Group 1 - The company, Haibosi Chuang, announced the completion of business registration and filing procedures [1] - The company has received a new business license issued by the Haidian District Market Supervision Administration of Beijing [1]

Summary of Key Points Core Viewpoint - In 2023, a total of 8 companies have issued new shares on the Sci-Tech Innovation Board, raising a cumulative amount of 10.5 billion yuan, with an average fundraising of 1.313 billion yuan per company [1][2]. Fundraising Overview - The fundraising amounts are categorized as follows: 4 companies raised over 1 billion yuan, 3 companies raised between 500 million yuan and 1 billion yuan, and 1 company raised less than 500 million yuan [1]. - The company with the highest fundraising is He Yuan Biological, which raised 2.599 billion yuan primarily for the construction of a plant-based recombinant human serum albumin industrialization base, working capital, and new drug research and development [1]. - Following He Yuan Biological, Yitang Co., Ltd. raised 2.497 billion yuan for technology reserve funds and semiconductor high-end integrated circuit equipment R&D projects [1]. Issuance Price and Valuation - The average issuance price of the newly listed Sci-Tech Innovation Board stocks is 22.64 yuan, with the highest being 47.27 yuan for Yingshi Innovation [2]. - The issuance price for He Yuan Biological and Sikan Technology is 29.06 yuan and 33.46 yuan, respectively, while Yitang Co., Ltd. has the lowest issuance price at 8.45 yuan [1][2]. Price-to-Earnings Ratio - The issued companies have a price-to-earnings (P/E) ratio ranging from 6.14 to 51.55, with an average of 30.03 and a median of 26.35 [2]. - Yitang Co., Ltd. has the highest P/E ratio at 51.55, while five companies, including Yingshi Innovation and Sikan Technology, have P/E ratios below the industry average [2]. Regional Distribution - The newly issued companies are primarily located in Beijing, Jiangsu, and Hubei, each having 2 companies [2]. - The regions with the highest fundraising amounts are Hubei (3.767 billion yuan), Beijing (3.359 billion yuan), and Guangdong (1.938 billion yuan) [2].

Market Overview - The other power equipment sector experienced a decline of 2.64% on the previous trading day, with Shanghai Electric leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Yingkerui (300713) with a closing price of 19.86, up 5.19% on a trading volume of 180,000 shares and a turnover of 361 million yuan [1] - Jinshi Technology (002951) closed at 15.31, up 3.80% with a trading volume of 100,400 shares and a turnover of 152 million yuan [1] - Major decliners included: - Shanghai Electric (601727) which closed at 10.14, down 5.85% with a trading volume of 8.29 million shares and a turnover of 8.7 billion yuan [2] - Kehua Education (002335) closed at 62.63, down 5.71% with a trading volume of 349,100 shares and a turnover of 2.27 billion yuan [2] Capital Flow - The other power equipment sector saw a net outflow of 1.26 billion yuan from institutional investors, while retail investors had a net inflow of 894 million yuan [2] - Specific stock capital flows indicated: - Dongfang Electric (600875) had a net inflow of 1.04 billion yuan from institutional investors [3] - Yingkerui (300713) recorded a net inflow of 863.39 million yuan from retail investors [3]

证券代码：688411 证券简称：海博思创 公告编号：2025-048 北京海博思创科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 成立日期：2011 年 11 月 4 日 住所：北京市海淀区丰豪东路 9 号院 2 号楼 12 层 3 单元 1201 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、准确性和完整性承担法律责任。 北京海博思创科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第二届董事会第十五次会议和第二届监事会第八次会议，于 2025 年 9 月 23 日召开 2025 年第二次临时股东大会，审议通过了《关于变更公司注册资本、 取消公司监事会并修订<公司章程>及修订、制定部分公司治理制度的议案》。具 体内容详见公司于 2025 年 8 月 29 日在上海证券交易所网站（www.sse.com.cn） 上披露的《北京海博思创科技股份有限公司关于变更公司注册资本、取消公司监 事会并修订<公司章程>及修订、制定部分公司治理制度的公告》（公告编号： 2025-038）。 近日，公司已完成工商变更登记和备案手续，并 ...

