Credit Brief — EVE Energy Co., Ltd. (惠州亿纬锂能股份有限公司)
300014.SZ · Shenzhen ChiNext · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Company name: 惠州亿纬锂能股份有限公司 (EVE Energy Co., Ltd.)
- USCC (unified social credit code): 91441300734122111K
- Registration status: 存续（在营、开业、在册） — active / in existence
- Founded: 2001-12-24
- Legal representative: 刘金成
- Registered capital: CNY 2,173.3 mn
- Headcount band: 7000-7999
- Company type: 其他股份有限公司（上市） — other joint-stock company (listed)
- Actual controllers: 刘金成 (direct 2.73%, total 17.69%); 骆锦红 (direct 2.97%, total 17.93%)
Source: QCC (企查查) corporate-registry screen, retrieved 2026-09-20.
- Auditor: RSM China CPA LLP (容诚会计师事务所) — unqualified (clean) opinions FY2023–FY2025; 2026 H1 report unaudited
2. Compliance & legal
- No records found: Dishonest judgment debtor (失信被执行人)
- No records found: Person subject to court enforcement (被执行人)
- No records found: Administrative penalties (行政处罚)
- No records found: Business-exception listings (经营异常名录)
Source: QCC (企查查) risk-screen, retrieved 2026-09-20. All four screens returned zero records — a clean result against the cited registries; it is not a legal opinion.
3. Business profile
EVE Energy, founded in 2001 and headquartered in Huizhou, Guangdong, listed on Shenzhen's ChiNext board in 2009. It is one of China's largest lithium battery manufacturers, with three lines: consumer batteries (including primary lithium cells, where it is a global leader), power/EV batteries, and energy-storage batteries. Legal representative Jincheng Liu (刘金成) is the founder and chairman. EV-battery installations place it among the global top 10, supplying domestic and overseas automakers and energy-storage integrators.
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 8,978.7 | 10,506.2 | 9,064.9 | 8,501.8 | 14,150.6 |
| Trading financial assets | 3,360.4 | 3,152.6 | 4,527.8 | 7,785.0 | 260.0 |
| Accounts receivable | 9,410.8 | 12,427.5 | 13,098.6 | 14,860.3 | 19,706.3 |
| Other receivables | 936.3 | 141.8 | 138.8 | 335.2 | 1,094.7 |
| Inventories | 8,588.0 | 6,316.0 | 5,251.4 | 8,239.9 | 15,421.6 |
| Long-term equity investments | 11,504.5 | 14,410.7 | 14,866.7 | 12,521.5 | 12,637.3 |
| Fixed assets | 10,856.8 | 21,747.9 | 30,318.0 | 32,153.8 | 35,150.9 |
| Construction in progress | 13,297.6 | 14,053.1 | 9,307.8 | 17,521.0 | 19,425.3 |
| Intangible assets | 1,311.5 | 1,895.6 | 2,013.4 | 2,272.6 | 2,582.9 |
| Total assets | 83,637.8 | 94,355.3 | 100,890.6 | 125,542.3 | 138,460.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,294.4 | 1,121.0 | 1,236.0 | 706.3 | 1,378.4 |
| Notes payable | 10,744.8 | 6,198.3 | 3,408.9 | 5,191.1 | 8,223.1 |
| Accounts payable | 14,540.8 | 23,987.4 | 25,512.4 | 33,009.7 | 38,953.0 |
| Contract liabilities | 967.0 | 397.4 | 367.1 | 1,490.0 | 965.5 |
| Other payables | 67.7 | 23.9 | 35.6 | 47.4 | 55.8 |
| Current portion of non-current liabilities | 2,702.3 | 4,044.9 | 6,138.0 | 6,540.0 | 9,025.5 |
| Long-term borrowings | 13,837.2 | 14,000.8 | 17,568.8 | 20,532.1 | 22,127.5 |
| Bonds payable | 2,408.1 | 2,456.9 | 499.7 | 5,192.9 | 5,192.9 |
| Total liabilities | 50,477.6 | 56,350.1 | 59,891.4 | 80,570.9 | 88,062.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,041.8 | 2,045.7 | 2,045.7 | 2,074.1 | 2,173.3 |
| Capital reserve | 17,882.0 | 18,562.4 | 18,328.7 | 19,421.0 | 24,979.7 |
| Retained earnings | 10,445.0 | 14,155.4 | 17,016.1 | 19,414.7 | 22,102.7 |
| Equity attributable to owners of the parent | 30,413.5 | 34,732.9 | 37,580.7 | 42,319.9 | 50,166.6 |
| Minority interests | 2,746.7 | 3,272.4 | 3,418.5 | 2,651.5 | 231.7 |
| Total equity | 33,160.2 | 38,005.3 | 40,999.2 | 44,971.4 | 50,398.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 36,303.9 | 48,783.6 | 48,614.6 | 61,469.6 | 45,691.5 |
| Cost of sales | 30,338.4 | 40,473.3 | 40,149.2 | 51,528.5 | 39,152.7 |
| Selling expenses | 513.3 | 648.6 | 597.1 | 909.7 | 417.0 |
