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11月30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: 2025年12月4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 | ...

Core Insights - The explosive growth of AI computing power is driving the demand for energy storage in AI Data Centers (AIDC), marking a significant shift in the energy landscape [1][3][5] - AIDC energy storage is expected to transition from demand explosion to large-scale deployment by 2025, becoming a key driver for the energy storage market [2][5] Industry Growth - Global data center energy storage capacity is projected to increase from 4 GWh in 2020 to 16.5 GWh in 2024, with a compound annual growth rate (CAGR) of 43.0%, and further to 209.4 GWh by 2030, with a CAGR of 52.7% from 2024 to 2030 [1] - In China, energy storage capacity is expected to grow from 2.9 GWh in 2020 to 8 GWh in 2024, with a CAGR of 29.2%, and to 101.6 GWh by 2030, with a CAGR of 52.8% from 2024 to 2030 [1] Technological Advancements - AIDC requires high reliability and stability in power supply, leading to advancements in energy storage technology towards high power and reliability [2][4] - The role of energy storage is evolving from a backup power source to a core infrastructure component for AIDC [5][6] Market Dynamics - Major tech companies like Google, Meta, Microsoft, and Amazon are increasing capital expenditures focused on AIDC infrastructure, while domestic giants like Alibaba and Tencent are also ramping up investments [3][6] - The demand for energy storage in AIDC is characterized as rigid, driven by the high energy consumption and reliability requirements of AI computing [5][6] Competitive Landscape - Companies such as Ningde Times, Sunshine Power, and Haibo Si Chuang are accelerating their investments in AIDC energy storage, recognizing it as a significant growth driver [6][9] - The market is currently dominated by lead-acid batteries, but lithium batteries are expected to capture a larger market share by 2030, with projections of 73.5% for lithium and 14.5% for lead-acid in China [7] Policy Support - The Chinese government is actively promoting the integration of new energy storage solutions for data centers, emphasizing the need for reliable power supply and energy quality [5][8] - Policies are being established to support the green transformation of AIDC, further enhancing the role of energy storage in stabilizing power supply [4][5] International Expansion - Companies are looking to expand into international markets, with North America, Southeast Asia, Europe, the Middle East, and Australia identified as key target regions for AIDC energy storage solutions [9] - The demand for AIDC energy storage is particularly strong in regions with less stable power supply, highlighting the global opportunity for energy storage solutions [9]

Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].

Group 1: Industry Overview - As of the end of September, China's new energy storage installed capacity exceeded 100 million kilowatts, ranking first in the world, with a growth of over 30 times compared to the end of the 13th Five-Year Plan [1] - The proportion of large-scale installations (over 100,000 kilowatts) in new energy storage exceeds two-thirds, indicating a clear trend towards larger systems [1] - The equivalent utilization hours of new energy storage in the first three quarters were approximately 770 hours, an increase of about 120 hours year-on-year, highlighting the growing role of new energy storage in stabilizing the power system [1] Group 2: Market Predictions - By the end of 2024, China's new energy storage installed capacity is expected to reach 78.3 GW, a year-on-year increase of 126.5%, with projections of 131.3 GW by 2025 [2] - The storage industry is experiencing strong demand, with leading battery companies operating at full capacity and battery prices continuing to rise, indicating a sustained positive outlook for the sector [2][3] Group 3: Key Companies - BYD has developed a complete industrial chain for energy storage, covering various applications and providing reliable solutions for numerous projects globally [4] - CATL reported a net profit of 49.034 billion yuan for the first three quarters of 2025, a year-on-year increase of 36.20%, benefiting from rapid growth in domestic and international storage demand [4] - Contemporary Amperex Technology Co., Ltd. saw a 31.7% year-on-year revenue growth in the first half of the fiscal year 2025, with significant growth in energy storage system products [4] Group 4: Emerging Trends - The demand for large-scale energy storage is expected to exceed expectations, with a projected growth rate of 30-40% in the coming years, driven by new market opportunities in Europe, the Middle East, and emerging markets [3] - The integration of green electricity and energy storage in data centers is anticipated to significantly increase the scale of storage systems, providing broader development opportunities for companies like DoubleDeng [5]

Core Insights - China's new energy storage capacity has exceeded 100 million kilowatts as of September, ranking first globally, with a growth of over 30 times compared to the end of the 13th Five-Year Plan [1] - The new energy storage sector is experiencing significant demand, with a projected cumulative installed capacity of 78.3 GW by the end of 2024, representing a year-on-year growth of 126.5% [2] - Major energy storage companies are securing significant contracts, indicating a robust market environment [2] Industry Overview - The new energy storage technologies include electrochemical storage, compressed air storage, flywheel storage, thermal storage, cold storage, and hydrogen storage, which are essential for stabilizing the integration of renewable energy sources like wind and solar [1] - The demand for large-scale energy storage is expected to grow by 30-40% in the coming years, driven by regulatory changes and market dynamics in various regions including the US and Europe [3] Company Highlights - BYD has established a comprehensive energy storage ecosystem since 2008, providing solutions across various applications and has a strong global presence [4] - CATL reported a net profit of 49.034 billion yuan for the first three quarters of 2025, a year-on-year increase of 36.20%, benefiting from the rapid growth in domestic and international energy storage demand [4] - Contemporary Amperex Technology Co., Ltd. (CATL) saw a 109.7% year-on-year growth in sales of energy storage systems and other products in the first half of 2025 [4] - Double Power Co., Ltd. is positioned as a key player in AIDC storage, serving major internet and data center operators, with significant growth potential as green energy and storage models are adopted [5]

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10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: 2025年11月3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 | ...

