Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance was below expectations due to exchange rate impacts, but it is expected to maintain high growth in 2026 [8] - The company achieved a revenue of 3.028 billion yuan from January to Q3 2025, a year-on-year increase of 25.80%, while the net profit attributable to shareholders was 150 million yuan, a year-on-year decrease of 6.32% [8] - The gross margin for Q3 2025 was 30.47%, down 4.88 percentage points year-on-year, primarily due to an increase in shipments to the Australian market, which has a lower gross margin [8] - The report estimates that the company's net profit for 2025-2027 will be 220 million, 410 million, and 630 million yuan respectively, reflecting a growth of 10%, 82%, and 55% [8] Financial Summary - Total revenue for 2023 is projected at 4.473 billion yuan, with a year-on-year decrease of 3.01% [1] - The net profit attributable to shareholders for 2023 is estimated at 1.065 billion yuan, with a year-on-year decrease of 6.12% [1] - The latest diluted EPS for 2023 is 6.65 yuan, with a P/E ratio of 11.19 [1] - The company’s total assets are projected to reach 7.784 billion yuan by 2025, with total liabilities of 3.220 billion yuan [9] - The operating cash flow for 2024 is expected to be 754 million yuan, increasing to 1.118 billion yuan in 2025 [9]

Core Points - Airo Energy (688717) received a warning letter from the Zhejiang Securities Regulatory Bureau due to violations in fundraising management [1][2] - The company inaccurately disclosed the progress of certain fundraising projects, including the "Energy Storage Battery and Inverter Expansion Project," which is set to start generating revenue in December 2023, contrary to the reported date of June 2022 [1] - The company failed to timely disclose changes in the implementation location of the "Smart Energy R&D Center Construction Project," which was initially reported to be in Fuyang District but was actually implemented in Xihu District from the start [1] - Airo Energy did not disclose the pre-litigation preservation situation regarding its fundraising account, which was frozen for 3.32 million yuan in September 2024 and released in October 2024 [1] Regulatory Actions - The Zhejiang Securities Regulatory Bureau criticized Airo Energy's chairman, general manager, board secretary, and financial director for not fulfilling their responsibilities and urged the company to standardize the use of raised funds and fulfill information disclosure obligations [2] - Warning letters were issued to Airo Energy and its key executives, which will be recorded in the securities and futures market integrity archives [2]

Core Viewpoint - Airo Energy (stock code: 688717) received a warning letter from the China Securities Regulatory Commission's Zhejiang Regulatory Bureau due to three violations in fundraising management, including inaccurate disclosure of project progress, untimely disclosure of changes in project implementation locations, and failure to disclose pre-litigation preservation of fundraising accounts [2] Company Overview - Airo Energy was established on March 2, 2012, with a registered capital of 160 million RMB. The legal representative is Li Xinf, and the registered address is in Tonglu County, Hangzhou, Zhejiang Province [2] - The company specializes in photovoltaic energy storage systems and products, providing photovoltaic storage inverters, storage batteries, and grid-connected inverters to overseas customers [2][3] - The current chairman is Li Xinf, with a total of 3,006 employees. The actual controllers are Li Xinf and Li Guomei [3] Financial Performance - The company's operating revenues for 2022, 2023, the first three quarters of 2024, and 2025 were 4.612 billion RMB, 4.473 billion RMB, 3.073 billion RMB, and 3.028 billion RMB, showing year-on-year growth rates of 453.86%, -3.01%, -31.30%, and 25.80% respectively [4] - The net profit attributable to the parent company for the same periods was 1.134 billion RMB, 1.065 billion RMB, 204 million RMB, and 150 million RMB, with year-on-year growth rates of 1703.61%, -6.12%, -80.88%, and -6.32% respectively [4] - The asset-liability ratios for the same periods were 60.27%, 18.95%, 28.31%, and 37.77% [4] Risk Information - The company has four internal risk alerts, 61 surrounding risk alerts, five historical risk alerts, and 177 warning risk alerts according to Tianyancha information [4]

浙江艾罗网络能源技术股份有限公司、李新富、盛建富、闫强: 证券代码：688717 证券简称：艾罗能源 公告编号：2025-047 浙江艾罗网络能源技术股份有限公司 关于收到浙江证监局警示函的公告 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。 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"） 于近日收到中国证券监督管理委员会浙江监管局下发的《关于对浙江艾罗网络能 源技术股份有限公司及相关人员采取出具警示函措施的决定》（〔2025〕234 号）， 现将具体内容公告如下： 一、《警示函》主要内容 经查，浙江艾罗网络能源技术股份有限公司(以下简称公司)募集资金管理中 存在以下违规问题: 一是部分募投项目进展披露不准确。"储能电池及逆变器扩产项目"实际于 2023 年 12 月投入使用并产生收益，但公司 2024 年半年报、2024 年年报等信披 文件中均披露该项目达到预定可使用状态日期为 2022 年 6 月。 二是变更项目实施地点披露不及时。"光储智慧能源研发中心建设项目"在 招股说明书中披露项目建设地点为浙 ...

证券代码：688717 证券简称：艾罗能源 公告编号：2025-048 浙江艾罗网络能源技术股份有限公司 关于全资子公司开立募集资金专项账户 并签署四方监管协议的公告 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、准确性和完整性承担法律责任。 一、募集资金基本情况 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，浙江艾罗 网络能源技术股份有限公司（以下简称"公司"或者"艾罗能源"）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 ...

