Rept Battero Energy (666) H2 2024 earnings summary

Executive summary

• Revenue rose 29.4% YoY to RMB17,795.9m; net loss narrowed 30.4% to RMB1,352.6m. Battery product sales volume increased 124.4% to 43.71GWh.

• Production capacity reached 74GWh; the first phases of the Jiashan and Foshan bases began commercial production.

Financial highlights

• Revenue increased 29.4% YoY to RMB17,795.9m, mainly on higher EV battery sales; cost of sales rose 27.3% to RMB17,059.0m.

• Gross profit rose 110.5% to RMB736.9m; gross margin expanded to 4.1% from 2.5%.

• Loss for the year narrowed 30.4% to RMB1,352.6m; loss attributable to owners was RMB1,163.1m and basic/diluted loss per share was RMB0.51.

• Other income and gains increased 118.0% to RMB423.5m, including RMB115.5m additional VAT deductions and RMB232.3m interest income.

• R&D expense fell 20.3% to RMB778.7m, while finance costs rose 32.7% to RMB340.9m as borrowing supported facilities and operations.

Outlook and guidance

• 2025 priorities include cost reduction, quality and efficiency gains, stronger product capabilities, global customer cooperation and broader coverage with domestic automakers.

• An Indonesia battery plant is planned with first-phase annual capacity of 8GWh for power and energy storage batteries, systems and components.

• LFP cells at 190Wh/kg were sent to domestic OEMs for testing, with mass production expected in 2025; a European OEM CTP project is expected to enter mass production and export in Q3 2025.

• Development priorities include 500–600Ah+ ESS cells, 6+MWh storage systems, semi-solid fast charging, solid-state batteries and cells for low-altitude aircraft.