Core Insights - Chinese energy storage companies are experiencing a surge in international contracts, marking a significant breakthrough in global markets [2] - Major players like Trina Storage, Hicharge, and others are securing large-scale orders ranging from hundreds of MWh to several GWh, indicating strong product capabilities and delivery performance [2] Group 1: Trina Storage - Trina Storage signed a strategic cooperation agreement with Japan's Tohoku Electric Power, committing to supply 500 MWh of large-scale storage systems starting in 2025 [3] - The company is also developing a 500 MW/2000 MWh battery storage project in Victoria, Australia, with an investment of approximately 2.18 billion RMB, expected to be completed by the end of 2027 [3] - Trina Storage has secured contracts totaling 2.48 GWh for energy storage products across China, Latin America, and the Asia-Pacific region [3][4] Group 2: Hicharge - Hicharge has signed a supply agreement for 2 GWh of storage systems with Solarpro, a leading European solar EPC [5] - The company is also collaborating with FRV to deploy a 500 MWh storage system in Victoria, Australia, which includes long-term service support [5] - A partnership with BOS Power aims to deploy 3 GWh of storage systems in Denmark, Sweden, Finland, and Norway by 2027 [6] Group 3: EVE Energy - EVE Energy has reached a strategic cooperation with TSL Assembly to deploy 1 GWh of storage systems in Central and Eastern Europe between 2026 and 2030 [7] - The company also signed a 500 MWh agreement with CommVOLT to enhance grid stability and renewable energy integration in the region [7] Group 4: Ruipu Lanjun - Ruipu Lanjun signed a supply agreement with Energy Vault for 3 GWh of storage systems to be delivered in 2026, focusing on markets in Australia, the US, and Europe [8][9] Group 5: Other Companies - Zhongqi New Energy received a 2 GWh order from ACME Solar Holdings for battery storage systems in India [10] - Jingkong Energy announced a 600 MWh project in Finland, marking a record for single supplier procurement in the local market [11] - Yuanxin Storage signed agreements for over 5 GWh of projects in Poland, showcasing its technical and product support capabilities [12] - Xixing Charging entered the Indian market with a nearly 1 GWh storage order [13] - Kubo Energy is set to collaborate with Paneco Group for approximately 2.5 GWh of storage systems in Europe [14] - Tianneng signed a strategic cooperation agreement for 2 GW of storage equipment in Africa [15][16] - Linyang Energy will provide 275 MWh of storage solutions for a project in Poland [17] Conclusion - The recent surge in international contracts signifies a comprehensive global market penetration by Chinese energy storage companies, evolving from simple product supply to collaborative development and full lifecycle services [17]

Core Viewpoint - The lead-acid battery industry is facing severe transformation pressures and survival challenges compared to the booming lithium battery industry [1][3] Industry Overview - China is the largest producer and exporter of lead-acid batteries, with a production volume of approximately 7.451 million tons in 2024, accounting for over 40% of global production [5] - The industry has been characterized by low, small, and scattered workshop-style production, which has led to the cancellation of export tax rebates since December 1, 2018, to curb pollution and resource waste [5][10] Tax Fraud Case - A tax fraud case involving a gang that falsely issued invoices to claim export tax rebates for lead-acid batteries resulted in a loss of 149 million yuan to the state [3][5] - The main perpetrator received a prison sentence of 12 years and 6 months, with fines imposed on other involved parties [5][6] Market Challenges - The lead-acid battery industry is experiencing significant pressure from both upstream and downstream sectors, with increasing environmental regulations raising compliance costs [8] - The demand for primary lead is weak, and the profitability of recycling lead has been severely compressed due to rising procurement costs [9] - The market is facing intense competition from lithium batteries, which have become the mainstream choice in the power battery sector, particularly in the electric two-wheeler market [9][10] Financial Performance - Major companies in the lead-acid battery sector, such as Nandu Power and Tianneng Group, have reported declining revenues and increasing losses, indicating a challenging financial landscape [10] - The profit margins for lead-acid battery enterprises have remained low, typically between 2% and 4%, leading some smaller companies to engage in tax evasion [10] Strategic Responses - Companies are initiating strategic transformations by reducing their reliance on traditional lead-acid battery businesses and expanding into lithium battery markets [10] - The industry is encouraged to enhance its green development competitiveness by optimizing tax policies to support high-quality development and resource recycling [12][13] Environmental Considerations - The lead-acid battery industry has seen significant improvements in environmental standards, but pollution incidents still occur, highlighting the need for precise differentiation between high-pollution and green products [13] - The industry is urged to transition from traditional manufacturing to green energy solutions, improve automation, and consolidate smaller, less competitive firms to enhance overall competitiveness [13]

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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：688819 证券简称：天能股份 公告编号：2025-041 天能电池集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 投资者可于 2025 年 09 月 29 日 （星期一） 至 10 月 13 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 dshbgs@tianneng.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 天能电池集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 10 月 14 日（星期二）14:00-15:00 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 会议召开时间：2025 ...

9月24日，天能股份与京东汽车联合推出专供款电池，并为用户提供"免费上门安装+一年质量问题免费 换新"服务。京东首次将两/三轮电动车电池纳入"免费上门安装+售后到家"服务网络。 ...

