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: 雙登集團股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06960 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 150,836,200 | RMB | | | 1 RMB | | 150,836,200 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 150,836,200 | RMB | | | 1 RMB | | 150,836,200 | | 2. 股份分類 | 普通股 | 股份 ...

双登股份 20260108 摘要 国内 AIDC 投资建设边际回暖，备电赛道供需紧平衡，铅酸电池产能受 限，IDC 招标回暖有望加速备电市场进入上行通道，需重视国产链投资 机会。 双登股份主营通信基站和数据中心备用电源，占比对半开。数据中心备 电全球仍以铅酸为主，占比超 80%，但海外市场锂电池渗透加速，高端 算力芯片对放电倍率要求高，锂电池优势明显。 双登股份数据中心铅酸备电 2026 年出货量预计 3.5-4GWh，同比增长， 2027 年预计保持 30%-50%增长，中期有望占据 50%市场份额，贡献 约 4 亿利润。 海外锂电池备电市场由日韩厂商主导，采用三元锂电池方案，安全性较 差。中国铁锂方案在安全性和成本上具备优势，有望替代日韩三元电池， 拓展海外市场。 双登股份与阿里、字节跳动、万国等客户合作紧密，开发定制化锂电备 电产品，并与维谛、施耐德、伊顿等厂商建立合作，计划在马来西亚建 设 2GWh 高倍率产能。 在当前环境下，应如何看待备电赛道的发展前景？ 备电赛道在当前环境下需要重视，因为它属于潜在有通胀逻辑的品种。自 2025 年以来，该领域一直处于供需紧平衡状态，下游需求发生大的边际变化 时可 ...

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: 2025年12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: 雙登集團股份有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06960 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 150,836,200 | RMB | | 1 | RMB | | 150,836,200 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 150,836,200 | RMB | | 1 | RMB | | 150,836,200 | | 2. 股份分類 | 普通股 | 股 ...

Group 1 - China Merchants Securities maintains an "Accumulate" rating for JD Health (06618.HK), highlighting its "medicine + pharmacy" dual-driven model and leading market share in retail pharmacies, with O2O delivery times as fast as 9 minutes [1] - China Everbright Securities International maintains an "Accumulate" rating for Biren Technology (06082.HK), noting its position as the first company in China to use 2.5D chip packaging technology and its strong commercial progress with over 2 billion yuan in unfulfilled orders [1] - Huachuang Securities maintains a "Strong Buy" rating for Hesai Technology (02525.HK), emphasizing its leadership in the global LiDAR market and significant cost reductions achieved through self-developed chips, with a delivery target of 200,000 units by 2025 [1] Group 2 - CICC maintains an "Outperform" rating for Haidilao (06862.HK), reporting stable table turnover rates in H2 and better-than-expected cost optimization, with new brand strategies accelerating growth [2] - CICC maintains an "Outperform" rating for Shuangdeng Co. (06960.HK), identifying it as a leader in communication and data center energy storage, benefiting from increased capital expenditure in global AIDC and the trend of lithium battery replacing lead-acid [2] Group 3 - CITIC Securities maintains a "Buy" rating for Kintor Group (00148.HK), noting the positive impact of price increases on its CCL business and the expected growth in PCB business volume [3] - CITIC Securities maintains a "Buy" rating for Shougang Resources (00639.HK), highlighting its resource scarcity and leading cost control, with expected performance growth amid rising coking coal prices in 2026-27 [3] - Shenwan Hongyuan maintains a "Buy" rating for Beautiful Garden Medical Health (02373.HK), emphasizing its accelerated industry consolidation through acquisitions and a significant increase in store numbers [3] - China Merchants Securities maintains an "Accumulate" rating for Baiguoyuan Group (02411.HK), noting its stock incentive plan and strategic upgrades aimed at restoring same-store growth and opening pace [3]

