Core Viewpoint - The company has established deep collaborations in the battery swapping business with leading enterprises such as Iron Tower and Xiaohai, resulting in high market share and brand recognition [1] Group 1: Business Collaboration - The company has been working closely with top battery swapping companies for several years, enhancing its market position [1] - Collaborations with major players are expected to strengthen the company's competitive edge in the battery swapping sector [1] Group 2: Market Growth - The increase in shared electric vehicle ownership and improved operational efficiency are anticipated to drive sales growth in the company's battery and related services [1]

Group 1 - The core viewpoint of the news is that Nandu Power has experienced a significant decline in its stock price, dropping 5.36% on November 21, with a cumulative decline of 8.18% over three consecutive days [1] - Nandu Power, established on December 8, 1997, and listed on April 21, 2010, focuses on the research, manufacturing, sales, and service of a full range of new energy storage products, including industrial and residential storage systems [1] - The company's main business revenue composition includes lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1] Group 2 - From the perspective of major fund holdings, Nandu Power is heavily weighted in the Guoshou Anbao Fund, specifically in the Guoshou Anbao Chuang Jingxuan 88 ETF (159804), which held 119,700 shares as of the third quarter, accounting for 1.8% of the fund's net value [2] - The fund has incurred a floating loss of approximately 117,300 yuan today, with a total floating loss of 195,100 yuan during the three-day decline [2] - The Guoshou Anbao Chuang Jingxuan 88 ETF was established on March 4, 2020, with a current scale of 137 million yuan, achieving a year-to-date return of 24.05% and a one-year return of 13.62% [2]

Core Insights - The distributed energy storage industry is experiencing explosive growth driven by national policy support and increasing demand for renewable energy, with projections indicating that by 2024, new energy storage installations will account for over 40% of the global total [1][6] - The industry is transitioning from policy-driven growth to market-driven and economic viability, with a clear delineation of the supply chain from upstream materials to downstream applications [1][5] Industry Overview - Distributed energy storage systems are deployed close to energy consumption points, enabling local production, storage, and consumption of electricity, which helps stabilize the output fluctuations of renewable energy sources [2][4] - The industry is characterized by various technologies, including lithium-ion batteries and mechanical storage systems, and is categorized based on application scenarios such as user-side, grid-side, and power-side storage [2][3] Policy Landscape - A series of national policies have been introduced to support the development of distributed energy storage, including guidelines for enhancing grid peak-shaving capabilities and plans for high-quality development of new energy storage manufacturing [5][6] Supply Chain Structure - The supply chain of the distributed energy storage industry is well-defined, with upstream focusing on core materials and components, midstream on system integration and EPC services, and downstream covering applications across generation, grid, and user sides [5][6] Current Market Dynamics - The industry has seen a significant increase in installations, with projections for 2024 indicating a cumulative installed capacity of 73.76 million kilowatts, representing an annual growth rate exceeding 130% [6][7] - The market is dominated by lithium iron phosphate batteries, which hold nearly 90% market share due to their mature technology and cost advantages [6][7] Application Scenarios - The application landscape is evolving, with grid-side storage becoming the main contributor to new installations, expected to account for 60% of the market by 2025 [7][8] - Distributed photovoltaic systems are also gaining traction, with cumulative installed capacity reaching 370 million kilowatts by the end of 2024, significantly enhancing the energy structure transition [7][8] Competitive Landscape - The industry is characterized by leading companies such as CATL and BYD dominating the manufacturing sector, while others like Sungrow and Huawei lead in PCS technology [8][9] - The competitive landscape features a mix of large enterprises and smaller firms focusing on niche markets, with significant clusters in regions like the Yangtze River Delta and the Pearl River Delta [8][9] Future Trends - The industry is moving towards diversified, market-driven, and intelligent development, with applications expanding beyond simple energy storage to integrated solutions that enhance energy efficiency and reliability [9][10] - Technological advancements are expected to shift from a lithium-dominated landscape to a more diversified approach, incorporating long-duration storage technologies [10][11] - The business model is transitioning from policy-driven to market-oriented, with distributed energy storage expected to participate more actively in electricity markets and auxiliary services [11]

