Core Viewpoint - The company is actively developing perovskite and tandem solar cell technologies, with current research focused on tandem cells, and aims to launch a high-efficiency product by 2027 [1] Group 1: Research and Development - The company has a dedicated research team for perovskite technology, currently at the laboratory stage [1] - The perovskite/silicon heterojunction tandem solar cell developed by the company's global photovoltaic research institute has achieved a conversion efficiency of 30.99% [1] - The research institute plans to introduce a perovskite tandem solar cell with a power output exceeding 850W by 2027 [1] Group 2: Production Plans - There are inquiries regarding the construction progress of pilot production lines and mass production plans for perovskite solar cells [1]

东方日升（300118.SZ）11月28日在投资者互动平台表示，公司储能产品涵盖从BMS、PCS、EMS、直 流侧集成系统到中压集成系统，可通过全栈自研为客户提供高安全、高能量密度、高可靠性的垂直一体 化解决方案。在配合光伏风电实现对传统发电站的替代、平滑新能源发电、电网调峰调频、工商业、微 电网等应用领域，东方日升储能凭借新一代eTron （5MWh储能系统）、iCon（100kW/215kWh 工商业 一体机）等储能产品以及整体解决方案取得了不菲的成绩。在产品应用区域方面，已投运的储能项目以 欧美等发达国家为主，百兆瓦级大型储能项目遍布全球，同时保持着全球0安全事故的记录，产品可靠 性、安全性、交付与服务能力得到海内外客户的普遍认可。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请介绍一下公司储能业务的应用范围、市场前景和占 有率。 ...

Core Viewpoint - The company has indicated that the United States is one of the main regions for the shipment of its energy storage products, despite not having a production base located in the U.S. [1] Group 1 - The company currently does not have a production base in the United States [1] - The United States is a significant market for the company's energy storage products [1]

Core Viewpoint - The company is actively developing perovskite and tandem solar cell technologies, currently in the experimental phase, with plans for future production lines and efficiency improvements [2]. Group 1: Company Developments - The company has a dedicated research team focused on perovskite technology, specifically in tandem solar cells [2]. - The perovskite solar cell technology is still in the laboratory stage, indicating ongoing research and development efforts [2]. - The company’s research institute has achieved a conversion efficiency of 30.99% for perovskite/silicon heterojunction tandem solar cells, certified by the National Solar Photovoltaic Product Quality Inspection and Testing Center [2]. Group 2: Future Plans - The research institute plans to launch perovskite tandem solar cells with a power output exceeding 850W by 2027 [2]. - Investors are encouraged to follow the company's announcements on the designated information disclosure website for further updates [2].

Core Viewpoint - The company currently does not have a production base in the United States, despite the U.S. being a major shipping region for its energy storage products [1]. Group 1 - The company responded to an investor inquiry regarding the status of its energy storage factory in the U.S. [1] - As of now, the company has no energy storage business operations in the United States [1]. - The company encourages stakeholders to refer to its periodic reports and announcements on the designated information disclosure website for more details [1].

Core Viewpoint - Dongfang Risen (300118.SZ) is focusing on providing integrated energy storage solutions through self-developed products, achieving significant success in various applications, particularly in developed countries [1] Group 1: Product Offerings - The company's energy storage products include BMS, PCS, EMS, DC side integrated systems, and medium voltage integrated systems, offering high safety, energy density, and reliability [1] - Notable products include the new generation eTron (5MWh energy storage system) and iCon (100kW/215kWh commercial integrated machine) [1] Group 2: Market Applications - The energy storage solutions are designed to replace traditional power plants, smooth out renewable energy generation, and support applications in grid peak shaving, commercial use, and microgrids [1] Group 3: Project Deployment and Recognition - The company has successfully deployed large-scale energy storage projects globally, primarily in developed regions such as Europe and the United States, maintaining a record of zero safety incidents [1] - The reliability, safety, delivery, and service capabilities of the products have gained widespread recognition from both domestic and international customers [1]

格隆汇11月28日丨东方日升(300118.SZ)在投资者互动平台表示，公司在异质结技术领域已形成深厚积 累。同时异质结技术展现出与钙钛矿电池方向的高度融合适配性，通过技术协同可衍生出多元高效的产 品形态矩阵。经国家太阳能光伏产品质量检验检测中心认证，公司全球光伏研究院研发的钙钛矿/晶硅 异质结叠层太阳能电池实现了30.99%的转化效率。下一步，研究院计划在2027年推出功率达850W以上 钙钛矿叠层电池。 ...

Core Insights - The company, Dongfang Risen, has successfully obtained the Italian medium and low voltage grid connection certification for its iCon 125kW/261kWh liquid-cooled energy storage cabinet, marking a significant step in expanding its presence in the European energy storage market [1][2] Group 1: Certification and Market Entry - The certification from SGS indicates that the company's energy storage products meet the regulatory standards and technical specifications required for the Italian market, which is known for its stringent compliance requirements [1][2] - Italy's energy authority has implemented mandatory regulations since 2020, requiring all medium and low voltage grid-connected devices to comply with CEI 0-16/CEI 0-21 standards, which set rigorous performance and safety criteria [1][2] Group 2: Product Features and Market Strategy - The iCon 125kW/261kWh liquid-cooled energy storage cabinet is designed for commercial scenarios, featuring a highly integrated 4S design that reduces installation time and operational costs by 10% [3] - The product includes a nine-layer safety protection system and is adaptable to various commercial environments, helping users lower energy costs and improve power reliability [3] Group 3: Business Development and Market Trends - The company has made significant progress in its energy storage business, including the delivery of a 2MW/10MWh energy storage project in Japan and securing a contract for 100 units in the Belgian market [3] - The energy storage industry is entering a growth phase, driven by strong demand in sectors such as power, storage, and consumer electronics, leading to improved supply-demand dynamics [3][4] Group 4: Industry Position and Integration - As a leading supplier in the global photovoltaic manufacturing industry, the company has an annual production capacity of 40GW and is focused on integrating its supply chain to enhance competitiveness [4] - The company emphasizes collaboration with supply chain partners and customers to strengthen its market position and improve supply chain stability [4][5] Group 5: Research and Development Focus - The company is increasing its R&D investments in energy density, system efficiency, cost control, and safety performance, aiming to build a comprehensive competitive advantage in the energy storage sector [5] - The strategy includes optimizing product structure to create an integrated "photovoltaic + storage" industry chain, enhancing customer service capabilities and economic efficiency [5]

Core Viewpoint - Dongfang Risen's stock price has shown volatility, with a year-to-date decline of 9.85% and a recent 5-day drop of 8.16%, indicating potential challenges in the market [1] Group 1: Company Overview - Dongfang Risen New Energy Co., Ltd. is located in Ningbo, Zhejiang Province, and was established on December 2, 2002, with its listing date on September 2, 2010 [2] - The company's main business includes the sales and production of solar cell modules, EVA films, solar cells, and solar systems, as well as investment, construction, and operation of solar power plants [2] - Revenue composition includes: solar cells and modules (51.12%), solar power plant EPC and transfer (35.49%), energy storage systems and auxiliary products (6.39%), solar power plant electricity revenue (3.90%), and others (3.10%) [2] Group 2: Financial Performance - For the period from January to September 2025, Dongfang Risen reported operating revenue of 10.467 billion yuan, a year-on-year decrease of 29.76%, while the net profit attributable to shareholders was -933 million yuan, reflecting a year-on-year increase of 40.16% [2] - The company has distributed a total of 1.243 billion yuan in dividends since its A-share listing, with 454 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Dongfang Risen was 76,200, a decrease of 2.60% from the previous period, with an average of 12,164 circulating shares per person, an increase of 2.66% [2] - The top ten circulating shareholders include various funds, with HSBC Jintrust Low Carbon Pioneer Stock A being the third-largest shareholder, holding 22.7236 million shares, a decrease of 264,800 shares from the previous period [3]

Core Viewpoint - Dongfang Risen is accelerating its energy storage business to find new growth opportunities amid a decline in its photovoltaic (PV) business, as evidenced by its recent achievements and partnerships in the energy storage sector [1][12]. Group 1: Company Background and Historical Performance - Dongfang Risen, established in December 2002, is one of the earliest companies in China's solar energy sector, transitioning from solar lighting to solar cells and modules, becoming a leading PV module manufacturer [1][4]. - The company has faced challenges, including significant losses in 2012 due to anti-dumping measures in Europe and a strategic pivot towards PV project development, which helped boost its module shipments [4][6]. - After a shift in focus to heterojunction technology (HJT) in 2018, Dongfang Risen struggled to capitalize on the TOPCon technology boom, leading to a decline in its global module shipment ranking [1][5][9]. Group 2: Financial Performance and Challenges - Dongfang Risen's financial performance has been under pressure, with net losses reported in 2020 and 2021, while competitors like Longi Green Energy achieved substantial profits [6][7]. - The company's total liabilities surged from 10.4 billion to 25.5 billion, with a debt-to-asset ratio increasing to approximately 71% [11]. - Despite some recovery in 2022 and 2023, the company faced another round of losses in 2024, marking seven consecutive quarters of losses totaling 4.369 billion [9][10]. Group 3: Energy Storage Business Development - Dongfang Risen has made significant strides in the energy storage sector, launching a comprehensive product matrix that includes large-scale, commercial, and residential storage solutions [12][14]. - The company ranked 8th globally in direct current energy storage system shipments and 4th in user-side storage systems in 2023, with a notable increase in shipments in the first half of 2025 [12][14]. - The energy storage segment has shown promising growth, with a gross margin of 22.15% in 2024, making it the second most profitable business after PV electricity sales [14]. Group 4: Future Outlook and Opportunities - The global energy storage market is experiencing rapid growth, with a year-on-year increase of 192% in overall shipments in the first half of 2025, presenting a significant opportunity for Dongfang Risen [12][14]. - The company has secured multiple international contracts, indicating a strong demand for its energy storage solutions and the potential for further expansion in this sector [13][14]. - To capitalize on the growing energy storage market, Dongfang Risen must accelerate its efforts to establish this segment as a core business, which could significantly improve its financial standing [14].