Core Viewpoint - China International Capital Corporation (CICC) has initiated coverage on Shuangdeng Group Co., Ltd. (6960.HK), rating it as "outperform" with a target price of HKD 22.90, highlighting its leading position in the communication and data center energy storage sector and the growth potential from the global Artificial Intelligence Data Center (AIDC) market [1] Group 1: Market Position and Share - Shuangdeng Group is ranked first globally in battery shipments for communication and data center energy storage, with a market share of 11.1% in 2024 [1] - The company holds the top position among Chinese enterprises in the global data center energy storage market with a market share of 16.1% and ranks first in the global telecom base station energy storage market with a market share of 9.2% [1] Group 2: Customer Base and Revenue Contribution - By the end of 2024, Shuangdeng Group will cover nearly 30% of the top 100 global telecom operators and equipment manufacturers, including major clients like China Mobile, China Telecom, Ericsson, and France Telecom [2] - The company has an 80% coverage rate among China's top ten proprietary data center companies and a 90% coverage rate among the top ten third-party data center companies, serving large tech firms such as Alibaba, Baidu, and JD.com [2] - Data center and telecom base station energy storage combined will contribute over 88% of the company's revenue by the first half of 2025, indicating a high concentration in these high-growth areas [2] Group 3: International Expansion and R&D - The market previously underestimated Shuangdeng Group's potential for international expansion, with the company establishing subsidiaries in Singapore and the United States, and actively pursuing localized manufacturing to enhance international growth [3] - In 2024, the company's overseas business is expected to generate revenue of CNY 890 million, accounting for nearly 20% of total revenue, with a focus on local manufacturing to reduce geopolitical risks and improve responsiveness [3] - Shuangdeng Group has a strong R&D capability, holding 337 patents and participating in drafting 31 national and industry standards, which creates competitive barriers [3] - The company's lithium battery products for data centers support ultra-fast charging capabilities and integrate multi-level Battery Management Systems (BMS) for real-time monitoring, significantly enhancing safety and operational efficiency [3]

Core Viewpoint - The report from CICC highlights that Shuangdeng Co., Ltd. (06960) is a leading player in the domestic communication and data center energy storage market, serving major domestic cloud service providers (CSPs) and key overseas power equipment manufacturers. The initial coverage gives an "outperform" rating with a target price of HKD 22.90 [1]. Industry Insights - The energy storage market has significant growth potential, driven by declining battery costs and supportive policies, leading to rapid global development. The demand for data center energy storage, including backup power and regulation storage, is expected to be released quickly due to increased capital expenditure in computing power [2]. - The power storage sector is entering an upward cycle, with improved economics for independent storage in China and overseas energy structure transformations. The supply-demand relationship is expected to reach a turning point in Q3 2025, with leading energy cell manufacturers facing supply shortages, benefiting mid-tier manufacturers through order overflow and improved utilization rates [2]. Company Positioning - The company's energy storage business focuses on data center scenarios, positioning itself with leading domestic CSPs and major overseas power manufacturers. According to Frost & Sullivan, it is projected to hold the top market share in backup power for data centers in both domestic and global markets by 2024. The establishment of overseas factories is expected to enhance the company's growth potential [2]. - The market perceives the company's overseas progress as slow; however, it has already entered the overseas supply chain and positioned itself with key customers, indicating substantial future growth potential. Potential catalysts include continued unexpected increases in capital expenditure from terminal CSPs and ongoing progress in orders from mainstream CSPs both domestically and internationally [3]. Financial Projections - The company is projected to have an EPS of RMB 0.65 and RMB 1.29 for 2025 and 2026, respectively, with a CAGR of 24.8% from 2024 to 2026. The current stock price corresponds to a 10.1x P/E for 2026, while the target P/E is set at 16.0x, leading to a target price of HKD 22.90, representing a 58.0% upside potential, with an initial coverage rating of "outperform" [4].

Core Viewpoint - The report from CICC highlights that Shuangdeng Co., Ltd. (06960) is a leading player in the domestic communication and data center energy storage market, with a focus on serving major cloud service providers (CSPs) and overseas power equipment manufacturers. The initial coverage gives an "outperform" rating with a target price of HKD 22.90 [1]. Group 1: Market Opportunities - The energy storage market has significant growth potential, driven by the increasing capital expenditure in computing power and the declining costs of energy storage batteries, along with supportive policies. The demand for data center energy storage, including backup power and regulation storage, is expected to be rapidly released [2]. - The demand for power storage is entering an upward cycle, supported by improved economic viability of independent storage in China and overseas energy structure transformations. The supply-demand relationship is expected to reach a turning point in Q3 2025, with leading energy cell manufacturers facing supply shortages [3]. Group 2: Company Positioning - The company's energy storage business focuses on data center scenarios, positioning itself with leading domestic CSPs and major overseas power manufacturers. According to Frost & Sullivan, the company is projected to hold the largest market share in backup power for data centers in both domestic and global markets by 2024 [3]. - The market perceives the company's overseas progress as slow; however, it has already entered the overseas supply chain and positioned itself with key customers, indicating substantial future growth potential. Potential catalysts include continued unexpected increases in capital expenditure from terminal CSPs and ongoing progress in orders from mainstream CSPs [4]. Group 3: Financial Projections - The company is expected to achieve EPS of CNY 0.65 and CNY 1.29 for the years 2025 and 2026, respectively, with a CAGR of 24.8% from 2024 to 2026. The current stock price corresponds to a P/E ratio of 10.1x for 2026, while the company is given a target P/E of 16.0x, leading to a target price of HKD 22.90, representing a 58.0% upside [5].

