Group 1 - The stock of Haibosi Chuang increased by 18.59% with a trading volume of 1.291 billion yuan and a turnover rate of 13.68% [1] - Two institutional special seats net bought 215 million yuan, while one institutional special seat net sold 37.24 million yuan [1]

Summary of Haibo Company Conference Call Industry and Company Overview - Haibo Company operates in the energy storage industry, focusing on both domestic and international markets, with significant growth expectations for the coming years [2][3][4]. Key Points and Arguments - **Sales Projections**: Haibo Company anticipates total energy storage shipments of 300 GWh over the next three years, with specific targets of 70 GWh in 2026, 100 GWh in 2027, and 120-130 GWh in 2028. The domestic independent storage market is expected to contribute 200 GWh, while the remaining 100 GWh will come from overseas markets and central state-owned enterprise procurement [2][3]. - **Domestic Market Strategy**: The company has established strong partnerships with local design institutes and grid planning units, achieving nearly 20% market share in Inner Mongolia (approximately 7-8 GWh). Haibo plans to implement 20 GWh, 100 GWh, and over 200 GWh of operational orders in the coming years, with operational gross margins reaching 70%-80% [4][9]. - **International Expansion**: Haibo is expanding from Europe to the United States, expecting to ship several hundred megawatt-hours in Q4 and has signed multiple GWh orders, with a projected volume of around 2 GWh next year [2][5]. - **Team Background**: The founding team consists of graduates from Tsinghua University and prestigious U.S. institutions, bringing extensive semiconductor and materials science expertise [6]. - **Revenue and Profitability**: The company expects to achieve over 1 billion yuan in profits this year and 3 billion yuan next year, driven by high operational margins and strategic pricing adjustments [4][11]. Additional Important Insights - **Government Collaboration**: Haibo emphasizes collaboration with local governments to ensure demand is not overstretched, with specific examples from Inner Mongolia where demand remains stable despite limited quotas [7][10]. - **Cost Control Measures**: The company has secured 70% of its energy cell supply and is working with major suppliers to maintain price stability while adjusting prices for smaller clients. This strategy is expected to enhance profitability in the third quarter [11]. - **Impact of Policies**: The company views the Gansu energy storage policy favorably, as it is recognized by the National Development and Reform Commission and offers substantial subsidies, contributing to stable long-term growth [10]. - **Market Dynamics**: The increasing share of the overseas market is improving average unit profitability, while domestic market conditions are also showing significant improvement, benefiting Haibo's overall performance [12].

Core Viewpoint - On September 22, Haibo Shichuang's stock rose by 7.65%, with a trading volume of 711 million yuan, indicating strong market interest and activity [1] Financing Summary - On the same day, Haibo Shichuang had a financing buy-in of 104 million yuan, with a net financing purchase of 15.61 million yuan after repaying 88.48 million yuan [1][2] - The total financing and securities balance reached 397 million yuan, accounting for 4.81% of the circulating market value [2] Company Overview - Haibo Shichuang, established on November 4, 2011, is located in Haidian District, Beijing, and focuses on the research, production, and sales of electrochemical energy storage systems [2] - The company provides a full range of energy storage system products and one-stop overall solutions for various industry clients, including traditional power generation, renewable energy generation, smart grids, and end power users [2] - The main business revenue composition is as follows: 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, Haibo Shichuang reported a revenue of 4.522 billion yuan, representing a year-on-year growth of 22.66%, and a net profit attributable to shareholders of 316 million yuan, with a year-on-year increase of 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, while 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] - Notable institutional holdings include Western Leading Carbon Neutral Mixed Fund, which is the fifth-largest circulating shareholder with 531,500 shares, and new entrants such as Invesco Great Wall New Energy Industry Stock A [3]

