证券代码：688411 证券简称：海博思创 公告编号：2025-046 关于为全资子公司提供反担保的公告 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。 重要内容提示： 担保对象及基本情况 | HYPERSTRONG | INTERNATIONAL | USA | 被担保人名称 | CORP. | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 150 | 万美元（按照 | 2025 | 年 | 9 | 月 | 26 | 日中国人民银行官网公布的相关人 | | | | | | | | | | 本次担保金额 | 民币汇率中间价折算，约为人民币 | | | | | | | | | | | | | | | | 1,067.28 | 万元） | 担 | 保 | 对 | 288.20 | 万美元（按照担保起始日中 | | | | | | | | ...

证券代码：688411 证券简称：海博思创 公告编号：2025-047 北京海博思创科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 10 月 15 日（星期三）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 30 日（星期二）至 10 月 14 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@hyperstrong.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 北京海博思创科技股份有限公司（以下简称"公司"）已于 2025 年 08 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状 ...

Group 1 - The solid-state battery concept sector rose by 2.96%, ranking 7th among concept sectors, with 228 stocks increasing in value [1] - Notable gainers in the solid-state battery sector included Wanrun New Energy, which hit a 20% limit up, and Tianqi Materials, Fengshan Group, and Xiangtan Electric, which also reached their daily limit [1] - The top gainers in the sector were Hunan Youneng, Haibo Sichuang, and Lingge Technology, with increases of 18.29%, 15.02%, and 14.39% respectively [1] Group 2 - The solid-state battery sector saw a net inflow of 1.388 billion yuan, with 152 stocks receiving net inflows, and 14 stocks exceeding 100 million yuan in net inflows [2] - Tianqi Materials led the net inflow with 983.3 million yuan, followed by Ganfeng Lithium, Duofluor, and CATL with net inflows of 551 million yuan, 497 million yuan, and 464 million yuan respectively [2][3] - The top stocks by net inflow ratio included Fengshan Group, Duofluor, and Tianji Co., with net inflow ratios of 52.26%, 46.70%, and 42.84% respectively [3] Group 3 - The solid-state battery sector's performance was highlighted by the significant daily trading volume and turnover rates of key stocks, indicating strong investor interest [4][5] - Stocks such as Tianqi Lithium and Huaneng Technology also showed notable trading activity, with turnover rates of 5.92% and 10.21% respectively [4] - The overall market sentiment towards the solid-state battery sector remains positive, as evidenced by the substantial capital inflows and stock performance [2][3]

Market Performance - The other power equipment sector increased by 1.14% on September 29, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Haida Zhishi (688411) with a closing price of 307.14, up 15.02% and a trading volume of 51,200 shares, totaling 1.564 billion yuan [1] - Xinfuneng (300593) closed at 18.70, up 10.59% with a trading volume of 479,200 shares, totaling 877 million yuan [1] - Xizi Clean Energy (002534) closed at 16.86, up 9.98% with a trading volume of 275,700 shares [1] Capital Flow - The other power equipment sector experienced a net outflow of 1.084 billion yuan from institutional investors, while retail investors saw a net inflow of 843 million yuan [2] - The capital flow for specific stocks showed: - Xizi Clean Energy (002534) had a net inflow of 74.26 million yuan from institutional investors [3] - Shenghong Shares (300693) had a net inflow of 59.21 million yuan from institutional investors [3] - Tonghe Technology (300491) saw a net inflow of 44.91 million yuan from institutional investors [3]

Core Viewpoint - The issuance of Document No. 136 promotes the full market entry of renewable energy, presenting both challenges and unprecedented opportunities for energy storage [1] Group 1: Market Dynamics - Document No. 136 marks the transition to a fully market-oriented trading period for renewable energy, with high marketization requirements for incremental projects [1] - The introduction of capacity pricing and capacity compensation policies across multiple provinces provides strong baseline returns for energy storage [2] - The significant increase in peak-valley price differences due to the growth of renewable energy installations enhances the economic viability of independent energy storage projects [2] Group 2: Growth Projections - The global installed energy storage capacity is projected to reach 272 GWh, 441 GWh, and 642 GWh in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 46.6%, 62.1%, and 45.6% [1] - Domestic energy storage capacity forecasts have been raised to 150 GWh, 260 GWh, and 380 GWh for the same years [4] Group 3: Investment Recommendations - The report recommends focusing on leading companies in the energy storage sector, including CATL, EVE Energy, Sungrow Power Supply, and Haibo Technology [4] - Attention is also suggested for leading enterprises across various segments such as batteries, integration, PCS, and inverters [4] Group 4: Global Demand Trends - The global demand for energy storage is experiencing a synchronized explosion driven by the increasing penetration of renewable energy and the declining costs of storage systems [3]

