Investment Rating - The investment rating for the industry is "Recommended" based on the positive outlook for the sector and expected performance exceeding the benchmark index [3]. Core Insights - The UK government has launched a £15 billion "Warm Home Plan" aimed at helping millions of households install solar panels, energy storage, heat pumps, and insulation materials, significantly stimulating the home storage and heat pump sectors [1][6]. - The plan is expected to upgrade up to 5 million homes and help 1 million households escape energy poverty by 2030, leveraging £15 billion in subsidies to attract a total investment of £38 billion [6]. - The distribution of the subsidy includes £4.4 billion for low-income home upgrades, £2.7 billion for heat pump subsidies, £1.1 billion for heating network construction, and £5.3 billion for a loan fund [7]. - The home storage market is projected to exceed £100 billion by 2030 due to the estimated scale of home upgrades [6]. - The heat pump sector has a specific subsidy of £2.7 billion, with targets to install 450,000 and 1.5 million units annually by 2030 and 2035, respectively, indicating significant growth potential [6]. Company Summaries - **Airo Energy**: A leading distributed solar storage company with a strong focus on overseas markets, expected to perform well this year due to increased R&D and product diversification [8]. - **GoodWe**: A traditional home storage company with strong channel capabilities and advanced technology, well-established in the European market [8]. - **Sungrow Power Supply**: A top global solar storage company with a robust overseas presence, generating significant revenue from storage products [8]. - **Deye Technology**: Strong competitive edge in home storage, with a well-established global sales network and advanced manufacturing capabilities [8]. - **Rujing Technology**: A core supplier of heat pump controllers, with products widely used in major brands [10]. Financial Metrics of Key Companies - Airo Energy: Market Cap £14.6 billion, 2024 EPS £1.3, 2025 EPS £0.7, PE 140, PB 3, Investment Rating: Strongly Recommended [2]. - Sungrow Power Supply: Market Cap £338 billion, 2024 EPS £5.3, 2025 EPS £6.6, PE 25, PB 8, Investment Rating: Strongly Recommended [2]. - Deye Technology: Market Cap £80.5 billion, 2024 EPS £4.6, 2025 EPS £4.0, PE 22, PB 10, Investment Rating: Increase Holding [2].

Group 1 - The core point of the article highlights that Airo Energy's trading volume reached a record high of 1.221 billion yuan, marking the highest since its listing [2] - The latest stock price of Airo Energy increased by 10.32%, with a turnover rate of 12.09% [2] - The previous trading day's total transaction volume for the stock was 945 million yuan [2] Group 2 - Airo Energy, officially known as Zhejiang Airo Network Energy Technology Co., Ltd., was established on March 2, 2012, with a registered capital of 1.6 billion yuan [2]

Summary of Airo Energy Conference Call Company Overview - **Company**: Airo Energy - **Industry**: Energy Storage Solutions Key Points Market Impact and Sales Projections - Airo Energy is affected by the adjustment of electricity subsidy policies starting May 1, which has led to increased consumer orders and proactive shipping to overseas warehouses and subsidiaries. The company expects to ship 1,500 units in Q1, nearing last year's total shipments of 2,000 units [2][3] - In 2025, Airo Energy anticipates over 400 million yuan in sales revenue from the Australian market, primarily in the second half of the year, with Europe accounting for approximately 62% of sales. The company is also focusing on Japan, Southeast Asia, and other regions [2][5] Product Development and Market Focus - Airo Energy has been developing large storage projects for the past two to three years, with products set to launch in 2025, targeting microgrid and small user-side projects, particularly in Europe [2][5] - The company's large storage systems are defined as those with a capacity of 5 megawatts or more, primarily used in industrial and commercial sectors. The focus is on smaller projects rather than large-scale bids in China [6][7] Sales Strategy and Customer Base - The primary customers for Airo Energy's large storage systems are financial backers and EPC (Engineering, Procurement, and Construction) companies, with a global sales and technical support team in place [8] - Demand for residential energy storage products in Ukraine is low, with a small order of about 10,000 units received from Eastern Europe, indicating that Ukraine is not a significant growth market for Airo Energy [9] Emerging Market Opportunities - Airo Energy sees significant growth potential in the Asia-Pacific and Latin American regions due to high demand for low-voltage residential storage products driven by living conditions and climate [10] - The company has launched new low-voltage residential storage products in these emerging markets, utilizing 314 model cells to enhance cost-effectiveness [10][16] Production and Pricing Dynamics - For Q1 2026, Airo Energy's production plan is projected at 1.5 billion yuan, with a significant focus on the Australian market due to changes in export tax policies [3][11] - The reduction in export tax may lead to price increases, but the company is working to mitigate these costs through the use of specific battery models [4][12] - Despite rising battery cell prices due to supply constraints, Airo Energy has not significantly passed these costs onto downstream customers [15] Future Outlook - Airo Energy anticipates that the second quarter of 2026 may not see sustained demand, but the industrial and large storage sectors are expected to be key growth areas [13] - The company plans to provide more detailed guidance on orders and product structure on January 28 [14] Battery Technology and Cost Management - Airo Energy is focused on using larger battery cells to reduce costs in the long term, aligning with industry trends to enhance cost efficiency [17][18]

（编辑 丛可心） 证券日报网讯 1月25日，艾罗能源发布公告称，2026年1月24日，艾罗能源与RaystechGroupPtyLtd在杭 州签署《2026年销售合作协议》，约定对方作为澳大利亚户用储能总代理，全年采购容量不低于 1GWh，协议有效期至2026年12月31日，不涉及具体金额，后续以实际订单为准。 ...

