Summary of the Conference Call for 德业股份 Company Overview - **Company**: 德业股份 (DeYee Co., Ltd.) - **Industry**: Energy Storage Solutions Key Points Industry and Market Performance - **Fourth Quarter Performance**: Significant increase in shipments, with December production nearing 100,000 units, expected to set a historical record, driven by a surge in shipments from several thousand units per month to nearly 20,000 units [2][3] - **Sales Growth in Australia**: Projected sales in the Australian market for 2025 are expected to reach 200-300 million RMB, representing several times growth, primarily driven by subsidy policies [2][5] - **US Market Outlook**: Despite tariff impacts, the company remains optimistic about the US market due to improved Sino-US relations and increased demand from data centers, with tariffs postponed until November next year [2][7] - **European Market Strategy**: Continued focus on the European market in 2026, with stable demand in Eastern Europe supported by government subsidies, while Western Europe is expected to maintain steady growth [2][8][9] Product and Technology Insights - **Battery Pack Proportions**: Industrial storage battery pack adaptation rates are high at 80%-90%, while household storage self-supply rates are around 20%-30%. The company is gradually increasing the self-supply ratio in household storage systems, currently at 55% for household and 45% for industrial storage [2][12] - **New Product Launch**: The company launched a 125 kW high-power product in June, with monthly production reaching 700-800 units, aiming for over 1,000 units in Q1 next year and targeting 2,000 units per month [2][6][14] Regional Market Developments - **Ukraine Market**: Demand remains strong, with potential annual shipments reaching 240,000 to 250,000 units in 2026, contingent on post-conflict reconstruction needs [2][10] - **Indonesian Market Potential**: The company is optimistic about the Indonesian market, collaborating with local governments and state-owned enterprises to establish benchmark projects, expecting significant scale within 1-2 years [2][13] - **Emerging Markets**: Positive outlook for emerging markets including the Middle East, Africa, and South America, particularly in regions like Iraq, Nigeria, and Brazil, where energy storage demand is anticipated to grow [2][19][34] Financial Projections and Challenges - **Profit Expectations**: The company anticipates a year-on-year increase in net profit for Q4, with a target of 3.1 billion RMB for the full year, while specific targets for next year are still under evaluation [2][29][30] - **Supply Chain Management**: Facing a 10% increase in battery cell prices, the company maintains stable supply through partnerships with major manufacturers, with pressures expected to continue into Q1 2026 [2][27][28] Strategic Goals - **Market Expansion in Australia**: Plans to increase manpower, channels, and resources to capture a larger market share in Australia, targeting over 1 billion RMB in revenue next year [2][22][23] - **Focus on Industrial Storage**: Emphasis on promoting industrial storage products due to the development of dynamic electricity trading markets, which present significant opportunities [2][24] Conclusion - **Overall Outlook**: The company expresses confidence in achieving growth across various regions, including Ukraine, Eastern Europe, Australia, the US, the Middle East, and Africa, with expectations for a strong performance in 2026 driven by new product launches and market expansion strategies [2][35]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) as of December 12, 2025, showcasing significant daily and year-to-date gains along with dividend yields [1][4]. Group 1: Top Performers - The top stock, Jiufeng Energy (605090.SH), recorded a daily increase of 3.12% and a year-to-date increase of 25.95%, with a dividend yield of 3.43% [1][4]. - Furi Shares (002083.SZ) achieved a daily rise of 3.00% and an impressive year-to-date increase of 131.27%, with a dividend yield of 1.35% [1][4]. - Aotewei (688516.SH) saw a daily gain of 2.67% and a year-to-date increase of 3.38%, with a dividend yield of 5.11% [1][4]. Group 2: Notable Trends - The data indicates that several stocks, such as Yuyuan Group (601686.SH) and Agricultural Bank of China (601288.SH), have shown consistent performance with year-to-date increases of 26.26% and 55.18%, respectively [1][4]. - Stocks like Gree Electric (000651.SZ) and China Petroleum (601857.SH) have experienced fluctuations, with year-to-date changes of -4.59% and 14.06%, respectively, indicating varying market conditions [1][4]. - The overall performance of the index reflects a mix of high-growth stocks and those facing challenges, suggesting a diverse investment landscape within the Chinese A-share market [1][4].

