Core Viewpoint - The controlling shareholder of Keda (002518.SZ), Ningbo Keda Venture Capital Partnership, plans to reduce its stake by up to 5.8222 million shares, representing 1% of the company's total share capital, due to personal funding needs [1]. Summary by Relevant Sections - **Share Reduction Plan** - The reduction will occur within three months after the announcement, starting 15 trading days post-disclosure [1]. - The shares to be sold account for 1.73% of the shares held by the controlling shareholder [1]. - **Reason for Reduction** - The primary reason for the share reduction is the personal funding needs of the controlling shareholder [1]. - **Impact on Control** - This share reduction plan will not lead to any changes in the controlling shareholder or actual controller of the company [1].

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Core Viewpoint - The article highlights the significant advancements and collaborations in the energy storage industry showcased at the recent "2025 Global User-side Energy Storage Industry Value Summit and Application Demonstration Exhibition," emphasizing the shift towards energy storage solutions and the introduction of innovative products and partnerships among leading companies in the sector [1][2]. Group 1: Industry Trends and Developments - The exhibition transformed from a photovoltaic focus to a dedicated energy storage event, with a notable increase in the number of storage companies and products presented [1]. - Several companies signed major cooperation agreements and secured GWh-level procurement orders during the event, indicating a robust market demand for energy storage solutions [1][2]. - The introduction of products responding to the 136 policy and market value transformation reflects the industry's adaptation to regulatory changes and market needs [1]. Group 2: Key Product Launches - Companies like采日能源 showcased advanced storage systems, including the Serlattice G3 10MWh intelligent storage system, which aims to reduce costs and expand application scenarios [5]. - 中车株洲所 presented its构网型储能系统 and the "云枢" storage inverter, emphasizing high power density and safety features [6][8]. - 华为数字能源 launched the FusionSolar9.0, a smart string-based energy storage solution that integrates various energy management capabilities [10][12]. Group 3: Notable Collaborations and Agreements - 采日能源 and other companies formed strategic partnerships to enhance their energy storage ecosystems, focusing on comprehensive energy solutions [3][18]. - 南都电源 signed a strategic cooperation agreement with 太蓝新能源 to explore solid-state battery applications in ultra-safe energy storage [23]. - 蜂巢能源 established significant strategic agreements with various industry leaders to enhance its market presence and technological capabilities [87]. Group 4: Company-Specific Innovations - 比亚迪储能 introduced several new products, including the MC Cube-T Pro BESS with a capacity of 6.4MWh, featuring advanced safety and operational efficiency [15]. - 亿纬锂能 launched the 836kWh modular cabinet, designed for flexibility and efficiency in commercial energy storage applications [24][27]. - 国轩高科 unveiled its 20MWh energy storage battery system, which received substantial orders and is designed for long-term reliability and safety [31][32]. Group 5: Emerging Technologies and Solutions - 海博思创 presented its "储能+X" full-scene solutions, integrating various storage technologies for diverse applications [16][18]. - 智光电气 showcased its liquid-cooled commercial storage unit, emphasizing high efficiency and safety in demanding environments [60][62]. - 永泰数能's Aurora 5015 system demonstrated high energy density and cost efficiency, marking a significant advancement in the industry [97]. Group 6: Market Outlook - The article indicates a strong growth trajectory for the energy storage market, driven by technological advancements, regulatory support, and increasing demand for sustainable energy solutions [1][2]. - The collaborations and innovations presented at the exhibition suggest a competitive landscape where companies are actively seeking to enhance their offerings and market positions [1][2].

Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 4.159 billion yuan for 2024, a year-on-year decrease of 23.54%, with a net profit attributable to shareholders of 394 million yuan, down 53.38% year-on-year [2][5]. - The revenue for the fourth quarter of 2024 was 1.247 billion yuan, with a net profit of 37 million yuan [2][5]. - In the first quarter of 2025, the company achieved a revenue of 943 million yuan, an increase of 13.51% year-on-year, but the net profit decreased by 10.44% year-on-year [2][5]. Summary by Sections Financial Performance - For 2024, the data center business generated a revenue of 2.742 billion yuan, a year-on-year increase of 2.66%, while the renewable energy segment saw a revenue drop of 49.50% to 1.379 billion yuan [11]. - The gross margin for the data center business was 35.13%, a decrease of 2.25 percentage points year-on-year, while the renewable energy segment's gross margin was 16.70%, down 8.53 percentage points [11]. - The company recorded asset impairment of 36 million yuan and credit impairment of 84 million yuan, primarily due to inventory depreciation in the renewable energy sector [11]. Market Outlook - The company anticipates a continued increase in data center revenue growth of 20-30% in 2025, driven by expanding customer bases in cloud services [11]. - The renewable energy segment is expected to see a revenue increase of approximately 100% year-on-year, aided by the end of inventory destocking in Europe and growth in charging pile business [11]. - The projected net profit for 2025 is around 600 million yuan, corresponding to a price-to-earnings ratio of 22 times [11].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 4.159 billion yuan for 2024, a year-on-year decrease of 23.54%, with a net profit attributable to shareholders of 394 million yuan, down 53.38% year-on-year [2][4]. - In Q4 2024, the revenue was 1.247 billion yuan, with a net profit of 37 million yuan [2][4]. - For Q1 2025, the revenue was 943 million yuan, an increase of 13.51% year-on-year, with a net profit of 111 million yuan, down 10.44% year-on-year [2][4]. - The data center business revenue for 2024 was 2.742 billion yuan, a year-on-year increase of 2.66%, while the renewable energy revenue was 1.379 billion yuan, a decrease of 49.50% [8]. - The gross margin for the data center business was 35.13%, a decrease of 2.25 percentage points year-on-year, while the gross margin for renewable energy was 16.70%, down 8.53 percentage points year-on-year [8]. - The company expects data center revenue growth of 20-30% in 2025, with renewable energy revenue expected to double year-on-year [8]. Summary by Sections Financial Performance - 2024 total revenue: 4.159 billion yuan, down 23.54% year-on-year [2][4]. - 2024 net profit: 394 million yuan, down 53.38% year-on-year [2][4]. - Q1 2025 revenue: 943 million yuan, up 13.51% year-on-year [2][4]. - Q4 2024 revenue: 1.247 billion yuan, net profit: 37 million yuan [2][4]. Business Segments - Data center revenue for 2024: 2.742 billion yuan, up 2.66% year-on-year [8]. - Renewable energy revenue for 2024: 1.379 billion yuan, down 49.50% year-on-year [8]. - Data center gross margin: 35.13%, renewable energy gross margin: 16.70% [8]. Future Outlook - Expected data center revenue growth in 2025: 20-30% [8]. - Anticipated doubling of renewable energy revenue year-on-year [8].

