Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and new energy industry [2] Core Insights - The demand for grid equipment is expected to increase due to domestic and international resonance, driven by significant investments in smart grids, west-to-east power transmission, and urban-rural grid upgrades [2][4] - The cumulative investment in national grid projects reached 560.4 billion yuan from January to November 2025, reflecting a year-on-year increase of 5.9% [4][38] - The export value of domestic transformers reached 8.08 billion USD from January to November 2025, marking a year-on-year growth of 35.19% [4][59] Summary by Sections Market Review - As of December 25, 2025, the electric power equipment industry rose by 2.10% over the past two weeks, outperforming the CSI 300 index by 0.11 percentage points [11] - The wind power equipment sector increased by 4.37%, while the photovoltaic equipment sector rose by 1.59% [11][19] Valuation and Industry Data - The PE (TTM) ratio for the electric power equipment sector is 33.43 times, with sub-sectors like motors at 59.57 times and photovoltaic equipment at 30.07 times [4][24] - The report highlights that the demand for high-efficiency, energy-saving, and environmentally friendly transformers will dominate the future market [4][46] Industry News - The rapid development of artificial intelligence in the U.S. is driving the construction of large-scale data centers, which require high-performance transformers for stable and efficient power supply [4][56] - The report suggests focusing on leading new energy companies with technological and scale advantages [4][60]

Group 1 - The core viewpoint of the article highlights that Nandu Power has successfully opened the market for solid-state batteries and secured significant orders for 2025 [2] - Nandu Power's solid-state batteries are currently being shipped primarily as semi-solid battery products integrated into energy storage solutions [2] - The profit impact of solid-state batteries on the company in 2026 will depend on the delivery schedule of existing orders and the acquisition of future orders [2] Group 2 - The company plans to continuously launch a series of semi-solid battery products suitable for various application scenarios [2] - Nandu Power aims to enhance the safety performance of its battery products to strengthen its market competitiveness in the main business area [2]

Core Viewpoint - The company, Zhejiang Nandu Power Supply Co., Ltd., has terminated its planned change of control and related divestiture of its lead recycling business, but will continue to optimize its business structure and focus on its core operations in the energy storage sector [2][3][5]. Group 1: Control Change and Business Strategy - The planned change of control was initiated on December 11 but was terminated on December 18, leading to a resumption of trading on December 19 [2][4]. - The company stated that the termination of the control change will not affect its financing capabilities or expansion pace during the energy storage boom, emphasizing a focus on lithium battery technology and sustainable development [3][5]. - The company is undergoing a strategic transition from lead to lithium, which is crucial for its long-term growth and operational efficiency [3][5]. Group 2: Financial Situation - As of the end of Q3 2025, the company reported total assets of 17.399 billion and total liabilities of 13.746 billion, resulting in a debt-to-asset ratio of approximately 79% [5]. - Despite financial pressures, the company has a significant order backlog that supports future performance, and it has reported a turnaround in operating performance since Q2, achieving profitability in both Q2 and Q3 [5][6]. - The company is actively working on capital structure adjustments to meet its growing funding needs for its core energy storage business [5]. Group 3: Legal Issues - The company is involved in a significant lawsuit with Xinri Co., which has seen new developments, including a court ruling that requires a retrial of the case [6][7]. - The company maintains that its products meet quality standards and will vigorously defend its position in the lawsuit, having already set aside provisions for potential liabilities [7]. Group 4: Technological Advancements - The company has made substantial progress in the commercialization of solid-state battery technology, securing contracts for 2.8 GWh of new energy storage projects [7][8]. - It has developed solid-state batteries with energy densities of 350 Wh/kg and is conducting research on various solid-state battery technologies to enhance its competitive edge [8]. - The company is focusing on a systematic strategy to convert its technological advantages into market competitiveness, targeting diverse energy storage applications [8].