Core Viewpoint - The report highlights the growth and stability in the photovoltaic and energy storage sectors, with significant increases in production and demand forecasts for batteries and solar components in China and globally [1][2][3][4]. Production Summary - In November 2025, China's production of power, storage, and consumer batteries is projected to reach 209 GWh, representing a month-on-month increase of 12.4% and a year-on-year increase of 64.6%, with energy storage cells accounting for approximately 33.6% of the total [1]. - Global production for the same category is expected to be 228 GWh, with a month-on-month growth of 11.2% [1]. - Domestic photovoltaic module production is forecasted to be below 44.5 GW in November, with potential for recovery in production levels if prices rebound [1]. Price Summary - In October 2025, the average bid price for lithium iron phosphate battery storage systems ranged from 0.43 to 0.7487 CNY/Wh, with an average of 0.5547 CNY/Wh, reflecting a 10% increase month-on-month [2]. - The average price for 4-hour lithium iron phosphate battery storage systems increased by 23.23% month-on-month, while the 2-hour systems saw a decrease of 5.5% [2]. - The price of polysilicon dense material was reported at 52.00 CNY/kg, with a decline in the average price of 183N monocrystalline silicon wafers [2]. Demand Summary - In September 2025, China's newly installed photovoltaic capacity was 9.7 GW, a month-on-month increase of 31.3% but a year-on-year decrease of 53.8% [3]. - The cumulative newly installed photovoltaic capacity from January to September 2025 reached 240.27 GW, a year-on-year increase of 49.3% [3]. - In September 2025, the export value of photovoltaic components was 2.8 billion USD, a year-on-year increase of 39.0% [3]. Industry Dynamics - The National Energy Administration issued guidelines on promoting the integrated development of renewable energy on November 12, 2025 [4]. - The World Power Battery Conference was held in Yibin, Sichuan, on November 12-13, 2025 [4]. - A strategic cooperation agreement was signed between Haibo Si Chuang and CATL to deepen collaboration in the energy storage sector [4]. Investment Recommendations - The report suggests focusing on photovoltaic and energy storage-related companies, highlighting significant growth in installed capacity and export values [4]. Recommended companies include: - Sunshine Power (300274.SZ) - Nandu Power (300068.SZ) - Tongrun Equipment (002150.SZ) - Huashengchang (002980.SZ) - Shouhang New Energy (301658.SZ) [4].

Core Viewpoint - The company emphasizes its commitment to actively engage with potential partners for business collaboration and is focused on accelerating product validation and market promotion efforts [1] Group 1 - The company values business alignment opportunities with potential partners [1] - The company maintains an open and cooperative attitude towards collaboration [1] - The company will continue to actively connect with relevant enterprises [1] Group 2 - The company is focused on expediting product validation processes [1] - The company aims to enhance market promotion activities [1]

Core Viewpoint - Nandu Power experienced a decline in stock price and significant net outflow of funds, reflecting market challenges despite a year-to-date price increase of 19.33% [1][2]. Financial Performance - For the period from January to September 2025, Nandu Power reported a revenue of 5.911 billion, a year-on-year decrease of 24.80%, and a net profit attributable to shareholders of -220 million, a decrease of 189.22% [2]. - Cumulative cash dividends since the A-share listing amount to 684 million, with 56.102 million distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.02% to 115,000, while the average circulating shares per person increased by 6.42% to 7,415 shares [2]. - The second-largest circulating shareholder is Qianhai Kaiyuan Public Utilities Stock, holding 18.948 million shares, while Hong Kong Central Clearing Limited is the sixth-largest, holding 9.099 million shares, down by 1.2013 million shares from the previous period [3]. Market Activity - On November 19, Nandu Power's stock fell by 2.03%, trading at 19.26 per share with a total market capitalization of 17.303 billion [1]. - The stock saw a net outflow of 19.876 million in principal funds, with significant selling pressure compared to buying [1].

Core Insights - The article highlights a 3% year-on-year growth in global backup power supply shipments for base stations and data centers, reaching 10 GWh from January to September 2025 [2]. Company Rankings - The top 10 companies in the global backup power supply market are listed as follows: 1. Guoxuan High-Tech 2. Nandu Power 3. EVE Energy 4. Samsung 5. Ganfeng Lithium 6. Penghui Energy 7. Geely 8. Zhongtian Energy Storage 9. Pylon Technologies 10. LG Energy [2][5].

Core Viewpoint - The company, Nandu Power, is experiencing significant growth in its data center business, particularly in lithium battery orders from overseas, with expected revenue doubling next year compared to this year [1] Group 1: Business Performance - The gross margin for lithium batteries in the data center business is approximately 25%-40%, while for lead-acid data center batteries, it is around 15%-25% [1] - The company has a leading market share both domestically and globally, benefiting from 30 years of production experience and technological accumulation in the data center industry [1] Group 2: Product Development and Partnerships - The company has developed and promoted high-power lithium battery systems for IDC, successfully partnering with several large integrators to expand its data center business [1] - The company's products are widely applicable in data centers, intelligent computing centers, and supercomputing centers, providing backup power support [1] Group 3: Market Demand - There is an explosive growth in customer demand for the company's data center products, which is expected to drive rapid revenue growth in the coming year [1]

Core Viewpoint - Nandu Power (300068) has developed high-voltage lithium batteries for data centers, which feature high discharge rates, high energy density, and intelligent control capabilities, suitable for short-term backup power needs in data centers [1] Group 1 - The company has a corresponding solution for the HVDC power architecture of data centers [1] - Nandu Power is currently in discussions with clients regarding these solutions [1]

Core Viewpoint - Nandu Power has established a nationwide sales channel for its consumer lithium batteries and formed partnerships with several well-known brands in the electric vehicle and low-speed vehicle sectors, which is expected to drive new revenue growth for the company [1] Group 1 - The company has covered the entire country with its consumer lithium battery sales channels [1] - Partnerships have been formed with multiple well-known brands in the electric vehicle, leisure tricycle, canopy vehicle, and low-speed four-wheeled vehicle sectors [1] - These collaborations are anticipated to become a new growth point for the company's performance [1]