Core Viewpoint - Airo Energy (688717.SH) has received a warning letter from the China Securities Regulatory Commission's Zhejiang Regulatory Bureau regarding violations in the management of raised funds [1] Summary by Relevant Categories Fund Management Violations - The company has been found to have inaccuracies in the disclosure of the progress of certain fundraising projects [1] - There was a failure to timely disclose changes in the implementation locations of projects [1] - The company did not disclose the pre-litigation preservation situation of the raised funds account [1]

Core Viewpoint - Airo Energy (688717.SH) has received a warning letter from the China Securities Regulatory Commission regarding violations in fundraising management [1] Group 1: Violations Identified - The company disclosed inaccuracies in the progress of certain fundraising projects [1] - There was a delay in disclosing changes to project implementation locations [1] - The company failed to disclose the pre-litigation preservation situation of the fundraising account [1]

Core Viewpoint - Airo Energy has received a warning letter from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission due to violations in fundraising management [1] Group 1: Regulatory Issues - The company was found to have inaccuracies in the disclosure of the progress of certain fundraising projects [1] - There were delays in disclosing changes to the implementation locations of projects [1] - The company failed to disclose the situation regarding the pre-litigation preservation of fundraising accounts [1] Group 2: Company Response - The company and responsible individuals will take the matter seriously, reflect deeply, and implement strict rectifications [1] - There is a commitment to enhance operational standards and improve the quality of information disclosure [1]

Performance Review - Company reported 1-3Q25 performance: revenue of 3.028 billion yuan, a year-on-year increase of 25.8%; net profit attributable to shareholders of 150 million yuan, a year-on-year decrease of 6.3% [1] - In 3Q25, revenue reached 1.221 billion yuan, a year-on-year increase of 48.3% and a quarter-on-quarter increase of 21.1%; net profit attributable to shareholders was 9 million yuan, a year-on-year decrease of 85.1% and a quarter-on-quarter decrease of 91.1%, indicating a decline in profitability and performance below expectations [1] Development Trends - Demand for household storage continues to grow, with rapid growth in Australia; since 2Q25, driven by terminal demand, company’s European market shipments have gradually increased quarter-on-quarter [2] - The Australian market introduced high subsidies in July 2025, with excellent economics for household storage (payback period of 5-6 years), leading to expectations of rapid market demand growth; company’s long-term layout in Australia is expected to benefit from high growth demand [2] - Company is focusing on industrial and commercial storage, opening a second growth curve; the European industrial and commercial storage market is expected to accelerate development post-2025 due to enhanced economics from increased subsidies and dynamic pricing [2] - Company launched an industrial and commercial storage system in 2024, offering storage capacities from 100 kWh to 261 kWh; expected industrial and commercial storage revenue in 2025 is projected to reach 700 million yuan, which may become the company’s second growth curve [2] - Gross margin decreased quarter-on-quarter to 30.5%, down 6.0 percentage points, primarily due to increased sales from low-margin regions; net profit margin in 3Q25 was 0.7%, down 8.8 percentage points quarter-on-quarter [2] Profit Forecast and Valuation - Due to the decline in profitability, company has lowered net profit expectations for 2025 and 2026 by 35% and 32% to 260 million yuan and 440 million yuan, respectively [3] - Current stock price corresponds to a price-to-earnings ratio of 43.2 times for 2025 and 25.8 times for 2026; maintaining an outperform rating with a target price of 80.0 yuan, corresponding to 48.5 times 2025 P/E and 29.0 times 2026 P/E, indicating a potential upside of 12.5% from the current stock price [3]

Core Viewpoint - Airo Energy, a leading domestic supplier of photovoltaic energy storage inverters, is set to be listed on the Shanghai Stock Exchange in January 2024, showcasing its strong market position and technological advantages in the industry [1]. Group 1: Company Overview - Airo Energy was established on March 2, 2012, and is headquartered in Hangzhou, Zhejiang Province [1]. - The company primarily serves overseas customers with photovoltaic energy storage inverters, storage batteries, and grid-connected inverters, focusing on distributed photovoltaic storage and grid-connected applications [1]. - It operates within the power equipment sector, specifically in photovoltaic equipment and inverters, and is associated with several concept sectors including mid-cap, photovoltaic glass, charging piles, nuclear fusion, superconductivity, and nuclear power [1]. Group 2: Financial Performance - For Q3 2025, Airo Energy reported a revenue of 3.028 billion yuan, ranking 6th among 9 companies in the industry, with the top company, Sungrow Power, generating 66.402 billion yuan [2]. - The company's net profit for the same period was 150 million yuan, placing it 5th in the industry, while the leading company reported a net profit of 11.954 billion yuan [2]. - The main business segments include household energy storage systems (1.092 billion yuan, 60.42%), grid-connected inverters (375 million yuan, 20.74%), and commercial energy storage systems (246 million yuan, 13.63%) [2]. Group 3: Financial Ratios - Airo Energy's debt-to-asset ratio as of Q3 2025 was 37.77%, an increase from 30.65% year-on-year, but still below the industry average of 47.62% [3]. - The gross profit margin for Q3 2025 was 32.32%, down from 37.26% year-on-year, yet higher than the industry average of 30.29% [3]. Group 4: Management and Shareholder Information - The chairman and general manager, Li Xinf, received a salary of 1.8001 million yuan in 2024, a decrease of 100,200 yuan from 2023 [4]. - As of September 30, 2025, the number of A-shares shareholders increased by 36.02% to 10,600 [5]. - The average number of circulating A-shares held per shareholder decreased by 25.94% to 9,190.12 [5]. Group 5: Market Outlook - Longjiang Securities forecasts that Airo Energy will achieve net profits of 450 million and 670 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 30 and 20 times [5]. - The company is expected to benefit significantly from supportive policies in multiple countries and strong growth in its commercial storage segment [5].