Market Overview - On September 18, the other power equipment sector declined by 1.44%, with Haibo Sichuang leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Key stocks in the other power equipment sector showed mixed performance, with Keda's stock price increasing by 2.79% to 39.44, while Haibo Sichuang's stock price fell by 5.43% to 198.60 [1][2] - The trading volume and turnover for Keda reached 358,000 shares and 1.397 billion yuan, respectively [1] Capital Flow - The other power equipment sector experienced a net outflow of 974 million yuan from main funds, while retail investors saw a net inflow of 949 million yuan [2][3] - Notable stocks like Keda and New Power had varying net inflows and outflows from main and retail investors, indicating differing investor sentiment [3]

Core Viewpoint - The report from CICC indicates a significant increase in the scale of energy storage and EPC procurement, reaching 79.88 GW and 271.79 GWh from January to August, representing a year-on-year growth of 191% in GWh terms [1][2]. Domestic Demand - Policy support is expected to sustain the demand for independent energy storage, with a notable increase in project scale and duration. The average project size has grown to 2 GWh, and the storage duration has increased from 1-2 hours to 3-4 hours [2]. - In August alone, the energy storage and EPC scale reached 25.8 GW and 69.4 GWh, showing a year-on-year increase of 520% and a month-on-month increase of 169% [2]. Industry Chain Impact - The reliability requirements for energy storage are increasing, and the diversification of revenue streams may lead to a rise in energy storage system prices, benefiting related integrators. The price of 4-hour energy storage systems in August was 0.431 yuan/Wh, up 3% month-on-month [3]. - The anticipated increase in system prices in Q4 2023 may allow manufacturers with sufficient battery inventory to benefit from inventory premiums, leading to profit growth [3]. Recommended Stocks - CICC recommends several stocks in the energy storage sector, including: - Upwind Electric (300827.SZ) - Haibo Sichuang (688411.SH) - YN Technology (688348.SH) - Deyang Co., Ltd. (605117.SH) [4].

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北京海博思创科技股份有限公司 2025 年第二次临时股东大会会议资料 二〇二五年九月 1 北京海博思创科技股份有限公司 2025年第二次临时股东大会会议资料 公司代码：688411 证券简称：海博思创 北京海博思创科技股份有限公司 2025年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议资料 目 录 | 2025 年第二次临时股东大会会议须知 3 | | --- | | 2025 年第二次临时股东大会会议议程 6 | | 议案一：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 9 | | 议案二：关于变更部分募集资金投资项目实施地点、实施方式及投资结构的议案 10 | | 议案三：关于补选第二届董事会独立董事的议案 12 | 2 北京海博思创科技股份有限公司 2025年第二次临时股东大会会议资料 北京海博思创科技股份有限公司 2025 年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 股东大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称" ...

Market Overview - On September 15, the other power equipment sector rose by 1.21%, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the other power equipment sector showed significant price movements: - Hailan Sichuang (688411) closed at 198.29, up 8.65% with a trading volume of 72,600 shares and a turnover of 1.496 billion [1] - Zhongheng Electric (002364) closed at 30.86, up 7.34% with a trading volume of 845,400 shares and a turnover of 2.539 billion [1] - Rongfa Nuclear Power (002366) closed at 8.08, up 5.21% with a trading volume of 2,317,900 shares and a turnover of 1.831 billion [1] - Other notable performers include ST Huaxi (002630) and Maigemi Te (002851), with increases of 4.35% and 4.25% respectively [1] Fund Flow Analysis - The other power equipment sector experienced a net outflow of 9.9061 million from institutional investors, while retail investors saw a net outflow of 14.7 million [2] - Conversely, speculative funds recorded a net inflow of 157 million [2] Individual Stock Fund Flow - Maigemi Te (002851) had a net inflow of 1.60 million from institutional investors but a net outflow of 44.4606 million from speculative funds [3] - Zhongheng Electric (002364) saw a net inflow of 15.9 million from institutional investors, with a net outflow of 1.54 billion from retail investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 12.4 million from institutional investors but faced significant outflows from both speculative and retail investors [3]

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sunshine Power [3]. Core Insights - The domestic energy storage policy continues to strengthen, with demand expected to exceed expectations and be sustainable. The National Development and Reform Commission and the Energy Administration have issued a plan to increase the new energy storage installed capacity to over 180GW by 2027, which will double the current capacity within the next two and a half years [1][8][12]. - The bidding scale for the domestic energy storage market reached a historical high of 25.8GW/69.4GWh in August 2025, indicating a robust demand outlook despite previous concerns following the cancellation of mandatory energy storage requirements [14]. Industry Policy - The new energy storage capacity pricing mechanism is being established, with various provinces implementing supportive policies. For instance, the pricing standard for new energy storage capacity is set at 100 yuan/kW/year from October to December 2025, increasing to 165 yuan/kW/year from January 2026 [9][11]. - The cancellation of mandatory energy storage requirements has led to a trend where provincial capacity policies are expected to support the industry's future development [9][12]. Key Companies and Financial Metrics - **Ningde Times**: Market cap of 149.28 billion, 2025 EPS of 14.9, PE of 22, rated "Strongly Recommended" [3]. - **Yiwei Lithium Energy**: Market cap of 15.1 billion, 2025 EPS of 2.2, PE of 33, rated "Strongly Recommended" [3]. - **Sunshine Power**: Market cap of 27.76 billion, 2025 EPS of 5.9, PE of 23, rated "Strongly Recommended" [3]. - **Hai Bo Si Chuang**: Market cap of 3.29 billion, 2025 EPS of 4.8, PE of 38, not rated [3]. - **Sheng Hong Co., Ltd.**: Market cap of 1.2 billion, 2025 EPS of 1.5, PE of 26, rated "Strongly Recommended" [3]. - **Kehua Data**: Market cap of 3.56 billion, 2025 EPS of 1.2, PE of 59, rated "Strongly Recommended" [3]. - **He Wang Electric**: Market cap of 1.54 billion, 2025 EPS of 1.4, PE of 25, rated "Strongly Recommended" [3]. Market Performance - The absolute performance of the energy storage and new energy sector has shown significant growth, with a 12-month increase of 67.9% [6]. Future Outlook - The energy storage installed capacity is projected to double within the next two and a half years, with an average annual installation requirement of 34GW/136GWh to meet the 2027 target [8][12]. - The demand for energy storage is expected to remain strong and sustainable, supported by ongoing policy initiatives and high bidding activity in the market [14].

