Core Viewpoint - The article highlights the significant growth and future plans of various energy storage companies, showcasing their revenue projections, shipment volumes, and strategic focuses in the energy storage market. Group 1: Key Data from Companies - Kelu Electronics expects a storage revenue of 3.797 billion RMB in 2025, a growth of 160.74%, with a new signed project capacity of approximately 11.6 GWh and a shipment volume of about 6.9 GWh [3][4] - Canadian Solar anticipates a global storage shipment of 7.8 GWh in 2025, with a backlog of orders amounting to approximately 25.7 billion RMB [3][9] - Guoxia Technology projects a storage revenue of 1.814 billion RMB in 2025, an increase of 88.2%, with a total production capacity of 4800.6 MWh [3][10] - Saijing Technology forecasts a revenue of 577 million RMB from storage-related businesses in 2025, reflecting a growth of 111% [3][17] - Hekang New Energy expects a household storage revenue of 117 million RMB in 2025, with a slight increase of 1.57% [3][13] Group 2: Market Trends and Strategic Focus - Kelu Electronics has made significant breakthroughs in overseas markets, with domestic revenue of 3.541 billion RMB and overseas revenue of 2.770 billion RMB in 2025, showing an 86.54% growth in overseas markets [6] - Guoxia Technology is focusing on the integration of green electricity, energy storage, and computing power, aiming to create a comprehensive value chain [12] - Saijing Technology emphasizes the development direction of "green electricity + energy storage" and "computing power synergy," planning to enhance R&D in high-end power semiconductors [18] - Hekang New Energy is expanding its market presence in Europe, Australia, and other emerging markets, leveraging local subsidies and demand [16]

Investment Rating - The report initiates coverage with a "Collect" rating for Sun.King Technology Group, setting a target price of HKD 2.05 based on a 19x PE for 2026 [5]. Core Insights - In 2025, the company achieved a net profit growth of 35% year-on-year, with revenue reaching RMB 2.255 billion, a historical high and a 40% increase from the previous year [1]. - The flexible transmission business saw rapid growth, generating revenue of RMB 689 million in 2025, up from RMB 281 million in 2024 [4]. - The self-developed power semiconductor business experienced significant growth, with sales reaching RMB 121 million, a 104% increase year-on-year [1]. - The company is actively expanding into cutting-edge industries, with sales revenue of RMB 114 million, reflecting a 72% year-on-year growth [1]. Summary by Sections Latest Developments - The company reported a robust performance in its conventional DC and flexible transmission business, with sales of RMB 872 million, a 35% increase year-on-year [1]. - The new energy generation and storage sectors experienced explosive growth, with sales reaching RMB 577 million, a 111% increase [1]. - The company added 55 new bulk supply customers across various sectors, including photovoltaic, energy storage, and industrial control [1]. Business Growth - The flexible transmission business revenue increased significantly, with the company becoming a leader in the DC capacitor industry, achieving a 75% domestic market share in the Gansu-Zhejiang project [4]. - The company is recognized as a leading enterprise in online monitoring technology, with innovative solutions for online monitoring of capacitors and IGBT [4]. Financial Forecast - The forecast for net profit from 2026 to 2028 is RMB 153 million, RMB 168 million, and RMB 186 million, respectively, with a projected revenue growth of 26% in 2026 [5][6]. - The company’s earnings per share (EPS) are expected to be RMB 0.10 in 2026, with a PE ratio of 19.68 [6]. Research and Development - The company invested approximately RMB 162 million in R&D in 2025, accounting for 7% of sales revenue, with plans to increase R&D spending to over RMB 200 million in 2026 [4]. - Key R&D focuses include online monitoring for flexible transmission, IGBT chips for wind power, and solid-state circuit breakers for data centers [4]. Industry Position - Sun.King Technology Group is positioned as a leading supplier of power electronic devices and system integrators, with over 1,100 employees and annual sales exceeding RMB 2 billion [9]. - The company has established multiple subsidiaries and R&D centers in China and Europe, emphasizing its commitment to technological innovation and market expansion [9][21].

EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期，執行董事為項頡先生、龔任遠先生及岳周敏先生；及獨立非執行董事為陳世敏先生、張學軍先生、梁銘樞先生及蔡 鴿女士。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 賽晶科技集團有限公司 | | 股份代號 | 00580 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度的末期股息 | | 公告日期 | 2026年3月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | ...

