Core Viewpoint - DeYe Technology Co., Ltd. experienced a decline in stock price by 3.15% on August 26, with a trading volume of 1.568 billion yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On August 26, DeYe had a financing buy-in amount of 175 million yuan and a financing repayment of 186 million yuan, resulting in a net financing outflow of 10.3 million yuan. The total financing and securities balance reached 1.248 billion yuan [1]. - The current financing balance of 1.246 billion yuan accounts for 2.30% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, 2,300 shares were repaid while 2,600 shares were sold, with a selling amount of 155,900 yuan. The remaining securities lending volume is 44,400 shares, with a balance of 2.6619 million yuan, also above the 90th percentile level over the past year [1]. Business Performance - As of June 30, DeYe reported a total of 52,300 shareholders, an increase of 76.28% compared to the previous period, while the average circulating shares per person decreased by 20.57% to 17,284 shares [2]. - For the first half of 2025, DeYe achieved a revenue of 5.535 billion yuan, representing a year-on-year growth of 16.58%. The net profit attributable to shareholders was 1.522 billion yuan, reflecting a year-on-year increase of 23.18% [2]. Dividend and Shareholding Structure - Since its A-share listing, DeYe has distributed a total of 4.238 billion yuan in dividends, with 3.897 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 32.2913 million shares, an increase of 9.4808 million shares from the previous period. Other notable shareholders include Quan Guo Xu Yuan Mixed A and Guangfa Small Cap Growth Mixed A, both of which increased their holdings [3].

Group 1 - The stock price of Deye Co., Ltd. is reported at 59.98 yuan, down by 1.95 yuan or 3.15% from the previous trading day [1] - The company operates in the photovoltaic and home appliance industries, with main products including inverters, energy storage batteries, and dehumidifiers, and approximately 70% of its revenue comes from overseas markets [1] - Deye Co., Ltd. released its 2025 semi-annual report, showing a revenue of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [1] Group 2 - The inverter business generated a revenue of 2.644 billion yuan, reflecting a year-on-year growth of 13.90%, while the energy storage battery business achieved a revenue of 1.422 billion yuan, marking an impressive year-on-year growth of 85.80% [1] - The company plans to distribute a cash dividend of 11.08 yuan for every 10 shares to all shareholders [1] - On August 26, the net outflow of main funds was 240.8153 million yuan, accounting for 0.44% of the circulating market value, with a total net outflow of 182.3784 million yuan over the past five days, representing 0.34% of the circulating market value [1]

证券代码：605117 证券简称：德业股份 公告编号：2025-078 宁波德业科技股份有限公司 关于 2025 年半年度利润分配方案的公告 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。 重要内容提示： ? 每股分配比例：每股派发现金红利 1.108 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本（扣除回购专用 账户的股份）为基数，具体日期将在权益分派实施公告中明确。 根据宁波德业科技股份有限公司（以下简称"公司"）2025 年半年度报告 （未经审计），截至 2025 年 6 月 30 日，公司期末可供分配利润(母公司报表口 径)为人民币 1,080,464,545.57 元。为贯彻落实《国务院关于加强监管防范风险推 动资本市场高质量发展的若干意见》等相关要求，进一步提高分红频次，增强投 资者回报水平，经董事会决议，公司 2025 年半年度拟以实施权益分派股权登记 日登记的总股本（扣除回购专用账户的股份）为基数分配利润，拟定本次利润分 配方案如下： 公司拟向全体股东每股派发现金红利 1.108 元（ ...