证券代码：002518 证券简称：科士达 公告编号：2025-017 深圳科士达科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 深圳科士达科技股份有限公司（以下简称"公司"）2024年年度权益 分派方案已获2025年5月15日召开的2024年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过的利润分配方案情况 数，向全体股东每10股派2.3元人民币现金（含税），共计派发现金 本发生变化的，按照分配比例不变的原则对分配总额进行调整。 二、权益分配方案 本公司2024年年度权益分派方案为：以公司现有总股本582,225,094 股为基数，向全体股东每10股派2.3元人民币现金（含税；扣税后，通过 深股通持有股份的香港市场投资者、境外机构（含QFII、RQFII）以及持 有首发前限售股的个人和证券投资基金每10股派2.07元；持有首发后限售 股、股权激励限售股及无限售流通股的个人股息红利税实行差别化税率征 收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计 算应纳税额【注】；持有首发后限售股、股权激励限售股及无限售 ...

Group 1 - The AI era presents transformative opportunities for the renewable energy industry chain, with potential deep integration with AIDC, humanoid robots, and low-altitude economy, driving intelligent upgrades in society and expanding growth space in the industry [1][2] - Major AI companies are accelerating capital expenditures, leading to a significant upward shift in the renewable energy + AIDC sector, with technologies like HVDC and BBU enhancing data center efficiency and reliability [1][5] - The humanoid robot sector is at a critical transition from 0 to 1, with the potential for significant growth as companies in the electric vehicle supply chain, such as Tesla, expand into this field [1][21] Group 2 - The renewable energy + AIDC sector is experiencing a major opportunity due to AI's deepening integration, which is expected to optimize resource allocation and enhance decision-making quality [2][5] - Data centers are evolving into innovation centers, with AIDC investments serving as forward-looking indicators of growth, necessitating improvements in energy infrastructure to meet increasing power density demands [5][7] - UPS systems are currently the most widely used in data centers, with HVDC and Panama power systems representing the next evolutionary step in power supply solutions [9][11] Group 3 - The humanoid robot industry is in its early stages, with a projected market size of 10 trillion RMB by 2028, driven by advancements in technology and decreasing costs [14][19] - National policies are significantly supporting the humanoid robot sector, emphasizing its importance and promoting applications across various fields [19][20] - Tesla is a core driver of global humanoid robot development, with plans to produce thousands of units by 2025 and expand production significantly by 2026 [21][25] Group 4 - The low-altitude economy is expected to exceed a trillion RMB in scale, with eVTOL and drones as key components, driven by policy support and rapid advancements in certification processes [50][55] - The low-altitude economy's industrial chain is robust, with a focus on manufacturing and infrastructure, highlighting a dual transformation towards intelligence and low carbon [52][56] - Policies are crucial in the early stages of the low-altitude economy's development, with initiatives aimed at fostering technological breakthroughs and market cultivation [55][59] Group 5 - Key companies in the renewable energy + AIDC sector include Kehua Data, Hewei Electric, and others, while the humanoid robot sector features companies like Keda Li and Zhenyu Technology [2][63] - The low-altitude economy is represented by companies such as Yingboer and EHang, which are actively developing eVTOL products and related technologies [63][62]

证券代码：002518 证券简称：科士达 公告编号：2025-017 深圳科士达科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 深圳科士达科技股份有限公司（以下简称"公司"）2024年年度权益 分派方案已获2025年5月15日召开的2024年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过的利润分配方案情况 1、股东大会审议通过的分配方案：以公司总股本582,225,094股为基 数，向全体股东每10股派2.3元人民币现金（含税），共计派发现金 133,911,771.62元，不进行资本公积转增股本，不送红股。 2、若分配方案披露至实施利润分配方案股权登记日期间，公司总股 本发生变化的，按照分配比例不变的原则对分配总额进行调整。 3、本次实施的分配方案与股东大会审议通过的分配方案一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分配方案 本公司2024年年度权益分派方案为：以公司现有总股本582,225,094 股为基数，向全体股东每10股派2.3元人民币现金 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]