# EVE Energy (300014.SHE)

Canonical: https://gigainvestors.com/s/300014.SHE

Analysis as of: 2026-10-16T07:35:07.593Z. Financial observations: FY2006–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 47.04 per share; close as of 2026-10-15.

Estimated value: low CNY 46.79 per share, central CNY 64.31 per share, high CNY 74.52 per share. Buy at or below the central value CNY 64.31 per share. Valuation as of 2026-10-16T07:35:07.593Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.16×

- FY2018: 0.14×

- FY2019: 0.25×

- FY2020: 0.24×

- FY2021: 0.18×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.6%

- ROIC, second-lowest year: 9.9%

- Typical minus recent gross margin: 7.0 pp

- Typical gross margin (annual median): 21.9%

- Recent gross margin (lower of latest and 3-year median): 15.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 31.0%

- ROIC including acquisitions, ten-year median: 9.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.3%

- FY2017: 11.6%

- FY2018: 15.4%

- FY2019: 31.7%

- FY2020: 15.7%

- FY2021: 15.5%

- FY2022: 9.9%

- FY2023: 11.7%

- FY2024: 9.9%

- FY2025: 4.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 16B

- Net income, five-year total: CNY 19B

- Return on incremental invested capital: 7.7%

- Working capital / revenue, annual change: -3.6 pp

- Working capital / revenue, change between three-year averages: -26.2 pp

- Working capital / revenue, final three-year average: -10.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.25×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.4% vs 9.9%

- Per-share earnings: 0.25 to 1.98 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.2%

- Ordinary dilution, 5-year annual growth: 3.9%

- Market cap gain: CNY 121B

- Cumulative retained earnings: CNY 19B

- Diluted shares, 10-year annual growth: 11.2%

- Diluted shares, 5-year annual growth: 3.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 29.6%

- Per-share value change: CNY 1.73

- Per-share value, starting three-year median: CNY 0.25

- Per-share value, ending three-year median: CNY 1.98

- Buybacks concentrated in cheaper years (correlation): 0.75

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.2B

- Cumulative net income, 10 years: CNY 23B

- ROIC, first three-year median: 15.4%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.31

- FY2017: CNY 0.25

- FY2018: CNY 0.35

- FY2019: CNY 0.83

- FY2020: CNY 0.91

- FY2021: CNY 1.56

- FY2022: CNY 1.79

- FY2023: CNY 1.98

- FY2024: CNY 1.98

- FY2025: CNY 1.88

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.7%

- FY2017: 4.3%

- FY2018: 1.4%

- FY2019: 2.4%

- FY2020: 0.4%

- FY2021: 2.3%

- FY2022: 0.8%

- FY2023: -4.9%

- FY2024: -0.4%

- FY2025: -3.3%

## Holders

## Price story

Down 68% since Nov 2021 · sales +26.4%

Story as of 2026-10-16T10:00:03.740Z; price observation 2026-10-15.

Price needs cash profits to grow 2.1% a year for ten years

### Sales · FY2024–2025

sales +26.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 2.3B 

- FY2017: CNY 3.0B 

- FY2018: CNY 4.4B 

- FY2019: CNY 6.4B 

- FY2020: CNY 8.2B 

- FY2021: CNY 17B 

- FY2022: CNY 36B 

- FY2023: CNY 49B 

- FY2024: CNY 49B 

- FY2025: CNY 61B 

### Gross margin · FY2025

gross margin 15%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 29.2% 

- FY2017: 28.8% 

- FY2018: 23.0% 

- FY2019: 28.0% 

- FY2020: 28.4% 

- FY2021: 20.9% 

- FY2022: 15.9% 

- FY2023: 15.8% 

- FY2024: 17.2% 

- FY2025: 15.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are CNY 61.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2025: revenue 61433832000; grossProfit 9196706000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300014.SHE: EVE Energy Co., Ltd. engages in the research, development, production, and sales of lithium batteries in China and internationally. The company provides lithium primary batteries, including lithium-thionyl chloride battery, lithium- carbamate dioxide battery, battery capacitor, and composite power supply ES. It also offers consumer batteries, such as primary lithium and consumer small lithium-ion batteries, and cylindrical cells; and power batteries, which include prismatic LFP cell, pouch NCM cell, module, battery system development, prismatic NCM cell, EV-cylindrical cell, and BMS products. In addition, the company offers IoT solutions including smart meters, smart security, consumer electronics, automotive electronics, smart city, and power tools and LEV solutions. Further, it provides energy internet solutions, such as passenger vehicles, energy storage, commercial application, and recycling. The company is also involved in exporting activities. EVE Energy Co., Ltd. was founded in 2001 and is headquartered in Huizhou, China.

