投资要点： 业绩点评 公司发布25H1 业绩公告，25H1 实现营业收入6.51 亿元，同比-27.54%，归母净利0.79 亿元，同 比-9.88%，扣非归母净利0.57 亿元，同比-36.05%；其中25Q2 实现营业收入4.61 亿元，同比-2.27%，环 比+141.36%；归母净利0.50 亿元，同比+4.96%，环比+74.02%；扣非归母净利0.35 亿元，同 比-33.20%，环比+63.98%。 考虑行业竞争因素， 我们下调公司2025-2027 年归母净利为1.95/2.49/3.27 亿元（25-26 年前值3.6/4.5 亿 元，27 年为新增预测值），当前股价对应PE47.8/37.5/28.5 倍，考虑公司作为微逆领先企业，出货有望 在库存消化后持续增长，同时公司储能业务进入放量阶段，维持"买入"评级。 需求不及预期，海外贸易摩擦升级，行业竞争激烈，业绩不达预期。 公司25H1 储能业务保持较高增速，成为重要增量引擎，其中工商储系统业务营收1.90 亿元，同比 +6.43%，户储产品营收0.20 亿元，同比+34.11%，主要受益于全球工商业储能需求增长及公司渠道拓 展；25H1 ...

数据显示，国融基金旗下1只基金重仓昱能科技。国融融银A（006009）二季度减持2372股，持有股数 4.22万股，占基金净值比例为2.1%，位居第九大重仓股。根据测算，今日浮盈赚取约13.24万元。连续4 天上涨期间浮盈赚取15.47万元。 国融融银A（006009）成立日期2018年6月7日，最新规模777.89万。今年以来收益7.27%，同类排名 6324/8167；近一年收益19.86%，同类排名5085/8010；成立以来亏损52.87%。 国融融银A（006009）基金经理为周德生、贾雨璇。 9月30日，昱能科技涨5.54%，截至发稿，报59.80元/股，成交8336.35万元，换手率0.92%，总市值93.45 亿元。昱能科技股价已经连续4天上涨，区间累计涨幅6.93%。 资料显示，昱能科技股份有限公司位于浙江省嘉兴市南湖区凌公塘路3535号，成立日期2010年3月24 日，上市日期2022年6月8日，公司主营业务涉及分布式光伏发电系统中组件级电力电子设备的研发、生 产及销售。主营业务收入构成为：微逆及能量通信产品54.95%，工商业储能系统29.14%，智控关断器 8.94%，其它3.89%， ...

证券日报网讯9月26日晚间，昱能科技发布公告称，公司不存在逾期担保和涉及诉讼担保的情形。 ...

东方证券股份有限公司 关于昱能科技股份有限公司 （二） 内部决策程序 2025 年 9 月 26 日，公司第二届董事会第二十一次审议通过了《关于为全资 子公司提供担保的议案》。根据《上海证券交易所科创板股票上市规则》等相关 规定，本次担保事项在董事会审批权限范围内，无需提交股东会审议。 上述担保额度有效期为董事会审议通过之日起 12 个月内。董事会授权总经 理或者其指定的授权代理人在有效期内根据公司及子公司实际经营需要和业务 开展情况，在上述担保额度内代表公司办理相关业务，并签署相关法律文件，并 由公司财务部门负责具体实施。 （三） 担保预计基本情况 注：均采用最近一期未经审计财务数据计算。 为全资子公司提供担保的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为昱能科技股份有限公司 （以下简称"公司"、"昱能科技"）首次公开发行股票并在科创板上市持续督导保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自 律监管指引第 1 号——规范运作》等有关规定，对昱能科技为全资子公司提供担 保的事项进行了审慎核查，核 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-038 昱能科技股份有限公司 关于为全资子公司提供担保的公告 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： 担保对象及基本情况 | | | 被担保人名称 | "昱能贸易"） | 嘉兴昱能贸易有限公司（以下简称 | | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | 万元 10,000 | | | 象一 | | 实际为其提供的担保余额 | 万元 4,987.31 | | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 ☑否 | □不适用：_________ | | | 对 | 被担保人名称 | "景宁昱能"） | 景宁昱能科技有限公司（以下简称 | | 担 保 | | 本次担保金额 | 万元 10,000 | | | 象二 | | 实际为其提供的担保余额 | 万元 1,402.35 | | | | | 是否在前期 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report emphasizes the importance of long-term demand expectations as a key driver for valuation and performance in the lithium battery and photovoltaic sectors [24][28] - It highlights the significant impact of short-term marginal conditions, particularly pricing and production/output data, on market sentiment and stock performance [41][48] Summary by Sections 1. Stock Price Review - The lithium battery market began its upward trend in late 2019, driven by European carbon emission assessments and the rise of new energy vehicle consumption in China [11] - The photovoltaic market saw significant growth from 2020 to 2021 due to global carbon reduction targets and supply constraints, leading to a surge in prices and stock performance [15] - The inverter segment experienced explosive growth driven by demand from energy storage solutions, but faced a sharp decline in 2023 due to inventory issues [19] 2. Key Drivers - **Long-term Demand Expectations - Lithium Batteries** - The report notes that the adjustment of long-term demand expectations directly influences performance and valuation, with significant growth observed in 2020 due to rising demand for new energy vehicles [24] - **Long-term Demand Expectations - Photovoltaics** - The report indicates that from 2020 to 2021, demand expectations for photovoltaics were revised upwards, leading to a bullish market sentiment, but concerns about peak demand in 2023 led to a decline in valuations [29] - **Long-term Demand Expectations - Inverters** - The inverter market's performance was closely tied to demand expectations, with significant growth in 2022 driven by European energy needs, but a subsequent drop in orders in 2023 [33] 3. Short-term Marginal Conditions - **Pricing** - The report highlights that price changes in lithium and silicon materials significantly affect stock prices, with stock prices often leading material price increases [41] - **Production/Output** - Monthly production and shipment data are critical indicators for stock performance, particularly in the energy storage sector, where visibility is limited [48] - **Quarterly Profit Growth Expectations** - Market participants often use quarterly profit growth expectations to gauge industry health, with stock prices typically peaking ahead of profit expectations [49] 4. Other Insights - The report notes that valuation levels are not the primary indicators of market peaks, as fundamental expectations play a more crucial role in determining market trends [59] 5. Outlook - The report expresses optimism for the energy storage market, projecting significant growth in global installations driven by improved demand expectations and favorable market conditions [62][65]

