Shanghai (ZXZC)- EVE Energy Co., Ltd. (“EVE Energy”), a Chinese battery maker headquartered in Huizhou, saw its annual revenue surge 107.06% year on year to around 16.9 billion yuan ($2.576 billion) in 2021, according to the annual earnings results the company released earlier this week.

Photo credit: EVE Energy

The financial results show that EVE Energy's power battery business recorded annual revenue of 10.007 billion yuan ($1.526 billion) in 2021, which represented a 146.25% year-on-year hike. The company said the robust growth was mainly thanks to the rising battery shipments, which resulted from the continuous ramp-up of the newly-constructed production capacity for the passenger vehicle-used pouch ternary cells.

For the year of 2021, EVE Energy posted a 75.89% year-over-year growth in the full-year net profit attributable to shareholders in 2021, which stood at 2.906 billion yuan ($442.997 million). Excluding the impact of certain non-recurring gains and losses, the yearly net profit still leapt 66.96% from a year earlier to 2.547 billion yuan ($388.315 million).

During the reporting period, EVE Energy's net cash flow generated by operating activities amounted to 1.863 billion yuan ($283.998 million), jumping 20.37% from the previous year. The yearly basic earnings per share stood at 1.54 yuan ($0.23), versus the 0.89 yuan ($0.14) for the year-ago period.

The company's gross margin stood at 21.57% last year, dropping 7.44 percentage points compared to 2020.

In addition, EVE Energy poured around 1.379 billion yuan ($210.264 million) in R&D-related businesses in 2021, which reflected a 90.7% year-on-year spike and made up 8.16% of the company's annual revenue.