为加速固态电池技术创新与成果转化，南都电源积极携手行业优质企业构建协同发展生态，先后与太蓝新能源、雅迪等签 署战略合作协议。根据合作规划，各方将充分发挥各自研发平台与产业资源优势，通过重点项目合作整合技术研究能力，共同 开展固态电池核心技术研发、产品迭代及成果产业化工作。 与此同时，南都电源"高安全长寿命半固态锂电池关键技术开发及储能系统应用"项目成功入选2025年浙江省先进技术创新 成果名单，从省级层面认可了其在半固态锂电池关键技术及产业化应用上的突出成就，以及对区域先进制造业升级的积极贡 献。 作为储能领域技术创新的先行者，南都电源在固态电池赛道构建了多元化产品矩阵，其中314Ah半固态储能电池与783Ah 超大容量储能固态电池的技术突破尤为瞩目。783Ah超大容量产品依托"柔性两相氧化物固态电解质""多层异质复合结构设 计"及"电解质原位成膜"三大核心技术革新，成功破解传统电池容量与安全难以平衡的行业痛点，实现能量密度与安全性能的 跨越式提升。经测试，该电芯循环寿命不低于10000次，单体能量超过2.5kWh，能量效率超95%，体积能量密度大于 430Wh/L，可广泛适配大型储能场景，为高安全、高效能储 ...

Core Viewpoint - Nandu Power (300068.SZ) has confirmed that it will not participate in aerospace-related power projects and will continue to independently advance the sale of its lead recycling business or optimize related assets [1] Group 1 - The company is focusing on optimizing the equity structure or asset integration of its lead recycling business [1] - This initiative is seen as a crucial step for the company's long-term development and aims to enhance overall operational efficiency and market competitiveness [1]

Core Viewpoint - The report highlights a decline in the production and demand for photovoltaic components, with a notable decrease in both domestic and overseas markets, while also indicating a mixed performance in battery production and pricing trends across different segments [1][2]. Production - Photovoltaic component production in November 2025 decreased by 2.43% compared to October 2025, with domestic terminal installation progress falling short of expectations and rising component prices causing reluctance among downstream buyers [2] - In December 2025, the predicted production volume for power, storage, and consumer batteries in China is 220 GWh, reflecting a 5.3% month-on-month increase, with storage battery production accounting for approximately 35.3% [2] Pricing - As of December 17, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers was 1.18 CNY/piece, and TOPCon double-glass components also held steady at 0.69 CNY/W [3] - In November 2025, the average price of lithium iron phosphate battery storage systems ranged from 0.4452 to 0.6828 CNY/Wh, with an average price of 0.5721 CNY/Wh, reflecting a 6.4% decrease month-on-month [3] Demand - In November 2025, the export value of photovoltaic components reached approximately 2.412 billion USD, marking a year-on-year increase of 34.08% and a month-on-month increase of 6.84% [4] - The cumulative export value from January to November 2025 was 25.885 billion USD, showing a year-on-year growth of 4.89% [4] - Domestic photovoltaic installations in October 2025 totaled 12.6 GW, representing a month-on-month increase of 30.4% but a year-on-year decrease of 38.3% [4] - The newly tendered capacity for EPC/PC (including DC-side equipment) and storage systems in November 2025 reached 21.8 GW/64 GWh, marking a monthly high for 2025 with a 65% increase month-on-month [4] Investment Recommendations - The report suggests focusing on companies related to the photovoltaic and storage sectors, recommending specific companies such as Sunshine Power, Nandu Power, Tongrun Equipment, Huashengchang, and Shouhang New Energy [5]

Core Viewpoint - Nandu Power (300068.SZ) announced the termination of its control change plan, leading to the resumption of its stock trading on December 19, after a seven-day suspension due to the failed negotiations with potential buyers [2][4]. Group 1: Control Change Plan - The company was in discussions regarding a control change and the sale of its lead recycling business but failed to reach a consensus on key terms after multiple negotiations [4]. - No information about the potential buyers or specific details of the transaction was disclosed during the planning and termination phases [4]. Group 2: Financial Performance - In 2023, Nandu Power reported revenue of 14.666 billion yuan, a year-on-year increase of 24.83%, but net profit plummeted by 89.19% to 36 million yuan [4]. - For 2024, the company expects revenue to drop to 7.984 billion yuan, a significant decline of 45.56%, with a projected net loss of 1.497 billion yuan, representing a staggering year-on-year decrease of 4260.62% [4]. - Cumulatively, the company has incurred losses of 2.8 billion yuan from 2020 to 2024 [5]. Group 3: Strategic Shift and Legal Issues - Nandu Power attributed its financial downturn to a strategic shift from lead recycling to lithium battery production, resulting in reduced output from its lead recycling segment [5]. - The company is involved in a legal dispute with Xinri Co. (603787.SH) over quality issues related to lithium batteries supplied under a contract, with Xinri seeking approximately 565 million yuan in damages [5]. - Nandu Power maintains that its products meet quality standards, and a court ruling indicated that the company did not fundamentally breach the contract, although it was ordered to pay 100 million yuan to Xinri [6][7].