Group 1 - The company YN Technology announced that its shareholder Tiantong High-tech Group Co., Ltd. holds 21,500,689 shares, accounting for 13.76% of the company's total share capital [2] - Tiantong High-tech has released a pledge on 2,800,000 shares [2]

Group 1 - The core point of the news is that YN Technology (SH 688348) announced the release of share pledges by its shareholder, Tiantong High-tech Group, which currently holds approximately 21.5 million shares, accounting for 13.76% of the company's total share capital [1] - After the release of the pledge, Tiantong High-tech has a cumulative pledge of 6.38 million shares [1] - As of the announcement, YN Technology has a market capitalization of 8.4 billion yuan [3] Group 2 - For the fiscal year 2024, YN Technology's revenue composition is heavily weighted towards the photovoltaic industry, which accounts for 99.02% of total revenue, while other businesses contribute only 0.98% [2]

证券代码：688348 证券简称：昱能科技 公告编号：2025-037 关于持股5%以上股东部分股份解除质押的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 截至本公告披露日，昱能科技股份有限公司（以下简称"公司"）股东 天通高新集团有限公司（以下简称"天通高新"）持有公司股份21,500,689股， 占公司总股本的13.76%。 昱能科技股份有限公司 截至公告披露日，天通高新累计质押股份情况如下： 天通高新本次解除质押股份2,800,000股，占其持股总数的13.02%，占总 股本的1.79%。本次解除质押完成后，天通高新累计质押数量6,380,000股。 公司于近日接到公司股东天通高新的通知，获悉其所持公司的部分股份已解除 质押，具体情况如下： 一、本次部分股份解除质押情况 单位：股 | 股东名称 | 天通高新 | | --- | --- | | 本次解质股份数量 | 2,800,000 | | 解质股份占其所持股份比例 | 13.02% | | 解质股份占公司总股本比例 | 1.79% | | ...

Core Viewpoint - YN Technology (688348) announced that its shareholder Tiantong High-tech has released part of its pledged shares, indicating a potential positive shift in shareholder confidence and liquidity [1] Summary by Relevant Sections Shareholder Information - Tiantong High-tech holds 21,500,689 shares of YN Technology, accounting for 13.76% of the total share capital [1] - On September 18, Tiantong High-tech released 2,800,000 pledged shares, which represents 13.02% of its total holdings and 1.79% of the total share capital [1] Pledged Shares Status - After the release, Tiantong High-tech has a total of 6,380,000 pledged shares remaining, which is 29.67% of its holdings and 4.08% of the total share capital [1] - The remaining pledged shares have a maturity date of February 25, 2030 [1] Company Communication - The company stated that it will promptly disclose any significant changes regarding the pledge status [1]