Core Viewpoint - The company reported its 2025 H1 results, showing revenue and net profit growth, with a strong performance in energy storage inverters and battery packs, while facing challenges in other product lines [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 5.535 billion yuan, a year-on-year increase of 16.6%, and a net profit attributable to shareholders of 1.52 billion yuan, up 23.2% [1]. - For Q2 2025, revenue was 2.97 billion yuan, reflecting a year-on-year increase of 3.7% and a quarter-on-quarter increase of 15.7%, with net profit of 817 million yuan, up 1.7% year-on-year and 15.7% quarter-on-quarter [1]. - The company shipped approximately 316,000 energy storage inverters in H1 2025, a year-on-year increase of about 48%, with Q2 shipments reaching about 184,000 units [1]. Product Performance - The energy storage inverter shipments in Q2 2025 increased by approximately 40% quarter-on-quarter, with a growing share of commercial storage [1]. - Battery pack revenue in H1 2025 reached 1.42 billion yuan, with a year-on-year increase of over 80%, and Q2 revenue of 740 million yuan, reflecting a quarter-on-quarter increase of 56% [1]. - The company experienced a slight decline in the shipments of string and micro inverters, with H1 2025 shipments around 460,000 units, a year-on-year decrease [2]. Employee Engagement - The company announced an employee stock ownership plan, allowing up to 800 employees to subscribe to a maximum of 1.9072 million shares, representing 0.21% of total equity, with a subscription price of 30.19 yuan per share [2]. Profit Forecast and Investment Rating - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 3.6 billion yuan, 4.31 billion yuan, and 5.17 billion yuan, with corresponding growth rates of 22%, 20%, and 20% [3]. - The target price for 2026 is set at 95 yuan, based on a 20x PE ratio, maintaining a "buy" rating [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.535 billion yuan in H1 2025, representing a year-on-year increase of 16.6%, with a net profit attributable to shareholders of 1.52 billion yuan, up 23.2% year-on-year [8] - In Q2 2025, the company saw a significant increase in energy storage inverter shipments, with a quarter-on-quarter growth of approximately 40% [8] - The company is expected to continue its growth trajectory in energy storage, with projected shipments of over 700,000 units for the year, including 100,000 units for commercial storage [8] - The company has introduced an employee stock ownership plan to enhance employee cohesion and motivation [8] - The profit forecast for 2025-2027 has been adjusted downwards due to a decline in household storage prices and slower growth in string and micro-inverter shipments [8] Financial Projections - Total revenue projections for the company are as follows: 2023A: 7.48 billion yuan, 2024A: 11.206 billion yuan, 2025E: 13.31 billion yuan, 2026E: 16.003 billion yuan, 2027E: 19.106 billion yuan [1] - Net profit attributable to shareholders is projected to be: 2023A: 1.791 billion yuan, 2024A: 2.96 billion yuan, 2025E: 3.602 billion yuan, 2026E: 4.311 billion yuan, 2027E: 5.168 billion yuan [1] - The earnings per share (EPS) forecast is: 2023A: 1.98 yuan, 2024A: 3.27 yuan, 2025E: 3.98 yuan, 2026E: 4.77 yuan, 2027E: 5.71 yuan [1] - The price-to-earnings (P/E) ratio is projected to be: 2023A: 31.27, 2024A: 18.92, 2025E: 15.55, 2026E: 12.99, 2027E: 10.84 [1]

公司股东户数为5.23万户，前十大股东持股数量为6.11亿股，占总股本比例为67.55%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 宁波梅山保税港区艾思睿投资管理有限公司 | 35.3 | | 2 | 张和君 | 22.3 | | 3 | 香港中央结算有限公司 | 3.57 | | 4 | 宁波梅山保税港区亨丽创业投资合伙企业(有限合伙) | 1.79 | | 5 | 招商银行股份有限公司-泉果旭源三年持有期混合型证券投资基金 | 0.96 | | 6 | 上海浦东发展银行股份有限公司-广发小盘成长混合型证券投资基金(LOF) | 0.85 | | 7 | 中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金 | 0.72 | | 8 | 陆亚珠 | 0.70 | | d | 中国农业银行股份有限公司-交银施罗德先进制造混合型证券投资基金 | 0.65 | | 10 | 杨林 | 0.54 | 公司摊薄每股收益为1.68元，较去年同报告期摊薄每股收益增加0.22元，同比较去年同期上涨15.07%。 公司最新总资产周转 ...

