On June 28, Nandu Power announced that it has signed an energy storage order with a well-known large independent power producer in India. The company will supply a 1.4GWh energy storage system for a major new energy photovoltaic project in India, which ranks among the country's largest standalone energy storage projects. Nandu Power stated that upon completion, the project will significantly enhance the stability of local renewable energy output and the grid’s regulation capability. It will also further strengthen the company’s global leadership in the emerging energy storage sector and positively impact its future business performance.
Founded in 1994, Nandu Power started in the field of industrial energy storage and primarily provides systemized products, solutions, and operational services based on lithium-ion and lead-acid batteries. Since 2010, the company has been transitioning into the new energy power storage sector, developing several benchmark energy storage projects both domestically and abroad, covering the grid-side, power generation-side, and user-side applications.
On April 23, 2025, the company announced it is planning to issue H-shares overseas and list on the Hong Kong Stock Exchange.
In terms of financial performance, Nandu Power reported revenue of RMB 7.984 billion in 2024, down 45.56% year-on-year, and a net loss attributable to shareholders of RMB 1.497 billion—a staggering 4,260.62% year-on-year decline. Its net loss excluding non-recurring items reached RMB 1.734 billion, down 3,965.12% year-on-year. In the first quarter of 2025, revenue fell sharply by 61.81% to RMB 1.139 billion, with a net loss attributable to shareholders of RMB 266 million.
The company attributed the sharp revenue drop mainly to a reduction in output from its recycled lead segment, which decreased by about RMB 1 billion compared to the same period last year. Early in 2025, Nandu Power proactively adjusted its strategy to reduce its recycled lead business, expecting the segment’s revenue contribution to fall from 50% to 20% of the total.
Furthermore, Nandu Power revealed that as of Q1 2025, it had about RMB 900 million in goods delivered but not yet recognized as revenue. This includes approximately RMB 200 million in data center products, with a gross margin of about 20%, and around RMB 700 million in overseas new energy storage products, with gross margins ranging from 30% to 45%. Based on a business-adjusted perspective, the company claimed it has actually achieved profitability in Q1, signaling a potential rebound in performance.
As of now, Nandu Power holds RMB 1.3 billion in unfulfilled domestic orders and another RMB 1.3 billion in overseas orders in the new energy storage segment. In the communications and data center energy storage field, unfulfilled orders total approximately RMB 3.8 billion.
In the consumer lithium battery sector, which Nandu began actively developing in 2024, no revenue contribution has yet been recorded. However, the company stated that it has already formed partnerships with several well-known domestic and international brands in electric scooters, recreational tricycles, covered vehicles, and low-speed four-wheelers—expected to become a new growth driver in the future.
Source：https://mp.weixin.qq.com/s/YNgkuu6i7VV_90A8YJshpA
