand is expected to be around 20 GWh next year, with global demand projected at 30 GWh [5] - The company is recognized as a qualified supplier for major North American data center clients, anticipating significant growth in product performance [5] Product Development - The company has made progress in semi-solid and all-solid-state battery technologies, with a 2.8 GWh order for independent storage projects [8] - Semi-solid batteries are priced about 15% higher than liquid batteries, but the profit margin remains similar [9] Strategic Direction - The company aims to focus on customer needs and leverage technological innovation to build core competitiveness, adopting a dual-driven model of "technology research + market expansion" [11] - Plans to continue prioritizing lithium batteries while advancing new energy storage, communication, and data center storage businesses [11]