（编辑 王雪儿） 证券日报网讯 华宝新能8月27日在互动平台回答投资者提问时表示，公司深化消费级全场景光伏储能解 决方案品牌战略，以产品创新迭代为核心驱动力，推动核心市场市占率大幅提升与新兴市场实现突破。 2025年上半年，北美市场营收同比增长42.86%，亚洲市场（不含中国）同比增长31.92%，欧洲市场同 比增长106.42%。为强化全球市场渗透，公司持续构建"官网独立站+第三方电商平台+线下零售"三位一 体的全球渠道网络，业务已覆盖50多个国家和地区。展望三季度，叠加三、四季度消费旺季的行业特 性，公司业绩具备一定增长支撑。从近期市场表现看，7月亚马逊"Prime Day"大促中，Jackery 品牌产品 表现亮眼：美国市场户外电源品类市占率位居第一，销量同比增长173%；日本市场斩获工具大类与电 源小类双类目榜首，销售额同比翻倍；欧洲市场销量同比大幅增长150%，其中英国站在电源类目排名 中位列第一，为三季度业绩奠定坚实基础。 ...

来源：新浪证券-红岸工作室 5、根据2024年年报，公司海外营收占比为95.09%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 8月27日，华宝新能涨8.43%，成交额6.17亿元，换手率19.74%，总市值113.75亿元。 异动分析 钠离子电池+BC电池+锂电池概念+储能+人民币贬值受益 1、2023年7月11日互动易：公司与中比新能源达成战略合作，将依托双方的行业技术优势，共同开发钠 离子电池，探索钠离子电池在终端产品的应用。 2、2023年9月8日互动易：公司便携太阳能产品均使用BC类电池，目前采用全球最先进的IBC电池技 术，拥有行业领先的高达25%的转换效率。 3、公司主要从事锂电池储能类产品及其配套产品的研发、 生产及销售， 属于锂电池储能行业。 4、自2011年成立以来，公司一直聚焦于锂电池储能领域。在设立之初，公司以充电宝的ODM业务为 主，随着业务的持续发展，公司在锂电池电源管理、工业设计、结构设计等方面的技术积累不断加深， 并积累了松下、LG化学、比克电池、安富利等高质量的供应商资源，拓展了包括特斯拉、宝马、超霸 电池、 ...

Core Viewpoint - The company is committed to implementing a consumer-level all-scenario solution brand strategy, focusing on continuous high investment in photovoltaic and energy storage products to drive technological transformation [2] Group 1: Product Development and Innovation - In the first half of 2025, the company plans to launch innovative products such as the new generation DIY balcony energy storage system Jackery HomePower 2000 Ultra and the fast-charging outdoor power supply 3000 Pro 2, catering to diverse scenarios including home backup, self-consumption, and outdoor leisure [2] - The company has significantly enhanced its research and development capabilities, which are crucial for product upgrades and brand promotion [2] Group 2: Revenue Growth and Market Position - The Solar Generator outdoor power supply category has shown remarkable growth, with revenue increasing by over 60% year-on-year in the first half of 2025, accounting for more than 50% of total revenue [2] - This category has become a core growth driver for the company's business, indicating a strong market position and consumer demand for green energy solutions [2]