Group 1 - The World Bank has raised its economic growth forecast for China in 2025, attributing this to more proactive fiscal policies and moderately loose monetary policies that support domestic consumption and investment [1] - The diversification of China's export markets is expected to enhance export resilience, with future economic growth increasingly relying on domestic demand [1] - The head of the World Bank's China office emphasized that structural reforms and a more predictable business environment will boost confidence and lay the foundation for resilient and sustainable growth [1] Group 2 - The Shanghai 180 Index (000010) includes 180 large-cap, liquid securities from the Shanghai stock market, reflecting the overall performance of core listed companies [2] - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 26.13% of the index, with notable companies including Kweichow Moutai (600519) and Zijin Mining (601899) [2] - The Shanghai 180 ETF (530280) closely tracks the Shanghai 180 Index, with various connection funds available for investors [2]

Core Viewpoint - The A-share market's energy storage concept stocks have collectively strengthened, indicating a positive outlook for the energy storage industry driven by ongoing global energy transition trends and strong demand in various markets [1]. Industry Summary - The energy storage sector is expected to maintain high demand through 2026 due to several factors: 1. Continuous global energy transition trends necessitating grid and energy storage construction as the share of wind and solar installations increases, alongside the anticipated rise in AI-related energy storage projects [1]. 2. Significant tendering and planned projects in major markets including China, the U.S., and Europe, as well as emerging demand in the Middle East, India, Australia, and Chile [1]. 3. Strong demand for household and industrial energy storage solutions, with persistent electricity shortages in emerging markets [1]. Company Performance - Notable stock performances in the energy storage sector include: - Nandu Power (南都电源) increased by 12.18%, with a market cap of 17 billion and a year-to-date increase of 17.53% [2]. - Shenghui Technology (昇辉科技) rose by 10.67%, with a market cap of 4.179 billion and a year-to-date increase of 21.39% [2]. - China Tianying (中国天楹) saw a 10.09% increase, with a market cap of 14.6 billion and a year-to-date increase of 26.33% [2]. - Other companies such as Hancable (汉缆股份), Jinchuan Group (今创集团), and Goldwind Technology (金风科技) also experienced significant gains, with increases ranging from approximately 5% to nearly 10% [2].

Core Viewpoint - The company, Deyang Co., has completed the closure of three fundraising special accounts with various banks, indicating a significant step in its financial management and regulatory compliance [2] Group 1 - Deyang Co. announced the completion of account closures for three fundraising special accounts at Bank of Communications, China Construction Bank, and Agricultural Bank of China, all located in Ningbo [2] - The balances in these accounts were reported to be zero, which suggests that the funds have been fully utilized or reallocated [2] - The termination of the tripartite supervision agreement corresponds with the closure of these accounts, reflecting a streamlined financial oversight process [2]

截至 2025 年 12 月 7 日，募集资金专户情况如下： 证券代码：605117 证券简称：德业股份 公告编号：2025-115 宁波德业科技股份有限公司 关于部分募集资金专户销户的公告 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 经中国证券监督管理委员会《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》（证监许可[2023]1583 号）批准，宁波德业科技股份有 限公司（以下简称"公司"）向特定对象发行人民币普通股（A 股）数量为 35,997,120 股，发行价格为 55.56 元/股，募集资金总额合计人民币 1,999,999,987.20 元，扣 除与本次发行有关的费用共计人民币 8,249,002.89 元（不含增值税），实际募集 资金净额为人民币 1,991,750,984.31 元。上述募集资金已于 2024 年 6 月 14 日全 部到位。立信会计师事务所（特殊普通合伙）对上述募集资金到位情况进行了验 证，并出具了信会师报字[2024]第 ZF10952 号《 ...

