亿纬锂能2025年度报告深度解读：业绩增长、技术突破与全球布局

核心亮点梳理

• 营业收入大幅增长：2025年营业收入达到614.70亿元，同比增长26.44%。
• 归属股东净利润：净利润为41.34亿元，扣除非经常性损益后净利润30.96亿元，剔除股权激励影响后净利润同比增长24.76%。
• 动力电池出货量爆发：动力电池出货量达50.15GWh，同比增长65.56%；储能电池出货量71.05GWh，同比增长40.84%，核心业务规模与效益同步提升。
• 消费电池业务：锂锰原电池、锂亚硫酰氯电池、电池电容器（SPC）三项产品获“国家级制造业单项冠军产品”称号，小圆柱电池出货量稳居国内第一。
• 动力电池业务：开源电池3.0已量产，合作项目超50个，助力商用车出货量国内第二。大圆柱电池战略领先，已成为国际头部车企下一代电动车型首发电池供应商。
• 储能电池业务：全球首家量产600Ah+大方形磷酸铁锂储能电池，628Ah储能大电池全球百兆瓦时级电站首次应用，储能电池出货量稳居全球前二。
• 全球合作经营模式（CLS）落地：国内外CLS项目均达成年度合作目标，具备规模化发展能力，产业链协同深化，海外项目稳步推进。
• 前沿技术布局：固态电池100MWh量产基地规划，龙泉系列固态电池产品下线，钠离子电池储能系统已投入运行，亿纬钠能总部动工建设，规划年产能2GWh。
• 全球制造与服务体系：马来西亚、匈牙利海外基地建设，国内多地扩产，数字化2.0转型提升运营效率与产品质量。
• 分红方案：每10股派发现金红利2.45元（含税），送红股0股。
• 债券情况：发行绿色中期票据与可转换债券，主体及债券评级“AA+”，评级展望稳定。
• 股东结构：第一大股东西藏亿纬控股持股31.35%，主要股东之间存在关联关系。

对股东和投资者的影响及价格敏感信息

• 业绩持续增长、利润释放：公司营收和净利润持续增长，特别是动力电池与储能电池出货量大幅提升，显示公司在新能源赛道的竞争力与盈利能力。
• 新技术与前沿产品商业化：固态电池、钠离子电池等前沿技术加速产业化，有望抢占下一代电池技术制高点，推动公司长期价值提升。
• 全球合作模式（CLS）落地：CLS模式实现规模化扩张，轻资产扩产与利润增长，海外项目进展顺利，助力全球化战略。
• 大客户绑定与新市场突破：成为国际头部车企大圆柱电池首发供应商，储能电池与澳大利亚EVO Power、洛希能源达成战略合作，全球交付能力增强。
• 产能扩张与全球布局：规划新增约260GWh大铁锂产能，国内外多地建设进展顺利，支撑未来业绩高增长。
• 分红政策与债券评级：分红方案稳定，债券评级“AA+”，显示公司财务状况稳健。
• 医疗电池国产化突破：异形植入式医疗电池实现国产化，行业标准制定参与，推动医疗电池市场进一步扩展。

详细业务板块分析

消费电池业务

亿纬锂能在消费电池领域技术领先，产品覆盖智能表计、汽车电子、智能安防、智慧医疗、定位追踪、资源监测、机器人、飞行器等。锂原电池（锂亚硫酰氯、锂锰电池等）、小型锂离子电池（软包、豆式、针式、方形钢壳）、圆柱电池（18650/21700/33135/40130/46137）均具备强大市场竞争力。公司与国内外头部企业深度合作，电子雾化器、可穿戴设备、无人机、智能家居等新兴消费市场持续突破。低空经济领域为首家通过AS9100D航天体系认证的电池企业，已实现无人机电池量产交付。异形植入式医疗电池国产化突破，参与行业标准制定，医疗电池获ISO13485认证，全面满足高端医疗设备需求。

动力电池业务

亿纬锂能动力电池主攻三元和磷酸铁锂两大体系，产品包括方形磷酸铁锂、软包三元、方形三元、大圆柱电池、模组、BMS、低压及高压电池系统。乘用车解决方案覆盖多种车型，商用车开源电池3.0量产，合作项目超50个，具备“充电更快、重量更轻、寿命更长、收益更优”四大核心优势。2025年动力电池全球出货量排名第六，商用车装车量国内第二。大圆柱电池战略提前布局，率先量产，成为国际头部车企下一代电动车型首发电池供应商。

