In the first half of 2026, EVE Energy released a half-year report with impressive growth.

During the reporting period, the company achieved operating revenue of 45.691 billion yuan, a year-on-year increase of 62.20%; net profit attributable to shareholders of listed companies was 3.301 billion yuan, a year-on-year increase of 105.66%. Among them, power battery revenue reached 17.278 billion yuan, surpassing energy storage and consumer batteries, becoming the company's largest business segment.

Beyond doubling profits, what is more worthy of attention is the change in power battery shipments. In the first half of the year, EVE Energy shipped 35.76GWh of power batteries, a year-on-year increase of 66.47%; the global power battery installation volume grew by about 20% during the same period. EVE Energy stated that its power battery installed capacity in vehicles has risen to the seventh globally.

01.

Breakthroughs in Two Tracks Open Growth Space

EVE Energy started in the consumer battery field, with lithium primary batteries, small lithium batteries, and cylindrical batteries being long-term traditional advantage sectors of the company. With the high-speed expansion of the new energy vehicle and energy storage industries, the company's strategic focus has continued to shift towards power and energy storage batteries, achieving a fundamental upgrade in business structure.

2026 first-half performance data clearly confirms the effectiveness of the transformation: consumer battery revenue was 6.411 billion yuan, accounting for only 14% of total revenue; power battery and energy storage battery revenues reached 17.278 billion yuan and 15.094 billion yuan respectively. The two core sectors together contributed nearly 70% of revenue, with power batteries officially topping the company's largest business segment, becoming the core standard for measuring corporate core competitiveness.

Growth momentum at the installation end is strong, outpacing industry-leading growth rates. In the first half of the year, EVE Energy's passenger car power battery installed capacity in vehicles increased by 40.4% year-on-year, and commercial vehicle power battery installed capacity in vehicles surged by 65.3% year-on-year. The growth rate of commercial vehicle batteries is significantly higher than the global average level of the power battery market, showing outstanding growth resilience.

The new energy power battery industry has currently entered a scaled stock competition, with leading companies firmly occupying the mainstream passenger car market share. Facing the industry landscape, EVE Energy did not blindly follow the red ocean competition in passenger cars, but precisely focused on two differentiated tracks: commercial vehicle batteries and 46-series large cylindrical batteries, respectively relying on scaled installation advantages and high-end customer breakthroughs to build its own growth barriers.

Commercial vehicles have the characteristics of high operating frequency, large electricity storage per vehicle, and long service cycles. Compared to ordinary passenger cars, fleet users value battery life, fast charging efficiency, and total lifecycle usage costs more, and battery performance directly determines operational returns. Relying on targeted technical R&D, EVE Energy has created a commercial vehicle exclusive "open-source battery", continuously optimizing in dimensions such as long life, fast charging performance, low-temperature adaptation, and intelligent diagnosis, precisely matching the operational scenario needs of commercial vehicles.

With excellent product adaptability, the company is deeply bound with top commercial vehicle clients, currently covering 90% of the top 10 OEM manufacturers in the domestic commercial vehicle market, achieving full coverage of the top 10 heavy truck clients. The products fully adapt to all categories of commercial vehicles such as micro vans, light trucks, heavy trucks, buses, and construction machinery, firmly holding the first echelon of commercial vehicle batteries.

If commercial vehicle batteries have built a solid foundation for the company, large cylindrical batteries are their core grip on entering the global high-end passenger car market. In the first half of 2026, EVE Energy's 46-series large cylindrical batteries officially entered the stage of scale delivery, successfully becoming the first battery supplier for BMW's new generation models, while continuing to support domestic all-new passenger car models. This product has extreme performance advantages, achieving 300 kilometers of range with a 10-minute fast charge, and can discharge stably in -35°C low-temperature environments, showing outstanding product competitiveness.

Large cylindrical batteries are recognized by the industry as the core route for next-generation power batteries, but from technology landing to stable mass production, multiple difficulties such as yield control, manufacturing efficiency, and product consistency need to be tackled. The BMW mass production project not only brings stable orders to the company but also realizes the automotive-grade, scaled practical verification of large cylindrical batteries, becoming a core sample case for the company to expand the global high-end automotive supply chain.

