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]

Core Viewpoint - The company has adjusted the upper limit of its share repurchase price from 53 CNY per share to 70 CNY per share to ensure the smooth implementation of the share repurchase plan [2][7]. Summary by Sections 1. Basic Information on Share Repurchase - The company approved a share repurchase plan on June 3, 2025, using its own funds and a special loan for share repurchase, with a total repurchase amount between 100 million CNY and 150 million CNY [5]. - The number of shares to be repurchased is estimated to be between 1.8868 million and 2.8302 million shares, with an initial price limit of 53 CNY per share [5]. 2. Progress of Share Repurchase - As of the announcement date, the company has repurchased a total of 1,150,171 shares, accounting for 0.47% of the total share capital, with a total expenditure of approximately 49.93 million CNY [6]. 3. Reasons and Main Content of the Adjustment - The adjustment of the repurchase price limit is due to the company's stock price consistently exceeding the previous limit of 53 CNY per share, reflecting confidence in the company's future prospects [7]. - The estimated additional shares to be repurchased under the new price limit of 70 CNY per share is between 715,266 and 1,429,552 shares, bringing the total repurchased shares to between 1,865,437 and 2,579,723 shares, which would represent 0.77% to 1.06% of the total share capital [7]. 4. Rationality and Necessity of the Adjustment - The adjustment complies with relevant regulations and considers market changes and the progress of the share repurchase [8]. 5. Impact of the Adjustment - The adjustment will not significantly affect the company's operations, financial status, or future development, nor will it harm the company's debt repayment ability or shareholder rights [8]. 6. Decision-Making Process for the Adjustment - The adjustment was approved in a board meeting on September 18, 2025, and does not require shareholder approval [8].

Core Viewpoint - The company has announced an adjustment to its share repurchase plan, increasing the maximum repurchase price from 53 yuan per share to 70 yuan per share, while keeping other aspects of the plan unchanged [2] Summary by Relevant Sections - **Share Repurchase Plan** - The company will increase the maximum repurchase price to 70 yuan per share from the previous 53 yuan per share [2] - Other details of the share repurchase plan remain unchanged [2] - This adjustment does not require approval from the company's shareholders [2]

Core Viewpoint - The company has adjusted the maximum repurchase price of its shares from 53 CNY to 70 CNY to ensure the smooth implementation of the share repurchase plan, while other aspects of the plan remain unchanged [1][4]. Summary by Sections Share Repurchase Basic Situation Review - On June 3, 2025, the company's board approved a share repurchase plan using its own funds and a special loan, with a total repurchase amount between 100 million CNY and 150 million CNY, and a maximum price of 53 CNY per share, expecting to repurchase approximately 1.8868 million to 2.8302 million shares [2]. Repurchase Progress - As of the announcement date, the company has repurchased 1,150,171 shares, accounting for 0.47% of the total share capital, with a total transaction amount of approximately 49.93 million CNY [3]. Reasons and Content of Repurchase Plan Adjustment - The adjustment was made due to the company's stock price consistently exceeding the previous repurchase price limit of 53 CNY. The new maximum price of 70 CNY is expected to allow for the repurchase of approximately 715,266 to 1,429,552 shares, totaling about 1.865 million to 2.579 million shares, which represents 0.77% to 1.06% of the total share capital [4]. Rationality, Necessity, and Feasibility of the Adjustment - The adjustment complies with relevant regulations and considers market changes and repurchase progress. The new price limit does not exceed 150% of the average trading price over the previous 30 trading days [5]. Impact on the Company and Decision-Making Process - The adjustment is not expected to adversely affect the company's debt repayment ability, ongoing operations, or shareholder rights. The board approved the adjustment without needing to submit it to the shareholders' meeting [6].

重要内容提示： ● 为保障股份回购方案的顺利实施，固德威技术股份有限公司（以下简称 "公司"）将回购股份价格上限由 53 元/股（含）调整为 70 元/股（含）。 一、回购股份的基本情况 公司于 2025 年 6 月 3 日召开第三届董事会第三十二次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》。同意公司使用自有资金和股 票回购专项贷款以集中竞价交易方式回购公司股份，本次回购的股份将在未来适 宜时机拟用于股权激励或员工持股计划，或用于减少注册资本。回购资金总额不 低于人民币 1 亿元（含），不超过人民币 1.5 亿元（含），回购价格不超过人民 币 53.00 元/股（含），回购的股份数量约为 188.68 万股至 283.02 万股。具体内 容详见公司于 2025 年 6 月 4 日和 2025 年 6 月 14 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：2025-021）、《关于以集中竞价交易方式回购股份的回购报告书》（公 告编号：2025-023）。 证券代码：688390 证券简称：固德威 公告编号：202 ...