| Administrative expenses | 1,447.1 | 1,568.0 | 1,254.1 | 2,358.9 | 1,308.9 |
| Finance costs | 147.0 | 199.1 | 429.4 | 685.3 | 591.0 |
| Investment income | 1,241.7 | 608.5 | 606.9 | 1,226.6 | 1,182.8 |
| Operating profit | 3,511.9 | 4,845.7 | 4,696.3 | 4,487.9 | 3,719.8 |
| Profit before tax | 3,498.1 | 4,828.8 | 4,638.3 | 4,440.2 | 3,707.2 |
| Net profit | 3,671.9 | 4,520.3 | 4,221.4 | 4,302.1 | 3,348.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.15x | 0.97x | 0.95x | 1.03x | 0.96x |
| Quick ratio | 0.88x | 0.80x | 0.82x | 0.87x | 0.71x |
| Debt-to-asset ratio | 60.4% | 59.7% | 59.4% | 64.2% | 63.6% |
| Total debt / EBITDA | 4.53x | 3.25x | 3.49x | 4.40x | 5.48x |
| EBITDA interest coverage | 30.41x | 33.37x | 16.98x | 10.93x | 11.66x |
| Gross margin | 16.4% | 17.0% | 17.4% | 16.2% | 14.3% |
| Net margin | 10.1% | 9.3% | 8.7% | 7.0% | 7.3% |
| Return on equity (ROE) | 11.1% | 11.9% | 10.3% | 9.6% | 6.6% |
| Revenue growth | — | 34.4% | -0.3% | 26.4% | -25.7% |
| Net profit growth | — | 23.1% | -6.6% | 1.9% | -22.2% |
| Receivable days | 95 | 93 | 98 | 88 | 157 |
| Cash received / revenue | 73.4% | 69.3% | 73.0% | 78.7% | 69.3% |
| Operating CF / net profit | 0.78x | 1.92x | 1.05x | 1.74x | -0.12x |
| Free cash flow | -17,057.0 | 2,755.2 | -2,876.6 | -5,123.6 | 2,493.8 |
Interim-period conventions: the 2026 H1 "growth" columns compare the half-year against the prior full year (not year-on-year), and turnover-day metrics are computed on the half-year flow base — mechanical conventions of the ratio engine, not signals in themselves.
Mechanical risk flags
- ⚠ Current ratio: 1.03 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.87 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.64 (level: high, reference threshold: <0.65)
Industry benchmark (peer set: 工商通用类 · benchmark rating A- · company rank 6/9)
- Current ratio: 1.0x — soft (peer band 0.6~1.1)
- Debt-to-asset ratio: 64.2% — soft (peer band 64.0~75.0)
- Total debt / total capital: 42.3% — in line with peers (peer band 40-55%)
- Total debt / EBITDA: 4.4x — sound (peer band 1.0~6.0)
- EBITDA interest coverage: 10.9x — in line with peers (peer band 3.0~13.0)
- AR turnover: 4.1 turns — in line with peers (peer band 4.0~20.0)
- Inventory turnover: 6.3 turns — sound (peer band 6-10)
- EBIT margin: 8.4% — in line with peers (peer band 5-10%)
- Cash received / revenue: 78.7% — soft (peer band 70-85%)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,694.2 vs 1,527.5 CNY mn (deviation 43.3%, severity mid)
Sources: 2023年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.93 「货币资金」. CF-statement figure above the balance-sheet movement by 1,166.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -1,391.5 vs -1,441.3 CNY mn (deviation 3.46%, severity mid)
Sources: 2024年年度报告.pdf p.97 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.91 「货币资金」. CF-statement figure above the balance-sheet movement by 49.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -675.0 vs -563.1 CNY mn (deviation 16.58%, severity mid)
Sources: 2025年年度报告.pdf p.90 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.85 「货币资金」. CF-statement figure below the balance-sheet movement by 111.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 5,498.7 vs 5,648.8 CNY mn (deviation 2.66%, severity mid)
Sources: 2026年半年度报告.pdf 「现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.50 「货币资金」. CF-statement figure below the balance-sheet movement by 150.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
7. Red flags
- Leverage is rising through the industry downcycle. Debt-to-asset ratio moved 59.4% → 64.2% (FY2024 → FY2025, mechanically flagged high); total debt / EBITDA climbed 3.49x → 4.40x → 5.48x (2026 H1); EBITDA interest coverage fell from 33.4x (2023) to 10.9x (2025). Coverage is still comfortable — the concern is the three-year direction.
