Summary of the Conference Call Company and Industry Overview - The conference call discusses Haibo Energy, focusing on the independent energy storage sector in China and its international expansion efforts, particularly in Europe and other regions [2][4][21]. Key Points and Arguments 1. **Domestic Energy Storage Market Growth**: The independent energy storage model has gained traction due to capacity pricing and discharge compensation policies, with expected new installations of 130 GWh, 160 GWh, and 210 GWh from 2025 to 2027 [2][4]. 2. **International Market Expansion**: Since 2021, the company has made significant strides in overseas markets, especially in Europe, accumulating substantial project achievements and large orders. Global new installations are projected to reach 127 GWh, 176 GWh, and 257 GWh from 2025 to 2027 [2][5][21]. 3. **Strategic Positioning**: The company focuses on independent energy storage, leveraging cost control for profitability. It aims to provide comprehensive energy services, expanding applications from grid-side to user-side and commercial sectors, akin to Tesla's Autobidder ecosystem [2][8][11]. 4. **Industry Growth Forecast**: The global energy storage industry is expected to recover high growth rates from 30% in 2025 to 40% in 2026-2027, driven by reduced impacts from U.S. tariffs and rapid demand growth in China, Europe, and other regions [2][8]. 5. **Revenue Composition**: The company derives over 50% of its revenue from grid-side independent energy storage. With a shift in investment focus towards local state-owned and private enterprises, the company anticipates a significant increase in shipments, projecting sales of nearly 12 GWh and revenue close to 10 billion yuan in 2024 [2][11][12]. Additional Important Insights 1. **Investment Value**: Analysts highlight the company's investment potential due to its "storage plus X" strategy, which extends to user applications and offers a full-service approach from project approval to operation and maintenance [3][6]. 2. **Market Misunderstandings**: Despite a first-quarter report that fell short of expectations, analysts believe this reflects market misconceptions rather than a decline in the company's fundamentals, which remain strong [9][23]. 3. **Cost Control Advantages**: The company maintains a competitive edge in pricing and cost control, with a historical gross margin of 16% to 20%, outperforming peers [12][26]. 4. **Policy Impact**: Recent policies, such as the 136 document, have reshaped the domestic energy storage market, enhancing the economic viability of independent storage models [4][19]. 5. **Future Demand Outlook**: The company is optimistic about future demand, particularly in the U.S. following the OBBB Act, and anticipates significant growth in Europe, India, Latin America, and Australia [28]. Conclusion Haibo Energy is positioned as a leading player in the energy storage sector, with robust growth prospects both domestically and internationally. The company's strategic initiatives and market positioning suggest a strong potential for future performance and profitability.

Core Insights - The Chinese energy storage industry is transitioning from "policy nurturing" to "market survival" following the issuance of Document No. 136, leading to a competitive landscape where companies with technology, cost, and brand advantages will thrive [1] - The "Energy Storage + X" concept proposed by Haibosi Chuang aims to provide comprehensive solutions across various scenarios, indicating a shift towards differentiated positioning and international expansion [4] Industry Overview - The domestic energy storage market has seen rapid growth, but competition is intensifying, particularly in price wars and project resource competition, prompting companies to explore international markets to mitigate reliance on a single market [2] - The global energy storage market has experienced rapid development since 2020, with leading companies like Haibosi Chuang establishing international partnerships and successfully delivering overseas projects [2] Company Performance - Haibosi Chuang's revenue for 2024 is projected to reach approximately 8.27 billion yuan, a year-on-year increase of 18.44%, with energy storage product revenue accounting for about 8.19 billion yuan [3] - The company has achieved a production capacity of 11,411 MWh for energy storage products in 2024, reflecting a year-on-year growth of 35.4% [3] Strategic Initiatives - Haibosi Chuang is accelerating its global expansion, aiming for a balanced business structure across domestic and international markets within 3-5 years [2] - The company has signed multiple cooperation agreements during the SNEC exhibition, exploring various applications of energy storage in sectors such as agriculture, data centers, and mining [5] - The "Energy Storage + X" strategy emphasizes customized services tailored to different industries, enhancing the overall value and economic viability of energy storage systems [5]