Summary of Beijing Hyperstrong Technology Conference Call Company Overview - **Company**: Beijing Hyperstrong Technology Co., Ltd. - **Industry**: Energy Storage Systems (ESS) - **Market Position**: One of the largest players in China's utility-scale ESS market, with over 90% of FY24 revenue derived from this sector [2][12]. Key Points Discussed Industry Outlook - **China's ESS Demand**: Management is optimistic that China will exceed its 2027 target of 180GW ESS installations, driven by improving independent ESS business models and supportive local government policies [12][13]. - **Revenue Generation**: Independent ESS can generate returns through: 1. Peak-to-trough price arbitrage 2. Capacity charges 3. Ancillary services [12][13]. Financial Projections - **ESS Shipment Targets**: Hyperstrong aims for 30GWh shipments in FY25 (up over 150% YoY) and 70GWh in FY26 (up over 130% YoY) [2][12]. - **Overseas Demand**: Positive outlook for overseas ESS demand, particularly in the EU, Southeast Asia, and the US, with targets of 3-5GWh shipments in 2025 and 10GWh in 2026 [12][13]. Financial Performance - **Historical Financial Data**: - FY22 Revenue: CNY 2,626 million - FY23 Revenue: CNY 6,982 million (213.4% YoY growth) - FY24 Revenue: CNY 8,270 million (18.4% YoY growth) [4][21]. - **Profitability Metrics**: - FY24 Net Income: CNY 648 million (12.1% YoY growth) - FY24 EBITDA: CNY 798 million (3.3% YoY growth) - FY24 Gross Margin: 18.5% [4][21]. Competitive Positioning - **Cost Management**: Hyperstrong maintains a gross profit margin (GPM) of 18-20%, significantly higher than domestic peers, despite a 40% YoY decline in ESS system prices [12][13]. - **Market Strategy**: Focus on high-quality ESS systems to meet the demands of project developers, avoiding price competition [12][13]. Market Dynamics - **Competitive Landscape**: Management notes a healthy competitive environment in overseas markets, with no fierce price competition among Chinese players currently [12][13]. - **Brand Development**: Efforts are underway to build brand awareness and project track records with smaller overseas customers [12][13]. Additional Insights - **Valuation**: The consensus valuation stands at 38x FY26E P/E based on Bloomberg estimates, with the stock price having increased by 260% over the last six months compared to a 15% increase in the SHCOMP index [12][13]. - **Dividend Policy**: A dividend payout ratio of 23% is expected in FY26, with a proposed dividend per share of CNY 1.10 [4][21]. Conclusion Beijing Hyperstrong Technology is positioned favorably within the ESS market, with strong growth projections and a solid financial performance. The company's strategic focus on quality and cost management, along with a positive outlook for both domestic and international demand, suggests potential for continued success in the evolving energy storage landscape.

Group 1 - The core viewpoint of the article highlights the strong performance of energy storage concept stocks in the A-share market, with significant gains observed in companies such as Haibosi Chuang, Kelun Electronics, Airo Energy, and Keda [1] - Domestic demand for energy storage cells is reported to be very strong, with leading battery companies indicating that their factories are operating at full capacity and some orders extending into early next year [1] - The "New Energy Storage Scale Construction Special Action Plan" aims for China's new energy storage installed capacity to exceed 180 million kilowatts by 2027, which is expected to drive new project investments of approximately 250 billion yuan [1]

