透视全球全景，今年海外储能订单为何暴涨 这一轮储能的爆发，与之前的核心区别在于整个行业的驱动力从"理念"转变为"刚需"。 Labubu 爆火背后，东莞玩具厂的"潮流革命" 访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 全球化公司｜京东的"最后一个梦"，正在欧洲落地 从物流基建和自营零售切入，模式与国内类似，资产投入也更重。 从代工到顶流IP，东莞潮玩在出海经营和品牌打法上已经驾轻就熟。 热点快讯 京东集团：向德国电子产品零售商 CECONOMY 发出收购要约 36氪获悉，京东集团公告，决定通过全资间接附属公司 JINGDONG Holding Germany GmbH 向欧洲消费电子产品零售商 MediaMarkt 及 Saturn 的母公司 CECONOMY AG 所有股东作出自愿公开收购要约，以每股4.60欧元的现金对价收购 CECONOMY 的所有已发行及流通的不记名股份，并建立战略投资伙伴 关系。（京东集团公告） Ceconomy 首席执行官预计欧盟将审查京东的收购计划 德国 Ceconomy 公司首席执行官凯-乌尔里希・戴斯纳周四表示，该公司预计欧盟竞争监管机 ...

最近，又有一家汽车电池产业链的公司冲击港股上市。 格隆汇获悉，深圳市星源材质科技股份有限公司（简称"星源材质"）于近期向港交所递交了招股书，冲击A+H双重上 市，由中信建投国际担任独家保荐人。 星源材质于2003年9月成立，2008年改制为股份有限公司。 公司的总部位于广东省深圳市光明区，2016年12月在创业板上市（股票代码：300568），2023年12月在瑞士证券交易 所上市（股票代号：SENIOR）。 截至2025年7月31日，星源材质的A股市值约156亿元。 而近期 IFR 引述消息人士报道，相关部门正考虑对拟来港上市的 A 股增设最低 A 股市值要求限制，因为太多小型 A 股部 署香港挂牌，又引述两名消息人士指，监管机构可能参考内地的全球存托凭证（ GDR ）标准而制订市值要求，即申请 日前 120 个交易日 A 股平均市值不低于 200 亿元人民币，已向港交所递表或者公告赴港上市的公司中，有约 30 家公司可 能不符合要求。 星源材质的实际控制人是陈秀峰教授，截至2025年6月30日，陈秀峰及其妻子陈蔚蓉分别持有约12.70%及0.03%的股 份。因此，陈教授有权合计行使约12.72%的投票权。 ...

Core Viewpoint - CATL, as a leading player in the global power battery industry, demonstrated strong financial performance in the first half of 2025, with revenue reaching 178.886 billion yuan, a year-on-year increase of 7.27%, and a net profit of 30.485 billion yuan, up 33.33% year-on-year, indicating robust profitability and market share growth [2][4]. Financial Performance Analysis - In the first half of 2025, CATL achieved total revenue of 178.886 billion yuan, reflecting a 7.27% increase compared to the same period last year, with a notable 11.2% quarter-on-quarter growth in Q2 [4]. - The net profit attributable to the parent company reached 30.485 billion yuan, marking a significant 33.33% increase year-on-year, indicating effective cost control and product structure optimization [4][5]. - The gross profit margin for the first half of 2025 was 25.02%, an increase of 1.57 percentage points year-on-year, showcasing resilience amid raw material price fluctuations [4]. - Operating cash flow reached 58.687 billion yuan, up 31.26% year-on-year, with cash and cash equivalents totaling 323.785 billion yuan by the end of June, providing ample funding for future expansion [5][7]. - The total assets amounted to 867.181 billion yuan, with total liabilities at 530.958 billion yuan, resulting in a debt-to-asset ratio of 64.74%, indicating a stable financial structure [5][8]. Business Structure and Market Performance - CATL's business is diversified into power battery systems, energy storage systems, and emerging smart chassis businesses, with power battery systems generating 131.573 billion yuan in revenue, a 16.80% year-on-year increase, accounting for 73.55% of total revenue [10][13]. - The company's global market share in power batteries reached 38.8%, an increase of 1.2 percentage points year-on-year, with significant growth in the European market [10][11]. - The energy storage business generated 28.4 billion yuan, a slight decline of 1.47% year-on-year, but the company remains a leader in global energy storage battery shipments [11][12]. - CATL's emerging smart chassis business is gaining traction, with significant partnerships established and a successful financing round for its subsidiary, indicating strong market potential [12][13]. Technological Innovation and R&D Investment - CATL's commitment to technological innovation is evident, with over 43,354 patents and a robust R&D team of over 20,000 personnel, enabling multiple technological breakthroughs [16][18]. - The company launched several innovative products in the first half of 2025, including the second-generation supercharging battery and sodium-ion batteries, enhancing its competitive edge in high-end battery markets [16][17]. - Significant advancements in energy storage technology were achieved, including the mass production of a 587Ah large-capacity energy storage cell and the introduction of a 9MWh TENER Stack energy storage system [17][18]. - The company is also innovating its business model through strategic partnerships, such as with NIO for battery swapping solutions, which expands its market applications [18][19]. Globalization Strategy and Capacity Layout - CATL's globalization efforts accelerated in 2025, with a successful listing in Hong Kong raising 41 billion HKD, primarily allocated for the construction of its Hungarian project [21][22]. - The European market is a key focus, with CATL's market share in the region increasing significantly, and its German factory achieving profitability [22][23]. - The company is also expanding in Southeast Asia, particularly in Indonesia, to leverage local resources and meet growing demand in the region [23][24]. - CATL is proactively addressing trade barriers, particularly in the U.S., by diversifying its production bases and maintaining a low exposure to U.S. market risks [24][25].