储能电池业务

储能电池产品包括600Ah+大方形电池、方形磷酸铁锂、圆柱铁锂、钠离子电池，拥有电芯、模组、系统到BMS全产品解决方案及用户侧储能智慧运营服务。公司是全球首家量产600Ah+储能电池企业，628Ah储能大电池Mr.Big系统性突破，已在百兆瓦时级电站大规模应用。储能电池出货量全球前二，与澳大利亚EVO Power、洛希能源达成战略合作，开启全球规模化交付。钠离子电池储能系统投入运行，亿纬钠能总部项目动工，规划年产能2GWh。

全球合作模式（CLS）

CLS全球合作经营模式实现国内外规模化发展，合作研发、技术授权、服务支持模式推动产能扩充与利润增长。国内重点聚焦储能领域，海外项目覆盖北美、欧洲，服务范围和收益持续扩大，轻资产扩张与利润共享，产业链协同深化。CLS业务成为公司未来增长新动力。

前沿技术布局

公司规划建设100MWh固态电池量产基地，龙泉系列固态电池产品下线，抢占下一代电池技术制高点。钠离子电池储能系统投入运行，无液冷钠离子电池系统拓展高温、高寒、高湿等多场景应用。亿纬钠能总部动工，规划年产能2GWh。

全球制造与服务体系

国内外多地生产基地建设进展顺利，马来西亚、匈牙利海外基地提升全球交付能力。数字化2.0转型提升运营效率与产品质量，支撑全球化战略与高增长目标。

分红与债券

分红方案为每10股派发现金红利2.45元（含税），送红股0股。公司发行绿色中期票据与可转换债券，主体及债券评级“AA+”，评级展望稳定，财务结构稳健。

股东结构

第一大股东西藏亿纬控股持股31.35%；主要股东之间存在关联关系。公司股权结构稳定，暂无表决权差异安排。

投资者须关注的重要价格敏感信息

• 动力电池与储能电池出货量大幅提升，业绩持续高增长。
• 全球首家量产600Ah+储能电池，技术突破带来新市场空间。
• 固态电池、钠离子电池等前沿技术加速产业化，抢占下一代电池赛道。
• CLS全球合作模式规模化落地，海外项目进展顺利，利润与产能扩张。
• 国际头部车企大圆柱电池首发供应商，全球交付能力增强。
• 医疗电池国产化突破，行业标准制定，拓展高端医疗市场。
• 产能扩张规划新增260GWh大铁锂产能，国内外基地建设加速。
• 分红方案稳定，债券评级“AA+”，财务稳健。

免责声明

本分析仅供参考，不构成任何投资建议。投资者应根据自身实际情况，结合公司公告及相关信息，理性判断。公司业绩及未来发展受市场环境、政策、技术等多重因素影响，股价可能存在波动风险。请投资者注意风险，谨慎决策。

English Version

EVE Energy 2025 Annual Report Deep Dive: Revenue Growth, Technology Breakthroughs & Global Expansion

Key Highlights

• Significant Revenue Growth: 2025 revenue reached RMB 61.47 billion, up 26.44% YoY.
• Net Profit: Net profit attributable to shareholders was RMB 4.13 billion; net profit after non-recurring items was RMB 3.10 billion. Excluding equity incentive costs, net profit grew 24.76% YoY.
• Explosive Battery Shipments: Power battery shipments hit 50.15 GWh (+65.56% YoY); energy storage battery shipments 71.05 GWh (+40.84% YoY), with core business scale and profitability rising.
• Consumer Battery Business: Lithium manganese primary batteries, lithium-thionyl chloride batteries, and SPC capacitors won national single champion product awards; small cylindrical battery shipment ranked No.1 in China.
• Power Battery Business: “Open Source Battery 3.0” in mass production with 50+ cooperation projects; commercial vehicle shipments ranked 2nd in China. Strategic leadership in large cylindrical batteries, becoming the launch supplier for top international automakers.
• Energy Storage Business: First globally to mass-produce 600Ah+ large prismatic LFP batteries; 628Ah batteries deployed in 100MWh+ power stations, shipments ranked top 2 worldwide.
• Global Cooperation Model (CLS): CLS projects achieved annual targets in China and overseas, enabling scalable growth and industry chain synergy. Overseas projects progressing smoothly.
• Frontier Tech Layout: 100MWh solid-state battery base planned; Longquan series solid-state products launched; sodium-ion storage systems operational, EVE Sodium headquarters under construction (2GWh planned).
• Global Manufacturing & Service: Malaysia, Hungary bases expand global capacity; domestic sites grow, digital 2.0 upgrade boosts efficiency & quality.
• Dividend Policy: RMB 2.45 cash dividend per 10 shares (tax inclusive), no bonus shares.
• Bond Situation: Issued green MTN & convertible bonds, both rated AA+ with stable outlook.
• Shareholding Structure: Largest shareholder EVE Holdings owns 31.35%; key people have related holdings.

