Select Language:
Shares of Eve Energy surged after the leading Chinese battery manufacturer announced that its profits for the last quarter could have increased by up to 35%. The company attributed this growth to its effective management of material cost fluctuations through a diversified supply chain, strategic procurement planning, and careful use of financial instruments.
As of midday in Shenzhen, the company’s stock rose 6%, reaching CNY64.33 (approximately USD9.38) per share. The firm, based in Huizhou, projected that net profits for the three months ending March 31 ranged from CNY1.4 billion to CNY1.5 billion (around USD204.2 million to USD218.7 million), a 25% to 35% increase from the previous year. Excluding non-recurring gains and losses, earnings likely jumped between 30% and 40%, totaling between CNY1.06 billion and CNY1.15 billion.
Eve Energy highlighted its proactive approach to market opportunities in the first quarter by focusing on product updates, service enhancements, and process improvements. Furthermore, the company announced plans to partner with local governments in Jiangsu and Fujian provinces to build energy storage battery plants with capacities of 50 and 60 gigawatt-hours, respectively. The total investments are estimated at CNY5 billion and CNY6 billion, with the second project potentially involving third-party investors.
The company also intends to form a joint venture with Fujian Longking, with a registered capital of CNY900 million (around USD131.2 million). The environmental technology firm will hold a 20% stake, contributing CNY180 million, and the total investment could reach up to CNY240 million, while Eve Energy will own the majority stake. These strategic investments aim to leverage combined resources, accelerate growth in the energy storage market, expand manufacturing capacity, refine Eve Energy’s industrial structure, and strengthen its position and overall competitiveness in the emerging energy sector, supporting its growth strategy.
Additionally, Eve Energy plans to offer a guarantee valued at up to EUR42 million (approximately USD49 million) to its subsidiary, Eve Power Hungary, pending shareholder approval.
ChatGPT
Perplexity
Gemini AI
Grok AI
