一、断臂求生，IPO藏取舍 说句实在话，某帮这次IPO最让人意外的操作，就是把自己的核心招牌"某星充电"运营业务给剥离了。 花4.74亿元转给兄弟公司后，它彻底收心，只做充电设备制造、微电网和储能这三件事，再也不是以 前"又卖设备又管运营"的双轨模式了。 2026年开年第一个工作日，充电桩行业就爆出大新闻。某帮数字能源，咱们平时充电常见到的"某星充 电"就是它家的，正式向港交所递交了招股书，要冲刺港股主板。 某根大通、某泰君安国际这些大机构都来站台，看着挺风光，但懂行的都知道，这已经是这家公司第四 次冲击资本市场了，纯属背水一战。 而且它还抱上了大树，和大众、奔驰、保时捷等59家知名车企都有合作，能借着车企的渠道，把充电解 决方案直接卖给买车的消费者，在私人充电市场扎得很稳。 这次IPO募集的钱，主要就是投研发、扩产能和搞海外业务，明显是想在设备这条道上一条路走到黑。 可能有人会问，运营业务就这么没用吗？其实也不是，只是现阶段拖累太大。 充电桩行业产业链很有意思，上游是做材料和设备的，中游是建充电站和运营的，下游是提供服务和解 决方案的，很多企业都想通吃全链条。 为啥非要这么折腾？还不是之前三次冲A股都栽了跟 ...

智慧充电定义及概览 智慧充电通过智慧调度与数位化管理，实现充电网路高效运营及与能源系统的协同优化。以电动车辆充电桩及光储充系统为核心硬件，以充电云平台与智慧 软件模组支撑，智慧充电解决方案提供商赋予用户在充电运营、支付结算、能耗分析及预测性维护等环节的一体化能力。 通过即时资料採集与演算法优化，实现负荷均衡、价格回应及能效提升。智慧充电帮助充电站运营商降低运营成本、提高服务效率，并为电动车辆用户提供 更便捷的充电体验，从而推动交通基础设施向更高智慧化与可再生能源集成的发展。 • 新能源汽车快速普及推动行业扩张 全球新能源汽车渗透率持续攀升，成为智慧充电行业扩张的首要驱动力。全球新能源汽车销量由2020年的约3.2百万辆增长至2024年的约19.0百万辆，複合年 增长率约为56.1%。到2030年，全球新能源汽车销量有望突破44百万辆，使充电基础设施需求迅速增加，全球电动汽车充电桩有望在2030年达约125.5百万 个，为智慧充电提供规模化市场基础。同时，充电功率需求的提升、800V高压平台与兆瓦级超充技术的落地，带来了更複杂的能源调度与安全管理挑战， 进一步催生了对智慧化调度、能源优化和安全管控的系统性需求。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8] Core Views - The company has a solid foundation in UPS and is expected to experience high growth driven by AIDC power and energy storage [5][7] - The data center business is the core foundation, with UPS sales achieving the top position among domestic brands for 24 consecutive years [7][10] - The company is well-positioned to benefit from the AI server and new energy industry boom, with projected revenues of 51.48 billion, 63.82 billion, and 79.65 billion yuan for 2025-2027 [8][10] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 51.48 billion yuan, with a year-on-year growth rate of 23.8% [6] - Net profit attributable to shareholders is expected to reach 7.47 billion yuan in 2025, reflecting a significant year-on-year growth of 89.4% [6] - The company’s earnings per share (EPS) is projected to be 1.28 yuan in 2025, with a price-to-earnings (PE) ratio of 38 [6][8] Business Segments - The company has established a dual growth path with a robust basic plate in UPS and high growth in energy storage [5][7] - The energy storage segment is expected to expand significantly, driven by collaboration with CATL and demand from the SolarEdge ODM channel [7][10] - The company’s product line includes UPS, power modules, energy storage inverters, and charging modules, catering to data centers and new energy sectors [5][19] Market Position and Competitive Advantage - The company has a mature manufacturing system and a long-standing presence in the power electronics industry, with approximately 50% of its market share coming from overseas [5][10] - The company is recognized for its ability to provide ODM solutions to overseas cloud manufacturers and equipment suppliers, enhancing its competitive edge [10][47] - The company has been ranked among the top five UPS suppliers globally for five consecutive years, indicating strong market positioning [47]