Overall, at this stage, commercial vehicle batteries provide certain installation increments, while large cylindrical batteries continue to optimize the passenger car customer structure and product value-added. The joint force of these two tracks will directly determine EVE Energy's space for ranking improvement in the global power battery industry.

02.

Scale Release Plus Capacity Expansion, Profitability and Cash Flow Pressure Emerge Prominently

Behind the high-speed business growth, EVE Energy is facing significant profitability and cash flow pressures, and growth quality needs repair. Data shows that the company's power battery shipment volume increased by 66.47% year-on-year, but the corresponding revenue growth rate was only 53.31%. Revenue per watt continues to decline, and the product profit space is continuously compressed.

The pressure on the profit side is obvious. In the first half of 2026, the gross margin of the company's power battery business dropped to 16.19%, a year-on-year decline of 2.97 percentage points; the gross margins of consumer batteries and energy storage batteries also dropped to varying degrees, driving the company's comprehensive gross margin down from 17.33% to 14.31%.

The decline in gross margin this round is mainly influenced by the superposition of three factors: the rebound in upstream raw material prices, price involution triggered by industry overcapacity, and the ramp-up of new capacity. For battery companies expanding capacity quickly, before new production lines achieve stable yields and high capacity utilization rates, they need to continue bearing fixed costs such as equipment depreciation, personnel salaries, and production line debugging. Although shipment releases can amortize some expenses, it is difficult to fully offset the profit losses brought by cost increases and product price cuts.

Cash flow indicators further highlight operational pressures. In the first half of 2026, the net cash flow from operating activities was -388 million yuan, turning from positive to negative year-on-year (2.373 billion yuan in the same period last year); during the same period, the company's construction expenditure on long-term assets such as fixed assets and intangible assets reached 5.343 billion yuan. Operating gaps plus capital expenditure jointly created a fund pressure of about 5.7 billion yuan.

The sharp rise in inventory is the core reason for the deterioration of cash flow. As of the end of June 2026, the company's net inventory reached 15.422 billion yuan, increasing by 87.16% significantly compared to the end of 2025. From the perspective of inventory structure, the book balance of raw materials increased by 2.5 billion yuan, semi-finished products and inventory products increased by 1.6 billion yuan and 2.5 billion yuan respectively. The growth of inventory stems from the company's strategic stocking and early locking of raw material sources on one hand, and from the acceleration of production stocking scale on the other hand due to capacity expansion and order delivery rhythm.

The profit end shows a structural differentiation feature. In the first half of the year, the company's non-recurring profit and loss was 850 million yuan, including 394 million yuan in equity swap gains and large government subsidies, superimposed with 1.183 billion yuan in investment income (accounting for 31.91% of total profit), forming positive support for profits. After deducting one-time gains, the company's net profit after deducting non-recurring items still reached 2.451 billion yuan, a year-on-year increase of 111.89%, and the main business profitability resilience remains. At the same time, the growth rate of the company's sales and management expenses is significantly lower than the revenue growth rate. The scale effect continues to be released, and the expense control ability is steadily improved.

In summary, the company's half-year report presents a typical "scale increases, efficiency rises, profitability is weak, cash flow is poor" pattern: the power battery business scale continues to break through, and refined management effectiveness has appeared, but industry competition and capacity expansion cycle pressures have led to gross margins and operating cash flows not being repaired synchronously.

03.

Start a High-Quality Growth Cycle

After continuous layout, EVE Energy has built a product matrix covering square lithium iron phosphate, ternary soft packs, large cylinders, and hybrid batteries, with comprehensive and balanced technical layout. Global capacity layout is advancing steadily. The Malaysia production base has been landed and put into production, and the Hungary power battery factory is being built in an orderly manner. Overseas localized capacity can help the company get closer to global mainstream automakers, effectively avoid tariff barriers, and adapt to supply chain compliance requirements, laying a solid foundation for globalization expansion.