Core Viewpoint - DeYe Co., Ltd. reported strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, driven by increased demand for inverter and energy storage products in various global markets [1][4]. Financial Performance - The company achieved a revenue of 5.535 billion yuan, representing a year-on-year increase of 16.58% [1] - The net profit attributable to shareholders was 1.522 billion yuan, up 23.18% year-on-year [1] - Revenue from inverter products reached 2.644 billion yuan, a growth of 13.90%, accounting for 47.93% of the main business income [1] Product Sales and Market Demand - Total sales of inverters reached 763,800 units, including 272,700 household storage inverters and 42,900 commercial storage inverters [1] - The company noted a rapid increase in global demand for commercial storage driven by policy support in Europe and high electricity prices in regions like Pakistan and Nigeria [1][4] - The energy storage business has outpaced the inverter business in growth, with energy storage battery products generating 1.422 billion yuan in revenue, an increase of 85.80% [2] Product Development and Innovation - DeYe launched a new off-grid storage inverter model with integrated functionalities, enhancing convenience for users [2] - The company expanded its commercial energy storage solutions, offering modular designs that reduce costs by 30% and improve efficiency [2] Global Market Strategy - The company reported that overseas revenue reached 3.878 billion yuan, accounting for approximately 70% of main business income [4] - Southeast Asia contributed 30% to 40% of the overseas revenue [4] - DeYe is actively promoting its brand globally through exhibitions and roadshows in various countries [3] Industry Context - Competitors like Sungrow and Jinlang Technology also reported strong financial results, with significant increases in both domestic and overseas revenues [5][6] - The global inverter market is expected to see steady growth, with annual shipments projected to reach 685.47 GW by 2030 [6] - The energy storage market is anticipated to experience explosive growth, with cumulative installed capacity expected to rise from 27 GW in 2021 to 358 GW by 2030, reflecting a compound annual growth rate of over 33% [6]

Core Viewpoint - The financial performance of both Sungrow Power Supply (阳光电源) and Deye Technology (德业股份) shows significant growth in revenue and net profit, primarily driven by their inverter and energy storage businesses, which together contribute approximately 75% of their total revenue [1][2]. Group 1: Financial Performance - Sungrow Power Supply achieved a revenue of 43.53 billion yuan in the first half of 2025, representing a year-on-year increase of 40.34%, with a net profit of 7.73 billion yuan, up 55.97% [1]. - Deye Technology reported a revenue of approximately 5.54 billion yuan, an increase of 16.58% year-on-year, and a net profit of about 1.52 billion yuan, up 23.18% [1]. - Sungrow's energy storage product revenue surpassed traditional inverter business for the first time, with energy storage systems generating 17.80 billion yuan, a growth of 127.78%, accounting for 40.89% of total revenue [2]. Group 2: Market Focus - Both companies have increasingly focused on overseas markets, with Sungrow generating 25.38 billion yuan from international sales, a growth of 88.32%, making up 58.30% of total revenue [3]. - Deye Technology derives approximately 70% of its revenue from international sales, emphasizing emerging markets in Asia, Africa, and Europe [3]. - The European market is identified as a key area for growth, with expectations of recovering demand for household energy storage driven by supportive policies and decreasing prices [3]. Group 3: Business Evolution - Sungrow Power Supply started as an inverter manufacturer over 20 years ago and has expanded into the energy storage sector [2]. - Deye Technology began its inverter business in 2016 and has seen significant growth in both inverter and energy storage segments, with inverters contributing 47.93% and energy storage batteries 25.78% to its revenue [2].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that the electric equipment and new energy industry has shown stable market performance over the past year, with key developments including the establishment of national technical standards for humanoid robots led by UBTECH and the ongoing discussions to prevent price wars in the photovoltaic sector [1][3][4]. Summary by Sections Preferred Stocks - The report lists several preferred stocks with their ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Industry Developments - UBTECH has led the approval of two national standards for humanoid robots, focusing on positioning navigation and human-machine interaction [3]. - A meeting held by the Ministry of Industry and Information Technology emphasized the importance of maintaining fair competition in the photovoltaic industry and called for the orderly exit of outdated production capacity [5]. - The China Photovoltaic Industry Association has proposed initiatives to strengthen industry self-discipline and maintain a fair market order [4]. Price Tracking - The report provides price tracking for various components in the photovoltaic supply chain: - Polysilicon prices remain stable at 44.0 CNY/kg [6]. - Silicon wafer prices are stable, with N-type wafers priced at 1.20 CNY/piece [7]. - Battery cell prices are also stable, with N-type cells priced at 0.290 CNY/W [8]. - Module prices for TOPCon dual-glass components are stable at 0.685 CNY/W [8]. - Glass prices for photovoltaic applications remain unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various strategic directions: - BC new technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Fulete - Overseas layout: Hengdian East Magnet, Sungrow Power Supply, Canadian Solar, Deyang Co., Ltd. - Market-oriented electricity: Langxin Group - Domestic substitution: Quartz Co., Ltd. [9].

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]