Core Viewpoint - The article highlights the strategic partnership between EVE Energy and Polish company CommVOLT, focusing on a 500MWh energy storage collaboration aimed at enhancing grid stability and renewable energy integration in Central and Eastern Europe [1][2]. Group 1: Strategic Partnership - EVE Energy signed a strategic cooperation agreement with CommVOLT during the 2025 International Solar and Energy Storage Exhibition in the UK, focusing on a total capacity of 500MWh for energy storage products [1][2]. - The collaboration targets commercial and industrial energy storage, covering both grid-side and user-side scenarios, with plans to establish benchmark projects in Central and Eastern Europe [2][4]. Group 2: Product Development - EVE Energy showcased its mass-produced 628Ah energy storage cell and the integrated 5MWh direct current storage system "Mr.Giant," which has been deployed in a 400MWh independent storage project [3]. - The "Mr.Big" cell is designed to meet the growing demand for grid-side energy storage in Europe, optimizing integration and reducing heat generation while lowering the Levelized Cost of Storage (LCOS) [3]. Group 3: Market Focus - The partnership aims to deepen engagement in the Central and Eastern European commercial and industrial market, optimizing products based on local needs to enhance grid stability and energy absorption capacity [4]. - EVE Energy also presented a range of energy storage products suitable for various European scenarios, including grid-side, commercial, communication, and residential storage systems, addressing local demands for energy security, cost control, and efficiency [4].

2025年，工商业储能正从峰谷价差套利模式的单一维度迈向"虚拟电厂+多元服务"的生态化竞争。 日前，由珠海派诺科技助力的索菲亚家居2.15MW/4.18MWh工商业储能电站已接入广州市虚拟电厂，项目预计每年通过储能调节 可实现18万元以上的额外 收益 。 | 《2025电力市场与数智化储能调研报告》 | 电力交易、技术融合、虚拟电厂与商业创新 | | --- | --- | | 出品方: 因 行家说储能 | 鸣谢:以下参编单位的特别贡献(#名不分先后) | | UHES | HTHIUM | | PIDT 派若科技 | | | 调研止式启动,欢迎参编 | 扫码了解 | ▋ 首个接入广州市虚拟电厂项目，年放电量超220万度 该项目是广州市增城区第一个10kV并网的工商业储能项目，派诺科技为其提供 "投资-建设-运营" 一站式服务。 项目分两期建设，采用派诺科技自研的 418kWh分布式储能系统等设备。 向下滑动查看所有内容 图为派诺科技-索菲亚家居工商业储能电站项目图 值得注意的是，该项目以派诺虚拟电厂运营管理平台为核心，依托物联网控制技术，结合削峰填谷的基础运营策略，可参与到广州市虚拟电厂调节，储能电 站年放 ...

Core Viewpoint - YN Technology (688348) has shown a significant stock price increase of 13.73% this week, closing at 55.82 yuan, with a total market capitalization of 8.723 billion yuan, ranking 38th in the photovoltaic equipment sector [1] Group 1: Business Performance - The company's commercial energy storage business is primarily focused on the domestic market, with recent breakthroughs in overseas markets, achieving sales in Germany and Slovakia, and upcoming sales in Ukraine, although overseas revenue accounts for less than 5% [1][3] - The company is expected to steadily advance its distributed photovoltaic power station business in the second half of 2025, with several benchmark projects set to be launched [2][3] Group 2: Market Outlook - The potential cancellation of household photovoltaic subsidies in the U.S. due to the OBBB Act may suppress market demand; however, the company's cost advantages will be amplified in a low or zero-subsidy environment, allowing for greater flexibility and resilience in the U.S. market [1][3] - If domestic regulations shift to make safety shutdown features for photovoltaic components mandatory, the market for rapid shutdown devices will have significant growth potential [2][3] Group 3: Strategic Initiatives - The company is open to evaluating potential mergers and acquisitions that align with its strategic goals and can produce industrial synergies and economic benefits [2] - The company has already implemented its micro-inverter technology at Sinopec's Zhenhai Refinery and plans to promote its use in other Sinopec facilities as part of the "Ten Thousand Stations Solar" initiative [2][3]

