Company Insights - Haibo Sichuang (688411.SH) is the leading player in the domestic energy storage market, with significant breakthroughs in overseas markets [6] - The company signed an agreement with LEAG Clean Energy to develop a large-scale energy storage project in Germany, with a capacity of 1.6GWh, positioning itself among Europe's major battery storage facilities [6] - According to S&P Global, Haibo Sichuang ranks among the top three global battery storage system integrators in 2023, with second place in power scale and third in energy scale [6] - The company aims to match its domestic market scale in overseas markets within 3-5 years through a dual strategy of "technology output + localized operations" [6] - Haibo Sichuang has secured a battery supply of no less than 200GWh through a strategic cooperation agreement with CATL for the years 2026-2035 [6] Industry Insights - The global energy storage capacity is expected to exceed 270GW by 2030, with an annual compound growth rate of over 40%, driven by the increasing generation of renewable energy [6] - In China, the new energy storage installation scale is projected to surpass 130GW by 2025 under ideal scenarios, with a compound growth rate of 20.2%-24.5% from 2024 to 2030 [6] - The HR+/HER2- breast cancer segment, which accounts for 70% of all breast cancer cases, is seeing advancements in post-line treatments, with TROP2 ADC and HER3 ADC showing promising efficacy [7][8] - Recent clinical trials indicate that TROP2 ADC has superior progression-free survival (PFS) compared to traditional chemotherapy in HR+/HER2- breast cancer patients [7] - The HER3 ADC and KAT6 inhibitors are also demonstrating significant efficacy in clinical trials for HR+/HER2- breast cancer, indicating a broadening of treatment options in this area [7][8]

本报讯(记者袁传玺)天眼查App显示，近日，山西海博思创科技有限公司成立，注册资本5000万元，经 营范围包括电池制造、电力电子元器件制造、电池零配件生产、机械电气设备制造、智能基础制造装备 制造等。股东信息显示，该公司由海博思创全资持股。 ...

Core Viewpoint - The article highlights the successful collaboration of Haibo Sichuang Technology Co., Ltd. with several companies in the U.S. for energy storage projects, marking a significant milestone in the company's international strategy in the Americas [1][2]. Group 1: Project Details - Haibo Sichuang's U.S. subsidiary has partnered with a well-known independent power producer and other enterprises to provide energy storage system solutions for projects in California and Georgia [1]. - The total supply of products for the project has exceeded 420 MWh, with all deliveries completed on schedule [1]. - The deployed HyperBlock III 5MWh liquid-cooled energy storage system will focus on energy dispatch needs for grid storage stations, providing peak shaving and frequency regulation services [1]. Group 2: Operational Impact - The project aims to alleviate local grid supply-demand fluctuations and optimize the efficiency of renewable energy consumption, ensuring power supply for nearly 20,000 households daily [1]. - After entering the commercial operation phase, Haibo Sichuang will continue to provide long-term quality assurance and localized after-sales services, ensuring ongoing performance optimization and stable operation of the project [1]. Group 3: Company Positioning and Future Outlook - As a global leader in the energy storage industry, Haibo Sichuang has participated in over 400 energy storage projects, achieving a cumulative scale of over 45 GWh [2]. - The company has established a localized service network across continents, providing 24/7 support and lifecycle technical assurance to ensure stable and efficient operation of energy storage projects [2]. - Looking ahead, Haibo Sichuang aims to leverage its technological research and global operations to deepen international cooperation and accelerate the layout of comprehensive energy services, contributing to the transition to a green and low-carbon energy structure [2].

Core Viewpoint - Shanxi Haibosi Chuang Technology Co., Ltd. has been established, focusing on intelligent basic manufacturing equipment and related sectors [1] Group 1: Company Overview - The company was founded with a registered capital of 50 million RMB [1] - The legal representative of the company is Zhang Meng [1] - Haibosi Chuang (688411) holds 100% ownership of the new company [1] Group 2: Business Scope - The business scope includes battery manufacturing, power electronic components manufacturing, battery accessory production, mechanical and electrical equipment manufacturing, and intelligent basic manufacturing equipment manufacturing [1]

Core Viewpoint - The signing of a large-scale energy storage industry project between Haibo Sichuang and Xining Economic and Technological Development Zone marks a significant step towards long-term cooperation in the energy storage sector in Xining [1] Group 1: Project Overview - The signed project includes two main components: energy storage system integration production and energy storage station construction, which is a key initiative for the company's strategy in the northwest market [1] - The company plans to establish a new intelligent manufacturing base in the Nanchuan Industrial Park in Xining, focusing on green and intelligent development, aiming to create a green factory, zero-carbon factory, and digital factory [1] Group 2: Future Plans and Goals - Haibo Sichuang aims to use the Xining Development Zone as a core to radiate throughout Qinghai Province, promoting the construction of large-scale energy storage stations [1] - During the 14th Five-Year Plan period, the company plans to implement several independent energy storage projects in Qinghai Province, contributing to the province's clean energy demonstration and supporting the construction of an integrated new power system [1] - The company intends to leverage its industrial advantages to help Xining become a significant new energy storage industry base in the country, promoting the large-scale and clustered development of the energy storage industry [1]