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Insights - The report highlights the ongoing price increases in the photovoltaic industry chain, with significant price adjustments for silicon wafers and battery cells, indicating a recovery in market sentiment for solid-state batteries [9][15] - The report emphasizes the importance of monitoring price changes in the industry chain, as well as the progress of mergers and acquisitions in the silicon material sector [15][36] Summary by Sections Photovoltaic - The prices of silicon materials have risen to approximately 47-49 CNY/kg, with silicon wafer prices for 183N, 210RN, and 210N reaching 1.45, 1.65, and 1.93 CNY per piece respectively [21][24] - The report notes that the photovoltaic industry is experiencing a reduction in low-price competition, with a focus on orderly exit of backward production capacity [16][36] - Key recommendations include investing in companies benefiting from this trend, such as Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [36] Energy Storage - The introduction of capacity pricing for energy storage in Gansu province strengthens the logic for independent energy storage in China, with a capacity price set at 330 CNY/KW per year for the first two years [41][42] - The report indicates that the domestic energy storage market is expected to see continued growth, driven by favorable policies and increasing demand [39][50] - Recommended companies in this sector include Sungrow Power Supply and Deye Technology, with a focus on large-scale energy storage projects [36] Lithium Battery - The report notes a stable upward trend in the lithium battery sector, with a focus on companies with strong profitability and stable market positions, such as CATL and other quality second-tier companies [16][36] - The sentiment around solid-state batteries is improving, with significant advancements expected in materials and technology [16][39] Wind Power - The report highlights the acceleration of offshore wind projects in China, with expectations for increased profitability in the second half of the year as project deliveries ramp up [16][36] - Recommended companies include Mingyang Smart Energy and Zhongji Innolight, which are well-positioned to benefit from this trend [36] Power Equipment - The report emphasizes the importance of high-voltage direct current (HVDC) projects and the expected approval of new projects in the second half of the year [16][36] - Recommended companies in this sector include Sifang Co. and State Grid Information & Communication, which are expected to benefit from these developments [36] New Directions - The report discusses the potential of humanoid robots and advancements in solid-state battery technology, indicating a positive outlook for companies involved in these areas [16][36]

Core Viewpoint - The announcement details the upcoming listing and circulation of restricted shares from Beijing Haibo Sichuang Technology Co., Ltd., which will occur on July 28, 2025, following the expiration of a six-month lock-up period after the company's initial public offering [1][2]. Group 1: Listing Details - The total number of shares to be listed is 2,284,129, representing 1.27% of the company's total share capital [5][6]. - The original listing date was set for July 27, 2025, but was postponed to July 28, 2025, due to the original date being a non-trading day [1][5]. Group 2: Share Structure - After the initial public offering, the total share capital of the company is 177,730,148 shares, with 142,080,723 shares subject to restrictions, accounting for 79.94% of the total, and 35,649,425 shares being unrestricted, accounting for 20.06% [1][2]. - The restricted shares being listed are part of the offline placement from the initial public offering, which had a lock-up period of six months [2][3]. Group 3: Compliance and Commitments - All shareholders of the restricted shares have adhered to their commitments, ensuring that there are no issues affecting the listing of these shares [4]. - The underwriter, Zhongtai Securities Co., Ltd., confirmed that the listing of the restricted shares complies with relevant regulations and that the information disclosed is accurate and complete [4][5].

证券代码：688411 证券简称：海博思创 公告编号：2025-035 北京海博思创科技股份有限公司 根据中国证券监督管理委员会于 2024 年 12 月 19 日出具的《关于同意北京海 博思创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〔2024〕1869 号），北京海博思创科技股份有限公司（以下简称"公司"）首次公开发行人民 币普通股 44,432,537 股，并于 2025 年 1 月 27 日在上海证券交易所科创板上市。 公司首次公开发行股票完成后，总股本为 177,730,148 股，其中有限售条件流通 股 142,080,723 股，占公司总股本的 79.94%，无限售条件流通股 35,649,425 股， 占公司总股本的 20.06%。 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129 股，占公司总股本的比例为 1.27%。具体内容详见公司于 2025 年 1 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份 有限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为 自公司首次公开发行股票并上 ...

