Group 1: Company Performance and Financials - In Q1 2025, the company's revenue increased by 9.50% year-on-year, and losses narrowed by 31.26% [5] - In 2024, the company experienced a revenue decline of 65.38% and a net loss of 850 million yuan [6] - The sale of Pingmei Longji equity is expected to reduce losses and the funds will be used for high-value projects in "high-end carbon materials and new energy storage" [10] Group 2: Market Position and Strategy - The company is focusing on high-end carbon materials and new energy storage as its strategic direction [3] - The company has established a specialized supply chain management company to enhance internal collaboration and optimize sales policies [10] - The total production capacity for graphite electrodes is expected to exceed 100,000 tons following the acquisition of Meishan Lake [8] Group 3: Research and Development - The company has increased R&D investment, maintaining a steady rise in 2024 and Q1 2025 [6] - In 2024, the company achieved several technological innovation awards, enhancing its R&D capabilities [4] Group 4: Competitive Advantages - Core competitive advantages include project-driven focus, brand effect, internal management enhancement, and technological innovation [5] - The company aims to strengthen its core competitiveness through internal and external collaboration [5] Group 5: Industry Context and Challenges - The company faces intensified competition in the photovoltaic industry, leading to a decrease in battery sales [6] - The rapid pace of technological updates poses a challenge to existing production capacities [3]

三是能源产品产量保持平稳。1-4月，内蒙古规上工业原煤产量4.28亿吨，同比增长0.6%；发电量2797 亿千瓦时，同比增长5.1%，其中新能源发电量1005亿千瓦时，增长43%，占全区发电量的35.9%，同比 提高9.6个百分点；外送电量1105亿千瓦时，同比增长7.9%，其中外送新能源电量350亿千瓦时，增长 63%；原油产量109.4万吨，同比增长2.2%；天然气产量114.7亿立方米，同比基本持平。 四是能源重点工作取得实效。内蒙古大力推进新能源"沙戈荒"外送基地建设，两个基地配套煤电项目获 得核准。新增自用煤电规模已分解至5个盟市，其中3个自用煤电项目已完成选址，预计年底前取得核 准。1-4月，内蒙古新增新能源装机325万千瓦，累计装机达到1.38亿千瓦，占电力总装机的51.2%，同 比提高6.4个百分点；新型储能新增装机53万千瓦，累计建成装机达到1085.7万千瓦；绿氢产量2413吨， 已达到2024年全年产量的87%。（侯倩） （文章来源：新华财经） 据内蒙古自治区能源局消息，今年1-4月，内蒙古能源重大项目延续一季度较快增长态势，能源产品稳 产稳供，全区能源经济稳中向好。 一是能源贡献作用持 ...

Core Insights - The first sodium-ion energy storage technology pilot project in Xinjiang, the Ganquanbao 400 MW/1600 MWh mixed electrochemical shared energy storage project, has officially commenced operation, marking a significant achievement in China's new energy storage industry [1][2] - The project features a multi-technology approach and large-scale application, enhancing renewable energy consumption and grid peak regulation capabilities in the northwest region [1] Project Overview - The Ganquanbao mixed electrochemical shared energy storage project is the largest of its kind in Xinjiang, with a total investment of approximately 1.9 billion yuan, implemented in two phases [1] - The project utilizes three technology routes: lithium iron phosphate batteries (380 MW/1484 MWh), sodium-ion batteries (10 MW/40 MWh), and all-vanadium flow batteries (10 MW/40 MWh), with lithium iron phosphate batteries having the highest proportion [1][2] Technological Advancements - The sodium-ion battery solution, with a scale of 10 MW/40 MWh, is the first large-scale application of its kind, achieving a cost reduction to 0.5 yuan per watt-hour, comparable to lithium iron phosphate batteries [2] - The project aims to increase the sodium-ion battery proportion to 5% in the second phase, providing data support for technological iteration [2] Environmental Impact - Upon full operation, the project is expected to reduce carbon dioxide emissions by approximately 120,000 tons annually, significantly enhancing Xinjiang's grid peak regulation capacity and renewable energy consumption levels [2] Strategic Importance - Xinjiang is accelerating the exploration of diverse technology routes for energy storage, including compressed air and flywheel storage, positioning itself as a national energy strategy base [2] - The project serves as a benchmark for the commercialization of sodium-ion batteries and the innovation and large-scale application of new energy storage technologies across the country [2]