Group 1 - The core viewpoint of the news is that 德业股份 (605117.SH) has reported its half-year results for 2025, highlighting significant institutional investor interest and changes in shareholding patterns [1] - As of August 25, 2025, a total of 92 institutional investors hold shares in 德业股份, with a combined holding of 431 million shares, representing 47.69% of the total share capital [1] - The top ten institutional investors collectively hold 45.08% of the shares, with a slight decrease of 0.70 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four public funds increased their holdings compared to the previous period, with an increase rate of 1.03% [2] - One new public fund, 南华中证杭州湾区ETF, was disclosed in this period, while 169 public funds were not disclosed compared to the previous quarter [2] - In terms of foreign investment, one foreign fund, 香港中央结算有限公司, increased its holdings, with an increase rate of 1.05% [2]

该事项已经公司第三届董事会第十七次会议、第三届监事会第十五次会议审议通过，但仍需提交公司股 东大会审议。 2025年4月28日，公司召开第三届董事会第十四次会议、第三届监事会第十二次会议，审议通过了《关 于2025年度开展外汇套期保值业务的议案》，并提交2025年5月21日召开的2024年年度股东大会审议通 过。2025年8月25日，公司再次召开相关会议，审议通过了《关于增加2025年度开展外汇套期保值业务 额度的议案》。 公司开展外汇套期保值业务遵循合法、审慎、安全、有效的原则，不进行投机性交易，但仍存在一定风 险，主要包括： - 汇率风险：经营期内汇率波动较大，套期保值业务汇率报价可能大幅偏离公司实际收 付汇率，造成汇兑损失。 - 内部操作风险：外汇套期保值业务专业性强、复杂程度高，可能因内控不完 善或操作人员水平问题造成风险。 - 交易违约风险：交易对手违约，无法支付公司套期保值盈利，无法 对冲实际汇兑损失，将造成公司损失。 近日，宁波德业科技股份有限公司（证券代码：605117）发布公告，为降低外汇风险、利率风险等特定 风险对公司经营业绩造成的不利影响，提高公司整体抗风险能力，公司及子公司拟增加202 ...

宁波德业科技股份有限公司2025 年半年度报告摘要 公司代码：605117 公司简称：德业股份 | | 第二节 公司基本情况 | | | | | --- | --- | --- | --- | --- | | | 公司股票简况 | | | | | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 | 变更前股票简称 | | A股 上海证券交易所 | | 德业股份 | 605117 无 | | | 联系人和联系方式 | | 董事会秘书 | 证券事务代表 | | | 姓名 | | 刘书剑 | 郑超琦 | | | 电话 | | 0574-86222335 | 0574-86222335 | | | 办公地址 | 浙江省宁波市北仑区大碶甬江 | | | 浙江省宁波市北仑区大碶甬江 | | | 宁波德业科技股份有限公司2025 | | 年半年度报告摘要 | | | | | 南路26号 | | 南路26号 | | 电子信箱 | | stock@deye.com.cn | | stock@deye.com.cn | | | | | | 单位：元 币种：人 | | 民币 | | | | | | | | | | 本报告 ...