2025 年 11 月 28 日 公司研究/公司快报 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S0760523110002 邮箱：duyushu@sxzq.com 储能 海博思创（688411.SH） 买入-A(首次) 国内储能稳居龙头，海外市场正在突破 事件描述 公司上市以来股价表现 | 年 月 市场数据：2025 | 11 | 日 25 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 299.46 | | 年内最高/最低（元）： | | | 426.01/57.00 | | 流通A股/总股本（亿）： | | | 0.38/1.80 | | 流通 A 股市值（亿）： | | | 113.60 | | 总市值（亿）： | | | 539.30 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 3.58 | | 摊薄每股收益(元)： | | | 3.58 | | 每股净资产(元)： ...

Core Insights - The company is deepening its regional strategic layout in response to the growing demand for energy storage in Northwest China, signing a large-scale energy storage project with Xining Economic and Technological Development Zone [1][2] - The project includes two main components: energy storage system integration production and energy storage station construction, which will enhance the company's capacity, business layout, and green industrial chain [1] - Qinghai Province is identified as a strategic area for new energy development due to its abundant wind and solar resources, making it a key market for the company's national expansion [1][2] Project Details - The new intelligent manufacturing base will be established in the Nanchuan Industrial Park in Xining, focusing on green and intelligent development, aiming for zero-carbon operations throughout the entire process [1] - The Xining Development Zone is facilitating the project by coordinating existing independent industrial plants and supporting land, significantly reducing the preparation period [1] - Once fully operational, the project is expected to boost regional economic development and create local employment opportunities, achieving both economic and social benefits [1] Future Plans - The company plans to use Xining as a core hub to radiate throughout Qinghai Province, promoting large-scale energy storage station construction and independent energy storage projects during the 14th Five-Year Plan [2] - The initiative supports Qinghai's goal of becoming a clean energy demonstration province and contributes to the construction of an integrated new power system [2] - The company aims to help Xining become a significant new energy storage industrial base in the country, promoting the large-scale and clustered development of the energy storage industry [2]

Core Insights - Haibo Shichuang's stock increased by 4.69% on November 27, with a trading volume of 1.395 billion yuan [1] - The company reported a financing buy amount of 112 million yuan and a net financing outflow of 34.43 million yuan on the same day [1] - As of November 27, the total margin balance for Haibo Shichuang was 614 million yuan, accounting for 5.25% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Haibo Shichuang achieved a revenue of 7.913 billion yuan, representing a year-on-year growth of 52.23% [2] - The net profit attributable to shareholders for the same period was 623 million yuan, showing a significant increase of 98.65% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Haibo Shichuang was 9,378, a decrease of 7.72% from the previous period [2] - The average number of circulating shares per shareholder increased by 15.31% to 4,044 shares [2] - The company has distributed a total of 198 million yuan in dividends since its A-share listing [3] Institutional Holdings - As of September 30, 2025, several new institutional shareholders entered the top ten list, including Dongfanghong HuGangShen Mixed Fund, holding 861,000 shares [3] - Other notable new shareholders include Rongtong Industry Trend Selected Stock A and GF High-end Manufacturing Stock A, holding 853,600 shares and 587,900 shares respectively [3] - Previous top shareholders such as Western Leading Carbon Neutral Mixed Fund and Invesco Great Wall New Energy Industry Stock A have exited the top ten list [3]

New Stock Listings - Nant Technology (920124) listed at an issue price of 8.66 on November 27, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] - Jianglong Shipbuilding (300589) and Huasheng Lithium Battery (688353) reported significant abnormal fluctuations[1] Abnormal Fluctuations - Multiple companies including ST Wanfang (000638) and ST Dongyi (002713) have reported abnormal trading activities[2] - Companies such as ST Suwu (600200) and ST Yanshan (000608) are also under scrutiny for unusual market behavior[3]

Core Viewpoint - The signing of a large-scale energy storage industry project between Haibo Sichuang and Xining Economic and Technological Development Zone marks a significant step towards long-term cooperation in the energy storage sector in Xining [1] Group 1: Project Overview - The signed project includes two main components: energy storage system integration production and energy storage power station construction [1] - This initiative is part of Haibo Sichuang's strategic move in the northwest market, aimed at enhancing production capacity and business layout [1] Group 2: Regional Impact - Haibo Sichuang plans to use the Xining Development Zone as a core to radiate throughout Qinghai Province, promoting the construction of large-scale energy storage power stations [1] - During the 14th Five-Year Plan period, the company aims to implement several independent energy storage projects in Qinghai Province, contributing to the province's clean energy demonstration efforts [1] Group 3: Strategic Goals - The project supports the construction of a new integrated power system that includes source, grid, load, and storage, facilitating the consumption of clean energy and peak regulation of the power grid [1] - The initiative aligns with Qinghai Province's energy structure transformation strategy, promoting efficient utilization of green electricity resources [1]