### Why customers stay

Margins ranged from 15% to 17.2% during 2023–25; it earns 13.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2023: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2024: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2025: grossProfit / revenue = 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); 10-year return on capital observations [[2016,0.17293183418174898],[2017,0.11643193732428582],[2018,0.15418320829286833],[2019,0.31734057569912877],[2020,0.15725455492986398],[2021,0.15490263523932393],[2022,0.0986871159713757],[2023,0.11735108445926674],[2024,0.09872830277727589],[2025,0.04521620728029213]]; median 0.13576714637606754. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 7.7% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2018: growth capex 567863501; upkeep 238127499; owner earnings 570707030. Growth capex / owner earnings = 0.9950175329012506.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2019: growth capex 1529847667.9330049; upkeep 1089209332.0669951; owner earnings 740867772.9330049. Growth capex / owner earnings = 2.064940227966085.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2020: growth capex 1471998026.545929; upkeep 565869973.454071; owner earnings 1608159580.545929. Growth capex / owner earnings = 0.9153308193744202.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2021: growth capex 5480526256; upkeep 789345744; owner earnings 2899100626.976. Growth capex / owner earnings = 1.8904229142665665.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2022: growth capex 12834013000; upkeep 1001205000; owner earnings 3501317574.426. Growth capex / owner earnings = 3.6654809874262795.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2023: growth capex 3580058978.0200005; upkeep 1423437421; owner earnings 4036669862.788. Growth capex / owner earnings = 0.8868842634426802.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2024: growth capex 0; upkeep 5545325000; owner earnings 1038089370.0419998. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2025: growth capex 7058333258; upkeep 3387745000; owner earnings 4116375541.408. Growth capex / owner earnings = 1.7146961415443907.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); Incremental return on capital 0.07702747613890368, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); Dividend observations: [[2016,46006993],[2017,111388000],[2018,182000000],[2019,82659000],[2020,212986503],[2021,47187000],[2022,758001000],[2023,1073719894.53],[2024,1752512000],[2025,1518942589]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); FY2025: cash repurchases 38552175 CNY.

### Are managers owners

Insiders own 37.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300014.SHE SharesStats.PercentInsiders = 37.147999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.593Z); Ten-year compound average after fade. Initial solved rate 0.016941637963952316. Price 47.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.05461202431211848 → FY2025 1.870280331720023. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 34.87 per share

