Core Viewpoint - The energy storage sector has transformed into one of the hottest investment areas in the capital market this year, characterized by strong overall performance but significant fluctuations in funding [2][3]. Market Demand - The market demand for energy storage is experiencing explosive growth, with domestic lithium battery shipments reaching 430 GWh in the first three quarters of 2025, surpassing the total for 2024. Global shipments reached 240.21 GWh, a year-on-year increase of 106.1% [4][20]. - Chinese companies secured 308 new overseas energy storage orders totaling 214.7 GWh in the first nine months of 2025, marking a 131.75% increase year-on-year [4][20]. Policy Support - The government has introduced multiple policies to promote high-quality development in the new energy sector since 2025. The National Development and Reform Commission and the National Energy Administration's action plan aims for a new energy storage capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [4][20]. Material Prices - Key materials for energy storage, such as lithium hexafluorophosphate, have seen significant price increases, with some market quotes exceeding 150,000 yuan per ton, reflecting a more than 200% rise since July [4][20]. Market Transition - The energy storage sector is shifting from being a "mandatory allocation" to an "economic choice," marking a significant change in the industry's profitability model. The cancellation of mandatory storage requirements allows energy storage to participate as an independent market entity [5][21]. Revenue Models - As the electricity market reforms deepen, energy storage is transitioning from a cost burden to a profitable asset. Projects in leading provinces can now establish diverse revenue models, significantly enhancing profitability [6][22]. Supply and Demand Dynamics - The previous oversupply and low-price competition are easing, with sustained market demand leading to full production capacity among leading battery manufacturers and stabilization of raw material prices [7][23]. Company Performance - Several companies in the energy storage sector have reported significant earnings growth. For instance, CATL's net profit reached 49.034 billion yuan in the first three quarters of 2025, a 36.2% increase year-on-year [9][25]. - Long-term funds have increased their holdings in energy storage stocks, with 11 stocks receiving support from social security funds, indicating investor confidence in the sector's long-term prospects [10][26]. Institutional Interest - The interest from institutional investors has surged, with 17 energy storage stocks receiving attention from over a hundred institutions since October, further boosting stock performance [11][27].

Group 1 - The company has successfully completed various certifications for its liquid-cooled string PCS CL430HX in the North American market, including UL 1741, IEEE 1547, IEEE 1547.1, and IEEE 2800 [2] - In the European market, the same product has achieved CE certification, EN 50549-2/-10 certification, and PTPiREE Poland grid connection certification [2] - The centralized PCS NEPCS-2000 has also completed full certification in North America and has received CE certification and EN 50549-2 certification in Europe [2]

Core Viewpoint - The company confirmed that its energy storage inverters (PCS) are primarily integrated into its energy storage systems, which are exported to overseas markets, and can also be sold separately in international markets [1] Group 1 - The company responded to an investor inquiry regarding the inclusion of energy storage inverters in its products [1] - The company acknowledged the export of its energy storage systems to overseas markets [1] - The company expressed gratitude for the investor's interest in its products [1]

Group 1 - The core viewpoint of the article highlights a decline in the production of electrical instruments and meters in China, with a reported decrease of 1.4% year-on-year in September 2025 and a cumulative decline of 7.2% from January to September 2025 [1][1][1] Group 2 - The article lists several listed companies in the electrical instruments and meters sector, including Weisheng Information (688100), Linyang Energy (601222), Samsung Medical (601567), Haixing Electric Power (603556), XJ Electric (000400), Pinggao Electric (600312), Guodian Nanzi (600268), *ST Huayi (600290), Dongfang Electronics (000682), and Kelun Electronics (002121) [1][1][1] - According to the National Bureau of Statistics, the production of electrical instruments and meters in China reached 22.72 million units in September 2025 [1][1][1] - The report referenced is the "2026-2032 China Instrument and Meter Market Supply and Demand Forecast and Future Development Trend Report" published by Zhiyan Consulting [1][1][1]