Core Viewpoint - The company has adjusted the maximum repurchase price for its shares from 53 RMB per share to 70 RMB per share to ensure the smooth implementation of its share repurchase plan [1] Summary by Categories Share Repurchase Plan - The company has cumulatively repurchased 1.1502 million shares through centralized bidding transactions as of the announcement date [1] - The total amount of funds used for the repurchase is 49.9314 million RMB, excluding stamp duty, transaction commissions, and other fees [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.086 billion yuan for the first half of 2025, representing a year-on-year growth of 29.8%. The net profit attributable to the parent company was -0.17 billion yuan, indicating a reduction in losses. In Q2 2025, the revenue reached 2.204 billion yuan, with a year-on-year growth of 9.01% and a quarter-on-quarter growth of 17.09%. The net profit for Q2 was 0.11 billion yuan, showing a year-on-year increase of 129.02% and a return to profitability compared to the previous quarter [2][4]. Financial Performance - In Q2 2025, the company sold 400,000 inverters, including 366,000 grid-connected units and 33,000 storage units. The battery pack sales reached 0.21 GWh, and the household EPC was 0.65 GW. The sales of grid-connected inverters are expected to see a slight increase, while storage inverter sales are anticipated to improve significantly. The overall gross margin for Q2 was 20.36%, with a slight quarter-on-quarter increase of approximately 1 percentage point [8][4]. - The expense ratio for Q2 was 18.0%, a decrease of 1 percentage point from the previous quarter, primarily due to revenue growth and foreign exchange gains. However, the absolute value of expenses reached 400 million yuan, marking a historical high, driven by business expansion [8][4]. - The company expects significant improvements in storage shipments in Q3, supported by market expansion in Australia, Europe, and other regions. The company has established a comprehensive strategy for integrated energy solutions, indicating promising long-term growth potential [8][4]. Future Projections - The company is projected to achieve net profits attributable to the parent company of 300 million yuan and 660 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 47 and 21 times [8].

证券代码：688390 证券简称：固德威 公告编号：2025-033 固德威技术股份有限公司 关于 2021 年限制性股票激励计划首次授予部分 第三个归属期及预留授予部分第二个归属期归属结果 暨股份上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 186,531股。 本次股票上市流通总数为186,531股。 本次股票上市流通日期为2025 年 9 月 17 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责任 公司上海分公司相关业务规定，固德威技术股份有限公司（以下简称"公司"） 于近日收到了中国证券登记结算有限责任公司上海分公司出具的《证券变更登记 证明》，公司完成了 2021 年限制性股票激励计划首次授予部分第三个归属期及预 留授予部分第二个归属期的股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2021 年 3 月 30 日，公司召开第二届董事会第十四次会议，会议审议 ...

Core Viewpoint - Gree's stock price has shown significant fluctuations, with a year-to-date increase of 38.31% and a recent decline of 3.30% over the last five trading days, indicating volatility in the market [1]. Company Overview - Gree Technology Co., Ltd. was established on November 5, 2010, and went public on September 4, 2020. The company is based in Suzhou, Jiangsu Province, and specializes in the research, production, and sales of photovoltaic inverters and related products [1]. - The company's revenue composition includes: 45.41% from household systems, 32.91% from grid-connected inverters, 7.05% from other products, 7.02% from energy storage batteries, 6.85% from photovoltaic energy storage inverters, and 0.76% from other sources [1]. Financial Performance - As of June 30, 2025, Gree reported a revenue of 4.086 billion yuan, representing a year-on-year growth of 29.80%. The net profit attributable to shareholders was -16.598 million yuan, showing a year-on-year increase of 30.35% [2]. - Since its A-share listing, Gree has distributed a total of 538 million yuan in dividends, with 327 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of Gree's shareholders decreased by 5.43% to 16,000, while the average circulating shares per person increased by 5.74% to 15,189 shares [2]. - Notable institutional shareholders include: - GF High-end Manufacturing Stock A (holding 6.2816 million shares, an increase of 3.1064 million shares) - HSBC Jintrust Low Carbon Pioneer Stock A (holding 5.0361 million shares, unchanged) - Hong Kong Central Clearing Limited (holding 3.4064 million shares, an increase of 237,400 shares) - Photovoltaic ETF (holding 1.992 million shares, a new entry) [3].

Core Viewpoint - The article highlights the strategic missteps of GoodWe in the photovoltaic and energy storage sectors, particularly in market strategy, business focus, and product development, leading to significant financial losses and a decline in overseas revenue [1][4][5]. Market Strategy - GoodWe has missed the opportunity in the overseas energy storage market, particularly as European demand surged, while the company has reduced its overseas operations [1][4]. - The company's overseas revenue dropped from 58.88% in 2023 to 29.67% in 2024, with projections indicating a further decline to 25.62% in the first half of 2025 [8][9]. Business Strategy - GoodWe has shifted its focus to the domestic distributed market, which has the lowest profit margins, contrary to the high-margin energy storage sector [1][4]. - The company reported a revenue of 40.86 billion with a net loss of 166 million in the first half of 2025, contrasting sharply with a net profit of over 800 million in 2023 [4][7]. Product and R&D Strategy - GoodWe's R&D investment is significant, with 5.51 billion allocated in 2024, but the conversion efficiency of these investments has been slow [11][12]. - The company is working on 22 projects with a total expected investment of 1.19 billion, but the market strategy appears reactive rather than proactive [12][15]. Competitive Landscape - GoodWe faces increasing competition in the Australian market, where it has fallen out of the top three brands due to aggressive pricing and product offerings from competitors [13][16]. - The company’s comprehensive energy management platform aims to integrate various energy solutions, but it lacks the necessary ecosystem collaboration to achieve its goals effectively [16][19].