Frontier technology R&D is also speeding up. The company has laid out the all-solid-state battery track in advance. In March 2026, the "Longquan No. 4" 60Ah all-solid-state battery went offline smoothly and is planned to be primarily equipped with hybrid vehicles. Currently, solid-state batteries are still in the product verification stage and are difficult to contribute revenue in the short term. In the future, commercial vehicle batteries and large cylindrical batteries will still be the core forces determining the upper limit of the company's power battery business.

The current power battery industry has said goodbye to the rough development stage of simply competing in capacity expansion and scale. Leading companies continue to squeeze the industry profit space with their huge customer base and extreme manufacturing scale. Automotive manufacturers' cost reduction requests continue to transmit to the upstream battery end. Simple capacity expansion can only improve delivery capabilities and cannot continuously improve profitability.

In the next stage, EVE Energy's core proposition will shift from "scaling up" to "realizing profits". The subsequent core observation dimensions focus on four points:

First, whether the gross margin of power batteries can stabilize and rebound to repair the profitability fundamentals;

Second, whether commercial vehicle and large cylindrical high-end products can continue to increase volume, optimize the overall product structure, and increase the proportion of high-margin products;

Third, whether high-level inventory can be smoothly digested to improve operating cash flow and alleviate fund pressure;

Fourth, relying on the BMW benchmark project, continuously expand more international automaker mass production orders, and convert the technical advantages of large cylindrical batteries into sustainable revenue and profit increments.

The performance in the first half of 2026 has fully verified that EVE Energy has the core capability for large-scale and stable delivery of power batteries. In the future, whether the company can achieve high-quality development with stable profitability and abundant cash flow on the basis of continuous scale growth will determine its long-term position and growth space in the global power battery track.

Pada separuh tahun pertama 2026, EVE Energy telah mengeluarkan laporan separuh tahun dengan pertumbuhan yang mengagumkan.

Semasa tempoh pelaporan, syarikat mencatatkan pendapatan sebanyak 45.691 bilion yuan, meningkat 62.20% berbanding tahun lalu; laba bersih yang layak kepada pemegang saham bersekutu ialah 3.301 bilion yuan, meningkat 105.66%. Di antaranya, pendapatan bateri kuasa 17.278 bilion yuan, melebihi bateri penyimpanan tenaga dan bateri pengguna, menjadi perniagaan utama syarikat.

Di luar keuntungan yang berlipat ganda, perkara yang lebih menarik perhatian ialah perubahan dalam penghantaran bateri kuasa. Pada separuh tahun pertama, penghantaran bateri kuasa EVE Energy ialah 35.76 GWh, meningkat 66.47% berbanding tahun lalu; pada tempoh yang sama, jumlah pemasangan bateri kuasa global meningkat kira-kira 20%. EVE Energy menyatakan bahawa jumlah pemasangan bateri kuasa mereka telah meningkat ke tempat ketujuh di dunia.

01.

Terobosan Dua Laluan Membuka Ruang Pertumbuhan

EVE Energy bermula dalam bidang bateri pengguna, bateri lithium asal, bateri litium kecil dan bateri silinder adalah blok tradisional yang menjadi kekuatan syarikat. Bersama-sama dengan kenderaan tenaga baharu dan industri penyimpanan tenaga yang berkembang pesat,重心 strategi syarikat berterusan condong ke arah bateri kuasa dan penyimpanan tenaga, struktur perniagaan mencapai升级 asas.

Data prestasi separuh tahun 2026 mengesahkan kesan peralihan: pendapatan bateri pengguna syarikat 6.411 bilion yuan, hanya 14% daripada jumlah jualan; pendapatan bateri kuasa, bateri penyimpanan tenaga masing-masing 17.278 bilion yuan, 15.094 bilion yuan, dua blok terbitan bersama menyumbang hampir 70% pendapatan, di mana bateri kuasa secara rasmi menaiki takhta perniagaan utama syarikat, menjadi piatar ukur teras untuk mengukur daya saing teras perusahaan.