Core Insights - On October 13, Haibo Shichuang's stock rose by 3.37% with a trading volume of 1.083 billion yuan [1] - The company experienced a net financing outflow of 14.83 million yuan on the same day, with a total financing and securities balance of 557 million yuan [1][2] Financing Summary - On October 13, Haibo Shichuang had a financing buy-in of 109 million yuan, with a current financing balance of 557 million yuan, representing 4.90% of its market capitalization [2] - There were no shares sold or repaid in the securities lending market on that day, with a total securities lending balance of 0 yuan [2] Company Overview - Beijing Haibo Shichuang Technology Co., Ltd. was established on November 4, 2011, and is located in Haidian District, Beijing [2] - The company focuses on the research, production, and sales of electrochemical energy storage systems, providing comprehensive solutions for various sectors including traditional power generation, renewable energy, smart grids, and end-users [2] - The main revenue sources are as follows: energy storage systems (99.77%), new energy vehicle leasing (0.10%), other (0.07%), and technical services (0.06%) [2] Financial Performance - For the period from January to June 2025, Haibo Shichuang reported a revenue of 4.522 billion yuan, reflecting a year-on-year growth of 22.66%, and a net profit attributable to shareholders of 316 million yuan, up by 12.05% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 10,200, a decrease of 20.06% from the previous period, with an average of 3,507 circulating shares per person, an increase of 25.09% [2] - The top ten circulating shareholders include notable funds such as Western Li De Carbon Neutral Mixed Fund and Invesco Great Wall New Energy Industry Fund, with some new entrants in the shareholder list [3]

10月13日，海博思创涨5.05%，截至发稿，报304.87元/股，成交8.85亿元，换手率7.99%，总市值549.05 亿元。 资料显示，北京海博思创科技股份有限公司位于北京市海淀区丰豪东路9号院2号楼12层，成立日期2011 年11月4日，上市日期2025年1月27日，公司主营业务涉及专注于电化学储能系统的研发、生产、销售, 为传统发电、新能源发电、智能电网、终端电力用户等"源-网-荷"全链条行业客户提供全系列储能系统 产品,提供储能系统一站式整体解决方案。主营业务收入构成为：储能系统99.77%，新能源车租赁 0.10%，其他(补充)0.07%，技术服务0.06%。 截至发稿，孙浩中累计任职时间5年295天，现任基金资产总规模27.31亿元，任职期间最佳基金回报 85.63%， 任职期间最差基金回报-52.95%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中信保诚基金旗下1只基金重仓海博思创。中信保诚中小盘混合A（550009 ...

Group 1 - The core viewpoint is that AI data centers significantly drive electricity demand in the U.S., with a projected compound annual growth rate (CAGR) of 1.7% in total electricity demand from 2020 to 2026, primarily fueled by commercial and industrial sectors, including data centers and manufacturing [1][2] - The estimated additional electricity capacity required due to AI demand in the U.S. is projected to be 19 GW in 2025 and 31 GW in 2028, with a CAGR of approximately 42.4% [2] - The U.S. electricity generation capacity is under pressure, with stable controllable power generation capacity declining despite growth in natural gas generation, necessitating solutions like solar storage and solid oxide fuel cells (SOFC) [3] Group 2 - The demand for stable controllable power generation is projected to reach 49 GW in 2025, 64 GW in 2026, 84 GW in 2027, and 109 GW in 2028, driven by the need to support both conventional loads and data center loads [3] - The recommended companies for investment in light of these trends include CATL, Sungrow Power, Haibo Si Chuang, and EVE Energy, with additional attention suggested for companies like Sanhua Group, Bloom Energy, and Fluence Energy [4]

Core Viewpoint - The company has acquired Wuhu Huizhan New Energy Company, entering the thermal management field for power batteries in electric vehicles [1] Group 1: Company Products - The company provides liquid cooling plate products for the electric vehicle industry [1] - It also supplies liquid cooling plates and related structural components, as well as lightweight structural components for inverters to the energy storage system sector [1] Group 2: Major Clients - Major clients in the new energy sector include well-known companies such as Zhongchuang Xinhang, Yiwei Lithium Energy, Sunshine Power, and Haibosichuang [1]

