EVE Energy forecasts 50%-65% YoY spike in H1 2023 net profit

Shanghai (Gasgoo)- Chinese lithium battery maker EVE Energy Co., Ltd. ("EVE") announced this week its net profit attributable to shareholders is forecasted to reach between 2,038,581,700 yuan and 2,242,439,800 yuan in the first half of 2023 (H1 2023), which should surge 50% to 65% from the previous year.

Photo credit: EVE Energy

Excluding the impact of certain non-recurring gains and losses, the company’s net profit belonging to shareholders is anticipated to come in at the range of 1,194,064,400 yuan to 1,313,470,800 yuan, versus the 1,194,064,400 yuan achieved in the same span of last year.

The company said these preliminary financial figures were calculated by the its financial center and have not yet undergone auditing by an accounting firm.

EVE Energy attributed its robust H1 financial performance to the flourishing development of its battery business. As new factories and production lines entered the mass production phase, the company's shipment scale expanded rapidly, leading to an over 50% year-on-year growth in both operating revenue and overall performance. This growth was mainly driven by two factors:

Firstly, in the energy storage battery segment, the continuous improvement in cost-effectiveness and stable production of additional capacity met the surging demand in the energy storage market, resulting in substantial revenue growth.

Secondly, in the power battery segment, the increased production capacity for passenger vehicle battery cells and the successful expansion into new customer markets contributed to a substantial revenue increase.