EVE Energy (300014) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 12.80 billion, up 37.34% year-over-year, with net profit attributable to shareholders at RMB 1.10 billion, up 3.32%.

• Excluding non-recurring items, net profit rose 16.60% year-over-year to RMB 817.72 million.

• Strong growth in energy storage and power battery shipments, with energy storage up 80.54% and power batteries up 57.58% year-over-year.

Financial highlights

• Operating cash flow turned positive to RMB 892 million from negative RMB 1.75 billion a year ago.

• Basic EPS was RMB 0.54, up 3.85% year-over-year; diluted EPS was RMB 0.53.

• Total assets increased 7.54% from year-end to RMB 108.50 billion; equity attributable to shareholders rose 3.01% to RMB 38.71 billion.

• Gross margin remained stable despite higher costs; operating costs rose 37.45% in line with revenue growth.

Outlook and guidance

• Energy storage and power battery businesses expected to maintain high growth, supported by strong product quality and stable deliveries.

• Market share in new energy commercial vehicles reached 13.41%, ranking second domestically.