宁波德业科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： ●会议召开时间：2025 年 12 月 16 日（星期二）15:00-16:00 证券代码：605117 证券简称：德业股份 公告编号：2025-114 （一）投资者可在 2025 年 12 月 16 日（星期二）15:00-16:00，通过互联网 登录上证路演中心（https://roadshow.sseinfo.com/），在线参与本次业绩说明会， 公司将及时回答投资者的提问。 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频直播和网络互动 ●投资者可于 2025 年 12 月 9 日（星期二）至 12 月 15 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@deye.com.cn 进行提问 ...

Group 1 - The company announced a private placement of 35,997,120 shares, raising a total of 1.999 billion yuan, with a net amount of 1.992 billion yuan [1] - In 2025, the company approved the termination of the "annual production of 25.5GW string-type and energy storage inverter production line project" and introduced a new project for "annual production of 7GWh commercial storage production line" [1] - As of the announcement date, the balances of three fundraising special accounts at Bank of Communications Ningbo Beilun Branch, China Construction Bank Ningbo Daqi Branch, and Agricultural Bank of China Ningbo Daqi Branch were zero, and account closures have been processed, terminating the tripartite supervision agreement [1]

Core Insights - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of December 5, 2025 [1][4]. Group 1: Stock Performance - The top performer is Luodi Co., Ltd. (002083.SZ) with a daily increase of 9.99% and a year-to-date increase of 115.68% [1][4]. - Nanshan Aluminum (600219.SH) follows with a daily increase of 8.55% and a year-to-date increase of 41.18% [1][4]. - Shenhuo Co., Ltd. (000933.SZ) shows a daily increase of 5.43% and a year-to-date increase of 65.72% [1][4]. - Tianshan Aluminum (002532.SZ) has a daily increase of 5.16% and a year-to-date increase of 85.94% [1][4]. - Chuanheng Co., Ltd. (002895.SZ) reports a daily increase of 4.22% and a year-to-date increase of 61.41% [1][4]. Group 2: Dividend Yields - Siwei Liekong (603508.SH) has the highest dividend yield at 11.60% over the past 12 months [1][4]. - Other notable dividend yields include Chuanheng Co., Ltd. (3.86%), Yungxin Co., Ltd. (7.84%), and Yuntianhua (5.23%) [1][4]. - The average dividend yield among the top 20 stocks varies, with some stocks like Kesheng Co., Ltd. (300856.SZ) showing a lower yield of 1.41% [1][4]. Group 3: Market Trends - The article indicates a positive market trend with the formation of MACD golden cross signals for several stocks, suggesting potential upward momentum [3][6].

Group 1 - The core viewpoint of the news is that the photovoltaic industry chain in China has reduced production plans for December across multiple segments, including silicon materials, wafers, and modules, due to industry self-discipline and insufficient terminal demand [1] - The continued decrease in production plans for December follows a similar trend in November, indicating a response to supply-demand imbalances and an effort to implement "anti-involution" measures within the industry [1] - Industry insiders believe that the effects of "anti-involution" will lead to a gradual price recovery in the photovoltaic sector by 2026 [1] Group 2 - As of December 5, 2025, the CSI Photovoltaic Industry Index (931151) rose by 1.62%, with notable increases in component stocks such as Robotech (300757) up 10.35%, Maiwei Co. (300751) up 5.74%, and Keda (002518) up 5.73% [1] - The CSI Photovoltaic Industry Index is composed of no more than 50 representative listed companies involved in the photovoltaic industry chain, reflecting the overall performance of these securities [1] - The CSI Photovoltaic Industry Index's top ten weighted stocks account for 61.01% of the index, with significant contributors including Sunshine Power (300274), TBEA (600089), and Longi Green Energy (601012) [2]