Group 1: Ningde Times Developments - Ningde Times has signed a strategic cooperation agreement with the People's Government of Milin City, focusing on "new energy project storage, hydropower industry support, and zero-carbon industries" [4] - The company has expanded its investment footprint in Shandong by signing a contract with Likao New Energy, marking its first extension into Yantai City after multiple projects in other cities [6] - In Shandong, Ningde Times has established 21 controlled enterprises through its wholly-owned subsidiary, Times Green Energy, focusing on energy storage, wind power, and new energy sectors [7] Group 2: Tianeng Shares Collaborations - Tianeng has officially signed a strategic cooperation and 2GWh energy storage equipment framework agreement with African energy storage giant FreedomWon [8] - The collaboration will leverage Tianeng's energy storage cells, systems, and manufacturing capabilities, while FreedomWon will provide local channels and scene understanding to jointly explore new energy scenarios in Africa and globally [11] - Additionally, Tianeng has partnered with ACM Group, a leading battery manufacturer in Pakistan, to advance high-performance battery technology and application innovation across various fields, including energy storage [11]

9月8日，天能与ACM集团在浙江长兴正式签署战略合作协议，双方将在产线建设、技术与产品合作、 全球市场开拓、资源循环利用等方面开展合作。ACM集团是巴基斯坦最大的电池制造企业之一。 ...

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 44.53 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 1.295 billion yuan [1] - A total of 275 stocks experienced net inflows, while 311 stocks saw net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 562 stocks rose, with 7 stocks hitting the daily limit, including Yuchan Intelligent and Xiamen Tungsten [1] - The top three stocks with the highest net inflow were: - Lanke Technology: 430.46 million yuan - Borui Pharmaceutical: 306.50 million yuan - Tianyue Advanced: 218.43 million yuan [2] Continuous Fund Flow - There are 33 stocks with continuous net inflows for more than three trading days, with Hanwujing leading at 13 consecutive days [2] - Conversely, 166 stocks experienced continuous net outflows, with Huate Gas leading at 15 consecutive days [2] Key Stocks with Significant Fund Inflows - The following stocks had notable net inflows: - Lanke Technology: 430.05 million yuan, with a flow rate of 8.09% and a price increase of 5.41% [2] - Borui Pharmaceutical: 306.50 million yuan, with a flow rate of 18.56% and a price increase of 9.50% [2] - Tianyue Advanced: 218.43 million yuan, with a flow rate of 10.12% and a price increase of 20.00% [2] Stocks with Significant Fund Outflows - The stocks with the highest net outflows included: - Dongxin Co., with a net outflow of 311 million yuan and a price decrease of 0.04% [1] - Sainuo Medical: 219 million yuan outflow [1] - Haiguang Information: 129 million yuan outflow [1]

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company's lead-acid battery business remains stable, with a revenue of 191.5 billion yuan in H1 2025, down 5% year-on-year, and a gross margin of 15.97% [2]. - The lithium battery segment has shown rapid growth, achieving a revenue of 540 million yuan in H1 2025, up 193% year-on-year, with improved profitability [2]. - The company is accelerating technological iterations and diversifying its technology routes, including solid-state and sodium-ion batteries, with successful product developments and applications [3]. Financial Performance Summary - In H1 2025, the company reported a net profit of 869 million yuan, a decrease of 27% year-on-year, with total revenue of 20.917 billion yuan, down 3% year-on-year [1]. - For Q2 2025, the company achieved a revenue of 10.679 billion yuan, down 13% year-on-year but up 4% quarter-on-quarter, with a net profit of 448 million yuan, down 35% year-on-year but up 7% quarter-on-quarter [1]. - The company's gross margin for Q2 2025 was 15.14%, a decrease of 1.55 percentage points year-on-year, while the net margin was 4.32%, down 1.35 percentage points year-on-year [1]. Earnings Forecast and Financial Indicators - The company is expected to achieve net profits of 1.957 billion yuan, 2.304 billion yuan, and 2.602 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26%, 18%, and 13% [3][4]. - The earnings per share (EPS) are projected to be 2.01 yuan, 2.37 yuan, and 2.68 yuan for the years 2025, 2026, and 2027, respectively [4]. - The company's price-to-earnings (P/E) ratios are forecasted to be 15.0, 12.8, and 11.3 for the years 2025, 2026, and 2027, respectively [4].

Group 1 - The core point of the article is that Henan Jingneng Power Co., Ltd. was fined 40,000 yuan for violating the Advertising Law of the People's Republic of China by labeling its TianNeng battery products with "TianNeng Battery" and "Graphene Patent Technology" without indicating the patent number [1][3][4] - The administrative penalty was issued by the Market Supervision Administration of Baoding City, Lianchi District, based on Article 59, Paragraph 1, Item 3 of the Advertising Law [3][4] - The company was established on March 13, 2009, and is primarily owned by TianNeng Battery Group Co., Ltd. [4][5] Group 2 - The fine amount imposed on Henan Jingneng Power Co., Ltd. is 40,000 yuan [3][4] - The violation involved the failure to mark the patent number on the product packaging, which is a requirement under the Advertising Law [1][3] - The legal representative of the company is Mei Shengmeng [4]