Core Viewpoint - Airo Energy has signed a sales cooperation agreement with Raystech Group Pty Ltd for the Australian market, committing to a minimum shipment of 1 GWh of products in 2026 [1] Group 1: Agreement Details - The agreement is effective from January 1, 2026, to December 31, 2026 [1] - Raystech Group Pty Ltd will serve as the exclusive distributor for Airo Energy's household energy storage products in Australia [1] Group 2: Strategic Implications - The collaboration is expected to leverage local resources to enhance market penetration and product recognition in Australia [1] - This partnership aligns with Airo Energy's long-term development strategy and is in the interest of all shareholders [1] Group 3: Financial Impact - The agreement is a framework agreement and does not specify financial amounts, making the impact on 2026 operational performance and future growth uncertain [1] - The actual effects will depend on subsequent contracts or orders that may be signed and implemented [1]

浙江艾罗网络能源技术股份有限公司 关于签订 2026 年销售合作协议的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 履约的重大风险及不确定性：本次签订的《2026年销售合作协议》系双 方为加强战略合作而订立的框架性协议，仅作为双方合作意愿和基本原则的框 架性、意向性的初步约定，不涉及具体金额，后续业务合作的具体实施内容和 进度将以另行签订的实际业务合同或订单为准。本协议的执行情况尚存在不确 定性。协议履行过程中，若受行业政策调整、市场环境变化等不可预见因素或 不可抗力影响，可能导致协议无法如期履行或履行效果未达预期。浙江艾罗网 络能源技术股份有限公司（以下简称"公司"或"艾罗能源"）将根据协议履 行情况及后续合作进展，按照《上海证券交易所科创板股票上市规则》等相关 法律法规、规范性文件的规定，及时履行信息披露义务，敬请投资者注意投资 风险。 对上市公司当年业绩的影响：本协议属于框架性协议，不涉及具体金额， 对公司 2026 年度经营业绩及未来业绩增长的影响尚不确定，需视双方后续具体 合作合同或订单的 ...

Core Viewpoint - Airo Energy has signed a sales cooperation agreement with Raystech Group Pty Ltd, which will serve as the exclusive distributor for Airo Energy's residential energy storage products in the Australian market from January 1, 2026, to December 31, 2026 [1] Group 1 - The agreement stipulates that Raystech Group Pty Ltd commits to a minimum cumulative shipment/purchase of products totaling at least 1 GWh in capacity for the year 2026 [1] - This collaboration is expected to help Airo Energy expand its presence in the Australian market and enhance product visibility [1] - The partnership aligns with the company's long-term development strategy [1]

Group 1 - The company currently does not have any overseas production bases established [1] - The company will continue to monitor changes in the international trade environment [1] - The company aims to flexibly and reasonably allocate capacity construction to ensure stable operations [1]

Core Viewpoint - Airo Energy (688717.SH) has not yet established production bases overseas and will continue to monitor changes in the international trade environment to flexibly and reasonably allocate capacity for stable operations [1] Group 1 - The company is currently focused on its domestic operations and has not expanded its production capabilities internationally [1] - Future capacity construction will be aligned with the dynamics of the international trade environment to ensure the company's robust business performance [1]

Group 1 - Airo Energy's stock price increased by 5.27% to 72.48 CNY per share, with a trading volume of 191 million CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 11.597 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 11.77% during this period [1] - Airo Energy, established on March 2, 2012, specializes in providing photovoltaic energy storage inverters, storage batteries, and grid-connected inverters primarily for overseas customers, with a revenue composition of 60.42% from household energy storage systems, 20.74% from grid-connected inverters, 13.63% from commercial energy storage systems, and 5.21% from accessories and others [1] Group 2 - The fund "Jiaoyin Huixuan Ruixin One-Year Holding Period Mixed (FOF) A" (015326) holds 65,500 shares of Airo Energy, accounting for 1.34% of the fund's net value, making it the sixth-largest holding [2] - The fund has generated a floating profit of approximately 237,600 CNY today and 474,600 CNY during the three-day increase [2] - The fund was established on July 27, 2022, with a current size of 286 million CNY, yielding 2.16% year-to-date and 25.94% over the past year, ranking 331 out of 487 and 195 out of 346 in its category, respectively [2] Group 3 - The fund manager of "Jiaoyin Huixuan Ruixin One-Year Holding Period Mixed (FOF) A" is Liu Di, who has been in the position for 1 year and 70 days [3] - The total asset size of the fund is 3.459 billion CNY, with the best return during Liu Di's tenure being 17.56% and the worst being 0.13% [3]