Group 1 - The Chinese government will suspend the implementation of export control measures announced on October 9 for one year, indicating the competitive strength of China's lithium battery industry chain [1] - The previous export control measures included restrictions on high-performance battery cells, lithium battery equipment, and advanced materials, aimed at limiting competitive technology exports [1] - The demand for batteries is expected to grow significantly due to the surge in data center needs driven by global AI development, benefiting the entire industry chain [1] Group 2 - The lithium battery industry has experienced prolonged losses in 2023, but recent price increases have created significant profit elasticity [2] - The core product, 6F, has seen a price increase of over 50% since September, reaching above 87,000 [2] - The demand for energy storage is accelerating, with monthly demand exceeding 120,000 tons, indicating a strong market recovery [2] Group 3 - Relevant Hong Kong stocks in the lithium battery industry include CATL, BYD, Longpan Technology, Zhongchuang Innovation, Ruipu Lanjun, and Shuangdeng [3] - Lithium mining companies mentioned are Ganfeng Lithium and Tianqi Lithium [3]

Core Viewpoint - Double Power Holdings (06960) has seen a significant stock increase, rising over 9% and currently trading at 23 HKD, with a transaction volume of 73.55 million HKD. The company is collaborating with a research team from the Chinese Academy of Sciences to develop a new type of lithium-ion battery, expected to be commercially available by 2026 [1][1][1]. Company Summary - Double Power Holdings is a key player in the AIDC (Artificial Intelligence Data Center) energy storage sector, serving major internet and data center operators such as Alibaba, JD.com, Baidu, and others [1][1]. - The company has become the main supplier for Alibaba in data center energy storage solutions [1][1]. - The demand for backup power is projected to increase by approximately 10% if AIDC energy consumption grows by the same percentage, indicating a strong market potential for the company [1][1]. - The promotion of green energy and energy storage models in data centers is expected to significantly expand the scale of energy storage systems beyond traditional backup scenarios, providing broader development opportunities for the company [1][1].

Group 1: Market Overview - The domestic energy storage bidding market is experiencing strong growth, with a new bidding volume of 14.73GW/41.54GWh in September 2025, representing a quarter-on-quarter increase of 37%/8% [1] - The EPC project bidding volume reached a historical high in September, with an increase of 12.9GW/33.58GWh, showing a year-on-year growth of 96%/89% and a quarter-on-quarter growth of 72%/41% [1] - The total domestic energy storage bidding from January to September 2025 reached 102GWh, marking a year-on-year increase of 30% [1] Group 2: Company Performance - BYD has established a complete industrial chain for energy storage, covering various applications and providing reliable energy storage solutions globally [2] - CATL reported a net profit of 49.034 billion yuan for the first three quarters of 2025, a year-on-year increase of 36.20%, with strong demand for products driving revenue growth [2] - CATL's gross margin for energy storage products remains stable, indicating improved profitability amid rapid growth in domestic and international energy storage demand [2] Group 3: Industry Trends - The demand for lithium batteries is expected to exceed 2700GWh next year, with a year-on-year growth rate of over 30%, indicating potential shortages across multiple segments [1] - The AIDC energy storage sector is projected to grow significantly, with major internet and data center operators relying on companies like DoubleDeng for energy storage solutions [3] - The promotion of green electricity combined with energy storage in data centers is expected to create broader development opportunities for companies in the sector [3]

Core Insights - The domestic energy storage bidding market is experiencing strong growth, with new bidding volumes reaching 14.73GW/41.54GWh in September 2025, representing a month-on-month increase of 37%/8% [1] - The EPC project bidding volume has seen a significant year-on-year increase of 96%/89%, with a month-on-month growth of 72%/41%, marking a historical high in September [1] - The demand for lithium batteries is expected to exceed 2700GWh next year, with a year-on-year growth rate of over 30% due to strong market demand and investment [2] Industry Overview - The energy storage sector is witnessing a robust demand driven by the independent storage market and supportive capacity pricing policies, indicating a favorable environment for growth [2] - The bidding volume for energy storage systems has also increased significantly, with a year-on-year growth of 96%/113% in September, despite a month-on-month decline [1] Key Companies - BYD has established a complete industrial chain for energy storage, focusing on R&D, manufacturing, sales, and service, and has provided reliable energy storage solutions for numerous projects globally [3] - CATL reported a net profit of 49.034 billion yuan for the first three quarters of 2025, a year-on-year increase of 36.20%, benefiting from the rapid growth in domestic and international energy storage demand [3] - Contemporary Amperex Technology Co., Ltd. (CATL) has seen a 31.7% increase in revenue for the first half of the fiscal year, with energy storage system sales growing by 109.7% [3] - Double Electronics is a key player in AIDC energy storage, serving major internet and data center operators, and is positioned to benefit from the increasing demand for backup power solutions [4]