Core Viewpoint - The article highlights the normalization of negative electricity prices in various regions, including China, Europe, and Australia, driven by the imbalance between electricity supply and demand due to the rapid increase in wind and solar power installations. This situation is creating a new demand for medium to long-duration energy storage solutions, particularly in the 4-12 hour range [2][3]. Group 1: Market Trends and Developments - The phenomenon of negative electricity prices is becoming commonplace, prompting a shift towards medium to long-duration energy storage solutions [2][3]. - The global competition for energy storage systems with a capacity of 6MWh and above is intensifying, with a focus on long-duration storage solutions [3][4]. - By 2024, the penetration rate of 4-hour energy storage systems reached 15%, and this segment is becoming mainstream in 2025 [3][4]. Group 2: Technological Advancements - Major Chinese companies are rapidly increasing the production of large-capacity energy storage systems to seize market opportunities in the long-duration storage era [4][5]. - Companies like Ningde Times and Envision Energy are leading the charge with the mass production of high-capacity energy storage cells, such as the 587Ah cell [5][7]. - The competition is not limited to lithium batteries; flow battery technology is also gaining traction, with strategic partnerships being formed to develop large-scale storage projects [8][9]. Group 3: Competitive Landscape - The market is witnessing a split between companies focusing on large capacity cells using different manufacturing processes, namely the stacking and winding techniques [10][11]. - The stacking process is favored for its high space utilization and low-temperature performance, while the winding process benefits from established production efficiency [11][12]. - Companies are adopting differentiated strategies based on their technological capabilities, with some focusing on rapid deployment of 500+Ah cells and others on the long-term potential of 600+Ah cells [12][13]. Group 4: System Variability and Customization - The differences in cell technology are reflected in the energy storage systems, with various companies targeting different container sizes (10ft, 20ft, 30ft) to meet diverse application needs [14][15]. - Companies like Sungrow and BYD are launching multiple size versions of their energy storage systems to cater to specific market demands [15][16]. - The trend towards customized solutions is becoming more pronounced, as companies recognize the need for tailored energy storage solutions to address varying requirements in the market [17][19].

Group 1 - Shenzhen Kelu Electronics Technology Co., Ltd. and Midea Weiling Motor Technology (Shanghai) Co., Ltd. have obtained a patent titled "Energy Storage System and New Energy System," with authorization announcement number CN119447584B, applied on November 2024 [1] - Shenzhen Kelu Electronics Technology Co., Ltd. was established in 1996, located in Shenzhen, primarily engaged in the manufacturing of instruments and meters, with a registered capital of 1.660816688 billion RMB [1] - Kelu Electronics has invested in 65 companies, participated in 2,589 bidding projects, holds 32 trademark registrations, 1,607 patents, and possesses 315 administrative licenses [1] Group 2 - Midea Weiling Motor Technology (Shanghai) Co., Ltd. was founded in 2011, located in Shanghai, primarily engaged in technology promotion and application services, with a registered capital of 10 million RMB [1] - Midea Weiling has participated in 23 bidding projects, holds 1,234 patents, and has 9 administrative licenses [1]

Core Viewpoint - Kelu Electronics has shown significant stock performance with a year-to-date increase of 77.70%, despite recent declines in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Kelu Electronics achieved a revenue of 3.586 billion yuan, representing a year-on-year growth of 23.42%. The net profit attributable to shareholders was 232 million yuan, marking a substantial increase of 251.10% [2]. Stock Market Activity - As of November 24, Kelu Electronics' stock price was 7.73 yuan per share, with a trading volume of 1.81 billion yuan and a turnover rate of 1.70%. The total market capitalization stood at 12.838 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on October 27, where it recorded a net buy of -104 million yuan [1]. Shareholder Information - As of September 30, 2025, Kelu Electronics had 75,000 shareholders, an increase of 7.23% from the previous period. The average number of circulating shares per shareholder was 18,664, a decrease of 6.74% [2][3]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 57.6314 million shares, which increased by 35.0651 million shares compared to the previous period [3]. Business Segments - Kelu Electronics' main business segments include energy storage (49.83% of revenue), smart grid (48.74%), property (0.91%), and comprehensive energy management and services (0.43%) [2].

Core Viewpoint - The company has not signed a contract for the Saudi Red Sea New City project and is actively monitoring market dynamics and customer needs while seeking opportunities in related fields [2] Company Summary - The company announced on November 21 that it has not yet signed a contract for the Saudi Red Sea New City project [2] - The company is closely observing market trends and customer demands [2] - The company is actively looking for opportunities in relevant sectors [2]

Group 1 - The company announced that its Bright Smart Energy Industrial Park was tentatively transferred to fixed assets in May 2023 [2] - A portion of the assets from the industrial park has already been leased out [2]

Core Viewpoint - The company has recently established a new subsidiary, Anqing Kelu Energy Storage Technology Co., Ltd., to engage in energy storage-related business activities [2]. Group 1 - The announcement was made on November 21, indicating the company's strategic move into the energy storage sector [2].