Investment Highlights - Company initiates coverage on Shuangdeng Co., Ltd. (06960) with an "outperform" rating and a target price of HKD 22.90, based on a P/E valuation method corresponding to a 16.0X P/E for 2026 [1] - The energy storage market has significant growth potential, driven by the increasing capital expenditure in global computing power and the declining costs of energy storage batteries, alongside supportive policies [1] - The demand for data center energy storage, including backup power and regulation storage, is expected to be rapidly released due to increased capital spending in global computing power [1] Industry Outlook - The power storage sector is entering an upward cycle, with a turning point in supply and demand expected in Q3 2025, as domestic independent energy storage economics improve and overseas energy structure transformations and policy subsidies drive demand [1] - The supply-demand relationship is anticipated to improve, leading to a recovery in energy storage cell prices [1] Company Strategy - The company's energy storage business focuses on data center scenarios, positioning itself with leading domestic CSP manufacturers and top overseas power supply manufacturers, aiming for a leading market share in backup power for data centers in 2024 [2] - The company is optimistic about its international expansion through overseas factories, which will open up growth opportunities [2] - The company has already entered the overseas supply chain and positioned itself with key customers, contrary to market perceptions of slow overseas progress [2] Earnings Forecast and Valuation - The company forecasts EPS of RMB 0.65 and RMB 1.29 for 2025 and 2026, respectively, with a CAGR of 24.8% from 2024 to 2026 [2] - The current stock price corresponds to a 10.1x P/E for 2026, while the company is assigned a 16.0x P/E, leading to a target price of HKD 22.90, indicating a potential upside of 58.0% [2]

Core Insights - The article highlights the significant growth opportunities for Chinese energy storage companies driven by the global energy transition and surging demand for new power sources [1] Group 1: Company Strategy - The company, Dodo Group Co., Ltd. (双登股份), focuses on the AIDC (Artificial Intelligence Data Center) energy storage sector, establishing a competitive moat through a long-term strategy [1][2] - The AIDC market is characterized by high entry barriers and customer loyalty, with stringent technical certifications and long customer onboarding periods [2] - Dodo Group has achieved a leading position as the top global supplier of energy storage batteries for communication and data centers in 2024, validating its focused strategy [2] Group 2: Financial Performance - In the first half of 2025, the company's sales revenue from AIDC data center batteries and systems reached 1.028 billion yuan, a substantial increase of 113.1% year-on-year, making it the largest revenue source for the company [2] Group 3: Technological Differentiation - The company emphasizes technological differentiation to combat industry price wars, focusing on continuous innovation from lead-acid batteries to lithium, sodium, and solid-state batteries [3] - Dodo Group maintains vertical integration in its supply chain, producing its own battery cells and managing the entire process from BMS to EMS, allowing for better control over product performance and costs [3] - The company prioritizes customer value by focusing on calculable ROI and system safety rather than isolated technical specifications, particularly in high-safety-demand scenarios like AIDC [3] Group 4: Global Expansion - The global energy storage market is expected to experience explosive growth, with lithium battery shipments for data centers projected to exceed 69 GWh by 2027 and reach 300 GWh by 2030, with a compound annual growth rate of over 80% from 2024 to 2030 [4] - Dodo Group is accelerating its international expansion, having established a production base in Malaysia in 2024 and planning to enhance overseas investments using funds raised from its IPO [4] - The company's strategy emphasizes localization, adapting to different market needs and regulatory environments to build local R&D, production, and service capabilities, thus enhancing customer responsiveness and loyalty [4]

海外储能市场的爆发是"大势所趋"的长期必然。2025年上半年，海外储能订单同比激增220%，这背后 是全球能源转型与算力需求爆发催生的刚性需求。GGII预测，2027年全球数据中心储能锂电池出货量 将突破69GWh，2030年增至300GWh，2024-2030年复合增长率超80%。市场扩容的同时，对储能系统的 安全性、可靠性与持续供电能力提出了更高要求。 在"十四五"收官与"双碳"目标深入推进的关键节点，中国新能源产业正以全球领跑之姿书写发展传奇。 近日，双登股份董事长杨锐博士受邀做客央视CCTV2财经《对话》栏目，与海博思创董事长张剑辉博 士、赣锋锂业总裁王晓申、卫蓝新能源董事长俞会根等行业大咖、政策专家共话储能产业发展新风向， 深度解码双登在AIDC智算中心储能领域的深耕之道与全球化布局远见。以AIDC赛道为核心抓手，双登 正于万亿级市场蓝海中全速前行，用技术创新与战略定力诠释储能行业的"适者生存"之道。 一、赛道精准破局：锚定AIDC，押注储能确定性风口 杨锐博士在节目中精准预判行业趋势："随着'人工智能+'国家战略落地，算力基础设施的大规模投入带 来电力需求的爆发式增长，从IDC到AIDC，从备电到 ...