Market Overview - The Shanghai Composite Index closed at 3813.56 points, below the five-day moving average, with a decline of 1.16% [1] - The total trading volume of A-shares reached 23956.82 billion [1] Stocks Performance - A total of 136 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Hailianxun (300277) with a deviation rate of 14.15%, closing at 15.46 yuan, up 20.03% [1] - Jian Design (300668) with a deviation rate of 13.27%, closing at 20.60 yuan, up 17.71% [1] - Airo Energy (688717) with a deviation rate of 12.32%, closing at 78.46 yuan, up 19.15% [1] - Other notable stocks with smaller deviation rates include: - Sainuo Medical (688108) with a deviation rate of 8.25%, closing at 36.28 yuan, up 12.67% [1] - Shouke Co. (600376) with a deviation rate of 7.01%, closing at 2.90 yuan, up 9.85% [1] Additional Stocks Data - Other stocks with notable performance include: - Zhongchen Technology (603275) with a deviation rate of 6.97%, closing at 53.94 yuan, up 9.99% [1] - Jingxing Paper (002067) with a deviation rate of 6.55%, closing at 4.62 yuan, up 10.00% [1] - Hanzhong Precision (002158) with a deviation rate of 6.30%, closing at 26.62 yuan, up 10.00% [1] - Additional stocks with lower deviation rates include: - Chaofei Technology (300303) with a deviation rate of 3.71%, closing at 7.10 yuan, up 5.34% [2] - Sega Technology (002796) with a deviation rate of 3.39%, closing at 14.72 yuan, up 10.01% [2] - Yongfu Co. (300712) with a deviation rate of 3.33%, closing at 26.45 yuan, up 5.25% [2]

Market Overview - The Shanghai Composite Index closed at 3814.20 points, below the five-day moving average, with a decline of 1.14% [1] - The total trading volume of A-shares reached 1,878.28 billion yuan [1] Stocks Performance - A total of 139 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Hailianxun (300277) with a deviation rate of 14.15%, closing up 20.03% [1] - Shoukai Co. (600376) with a deviation rate of 7.01%, closing up 9.85% [1] - Zhongchen Technology (603275) with a deviation rate of 6.97%, closing up 9.99% [1] - Other notable stocks with smaller deviation rates include: - Yunda Co. (300409) with a deviation rate of 6.32%, closing up 10.92% [1] - Hanzhong Precision (002158) with a deviation rate of 6.30%, closing up 10.00% [1] Detailed Stock Data - The following table summarizes the performance of selected stocks that broke through the five-day moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Five-Day MA (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300277 | Hailianxun | 20.03 | 24.96 | 13.54 | 15.46 | 14.15 | | 600376 | Shoukai Co. | 9.85 | 6.33 | 2.71 | 2.90 | 7.01 | | 603275 | Zhongchen Technology | 9.99 | 10.43 | 50.42 | 53.94 | 6.97 | | 002067 | Jingxing Paper | 10.00 | 15.98 | 4.34 | 4.62 | 6.55 | | 300409 | Yunda Co. | 10.92 | 20.47 | 22.07 | 23.47 | 6.32 | | 002158 | Hanzhong Precision | 10.00 | 3.58 | 25.04 | 26.62 | 6.30 | | 688108 | Sainuo Medical | 9.10 | 11.70 | 33.29 | 35.13 | 5.54 | | 603283 | Saiteng Co. | 7.32 | 9.18 | 41.65 | 43.85 | 5.27 | | 300655 | Jingrui Materials | 7.83 | 14.56 | 12.30 | 12.94 | 5.24 | | 300905 | Baolidai | 9.29 | 12.54 | 32.92 | 34.57 | 5.02 | | 603992 | Songlin Technology | 6.80 | 1.51 | 29.63 | 31.10 | 4.98 | | 688717 | Ailuo Energy | 9.04 | 5.60 | 68.52 | 71.80 | 4.78 | | 002549 | Kaimeteqi | 8.68 | 17.83 | 16.53 | 17.28 | 4.52 | | 603367 | Chenxin Pharmaceutical | 10.02 | 5.75 | 25.75 | 26.90 | 4.45 | | 301491 | Hansang Technology | 6.43 | 26.20 | 66.30 | 69.07 | 4.18 | | 300303 | Jufei Optoelectronics | 5.04 | 10.31 | 6.84 | 7.08 | 3.48 | | 601869 | Changfei Optical Fiber | 10.00 | 5.24 | 88.00 | 91.06 | 3.47 | | 600699 | Junsheng Electric | 4.33 | 6.13 | 21.26 | 21.95 | 3.26 | | 002531 | Tienswind Energy | 5.37 | 2.16 | 6.86 | 7.07 | 3.03 | | 301182 | Kaiwang Technology | 6.37 | 9.05 | 38.56 | 39.73 | 3.02 [2]

