证券代码：688717 证券简称：艾罗能源 公告编号：2025-045 浙江艾罗网络能源技术股份有限公司 首次公开发行部分限售股上市流通公告 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。 本次股票上市流通日期为2025 年 11 月 5 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 5 月 16 日印发的《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》（证监许可〔2023〕 1094 号）的决定，公司获准向社会公开发行人民币普通股 A 股 40,000,000 股，并 于 2024 年 1 月 3 日在上海证券交易所科创板上市。公司首次公开发行股票前总股 本为 12,000 万股，首次公开发行股票后总股本为 16,000 万股，其中有限售条件 流通股 14,144.0591 万股，占公司总股本的 88.4004%，无限售条件流通股 1,855.9409 万股，占公司总股本的 11.5996%。 首次公开发行网下配售的 13,440,591 股限售股已于 2024 ...

招商证券股份有限公司 关于浙江艾罗网络能源技术股份有限公司 首次公开发行部分限售股上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"或"保荐人"） 作为浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"、"公司"）首 次公开发行股票并在科创板上市持续督导阶段的保荐人，根据《证券发行上市保 荐业务管理办法》《上海证券交易所科创板股票上市规则》等有关规定，对艾罗 能源首次公开发行部分限售股上市流通的事项进行了核查，核查情况及核查意见 如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 5 月 16 日印发的《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》（证监许可〔2023〕 1094 号）的决定，公司获准向社会公开发行人民币普通股 A 股 40,000,000 股， 并于 2024 年 1 月 3 日在上海证券交易所科创板上市。公司首次公开发行股票前 总股本为 12,000 万股，首次公开发行股票后总股本为 16,000 万股，其中有限售 条件流通股 14,144.0591 万股，占公司总股本的 88.4004%，无限售条件流通 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Views - The main sectors are experiencing sustained prosperity, with energy storage demand exceeding expectations, optimistic guidance for wind energy, and a critical window for photovoltaic (PV) sector recovery [15][16] Summary by Sections 1. Photovoltaic - The "14th Five-Year Plan" emphasizes the need to address "involution" in competition, with ongoing consolidation in silicon material and energy consumption standards expected to support price stability [20][37] - Major companies like Tongwei Co. and GCL-Poly Energy are showing signs of recovery in Q3 profits, with Tongwei's revenue at CNY 24.09 billion, down 1.57% year-on-year, and GCL-Poly turning a profit of CNY 0.96 billion in Q3 [21][40] - The report recommends stocks benefiting from the anti-involution trend, including Tongwei Co., GCL-Poly, and LONGi Green Energy [15][39] 2. Energy Storage - The energy storage sector is entering a phase of increased volume and profitability, with a total of 3.45 GW/7.425 GWh of new projects announced in Sichuan [44] - The report highlights the positive outlook for large-scale storage systems and recommends leading companies like CATL and Aiko Solar [15][42] - The demand for household storage remains stable, with expectations for growth in overseas commercial storage markets [15][42] 3. Lithium Battery - The lithium battery sector is seeing an upward adjustment in demand expectations, with a focus on stable companies with price elasticity in battery and anode segments [15][16] - Key recommendations include CATL, EVE Energy, and companies involved in solid-state battery technologies [15][39] 4. Wind Energy - The wind energy sector is entering a new cycle of prosperity, with a focus on turbine and component leaders [15][16] - Companies like Goldwind and Mingyang Smart Energy are highlighted for their recovery in profitability and export potential [15][39] 5. Power Equipment - The report notes the approval of new ultra-high voltage projects and the growth of digitalization in the power grid, with recommendations for companies like Sifang Co. and XJ Electric [15][39] - The sector is expected to benefit from ongoing technological advancements and project approvals [15][39] 6. New Directions - The report emphasizes the potential in AIDC and robotics sectors, with companies like Sihai Technology and Megmeet Electric highlighted for their growth prospects [15][39] - The focus is on technological advancements and market opportunities in these emerging fields [15][39]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Airo Energy, indicating a positive market response with a 2.67% increase in stock price and a trading volume of 309 million yuan on October 24 [1] - Airo Energy's financing activities on the same day included a financing purchase amount of 38.78 million yuan and a financing repayment of 40.24 million yuan, resulting in a net financing outflow of 1.46 million yuan [1] - As of October 24, the total balance of margin trading for Airo Energy reached 327 million yuan, with the financing balance accounting for 4.64% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, Airo Energy had 7,771 shareholders, a decrease of 10.26% from the previous period, while the average circulating shares per person increased by 58.91% to 12,409 shares [2] - For the first half of 2025, Airo Energy reported a revenue of 1.807 billion yuan, representing a year-on-year growth of 14.09%, and a net profit attributable to shareholders of 142 million yuan, which is a 37.65% increase year-on-year [2] - Airo Energy has distributed a total of 150 million yuan in dividends since its A-share listing [3]

Group 1 - Airo Energy's stock increased by 5.03%, reaching 72.89 CNY per share, with a trading volume of 119 million CNY and a turnover rate of 1.72%, resulting in a total market capitalization of 11.662 billion CNY [1] - Airo Energy, established on March 2, 2012, is located in Tonglu County, Hangzhou, Zhejiang Province, and is set to be listed on January 3, 2024. The company primarily provides photovoltaic energy storage inverters, storage batteries, and grid-connected inverters to overseas customers [1] - The revenue composition of Airo Energy includes 60.42% from household energy storage systems and products, 20.74% from grid-connected inverters, 13.63% from commercial energy storage systems, and 5.21% from accessories and others [1] Group 2 - Western Lide Fund has a significant holding in Airo Energy, with the Western Lide Jingcheng Mixed A Fund (673141) holding 65,600 shares, accounting for 2.25% of the fund's net value, ranking as the tenth largest holding [2] - The Western Lide Jingcheng Mixed A Fund was established on June 20, 2018, with a latest scale of 83.9639 million CNY. It has achieved a year-to-date return of 30.12%, ranking 2440 out of 8162 in its category, and a one-year return of 25%, ranking 3028 out of 8024 [2] Group 3 - The fund manager of Western Lide Jingcheng Mixed A Fund is Dong Weiwei, who has a tenure of 10 years and 158 days. The total asset size of the fund is 1.903 billion CNY, with the best return during his tenure being 116.52% and the worst being -12.38% [3]