Core Viewpoint - The article highlights the significant role of Hengyuan New Energy in promoting renewable energy through its large-scale photovoltaic projects in Zhangbei, contributing to energy transformation and carbon neutrality goals in the region [1][5]. Group 1: Project Overview - Hengyuan New Energy's Zhangbei 500 MW photovoltaic power station features 850,000 Jinko N-type bifacial modules, generating nearly 800 million kWh annually, which reduces coal consumption by 238,800 tons and smoke emissions by 54.81 tons [3]. - The project implements a "pastoral-photovoltaic complementary" model, integrating solar power generation with livestock farming to enhance farmers' income [3]. Group 2: Technological Innovations - The facility employs advanced monitoring systems to ensure stable power supply and efficient energy conversion, with a 220 kV transmission network connecting to a 1,000 MW load scale [3]. - A 300 MW/600 MWh energy storage project is under construction, utilizing cutting-edge technologies to stabilize power supply and ensure over 50% of generated electricity is consumed [3][4]. Group 3: Company Position and Future Plans - Hengyuan New Energy has a total grid-connected capacity of 2.78 GW in Zhangjiakou, establishing itself as a leader in the renewable energy sector and a model for private enterprises in the demonstration zone [4]. - The company plans to initiate an additional 2.75 GW of projects this year, aiming for an annual power generation of no less than 10 billion kWh upon completion, supporting efficient green energy consumption and regional carbon neutrality [4].

需求端：新能源汽车及储能需求超预期，叠加抢装带动需求向好。国内新能源车销量继续超预期，拉动 全球车市景气度持续高位。国内储能需求强势增长，1-6月累计同比增幅高达219.1%。年后终端补库需 求持续，LFP正极材料产量增幅表现亮眼。 智通财经APP获悉，民生证券发布研报称，澳洲小矿山已停产完毕，低成本项目产能爬坡，新的出清将 对供需格局产生较大影响。非洲矿成本压力大但存降本空间，预计供应增量继续释放。6月末起，头部 企业接货预期逐渐兑现，现货升水结构下，仓单问题持续扰动。同时矿石价格跟随锂盐价格的抬涨而迅 速上涨，矿端底部支撑非常明确。7月中旬开始，"反内卷"背景下，江西及青海矿证问题不断引发市场 对供给端的担忧，伴随需求端的超预期兑现，碳酸锂价格持续反弹。 民生证券主要观点如下： 锂价触底，供应端扰动风险增强，等待行业进一步出清 供应端：投产进度或不及预期；南美盐湖成本被明显低估，产能释放或不及预期。澳洲小矿山已停产完 毕，低成本项目产能爬坡，新的出清将对供需格局产生较大影响。非洲矿成本压力大但存降本空间，预 计供应增量继续释放。国内云母一体化低成本企业产能继续释放，等待高成本部分减停产。青海盐湖依 托优势 ...

