EVE Energy 2025 Annual Report: 71 GWh Shipped, Global #2 in Energy Storage

Key takeaways

• EVE Energy shipped 71.05 GWh of energy storage batteries in 2025, up 41 % year-on-year, ranking #2 globally according to EVTank — behind only CATL.
• ESS revenue reached RMB 24.4 billion (~$3.4 B), representing 39.8 % of total revenue — making EVE one of the most ESS-weighted major battery companies in the world.
• The 628Ah Mr.Big cell achieved large-scale deployment, with the 300,000th cell rolling off the Jingmen 60 GWh factory line in June 2025 and a 200 MW / 400 MWh standalone storage project delivered in September.
• EVE is planning approximately 260 GWh of new large LFP capacity across five Chinese provinces, plus a 2 GWh sodium-ion battery project.
• The CLS (cooperative licensing service) business model gained traction internationally, with EVE providing technology and quality systems to partner manufacturers.

1. Headline numbers

EVE Energy reported total revenue of RMB 61.5 billion for the year ended December 31, 2025, up 26.44 % from RMB 48.6 billion in 2024. Net profit attributable to shareholders reached RMB 4.1 billion, a modest 1.44 % increase — but after excluding stock-based compensation costs, net profit was RMB 5.0 billion, up 24.76 %.

The headline profit growth looks anemic until you account for the significant increase in equity incentive expenses during 2025. Stripping those out, the underlying business grew profitably.

Overall gross margin was 16.17 %, down 1.24 percentage points year-on-year — reflecting industry-wide battery price erosion. Operating cash flow improved sharply, rising 69 % to RMB 7.5 billion, signaling better working capital management.

R&D spending reached RMB 3.4 billion (5.6 % of revenue), with 6,597 research personnel — 21 % of the total workforce — and 14,725 cumulative patents.

Total assets grew 24 % to RMB 125.5 billion. The company holds 11 production bases globally.

2. Energy storage shipments: 71 GWh

EVE shipped 71.05 GWh of energy storage batteries in 2025, up from approximately 50.4 GWh in 2024 — a 40.84 % year-on-year increase. According to EVTank, this positions EVE as the #2 global ESS battery supplier, behind only CATL (121 GWh).

For context, global ESS battery shipments grew over 80 % in 2025 according to GGII (China’s Gaogong Industry Research Institute), with multiple sources citing total volumes between 550 and 600 GWh. EVE’s implied global market share is roughly 12-13 %, making it a clear second-tier leader behind CATL’s approximately 22 % share.

Power battery (EV) shipments were 50.15 GWh, up 65.56 %, with EVE ranking sixth globally for total power battery shipments according to EVTank.

Combined, EVE shipped over 121 GWh of power and storage batteries in 2025 — more than doubling its output from just a few years ago.

3. ESS revenue and margins

The revenue breakdown by product tells a striking story about EVE’s business mix:

Segment	2025 Revenue (RMB B)	% of Total	YoY Change
Power batteries	25.9	42.07 %	+34.91 %
ESS batteries	24.4	39.76 %	+28.45 %
Consumer batteries	11.1	18.02 %	+7.29 %
Other	0.1	0.16 %	−2.61 %

Energy storage is now nearly 40 % of EVE’s total revenue — a remarkably high proportion compared to peers. For comparison, CATL’s ESS revenue was just 14.7 % of its total in 2025. EVE is, proportionally, almost three times more dependent on energy storage than CATL.

ESS gross margin was 12.28 %, down 2.44 percentage points from 2024. This is notably lower than CATL’s ESS gross margin of 26.71 %. The margin gap reflects differences in scale, brand premium, product mix, and the competitive dynamics of the Chinese storage market where EVE does most of its ESS business.

The average selling price per kWh fell approximately 9 % year-on-year (RMB 344/kWh in 2025 vs approximately RMB 377/kWh in 2024), based on our calculation from shipment and revenue data. This is less severe than CATL’s 15-16 % ASP decline, possibly reflecting a different customer and product mix.

By region, overseas revenue was RMB 14.5 billion (23.56 % of total), with a gross margin of 20.21 % — significantly higher than the 14.93 % domestic margin. Like CATL, EVE earns better margins internationally.

4. ESS product developments

EVE highlighted several energy storage milestones in the annual report.

628Ah Mr.Big cell

The Mr.Big cell, first released in October 2022, achieved mass production in December 2024 and reached volume scale in 2025. EVE describes it as the world’s first mass-produced 600Ah+ large prismatic LFP storage cell, with certifications including GB/T 36276, TUV Mark, CB, CE, and AS 3000. It also became one of the first cells certified under China’s new national standard for large-capacity storage cells.

In June 2025, the 300,000th Mr.Big cell rolled off the production line at EVE’s Jingmen 60 GWh factory. In September 2025, a 200 MW / 400 MWh standalone storage project using Mr.Big cells was completed and connected to the grid — the first large-scale application of 628Ah storage cells at the hundred-megawatt level globally.

International partnerships

Between October and December 2025, EVE formed strategic partnerships with Australia’s EVO Power and US-based energy company for scaled global delivery of Mr.Big-based storage systems. These deals mark EVE’s push to establish the 628Ah large cell as a global standard.

Sodium-ion battery storage

EVE’s first large-capacity sodium-ion battery storage system was grid-connected at the Jingmen base. The company describes the system as independently developed, with advantages in high safety, wide temperature range, high rate capability, long life, and low carbon footprint. A dedicated sodium-ion battery headquarters project officially broke ground, with approximately RMB 1 billion invested and planned annual capacity of 2 GWh.

