Rept Battero Swings to Profit at Midyear, Ranks No.1 Globally in User-Side Energy Storage Shipments
Nashnova编辑部
Rept Battero (00666) posted RMB 14.916 billion in first-half revenue, up 57.2% year-on-year, and swung to a net profit of RMB 704 million; residential energy-storage shipments now rank No. 1 worldwide, making storage the clear growth engine.
How did it flip from loss to profit?
First-half gross profit hit RMB 1.98 billion, up 138.8% year-on-year — far outpacing revenue growth of 57.2%. This means → the company is not just selling more batteries; it is earning significantly more on each one.
Profit attributable to owners reached RMB 704 million, versus a loss in the same period last year. Basic EPS came in at RMB 0.3.
In plain terms = gross-profit growth running at more than double revenue growth signals a step-change in pricing power or cost control — the old "sell at a loss to grab volume" phase is over.
Where did 42.7 GWh of batteries go?
Total lithium-battery shipments reached 42.7 GWh, up 31.8%. Storage batteries accounted for 27.2 GWh (+43.9%); power batteries contributed 15.5 GWh (+14.8%).
This means → storage made up roughly 64% of shipments and grew about three times as fast as the power-battery side — storage is the main engine.
Per SNE Research, residential energy-storage shipments ranked No. 1 globally, commercial-and-industrial storage ranked No. 2, and total global storage shipments ranked No. 6.
Where does the power-battery business stand?
Per China's power-battery innovation alliance, Rept Battero ranked No. 6 in domestic power-battery installations, No. 7 in pure-electric passenger vehicles, and No. 6 in new-energy commercial vehicles in the first half.
The 14.8% growth in power batteries trails storage's 43.9% by a wide margin. This reflects a competitive landscape where the company's edge is concentrated in storage, while the EV-battery arena remains fiercely contested.
The balance sheet is expanding — is that healthy?
Total assets stood at RMB 57.052 billion at period-end, up 22.8% from year-end; net assets reached RMB 13.059 billion, up 10.1%. Designed capacity has reached 100 GWh.
This means → net assets are growing at less than half the pace of total assets (10.1% vs. 22.8%), which indicates a meaningful share of the expansion is debt-funded. Leverage trends bear watching.
What should investors watch in the second half?
The company has built a three-track matrix — storage, passenger EVs, and commercial vehicles. Storage drove the first half, but power-battery growth was modest.
In plain terms = the strong first half was largely a one-leg story. Whether both legs accelerate together in H2 will determine if the full-year result lands at "beat" or "just passing."
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