Core Viewpoint - Shihang New Energy's stock performance shows a slight increase of 1.17% on November 27, with a trading volume of 64.37 million yuan, indicating investor interest despite a net financing outflow [1] Financing Summary - On November 27, Shihang New Energy had a financing buy-in amount of 5.23 million yuan and a financing repayment of 7.06 million yuan, resulting in a net financing outflow of 1.83 million yuan [1] - As of November 27, the total financing and securities lending balance for Shihang New Energy is 80.75 million yuan, which accounts for 6.68% of its market capitalization [1] - The company had no securities lending activity on November 27, with zero shares sold or repaid, and a remaining balance of zero [1] Business Overview - Shihang New Energy, established on June 7, 2013, and listed on April 2, 2025, is located in Bao'an District, Shenzhen, Guangdong Province [1] - The company specializes in the research, production, sales, and service of renewable energy power equipment, focusing on solar energy conversion, storage, and management [1] - The revenue composition of Shihang New Energy includes: grid-connected inverters (57.98%), storage batteries (23.11%), storage inverters (13.72%), accessories and others (4.85%), and other supplementary sources (0.34%) [1] Financial Performance - As of September 30, 2025, Shihang New Energy reported a total revenue of 1.746 billion yuan and a net profit attributable to shareholders of 114 million yuan, reflecting a year-on-year decrease of 47.57% [2] - The number of shareholders decreased by 9.62% to 20,700, while the average circulating shares per person increased by 10.65% to 1,873 shares [2] - Since its A-share listing, the company has distributed a total of 51.96 million yuan in dividends [2] Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the largest circulating shareholder of Shihang New Energy, holding 614,800 shares, an increase of 275,400 shares from the previous period [2]

Core Insights - The report indicates a mixed performance in the photovoltaic (PV) component production and pricing, with potential for recovery in profits if prices rebound [1][2][3] Production Summary - PV Component Production: As of November 2025, domestic PV component production is expected to be below 44.5 GW, with leading companies showing slight increases while most others are reducing output to clear inventory [1] - Battery Production: In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [1] Pricing Summary - PV Pricing: As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [1] - Energy Storage Pricing: In October 2025, the average bid price for lithium iron phosphate battery storage systems is 0.5547 CNY/Wh, reflecting a month-on-month increase of 10% [1] Demand Summary - Export Performance: In October 2025, the export value of PV components was approximately $2.258 billion, showing a year-on-year increase of 4.39% but a month-on-month decline of 19.34% [2] - Domestic Installation: In September 2025, the domestic PV installation capacity was 9.7 GW, a month-on-month increase of 31.3% but a year-on-year decrease of 53.8% [2] Investment Recommendations - The report suggests focusing on energy storage-related companies due to the significant year-on-year growth in storage project tenders, recommending companies such as Sungrow Power Supply (300274.SZ) and Nandu Power (300068.SZ) [3]

Investment Rating - The industry is rated as "Outperform" compared to the market [2][37]. Core Insights - The report highlights strong demand for energy storage and power batteries, with a notable recovery in raw material and cell prices [2][5]. - The photovoltaic (PV) component production is expected to be below 44.5 GW in November 2025, with potential for profit recovery leading to increased production [5][9]. - The report suggests focusing on energy storage-related companies due to significant growth in tender capacity for energy storage projects [2][21]. Summary by Sections Production - PV component production has been stable since the second half of 2025, with leading companies slightly increasing production while most others are reducing to clear inventory [5]. - In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [5][9]. Prices - As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [9][16]. - The average price for lithium iron phosphate battery storage systems is reported at 0.5547 CNY/Wh, with a month-on-month increase of 10% [16][21]. Domestic Demand - In September 2025, the domestic PV installation capacity increased by 31.3% month-on-month to 9.7 GW, but saw a year-on-year decline of 53.8% [20][21]. - The cumulative new PV installation from January to September 2025 reached 240.27 GW, representing a year-on-year growth of 49.3% [20]. Overseas Demand - In October 2025, the export value of PV components was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [26][27]. - The cumulative export value from January to October 2025 reached 23.473 billion USD, a year-on-year decrease of 4.89% [26].

Core Viewpoint - Shihang New Energy has experienced a significant decline in stock price this year, with a drop of 28.59% year-to-date and 14.33% over the past five trading days, indicating potential challenges in the market [1][2]. Company Overview - Shihang New Energy, established on June 7, 2013, is located in Bao'an District, Shenzhen, Guangdong Province. The company specializes in the research, production, sales, and service of new energy power equipment, focusing on solar power conversion, storage, and management [2]. - The company's core products include photovoltaic grid-connected inverters (57.98% of revenue), storage batteries (23.11%), storage inverters (13.72%), and other components (4.85%) [2]. Financial Performance - For the period from January to September 2025, Shihang New Energy reported a revenue of 1.746 billion yuan and a net profit attributable to shareholders of 114 million yuan, reflecting a year-on-year decrease of 47.57% [2]. - The company has distributed a total of 51.9588 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shihang New Energy was 20,700, a decrease of 9.62% from the previous period, with an average of 1,873 circulating shares per shareholder, an increase of 10.65% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 614,800 shares, which increased by 275,400 shares compared to the previous period [3]. Market Activity - On November 24, Shihang New Energy's stock price rose by 2.01% to 28.94 yuan per share, with a trading volume of 32.1382 million yuan and a turnover rate of 2.72% [1]. - The stock has appeared on the daily trading leaderboard nine times this year, with the most recent occurrence on September 5, where it recorded a net purchase of 23.5987 million yuan [1].

