证券简称：固德威 证券代码：688390 固德威技术股份有限公司 2026 年第一次临时股东会会议资料 江苏 苏州 2026 年 1 月 2026 年第一次临时股东会 会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证大 会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》以及 《公司章程》《股东会议事规则》等相关规定，特制定 2026 年第一次临时股东会 会议须知。 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格，在会议 主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前，会议 登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东会依法享有发言权、质询权、表决权等权利。 股东及股东代理人参加股东会应认真履行其法定义务，不得侵 ...

Core Viewpoint - The Chinese central bank emphasizes the continuation of a moderately loose monetary policy to maintain ample liquidity and support economic growth, particularly in key areas such as domestic demand, technological innovation, and small and micro enterprises [1] Group 1: Market Performance - The CSI A500 ETF (560510) rose by 0.18% with a transaction volume of 32.2267 million yuan as of 10:57 AM [1] - The CSI A500 Index (000510) increased by 0.10%, with notable gains in constituent stocks such as Dongfang Risheng (300118) up 20.02%, Goodway (688390) up 12.42%, and Nanda Optoelectronics (300346) up 10.94% [1] Group 2: Policy Insights - The central bank's meeting highlighted the "strong supply and weak demand" contradiction, aiming for qualitative improvements and reasonable quantitative growth in the economy [1] - Future policies are expected to focus more on domestic demand, with an emphasis on enhancing consumption resilience and driving innovation and reform [1] Group 3: Investment Strategy - Analysts suggest a balanced allocation between dividend and technology styles, with attention to industries that may experience marginal catalysts, while waiting for a potential "spring rally" [2] - The CSI A500 Index is noted for its strong market representation and higher coverage of emerging sectors, making it a valuable tool for capturing core strengths in various industries during economic transformation [2]

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

Summary of the Conference Call for GoodWe Company Overview - The company discussed its performance in the energy storage and inverter sectors, with a focus on expanding into Southeast Asia and other emerging markets [2][4][6]. Key Points and Arguments Financial Performance - The company expects fourth-quarter revenue to be approximately 500 million yuan, remaining stable compared to the third quarter [2][4]. - The average monthly shipment of energy storage inverters is projected to be between 15,000 to 20,000 units, consistent with or slightly above the previous quarter [2][4][5]. Energy Storage Business - Energy storage batteries are expected to see a quarter-on-quarter growth of 30% to 50%, with November achieving a historical high, primarily due to subsidies in the Australian market [2][4][5]. - The Australian market accounts for 40% to 50% of the company's energy storage business, while Europe contributes 30% to 40% [2][4][5]. Market Expansion - The company is actively expanding into emerging markets such as Southeast Asia, the Middle East, Ukraine, and Pakistan, which are gradually developing towards integrated energy storage systems [2][6]. - The company holds a market share of approximately 10% in the Australian household storage market, ranking among the top five competitors [2][9]. Product Development - A new ESA integrated machine product was launched in late October to early November, receiving positive market feedback and is expected to enhance market share [2][10]. Market Trends and Outlook - Demand in Australia is expected to remain stable or slightly increase in 2026, with emerging markets in Asia, Africa, and Latin America contributing additional growth [3][12]. - The company maintains an optimistic outlook for 2026, focusing on consolidating traditional strengths in household photovoltaics and accelerating commercial and large-scale energy storage projects [2][7][13]. Competitive Landscape - The company faces competition from players like Siga and FOX, with Tesla's market share declining [9]. - The Australian market experiences seasonal fluctuations, with stronger performance in the second, third, and fourth quarters, driven by subsidy policies [11]. Future Projections - The company anticipates a significant increase in energy storage system shipments, projecting a growth of 30% to 50% in 2026 [13]. - The company is also exploring ODM orders and pilot projects in energy storage, aiming to establish a more independent business unit [14]. Challenges and Risks - Short-term market issues may impact sales volume, while long-term challenges could affect brand reputation and customer confidence [8]. - The company acknowledges the need for reliable systems, especially in light of recent instability in competitor products [8]. Regional Insights - The Ukrainian market currently has a low shipment volume of about 1,000 units per month, but there are opportunities for growth as competitors have begun to capitalize on this market [21]. Additional Important Information - The company is focusing on integrating energy storage systems and enhancing the reliability and safety of its products over the next few years [14]. - The energy storage market is expected to see significant growth in both commercial and residential sectors, with a focus on larger capacity systems [12][17].

