更值得关注的是， AIDC智算中心储能业务已正式成为公司第一大收入来源 ，达到 19.1亿元，同比增长37%。这意味着， 双登从传统 通信储 能生产商 升级为 全球AIDC智算中心能源基础设施解决方案提供商 。 与此同时， 新型电力储能业务收入达到 8.9亿元，同比增长98% ，成为重要的营收增量板块。。 文 | 中关村储能产业技术联盟 随着人工智能浪潮席卷全球， " AI的尽头是能源 "逐步成为行业共识。 数据中心（AIDC）作为算力的物理载体，其储能系统的配置已从"可选"跃升为"刚需"。 在这场能源体系重构的浪潮中，一家从 通信储能起家 的中国企业，正悄然完成战略跃迁。 一、 598%的增长：AIDC储能已成第一大收入来源 3月25日， 双登股份（ 06960.HK ） 发布 2025年年度业绩公告。这份年报，更像一份转型宣言。 数据显示，公司全年实现营业收入 50.83亿元 ，同比增长13%。其中，锂电产品收入同比增长32%， AIDC智算中心场景下锂电产品收入同比 大幅增长 598% 。 这个数字，比 AI算力涨得还快。 二、卡位黄金赛道：为什么是双登？ 双登 股份 的跃迁并非偶然。 在通信储能领域， ...

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SHUANGDENG GROUP CO., LTD. 雙登集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06960） 公 告 持續關連交易－ 關於調整雙登電纜採購框架協議的年度上限； 調整江蘇福善達採購框架協議的年度上限； 訂立江蘇維鋰採購框架協議 一、背景 雙登電纜採購框架協議與江蘇福善達採購框架協議 (1) 雙登電纜採購框架協議超過2025年年度上限 茲提述雙登集團股份有限公司（「本公司」）於2025年8月18日刊發的招股 章程，內容有關(i)本集團與雙登電纜訂立的雙登電纜採購框架協議以及 (ii)本集團與江蘇福善達訂立的江蘇福善達採購框架協議。 1 誠如招股章程所披露，於2025年8月15日，本集團與雙登電纜訂立採購框 架協議，以規管本集團（作為一方）與雙登電纜（作為另一方）之間有關 提供電纜交易的條款及條件。根據雙登電纜採購框架協議，雙登電纜同 意根據本集團與雙登電纜 ...

EF001 EF001 | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 中國預扣稅率10%一般適用於向在 | | | | | 中國境內未設立機構、場所或者雖 | | | | | 設立機構、場所但其所得的與其所 | | | | | 設機構、場所沒有實際聯繫的非中 | | | | | 國居民企業投資者派付源於中國境 | | | | | 內的股息。除非稅務條約或類似安 | | | | | 排另有規定，否則該等投資者就轉 | | | | | 讓股份變現的任何收益被視為源於 | | | | | 中國境內的所得，須按10%（或較 | | | | | 低稅率）繳納中國所得稅。 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | | | 其他信息 | | | | | 其他信息 | 不適用 | | | | 發行人董事 | | | | | 楊銳,楊寶峰,賀蓉,錢善高,殷俊明,王進 ...

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。 SHUANGDENG GROUP CO., LTD. 雙登集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06960） 截至二零二五年十二月三十一日止年度之 年度業績公告 雙登集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度（「報告年度」）之經 審核綜合業績連同截至二零二四年十二月三十一日止年度之經審核比較數字如下。 | 財務摘要︰ | | | | | --- | --- | --- | --- | | | 截至十二月 | | | | | 三十一日止年度 | | | | | 二零二五年 | 二零二四年 | | | | 人民幣百萬元 | 人民幣百萬元 | 變動 | | | （經審核） | （經審核） | | | 收入 | 5,083.4 | 4,498.5 | 13.0% | | 毛利 ...

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，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SHUANGDENG GROUP CO., LTD. 雙登集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06960） 董事會會議召開日期 雙登集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零 二六年三月二十五日（星期三）舉行董事會會議，藉以（其中包括）考慮並批准本公司 及其附屬公司截至二零二五年十二月三十一日止之年度業績及其刊發，並考慮派發 末期股息（如有），以及處理其他事項。 承董事會命 雙登集團股份有限公司 董事會主席、執行董事及行政總裁 楊銳博士 香港，二零二六年三月十日 於本公告日期，董事會成員包括執行董事楊銳博士、楊寶峰博士及賀蓉女士；非執 行董事錢善高先生；及獨立非執行董事殷俊明博士、王進博士及王熹博士組成。 ...

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: 雙登集團股份有限公司 呈交日期: 2026年3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 ...