文 | 中关村储能产业技术联盟 近日，由新源智储承接的北京房山铁塔基站应急备电项目正式投入运行。该项目是新源智储在北 京市建成的首批准超级基站，可实现72小时应急备电支持。 通信基站作为无线通信网络的核心设施，在极端天气条件下易发生通信中断。新源智储基于铁塔 联通、移动、电信基站的能耗特点，联合中国铁塔北京分公司在房山区规模化部署工商业储能一 体机。 ESIE 2026 储能产业发展的风向标 项目共覆盖117座基站，11个山区乡镇、119个行政村及12个自然村，惠及人口超15万，共计 接入138台125千瓦/261千瓦时"智储·银河"超分子全浸没工商业储能一体机。 据悉， "智储·银河"超分子全浸没工商业储能一体机 已通过GB/T36276、应急管理部天消所及 国网电科院的严苛安全认证测试，广泛适用于工业园区、光储充电站、交通隧道及数据中心等多 种 应用场景。 在今年房山区连续遭遇强降雨侵袭期间，设备持续稳定运行，成功保障15个站点通讯设备不断 电、不失联，惠及超1万山区居民，赢得北京市委市政府高度认可，被赞誉为通信备电的"房山模 式"。 本次规模化应用，不仅标志着新源智储在通信领域的关键突破，也为国内通信应 ...

Core Viewpoint - The new energy storage market in China is experiencing a decline in installed capacity, with significant year-on-year and month-on-month reductions in new projects, primarily influenced by the "rush to install" new energy systems since 2025 [2][4]. Group 1: New Installed Capacity - In July 2025, the newly installed capacity of new energy storage projects reached 3.24 GW/8.79 GWh, representing a year-on-year decrease of 35% and 26%, respectively, and a month-on-month decrease of 28% and 23% [2]. - The user-side new energy storage projects added 252.3 MW/529.7 MWh in July, showing a year-on-year increase of 9% but a month-on-month decrease of 41% and 49% [4][5]. Group 2: User-side Storage Characteristics - The commercial and industrial sectors dominate the user-side storage market, with new installations of 205.4 MW/435.7 MWh in July, reflecting a year-on-year decrease of 3% and 11% [5][6]. - All newly operational projects utilize electrochemical storage technology, with lithium iron phosphate battery technology accounting for nearly 100% of the installed capacity [6]. Group 3: Regional Market Dynamics - The newly installed projects are primarily concentrated in 15 provinces, with the East China region (including Zhejiang, Jiangsu, and Shandong) holding nearly half of the market share in terms of project numbers [9]. - Sichuan leads in installed capacity, accounting for nearly 30% of the total, while Jiangsu ranks second in the East China region [9]. - The user-side storage market has seen a decline in investment enthusiasm, with a 35% year-on-year decrease in newly registered user-side storage projects in July [11].

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company achieved a revenue of 5.535 billion yuan in H1 2025, representing a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [1][5]. - In Q2 2025, the company reported a revenue of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.70%, with a net profit of 817 million yuan, reflecting a year-on-year growth of 1.72% and a quarter-on-quarter growth of 15.74% [1][5]. - The company's commercial energy storage products have seen significant sales growth, with a total of 763,800 inverters sold in H1 2025, including 272,700 household storage units and 42,900 commercial storage units [1]. - The company has launched new products in the energy storage sector, expanding its power range and introducing a modular design for its storage solutions, enhancing flexibility and scalability [1][2]. Financial Performance Summary - The company’s battery pack product revenue reached 1.422 billion yuan in H1 2025, marking an impressive year-on-year growth of 85.80% [2]. - The company has announced an employee stock ownership plan, aiming to bind core talent and boost future development confidence, with a target of achieving a net profit of no less than 3.1 billion yuan by 2025 [2]. - The profit forecasts for 2025-2027 have been adjusted to 3.612 billion yuan, 4.266 billion yuan, and 5.003 billion yuan respectively, with year-on-year growth rates of 22.0%, 18.1%, and 17.3% [2][3].