Market Performance - The other power equipment sector increased by 0.96% on September 22, with Aikesaibo leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Aikesaibo (688719) closed at 40.40, up 8.84% with a trading volume of 33,700 shares and a turnover of 132 million yuan [1] - Haibosi Chuang (688411) closed at 217.46, up 7.65% with a trading volume of 34,400 shares and a turnover of 711 million yuan [1] - Koweier (688551) closed at 41.86, up 5.10% with a trading volume of 19,600 shares and a turnover of 79.83 million yuan [1] Other Notable Performers - Xizi Clean Energy (002534) closed at 16.37, up 4.87% with a trading volume of 408,900 shares and a turnover of 665 million yuan [1] - Rongfa Nuclear Power (002366) closed at 7.79, up 3.73% with a trading volume of 909,500 shares and a turnover of 701 million yuan [1] - KOTAI Power (300153) closed at 38.75, up 3.64% with a trading volume of 184,900 shares and a turnover of 707 million yuan [1] Market Outflows - The other power equipment sector experienced a net outflow of 106 million yuan from institutional investors, while retail investors saw a net inflow of 76.57 million yuan [2][3] - The sector's overall trading activity indicated a mixed sentiment among different investor types, with retail investors showing more interest compared to institutional investors [2][3] Individual Stock Flows - Zhongheng Electric (002364) had a net inflow of 161 million yuan from institutional investors, representing 8.27% of its trading volume [3] - Xizi Clean Energy (002534) saw a net outflow of 36.74 million yuan from retail investors, indicating a potential shift in investor sentiment [3] - Rongfa Nuclear Power (002366) also experienced a significant net outflow from retail investors, totaling 74.71 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 4.52 billion yuan for H1 2025, representing a year-on-year growth of 22.7%. The net profit attributable to shareholders was 320 million yuan, up 12.1% year-on-year. However, the net profit excluding non-recurring items decreased by 8.4% to 260 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 2.97 billion yuan, which is a 27.2% increase year-on-year and a significant 92.1% increase quarter-on-quarter. The net profit for Q2 was 220 million yuan, showing a year-on-year growth of 79.3% and a quarter-on-quarter growth of 136.5% [2][4]. Financial Performance - For H1 2025, the company's energy storage system revenue was 4.512 billion yuan, with a gross margin of 17.58%, a decrease of 1.44 percentage points year-on-year. The overseas revenue reached 298 million yuan, with a gross margin of 36.24%, indicating initial profitability elasticity from international markets [11]. - The Q2 gross margin was 16.95%, down 1.72 percentage points from the previous quarter, while the expense ratio was 7.26%, showing a decrease of 1.24 percentage points year-on-year and 4.43 percentage points quarter-on-quarter [11]. Future Outlook - The company is expected to achieve net profits of 900 million yuan in 2025 and 1.3 billion yuan in 2026, driven by increased domestic independent energy storage and higher overseas shipment ratios [6][11]. - The domestic energy storage market is anticipated to grow significantly due to improved business models, while international markets, particularly in Europe and Southeast Asia, are expected to see substantial demand growth [11].

Group 1 - The 2025 BRICS New Industrial Revolution Partnership Forum was held in Xiamen, focusing on the theme of "Releasing the Potential of BRICS Cooperation for Inclusive and Sustainable Industrialization" [1] - The forum emphasized key areas such as artificial intelligence, green low-carbon technologies, digital economy, and industrial innovation, aiming to create a high-level communication platform for global stakeholders [1] - Zhang Jianhui, CEO of Beijing Haibo Sichuang Technology Co., Ltd., delivered a speech on "The Application and Practice of Artificial Intelligence Empowering the Development of New Energy Storage Industry," attracting significant industry attention [1] Group 2 - The global new energy storage market has been expanding rapidly, providing strong momentum for the development of the renewable energy sector [2] - The new energy storage industry faces challenges, including the difficulty of scheduling due to the intermittent and unstable nature of renewable energy integration into the grid [2] - There is a need for a digital management system that establishes a full lifecycle closed-loop to maximize customer value and ensure safe, efficient, and sustainable development of storage systems [2] Group 3 - Artificial intelligence is reshaping the technical ecosystem of energy storage systems, becoming a key driver for enhancing system efficiency and reducing operational costs [2] - Collaboration among upstream and downstream enterprises in the energy storage industry is essential for the implementation of AI, big data, and digital twin technologies [2] - Haibo Sichuang aims to deepen resource connection and communication, strengthen collaboration across the industry chain, and contribute to the innovative transformation of energy structures in BRICS countries [2]

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" ...