EVE Energy sees H1 2022 revenue of power battery business surge 163.76% YoY

Shanghai (Gasgoo)- EVE Energy Co., Ltd. ("EVE Energy"), a Chinese consumer electronics and power battery maker listed on the Shenzhen Stock Exchange, saw its revenue zoom up 127.54% year on year to 14.926 billion yuan ($2.177 billion) for the first half of 2022 (“H1 2022”), according to the company's semi-annual financial results.

Notably, the Jan.-Jun. revenue of EVE Energy's power battery business surged 163.76% from a year earlier to 10.262 billion yuan ($1.497 billion). The company said the remarkable growth was primarily attributable to the fast-growing demands for power and energy storage batteries amid the blooming development of new energy vehicle and energy storage industries, and the vigorous efforts to achieve the aim of carbon neutrality.

Photo credit: EVE Energy

During the reporting period, EVE Energy recorded a 9.08% year-on-year decrease in its H1 2022 net profit attributable to shareholders, which amounted to around 1.359 billion yuan ($198.243 million). After the deduction of non-recurring profit and loss, the company's semi-annual net profit still dropped 16.22% over a year earlier to 1.194 billion yuan ($174.176 million).

For the first six months of 2022, EVE Energy poured around 900.864 million yuan ($131.407 million) in R&D business, representing a 56.37% year-on-year surge. The company said the increase was credited to its greater investment in the lithium battery business, the development of a R&D team with over 2,000 staff members, the building of a high-level R&D institute, the construction of many laboratories and pilot-scale production lines, as well as the growth in employee salaries and materials consumption.

According to the financial results, EVE Energy’s power battery product lineup contains prismatic LFP batteries, large-scale pouch batteries, prismatic ternary-lithium batteries, passenger vehicle-dedicated cylindrical batteries, as well as xHEV battery systems. Those products are used in such areas as new energy vehicles, engineering machinery, electric ships, and energy storage for communications, electricity, and household usage.