Core Viewpoint - The article highlights the significant growth in the commercial energy storage sector, with multiple companies winning bids for various projects, indicating a robust market demand and competitive landscape [2][9]. Group 1: Project Bids and Winners - Three companies have recently announced winning bids for commercial energy storage projects, contributing to a total of 95 user-side energy storage projects with a combined capacity of approximately 1.853GW and 5.558GWh from January to July 2025 [2][9]. - Qidian Energy won a bid for a photovoltaic energy storage system in Jiangxi, with a contract value of 1.898 million yuan [3]. - Envision Energy signed a contract for a 80MW/240MWh energy storage project with Jiyuan Steel, which aims to reduce energy costs and enhance revenue from the electricity market [5]. Group 2: Market Statistics - The total scale of the 95 user-side energy storage projects exceeds last year's figures, which were 1.308GW and 3.498GWh, showing a year-on-year increase [9]. - The average bid price for EPC projects is 1.0065 yuan/Wh, while the average price for energy storage equipment is 0.6418 yuan/Wh [13]. - The majority of the projects are concentrated in provinces such as Anhui, Jiangsu, and Zhejiang, with Anhui accounting for approximately 23.40% of the total project bids [10]. Group 3: Company Participation - Major companies involved in the bidding process include BYD, CATL, CRRC Zhuzhou, Envision, and several others, indicating a diverse competitive environment [9]. - Seven companies, including Trina Storage and Weisheng Energy, were awarded contracts for various energy storage system integration projects, showcasing the industry's collaborative efforts [6][7].

Core Viewpoint - The energy storage market, particularly in the commercial and industrial sectors, is experiencing significant growth, with companies that have previously focused on residential storage now entering this lucrative market [1][2][10]. Group 1: Market Trends - The overseas commercial and industrial energy storage market is witnessing unprecedented growth, with companies that have been active in this space for years benefiting the most [2][3]. - Financial reports from various companies indicate a consensus on the rapid growth of overseas commercial energy storage, highlighting a strong upward trend [4][5]. - According to TrendForce, the global commercial energy storage installation capacity is expected to grow significantly, with a projected increase of 66% and 69% in 2025 compared to the previous year [8][10]. Group 2: Company Performance - Jinlang Technology reported a revenue of 790 million yuan in H1 2025 from energy storage, a 314% year-on-year increase, with commercial energy storage significantly boosting overall profit margins [5]. - Airo Energy's Q2 2025 shipment volume exceeded 1.2 billion yuan, with a 210% quarter-on-quarter growth in commercial energy storage, marking it as a key highlight [5]. - Deye's Q1 2025 commercial energy storage shipment reached 16,100 units, a year-on-year increase of approximately 5,000 units, with expectations for continued strong performance in Q2 [5]. Group 3: Market Opportunities - The European market is opening up for energy storage due to government incentives, with a significant gap in the current installation of storage systems relative to solar capacity [16][22]. - Southeast Asia is emerging as a promising market for energy storage, driven by regulations and incentives for solar and storage installations [21][22]. - The decreasing cost of battery cells is making commercial energy storage more financially attractive for businesses, leading to increased adoption [22]. Group 4: Competitive Landscape - The commercial energy storage market is characterized by varying business models and strategies, with companies needing to adapt to different market conditions [24][41]. - Profit margins in the commercial storage supply chain are substantial, with manufacturers and distributors showing strong sales intentions due to favorable profit dynamics [25][28]. - The competition is shifting from hardware specifications to software and operational efficiency, with companies focusing on AI-driven maintenance solutions to enhance customer loyalty [36][40].

Core Insights - The core insight of the article is that despite a challenging environment in the photovoltaic industry, Jinlang Technology Co., Ltd. reported strong financial performance in the first half of 2025, driven by a shift in product mix and effective cost control [2][11]. Financial Performance - In the first half of 2025, Jinlang Technology achieved operating revenue of 3.794 billion yuan, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 602 million yuan, up 70.96% year-on-year [2]. - The second quarter net profit reached 407 million yuan, reflecting a quarter-on-quarter growth of 109.27% [2]. Sales and Product Mix - The total sales volume of inverters was approximately 466,200 units, representing a year-on-year decline of 6.98% [3]. - The revenue from traditional grid-connected inverters decreased by 11.22%, while revenue from energy storage inverters surged from 192 million yuan in 2024 to 793 million yuan in 2025, marking a growth of 313.51% [5]. Cost Management - The operating cost of the grid-connected inverter business decreased by 19.53%, leading to an increase in gross margin by 7.62 percentage points despite a decline in revenue [8]. Market Dynamics - The overseas market, including Hong Kong, Macau, and Taiwan, contributed significantly to revenue growth, achieving 1.778 billion yuan, a year-on-year increase of 25.26% [9]. - The gross margin for the mainland China market was 40.91%, while the overseas market had a gross margin of 29.72% [9]. Strategic Investments - Jinlang Technology plans to raise 1.694 billion yuan through convertible bonds, with a significant portion allocated to upgrading inverter production capacity [15]. - The investment will focus on high-voltage, high-power grid-connected inverters and medium-to-large power hybrid energy storage inverters, targeting the commercial energy storage market [15][16]. Operational Challenges - The company faces challenges with declining sales volume in its core inverter business and potential cooling demand in the second half of the year due to the end of a "rush installation" phase driven by policy changes [12][14]. - Concerns about the sustainability of profit growth arise as the company enters the more complex commercial energy storage sector, which may strain its operational capabilities [19].

Core Viewpoint - The performance of the energy storage business among six companies, including RuiPu LanJun, KeLiYuan, and others, shows mixed results, but overall resilience in performance is noted despite some companies facing pressure [2]. Group 1: Company Performance - RuiPu LanJun reduced losses by 90%, with energy storage battery shipments doubling year-on-year to 18.87 GWh, generating revenue of 5.08 billion yuan from energy storage batteries, a 58.4% increase [10]. - KeLiYuan achieved a total revenue of 18.21 billion yuan, a 23.21% increase, with energy storage revenue of 1.15 billion yuan, up 4% [6]. - KeLu Electronics turned a profit with a net profit increase of 579.14%, achieving revenue of 25.73 billion yuan, a 34.66% increase, and energy storage revenue of 12.82 billion yuan, up 177.15% [7]. - NanDu Power's revenue from communication and data center storage reached 1.89 billion yuan, a 34.09% increase, while overall revenue fell by 31.67% [9]. - HeWang Electric reported a total revenue of 1.88 billion yuan, a 36.39% increase, with a net profit increase of 56.79% [11]. - ShengHong's revenue was 1.36 billion yuan, down 4.79%, with a net profit of 158 million yuan, down 12.91% [4]. Group 2: Market Trends and Innovations - ShengHong recognized the growth potential in commercial energy storage, citing a continuous increase in electricity consumption in China's secondary and tertiary industries [4]. - KeLiYuan is actively expanding its energy storage project investments, with over 10 GWh of projects in reserve [6]. - KeLu Electronics is focusing on strategic clients in the domestic market and expanding into overseas markets, including the Americas and Europe [8]. - NanDu Power is innovating with new products, including large-capacity lithium iron phosphate storage cells and liquid cooling storage systems [9]. - HeWang Electric offers a range of energy storage solutions, including centralized storage inverters and customized energy storage systems [11].