Company Fundamentals - In the first half of 2025, the company achieved revenue of 2.246 billion yuan, a year-on-year increase of 26.2%, but the net profit attributable to shareholders decreased by 2.7%, indicating a "revenue growth without profit increase" situation [1] - The gross profit margin fell from 18.8% in the same period of 2024 to 14.95%, primarily due to the increase in the proportion of low-margin lead-acid battery business to 71.8%, while the high-margin lithium-ion battery business revenue shrank to 25.2% [1] - Trade receivables reached 2.371 billion yuan, accounting for 56% of current assets, and inventory surged by 71% to 881 million yuan, indicating significant cash flow pressure [1] Industry Policy and Environment - The energy storage industry is accelerating its transition to lithium batteries, but in the first half of 2025, the company's lead-acid battery revenue increased by 40%, while lithium battery revenue declined by 3.6% [2] - There are concerns about the company's over-reliance on short-term benefits from lead-acid technology driven by AIDC data center demand, which may face long-term technological replacement risks [2] Company Status - Despite mentioning breakthroughs in overseas markets, the company's overseas revenue in the first half of 2025 decreased by 22.6%, accounting for 17.8% of total revenue, creating a discrepancy with the expectation of growth from overseas factory establishment highlighted in a report by CICC [3] Market Environment - Since February 2026, the Hong Kong stock energy storage device sector has declined by 1.04%, while the Hang Seng Index has fallen by 1.10% during the same period, reflecting cautious market sentiment [4] - The company faces short-term debt pressure with only 606 million yuan in cash against short-term borrowings of 899 million yuan, leading to a conservative capital preference [4] Stock Price Movement Reasons - CICC released a rating report in December 2025, setting a target price of 22.9 HKD, indicating a potential upside of 58% from the then-current stock price [5] - As of February 20, 2026, the company's stock price was reported at 14.28 HKD, a 14% decline from the January 2026 peak of 16.60 HKD, suggesting that some investors may have taken profits after early positioning [5]

Core Viewpoint - The lead-acid battery recycling industry in China is rapidly growing, driven by the "dual carbon" goals, with a projected recycling volume of 4.758 million tons by 2025, despite a slight decline in market scale due to falling recycling prices [1][9]. Overview - Waste lead-acid batteries are classified as hazardous waste, and their recycling involves a series of regulated processes to extract valuable materials like lead, plastic, and sulfuric acid, aiming for resource recycling and environmental protection [2][3]. Market Policy - The Chinese government has implemented various policies to support the recycling industry, emphasizing environmental protection and resource sustainability, which creates a favorable policy environment for the lead-acid battery recycling sector [4][5]. Industry Chain - The lead-acid battery recycling industry in China has established a closed-loop industry chain, focusing on upstream supply, midstream processing, and downstream resource application, with a trend towards intensive, resource-efficient, and green development [6][7]. Current Development - The recycling technology for lead-acid batteries has continuously evolved, achieving high maturity and resource utilization rates, with a significant and stable demand for scrap batteries driven by various applications in automotive, communication, and energy sectors [9]. Competitive Landscape - The lead-acid battery recycling industry is undergoing structural changes, with increasing compliance requirements and a concentration of market players. As of 2025, there are 2,210 companies in the industry, with no new entrants, indicating a trend towards consolidation and the exit of non-compliant operators [10][11]. Industry Representative Companies - Major players in the industry include South Power, Camel Group, and Yuguang Gold Lead, with significant processing capacities, such as South Power's 1.2 million tons and Camel Group's 860,000 tons per year [10][11]. Development Trends - The industry is expected to see increased regulatory scrutiny, pushing for compliance and standardization, while technological innovations will enhance recycling efficiency and environmental performance. The market will likely consolidate around leading companies, with smaller firms either exiting or becoming service providers [12][13][14].

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 ...

Summary of the Conference Call for 双登股份 Company Overview - 双登股份 specializes in communication base stations and data center backup power supplies, with revenue split approximately evenly between these two segments [6][16] - The company was established in 2011 and has a significant focus on both lead-acid and lithium battery technologies for backup power solutions [6] Industry Insights - The domestic AIDC (Automatic Identification and Data Capture) industry has shown signs of recovery since late 2025, with expectations for increased investment and bidding activity in 2026 [3] - The backup power market is currently in a tight supply-demand balance, with lead-acid battery production constrained by environmental regulations and production line changes [4] - Global lithium battery penetration in backup power is over 60%, with the overseas market projected to reach RMB 250-300 billion [4][14] Key Financial Projections - For 2026, 双登股份 expects to ship 3.5-4 GWh of lead-acid backup power, up from 2.4 GWh in 2025, with a growth rate of 30%-50% anticipated for 2027 [10] - The company aims to capture a 50% market share in the mid-term, potentially contributing around RMB 400 million in profits [10] - The overall profit for the data center business is projected to reach RMB 1 billion by 2027-2028 [14] Lithium Battery Developments - 双登股份 has established a strong foothold in lithium battery technology, with plans to expand into large-scale energy storage as a second growth curve [7] - The company is collaborating with major clients like Alibaba and ByteDance to develop customized lithium battery products [13] - The iron-lithium battery solution from China is expected to replace the less safe ternary lithium batteries from Japanese and Korean manufacturers in overseas markets [11][12] Market Dynamics - The domestic market is currently dominated by lead-acid solutions, which account for over 95% of data center backup power due to their reliability [8] - In the overseas market, there is a rapid increase in lithium battery adoption driven by high-performance computing needs, despite safety concerns [9] Strategic Partnerships and Expansion - 双登股份 has formed partnerships with key players in the UPS and HVDC sectors, including Schneider and Eaton, and is planning to establish a 2 GWh high-rate production capacity in Malaysia [13] - The company is also working on entering the North American market, with plans to supply customized products to major operators [13] Future Outlook - The company is expected to benefit from the recovery in the IDC bidding process, leading to an upward trend in the backup power sector [5] - With a strong order backlog nearing RMB 10 billion, 双登股份 is positioned for significant growth in 2026, with profit expectations of RMB 5-5.5 billion [16] - Long-term projections suggest that the company could achieve a profit of RMB 1.5 billion by 2027-2028, indicating substantial growth potential [16]