证券代码：688411 证券简称：海博思创 公告编号：2025-035 北京海博思创科技股份有限公司 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），北京海博思创科技股份有限公司（以下简称"公司"）首次公开发行人民 币普通股 44,432,537 股，并于 2025 年 1 月 27 日在上海证券交易所科创板上市。 公司首次公开发行股票完成后，总股本为 177,730,148 股，其中有限售条件流通 股 142,080,723 股，占公司总股本的 79.94%，无限售条件流通股 35,649,425 股， 占公司总股本的 20.06%。 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129 股，占公司总股本的比例为 1.27%。具体内容详见公司于 2025 年 1 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份 有限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为 自公司首次公开发行股票并上 ...

中泰证券股份有限公司 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129股，占公司总股本的比例为1.27%。具体内容详见公司于2025年1月22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份有 限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为自 公司首次公开发行股票并上市之日起6个月，现锁定期即将届满，该部分限售股 将于2025年7月28日上市流通（原定上市流通日2025年7月27日为非交易日，故顺 延至2025年7月28日）。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）公司首次公开发行股票完成后，总股本为177,730,148股，其中有限售 条件流通股142,080,723股，无限售条件流通股35,649,425股。 4 （二）2025年4月27日，公司召开第二届董事会第十四次会议和第二届监事 会第七次会议，审议通过了《关于公司2022年股票期权激励计划第一个行权期行 权条件成就的议案》。符合行权条件的84名激励对象实际行权数量为2,362,344 股，因行权所获股票自行权日起3年内不得减持。行权 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [3] Core Views - The photovoltaic manufacturing industry is currently facing challenges due to unclear downstream demand expectations and excess upstream capacity. However, the implementation of Document No. 136 is expected to clarify demand expectations, leading to improvements in both supply and demand dynamics within the industry [4][20] - The energy storage sector is experiencing a significant increase in project bidding, with June 2025 seeing a record high of 62.8 GWh in public bidding capacity, a 228% increase compared to June 2024 [5][9] - The photovoltaic sector is anticipated to rebound due to the "anti-involution" plan aimed at reducing excess capacity and promoting sustainable development within the industry [17][18] Summary by Sections Energy Storage - The energy storage industry is in a transitional phase, with ongoing government support expected to maintain resilient demand for storage projects. Key companies to watch include Haibo Shichuang and Sungrow Power [14][17] - The regions with high renewable energy penetration, such as Inner Mongolia, Ningxia, Xinjiang, and Hebei, are showing positive attitudes towards supporting energy storage projects [14][15] Photovoltaics - The photovoltaic sector is experiencing rapid capacity growth, outpacing demand, leading to significant losses for companies. The "anti-involution" plan aims to address this by facilitating the exit of outdated capacity and stabilizing prices [17][18] - The price of polysilicon has seen a dramatic decline, dropping from 65 RMB/kg at the beginning of 2024 to 35 RMB/kg by July 2025, but there are signs of recovery [18][19] - Companies to focus on include Tongwei Co., GCL-Poly Energy, and Xinte Energy in the polysilicon segment, and new technology firms like BQ Materials and Aiko Solar in the photovoltaic technology space [4][20]

Investment Rating - The report maintains a "Buy" rating for Hyperstrong with a 12-month target price of Rmb 106 per share, indicating an upside potential of 17.9% from the current price of Rmb 89.88 [15][10][3] Core Insights - The Battery Energy Storage System (BESS) is emerging as a critical solution for managing electricity grid stability during summer heatwaves in China, with record peak loads reaching 1,465 GW, an 11% year-over-year increase [1] - Hyperstrong is identified as a key beneficiary of the growing BESS demand, with projected volume growth rates of 65% in 2025, 43% in 2026, and 36% in 2027, leading to an estimated 38% EPS CAGR from 2024 to 2027 [3][13] - The cumulative tendering volume for BESS in China reached approximately 170 GWh in the first half of 2025, reflecting a 121% year-over-year increase, surpassing previous growth expectations [2][8] Summary by Sections BESS Demand and Market Trends - The demand for BESS continues to exceed expectations, with June 2025 tendering volume in China reaching 56.7 GWh, a 292% year-over-year increase [2][9] - The report notes a significant time lag of 4-8 months between tendering and installation, alleviating concerns regarding the exit of mandatory ESS installation policies [2] Company Positioning and Financial Projections - Hyperstrong is positioned as a leading BESS supplier in China, holding approximately 12% market share in 2024, with expectations of a decline to 6% by 2030 due to increased competition [13][3] - The report forecasts a 20% EPS growth from 2024 to 2030, supported by a 33% volume growth [3][13] Catalysts for Growth - Key near-term catalysts for Hyperstrong include sizable supply contracts, the launch of differentiated products, vertical integration strategies, and supportive policy reforms for the BESS business model [3][14]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

Investment Rating - The investment rating for the company is "Buy" [13]. Core Views - The company has established itself as a leading player in the domestic energy storage market and is rapidly expanding into overseas markets. With improvements in domestic energy storage business models and sustained industry demand growth, the company's fundamentals exhibit high growth potential. The compound annual growth rate (CAGR) for energy storage installations is expected to exceed 30% from 2025 to 2030, indicating a strong demand environment [3][11]. Summary by Relevant Sections Company Overview - Founded in 2011, the company has grown into a domestic energy storage leader with a focus on large-scale, commercial, and residential storage applications. The company has shifted its focus from electric vehicle battery leasing to energy storage, achieving a shipment growth rate of 205% and a revenue growth rate of 117% from 2020 to 2024 [8][31]. Market Position and Performance - The company has maintained a gross margin above 18% despite significant price declines in the domestic energy storage market. The gross margin for 2024 is projected to be 16.85% for domestic operations and 42.14% for overseas operations, indicating strong operational quality [9][40]. Growth Potential - The company is rapidly advancing its overseas energy storage business, with strategic partnerships established in Europe, North America, and Australia. The average gross margins for energy storage systems in these regions are significantly higher than in the domestic market, providing substantial profit potential as overseas sales increase [10][11]. Financial Projections - The company is expected to achieve a net profit of approximately 8.4 billion yuan in 2025 and 11.3 billion yuan in 2026, corresponding to price-to-earnings (PE) ratios of about 19 times and 14 times, respectively [11]. Industry Trends - The domestic energy storage market is experiencing a shift towards independent storage solutions, with a significant increase in installation and bidding volumes. The market is expected to maintain a favorable growth trajectory due to ongoing policy improvements and market dynamics [49][52].

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]