Group 1 - Nandu Power has won the "High-tech Golden Ball Award for Annual Innovative Product" for its self-developed "Key Technology Development of High-Safety Long-Life Semi-Solid Lithium Battery and Energy Storage System Application" project at the 2025 High-tech Energy Storage Annual Conference [1] - The core product awarded is the 783Ah ultra-large capacity solid-state battery, which achieves a leap in energy density and safety performance through three core technological innovations, reaching industry-leading performance indicators [1] - The battery features a cycle life of no less than 10,000 times, a single unit energy exceeding 2.5kWh, energy efficiency over 95%, and a volumetric energy density greater than 430Wh/L, providing a safe, efficient, and economical solution for large-scale energy storage systems [1] Group 2 - The company has successfully entered mass production of its 314Ah semi-solid energy storage battery and secured the world's largest 2.8GWh semi-solid battery storage project, validating the maturity and reliability of its semi-solid technology [2] - In the all-solid-state battery sector, its 20Ah and 30Ah products have achieved an energy density of 350Wh/kg, with a capacity retention rate exceeding 92% after 500 cycles, showcasing significant potential for commercial applications in specialized scenarios [2] - Nandu Power has consistently prioritized technological innovation as its core development driver, accumulating deep technical expertise and rich market resources in lead-acid batteries, lithium-ion batteries, and energy storage system solutions [2] Group 3 - The company has outlined its strategic plan to continue focusing on technological innovation, accelerating the mass production and commercialization of the 783Ah ultra-large capacity solid-state battery [3] - Nandu Power aims to deepen its layout in core areas such as new energy storage, communication, and data center storage, providing safer, longer-lasting, and more economical energy storage solutions to support the achievement of "dual carbon" goals [3] - Through continuous technological iteration and precise market positioning, Nandu Power is empowering global energy transition with its "Nandu Wisdom" and "Nandu Solutions" [3]

证券代码：300068 证券简称：南都电源 公告编号：2025-066 浙江南都电源动力股份有限公司 关于股东部分股份质押及解除质押的公告 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。 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次解除 | 本次解除 | | | 情况 | | 情况 | | | 股东名 | 持股数量 | 持股比 | 质押及质 | 质押及质 | 占其所持 | 占公司 | 已质押股 | | 未质押股 | | | 称 | （万股） | 例 | 押前：质 | 押后：质 | 股份比例 | 总股本 | 份限售和 | 占已质押 | 份限售和 | 占未质押 | | | | | 押股份数 | 押股份数 | | 比例 | 冻结、标 | 股份比例 | 冻结数量 | 股份比例 | | | | | 量（万股） | 量（万股） | | | 记 数 量 | | （万股） | | | | | | ...

Investment Rating - The report rates the industry as "Outperforming the Market" based on the expected performance relative to the benchmark indices [2][32]. Core Insights - The report highlights a significant increase in overseas demand for photovoltaic components, with exports in November 2025 reaching approximately $2.412 billion, representing a year-on-year growth of 34.08% and a month-on-month increase of 6.84% [2][24]. - Domestic production of photovoltaic components saw a month-on-month decline of 2.43% in November 2025, while the demand for energy storage remains robust, with a projected production of 220 GWh for December 2025, marking a 5.3% increase [2][10]. - The report emphasizes the importance of monitoring companies involved in the solar and storage sectors, recommending specific stocks such as Sungrow Power (300274.SZ) and Nandu Power (300068.SZ) due to their potential growth in the current market environment [2][30]. Summary by Sections Production - In November 2025, the overall production of photovoltaic components decreased by 2.43% compared to October, while energy storage battery production is expected to grow significantly [2][10][11]. Prices - As of December 17, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price for TOPCon double-glass modules was reported at 0.69 CNY/W [2][7][12]. Domestic Demand - The domestic photovoltaic installation in October 2025 was 12.6 GW, reflecting a month-on-month increase of 30.4% but a year-on-year decrease of 38.3%. Cumulatively, from January to October 2025, the total installed capacity reached 252.87 GW, up 39.5% year-on-year [2][22]. Overseas Demand - The report notes that the export value of photovoltaic components in November 2025 was approximately $2.412 billion, with a cumulative export value from January to November 2025 reaching $25.885 billion, a year-on-year increase of 4.89% [2][26].