Core Insights - Airo Energy's stock dropped by 2.67% on October 16, with a trading volume of 291 million yuan [1] - The company reported a financing net purchase of 13.65 million yuan on the same day, with a total financing balance of 400 million yuan, representing 5.67% of its market capitalization [1] - Airo Energy's main business involves providing photovoltaic energy storage inverters and batteries, with a revenue composition of 60.42% from household energy storage systems [1] Financing Summary - On October 16, Airo Energy had a financing purchase of 45.59 million yuan, with a financing repayment of 31.94 million yuan, resulting in a net financing purchase of 13.65 million yuan [1] - The total financing balance of 400 million yuan is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company had no short selling activity on October 16, with a short selling balance of 26.93 thousand yuan, also above the 70th percentile of the past year [1] Financial Performance - As of June 30, Airo Energy had 7,771 shareholders, a decrease of 10.26% from the previous period, while the average circulating shares per person increased by 58.91% to 12,409 shares [2] - For the first half of 2025, Airo Energy achieved a revenue of 1.807 billion yuan, a year-on-year increase of 14.09%, and a net profit attributable to shareholders of 142 million yuan, up 37.65% year-on-year [2] Dividend Information - Airo Energy has distributed a total of 150 million yuan in dividends since its A-share listing [3]

Group 1 - The core business of the company is primarily focused on Europe, with steady growth in emerging markets such as Asia, Africa, and Latin America [1] - The company is actively building a diversified market layout [1] - The revenue from products exported to the United States constitutes a relatively small proportion of the company's total revenue, and the current tariff policies have a limited impact on the company [1]

Market Overview - The photovoltaic equipment sector experienced a decline of 4.89% on October 10, with Airo Energy leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Airo Energy (688717) closed at 74.94, down 14.38% with a trading volume of 128,900 shares [1] - Shangneng Electric (300827) closed at 31.62, down 13.72% with a trading volume of 709,800 shares [1] - Jingsheng Mechanical & Electrical (300316) closed at 42.53, down 10.58% with a trading volume of 570,700 shares [1] - Other notable declines include Jinlang Technology (300763) down 9.19% and Yangguang Power (300274) down 7.79% [1] Capital Flow Analysis - The photovoltaic equipment sector saw a net outflow of 6.917 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.268 billion yuan [3] - Notable stocks with significant capital flow include Foster (603806) with a net outflow of 32.1915 million yuan from institutional investors [3] - Hongyuan Green Energy (603185) had a net inflow of 23.8808 million yuan from institutional investors [3] ETF Information - The Huaxia Sci-Tech 100 ETF (product code: 588800) tracks the Shanghai Stock Exchange Sci-Tech 100 Index and has seen a 5-day change of 3.31% [5] - The ETF's current price-to-earnings ratio is 295.08, with a recent reduction in shares by 27.5 million, and a net inflow of 1.285 million yuan from institutional investors [5]

Market Overview - The photovoltaic equipment sector rose by 1.48% on September 30, with GoodWe leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Key Performers - GoodWe (688390) closed at 64.69, up 12.68% with a trading volume of 178,400 shares and a turnover of 1.094 billion [1] - DeYee (605117) closed at 81.00, up 7.28% with a trading volume of 322,400 shares and a turnover of 2.540 billion [1] - Other notable performers include ST Quanwang (300093) up 5.68%, Star Energy Technology (688348) up 5.45%, and Dike Co. (300842) up 5.45% [1] Decliners - Yicheng New Energy (300080) fell by 7.14% to 5.46, with a trading volume of 2,205,300 shares and a turnover of 126.3 million [2] - ST Muban (603398) decreased by 4.99% to 8.95, with a trading volume of 343,800 shares and a turnover of 310 million [2] - Other notable decliners include Sunshine Power (300274) down 1.83% and Motewei (688516) down 1.69% [2] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 573 million from institutional investors, while retail investors saw a net inflow of 338 million [2] - Notable net inflows from retail investors were observed in GoodWe (688390) and Dike Co. (300842) [3] - The main net inflow was from Longxi Green Energy (601012) at 253 million, while DeYee (605117) saw a net outflow of 66.3 million from institutional investors [3]

Core Insights - The photovoltaic equipment sector experienced a 2.24% increase on September 29, with Yicheng New Energy leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Summary of Key Points Stock Performance - Yicheng New Energy (300080) saw a closing price of 5.88, with a significant increase of 20.00% and a trading volume of 1.29 million shares, amounting to a transaction value of 724 million yuan [1] - Airo Energy (688717) closed at 82.90, up 10.53%, with a trading volume of 109,400 shares [1] - Shangneng Electric (300827) closed at 35.33, up 8.94%, with a trading volume of 777,500 shares [1] - Other notable performers include Weidao Nano (688147) at 56.28 (+7.10%), Aishuo Co. (600732) at 16.41 (+6.08%), and Hengdian East Magnetic (002056) at 20.49 (+6.06%) [1] Capital Flow - The photovoltaic equipment sector saw a net inflow of 936 million yuan from main funds, while retail funds experienced a net outflow of 302 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing interest while retail investors withdrew [2]