Group 1 - The core viewpoint of the news is the performance and financial status of YN Technology, which saw a stock price increase of 6.45% to 65.66 CNY per share, with a total market capitalization of 10.261 billion CNY [1] - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, with its main revenue sources being micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and others [1] Group 2 - From the perspective of fund holdings, Dachen Fund has a significant position in YN Technology, with its Dachen Fengxiang Return Mixed A Fund holding 13,600 shares, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding [2] - The Dachen Fengxiang Return Mixed A Fund has a total scale of 36.7892 million CNY and has achieved a year-to-date return of 5.17%, ranking 6924 out of 8140 in its category [2]

Group 1 - The energy storage index experienced a strong rally, with constituent stocks showing a broad-based increase [1] - Haibosi Technology surged by 14.43%, while Shuneng Electric and Penghui Energy rose by 9.87% and 9.38% respectively [1] - Other companies such as Kelon Electronics and YN Technology also saw gains, with increases exceeding 4% [1]

昱能科技所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：光伏玻璃、储能、太阳 能、逆变器、融资融券等。 截至9月30日，昱能科技股东户数1.28万，较上期增加10.86%；人均流通股12199股，较上期减少 9.80%。2025年1月-9月，昱能科技实现营业收入9.43亿元，同比减少38.48%；归母净利润6648.01万元， 同比减少55.52%。 分红方面，昱能科技A股上市后累计派现3.49亿元。 责任编辑：小浪快报 11月10日，昱能科技盘中下跌2.03%，截至13:59，报57.30元/股，成交1.83亿元，换手率2.01%，总市值 89.55亿元。 资金流向方面，主力资金净流出473.22万元，特大单买入540.62万元，占比2.95%，卖出618.70万元，占 比3.37%；大单买入3677.34万元，占比20.04%，卖出4072.48万元，占比22.20%。 昱能科技今年以来股价涨18.38%，近5个交易日涨2.45%，近20日涨3.92%，近60日涨25.22%。 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2 ...

Summary of the Earnings Call for YN Technology Company Overview - **Company**: YN Technology - **Industry**: Renewable Energy, specifically focusing on photovoltaic and energy storage solutions Key Financial Metrics - **Revenue**: 943 million CNY for the first three quarters of 2025, a decrease of 38.48% year-on-year [2][3] - **Net Profit**: 66.48 million CNY, down 55.52% year-on-year [2][3] - **Q3 Performance**: Revenue of 292 million CNY, a decline of 53.98% year-on-year, with a net loss of 12.66 million CNY [3] - **R&D Investment**: Total R&D expenditure of 89.93 million CNY, representing 9.53% of revenue, an increase of 3.32% year-on-year [2][4] Industry Dynamics - **Impact of US-China Trade War**: Sales to the US decreased by approximately 5% to 28.76 million USD, but the overall impact is manageable with a gross margin of 27% [2][6] - **European Market Challenges**: Significant decline in household installation volumes in Europe due to geopolitical tensions, but potential for demand recovery through equipment upgrades [2][7][8] Strategic Initiatives - **Governance Improvements**: Enhanced corporate governance practices, including a refined compensation management system and strict adherence to related party transaction regulations [2][9] - **Expansion in Europe**: Actively pursuing integrated photovoltaic power station projects and focusing on the commercial energy storage market, which is expected to see strong demand in 2025 [2][10] - **Investment in Linchu Energy**: Increased stake to 85%, indicating confidence in the energy storage business and plans for further investment [2][11] Technological Developments - **Research on Solid-State Transformers**: Ongoing internal research on high-efficiency solid-state transformer technology, with significant advancements in high-voltage and low-voltage applications [2][12] - **Balcony Photovoltaic Solutions**: Launched new products for the overseas balcony photovoltaic market, compatible with existing systems, and introduced the "Green Power Treasure" series for domestic markets [2][13] Market Positioning and Competitiveness - **Response to Market Challenges**: Strategies to address narrowing peak-valley price differences include deepening domestic and international market engagement and optimizing product performance [2][14] - **Focus on Virtual Power Plants**: Emphasizing the importance of virtual power plants in the energy storage business, with plans to leverage AI technology for enhanced decision-making in energy trading [2][15][16] - **Core Competencies in Overseas Markets**: Localized deployment, brand recognition, and a comprehensive service system are key competitive advantages in expanding the overseas energy storage market [2][17] Conclusion YN Technology is navigating a challenging market environment with strategic investments in R&D, governance improvements, and a focus on expanding its presence in Europe and the US. The company is well-positioned to capitalize on future demand in the energy storage sector while addressing current market challenges through innovative solutions and strategic partnerships.