Summary of Haibo Shichuang's Conference Call Industry Overview - The focus is on the energy storage system integration industry, with Haibo Shichuang being a leading player in this sector. The company is expected to benefit from significant growth in domestic energy storage installations, projected to reach 140-150 GWh in 2025, representing a year-on-year increase of over 30% driven by policy support and market demand growth [2][3][7]. Key Points and Arguments - **Revenue Composition**: In the first half of 2025, revenue from energy storage system integration accounted for 99.77% of total revenue, while other business segments are contracting [2][5]. - **Sales Guidance**: The company has consistently revised its shipment guidance upwards, with a target of 30 GWh for 2025, and plans to gradually increase this to 70, 100, and 120 GWh in subsequent years [2][3]. - **Quarterly Performance**: In Q2 2025, actual shipments were 6.57 GWh, generating a profit of 222 million yuan, slightly exceeding expectations [2][5]. - **International Market Focus**: 65% of the company's business is concentrated in Europe, 10% in the US, and the remainder in Australia and emerging Asia-Pacific markets. The higher pricing and profitability in these regions provide strong revenue and profit support [2][3][16]. - **Operational Capacity**: By the end of 2025, the company expects to participate in operational maintenance capacity exceeding 20 GWh, contributing approximately 120 million yuan in revenue and 60 million yuan in net profit [2][18]. Financial Performance - **Profitability Forecast**: For 2025, domestic shipments are expected to be around 25 GWh with a gross margin of 16%, leading to an estimated profit of 900 million yuan. The company anticipates profits of 1.7 billion yuan in 2026 and 2.5-3.2 billion yuan from 2027 to 2028 [4][21]. - **Cost Control**: The company has demonstrated excellent cost control and supply chain management, enhancing its competitive edge and maintaining high gross margins despite market pressures [4][29]. Competitive Advantages - **Market Position**: As a leading enterprise in energy storage system integration, Haibo Shichuang benefits from significant market presence and a strong brand reputation [3][33]. - **Technological Edge**: The company possesses comprehensive self-research capabilities for core components like PCS, EMS, and BMS, which enhances product competitiveness [2][3][32]. - **Supply Agreements**: The company has secured supply agreements with major manufacturers like CATL, ensuring stable supply and pricing for battery cells [18][20]. Industry Trends - **Policy Impact**: The domestic energy storage industry is significantly influenced by policy initiatives, such as the transition from mandatory energy storage for renewables to independent energy storage systems [7][11]. - **Market Growth**: The energy storage installation market is expected to maintain a compound annual growth rate of over 30% from 2024 to 2027, with optimistic projections for new installations [10][13]. Additional Insights - **Order Book**: The company anticipates approximately 30 GWh in independent energy storage orders for 2025, with a reserve of 30 GWh to meet 2026 delivery targets [22]. - **Operational Experience**: Haibo Shichuang has accumulated significant operational experience with around 40 projects, charging between 15-20 million yuan per GWh, which enhances its hardware development capabilities [24]. This summary encapsulates the key insights from Haibo Shichuang's conference call, highlighting the company's strategic positioning, financial outlook, and competitive advantages within the energy storage industry.

Market Overview - The other power equipment sector increased by 1.38% on September 30, with Xinle Energy leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Xinle Energy (300593) saw a closing price of 22.44, with a significant increase of 20.00% and a trading volume of 371,300 shares, amounting to a transaction value of 815 million [1] - Youyou Green Energy (301590) closed at 233.32, up 8.36%, with a trading volume of 18,500 shares and a transaction value of 428 million [1] - Other notable performers include Koweier (688551) with a 5.75% increase, Haibosi Chuang (688411) up 5.46%, and Dongli Source (600405) up 5.18% [1] Capital Flow - The other power equipment sector experienced a net outflow of 540 million from institutional investors, while retail investors saw a net inflow of 690 million [2][3] - The capital flow data indicates that Xinle Energy had a net inflow of 191 million from institutional investors, but a net outflow of 106 million from retail investors [3] - Other companies like Tonghe Technology (300491) and Shenghong Co. (300693) also showed varied capital flows, with significant net inflows from institutional investors [3]