文 | 上海市发展和改革委员会 5月16日，上海市发展和改革委员会网站发布《 上海市新型电力系统调节能力奖励资金管理办法》的通知，通知指出，对于上海 市范围内建设 运营的、服务于新型电力系统发展的调节能力给予资金补贴。 虚拟电厂资源聚合平台、 电动汽车充放电（V2G）调节能力、 新型储能三类项目（需在2024年1月1日至2028年12月31日并网）可申请奖 励，奖励申请主体应为虚拟电厂运营商或新型储能企业。 2025年9月1日前并网项目奖励标准是多少？ 1.虚拟电厂资源聚合平台奖励标准：按调节能力给予50元/千瓦·年奖励，单个平台每年最高150万元。符合政策要求的项目可连续3年获得奖 励。 2.V2G调节能力奖励标准见下表，符合政策要求的项目可连续3年获得奖励。其中，智能充电桩奖励仅适用于2024年底前，将个人自用非智能 充电桩替代为智能充电桩的项目。 | 类型 | 建设场所 | 考核 结果 | 奖励标准 | 单桩调节能力 奖励上限 | | --- | --- | --- | --- | --- | | 智能充放电桩 | 目的地(含个人自用和政府 | 优良 | 240元/千瓦 · 年 | 7千瓦/年 | | ...

Core Viewpoint - Shandong is focusing on enhancing the consumption of renewable energy through new energy storage solutions, aiming for a storage capacity of over 10 million kilowatts by 2025, as part of its green low-carbon transformation initiative [1][3]. Group 1: New Energy Storage Initiatives - Shandong has included new energy storage as one of its eight major actions, with a target to exceed 10 million kilowatts of new storage capacity by 2025 [1]. - The province is actively developing compressed air energy storage, with several projects underway, including a 300-megawatt project that is expected to generate 420 million kilowatt-hours annually, equivalent to saving 120,000 tons of standard coal [2][3]. - By 2030, the installed capacity of salt cavern storage in Tai'an is projected to exceed 3.5 million kilowatts, establishing it as a national base for salt cavern energy storage [3]. Group 2: Market Dynamics and Challenges - As of the end of 2024, the total installed capacity of new energy storage projects in China reached 73.76 million kilowatts, a 130% increase from the end of 2023, indicating a rapidly expanding market [4]. - Despite the growth, the energy storage sector faces profitability challenges, with the cost of electrochemical storage being higher than the peak-valley price difference in Shandong [5][6]. - The government is pushing for market-driven reforms to enhance the economic viability of energy storage, including widening the price gap for energy storage to improve market returns [6]. Group 3: Future Development Plans - Shandong plans to accelerate the integration of energy sources, grids, loads, and storage, along with the establishment of green electricity industrial parks and renewable hydrogen production [7]. - The province aims to establish around 10 green electricity industrial parks this year to enhance the use of green electricity and promote industrial transformation [7]. - The development of 25 "vehicle-grid interaction" charging and swapping stations is also planned to facilitate peak shaving and promote local consumption of renewable energy [7].

Core Viewpoint - Shanghai is actively promoting the development of energy storage systems through various measures, including planning guidance, land security, market mechanism construction, and safety regulation [1][3][4]. Group 1: Current Status and Future Plans - Shanghai currently has an energy storage capacity of approximately 30MW/70MWh, with plans to develop 8 independent energy storage projects by 2025, totaling 414.5MW/1478MWh [1]. - The city aims to enhance energy storage development by utilizing retired energy facility sites and reserved offshore wind power land for independent energy storage stations [1][5]. Group 2: Land Security Measures - Independent energy storage projects will be prioritized for land use as public facilities, especially at sites of retired energy facilities [5][6]. - The city encourages the integration of energy storage with existing thermal power plants and user-side storage projects without requiring new land acquisition, subject to local approval [5][6]. Group 3: Market Mechanism and Policy Support - The city supports independent energy storage as a standalone entity in the current electricity market, while thermal and user-side storage will participate alongside their respective users [2][7]. - A phased capacity compensation mechanism is being explored to share the costs of energy storage capacity, with future adjustments based on national pricing policies [2][7]. Group 4: Safety Management - Shanghai has established safety management guidelines for electrochemical energy storage stations, emphasizing the need for a comprehensive regulatory framework [3][8]. - The city aims to strengthen safety oversight by integrating energy storage into the electricity safety regulatory framework and clarifying departmental responsibilities [7][8].

挥储能优势，提高设施利用水平，积极打造引领储能高质量发展的外部环境。 齐鲁晚报·齐鲁壹点 李牧青 5月15日上午，山东省政府新闻办举行新闻发布会，邀请省能源局主要负责同志等介绍山东深入实施"八大行动"，推动新能源高水平消纳情况。 发布会上，记者提问：新型储能作为促进新能源消纳的关键一招，目前山东发展情况怎样？此次实施的促进新能源高水平消纳行动，在推进新型储能项目建 设、促进储能市场化发展方面，有哪些具体举措？ 对此，山东省能源局党组成员、副局长孟凡志介绍，新型储能是构建新型电力系统的重要技术和基础装备，是实现碳达峰碳中和目标的重要支撑，也是催生 国内能源新业态、抢占国际战略新高地的重要领域，主要包括电化学、压缩空气、飞轮、超级电容等多种类型。省委、省政府高度重视新型储能发展，大力 实施新型储能百万千瓦行动计划，先后出台《关于促进我省新型储能示范项目健康发展的若干措施》等一系列创新支持政策，在国内率先建立独立储能参与 现货市场交易机制，开展多批示范项目建设，有力推动新型储能规模化、多元化发展。新型储能在运规模808.5万千瓦，较2022年底翻了两番，连续3年位居 全国前列。 今年1月，国家发展改革委、国家能源局 ...

Core Viewpoint - The concept of "shared energy storage" was first proposed in Qinghai Province in 2018, representing a new commercial model for grid-side energy storage, which is increasingly recognized as a vital approach for renewable energy consumption and stability in the power grid [1][2][4][16]. Industry Overview - "Shared energy storage" refers to independent energy storage stations located at key nodes of the power grid, serving all market participants in the region. These stations are typically built by third-party investors and provide services to other renewable energy plants while participating in electricity trading [1][2]. - In 2023, approximately 54% of new installations in the new energy storage sector were grid-side independent storage, with this market share expected to increase in 2024 [1][16]. Market Status - As of the end of 2024, the cumulative installed capacity of new energy storage projects in China reached 73.76 GW/168 GWh, marking a 130% increase compared to the end of 2023 [7]. - Lithium-ion batteries dominate the market, accounting for 97.1% of the installed capacity, although the share has slightly decreased due to the introduction of several large-scale long-duration storage projects [9]. Policy Environment - The shared energy storage model was first recognized in national policy in 2021, encouraging its development and market participation [11][12]. - Local governments, including those in Guangdong, Qinghai, and Shandong, have implemented supportive policies to promote shared energy storage, with specific requirements for capacity leasing agreements [13][14]. Business Models - Shared energy storage operates through four main business models: leasing storage capacity to renewable energy plants, participating in auxiliary services, engaging in electricity spot market trading for profit, and capacity compensation. Leasing fees are currently the primary revenue source for most independent shared storage stations [20]. Development Trends - Shared energy storage is one of the most active business models in the storage sector, driven by the demand for energy storage and grid stability. The sector is transitioning from pilot projects to large-scale, systematic, and industrialized development [22]. - The integration of AI, big data, and IoT technologies is expected to enhance the intelligence and operational efficiency of shared energy storage stations [22].