- Growth is being bought with price. FY2025 revenue grew 26.4% while net profit grew only 1.9%; gross margin compressed 17.4% → 16.2% → 14.3% (2026 H1) and net margin 10.1% → 7.0%. Volume up, unit economics down — the signature of the battery price war.
- Expansion is debt-financed; FCF negative in 3 of 4 full years. Fixed assets + construction in progress roughly doubled from CNY 24.2bn to 54.6bn (2022 → 2026 H1); free cash flow was −17.1bn (FY2022), −2.9bn (FY2024), −5.1bn (FY2025) CNY. Payback depends on utilization of this new capacity.
- Working-capital drift in 2026 H1. Receivable days jumped to 157 (vs 88 in FY2025), operating cash flow turned negative against positive net profit (OCF/NP −0.12x), and inventories nearly doubled in six months to CNY 15.4bn. Interim annualization effects apply, but downstream collection and inventory build warrant verification.
- Cross-check note (FY2023): cash-flow-statement net increase (annual report p.99) exceeded the balance-sheet cash movement (p.93) by CNY 1.17bn (deviation 43.3%). This is consistent with restricted-cash release / cash-equivalent scope effects in a notes-payable-heavy settlement model — not necessarily an error, but it is exactly the kind of divergence worth a footnote-level check.
Mitigants: EBITDA interest coverage remains ~11x; operating CF exceeded net profit in FY2023 and FY2025 (1.92x / 1.74x); cash plus trading financial assets stood at CNY 16.3bn at FY2025; audit opinions unqualified FY2023–FY2025.
8. Industry context
Lithium batteries (cells for EV and energy storage). The industry has been in overcapacity and price war since 2023: cell prices fell sharply through 2024–2025 while the upstream lithium-carbonate price collapse lowered costs but intensified downstream price competition. Energy storage is the current growth segment.
Risk anchors for a creditor: (1) margin compression is industry-wide and visible directly in this issuer's own trend — watch whether gross margin stabilizes; (2) the capacity race raises balance-sheet leverage across the sector, making utilization the key payback variable; (3) technology-route transitions (LFP vs high-nickel, sodium-ion) create capex obsolescence risk; (4) overseas localization (EU/US) adds tariff and industrial-policy exposure.
Note: the nearest knowledge-base risk card (风险卡-锂电) covers upstream lithium mining cost-curve dynamics, not cell manufacturing — a battery-manufacturer card is a known knowledge gap for this product line.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (CNY) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 8,501.8 | 2025年年度报告.pdf | 85 | 货币资金 | 8501799285.35 |
| Revenue | 2025 | 61,469.6 | 2025年年度报告.pdf | 90 | 一、营业总收入 | 61469630776.09 |
| Accounts receivable | 2025 | 14,860.3 | 2025年年度报告.pdf | 85 | 应收账款 | 14860257383.23 |
| Fixed assets | 2025 | 32,153.8 | 2025年年度报告.pdf | 86 | 固定资产 | 32153781767.79 |
| Short-term borrowings | 2025 | 706.3 | 2025年年度报告.pdf | 86 | 短期借款 | 706335000.01 |
Citation-precision note (verified against filing text, 2026-10-04). The Page column as originally emitted by the extractor reports the page where each statement opens, not where each row sits; the pages above were hand-corrected against the filing text (the consolidated balance sheet spans p.85–86, the income statement opens at p.90). This statement-start-page anchoring is a known extraction-engine defect (also observed in the CATL sample); the financial values were and are unaffected.
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.