Pertumbuhan pemasangan kukuh, dan mencatatkan pertumbuhan leading industri. Pada separuh tahun pertama, jumlah pemasangan bateri kuasa kereta persendirian EVE Energy meningkat 40.4% berbanding tahun lalu, jumlah pemasangan bateri kuasa kenderaan niaga meningkat pesat 65.3% berbanding tahun lalu, pertumbuhan bateri kenderaan niaga jelas lebih tinggi daripada purata pasaran bateri kuasa global, daya tahan pertumbuhan menonjol.

Semasa industri bateri kuasa kenderaan tenaga baharu kini memasuki persaingan存量 berskala, syarikat berunggul telah kukuh mendominasi pasaran utama kereta persendirian. Berhadapan dengan corak industri, EVE Energy tidak secara membuta tuli mengikuti persaingan merah lautan kereta persendirian, tetapi fokus tepat pada kenderaan niaga bateri, 46 sistem bateri silinder besar dua laluan beza, masing-masing bergantung kepada kelebihan pemasangan berskala dan突破 pelanggan高端, membina tembok pertahanan pertumbuhan sendiri.

Kenderaan niaga mempunyai ciri kekerapan operasi yang tinggi, jumlah tenaga per kenderaan besar, tempoh perkhidmatan lama, berbanding dengan kereta persendirian biasa, pengguna stesen lebih menekankan jangka hayat bateri, kecekapan pengecasan pantas dan kos penggunaan kitaran hayat penuh, prestasi bateri menentukan hasil operasi. Bergantung kepada pembangunan teknologi yang disasarkan, EVE Energy telah menciptakan bateri eksklusif "Sumber Terbuka" untuk kenderaan niaga, dalam dimensi jangka hayat panjang, prestasi pengecasan pantas, adaptasi suhu rendah, diagnosis pintar berterusan mengoptimumkan, padan tepat dengan keperluan skenario operasi kenderaan niaga.

Berdasarkan keupayaan penyesuaian produk yang baik, syarikat mengikat pelanggan utama kenderaan niaga, kini telah meliputi 90% pelanggan kilang utama TOP10 kenderaan niaga dalam negara, mencapai meliputi penuh pelanggan TOP10 trak berat, produk secara menyeluruh padan dengan kenderaan niaga semua kategori seperti bas kecil, trak ringan, trak berat, bas dan peralatan kejuruteraan, kekal di barisan pertama bateri kenderaan niaga.

Jika bateri kenderaan niaga membina tapak asas syarikat, bateri silinder besar adalah pemegang utama untuk memasuki pasaran kereta persendirian bahagian tinggi global. Pada separuh tahun pertama 2026, bateri silinder besar sistem 46 EVE Energy secara rasmi memasuki fasa penghantaran berskala, berjaya menjadi pembekal bateri pelancaran model generasi baharu BMW, pada masa yang sama berterusan menyokong model kereta persendirian baharu dalam negara. Produk ini mempunyai kelebihan prestasi akhir, boleh mencapai 10 minit pengecasan pantas jarak 300 km, dan boleh stabil memancar dalam persekitaran suhu rendah -35℃, daya saing produk menonjol.

Bateri silinder besar diakui industri sebagai laluan teras bateri kuasa generasi akan datang, tetapi daripada pelaksanaan teknologi kepada stabil pengeluaran kuantiti, perlu menguasai pelbagai masalah seperti kawalan kadar baik, kecekapan pembuatan, konsistensi produk, dsb. Projek kuantiti BMW tidak hanya memberi pesanan stabil kepada syarikat, tetapi juga mencapai pengesahan praktikal bateri silinder besar standard kenderaan, berskala, menjadi contoh teras teras untuk syarikat mengembangkan bekalan kenderaan bahagian tinggi global.

