EVE Energy’s adjusted net profit increased by 19.32% YoY in H1 2024

Shanghai (Gasgoo)- On August 22, Chinese consumer energy and battery supplier EVE Energy Co., Ltd. (“EVE Energy“) published its half-yearly financial report for 2024.

The company reported revenue of 21.659 billion yuan for the first half of the year, down 5.73% year-on-year. Net profit attributable to shareholders was 2.137 billion yuan, down 0.64% from the same period last year. However, net profit excluding one-time gains and losses was 1.499 billion yuan, up a significant 19.32% year-on-year. Basic earnings per share was 1.04 yuan for the period.

EVE Energy’s R&D expenses in the first half of 2024 were 1.468 billion yuan, up 16.42% year-on-year, accounting for 6.78% of total revenue. The company reported receivables of 12.503 billion yuan for the period, accounting for 12.64% of its total assets.

In line with its 2024 operating strategy focusing on “precise management” and emphasizing quality, EVE Energy’s core business segments of power batteries and energy storage batteries achieved good results during the reporting period.

Specifically the company‘Power battery shipments reached 13.54GWh, up 7.03% year-on-year, generating revenue of 8.994 billion yuan. Energy storage battery shipments more than doubled, increasing 133.18% year-on-year to 20.95GWh, with revenue reaching 7.774 billion yuan. Remarkably, the gross margin for energy storage batteries was 14.38%, compared with 11.45% for power batteries.

In the power battery sector, EVE Energy saw rapid growth in shipments of new energy-powered commercial vehicles. According to the China Automotive Power Battery Industry Innovation Alliance, EVE Energy ranked second in domestic shipments of new energy-powered commercial vehicles from January to June, with a market share of 13.59%.

In the case of energy storage batteries, EVE Energy‘The company’s capacity utilization has steadily increased, with shipments increasing by 133.18% year-on-year, further boosting its market share.

To expand its global presence, EVE Energy has introduced a new business model, the “CLS Global Cooperative Operating Model,” which leverages an asset-light operating approach to complement its existing battery business and industrial collaboration. CLS stands for “co-development,” “license,” and “service.” The model has been incorporated into five key strategic business units.

During the reporting period, EVE Energy‘The first CLS project, Amplify Cell Technologies LLC (ACT), has successfully launched in Mississippi, USA. This joint venture, founded by EVE‘Wholly owned subsidiary EVE USA, in partnership with Daimler Truck, PACCAR and Electrified Power, plans to produce prismatic lithium iron phosphate batteries primarily for the North American commercial vehicle market, with an annual production capacity of approximately 21 GWh. The three foreign partners and their subsidiaries are expected to be major customers, purchasing the majority of the plant‘Exit.