Core Viewpoint - The global demand for green energy is driving rapid expansion in the portable and home energy storage markets, with Huabao New Energy (301327.SZ) emerging as a leading player in this sector, evidenced by its strong stock performance and impressive financial results [1][3]. Market Overview - The global portable energy storage market is projected to grow from $4.69 billion in 2025 to approximately $6.61 billion by 2034, reflecting a compound annual growth rate [1]. - Huabao New Energy's stock has increased by 20.92% over the past six months and 29.51% in the last three months, outperforming the CSI 300 index during the same period [1]. Financial Performance - In the first half of 2025, Huabao New Energy reported revenue of 1.637 billion yuan, a year-on-year increase of 43.32%, marking a record high for the first half of the year [3]. - The company's net profit attributable to shareholders reached 123 million yuan, also showing significant growth [3]. Growth Drivers 1. **Focus on Consumer-Level Solar Storage** - Huabao New Energy is concentrating on the consumer-level solar storage market, providing comprehensive green energy solutions for various scenarios, including home backup power and outdoor leisure [3]. - Revenue from the Solar Generator product line grew by over 60% year-on-year, accounting for more than 50% of total revenue [3]. 2. **M2C Direct Sales Model** - The company employs a direct-to-consumer (M2C) sales model, bypassing intermediaries and establishing a global channel network through its independent website, third-party e-commerce platforms, and offline retail [3]. - In the first half of 2025, revenue from the independent website increased by 55.25%, and offline retail revenue grew by 45.85% [3]. 3. **International Expansion** - Huabao New Energy's overseas business experienced significant growth, with revenues in Europe, North America, and Asia (excluding China) increasing by 106.42%, 42.86%, and 31.92% respectively [3]. R&D and Innovation - The company has accumulated 1,939 patents, including 661 solar-related patents, reflecting a year-on-year growth of 49.89% [4]. - Huabao New Energy has received 110 international industrial design awards, showcasing its commitment to innovation and product development [4]. - The company has launched new products, including the Jackery HomePower 2000 Ultra and 3000 Pro2, which have passed multiple international safety certifications [4]. Operational Efficiency - Huabao New Energy is enhancing its digital operations and channel management, utilizing AI tools to improve advertising efficiency and optimize expense ratios [5]. - The sales expense ratio decreased year-on-year in the first half of 2025, indicating improved operational efficiency [5]. Conclusion - Huabao New Energy's growth strategy is clear: focusing on consumer-level solar storage, leveraging a direct sales model for global expansion, and reinforcing its long-term competitive edge through substantial R&D investments [5].

Core Viewpoint - The global demand for green energy is driving rapid expansion in the portable and home energy storage markets, with significant growth opportunities for companies like Huabao New Energy, which has demonstrated strong market performance and financial results [1][3]. Industry Overview - The global portable energy storage market is projected to grow from $4.69 billion in 2025 to approximately $6.61 billion by 2034, with a compound annual growth rate (CAGR) of 3.9%. The home energy storage installation capacity is expected to see a nearly 15% CAGR over the next three years [1]. - The green energy wave has created a large storage market, attracting numerous global players, but only a few companies are successfully converting demand into growth [1]. Company Performance - Huabao New Energy's stock price has increased by 20.92% over the past six months and by 29.51% in the last three months, significantly outperforming the CSI 300 Index, showcasing its Alpha attributes [1]. - In the first half of 2025, the company achieved revenue of 1.637 billion yuan, a year-on-year increase of 43.32%, and a net profit attributable to shareholders of 123 million yuan, up 68.31% [3]. Growth Drivers 1. **Focus on Consumer-Level Solar Storage**: - Huabao New Energy targets the consumer-level solar storage market, providing comprehensive green solutions for various scenarios, including home backup power and outdoor leisure [3][4]. - The company has established a leading position in the global consumer solar storage sector, with products sold in over 50 countries and regions, totaling nearly 6 million units [3]. 2. **M2C Direct Sales Model**: - The company employs a direct-to-consumer (M2C) sales model, bypassing intermediaries to create a global channel network that includes brand websites, third-party e-commerce platforms, and offline retail [4][5]. - This model has led to significant revenue growth, with independent site revenue increasing by 55.25% and offline retail revenue by 45.85% in the first half of 2025 [5]. 3. **R&D and Cost Optimization**: - Huabao New Energy maintains high R&D investment, with a total of 1,939 patents, including 661 solar-related patents, reflecting a year-on-year growth of 49.89% [6]. - The company has launched new products and achieved multiple international design awards, reinforcing its technological and design capabilities [6]. Financial Highlights - The revenue from the Solar Generator outdoor power supply category grew by over 60% year-on-year, accounting for more than 50% of the company's total revenue [4]. - The company has formed a product matrix that includes high-end home storage, backup power, and portable series, catering to diverse consumer needs [6]. Future Outlook - The growth logic of Huabao New Energy is clear: focusing on consumer-level solar storage, leveraging M2C direct sales for global expansion, and solidifying long-term barriers through R&D investment [7]. - As global demand for consumer-level solar storage continues to rise, the company's deepening layout in the home storage sector is expected to translate into stable performance growth, making its long-term development prospects promising [7].