2025年，全球光伏与储能市场正在全面拥抱从"规模扩张"向"高质量发展"的关键转型期，单纯的 产能比拼已经让位于技术迭代、服务体验升级与可持续能力的综合较量。海外市场的需求也正在发 生质变，从聚焦"高性能产品"转向青睐"好用、耐用、绿色的整体解决方案"。 深耕全球市场的中国新能源企业，正在跳出传统的技术思维，从细微处倾听每一位海外用户的心 声。他们正在创造一种全新的行业语言，与海外用户对话，让技术创新真正贴合用户场景， 实现 从"技术输出"到"价值共鸣"的跨越。 既做技术引领者，也要把"绿色遥控器"交给每个终端用户 "所有的品牌建设都要围绕终端用户而建立，即使作为光伏、储能这样专业技术的提供者，我们要 面对的终究是每一位使用绿色能源的用户，而他们也会最终成为绿色能源的产消者。"固德威副总 裁王英歌在采访中分享他的思考。 作为全球领先的智慧能源解决方案提供商，固德威成立于2010年，在其创业初期便前瞻性布局澳 大利亚和欧洲核心市场。先发优势让固德威得以长期洞察并精准响应欧洲、澳大利亚及亚非拉各国 在能源转型与绿色低碳领域的需求，为后续市场拓展奠定了坚实基础。 王英歌以固德威位于苏州的总部智慧能源大厦举例说明 ： ...

二、清洁电力转换设备行业发展现状 内容概要：清洁电力转换设备是连接和优化清洁能源与传统电网或负载之间的"智能桥梁"和"交通枢 纽"。各国政策强力推动风电、光伏等新能源装机量持续增长，直接拉动了上游转换设备的需求。2024 年全球清洁电力转换设备市场规模724亿美元，其中，储能系统284亿美元，占38.02%；光伏逆变器220 亿美元，占29.45%；风电变流器19亿美元，占2.54%；氢能电解槽17亿美元，占2.28%；新能源汽车电 控及电源系统与充电设备158亿美元，占21.15%；AIDC电源49亿美元，占6.56%。预计2025年全球清洁 电力转换设备市场规模将达到916亿美元，其中，储能系统约365亿美元，约占39.93%；光伏逆变器约 249亿美元，约占27.24%；风电变流器约24亿美元，约占2.63%；氢能电解槽约48亿美元，约占5.25%； 新能源汽车电控及电源系统与充电设备约157亿美元，约占17.18%；AIDC电源约71亿美元，约占 7.77%。 上市企业：固德威[688390]、阳光电源[300274]、锦浪科技[300763]、首航新能[301658]、科华数据 [002335]、上 ...

Core Viewpoint - Energy storage is emerging as a new direction in the energy market, replacing power batteries, with significant growth in the performance of several energy storage companies in the first three quarters of the year [1]. Group 1: Company Performance - Yangguang Electric achieved a net profit of 11.881 billion yuan, a year-on-year increase of 56.34% [1]. - GoodWe, known as the "leader in household storage," reported a revenue of 6.194 billion yuan, a year-on-year increase of 25.3%, and a net profit of 81.12 million yuan, a staggering increase of 837.57% [2][3]. - In Q3, GoodWe's revenue was 2.108 billion yuan, up 17.42% year-on-year, with a net profit of 97.72 million yuan, up 200.83% [2]. Group 2: Market Challenges - Despite significant growth, GoodWe's net profit remains marginal, primarily due to previous losses and industry challenges, placing it at the bottom among major inverter companies [3]. - GoodWe's stock performance has been lackluster, with a year-to-date increase of only 28%, and its market value has evaporated by over 44 billion yuan from its peak [4]. - The company has faced a decline in overseas revenue, dropping from 43.29 billion yuan in 2023 to 19.99 billion yuan in 2024, with overseas revenue accounting for only 29.67% of total revenue [12]. Group 3: Strategic Shifts - GoodWe has shifted its focus to the domestic market, increasing investment in "household systems," which saw a sales volume of nearly 960 MW in 2024, but this segment has a lower profit margin of 14.11% compared to other products [15]. - The company is betting on the comprehensive energy management WE platform, which represents its largest investment project, although it is still in the early stages of development [16].

