Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

Core Viewpoint - The company has a comprehensive range of data center products, including UPS power supplies, high-voltage direct current power supplies (HVDC), temperature control equipment, lead-acid/lithium batteries, micro-modules, power modules, and environmental monitoring systems, aligning with the trend of high-power, high-density data center construction [1] Group 1 - The company is upgrading its equipment towards high power and high density in response to the construction wave of medium and large high-power data centers [1] - A complete core product system has been established for AI computing application scenarios, including integrated power modules suitable for AI server clusters, megawatt-level UPS, high-frequency modular UPS, and micro-module data centers [1] - Key products include the PowerFort integrated power module, YMK3300 high-frequency modular UPS, IDM wind-liquid fusion micro-module data center, and LiquiX AI computing liquid cooling CDU, which meet the high computing power cooling requirements [1]

Company Overview - Keda (SZ 002518) announced that on December 11, 2025, it will accept investor research from Citic Asset Management and other investors, with participation from the company's Vice General Manager and Board Secretary, Mr. Fan Tao, along with Ms. Zhang Lizhi and Ms. Jin Yulin [1] Financial Performance - For the first half of 2025, Keda's revenue composition is as follows: Data Center industry accounts for 61.44%, New Energy industry accounts for 37.6%, and other businesses account for 0.96% [1] - As of the report date, Keda's market capitalization is 26.9 billion yuan [1]

Group 1: Company Overview - Shenzhen Keda Technology Co., Ltd. is actively engaging with investors to discuss its business performance and strategies [2]. - The company’s core business in renewable energy has shown accelerated growth since 2025, driven by recovering demand in the European energy storage market [2]. Group 2: Energy Storage Business - The energy storage segment has become the fastest-growing core business for the company in 2025, significantly contributing to overall performance [2]. - Emerging markets in Southeast Asia, the Middle East, Africa, and South America are experiencing steady demand growth due to energy transition needs and policy support [2]. Group 3: Data Center Business - The company employs a "domestic deepening + overseas expansion" strategy for its data center business, establishing stable partnerships with major firms like ByteDance and Alibaba [3]. - The company is expanding its market presence in North America and Australia while solidifying its share in traditional markets like Europe and Southeast Asia [3]. Group 4: AI Computing Demand - The company has developed a comprehensive product line for data centers, including high-power UPS systems and liquid cooling solutions tailored for AI computing applications [3]. - Key products include integrated power modules and modular UPS systems designed to meet the high-density requirements of large-scale data centers [3]. Group 5: Investor Communication - The company adheres to strict information disclosure regulations, ensuring that all communications with investors are accurate, complete, and timely [3].

截至发稿，科士达市值为277亿元。 每经AI快讯，科士达（SZ 002518，收盘价：47.65元）12月8日晚间发布公告称，公司第七届2025年第 二次董事会临时会议于2025年12月8日在深圳市光明区高新园西片区七号路科士达工业园会议室以现场 结合通讯方式召开。会议审议了《关于聘任公司高级管理人员的议案》等文件。 2025年1至6月份，科士达的营业收入构成为：数据中心行业占比61.44%，新能源行业占比37.6%，其他 业务占比0.96%。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 贾运可） ...

2、独立董事：彭建春先生、张锦慧女士、刘迎双女士 公司第七届董事会成员均具备担任上市公司董事的任职资格，公 司第七届董事会任期自公司2025年第二次临时股东会审议通过之日 起三年。公司第七届董事会成员中，兼任公司高级管理人员以及由职 工代表担任的董事人数总计不超过公司董事总数的二分之一。独立董 证券代码：002518 证券简称：科士达 公告编号：2025-053 深圳科士达科技股份有限公司 关于董事会换届选举完成并聘任高级管理人员、证券事务代 表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）于2025年12 月8日召开了2025年第二次临时股东会和第七届董事会第一次会议， 审议通过了董事会换届选举及聘任公司高级管理人员、证券事务代表 等相关事项。现将相关情况公告如下： 一、第七届董事会组成情况 公司第七届董事会由7名董事组成，其中非独立董事4名（包括职 工代表董事1名），独立董事3名。 1、非独立董事：刘程宇先生（董事长）、刘玲女士、李春英先 生（职工代表董事）、陈佳先生 事的人数比例符合相关法规的要求。 ...

证券代码：002518 证券简称：科士达 公告编号：2025-051 深圳科士达科技股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形，未涉及变更以往股东会 已通过的决议。 2、会议地点：深圳市光明区高新园西片区七号路科士达工业园。 3、会议方式：本次会议采取现场投票和网络投票相结合的方式。 4、会议时间： （1）现场会议时间：2025年12月8日（星期一）下午16:30。 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"） 交 易 系 统 进 行 网 络 投 票 的 具 体 时 间 为 ： 2025 年 12 月 8 日 9:15—9:25,9:30—11:30和13:00—15:00；通过深交所互联网投票系 统投票的具体时间为：2025年12月8日 9:15—15:00。 5、股权登记日：2025年12月3日（星期三）。 6、会议主持人：公司董事长、总经理刘程宇先生。 7、会议召开的合法、合规性：本次会议的召集、召开符合《公 司法》、《证券法》、《深圳 ...