Core Insights - Recently, Haishu Zhihui (Beijing) Energy Technology Co., Ltd. was established with a registered capital of 10 million yuan [1] - The company is involved in various services including energy storage technology services, wind power generation technology services, solar power generation technology services, centralized fast charging stations, and charging control equipment leasing [1] - The company is jointly owned by Hebei Xiong'an Huichu Energy Technology Co., Ltd., a wholly-owned subsidiary of Haibo Sichuang (688411), and Beijing Dushi Kairui Technology Partnership (Limited Partnership) [1]

Core Viewpoint - Haibo Sichuang (sh688411) reached its daily limit with a price of 219 yuan, marking a 20% increase and a total market capitalization of 39.44 billion yuan, driven by governance upgrades, leadership in energy storage, and increased R&D investment [1][2]. Group 1: Governance Improvements - The company is actively optimizing its governance structure, with nearly 30 announcements indicating a comprehensive enhancement of internal control systems covering 16 areas, including auditing and investment [2]. - The cancellation of the supervisory board aims to improve decision-making efficiency, while regulated fund management has led to a cash management gain of 2.27 million yuan, enhancing the efficiency of fund usage [2]. Group 2: Market Position and Industry Outlook - Haibo Sichuang specializes in electrochemical energy storage systems, holding the top market share in China and ranking among the top three globally [2]. - A report from Dongwu Securities on September 8 highlighted significant growth in shipments for Q2 2025 and accelerated overseas expansion, indicating a promising future for independent storage and operation maintenance [2]. - The recent focus on the energy storage sector has led to increased market attention and active performance of related stocks, creating a sector-wide ripple effect [2]. Group 3: R&D Investment - The company has increased its R&D spending, with 137 million yuan allocated in the first half of 2025, reflecting a commitment to maintaining technological leadership amid intense industry competition [2]. - Although specific technical indicators were not disclosed, the market's positive response to the stock's performance suggests strong investor confidence in the company's future [2].

Group 1 - The core viewpoint of the news is that Haibo Sichuang's stock has seen a significant increase, with a rise of 5.29% to reach 187.00 CNY per share, and a total market capitalization of 33.677 billion CNY [1] - Haibo Sichuang specializes in 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 power users [1] - The company's main revenue sources are heavily focused on energy storage systems, accounting for 99.77% of total revenue, with minimal contributions from other segments such as new energy vehicle leasing (0.10%) and technical services (0.06%) [1] Group 2 - Citic Prudential Fund has a significant holding in Haibo Sichuang, with its fund, Citic Prudential Small and Medium Cap Mixed A (550009), owning 72,100 shares, representing 2.9% of the fund's net value [2] - The fund has achieved a year-to-date return of 38.74% and a one-year return of 71.25%, ranking 1598 out of 8174 and 1409 out of 7981 respectively among its peers [2] - The fund manager, Sun Haozhong, has been in charge for 5 years and 264 days, with the fund's total asset size at 2.893 billion CNY [3]

Core Viewpoint - On September 11, Haiboshuichuang's stock rose by 6.72% with a trading volume of 785 million yuan, indicating positive market sentiment towards the company [1] Financing Summary - On the same day, Haiboshuichuang had a financing purchase amount of 97.03 million yuan, while the financing repayment was 126 million yuan, resulting in a net financing outflow of 28.79 million yuan [1][2] - As of September 11, the total financing and securities lending balance for Haiboshuichuang was 378 million yuan, accounting for 5.61% of its circulating market value [2] Company Overview - Beijing Haiboshuichuang Technology Co., Ltd. was established on November 4, 2011, and is located in Haidian District, Beijing [2] - The company specializes in the research, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and one-stop overall solutions for various industry clients [2] - The main business revenue composition includes: energy storage systems (99.77%), new energy vehicle leasing (0.10%), other (supplementary) (0.07%), and technical services (0.06%) [2] Financial Performance - For the first half of 2025, Haiboshuichuang achieved an operating income of 4.522 billion yuan, representing a year-on-year growth of 22.66% [2] - The net profit attributable to the parent company was 316 million yuan, with a year-on-year increase of 12.05% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Haiboshuichuang was 10,200, a decrease of 20.06% from the previous period [2] - The average circulating shares per person increased by 25.09% to 3,507 shares [2] - The company has distributed a total of 198 million yuan in dividends since its A-share listing [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Western Leading Carbon Neutral Mixed Fund (012975) as the fifth largest shareholder, increasing its holdings by 36,100 shares [3] - In addition, Invesco Great Wall New Energy Industry Stock A (011328) and Invesco Great Wall Growth Star Stock A (000418) entered as new shareholders, holding 528,600 shares and 397,200 shares respectively [3]