Group 1 - The core viewpoint of the news is that Airo Energy's stock has seen a significant increase, reflecting positive market sentiment and investor interest in the company's business model focused on renewable energy solutions [1] - Airo Energy's stock price rose by 5.33% to 69.36 CNY per share, with a trading volume of 163 million CNY and a turnover rate of 2.50%, resulting in a total market capitalization of 11.098 billion CNY [1] - The company, established on March 2, 2012, specializes in providing photovoltaic energy storage inverters, storage batteries, and grid-connected inverters primarily to overseas customers, with a revenue composition heavily weighted towards household energy storage systems at 72.25% [1] Group 2 - From the perspective of fund holdings, Airo Energy is a significant position for the Western Lide Fund, with its fund "Western Lide Jingcheng Mixed A" holding 65,600 shares, accounting for 2.25% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 23.59% and a one-year return of 46.27%, indicating strong performance relative to its peers [2] - The fund manager, Chen Meng, has been in charge for 4 years and 190 days, with the fund's total asset size currently at 937 million CNY, showcasing a solid track record of returns during his tenure [2]

Core Viewpoint - The report highlights the financial performance and growth strategies of Zhejiang Airo Network Energy Technology Co., Ltd. for the first half of 2025, emphasizing significant revenue and profit increases driven by innovation and market expansion efforts [1][10]. Financial Performance - The company achieved a revenue of 1,806,704,879.73 CNY, representing a year-on-year increase of 14.09% [3]. - The total profit for the period was 129,181,339.25 CNY, up 18.43% compared to the previous year [3]. - The net profit attributable to shareholders reached 141,783,619.26 CNY, marking a 37.65% increase year-on-year [3]. - The net cash flow from operating activities turned negative at -87,740,539.62 CNY, primarily due to increased procurement and payment obligations [3]. Industry Overview - The global energy storage market is rapidly expanding, with Bloomberg New Energy Finance (BNEF) predicting a 35% year-on-year growth in global new storage capacity, reaching 247 GWh by 2025 [4]. - The domestic market is currently focused on generation-side storage projects, while overseas markets, particularly in Europe and Australia, are seeing a shift towards household storage systems due to higher energy prices [4]. Business Operations - The company specializes in photovoltaic storage systems and products, primarily targeting overseas markets with its solar storage inverters, storage batteries, and grid-connected inverters [4][10]. - The company has established a comprehensive procurement, production, sales, and service process to effectively control all aspects of product delivery [7][8]. Research and Development - The company invested 31,891.80 million CNY in R&D during the reporting period, a 34.08% increase from the previous year, with R&D expenses accounting for 17.65% of revenue [10]. - The company holds a total of 338 authorized patents, including 68 invention patents, and has received multiple industry recognitions for its innovative technologies [10][14]. Market Strategy - The company is implementing a dual-market strategy focusing on both mature and emerging markets, particularly in Europe and Southeast Asia, to diversify its market presence [12]. - The company has initiated several capacity expansion projects, including a 2 GWh battery production facility and a solar inverter production project, to enhance manufacturing capabilities [12][13]. Product Offerings - The company offers a range of products including high and low voltage household storage inverters, storage batteries, and grid-connected inverters, with a focus on integrating advanced technologies for improved performance [5][6]. - The company has achieved over 1,100 domestic and international certifications, enhancing its market credibility and acceptance [15][16]. Recognition and Awards - The company was listed as a Tier 1 global energy storage manufacturer by Bloomberg New Energy Finance and received multiple awards for brand leadership and sustainability in the energy sector [10][16].

浙江艾罗网络能源技术股份有限公司2025 年半年度报告摘要 公司代码：688717 公司简称：艾罗能源 第二节 公司基本情况 公司股票简况 浙江艾罗网络能源技术股份有限公司 浙江艾罗网络能源技术股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 http://www.sse.com.cn/网站仔细阅读半年度报告全文。 公司已在半年度报告全文中详细描述可能存在的相关风险，具体内容详见半年度报告全文第 三节"管理层讨论与分析"之"四、风险因素"相关内容。 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 人民币普通股（A 上海证券交易所科 艾罗能源 688717 不适用 股） 创板 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代 证券事务代表 表） 姓名 盛建富 闻婷 浙江艾罗网络能源技术股份有限公司2025 年半年度报告摘要 电话 0571-58597001 0571-58597001 办公地址 浙江省杭州市桐庐县城南街道 浙 ...