Group 1: Research Basic Information - The research object is Wanliyang, belonging to the automotive parts industry, with a reception time of May 13, 2025. The listed company's reception staff includes the Financial Controller, Board Secretary Zhang Leigang, and Strategic Center Director Xu Wanhong [16] Group 2: Detailed Research Institutions - The research institutions include Yinshi Finance, Shaanxi Olympus, Taihu County People's Government, Guoyuan Securities, Hangzhou Added - value Investment, and Mingde Capital, along with their corresponding types and related personnel [17] Group 3: Main Content Company Business Scope - The company's business includes automotive parts and new energy storage business. The automotive parts business involves R & D, production, and sales of automotive transmission and drive system products, non - highway transmission/drive system products, and parts export business. The new energy storage business includes power generation - side energy storage power stations, grid - side independent energy storage power stations, user - side energy storage power stations, and power trading [22][23][24] Shareholding of Top Ten Shareholders - Anhui Guoyuan Trust Co., Ltd. - Guoyuan Trust - Anrui No. 1 Single Fund Trust and China Resources Shenzhen International Trust Co., Ltd. - China Resources Trust · Huaying No. 16 Single Fund Trust are trust products established by Anhui Chery Automobile Sales Co., Ltd., a wholly - owned subsidiary of Chery Automobile Co., Ltd., as the sole trustee, and are affiliated parties and concerted actioners of Chery Automobile Co., Ltd. [25] Robot Parts Business - The company has established an industrialization team for robot reducer products, aiming to enrich product models, promote industrialization, and increase market share [27] Heavy - Truck Transmission Business - The company has developed a full range of heavy - truck transmission products and is conducting vehicle - model installation tests and calibration work. As the supporting vehicle models are gradually mass - produced, production and sales will increase [28] Light - Truck Transmission Business - In addition to the stable development of existing light - truck manual products, the company is actively developing electrified products. Currently, the production and sales demand for light - truck transmission products is strong [29] Passenger - Car Transmission Business - In 2024, the direct export sales of the company's passenger - car transmission products increased significantly year - on - year. The company will continue to develop overseas customers and promote the growth of overseas business revenue. It is also developing pure - electric passenger - car EV reducers and related products [30] New Energy Storage Business - The company's grid - side independent energy storage power stations in Zhaoqing, Guangdong and Yiwu, Zhejiang have been put into operation. The company is promoting new project development in Guangdong, Hainan, and Zhejiang, and developing market - oriented operation and maintenance services for energy storage power stations [31] Core Competitiveness - The company has been deeply involved in the automotive parts industry for nearly 30 years, with a full range of products, comprehensive capabilities, a complete supply chain and sales network, strong large - scale manufacturing and quality control capabilities, and continuously enhanced market competitiveness and sustainable development capabilities [32]

Group 1: Company Overview - The company operates in two main business areas: automotive parts and new energy storage [1] - The automotive parts business includes the R&D, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [1] - The company is expanding its non-road transmission/drive system products, including electric drive systems for construction machinery and high-power tractors [1] Group 2: Shareholder Information - The top shareholders include Guoyuan Trust and China Resources Trust, which are associated with Chery Automobile Co., Ltd. [2] Group 3: Robotics Components - The company has established a team for the industrialization of robotic reducer products, enhancing its product range and market share [3] Group 4: Heavy-duty Truck Transmission - The company has developed a full range of heavy-duty truck transmission products, including manual and automatic transmissions, and is conducting customer vehicle trials [4] Group 5: Light-duty Truck Transmission - The light-duty truck transmission business is growing steadily, with a focus on electric products and strong market demand [5] Group 6: Passenger Vehicle Transmission - The company has significantly increased its direct export sales of passenger vehicle transmissions in 2024 and is focusing on developing overseas markets [6] Group 7: New Energy Storage Business - The company has operational independent energy storage power stations in Guangdong and Zhejiang, with installed capacities of 100MW/200MWh and 100MW/200MWh respectively [7] - The company is actively developing new projects in Guangdong, Hainan, and Zhejiang to enhance its energy storage business [7] Group 8: Core Competitiveness - The company has nearly 30 years of experience in the automotive parts industry, producing over 1 million transmission assemblies and tens of millions of components annually, showcasing strong manufacturing and quality control capabilities [9]