Secara keseluruhan, pada masa kini bateri kenderaan niaga memberikan peningkatan pemasangan yang pasti, bateri silinder besar berterusan mengoptimumkan struktur pelanggan kereta persendirian dan nilai tambah produk, dua laluan utama berserlah berserlah, akan secara langsung menentukan ruang peningkatan kedudukan EVE Energy dalam industri bateri kuasa global.

02.

Peletakan Skala Bertambah dengan Pengeluaran, Tekanan Keuntungan dan Aliran Tunai Terlihat Jelas

Di sebalik pertumbuhan perniagaan yang pesat, EVE Energy sedang menghadapi tekanan keuntungan dan aliran tunai yang ketara, kualiti pertumbuhan perlu dipulihkan. Data menunjukkan, jumlah penghantaran bateri kuasa syarikat meningkat pesat 66.47% berbanding tahun lalu, tetapi jumlah peningkatan pendapatan yang sepadan hanya 53.31%, pendapatan pengeluaran per watt berterusan menurun, ruang keuntungan produk terus dimampatkan.

Tekanan hujung keuntungan jelas. Pada separuh tahun 2026, margin kasar perniagaan bateri kuasa syarikat menurun ke 16.19%, turun 2.97 poin peratus berbanding tahun lalu; margin kasar bateri pengguna, bateri penyimpanan tenaga serentak berbeza程度 turun, mendorong margin kasar komprehensif syarikat dari 17.33% ke 14.31%.

Pengurangan margin kasar pada pusingan ini, terutamanya disebabkan oleh harga bahan mentah hulu kembali naik, persaingan harga yang dipicu oleh berlebihan产能 industri, tiga faktor serentak ditambah faktor kenaikan kapasiti baru. Bagi syarikat bateri yang mengeluarkan产能 dengan cepat, talian baru sebelum mencapai kadar baik stabil dan kegunaan产能 tinggi, perlu berterusan menanggung kos tetap seperti penyusutan peralatan, gaji kakitangan, penyelarasan talian, jumlah pengeluaran walaupun boleh mengurangkan sebahagian kos, tetapi sukar sepenuhnya mengimbangi kerugian keuntungan yang dibawa oleh kenaikan kos dan penurunan harga produk.

Indikator aliran tunai semakin menonjolkan tekanan operasi. Pada separuh tahun 2026, jumlah bersih aliran tunai aktiviti operasi syarikat ialah -388 juta yuan, berubah dari positif ke negatif berbanding tahun lalu (tahun sebelumnya 2.373 bilion yuan); pada tempoh yang sama, perbelanjaan pembinaan aset jangka panjang syarikat seperti aset tetap, aset tidak berwujud sebanyak 5.343 bilion yuan, kekurangan operasi ditambah kos modal, secara keseluruhannya membentuk tekanan dana kira-kira 5.7 bilion yuan.

Kenaikan besar dalam inventori adalah sebab utama kemerosotan aliran tunai. Sehingga akhir Jun 2026, jumlah bersih inventori syarikat mencapai 15.422 bilion yuan, meningkat pesat 87.16% berbanding akhir 2025. Dari struktur inventori, baki buku bahan mentah meningkat 2.5 bilion yuan, separuh siap, barang siap simpanan masing-masing meningkat 1.6 bilion yuan, 2.5 bilion yuan, pertumbuhan inventori satu pihak berasal dari pembelian bahan strategik syarikat, mengunci sumber bahan awal, satu pihak lagi berasal daripada ekspansi产能, mempercepatkan irama penghantaran pesanan, skala pembelian pengeluaran juga meningkat serentak.

Hujung keuntungan menunjukkan ciri perbezaan struktur. Pada separuh tahun pertama, keuntungan bukan biasa syarikat 850 juta yuan, termasuk 394 juta yuan pendapatan pertukaran hak dan subsidi kerajaan besar, ditambah 1.183 bilion yuan hasil pelaburan (mewakili 31.91% jumlah untung), membentuk sokongan positif terhadap keuntungan. Menyingkirkan keuntungan sekali lepas, laba bersih dikurangkan syarikat masih mencapai 2.451 bilion yuan, meningkat 111.89% berbanding tahun lalu, daya tahan keuntungan utama masih ada. Pada masa yang sama, perbelanjaan penjualan, pengurusan syarikat pertumbuhan jauh lebih rendah daripada pertumbuhan jualan, kesan skala berterusan dibebaskan, kemampuan pengurusan kos terus meningkat.