Core Viewpoint - The stock of Shihang New Energy has experienced a significant decline in 2023, with a year-to-date drop of 26.46% and a recent 5-day drop of 14.24% [1] Company Overview - Shihang New Energy Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on June 7, 2013. The company focuses on the research, production, sales, and service of new energy power equipment, particularly in solar energy conversion, storage, and management [2] - The company's main business revenue composition includes: grid-connected inverters (57.98%), energy storage batteries (23.11%), energy storage inverters (13.72%), accessories and others (4.85%), and other (0.34%) [2] - As of September 30, 2025, the number of shareholders is 20,700, a decrease of 9.62% from the previous period, with an average of 1,873 circulating shares per person, an increase of 10.65% [2] Financial Performance - For the period from January to September 2025, Shihang New Energy achieved operating revenue of 1.746 billion yuan and a net profit attributable to the parent company of 114 million yuan, representing a year-on-year decrease of 47.57% [2] - The company has distributed a total of 51.9588 million yuan in dividends since its A-share listing [3] Shareholding Structure - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 614,800 shares, an increase of 275,400 shares from the previous period [3] Market Activity - On November 21, the stock price of Shihang New Energy fell by 2.07%, trading at 29.80 yuan per share, with a total market capitalization of 12.289 billion yuan [1] - The stock has appeared on the daily trading list (龙虎榜) nine times this year, with the most recent occurrence on September 5, where it recorded a net purchase of 23.5987 million yuan [1]

Core Viewpoint - The company, Shouhang New Energy, announced the approval of a proposal to provide guarantees for its subsidiary during the 16th meeting of the second board of directors held on November 20, 2025 [2] Group 1 - The board meeting took place on November 20, 2025 [2] - The proposal approved involves the company providing guarantees for its subsidiary [2]

（文章来源：证券日报） 证券日报网讯 11月20日晚间，首航新能发布公告称，公司于2025年11月20日召开第二届董事会第十六 次会议和第二届监事会第九次会议，分别审议通过了《关于调整首航储能系统建设项目的议案》，同意 公司对"首航储能系统建设项目"的投资总额、实施内容和实施进度进行调整。 ...

Core Viewpoint - Shenzhen Shihang New Energy Co., Ltd. announced on November 21, 2025, its intention to amend the Articles of Association to enhance corporate governance, improve decision-making efficiency, and comply with the latest legal requirements [1][9]. Summary by Sections Background of the Revision - The amendment is in response to the latest legal regulations and the need for governance upgrades, including the establishment of employee representative directors and adjustments to the supervisory mechanism [2]. Key Points of the Revision - **General Provisions**: The revised Articles include new clauses to protect employee rights and clarify the responsibilities of the legal representative, emphasizing the importance of employee interests and ensuring continuity in governance [3]. - **Governance Structure Adjustments**: The company will eliminate the supervisory board, transferring its oversight functions to an audit committee composed of three directors, with a majority being independent directors. Additionally, an employee representative director will be added to the board [4]. - **Shareholder Meeting Authority Optimization**: The term "Shareholders' Meeting" will be standardized, and the decision-making process for significant matters such as external guarantees and financial assistance will be regulated, ensuring that major decisions require shareholder approval [5]. - **Strengthening Shareholder Rights and Controlling Shareholder Obligations**: The revised Articles expand shareholders' rights to access financial records and impose strict obligations on controlling shareholders to prevent misuse of company resources [6]. - **Profit Distribution Policy**: The company will implement a differentiated cash dividend policy, ensuring that cash dividends are no less than 10% of the distributable profits each year, with specific ratios based on the company's development stage [8]. Significance of the Revision - The amendments align with the latest legal and regulatory requirements, aiming to enhance governance standards, strengthen oversight mechanisms, and protect the rights of shareholders, employees, and creditors, thereby laying a foundation for the company's long-term stable development [9].

Group 1 - Company announced that its wholly-owned subsidiary, SOFARSOLAR GmbH, plans to sign a sales agreement with PVNapenergia Kft, with a guarantee amount not exceeding €1.8 million (approximately ¥15 million) [1] - The total amount of guarantees provided by the company and its subsidiaries will be approximately ¥1.18 billion, accounting for 44.5% of the company's audited net assets as of December 31, 2024 [1] - For the first half of 2025, the company's revenue composition is 99.66% from the photovoltaic industry and 0.34% from other businesses [1] Group 2 - The company's market capitalization is currently ¥12.5 billion [2]

此次调整是基于市场环境变化及公司实际情况的审慎评估，旨在提升资源使用效率和有效控制投资风 险。 2025年前三季度，首航新能实现收入17.46亿元，归母净利润1.14亿元。 11月20日，首航新能（301658）发布公告，公司对"首航储能系统建设项目"的投资总额、实施内容和实 施进度进行了调整。项目的投资总额由21.01亿元调整为12.1亿元，项目建设周期由24个月调整至40个 月。 投资构成调整详情如下表所示： 根据调整后的投资总额，项目将调整原规划产能，增加工商业储能和集中式储能等储能系统产能，并将 按规定履行必要的项目备案程序。 ...