On December 11, Zhejiang Narada Power Source Co., Ltd. (Narada Power) issued a major announcement, stating that it had recently received notification from its controlling shareholders—Hangzhou Narada Power Source Co., Ltd., Shanghai Yidu Industrial Co., Ltd., and Shanghai Narada Group Co., Ltd.—that they are planning a change in the company's control and the sale of equity in the recycled lead segment. This move could lead to a change in the company's controlling shareholder and actual controller.
It is reported that Narada Power's shares were suspended from trading starting on the opening of the market on December 12. Notably, on December 11, Narada Power's stock price once surged over 14%, closing up 8.69%, with a total market capitalization reaching 16.51 billion yuan.
According to Narada Power's 2025 half-year report, Zhou Qingzhi and his concert parties collectively held a 10.52% stake in Narada Power through Hangzhou Narada Power Source Co., Ltd., Shanghai Yidu Industrial Co., Ltd., and Shanghai Narada Group Co., Ltd., making Zhou Qingzhi the ultimate controlling party of the listed company. As of the disclosure of the announcement, the parties had not yet signed relevant agreements and were planning to conduct verification and negotiation on specific transaction plans, agreements, and other related matters. The actual situation will be subject to the relevant agreements signed by all parties.
From the financial report data, Narada Power's full-year revenue for 2024 was 7.984 billion yuan, with a net loss of 1.497 billion yuan; revenue for the first three quarters of 2025 was approximately 5.911 billion yuan, a year-on-year decrease of 24.80%, with a net loss of 220 million yuan.
In the investor relations activity record released at the end of October, Narada Power stated that the primary reason was the impact of voluntary production reduction in the recycled lead segment after the completion of its strategic transformation, leading to a 2 billion yuan year-on-year decrease in revenue from the recycled lead business segment; however, revenue from industrial energy storage experienced significant year-on-year growth, and the data center business segment maintained a strong growth trajectory.
Furthermore, the net profit attributable to the parent company for the first three quarters of 2025 was approximately -220 million yuan, compared to 247 million yuan in the same period last year. The losses mainly stemmed from the recycling segment. Additionally, the company had substantial investment income last year, which was largely absent this year, and R&D expenses increased year-on-year.
However, looking at the actual operations of the main business, Narada Power has seen a reversal in its operating performance since the second quarter, starting to turn losses into profits. Particularly in the third quarter, the gross profit from battery products alone reached 330 million yuan, an increase of 150 million yuan compared to 180 million yuan in the same period last year.
It is worth mentioning that Narada Power's net cash flow from operating activities was approximately 860 million yuan, an increase of 1.58 billion yuan compared to -720 million yuan last year. In summary, the company's significant improvement in operating performance can be attributed primarily to the success of its strategic transformation and product structure adjustment.
Behind the confidence in the transformation is an ample order reserve. Regarding the current order status, Narada Power stated that the company's (as of October 29) undelivered orders stand at approximately 8.9 billion yuan. Of this, the undelivered orders for utility-scale energy storage (Big Storage) amount to approximately 5.5 billion yuan, with 4 billion yuan from domestic markets and 1.5 billion yuan from overseas. Currently, Narada's overseas utility storage orders primarily originate from countries and regions such as Australia, Europe, and the United Kingdom.
Furthermore, lithium battery orders for data centers amount to approximately 1.67 billion yuan, all of which are overseas orders; undelivered orders for consumer lithium battery products are currently about 380 million yuan; communication lithium batteries are about 470 million yuan, with a small proportion from overseas; and lead-acid batteries are 790 million yuan, which are also predominantly domestic orders.
Source：EnergyTrend