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit growth, driven by its focus on energy storage solutions and expansion into overseas markets [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 4.522 billion yuan, a year-on-year increase of 22.66%, and a net profit attributable to shareholders of 316 million yuan, up 12.05% year-on-year [1]. - The company's Q2 2025 revenue reached 2.974 billion yuan, reflecting a year-on-year growth of 27.15% and a quarter-on-quarter increase of 92.12% [1]. - The gross profit margin for H1 2025 was 17.54%, a decrease of 1.94 percentage points year-on-year [1]. Business Focus and Market Trends - The company specializes in the research, production, and sales of electrochemical energy storage systems, providing comprehensive solutions for various sectors including traditional and renewable energy generation [1][2]. - The new energy storage market is experiencing rapid growth, with the cumulative installed capacity of new energy storage projects in China expected to exceed 130 GW by 2025 under ideal conditions [2]. International Expansion - The company has established four smart manufacturing bases to ensure capacity delivery and has significantly increased its overseas revenue, which reached 298 million yuan in H1 2025, a year-on-year increase of 3195.72% [3]. - The overseas business model focuses on "technology output + localized operation," with projects in Europe and North America [3]. Policy Environment - Recent policies from the National Development and Reform Commission and the National Energy Administration are promoting the transition to market-based pricing for energy storage, which is expected to drive investment and growth in the sector [4]. - By 2027, the national installed capacity of new energy storage is projected to reach over 180 million kilowatts, with direct project investments estimated at around 250 billion yuan [4]. Investment Outlook - The company is positioned as a leading provider of energy storage solutions, benefiting from the high growth potential of the new energy storage industry and international market expansion [5]. - Forecasted net profits for 2025-2027 are 999 million yuan, 1.32 billion yuan, and 1.793 billion yuan, with corresponding EPS of 5.55, 7.33, and 9.96 yuan per share [5].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 increased by over 10 times month-on-month, reaching a historical high of 17.7GW/45.7GWh, with year-on-year growth of 237.1% and 691.4% respectively [4][38] - The electric equipment sector has shown strong performance, with the sector rising 8.19% in the last two weeks, outperforming the CSI 300 index by 7.19 percentage points, and ranking second among 31 sectors [11][12] - The report highlights the significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [39] Summary by Sections Market Review - As of September 25, 2025, the electric equipment sector has risen 17.13% this month, outperforming the CSI 300 index by 14.98 percentage points, ranking first among 31 sectors [11] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% in the last two weeks [12][16] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.90 times, with sub-sectors like motors at 67.83 times and batteries at 37.26 times [24] - The report provides a detailed valuation comparison, indicating that the current valuation is significantly above the one-year average for most sub-sectors [24] Industry News - The report notes that the Chinese government has set ambitious targets for renewable energy, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035 [38] - The report emphasizes the importance of energy storage technology development, highlighting government initiatives to promote large-scale applications of energy storage equipment [38]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 saw a month-on-month increase of over 10 times, reaching 17.7GW/45.7GWh, marking a year-on-year growth of 237.1% and 691.4% respectively [5][39] - The power equipment sector has outperformed the CSI 300 index, with a year-to-date increase of 38.91%, surpassing the index by 22.18 percentage points [12][18] - The report highlights significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [40] Summary by Sections Market Review - As of September 25, 2025, the power equipment industry rose by 8.19% over the past two weeks, outperforming the CSI 300 index by 7.19 percentage points, ranking second among 31 industries [12] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% [18] Valuation and Industry Data - The power equipment sector's PE (TTM) is 34.90 times, with sub-sectors like the motor sector at 67.83 times and the battery sector at 37.26 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a significant premium over historical averages [25] Industry News - The report notes China's commitment to reducing greenhouse gas emissions and increasing the share of non-fossil energy consumption to over 30% by 2035 [39] - It emphasizes the government's push for large-scale applications of energy storage equipment, focusing on safety and efficiency [39] Company Announcements - The report includes announcements from companies like Datang Group regarding a major offshore wind power project and various corporate actions from firms like Goldwind Technology and Longi Green Energy [42][43] Weekly Perspective - The report suggests focusing on leading inverter companies benefiting from the development of new energy storage technologies, highlighting specific companies such as Guodian NARI and Sunshine Power [44]