CLS cooperative licensing model

The CLS (Cooperative Licensing Service) model is one of EVE’s more distinctive strategic moves. Under this model, EVE provides its technology, production systems, quality standards, and ongoing support to partner factories — who then manufacture using EVE’s technology under license.

Domestically, CLS partnerships focus on the storage sector, leveraging partners’ existing factories and resources. Internationally, CLS projects are progressing in North America and Europe, with the European phase reaching 100 % service delivery. This model allows EVE to expand its technology footprint without funding all the capital expenditure directly.

Solid-state battery roadmap

EVE is building a 100 MWh solid-state battery production base. The Chengdu facility completed Phase 1 with 60 Ah manufacturing capability, and a 100 MWh trial line is operational. The company’s “Longquan” series solid-state products have been produced in small batches. Target milestones: 350 Wh/kg solid-state 1.0 product by 2027, and 400 Wh/kg full solid-state battery by 2028.

5. Production capacity and expansion

EVE operates 11 production bases globally, with an overall capacity utilization rate of 87.82 %.

Domestic manufacturing sites span Huizhou (headquarters), Hubei (Jingmen — the 60 GWh ESS super factory), Jiangsu, Sichuan, Yunnan, and Zhejiang.

Internationally, EVE has established:

• Malaysia: Multi-scenario lithium battery production base covering EV two-wheelers, storage systems, and consumer products
• Hungary: Large cylindrical EV battery project progressing, tied to BMW Group partnership for next-generation EV cell supply

The most significant capacity announcement: EVE plans approximately 260 GWh of new large LFP capacity across Guangdong, Hubei, Jiangsu, Fujian, and Zhejiang provinces. This is a massive commitment to energy storage cell production, signaling EVE’s intent to challenge CATL’s dominance in the ESS cell market.

6. Key customers and partnerships

EVE’s annual report names several notable energy storage customers: Wartsila, ABB, Delta Electronics, China Mobile, Southern Power Grid, and Wotan Energy. The top five customers accounted for 26.41 % of total revenue, with the largest single customer at 9.06 %.

On the EV side, named customers include BMW, Xiaopeng (XPeng), Zero Run, Li Auto, FAW, Changan, Geely, and Dongfeng. In consumer batteries, partners include Samsung, Bosch, and Xiaomi.

7. Global ESS market context

EVE’s report includes several data points about the broader energy storage market:

• Global ESS battery shipments grew over 80 % year-on-year in 2025 (GGII data)
• Chinese ESS enterprise overseas orders reached 366 GWh in 2025, up 144 % (CNESA DataLink)
• 500Ah+ large cells are becoming the mainstream configuration for utility-scale storage
• 4-hour and longer duration storage has become the standard deployment model
• Key demand drivers cited: data center/AI backup power, renewable energy integration, grid flexibility mandates, and the EU European Grids Package

The report notes that the domestic Chinese storage market is shifting from pure price competition toward a focus on product quality, technology differentiation, and “scenarized solutions with globalized service capabilities.”

8. Sustainability

EVE released its CREATE carbon neutrality action plan, targeting:

• Operational carbon neutrality by 2030
• Core value chain carbon neutrality by 2040

The CREATE framework covers six pillars: Carbon footprint management (C), Recycling (R), Extreme manufacturing (E), Internal audit (A), Technology innovation (T), and Energy transformation (E).

In June 2025, EVE launched its “Global Lithium Battery Recycling Platform,” establishing a full lifecycle approach from battery manufacture through use, collection, recycling, and material regeneration. The company’s smart factories received designation from China’s Ministry of Industry and Information Technology as national-level advanced smart factories.

9. What to watch

Several points from the annual report are worth monitoring:

Margins are thin and declining. ESS gross margin of 12.28 % is less than half of CATL’s 26.71 %. If price competition intensifies further, EVE has less margin buffer than CATL. The company needs its scale expansion (260 GWh planned) to drive meaningful cost reductions.

ESS concentration is a double-edged sword. With nearly 40 % of revenue from energy storage, EVE benefits disproportionately from the ESS boom — but is also more exposed if storage demand slows or margins compress further. CATL’s more diversified revenue base provides more stability.

CLS is EVE’s differentiation play. The cooperative licensing model is a smart way to scale technology deployment without bearing full capex. If CLS gains traction internationally, it could become a meaningful profit contributor with asset-light characteristics. But execution risk remains high — quality control across licensed factories is challenging.

260 GWh of new capacity is a bold bet. This planned expansion would roughly quadruple EVE’s current storage-relevant capacity. The investment assumes continued rapid growth in global ESS demand. If the market hits a temporary slowdown, EVE could face utilization pressure.

The CATL gap is real but narrowing. EVE shipped 71 GWh vs CATL’s 121 GWh — a 1.7x gap. But EVE’s ESS shipments grew 41 % vs CATL’s 29 %, suggesting EVE is gradually closing the distance. The margin gap (12.28 % vs 26.71 %) is the more concerning metric for EVE.

10. Sources

All data in this article is sourced from EVE Energy’s official Annual Report for the Year Ended December 31, 2025, published on the Shenzhen Stock Exchange via CNINFO on March 28, 2026.

• EVE Energy 2025 Annual Report (PDF, Chinese) — Filed on SZSE, 222 pages, full financial statements and MD&A
• EVE Energy Manufacturer Profile — BESS Manufacturers directory page
• Industry data attributed to EVTank, GGII, and CNESA DataLink as cited in EVE’s report