Core Viewpoint - Ningbo Deye Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, driven by strong demand in the photovoltaic and energy storage sectors, while also announcing a cash dividend distribution plan for shareholders [1][2][3]. Financial Performance - The company's operating revenue for the first half of 2025 reached RMB 5,535,465,365.91, a 16.58% increase compared to RMB 4,748,194,445.57 in the same period last year [2][3]. - The total profit amounted to RMB 1,736,648,078.55, reflecting a 23.14% increase from RMB 1,410,310,331.13 year-on-year [2][3]. - Net profit attributable to shareholders was RMB 1,522,164,569.91, up 23.18% from RMB 1,235,683,828.04 in the previous year [2][3]. - The company plans to distribute a cash dividend of RMB 1.108 per share, totaling approximately RMB 1,000,015,340.47, which represents 65.70% of the net profit for the period [1][2]. Industry Overview - The company operates in the electrical machinery and equipment manufacturing industry, focusing on the photovoltaic sector and home appliances, including dehumidifiers [3][4]. - The global inverter market is projected to reach RMB 66.3 billion by 2025, with an expected shipment volume of 570 GW, driven by increasing adoption of renewable energy and supportive policies [4][5]. - The energy storage market is anticipated to become a second growth driver, with significant demand emerging from commercial and industrial sectors due to policy support and peak-valley price differences [4][5]. Product Development and Market Strategy - The company has developed a comprehensive product matrix covering energy storage, string, and micro-inverters, positioning itself as a leader in the inverter market [3][4]. - New product launches include off-grid storage inverters and integrated solutions that enhance flexibility and reduce costs by 30% [5][6]. - The company actively participates in international exhibitions and regional roadshows to promote its brand and products, reaching over 110 countries and regions [5][6]. Operational Highlights - The company sold a total of 763,800 inverters in the first half of 2025, with household storage inverters accounting for 272,700 units and commercial storage for 42,900 units, marking an 85.80% increase year-on-year [5][6]. - The company’s cash flow from operating activities was RMB 1,515,942,460.28, a 14.63% increase from the previous year [2][3]. - The total assets of the company reached RMB 18,568,024,806.26, a 22.85% increase compared to the previous year [2][3].

证券代码：605117 证券简称：德业股份 公告编号：2025-075 宁波德业科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、 董事会会议召开情况 根据《中华人民共和国公司法》 本次会议由张和君先生主持，公司监事、高级管理人员列席了会议。会议的 召开符合《公司法》《公司章程》及其他有关法律、法规的规定，形成决议合法 有效。 二、 董事会会议审议情况 本次会议以书面表决的方式，审议并通过全部议案，形成如下决议： （一）审议通过《2025 年半年度报告及其摘要》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《2025 年半年度报告》《2025 年半年度报告摘要》。 表决结果：7 票同意，0 票反对，0 票弃权。 本议案提交董事会审议前，已经公司第三届董事会审计委员会第七次会议全 体审议通过。 （以下简称" 《公司法》"）等有关法律法规及 《宁波德业科技股份有限公司章程》 （以下简称"《公司章程》"）的规定，宁波德 业科技股份有限公司（以下简称"公司"）于 2025 年 8 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-076 宁波德业科技股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、 监事会会议召开情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律法 规及《宁波德业科技股份有限公司章程》 （以下简称"《公司章程》"）的规定， 宁波德业科技股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日上午 10 时在公司 9 楼会议室召开第三届监事会第十五次会议。本次会议于 2025 年 8 月 监事来二航、乐飞军、乐静娜参加了本次会议，会议达到了《公司法》和《公司 章程》规定的召开监事会法定监事人数。 本次会议由来二航先生主持，公司董事会秘书列席了会议。会议的召开符合 《公司法》《公司章程》及其他有关法律、法规的规定，形成决议合法有效。 二、 监事会会议审议情况 本次会议以现场表决的方式，审议并通过全部议案，形成如下决议： （一）审议通过《2025 年半年度报告及其摘要》 经核查，公司 2025 年半年度报告的编制和审议程序符合 ...

证券代码：605117 证券简称： 德业股份 公告编号：2025-077 宁波德业科技股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可[2023]1583 号《关于同意宁波德业科技 股份有限公司向特定对象发行股票注册的批复》注册，公司向特定对象发行人民 币 普 通 股 （ A 股 ） 35,997,120 股 ， 发 行 价 格 55.56 元 / 股 ， 募 集 资 金 总 额 为 权益性证券直接相关的外部费用人民币 701,833.13 元，募集资金净额为人民币 已经立信会计师事务所（特殊普通合伙）审验并出具信会师报字[2024]第 ZF10952 号《验资报告》。公司对募集资金采取了专户存储制度。 （二）募集资金使用及结余情况 截至 2025 年 6 月 30 日止，募集资金使用及结余情况如下： 单位：人民币元 募集资金专户使用情况明细 金额 募集 ...