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、准确性和完整性依法承担法律责任。 一、本次计提资产减值准备情况概述 证券代码：688717 证券简称：艾罗能源 公告编号：2025-040 浙江艾罗网络能源技术股份有限公司 关于 2025 年半年度计提资产减值准备的公告 测试，2025 年半年度计提信用减值损失金额 1,546.33 万元。 （二）资产减值损失 公司于资产负债表日，对存货按照成本与可变现净值孰低计量，对存货账面 成本高于可变现净值的差额计提存货跌价准备。经测试，2025 年半年度存货跌 价准备计提金额 2,146.10 万元。 浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"或"公司"） 根据《企业会计准则》和公司相关会计政策等有关规定，为了真实、准确地反映 公司截至 2025 年 6 月 30 日的财务状况，本着谨慎性原则，公司对截至 2025 年 6 月 30 日合并报表范围内存在减值迹象的有关资产计提减值准备。 2025 年半年度公司计提信用减值损失和资产减值损失共计 3,692.43 万元， 具体情况如下表所示： 单位：万元 | ...

证券代码：688717 证券简称：艾罗能源 公告编号：2025-039 浙江艾罗网络能源技术股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况的 专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会证监许可[2023]1094 号《关于同意浙江艾罗网 络能源技术股份有限公司首次公开发行股票注册的批复》同意注册，本公司于 2023 年 12 月向社会公开发行人民币普通股（A 股）4,000 万股，每股发行价为 55.66 元，应募集资金总额为人民币 2,226,400,000.00 元，扣除不含增值税券 商承销费用和保荐费用合计 206,624,800.00 元，公司实际收到募集资金 2,019,775,200.00 元。另减除其他不含增值税发行费用 31,700,658.00 元（包 括审计费 15,925,700.00 元、律师费 9,551,400.00 元以及其他可扣除费用 6,223,558.00 元），公司本次募集 ...

