The Great Wall Securities Research Report pointed out that the Ningde Era mobile storage led the world in shipping, and its leading position was stable. Net profit attributable to mother in 2026H1 was 43.284 billion yuan, +41.98% YoY; of these, Q2 realized net profit attributable to mother was 22,546 billion yuan, +36.46%/8.72% YoY. Shipments of power and energy storage batteries continue to lead the world, and the global share continues to increase. The company's H1 battery system produces 498 GWh, and the capacity utilization rate is as high as 94.86%. The company's battery system is under construction with a production capacity of 764 GWh, and a new Times Resources Group has been established to strengthen the integrated layout of lithium, nickel and phosphorus resources. With the steady increase in the company's shipments, the company's market share is expected to remain leading. Furthermore, sodium electricity has ushered in an inflection point in industrialization, and emerging businesses such as AIDC and the low-altitude economy are developing rapidly. The large dividend repurchase shows confidence. On July 24, 2026, the company announced a cancellation repurchase plan of 20 to 40 billion yuan. It plans to repurchase A-shares through centralized bidding. The maximum repurchase price is 573 yuan/share. The repurchase of shares is expected to account for 0.75%-1.51% of the company's total share capital. It is believed that this large repurchase reflects the company's confidence in future medium- to long-term growth. The company continues to deepen the global supply chain layout and is leading the development of battery technology. Maintain a “buy” rating.

The Great Wall Securities Research Report pointed out that the Ningde Era mobile storage led the world in shipping, and its leading position was stable. Net profit attributable to mother in 2026H1 was 43.284 billion yuan, +41.98% YoY; of these, Q2 realized net profit attributable to mother was 22,546 billion yuan, +36.46%/8.72% YoY. Shipments of power and energy storage batteries continue to lead the world, and the global share continues to increase. The company's H1 battery system produces 498 GWh, and the capacity utilization rate is as high as 94.86%. The company's battery system is under construction with a production capacity of 764 GWh, and a new Times Resources Group has been established to strengthen the integrated layout of lithium, nickel and phosphorus resources. With the steady increase in the company's shipments, the company's market share is expected to remain leading. Furthermore, sodium electricity has ushered in an inflection point in industrialization, and emerging businesses such as AIDC and the low-altitude economy are developing rapidly. The large dividend repurchase shows confidence. On July 24, 2026, the company announced a cancellation repurchase plan of 20 to 40 billion yuan. It plans to repurchase A-shares through centralized bidding. The maximum repurchase price is 573 yuan/share. The repurchase of shares is expected to account for 0.75%-1.51% of the company's total share capital. It is believed that this large repurchase reflects the company's confidence in future medium- to long-term growth. The company continues to deepen the global supply chain layout and is leading the development of battery technology. Maintain a “buy” rating.