Group 1 - The strategic partnership between Haibosichuang and Guangzhou Yuexiu Industrial Investment Fund aims to create a benchmark-level energy storage industry fund, providing full lifecycle capital support for quality energy storage projects and unlocking the value of green energy assets [1] - Haibosichuang plans to leverage its core advantages in the industry and finance sectors alongside Yuexiu Industrial Fund to establish a fund matrix that includes development-type, holding-type, and innovative asset securitization funds, paving a new path for financial innovation in the energy storage sector [1] - The company has signed a memorandum of understanding with Singapore-based Alpina to supply 5,000 integrated charging and storage machines from 2025 to 2027, targeting the rapidly growing electric vehicle charging market in Singapore and the Asia-Pacific region [1][2] Group 2 - The collaboration marks Haibosichuang's official entry into the Singapore market, using it as a strategic base to expand its energy storage business in the Asia-Pacific region [2] - The integrated charging and storage machine developed by Haibosichuang will be applied in Singapore, showcasing its flexibility and advanced technology in various scenarios, thus providing an innovative model for industry development [2] - Haibosichuang has also formed a strategic partnership with European energy storage developer Repono to jointly advance a grid-scale energy storage project with a total capacity of 1.4 GWh by 2027, contributing to Europe's energy transition [2] Group 3 - Haibosichuang has been actively expanding its international market presence, increasing its influence in the global energy storage sector, and participating in multiple grid-side and commercial energy storage projects [3] - The company's grid-side energy storage projects have positively impacted local grid stability and reliability, while its commercial energy storage solutions help businesses reduce electricity costs and improve energy efficiency [3] - The company employs a dual-driven model of "technology output + localized operation," establishing a comprehensive sales and service network in Europe, North America, and the Asia-Pacific region to meet diverse regional needs [3]

Core Viewpoint - The implementation of the "Document No. 136" marks a significant shift in China's energy storage industry from policy-driven growth to market-driven dynamics, prompting companies to innovate and explore new business models to adapt to the changing landscape [1][2]. Industry Transformation - The energy storage industry is transitioning from "policy nurturing" to "market survival," reshaping its value assessment and competitive logic due to the decline of supportive policies [1]. - The document prohibits making energy storage configuration a prerequisite for new energy projects, which is expected to stimulate market-driven growth [1]. New Business Models - Companies are exploring market-oriented profit models such as shared energy storage and capacity mechanisms, with new modes like solar-storage integration and customized commercial scenarios emerging [2]. - The "Energy Storage + X" strategy proposed by the company aims to break down industry barriers and enhance the economic value of energy storage systems by providing tailored solutions across various sectors [2]. Capacity Market Mechanism - Currently, there is a lack of a clear capacity market mechanism for new energy storage, but pilot explorations are underway in some provinces, with expectations for gradual establishment over the next three years [3]. Financial Performance - The company reported a 711% year-on-year increase in cash flow in its 2024 financial report, indicating strong financial health and potential for capacity expansion [5]. - The company has established four intelligent manufacturing bases with a total annual production capacity of approximately 40 GWh, with additional bases under construction [5]. Strategic Shift - The company is transitioning from being a traditional equipment provider to a comprehensive energy service provider, focusing on delivering high-value solutions rather than just energy storage systems [6][7]. - The company emphasizes the importance of value over price in the new market environment, aiming to provide customized designs and full lifecycle services to enhance product and service value [7]. Technological Development - The company has successfully developed and demonstrated a semi-solid battery storage system, with plans for large-scale applications in projects like the Zhejiang Longquan lithium iron phosphate storage demonstration project [9]. - The company favors lithium battery technology over sodium battery technology due to its established market presence and superior industrial ecosystem [9]. Global Expansion - The company is actively expanding its presence in international markets while addressing geopolitical risks through local partnerships and understanding regional regulations [10]. - Plans are in place to achieve a balance between domestic and international revenue within the next three to five years, with a significant portion of overseas revenue expected to come from Europe [11]. AI and Digital Transformation - The company is transitioning towards becoming a lifecycle value service provider, leveraging AI technologies to enhance operational efficiency and create new profit growth points [14]. - There are intentions to open the AI cloud platform to the industry, providing standardized data governance and intelligent analysis capabilities to contribute to the smart transformation of the energy storage sector [14].