一、聚焦经营主业，提升经营质量 浙江艾罗网络能源技术股份有限公司 2025 年度"提质增效重回报"专项行动方案的半年度 评估报告 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》要求，积极推动公司高质量发展和投资价值提升，保 护投资者尤其是中小投资者的合法权益，浙江艾罗网络能源技术股份有限公司 （以下简称"公司"）于 2025 年 4 月 29 日发布了《浙江艾罗网络能源技术股份 有限公司 2025 年度"提质增效重回报"专项行动方案》。2025 年上半年，公司 根据行动方案内容，积极开展和落实各项工作，现将 2025 年度行动方案在报告 期内的实施和效果评估情况报告如下： 2025 年上半年，公司始终坚持以市场为导向，以技术创新为核心驱动力， 持续深化技术研发及市场拓展，积极打开第二成长曲线。随着公司 AELIO、 TRENE 系列工商业储能等新产品的逐渐放量和新兴市场的持续拓展，公司整体 经营保持稳健发展态势。 报告期内，公司实现营业收入 180,670.49 万元，同比增长 14.09%；归属于 上市公司股东的净利润 14,178.36 万元，同比增长 37. ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and senior management assure the semi-annual report's truthfulness, accuracy, and completeness, noting it is unaudited and without a profit distribution plan - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[5](index=5&type=chunk) - This semi-annual report is unaudited[6](index=6&type=chunk) - There is no profit distribution plan or capital reserve to share capital increase plan for the reporting period[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering corporate governance structures and core business-related professional terminology - Airo Energy refers to Zhejiang Airo Network Energy Technology Co., Ltd[13](index=13&type=chunk) - Photovoltaic inverters include grid-tied inverters and energy storage inverters, which are core equipment for photovoltaic power generation systems[14](index=14&type=chunk) - **BMS (Battery Management System)** and **EMS (Energy Management System)** are key technologies in energy storage systems[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's basic information, stock overview, and key financial indicators for H1 2025, showing revenue and net profit growth but negative operating cash flow [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Zhejiang Airo Network Energy Technology Co., Ltd., or Airo Energy, is legally represented by Li Xinfu and registered in Tonglu County, Hangzhou, Zhejiang - The company's Chinese name is Zhejiang Airo Network Energy Technology Co., Ltd., abbreviated as Airo Energy[16](index=16&type=chunk) - The company's legal representative is Li Xinfu[16](index=16&type=chunk) - The company's registered address is No. 278 Shizhu Road, Chengnan Street, Tonglu County, Hangzhou, Zhejiang Province[16](index=16&type=chunk) [Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary (domestic information disclosure representative) is Sheng Jianfu, and the Securities Affairs Representative is Wen Ting, with disclosed contact details - The Board Secretary is Sheng Jianfu, and the Securities Affairs Representative is Wen Ting[18](index=18&type=chunk) - The company's email address is ir@solaxpower.com[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company's designated information disclosure newspapers include "China Securities Journal," with the Shanghai Stock Exchange website as the official online platform, and the Board Office as the report storage location - The company's information disclosure newspapers include "China Securities Journal," "Shanghai Securities News," "Securities Times," "Securities Daily," and "Economic Reference News"[19](index=19&type=chunk) - The website address for the semi-annual report is http://www.sse.com.cn/[19](index=19&type=chunk) [Overview of Company Shares/Depositary Receipts](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's shares are RMB ordinary shares (A-shares), listed and traded on the STAR Market of the Shanghai Stock Exchange, with stock ticker "Airo Energy" and stock code 688717 - The company's stock type is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange[20](index=20&type=chunk) - The stock ticker is "Airo Energy," and the stock code is 688717[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's operating revenue increased by 14.09%, net profit attributable to shareholders by 37.65%, and non-recurring net profit by 59.53%, but net cash flow from operating activities turned negative, decreasing by 120.73% [Key Accounting Data](index=7&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) This section presents the company's key accounting data for the first half of 2025, including revenue, net profit, and cash flow figures 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,806,704,879.73 | 1,583,616,576.93 | 14.09 | | Total Profit | 129,181,339.25 | 109,082,717.38 | 18.43 | | Net Profit Attributable to Shareholders of Listed Company | 141,783,619.26 | 103,006,729.74 | 37.65 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 104,910,146.01 | 65,762,685.95 | 59.53 | | Net Cash Flow from Operating Activities | -87,740,539.62 | 423,304,800.78 | -120.73 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,542,628,112.79 | 4,398,811,898.89 | 3.27 | | Total Assets (Period-end) | 6,711,735,893.49 | 6,136,237,669.85 | 9.38 | [Key Financial Indicators](index=7&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's key financial performance indicators for H1 2025, including earnings per share and return on equity 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.89 | 0.64 | 39.06 | | Diluted Earnings Per Share (CNY/share) | 0.89 | 0.64 | 39.06 | | Basic Earnings Per Share (Excluding Non-recurring Gains/Losses) (CNY/share) | 0.66 | 0.41 | 60.98 | | Weighted Average Return on Net Assets (%) | 3.17 | 2.34 | Increase by 0.83 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 2.35 | 1.50 | Increase by 0.85 percentage points | |

Investment Rating - The investment rating for the industry is "Strongly Recommended" for companies like 阳光电源 and 艾罗能源, while 德业股份 is rated as "Increase Holding" [2]. Core Insights - Indonesia has announced a large-scale solar and storage plan, aiming to deploy "1MW solar + 4MWh storage" microgrid systems in 80,000 villages, totaling 80GW of solar and 320GWh of storage, with an estimated investment in the trillion RMB range [1][7][10]. - The country's electricity infrastructure is underdeveloped, with a significant potential for microgrid solar storage systems due to its geographical challenges and low electricity access [9][10]. - The easing of local content requirements and regulatory restrictions has significantly improved the prospects for solar development in Indonesia, which is expected to drive growth in distributed solar and storage-related enterprises [8][9][10]. Industry Overview - The industry consists of 300 listed companies with a total market capitalization of 600.39 billion RMB, and a circulating market value of 518.13 billion RMB [3]. - The absolute performance of the industry has shown significant growth, with a 58.5% increase over 12 months [5]. Related Companies - 阳光电源 has been involved in overseas storage business for over a decade and is expected to benefit significantly from the Indonesian market [30]. - 艾罗能源 focuses on distributed solar and storage systems, with a growing presence in emerging markets [31]. - 森特股份 has signed a strategic cooperation with Indonesia's largest rural cooperative to promote integrated solar storage solutions [32]. - 德业股份 has strong competitiveness in household storage systems and is well-positioned in emerging markets [33].