Shareholder and Investor Impact / Price-Sensitive Information

• Continued growth & profit release: Robust revenue and profit growth, especially from power/energy storage batteries, showing strong competitiveness and profitability in new energy.
• Commercialization of new tech: Accelerated industrialization of solid-state and sodium-ion batteries, likely to secure next-gen battery leadership and boost long-term value.
• Global CLS partnership model: Scalable expansion via CLS, asset-light growth and profit sharing, overseas progress solid, aiding global strategy.
• Major client binding & new market breakthroughs: Launch supplier for international automakers (large cylindrical cells), global delivery capability enhanced; energy storage partnerships with Australia’s EVO Power & Luoxi Energy.
• Capacity expansion & global layout: Plans for 260GWh LFP capacity expansion, domestic & overseas base progress supports future high growth.
• Stable dividend & bond rating: Reliable dividend, AA+ bond rating, showing financial stability.
• Medical battery breakthrough: Domestic breakthrough in irregular implantable medical batteries, industry standards leadership, further expansion into high-value medical market.

Detailed Business Segment Analysis

Consumer Battery Business

EVE Energy leads in consumer battery technology: products serve smart meters, automotive electronics, security, medical, asset tracking, robotics, UAVs, etc. Lithium primary cells (thionyl chloride, manganese), small li-ion cells (soft pack, bean, needle, steel shell), cylindrical cells (18650/21700/33135/40130/46137) all have strong market competitiveness. Deep partnerships with top global players in e-vapor, wearables, drones, smart home, etc. First in China to pass AS9100D aerospace certification; mass delivery of drone batteries. Domestic breakthrough in irregular implantable medical batteries, participation in industry standards, ISO13485 certified, meeting high-end medical needs.

Power Battery Business

EVE’s power batteries focus on ternary and LFP systems, with products including prismatic LFP, pouch ternary, prismatic ternary, large cylindrical cells, modules, BMS, low/high voltage systems. Passenger car solutions fit multiple models; commercial vehicle “Open Source 3.0” mass-produced (50+ projects), with four core strengths: faster charge, lighter weight, longer life, better value. 2025 global power battery shipments ranked 6th; commercial vehicle installations ranked 2nd in China. Strategic leadership in large cylindrical cells, first to mass-produce, launch supplier to top automakers.

Energy Storage Battery Business

Energy storage products include 600Ah+ prismatic, LFP, cylindrical, sodium-ion cells, with full-stack solutions and smart operation services. First globally to mass-produce 600Ah+ cells, 628Ah Mr.Big batteries deployed in 100MWh+ stations. Top 2 global shipments, strategic partnerships with EVO Power (AU) and Luoxi Energy. Sodium-ion storage system operational; EVE Sodium HQ construction started (2GWh planned).

Global Cooperation Model (CLS)

CLS model enables scalable growth domestically and overseas via R&D, tech licensing, and service support. Domestic focus on energy storage, overseas projects in North America and Europe, asset-light expansion and profit sharing. CLS is a new engine for future growth.

Frontier Tech Layout

100MWh solid-state battery base planned, Longquan series launched, aiming for next-gen leadership. Sodium-ion storage system operational, no-liquid cooling system for harsh environments. EVE Sodium HQ under construction (2GWh).

Global Manufacturing & Service

Multiple domestic & overseas bases progressing, Malaysia/Hungary sites boost global delivery. Digital 2.0 upgrade lifts efficiency and quality, supporting growth and strategy.

Dividend & Bonds

Dividend: RMB 2.45 per 10 shares (tax inclusive), no bonus shares. Green MTN and convertible bonds issued, both rated AA+ with stable outlook, showing financial strength.

Shareholding Structure

Largest shareholder EVE Holdings owns 31.35%; main shareholders are related. No differential voting arrangements; stable shareholding structure.

Price-Sensitive Information Investors Must Watch

• Strong growth in power & energy storage battery shipments.
• First globally to mass-produce 600Ah+ storage batteries, technical breakthroughs opening new markets.
• Solid-state and sodium-ion batteries accelerating commercialization, securing next-gen battery leadership.
• CLS global partnership model scalable, overseas projects progressing, boosting profits and capacity.
• Launch supplier to major automakers for large cylindrical cells, enhanced global delivery.
• Medical battery domestic breakthrough and industry standards leadership.
• Planned 260GWh LFP capacity expansion, accelerating domestic & overseas base construction.
• Stable dividend, AA+ bond rating, strong financials.

Disclaimer

This analysis is for reference only and does not constitute any investment advice. Investors should evaluate based on their own circumstances, company disclosures, and relevant information. Company performance and future development are affected by market, policy, and technology factors; share prices may fluctuate. Please be aware of risks and make decisions prudently.

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