Core Viewpoint - The article highlights the strategic partnership between Haibo Sichuang and European energy storage developer Repono, aiming to deploy a total of 1.4 GWh of grid-level energy storage projects by 2027, thereby accelerating Europe's energy transition and contributing to a resilient and sustainable green energy system [1]. Group 1: Strategic Cooperation - The partnership is a model for Sino-European energy storage industry collaboration, leveraging Repono's expertise in project development and Haibo Sichuang's integrated solutions for energy storage systems [1]. - Both companies will engage in joint planning and review at technical and commercial levels across multiple projects, aiming to set a new benchmark for international cooperation in the energy storage sector [1]. Group 2: Haibo Sichuang's International Business - Haibo Sichuang has been actively expanding its international market presence, participating in various grid-side and commercial energy storage projects, which enhance local grid stability and reliability [2]. - The company employs a dual-driven model of "technology output + localized operation," allowing it to meet diverse regional needs while establishing a robust sales and service network across Europe, North America, and Asia-Pacific [3]. Group 3: Company Overview - Beijing Haibo Sichuang Technology Co., Ltd. is a leading provider of energy storage system solutions and services, focusing on R&D, production, sales, and service for a full range of energy storage system products [4]. - The company holds several national recognitions, including being a national high-tech enterprise and a "little giant" enterprise, and has established advanced testing laboratories and innovation centers for energy storage systems [4].

Core Insights - A total of 51 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange from January to June 2025, raising a total of 37.3 billion yuan [1] - Among these, 7 companies were listed on the Sci-Tech Innovation Board, collectively raising 5.619 billion yuan [1] Listing Details - The 7 companies that chose the first set of listing standards include: - Ying Shi Innovation (688775.SH) listed on June 11, 2025, raising 1.93807 billion yuan with underwriting fees of 158.3475 million yuan [1] - Han Bang Technology (688755.SH) listed on May 16, 2025, raising 500.94 million yuan with underwriting fees of 37.2891 million yuan [1] - Sheng Ke Nano (688757.SH) listed on March 25, 2025, raising 366.21 million yuan with underwriting fees of 43.9448 million yuan [1] - Hai Bo Si Chuang (688411.SH) listed on January 27, 2025, raising 861.1 million yuan with underwriting fees of 66.4722 million yuan [1] - Xing Fu Electronics (688545.SH) listed on January 22, 2025, raising 1.168 billion yuan with underwriting fees of 82.0755 million yuan [1] - Si Kan Technology (688583.SH) listed on January 15, 2025, raising 568.82 million yuan with underwriting fees of 46.0744 million yuan [1] - Sai Fen Technology (688758.SH) listed on January 10, 2025, raising 215.89 million yuan with underwriting fees of 25.283 million yuan [1] Listing Standards - The listing standards for the Sci-Tech Innovation Board require either: - An expected market value of no less than 1 billion yuan, positive net profits for the last two years, and a cumulative net profit of no less than 50 million yuan, or - An expected market value of no less than 1 billion yuan, positive net profit for the last year, and operating revenue of no less than 100 million yuan [1]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading provider of electrochemical energy storage systems in China, benefiting from industry growth and increasing demand for energy storage solutions [5]. - The company has a higher gross margin than the industry average due to its focus on technology cost reduction and strategic procurement [5]. - The company is expanding its overseas business, with significant contributions expected from Europe and Southeast Asia [6]. - Revenue forecasts for 2025-2027 are projected at 103.41 billion, 123.89 billion, and 142.33 billion yuan, respectively, with corresponding EPS of 4.52, 5.56, and 6.67 yuan [7][10]. Summary by Sections Company Overview - The company specializes in providing comprehensive energy storage solutions for various sectors, including traditional and renewable energy generation [5]. - The company has established a strong presence in major global markets, including the US, Germany, and Australia, with certifications for its products [6]. Financial Performance - The company’s revenue for 2024 is expected to be 82.7 billion yuan, with a growth rate of 18.4% [10]. - The net profit for 2024 is projected at 648 million yuan, with a growth rate of 12.1% [10]. - The company’s gross margin is expected to remain stable at around 18.2% over the forecast period [11]. Market Position - The company is well-positioned to benefit from the increasing demand for energy storage systems, particularly in light of regulatory changes that encourage the integration of storage with renewable energy sources [5][6]. - The company aims to achieve parity in revenue between its domestic and overseas operations within the next 3-5 years [6].

Group 1 - The core viewpoint of the articles highlights the fundraising activities of companies listed on the STAR Market, with a total of 7 companies raising 7.901 billion yuan this year, averaging 1.129 billion yuan per company [1][2] - The company with the highest fundraising amount is Yitang Co., Ltd., which raised 2.497 billion yuan primarily for technology development and reserve funds [1] - Other notable companies include Yingshi Innovation, which raised 1.938 billion yuan for its R&D center and production base, and Xingfu Electronics, which raised 1.168 billion yuan [1] Group 2 - The average initial offering price for STAR Market stocks this year is 21.73 yuan, with Yingshi Innovation having the highest price at 47.27 yuan [1] - The issuance price of Yitang Co., Ltd. is the lowest at 8.45 yuan, while other companies like Sikan Technology and Hanbang Technology have initial prices of 33.46 yuan and 22.77 yuan respectively [1] - The issuance price-earnings ratio for the listed companies ranges from 6.14 to 51.55, with an average of 30.03 and a median of 26.35 [2] Group 3 - Geographically, the majority of the issued STAR Market companies are concentrated in Beijing, Jiangsu, and Hubei, with fundraising amounts led by Beijing at 3.359 billion yuan [2] - The companies with issuance price-earnings ratios above the industry average include Yitang Co., Ltd. and two others, while five companies fall below the industry average [2] - The detailed fundraising data for the listed companies includes their codes, names, issuance dates, prices, price-earnings ratios, and total funds raised [2]