苏文电能方面表示，作为公司聚焦电力能源全产业链布局的重要环节，该项目将依托公司电力设计、设 备制造、总包集成、智能运维及软件研发五大核心能力，拓展充换电领域业务，与电气设备业务形成协 同，优化盈利结构并强化"电能侠"品牌价值。 行业发展前景广阔 12月23日，苏文电能（300982）科技股份有限公司（以下简称"苏文电能"）发布公告称，公司拟对2022 年定向增发募集资金的用途进行重大调整，将原募投"电力电子设备及储能技术研发中心建设项 目"及"智能电气设备生产基地建设项目"尚未使用的6.87亿元募集资金，全部转向"光储充一体站建设运 维项目"。 盘古智库（北京）信息咨询有限公司高级研究员余丰慧对《证券日报》记者表示："本次募集资金用途 的变更，本质上是苏文电能对行业趋势变化的及时响应与战略聚焦。在传统电气设备市场增长放缓的背 景下，公司果断调整募资方向，既避免了资金闲置导致的效益损耗，也通过战略'换道'规避了原项目面 临的市场不确定性，体现了企业灵活的经营决策能力，为后续业务转型奠定了基础。" 拟加码布局新能源业务 公告显示，苏文电能2022年定向增发募集资金总额扣除相关费用后净额为13.66亿元。截至202 ...

12月22日，苏文电能科技股份有限公司（证券代码：300982，简称"苏文电能"）发布第三届董事会第十 五次会议决议公告，宣布拟对2022年定向发行股票募集资金的投资项目进行调整。公司计划将原投 向"智能电气设备生产基地建设项目"和"电力电子设备及储能技术研发中心建设项目"的68,684.38万元未 使用募集资金，变更用于"光储充一体站建设运维项目"。该议案尚需提交公司2026年第一次临时股东会 审议。 募集资金调整背景：原项目收益预期承压 公告显示，本次董事会于2025年12月22日以现场结合通讯方式召开，应出席董事7名，实际出席7名，会 议由董事长施小波主持。针对募集资金变更事项，董事会指出，原募投项目规划时基于智能电气设备、 储能技术产品市场需求旺盛的行业趋势，但在项目执行过程中，受宏观经济环境变化、行业周期性波动 及市场竞争格局调整等多重因素影响，相关产品市场需求增速放缓，若继续按原计划投入，可能无法达 到预期投资收益。 为优化资源配置、提高募集资金使用效率，公司决定减少上述两个原项目的投资总额，并将尚未使用的 68,684.38万元募集资金（约合6.87亿元）转向"光储充一体站建设运维项目"。董事会 ...

业务板块重新整合 雷诺方面表示，作为重组计划的一部分，该公司将把能源与数据业务重新整合至雷诺集团主体，并称，"其他盈利前景有限或与雷诺集团 战略重点无直接关联的业务，均在关停之列。"其中提及的关停业务包括意大利米兰、西班牙马德里两座城市的Zity汽车共享项目，以及微型 电动车Duo项目。 此次业务调整将削减Mobilize"汽车部门之外"的事业部约80个岗位。目前，Mobilize约有450名员工。雷诺的一位发言人称，本次裁员将优 先采用自愿离职和内部转岗的方式推进。 Mobilize由雷诺前首席执行官卢卡·德·梅奥（Luca de Meo）于2021年创立，初衷是探索传统整车制造与销售业务之外的新型出行方案，业 务范畴涵盖汽车共享、电动汽车充电服务及用户数据管理。 但是，2025年7月底接任雷诺首席执行官的福兰（Franois Provost）在完成业务评估后作出决定，在当前资本配置趋紧、行业面临多重挑战 的背景下，对快充基础设施的大规模投资已不再是该公司优先事项。 近日，据路透社报道，法国汽车制造商雷诺正关停旗下出行服务部门Mobilize的汽车共享业务，并放缓快充站建设步伐。此举旨在 将投资转向盈利能力 ...