Ringkasnya, laporan separuh tahun syarikat menunjukkan corak klasik "pertumbuhan skala, peningkatan kecekapan, keuntungan lemah, aliran tunai buruk": perniagaan bateri kuasa berterusan突破, kesan pengurusan halus kelihatan, tetapi tekanan persaingan industri dan kitaran pengeluaran, menyebabkan margin kasar, aliran tunai operasi belum serentak dipulihkan.

03.

Memulakan Kitaran Pertumbuhan Berkualiti Tinggi

Melalui penempatan berterusan, EVE Energy telah membina matriks produk meliputi bateri besi fosfat kotak, sarung soft trioksida, silinder besar, bateri hibrid lengkap, layout teknologi komprehensif dan seimbang. Layout产能 global terus maju, tapak pengeluaran Malaysia telah mendarat dan beroperasi, kilang bateri kuasa Hungary dibina secara teratur,产能 setempat luar negara boleh membantu syarikat mendekati kereta majoriti global, elakkan sekatan tarif, padan keperluan kepatuhan bekalan, membina asas yang kukuh untuk pengembangan global.

Pembangunan dan penyelidikan teknologi teraju serentak dipercepatkan, syarikat telah layout awal laluan bateri pepejal penuh, Mac 2026 "Longquan No. 4" 60Ah bateri pepejal penuh dengan lancar keluar barisan, dirancang untuk disokong kereta hibrid terlebih dahulu. Pada masa ini bateri pepejal masih dalam fasa pengesahan produk, jangka pendek sukar memberikan pendapatan, dalam masa akan datang, bateri kenderaan niaga dan bateri silinder besar akan menjadi daya teras yang menentukan batas atas perniagaan bateri kuasa syarikat.

Semasa industri bateri kuasa kini telah meninggalkan fasa pembangunan kasar yang hanya bersaing pengeluaran kapasiti, berskala. Syarikat berunggul berdasarkan asas pelanggan besar dan ukuran pembuatan akhir terus menekan ruang keuntungan industri, permintaan pengurangan kos kereta terusan ke hulu baterai. Pengembangan kapasiti semata-mata hanya boleh meningkatkan kemampuan penghantaran, tidak boleh berterusan memperbaiki tahap keuntungan.

Fasa seterusnya, isu teras EVE Energy akan beralih dari "membesarkan skala" kepada "menepati keuntungan". Dimensi pemerhatian teras seterusnya tertumpu pada empat perkara:

Pertama, adakah margin kasar bateri kuasa boleh stabil dan pulih, memulaskan asas keuntungan;

Kedua, adakah produk bahagian tinggi kenderaan niaga, silinder besar boleh berterusan memberikan kuantiti, mengoptimumkan struktur produk keseluruhan, meningkatkan nisbah produk margin kasar tinggi;

Ketiga, adakah inventori tinggi boleh dicerna dengan lancar, memperbaiki aliran tunai operasi, melegakan tekanan dana;

Keempat, bergantung pada projek rujukan BMW, perluасkan lebih banyak pesanan kuantiti kereta antarabangsa, ubah kelebihan teknologi bateri silinder besar kepada pendapatan dan tambahan keuntungan yang boleh berterusan.

Prestasi separuh tahun 2026 telah mengesahkan sepenuhnya EVE Energy mempunyai kemampuan hard bateri kuasa pengeluaran berskala, stabil penghantaran. Pada masa hadapan, sama ada syarikat dapat pada asas pertumbuhan skala berterusan, mencapai keuntungan stabil, aliran tunai penuh perkembangan berkualiti tinggi, akan menentukan kedudukan jangka panjang dan ruang pertumbuhan dalam laluan bateri kuasa global.