- 2016-11: CNY 32.79 per share

- 2016-12: CNY 29.20 per share

- 2017-01: CNY 29.08 per share

- 2017-02: CNY 31.86 per share

- 2017-03: CNY 35.73 per share

- 2017-04: CNY 31.69 per share

- 2017-05: CNY 15.60 per share

- 2017-06: CNY 18.15 per share

- 2017-07: CNY 23.30 per share

- 2017-08: CNY 22.64 per share

- 2017-09: CNY 25.28 per share

- 2017-10: CNY 22.40 per share

- 2017-11: CNY 19.47 per share

- 2017-12: CNY 19.61 per share

- 2018-01: CNY 17.59 per share

- 2018-02: CNY 17.82 per share

- 2018-03: CNY 17.92 per share

- 2018-04: CNY 16.36 per share

- 2018-05: CNY 17.70 per share

- 2018-06: CNY 17.60 per share

- 2018-07: CNY 14.93 per share

- 2018-08: CNY 13.38 per share

- 2018-09: CNY 14.20 per share

- 2018-10: CNY 12.11 per share

- 2018-11: CNY 14.56 per share

- 2018-12: CNY 15.72 per share

- 2019-01: CNY 17.29 per share

- 2019-02: CNY 20.38 per share

- 2019-03: CNY 24.38 per share

- 2019-04: CNY 1,000,000.00 per share

- 2019-05: CNY 24.79 per share

- 2019-06: CNY 30.46 per share

- 2019-07: CNY 31.55 per share

- 2019-08: CNY 35.99 per share

- 2019-09: CNY 30.39 per share

- 2019-10: CNY 36.91 per share

- 2019-11: CNY 44.78 per share

- 2019-12: CNY 50.16 per share

- 2020-01: CNY 60.28 per share

- 2020-02: CNY 66.55 per share

- 2020-03: CNY 58.10 per share

- 2020-04: CNY 67.51 per share

- 2020-05: CNY 64.99 per share

- 2020-06: CNY 47.99 per share

- 2020-07: CNY 60.18 per share

- 2020-08: CNY 49.13 per share

- 2020-09: CNY 49.50 per share

- 2020-10: CNY 53.00 per share

- 2020-11: CNY 64.50 per share

- 2020-12: CNY 81.50 per share

- 2021-01: CNY 106.50 per share

- 2021-02: CNY 85.50 per share

- 2021-03: CNY 75.15 per share

- 2021-04: CNY 88.67 per share

- 2021-05: CNY 111.05 per share

- 2021-06: CNY 103.93 per share

- 2021-07: CNY 112.49 per share

- 2021-08: CNY 102.00 per share

- 2021-09: CNY 99.03 per share

- 2021-10: CNY 113.45 per share

- 2021-11: CNY 146.24 per share

- 2021-12: CNY 118.18 per share

- 2022-01: CNY 93.27 per share

- 2022-02: CNY 89.50 per share

- 2022-03: CNY 80.67 per share

- 2022-04: CNY 65.87 per share

- 2022-05: CNY 80.43 per share

- 2022-06: CNY 97.50 per share

- 2022-07: CNY 94.35 per share

- 2022-08: CNY 94.99 per share

- 2022-09: CNY 84.60 per share

- 2022-10: CNY 83.04 per share

- 2022-11: CNY 82.95 per share

- 2022-12: CNY 87.90 per share

- 2023-01: CNY 88.05 per share

- 2023-02: CNY 72.70 per share

- 2023-03: CNY 69.70 per share

- 2023-04: CNY 65.55 per share

- 2023-05: CNY 64.00 per share

- 2023-06: CNY 60.50 per share

- 2023-07: CNY 59.23 per share

- 2023-08: CNY 49.40 per share

- 2023-09: CNY 45.12 per share

- 2023-10: CNY 46.42 per share

- 2023-11: CNY 42.19 per share

- 2023-12: CNY 42.20 per share

- 2024-01: CNY 34.78 per share

- 2024-02: CNY 38.31 per share

- 2024-03: CNY 39.16 per share

- 2024-04: CNY 36.97 per share

- 2024-05: CNY 39.18 per share

- 2024-06: CNY 39.92 per share

- 2024-07: CNY 38.39 per share

- 2024-08: CNY 33.50 per share

- 2024-09: CNY 48.78 per share

- 2024-10: CNY 48.55 per share

- 2024-11: CNY 48.68 per share

- 2024-12: CNY 46.74 per share

- 2025-01: CNY 42.51 per share

- 2025-02: CNY 46.82 per share

- 2025-03: CNY 47.11 per share

- 2025-04: CNY 41.08 per share

- 2025-05: CNY 45.06 per share

- 2025-06: CNY 45.81 per share

- 2025-07: CNY 44.28 per share

- 2025-08: CNY 57.19 per share

- 2025-09: CNY 91.00 per share

- 2025-10: CNY 83.18 per share

- 2025-11: CNY 71.41 per share

- 2025-12: CNY 65.76 per share

- 2026-01: CNY 63.79 per share

- 2026-02: CNY 62.33 per share

- 2026-03: CNY 62.23 per share

- 2026-04: CNY 72.59 per share

- 2026-05: CNY 63.68 per share

- 2026-06: CNY 65.03 per share

- 2026-07: CNY 54.26 per share

- 2026-08: CNY 52.76 per share

- 2026-09: CNY 49.81 per share

- 2026-10: CNY 48.37 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 3.30 per share, central CNY 4.45 per share, high CNY 5.12 per share

- FY2020: low CNY 9.63 per share, central CNY 12.64 per share, high CNY 14.40 per share

- FY2021: low CNY 19.62 per share, central CNY 26.55 per share, high CNY 30.58 per share

- FY2022: low CNY 38.99 per share, central CNY 53.16 per share, high CNY 61.41 per share

- FY2023: low CNY 43.66 per share, central CNY 59.71 per share, high CNY 69.06 per share

- FY2024: low CNY 37.07 per share, central CNY 50.33 per share, high CNY 58.05 per share

- FY2025: low CNY 38.41 per share, central CNY 51.87 per share, high CNY 59.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:50.996Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations