Core Viewpoint - The company Engteco has stated that its plate heat exchangers can be applied in various fields such as heat pump heating, air conditioning, automotive oil cooling, energy storage, and data centers, but currently, there is no application in liquid-cooled servers [2] Group 1 - The company offers plate heat exchangers for multiple applications [2] - Current applications include heat pump heating, air conditioning, automotive oil cooling, energy storage, and data centers [2] - There is no current application of the company's products in liquid-cooled servers [2]

来源：市场资讯 （来源：真灼财经） 2025年8月18日，国内大数据及通信领域能源存储解决方案领军企业——双登集团股份有限公司（下 称"双登集团"）正式启动港交所主板招股，计划通过公开招股与配售合计发售5856万股股份，招股价定 为14.5港元，预计发售所得款项约7.56亿港元。此次上市由中金公司、华泰国际、建银国际担任保荐 人，股份买卖日期拟定为2025年8月26日，标志着这家深耕储能电池领域的企业正式迈入资本市场新阶 段。 财务表现稳健，估值具备行业竞争力 财务数据显示，双登集团近年营收保持稳定增长态势：2022年、2023年、2024年收益分别为40.73亿 元、42.60亿元、44.99亿元人民币；同期净利润分别为2.81亿元、3.85亿元、3.53亿元人民币，盈利能力 整体稳健。以2024年净利润计算，公司此次上市市盈率为15.6倍，不仅与大市水平差距较小，更显著低 于同业企业，估值具备一定吸引力。 随着此次港交所主板上市的推进，双登集团将借助资本的力量进一步夯实技术壁垒、拓展全球市场版 图。在全球储能需求持续攀升与通信行业数字化转型加速的浪潮下，公司以铅酸电池的市场主导优势为 根基，以锂离子电池的 ...

Core Viewpoint - Nandu Power (300068.SZ) is experiencing a transitional pain period following its transformation, with significant revenue decline and net losses reported in the first half of 2025 [1][2]. Financial Performance - The company reported a revenue of 3.923 billion, a year-on-year decrease of 31.67%, and a net loss of 232 million, compared to a profit of 185 million in the same period last year [2]. - In the second quarter, Nandu Power achieved a revenue of 2.78 billion, a slight increase of 0.9% year-on-year, and a profit of approximately 34 million, indicating a turnaround from previous losses [3]. Business Segments - The decline in revenue is attributed to a proactive reduction in lead recycling production, with the recycling segment's revenue dropping by 72.33% to 759 million, and a negative gross margin of -11.02% [6][7]. - The company has diversified its operations into three main segments: new energy storage, communication and data center storage, and residential storage, focusing primarily on lithium batteries [5]. Market Strategy - Nandu Power is expanding its strategic partnerships with major domestic and international energy developers and equipment integrators, securing high-margin orders [4]. - The company is also focusing on the data center market, with revenue from this segment reaching 1.89 billion, a year-on-year increase of 34.09%, although the gross margin for this segment has decreased by 10.21% [9][10]. Competitive Landscape - The domestic energy storage market is facing intense competition, leading to price wars and declining profit margins. The gross margin for domestic battery products was reported at 12.83%, down 11.41% year-on-year, while the overseas market showed a gross margin of 28.92% [12]. - Nandu Power is actively pursuing international markets, with ongoing projects in regions such as Australia, Europe, and North America, and is developing new markets in Asia-Pacific and the Middle East [12]. Industry Trends - The company is adjusting its battery recycling business in response to the growing trend of lithium batteries replacing lead-acid batteries, leading to a strategic shift away from expanding lead-related production capacity [8]. - A recent initiative by the China Chemical and Physical Power Industry Association aims to combat irrational pricing behaviors in the energy storage sector, with 149 companies, including Nandu Power, participating in this "anti-involution" movement [12].

Core Viewpoint - The company, Shuangdeng Co., Ltd., is planning a global offering of 58.557 million H-shares, aiming to raise approximately HKD 850 million, with a net amount of about HKD 756 million from the offering [1][3]. Group 1: Offering Details - The offering includes 5.856 million shares for public sale in Hong Kong and 52.701 million shares for international sale, with an over-allotment option of approximately 15% (8.7835 million shares) [1][3]. - The subscription period is set from August 18 to August 21, 2025, with a share price of HKD 14.51 and an entry fee of approximately HKD 7,328.17 for a minimum lot of 500 shares [1][3]. Group 2: Company Overview - Shuangdeng Group is a leading enterprise in the energy storage business within the big data and communication sectors, focusing on the design, R&D, manufacturing, and sales of storage batteries and systems [3]. - The company has established deep relationships with major global clients, serving all five of the world's largest telecommunications operators and covering nearly 30% of the top 100 global telecom operators and equipment manufacturers [3]. Group 3: Financial Performance - The company's total revenue is projected to grow steadily from RMB 4.073 billion in 2022 to RMB 4.499 billion in 2024, with a revenue of RMB 1.867 billion recorded in the first five months of 2025, representing a year-on-year increase of nearly 34% [4]. - Revenue from the data center energy storage business saw a significant year-on-year growth of nearly 120% in the first five months of 2025, driven by increasing demand for data storage and processing capabilities [4]. Group 4: Use of Proceeds - Approximately 40% of the net proceeds from the global offering will be allocated to the construction of lithium-ion battery production facilities in Southeast Asia, focusing on batteries for data centers [4]. - About 35% will be invested in the construction of a R&D center in Taizhou, emphasizing the development of battery lifespan enhancement, solid-state batteries, sodium-ion batteries, and BMS technology [4]. - The remaining funds will be used to strengthen overseas sales and marketing efforts (15%) and for working capital and general corporate purposes (10%) [4].

Core Viewpoint - Jiangsu Niutai Ge Automobile Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on renewable energy services such as photovoltaic power generation equipment leasing and energy storage technology services [1][2]. Company Information - The company is registered in Huaiyin District, Huai'an City, Jiangsu Province, with a registered address at No. 299, East Changjiang Road, Huaiyin District [2]. - The legal representative is Zhang Yi, and the company is classified under the automobile manufacturing industry (C36) [2]. - The business license is valid until August 18, 2025, with no fixed end date thereafter [2]. Shareholding Structure - Jiangsu Niutai Ge Technology Group Co., Ltd. holds an 80% stake in the new company, while Huai'an Linowei New Materials Partnership (Limited Partnership) owns the remaining 20% [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company achieved profitability in Q2 2025, driven by high-margin products and a broadening product portfolio, which opens up growth opportunities [1][6]. - The demand for AI terminals and the acceleration of domestic substitution are expected to benefit the company, as it continues to expand its product offerings [6][7]. - The company reported a revenue of 283 million yuan in H1 2025, a year-on-year decrease of 6.99%, but with a gross margin improvement to 29.58% [6][7]. Financial Performance Summary - **Revenue Forecast**: Projected total revenue for 2024A is 688 million yuan, increasing to 839 million yuan in 2025E, with a CAGR of 21.8% through 2027E [2][7]. - **Net Profit Forecast**: The company is expected to turn a profit with a net income of 9 million yuan in 2025E, growing to 75 million yuan by 2027E, reflecting a significant growth rate of 362.6% in 2026E [2][7]. - **Earnings Per Share (EPS)**: EPS is projected to improve from -0.25 yuan in 2024A to 1.08 yuan in 2027E [2][7]. Product and Market Development - The company is actively expanding its product matrix, including high-power fast charging and power supply applications, and has successfully entered the supply chain for international brands [6][7]. - The introduction of new products, such as specialized driver chips for micro-stepping motors, has seen significant growth, with a year-on-year increase of over 245% in motor driver control chip products [6][7]. - The company maintains a high R&D investment strategy, with a research expense ratio of 25.42% in H1 2025, focusing on markets such as home appliances and industrial power [6][7].

Core Viewpoint - The company, Yingte Technology (301399.SZ), has indicated that its plate heat exchangers can be utilized in various applications such as heat pump heating, air conditioning, automotive oil cooling, energy storage, and data centers, but currently, there is no application in liquid-cooled servers [1] Application Areas - The company's plate heat exchangers are applicable in: - Heat pump heating [1] - Air conditioning [1] - Automotive oil cooling [1] - Energy storage [1] - Data centers [1] - There is no current application in liquid-cooled servers [1]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company has shown significant improvement in profitability and cash flow in Q2 2025, with a revenue of 1.296 billion yuan, a year-on-year increase of 13.96% and a quarter-on-quarter increase of 7.65% [1]. - The company focuses on R&D investments in emerging fields such as new energy vehicles, photovoltaics, energy storage, and industrial control, with R&D expenses totaling 89.38 million yuan, accounting for 3.58% of sales revenue in the first half of 2025 [2]. - The company has made breakthroughs in the ultra-high voltage flexible direct current film capacitor field, securing the first batch application project order for domestic dry capacitors [3]. Financial Performance Summary - In H1 2025, the company achieved a total revenue of 2.499 billion yuan, a year-on-year increase of 18.05%, and a net profit attributable to shareholders of 569 million yuan, also up 18.15% year-on-year [1]. - The company’s gross margin improved to 34.7% in Q2 2025, reflecting a quarter-on-quarter increase of 3.43 percentage points [1]. - The projected revenues for 2025-2027 are 6.038 billion, 7.569 billion, and 9.370 billion yuan, with corresponding growth rates of 26.5%, 25.3%, and 23.8% respectively [4][5]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 1.409 billion, 1.763 billion, and 2.156 billion yuan, with growth rates of 35.6%, 25.1%, and 22.3% respectively [5][11]. - The projected earnings per share for the same period are 6.26, 7.84, and 9.58 yuan, with corresponding price-to-earnings ratios of 19x, 15x, and 12x [4][5].

（原标题：双登股份(06960.HK)今日起招股） 双登股份预计于2025年8月26日在主板上市，中国国际金融香港证券有限公司、建银国际金融有限公 司、华泰金融控股（香港）有限公司为联席保荐人。 公司是大数据及通信领域能源存储业务的领先公司。公司专注于设计、研发、制造和销售储能电池及系 统。通过对于通信基站、数据中心、电力储能等领域储能应用客户服务十余年的累计的丰富经验，使得 公司能够在大数据时代充分受益于大数据时代带来的巨大的市场机遇、并持续引领行业发展。 公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为2.81亿元、3.85亿元、3.53亿元， 同比变动幅度为624.83%、37.07%、-8.27%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 双登股份(06960.HK)发布公告，公司拟全球发售5855.70万股股份，其中香港发售股份585.60万股，国际 发售股份5270.10万股，另有878.35万股超额配股权。招股日期为8月18日至8月21日，最高发售价14.51 港元，每手买卖单位500股，入场费约7328.17港元。 全球发售预计募资总 ...

双登股份(06960.HK)发布公告，公司拟全球发售5855.70万股股份，其中香港发售股份585.60万股，国际 发售股份5270.10万股，另有878.35万股超额配股权。招股日期为8月18日至8月21日，最高发售价14.51 港元，每手买卖单位500股，入场费约7328.17港元。 全球发售预计募资总额为8.50亿港元，募资净额7.56亿港元，募资用途为用作于东南亚兴建一个锂离子 电池生产设施；用于资助于泰州建立一个研发中心；用作加强公司的海外销售及营销；用作拨付营运资 金及其他一般企业用途。 公司引入三水创业投资有限公司等基石投资者，将以发售价共认购数量下限约1667.30万股可购买发售 的股份。 双登股份预计于2025年8月26日在主板上市，中国国际金融香港证券有限公司、建银国际金融有限公 司、华泰金融控股（香港）有限公司为联席保荐人。 公司是大数据及通信领域能源存储业务的领先公司。公司专注于设计、研发、制造和销售储能电池及系 统。通过对于通信基站、数据中心、电力储能等领域储能应用客户服务十余年的累计的丰富经验，使得 公司能够在大数据时代充分受益于大数据时代带来的巨大的市场机遇、并持续引领行业发展。 ...