1. 聚焦消费级全场景光储，海外业务全线高速增长 不同于多数深耕B端工商业储能的光伏企业，华宝新能聚焦C端消费级光储绿色能源市场，围绕便携储 能、家庭储能与家庭光伏，提供覆盖家庭备电、自发自用、户外休闲等多元场景的全方位绿色解决方 案。依托自研品牌 Jackery电小二、Solar Generator，公司已在全球消费级光储领域建立领先地位。截至 报告期末，公司业务已覆盖50多个国家和地区，产品累计销量近600万台。 这一差异化战略布局优势也在财务端得到印证：2025年上半年，公司Solar Generator 光充户外电源品类 收入同比增长逾60%，收入占比超50%，成为公司业务增长的核心支柱；在7月亚马逊 "Prime Day" 大促 中，Jackery品牌夺得美国户外电源品类市占率第一，销量同比飙升173%，欧洲市场亦实现销量同比大 增150%。多品类、多市场突破为全年业绩释放积蓄了强劲动能。 近年来，全球绿色能源需求不断释放，带动便携储能与家庭储能市场快速扩容。大数跨境预计，全球便 携储能电源市场规模将由2025年的46.9亿美元增至2034年的约66.1亿美元，复合年均增长率为3.9%；全 球家庭储 ...

Group 1 - The company has confirmed that its portable energy storage products can be used in conjunction with solar photovoltaic panels to provide continuous power to smart robots [2] - The company plans to actively explore and develop comprehensive solutions for related application scenarios in the future [2] - The goal is to offer higher quality and more comprehensive services to the market [2]

Group 1 - The lithium battery sector is experiencing a significant upward trend, with notable stock price increases among key companies [1] - Huabao New Energy has seen its stock rise by over 10%, indicating strong market interest [1] - Zhiyu Technology reached a new high, reflecting positive investor sentiment in the sector [1] Group 2 - EVE Energy's stock has increased by over 9%, showcasing its strong performance in the market [1] - Other companies such as Xinwangda and Defu Technology are also experiencing stock price increases, contributing to the overall positive trend in the lithium battery industry [1]

Core Viewpoint - The lithium battery sector is experiencing a significant upward trend, with several companies showing notable stock price increases [1] Company Performance - Huabao New Energy has seen a nearly 10% increase in its stock price [1] - Zhenyu Technology has reached a new high in its stock performance [1] - Yiwei Lithium Energy's stock has risen over 7% [1] - Xinwangda and Defu Technology have also shown upward movement in their stock prices [1]

8月22日晚，华宝新能（301327）披露2025年度中报，在报告期内公司上半年营收16.37亿，同比激增43.32%，净利润1.23亿同比增速达68.31%，利润增速 跑赢营收25个百分点。值得关注的是，海外市场结构化突破――欧洲市场以106.42%的同比增幅成为核心引擎，北美、亚洲(除中国)分别贡献42.86%与 31.92%增长。 这份成绩单背后，是M2C直销模式对传统分销体系的降维打击，是家庭储能场景从备用电源向能源中枢的进化，也是中国技术品牌在全球能源转型中的 战略卡位。当多数企业还在价格战中内卷，华宝新能已用技术创新在绿色能源的万亿赛道上划出一条陡峭的增长曲线。 消费级光伏储能的需求被远远低估 经历过两年的新能源寒冬后，资本市场似乎远远低估了对消费级光伏储能的需求的预判。该行业2024年627亿美元的市场规模较上年增长73%，这一数据 足够引人注目。此外，驱动增长的核心动力也在发生结构性转变。传统认知中，储能市场长期被视为政策导向型领域，然而当前数据显示，消费者自发需 求与技术迭代形成的共振效应，正在重塑市场格局。 欧洲市场极具代表性。2022年能源危机后，德国、法国等国居民电费激增40%以上，直 ...