海 外 征 伐 ， 户 储 军 团 的 崛 起 户用储能（即家庭储能系统） ，是一种针对家庭用户的模块化能源存储装置，可以帮助家庭实现能源自给、降低电费支出，并提升用电可靠 性。 户用储能市场是一个典型的 外向型市场 ，主要集中在高电价的国家，在欧洲、美国、日本、澳大利亚等发达市场已然成熟，并正逐步向东南 亚、非洲、南美等新兴区域拓展。 依托完善的光伏与储能产业链， 一批中国户储品牌凭借产品力与渠道力成功出海， 奠定了自身的市场地位。从2025年上半年业绩看，这支"海 外军团"依然表现亮眼： 派能科技 ，上半年营收11.49亿元，同比增加33.75%，产品销售量达1328MWh，同比增长132.57%。 文 | 中关村储能产业技术联盟 在能源转型的十字路口，一批凭借海外户储市场崭露头角的中国储能企业，正面临一道关乎未来命运的战略选择题。 当海外市场从蓝海变为红海，当国内储能商业模式逐步跑通，是继续深耕熟悉的海外战场，还是也要争夺国内已成规模的储能大市场？ 固德威 ，上半年营收40.86亿元，同比增长29.80%。逆变器销量约为39.95万台，其中储能逆变器销量约为3.32万台，占比约8.31%。 德业股份 ， ...

Core Viewpoint - The fourth Sustainable Development Officer Forum and Annual Best Awards Ceremony highlighted the importance of transforming Chinese enterprises from "green followers" to "green innovators" and "green standard co-builders" in the context of global green governance [1][8]. Group 1: Challenges in New Energy System - The main challenge in constructing a new power system based on renewable energy is the contradiction between the volatility of renewable resources and system coordination [3]. - Key obstacles include the increasing unpredictability of renewable energy output, lack of unified scheduling logic among multi-energy systems, and constraints in the distribution network for high proportions of renewable energy [3]. Group 2: Solutions Offered by the Company - The company's solution focuses on building a "cloud-edge-end" collaborative smart energy system, integrating efficient inverters, energy storage, and real-time power prediction to enhance system responsiveness and reduce management costs [3][4]. - The company aims to provide replicable and scalable "minimum units of new power systems" for zero-carbon parks and distributed power markets [4]. Group 3: Supply Chain ESG Management Initiative - As a co-initiator of the "Supply Chain ESG Management Initiative," the company seeks to reshape industry perceptions of sustainable supply chain development, emphasizing the shift from product competition to system and value competition [4][6]. - The initiative aims to elevate sustainability standards through supplier management, carbon footprint certification, and fostering long-term partnerships with suppliers [6]. Group 4: Global Leadership in Sustainable Standards - In response to global climate change and evolving green trade rules, the company emphasizes the need for Chinese tech enterprises to become co-creators of standards and providers of global sustainable solutions [7][8]. - The company plans to achieve this by enhancing technical credibility, developing replicable zero-carbon models, and collaborating with international organizations to shape global standards [8].

Core Viewpoint - Gudewei's stock price has experienced fluctuations, with a recent decline of 2.28% and a year-to-date increase of 45.50%, indicating volatility in the market [1]. Financial Performance - For the period from January to September 2025, Gudewei achieved a revenue of 6.194 billion yuan, representing a year-on-year growth of 25.30% [2]. - The net profit attributable to shareholders for the same period was 811.198 million yuan, showing a significant increase of 837.57% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of Gudewei's shareholders increased to 18,700, up by 17.17% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 14.59% to 12,972 shares [2]. Dividend Distribution - Gudewei has distributed a total of 538 million yuan in dividends since its A-share listing, with 327 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, major institutional shareholders include HSBC Jintrust Low Carbon Pioneer Fund, which holds 4.9758 million shares, a decrease of 60,300 shares from the previous period [3]. - Other notable shareholders include Hong Kong Central Clearing Limited and GF High-end Manufacturing Fund, which also saw reductions in their holdings [3].