中国南方电网广东广州供电局与广州市政府11日联合发布《广州市车网互动实践与探索白皮书》(简 称：《白皮书》)，当中显示，该市充电桩数量突破25万台，已构建"车—桩—网—云"深度融合的智能 调度体系。 数据显示，广州新能源汽车保有量已超125万辆，全市充电桩数量突破25万台，公共充换电站达4400 座，充电运营商超400家，建成中国领先的充电基础设施网络。 根据《白皮书》，广州在技术路径上，构建"车—桩—网—云"深度融合的智能调度体系，实现动态监测 与调控。 2025年广州在车网互动试点实现多项"首创"。其中，中国首个居民V2G(车网互动)试点项目在广州市荔 湾区落地，完成"报装—并网—计量—结算"全流程闭环，车主通过低谷充电、高峰放电可获得峰谷电价 差收益，部分车主月均收益超2000元(人民币，下同)。中国最大规模的V2G项目"广汽埃安园区V2G示范 站"也在广州成功投产并网。 车网互动规模化应用的成效开始凸显。2025年广州启动城市级车网互动灵活响应活动，组织138家充换 电运营商，覆盖1003座充换电站、10172个充电桩。若按10%新能源汽车参与车网互动计算，广州日均 可调节电量达330万千瓦时，相当于 ...

Core Insights - The article discusses the successful integration of ADS-TEC Energy's fast charging technology into Austria's grid balancing services market, highlighting its potential for replication in other regions [1][4] - The ChargePost charging stations are designed to provide multiple revenue streams, including electric vehicle charging services, ancillary service income, and advertising revenue [2][4] Group 1: Project and Technology Overview - ADS-TEC Energy's ChargePost fast charging stations have been approved to participate in the grid balancing services market in Austria, specifically through Salzburg AG's virtual power plant [1] - The charging stations will work alongside other assets, such as small hydropower systems, to provide both upward and downward reserve capacity [1] - The site selection for the charging stations is determined through AI-based retrospective analysis to assess potential investment returns [1] Group 2: Business Developments and Financial Performance - ADS-TEC Energy has secured electric vehicle supercharging orders in Germany and Belgium, and has entered the Austrian market, with plans for a 1GW/2GWh fixed storage project in southern Germany expected to generate over €230 million (approximately $268 million) annually [4] - The company reported revenues of €14.6 million for the first half of 2025, with service revenue reaching €4.6 million, nearly doubling from €1.6 million in the same period of 2024 [4][5] - Despite a gross loss of €6.7 million in the reporting period, the company has shown significant improvement compared to a loss of €15.7 million in the first half of 2024 [5]

Core Viewpoint - The company has established a foundation in integrated solar energy storage and charging projects since around 2016, demonstrating its technical and construction capabilities [1] Group 1: Company Developments - The company has successfully implemented a 20 megawatt solar and energy storage project in collaboration with State Power Investment Corporation in Zhejiang, which has already been connected to the grid in 2022 [1] - Currently, the company's focus in the new energy sector is primarily on the domestic market [1]

Industry Overview - Charging and swapping equipment is essential for providing power to electric vehicles, encompassing core charging devices and auxiliary maintenance facilities, serving as a critical link between new energy vehicles and the power system [2][5] - The industry is entering a phase of "quantity and quality improvement" driven by robust demand for charging infrastructure and supportive national policies [1][5] Market Size and Growth - By October 2025, the total number of charging infrastructure units in China is expected to reach 18.645 million, with 5,036 battery swapping stations [1][6] - The market size of the charging and swapping equipment industry is projected to reach 35.6 billion yuan in 2024, with a year-on-year growth of 12% [11] Policy Support - A series of national policies have been implemented to support the development of charging infrastructure, including guidelines for integrating electric vehicles with the power grid and promoting large-scale applications of vehicle-grid interaction [5][6] Industry Chain - The industry chain consists of upstream core components and raw material suppliers, midstream equipment manufacturers, and downstream charging service operators [6][8] Regional Distribution - The distribution of public charging facilities shows a concentration in key provinces such as Guangdong, Zhejiang, and Jiangsu, which account for 66.1% of the total [8][9] Competitive Landscape - The market is characterized by high concentration, with the top 15 charging operators holding 83.8% of the market share, led by companies like TELD and Star Charge [9][10] Technological Advancements - The industry is experiencing a shift towards high-voltage and liquid-cooled charging technologies, with 800V platforms becoming more common [11][12] - The standardization and automation of battery swapping equipment are accelerating, reducing swapping times to 3-5 minutes [11] Future Trends - The industry is expected to focus on technological innovation, ecological collaboration, and optimized layout, with a shift towards high-quality development [12][14] - The charging network will aim for comprehensive coverage, balancing urban and rural infrastructure to meet diverse energy needs [15][16]