中泰证券股份有限公司 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129股，占公司总股本的比例为1.27%。具体内容详见公司于2025年1月22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份有 限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为自 公司首次公开发行股票并上市之日起6个月，现锁定期即将届满，该部分限售股 将于2025年7月28日上市流通（原定上市流通日2025年7月27日为非交易日，故顺 延至2025年7月28日）。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）公司首次公开发行股票完成后，总股本为177,730,148股，其中有限售 条件流通股142,080,723股，无限售条件流通股35,649,425股。 4 （二）2025年4月27日，公司召开第二届董事会第十四次会议和第二届监事 会第七次会议，审议通过了《关于公司2022年股票期权激励计划第一个行权期行 权条件成就的议案》。符合行权条件的84名激励对象实际行权数量为2,362,344 股，因行权所获股票自行权日起3年内不得减持。行权 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [3] Core Views - The photovoltaic manufacturing industry is currently facing challenges due to unclear downstream demand expectations and excess upstream capacity. However, the implementation of Document No. 136 is expected to clarify demand expectations, leading to improvements in both supply and demand dynamics within the industry [4][20] - The energy storage sector is experiencing a significant increase in project bidding, with June 2025 seeing a record high of 62.8 GWh in public bidding capacity, a 228% increase compared to June 2024 [5][9] - The photovoltaic sector is anticipated to rebound due to the "anti-involution" plan aimed at reducing excess capacity and promoting sustainable development within the industry [17][18] Summary by Sections Energy Storage - The energy storage industry is in a transitional phase, with ongoing government support expected to maintain resilient demand for storage projects. Key companies to watch include Haibo Shichuang and Sungrow Power [14][17] - The regions with high renewable energy penetration, such as Inner Mongolia, Ningxia, Xinjiang, and Hebei, are showing positive attitudes towards supporting energy storage projects [14][15] Photovoltaics - The photovoltaic sector is experiencing rapid capacity growth, outpacing demand, leading to significant losses for companies. The "anti-involution" plan aims to address this by facilitating the exit of outdated capacity and stabilizing prices [17][18] - The price of polysilicon has seen a dramatic decline, dropping from 65 RMB/kg at the beginning of 2024 to 35 RMB/kg by July 2025, but there are signs of recovery [18][19] - Companies to focus on include Tongwei Co., GCL-Poly Energy, and Xinte Energy in the polysilicon segment, and new technology firms like BQ Materials and Aiko Solar in the photovoltaic technology space [4][20]

Investment Rating - The report maintains a "Buy" rating for Hyperstrong with a 12-month target price of Rmb 106 per share, indicating an upside potential of 17.9% from the current price of Rmb 89.88 [15][10][3] Core Insights - The Battery Energy Storage System (BESS) is emerging as a critical solution for managing electricity grid stability during summer heatwaves in China, with record peak loads reaching 1,465 GW, an 11% year-over-year increase [1] - Hyperstrong is identified as a key beneficiary of the growing BESS demand, with projected volume growth rates of 65% in 2025, 43% in 2026, and 36% in 2027, leading to an estimated 38% EPS CAGR from 2024 to 2027 [3][13] - The cumulative tendering volume for BESS in China reached approximately 170 GWh in the first half of 2025, reflecting a 121% year-over-year increase, surpassing previous growth expectations [2][8] Summary by Sections BESS Demand and Market Trends - The demand for BESS continues to exceed expectations, with June 2025 tendering volume in China reaching 56.7 GWh, a 292% year-over-year increase [2][9] - The report notes a significant time lag of 4-8 months between tendering and installation, alleviating concerns regarding the exit of mandatory ESS installation policies [2] Company Positioning and Financial Projections - Hyperstrong is positioned as a leading BESS supplier in China, holding approximately 12% market share in 2024, with expectations of a decline to 6% by 2030 due to increased competition [13][3] - The report forecasts a 20% EPS growth from 2024 to 2030, supported by a 33% volume growth [3][13] Catalysts for Growth - Key near-term catalysts for Hyperstrong include sizable supply contracts, the launch of differentiated products, vertical integration strategies, and supportive policy reforms for the BESS business model [3][14]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

Investment Rating - The investment rating for the company is "Buy" [13]. Core Views - The company has established itself as a leading player in the domestic energy storage market and is rapidly expanding into overseas markets. With improvements in domestic energy storage business models and sustained industry demand growth, the company's fundamentals exhibit high growth potential. The compound annual growth rate (CAGR) for energy storage installations is expected to exceed 30% from 2025 to 2030, indicating a strong demand environment [3][11]. Summary by Relevant Sections Company Overview - Founded in 2011, the company has grown into a domestic energy storage leader with a focus on large-scale, commercial, and residential storage applications. The company has shifted its focus from electric vehicle battery leasing to energy storage, achieving a shipment growth rate of 205% and a revenue growth rate of 117% from 2020 to 2024 [8][31]. Market Position and Performance - The company has maintained a gross margin above 18% despite significant price declines in the domestic energy storage market. The gross margin for 2024 is projected to be 16.85% for domestic operations and 42.14% for overseas operations, indicating strong operational quality [9][40]. Growth Potential - The company is rapidly advancing its overseas energy storage business, with strategic partnerships established in Europe, North America, and Australia. The average gross margins for energy storage systems in these regions are significantly higher than in the domestic market, providing substantial profit potential as overseas sales increase [10][11]. Financial Projections - The company is expected to achieve a net profit of approximately 8.4 billion yuan in 2025 and 11.3 billion yuan in 2026, corresponding to price-to-earnings (PE) ratios of about 19 times and 14 times, respectively [11]. Industry Trends - The domestic energy storage market is experiencing a shift towards independent storage solutions, with a significant increase in installation and bidding volumes. The market is expected to maintain a favorable growth trajectory due to ongoing policy improvements and market dynamics [49][52].