证券代码：002518 证券简称：科士达 公告编号：2025-052 深圳科士达科技股份有限公司 第七届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳科士达科技股份有限公司（以下简称"公司"）于2025年12 月8日召开了2025年第二次临时股东会，审议通过了董事会换届相关 事项，选举产生了第七届董事会成员。为保证公司新一届董事会工作 正常进行，全体董事一致同意豁免本次董事会的通知期限，公司第七 届董事会第一次会议于2025年12月8日在深圳市光明区高新园西片区 七号路科士达工业园会议室以现场结合通讯方式召开，本次会议应出 席董事7人，实际出席董事7人，董事会秘书列席了会议。经与会董事 推选，会议由刘程宇先生召集并主持。本次会议召开程序及出席情况 符合《公司法》、《公司章程》及有关法律、行政法规、部门规章、 规范性文件的要求，会议决议合法有效。 二、董事会会议审议情况 1、审议通过《关于选举公司第七届董事会董事长的议案》 选举刘程宇先生为公司第七届董事会董事长，任期与第七届董事 会任期一致。 表决结果：同 ...

关于 深圳科士达科技股份有限公司 2025 年第二次临时股东会 上海市锦天城（深圳）律师事务所 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳科士达科技股份有限公司 的 法律意见书 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：0755-82816698 传真：0755-82816898 2025 年第二次临时股东会的 法律意见书 致：深圳科士达科技股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）受深圳科士达科技 股份有限公司（以下简称"公司"）委托，指派律师出席公司 2025 年第二次临 时股东会（以下简称"本次股东会"），并根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规、规章和其他规范性文件以及《深圳科士达科技股份有限公司章程》 （以下简称"《公司章程》"）的相关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《中华人民共和国证券法》《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **AIDC (Artificial Intelligence Data Center)** power systems, highlighting innovations in power supply and distribution, cost breakdowns, and opportunities in energy storage systems (ESS) [1][2][3] Core Insights Power Supply System Innovations - AIDC's power supply systems are evolving to accommodate increasing rack power density due to AI workloads, with projections indicating that by 2028, new cabinet architectures like NVIDIA's Kyber could reach **1MW per rack** [2] - The transition from traditional **415VAC** to **800VDC** systems is prioritized, allowing for higher current capacity, reduced losses, and lower capital expenditures (capex) [2] - Solutions for managing dynamic loads include software-based load management and integrating energy storage systems to buffer power fluctuations [2] Power Distribution System Innovations - The distribution system is shifting from legacy AC architectures to advanced **HVDC** and hybrid models, with four identified stages of evolution [3] - The adoption of **solid-state transformers (SSTs)** is deemed inevitable as they significantly enhance power density and reduce the footprint compared to traditional transformers [3] Cost Breakdown for AIDC Capex - For a **1GW GB200 AIDC**, the capex distribution is as follows: - IT: **57.4%** - Mechanical and electrical infrastructure: **31.9%** - Construction: **11.2%** - Transmission (including transformers): **9.9%** - Backup power (UPS, BBU): **4.6%** - Rack-level power delivery: **0.9%**, increasing with next-gen server platforms [4] SST's Application - SSTs are crucial for the next phase of AIDC power distribution, offering a footprint at least **50% smaller** than traditional solutions and enabling direct medium-voltage DC distribution [5] - Challenges include insulation, heat dissipation, and reliability as power densities increase [5] Backup Power Solutions - The backup power landscape is transitioning from diesel generators and centralized UPS to a mix of gas turbines, BESS, and distributed battery backup units (BBUs) [9] - The adoption of UPS is declining among leading cloud providers, with BESS and BBUs providing faster, modular backup solutions [9] Opportunities in Energy Storage Systems (ESS) - ESS are becoming integral for dynamic load management and grid interaction, smoothing power fluctuations and supporting grid stability [10] - The U.S. market is moving towards mandatory storage integration, benefiting suppliers of batteries and related components, although regulatory uncertainties pose challenges for Chinese suppliers [10] Company-Specific Insights Kehua Data Co., Ltd. - Valued at a price target of **Rmb 86.07**, implying a **40x 2026E P/E** ratio [13] - Key risks include weaker-than-expected domestic AI capex and increased competition [13] Shenzhen Kstar Science and Technology - Valued at a price target of **Rmb 64.86**, also implying a **40x 2026E P/E** [14] - Similar risks as Kehua Data, including competition and expansion challenges [14] Additional Important Information - The report includes analyst certifications and disclosures regarding potential conflicts of interest, emphasizing the importance of considering this report as one of many factors in investment decisions [6][33]