Financial Performance - Revenue increased by approximately 40.0% to approximately RMB 2,254.9 million[3] - Gross profit rose by approximately 9.1% to approximately RMB 567.9 million, with a gross margin decrease from approximately 32.3% to approximately 25.2%[3] - Profit attributable to equity holders of the parent was approximately RMB 137.9 million, with earnings per share of approximately RMB 8.60 (basic) and RMB 8.55 (diluted)[5] - Total comprehensive income for the year amounted to RMB 117.8 million, compared to RMB 84.2 million in the previous year[4] - The company’s pre-tax profit for 2025 is RMB 217,503,000, compared to RMB 170,564,000 in 2024, representing a year-over-year increase of 27.5%[24] - The basic earnings per share for 2025 is RMB 137,895,000, up from RMB 102,522,000 in 2024, indicating a growth of 34.5%[26] - Net profit attributable to equity holders increased by approximately 34.5% from about RMB 102.5 million for the year ending December 31, 2024, to about RMB 137.9 million for the year ending December 31, 2025, driven by increased revenue and other income[71] Assets and Liabilities - Non-current assets increased to RMB 1,249.4 million from RMB 1,012.7 million, driven by goodwill growth to RMB 182.7 million[6] - Current assets totaled RMB 2,144.5 million, with trade receivables increasing to RMB 1,241.4 million from RMB 1,161.2 million[6] - Current liabilities rose to RMB 1,049.9 million, with trade payables increasing to RMB 535.9 million from RMB 416.7 million[7] - Net assets increased to RMB 2,269.2 million from RMB 1,996.0 million, reflecting strong equity growth[7] - Trade receivables increased to RMB 1,058,961,000 in 2025 from RMB 922,229,000 in 2024, reflecting a rise of 14.8%[28] - Trade payables totaled RMB 535,874,000 in 2025, an increase from RMB 416,724,000 in 2024, with RMB 482,620,000 due within six months[35] Revenue Breakdown - Revenue from the sale of power electronic devices increased to RMB 2,254,903,000 in 2025, up from RMB 1,610,209,000 in 2024, representing a growth of approximately 40%[16] - Domestic market revenue was RMB 2,142,149,000 in 2025, up 41% from RMB 1,520,030,000 in 2024, with a gross margin of 23.8%[36] - The revenue from the power distribution sector increased by 34% to RMB 1,090,481,000 in 2025, while revenue from flexible transmission surged by 145% to RMB 689,358,000[41][44] - Revenue from electrified transportation reached RMB 60,470,000 in 2025, a 22% increase from RMB 49,446,000 in 2024[46] - Revenue from the electric vehicle sector decreased by 16% to RMB 1,360,000 in 2025, indicating challenges in this segment[46] - Revenue from the new energy generation and storage segment surged by 111% to approximately RMB 576.9 million in 2025[50] - Revenue from self-developed power semiconductors was approximately RMB 120.9 million in 2025, a growth of about 104% from 2024[55] Costs and Expenses - The cost of goods sold for 2025 was RMB 1,689,591,000, compared to RMB 1,077,788,000 in 2024, reflecting a rise of about 56.7%[18] - Financing costs decreased to RMB 15,520,000 in 2025 from RMB 17,973,000 in 2024, a reduction of approximately 13.6%[21] - The total tax expense for 2025 was RMB 45,083,000, an increase from RMB 36,741,000 in 2024, representing a growth of about 22.5%[23] - The depreciation expense for property, plant, and equipment was RMB 50,819,000 in 2025, compared to RMB 45,342,000 in 2024, reflecting an increase of about 12.3%[18] - Research and development costs were approximately RMB 152.1 million, up from RMB 137.5 million[4] Corporate Governance and Future Plans - The company has not disclosed specific future guidance or new product developments in the provided content[3][4][5] - The company plans to focus on developing new SiC MOSFET and IGBT products for the photovoltaic, wind power, and data center power supply sectors in 2026[56] - The group plans to focus on high-end power semiconductors such as IGBT and SiC, enhancing R&D and industrialization efforts in these areas[86] Shareholder Information - The company proposed a final dividend of RMB 14,411,000 for 2025, slightly down from RMB 14,766,000 in 2024[25] - The board has proposed a final dividend of HKD 0.01 per share for the fiscal year ending December 31, 2025, pending approval at the upcoming annual general meeting[92] - The annual general meeting is scheduled for June 2, 2026, at 10:00 AM[93] - Share transfer registration will be suspended from May 28, 2026, to June 2, 2026, to determine the identity of shareholders entitled to attend the annual general meeting and vote[94] Employee Relations - The group employs 1,166 staff members and emphasizes performance-based compensation and diverse training programs[83] - The company has maintained good relationships with employees, with no significant labor disputes affecting operations[83]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或任何部份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 承董事會命 賽晶科技集團有限公司 主席 項頡 董事會會議召開日期通知 賽晶科技集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事會會議將於二零二六年 三月十九日（星期四）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至二零二五年十二月 三十一日止年度業績及其發佈，並考慮派發末期股息（如有）。 香港，二零二六年三月四日 於本公告日期，執行董事為項頡先生、龔任遠先生及岳周敏先生；及獨立非執行董事為陳世敏先 生、張學軍先生、梁銘樞先生及蔡鴿女士。 ...

FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00580 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 賽晶科技集團有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 本月底法定/ ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 賽晶科技集團有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00580 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | 本月底法定/ ...

Group 1 - The core viewpoint of the article is that Sai Jing Technology expects significant revenue growth in 2025, driven by increased income from flexible transmission business and self-produced insulated gate bipolar transistors [2][3] - The company anticipates a revenue of approximately RMB 2.25 billion for the fiscal year 2025, representing a year-on-year increase of about 40% [2] - The expected profit attributable to the company's shareholders is projected to increase by approximately 30% during the same period [2] Group 2 - Revenue growth is primarily attributed to the delivery and revenue recognition of engineering orders, including projects in Saudi Arabia, Gansu-Zhejiang, and distributed flow controllers in Peru/Chile [2] - The company has expanded its market share through increased efforts in market development for its self-produced insulated gate bipolar transistors [2]

Core Viewpoint - Sijian Technology (00580) has seen a significant stock price increase, with a rise of over 7%, currently trading at HKD 2.15, with a transaction volume of HKD 21.85 million. The company announced a projected revenue of approximately RMB 2.25 billion for the fiscal year 2025, representing a year-on-year increase of about 40% [1]. Group 1 - The expected profit attributable to the company's shareholders is projected to increase by approximately 30% year-on-year [1]. - Revenue growth is primarily driven by increased income from the flexible transmission business, attributed to the delivery and revenue recognition of engineering orders [1]. - Key projects contributing to revenue include the Saudi Central-Southern ±500 kV flexible DC transmission converter station project, the Gansu-Zhejiang ±800 kV UHV DC transmission project, and the distributed power flow controller project in Peru/Chile [1]. Group 2 - There is also an increase in revenue from self-produced Insulated Gate Bipolar Transistors (IGBTs), due to the company's intensified market expansion efforts, leading to a gradual increase in market share [1].

Core Viewpoint - Sijian Technology (00580) has seen its stock price increase by over 11%, currently trading at HKD 2.11, with a transaction volume of HKD 11.25 million, following the announcement of significant revenue growth projections for the fiscal year ending December 31, 2025 [1] Financial Performance - The company expects revenue of approximately RMB 2.25 billion for the fiscal year ending December 31, 2025, representing an increase of about 40% compared to the fiscal year ending December 31, 2024 [1] - The anticipated increase in revenue is primarily driven by growth in the flexible transmission business, attributed to the delivery and revenue recognition of engineering orders, including projects in Saudi Arabia, Gansu-Zhejiang, and Peru/Chile [1] - The company also projects a 30% increase in profit attributable to equity holders for the fiscal year, mainly due to the rise in revenue leading to higher gross profit [1] Revenue Sources - Revenue growth is supported by increased income from self-produced Insulated Gate Bipolar Transistors (IGBTs), as the company expands its market presence and gradually increases its market share [1] - Additional income and gains are expected from foreign exchange gains and profits from foreign exchange forward contracts aimed at mitigating currency risk associated with foreign currency purchases [1]