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector, particularly in the development, production, and sales of component-level power electronic devices for distributed photovoltaic systems, benefiting from the depreciation of the RMB and its status as a "specialized, refined, distinctive, and innovative" enterprise [2][3]. Company Overview - YN Technology is located in Jiaxing, Zhejiang Province, and was established on March 24, 2010, with its stock listed on June 8, 2022 [7]. - The company's main business includes the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [7]. - The revenue composition of YN Technology includes: micro-inverters and energy communication products (55.56%), commercial energy storage systems and services (30.63%), intelligent control disconnectors (10.46%), household energy storage products (1.84%), and others (2.5%) [7]. Financial Performance - For the first quarter of 2025, YN Technology reported a revenue of 191 million yuan, a year-on-year decrease of 55.39%, and a net profit attributable to shareholders of 28.88 million yuan, down 27.68% year-on-year [7]. - The company has distributed a total of 349 million yuan in dividends since its A-share listing [8]. Market Position and Trends - YN Technology's overseas revenue accounted for 66.03% of total revenue in 2024, benefiting from the depreciation of the RMB [3]. - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises in China [2]. Stock Performance - On July 31, YN Technology's stock fell by 2.23%, with a trading volume of 94.4 million yuan and a market capitalization of 6.923 billion yuan [1]. - The average trading cost of the stock is 44.70 yuan, with the current price approaching a resistance level of 45.14 yuan, indicating potential for upward movement if the resistance is broken [6].

Core Viewpoint - JinkoSolar experienced a decline of 4.56% on July 31, with a trading volume of 5.92 billion yuan and a market capitalization of 52.327 billion yuan [1] Group 1: Company Operations - The company has mass-produced high-efficiency batteries focusing on N-type TOPCon technology and is actively developing new technologies and processes, including IBC and calcium-titanate batteries [2] - JinkoSolar has a rich technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership in the "N-type era" [2] - The company’s main business includes the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [2] Group 2: Financial Performance - For the first quarter of 2025, JinkoSolar reported a revenue of 13.843 billion yuan, a year-on-year decrease of 40.03%, and a net profit attributable to shareholders of -1.39 billion yuan, a year-on-year decrease of 218.20% [6] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed in the last three years [7] Group 3: Market Activity - The main net inflow of funds today was -96.3051 million yuan, with a continuous reduction in main funds over the past two days [3][4] - The average trading cost of the stock is 6.33 yuan, with the stock price nearing a support level of 5.22 yuan, indicating potential for a rebound if it holds above this level [5] Group 4: Shareholder Structure - As of March 31, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 381 million shares, an increase of 42.9967 million shares from the previous period [8] - Other notable shareholders include Huaxia SSE Sci-Tech Innovation Board 50 ETF and E Fund SSE Sci-Tech Innovation Board 50 ETF, with changes in their holdings compared to the previous period [8]

Group 1: Financial Performance - The company aims to reduce losses and achieve profitability, with initial results showing progress in the first half of the year [1] - The company’s performance will ultimately be validated by the auditor's results [1] Group 2: Project Updates - The first phase of the Qingyuan independent energy storage station is operational, with the second and third phases expected to be commissioned within the year [1] - The company has invested in multiple independent energy storage stations, making it the largest in the province by installed capacity [1] Group 3: Investment Strategy - The company will cautiously consider new investments in large independent energy storage stations due to new provincial policies limiting the number of such projects in a 220kV supply area [2] - There are no plans for additional fixed asset investments in the short term as current production capacity meets future development needs [2] Group 4: Product Development - The company produces energy storage systems, with core components like PCS, BMS, EMS, and battery packs developed in-house, while cells and containers are sourced externally [2] Group 5: Revenue Sources - The primary revenue for the Qingyuan independent energy storage station comes from frequency regulation services, with potential for exploring additional income sources in the future [2] Group 6: Market Position - The issuance of Document No. 136 has removed mandatory storage requirements, allowing the company to focus on system performance and economic indicators, enhancing its competitive edge [2] - The company has established an international division in 2023, targeting markets in Europe and Africa, with products already certified to European standards [2]