Fundraising Overview - The company has completed its initial public offering (IPO) with a total fundraising amount of RMB 861.10 million, netting RMB 766.47 million after deducting issuance costs of RMB 94.63 million [1] - The funds have been verified by Zhonghui Certified Public Accountants and are stored in a dedicated fundraising account [1] Changes in Fundraising Project - The company has changed the name of the fundraising project from "Annual Production of 2GWh Energy Storage System" to "Energy Storage System Integration Equipment Production Project" [2] - The implementation entity has been changed to the wholly-owned subsidiary Jiangsu Haibo Sichuang Technology Co., Ltd., with the project location moved from Beijing to Nantong, Jiangsu Province [2] Fund Management and Supervision - A special fundraising account has been opened by Jiangsu Haibo Sichuang to manage the funds, and a four-party supervision agreement has been signed with the company, the sponsor Zhongtai Securities, and the bank [3][4] - The agreement stipulates that the funds must be used solely for the designated project and outlines the responsibilities of each party in managing and supervising the funds [4][5] Agreement Details - The agreement includes provisions for monthly account statements from the bank to the company and the sponsor, and requires notification if withdrawals exceed 20% of the net fundraising amount [5][6] - The agreement will remain in effect until all funds are fully utilized and the account is closed [6]

证券代码：688411 证券简称：海博思创 公告编号：2025-034 北京海博思创科技股份有限公司 关于全资子公司开立募集资金专项账户 并签订募集资金专户存储四方监管协议的公告 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），公司首次公开发行人民币普通股 4,443.2537 万股，每股面值为人民 币 1 元，发行价格为每股人民币 19.38 元，募集资金总额为人民币 86,110.26 万元，扣除各项发行费用人民币 9,462.97 万元(不含增值税）后，实际募集资金 净额为人民币 76,647.28 万元。截至 2025 年 1 月 22 日，上述募集资金的划转已 经全部完成，募集资金已经中汇会计师事务所（特殊普通合伙）予以验证并出具 中汇会验[2025]0067 号《验资报告》。 上述募集资金已经全部存放于公司开立的募集资金专户，并与保荐机构、存 放募集资金的商业银行签署了《募集资金专户存储三方监管协议》。 二、《募集资金专户存储四方监管协议》的签订情况和募集资金专户的开 立 ...

Core Viewpoint - The strategic partnership between Haibo Sine and Huawei Digital Energy aims to explore integrated solar and storage solutions, marking a transition from strategic collaboration to value co-creation in the renewable energy sector [1][4]. Group 1: Collaboration Dimensions - The partnership focuses on three main areas: integrating photovoltaic and storage technologies to enhance clean energy development, co-creating a digital energy innovation ecosystem, and expanding global market opportunities [2]. - The collaboration will advance smart photovoltaic and storage integration technologies, particularly in large ground power stations and distributed solar applications, to improve efficiency and stability in clean energy utilization [2]. - Both companies will work together on technology research, standard formulation, and innovative solutions to explore storage applications in various scenarios and regions [2]. Group 2: Technological Integration - The collaboration aims to break traditional boundaries by deeply coupling smart storage and digital energy, enhancing the response speed of storage systems in photovoltaic fluctuation scenarios [3]. - This integration will optimize energy utilization and provide a more efficient stabilizer for new power systems [3]. Group 3: Value Co-Creation - The partnership signifies a shift from mere commercial cooperation to a shared commitment to creating industry value, fostering a healthy industrial, ecological, and value chain [4]. - The collaboration is framed as a "new energy marathon," emphasizing the importance of collective efforts in promoting smart energy upgrades and establishing new power systems where renewable energy becomes the primary energy source globally [4].

Group 1 - The core viewpoint of the articles is the strategic partnership between Haibo Shichuang and Huawei Digital Energy, aimed at exploring integrated solar and storage solutions to drive a green energy revolution [1][2] - Both companies will leverage their strengths in ICT and power electronics to collaborate in areas such as smart energy storage and digital renewable energy, promoting the intelligent upgrade of the energy power industry [1] - The partnership will focus on technological innovation in the energy storage sector, exploring future development directions and high-quality, high-performance technical solutions for energy storage products [1][2] Group 2 - Haibo Shichuang, established in 2011, is a leading provider of energy storage system solutions and services, ranking first in installed capacity among domestic power stations as of the end of 2024 [1] - The signing ceremony signifies a new strategic phase in the partnership, transitioning from "strategic hand-in-hand" to "value co-existence," enhancing the commitment to digital and intelligent transformation in the energy industry [2] - The collaboration aims to provide efficient, intelligent, and sustainable green energy solutions for global customers, promoting the energy sector's transition towards green, low-carbon, and sustainable practices [2]