Core Insights - The photovoltaic industry has shown significant improvement in Q3 2025, with many companies turning losses into profits, indicating a positive trend that is expected to continue [1][22] - The future evolution of the photovoltaic industry is determined by "storage capacity" for mid-term valuation and the integration of AI in data centers for long-term success [1][23] Industry Overview 1. Silicon Material - GCL-Poly's Q3 profit from photovoltaic materials reached approximately 960 million yuan, a significant recovery from a loss of 1.81 billion yuan in the same period last year [2] - Tongwei and Daqo New Energy also reported substantial improvements, with Daqo achieving a profit of 73 million yuan in Q3 [2] - The silicon material sector has seen a price surge, with futures prices rising from 30,000 yuan/ton in Q2 to 58,000 yuan/ton in Q3, indicating a strong recovery [2][4] 2. Silicon Wafer - Second-tier silicon wafer companies like Hongyuan Green Energy and Shuangliang Energy have turned profitable, with Hongyuan reporting a profit of 500 million yuan in Q3 [7] - Longi Green Energy has also shown a notable reduction in losses, approaching breakeven [8] 3. Battery Components - Battery component manufacturers, including Longi, Jinko, Trina, and Tongwei, have reported improvements, except for JA Solar, which saw a decline in Q3 performance [10] 4. Inverters - Most inverter companies have experienced profit growth, driven by the expanding energy storage market, with Sungrow reporting a net profit of 11.8 billion yuan [14] - However, companies like Hemai and YN Energy faced losses due to weak demand in the European residential market [12][14] 5. Auxiliary Materials - The auxiliary materials sector, particularly the film industry, faced a challenging period in Q3, but prices have started to recover, indicating a potential turnaround [15][16] - Foster's overseas market share has increased significantly, contributing to its revenue growth [16] 6. Photovoltaic Equipment - Overall profits in the photovoltaic equipment sector are declining, but many companies still maintain good profitability [18] - Companies like Jiejia Weichuang and Maiwei are actively expanding into overseas markets, which is becoming a new growth point [19] Key Recognitions from Q3 Reports - The darkest period for the photovoltaic industry appears to be over, with most companies showing improved performance [22] - The demand for energy storage has exceeded expectations, with significant growth projected for the global storage market [23][25] - The residential market is showing signs of weakness, prompting companies to shift focus towards commercial markets [26][27] - Leading companies are beginning to demonstrate robust operational performance, indicating a shift towards a more competitive landscape [28][29] - New technologies that align with the AI era are expected to gain traction, enhancing the commercial value of photovoltaic products [31]

Core Viewpoint - YN Technology's stock rose by 5.34% on November 5, reaching a price of 57.19 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 8.938 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), others (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - According to data from major funds, Dachen Fund has a significant holding in YN Technology. The Dachen Fengxiang Return Mixed A Fund (009653) held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit for today is approximately 39,400 CNY [2] - The Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date returns are 4.76%, ranking 6802 out of 8150 in its category; the one-year return is 7.1%, ranking 6246 out of 8043; and since inception, the return is 16.52% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 274 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 251.69% and the worst being -71.74% [3]

Group 1 - The company has established a special account for the storage of raised funds and signed a tripartite supervision agreement with the sponsor and the bank [2][3] - The total amount raised from the initial public offering (IPO) was RMB 326 million, with a net amount of RMB 303.7 million after deducting issuance costs [2] - The special account will be used exclusively for the storage and use of over-raised funds, ensuring compliance with relevant regulations [3][4] Group 2 - The tripartite supervision agreement was signed on November 3, 2025, to regulate the management and use of raised funds [3][5] - The agreement stipulates that the sponsor has the right to supervise the use of funds and can conduct on-site investigations [5][6] - The bank is required to provide monthly account statements and notify the sponsor of any significant withdrawals from the special account [6][7]

证券代码：688348 证券简称：昱能科技 公告编号：2025-041 昱能科技股份有限公司 关于新增募集资金专户并签订募集资金专户存储三方监 管协议的公告 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。 一、 募集资金基本情况 经中国证券监督管理委员会出具的《关于同意昱能科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕681号），同意昱能科技股份有限 公司（以下简称"公司"）首次公开发行股票的注册申请，并经上海证券交易所 同意，公司首次向社会公众公开发行人民币普通股（A股）股票2,000万股，发行 价格为每股人民币163.00元，募集资金总额为人民币326,000.00万元，扣除发行 费用（不含增值税）人民币22,300.51万元后，实际募集资金净额为人民币 303,699.49万元。募集资金已于2022年6月2日全部到位，并经天健会计师事务所 （特殊普通合伙）审验，于2022年6月3日出具天健验[2022]第243号《验资报告》。 二、《募集资金专户存储三方监管协议》的签订情况和募集资金专户的开设情 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company experienced a slight decline in micro-inverter shipments in Q3, with overseas commercial storage and household storage becoming new growth drivers [8] - The revenue for Q3 2025 was approximately 292 million yuan, a year-on-year decrease of 53.98% and a quarter-on-quarter decrease of 36.61% [8] - The company is expected to see a revenue increase in Q4 2025, with an estimated total shipment of about 700,000 units for the year, reflecting a decline of 20-30% [8] - The energy storage business is anticipated to grow significantly, with domestic commercial storage revenue expected to reach approximately 500 million yuan in 2025, and overseas commercial storage projected to achieve 50 million yuan [8] Financial Summary - Total revenue forecast for 2023A is 1,420 million yuan, with a year-on-year growth of 6.11% [1] - The net profit attributable to the parent company for 2023A is projected at 220.22 million yuan, reflecting a year-on-year decrease of 38.92% [1] - The earnings per share (EPS) for 2023A is estimated at 1.41 yuan, with a price-to-earnings (P/E) ratio of 39.73 [1] - The company’s gross margin for Q3 2025 was 27.87%, showing a year-on-year decrease of 0.43 percentage points [8] - The operating cash flow for 2024A is projected at 653 million yuan [9]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688348 证券简称：昱能科技 公告编号：2025-040 昱能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、准确性和完整性依法承担法律责任。 重要内容提示： ■ 昱能科技股份有限公司（以下简称"公司"）于2025年10月31日发布公司2025年第三季度报告，为便于广 大投资者更全面深入地了解公司2025年第三季度经营成果、财务状况，公司计划于2025年11月7日下午 15:30-16:30举行2025年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络及电话会议方式召开，公司将针对2025年第三季度的经营成果及财务指标的具 体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点和方式 会议召开时间：2025年11月7日（星期五）15:30-16:30 会议召开地点：价值在线（www.ir-online.cn） 公司参加本次说明会的人员 ...