东兴证券股份有限公司洪一,侯河清,吴征洋,曹泽宇近期对科达利（002850）进行研究并发布了研究报告《锂电结 构件龙头，拓展人形机器人第二曲线》，给予科达利买入评级。 科达利 布局人形机器人谐波减速器，轻量化新品有望解决行业痛点。2024年4月，科达利与台湾盟立、台湾盟英共同投 资设立深圳科盟，科达利持股40%拥有控股权。此次三方合作，科达利得以借助台湾盟立和盟英在机器人和谐波 减速机方面的技术优势，结合自身在精密结构件设计与制造的全球领先技术经验，实现优势互补。2025年4月， 科盟创新发布的多款产品，彰显了其在轻量化设计和模块化技术上的领先优势。首创的PEEK轻量化谐波减速 机，创新性地采用"弹性中空滚柱+高分子轴承"架构，实现了30%-50%的减重效果，极大地减轻了机器人关节等 部位的负载压力，使机器人在运行过程中更加灵活高效。随着人形机器人产业化加速，公司计划3年内实现年产 20万台专用减速器产能，将以谐波减速器为切入点，未来逐步延伸至关节模组等领域，人形机器人业务有望成为 公司第二成长曲线。 盈利预测与估值分析：预测公司25-27年营业收入148.40/175.65/207.75亿元，净利润18.4 ...

Financial Data and Key Metrics Changes - In the first half of 2025, EBITDA reached $659 million, representing a 10% improvement compared to the previous year, driven by strong generation performance and improved gas trading activities [24][31] - Net income for the first half amounted to $246 million, an 8% decrease year-over-year, primarily due to higher general and administrative expenses [24][34] - The first half FFO showed significant improvement, reaching $403 million, 7.8 times the previous year's figure [25][37] Business Line Data and Key Metrics Changes - Hydro generation remained consistent with last year's levels, supported by higher thermal dispatch, despite lower cumulative rainfall [9][16] - Net electricity generation decreased by 5% compared to June 2024, primarily due to lower hydro dispatch and increased curtailment levels [17] - Capital expenditures (CapEx) reached $157 million in the first half, with 40% directed towards grid investments and 29% towards renewable and storage projects [26][28] Market Data and Key Metrics Changes - The national electricity system faced challenges including poor hydrological conditions and maintenance issues, leading to increased spot prices in the Central Southern Zone of Chile [15][16] - Despite these challenges, the company maintained its hydrology guidance for the year, expecting hydro generation to reach around 11 terawatt hours [16][56] Company Strategy and Development Direction - The company is committed to its winter plan in the distribution business, focusing on service continuity and reliability [44] - A new vegetation monitoring and control program has been implemented to enhance infrastructure stability [11] - The company plans to launch construction of battery energy storage projects, adding around 0.5 gigawatts to its portfolio within the next two years [14][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding hydro production for the second half of the year, despite initial dry conditions [55] - The company is actively working with regulators to improve the distribution business and reduce energy losses [48] - Management remains confident in achieving its EBITDA and net income guidance for the year, despite external pressures [59] Other Important Information - The company changed its functional currency from Chilean pesos to US dollars as of January 1, 2025 [23] - The regulatory framework is evolving, with updates expected on ancillary services remuneration and electricity subsidies for vulnerable households [21][96] Q&A Session Summary Question: What is the main reason behind the higher energy losses in the distribution business? - Management indicated that higher electricity prices and climate events contributed to increased energy losses, and they are working on payment plans and regulatory improvements to address this [48] Question: How sustainable are the higher gas sales in the generation business? - Current guidance for gas sales is between $80 million to $90 million for the year, with expectations of sustainability depending on market conditions [51] Question: How do you expect hydro volumes to evolve in the second half? - Management is optimistic about hydro production due to favorable conditions expected from snowmelt, confirming the full-year target of 10.7 terawatt hours [56] Question: What is the current average cost of debt? - The average cost of debt is currently at 4.9%, slightly decreased from 5% at the beginning of the year [57] Question: Are you considering adjusting your full-year guidance? - Management remains confident in maintaining guidance despite external pressures and expects to continue on a positive trend [59] Question: Will there be any additional impairment related to the SALINA project? - Management does not expect further impairments for the SALINA project, as the asset value has been adjusted to market levels [64] Question: What are the expectations for the new battery investment plan? - The new battery investment plan involves an investment of around $400 million for three projects totaling 450 megawatts, expected to be operational by 2027 [75][90]