构建"双网生态",助力东南亚能源转型 大会现场,海尔新能源与工银泰租、泰国大城银行达成战略合作,为用户提供定制化金融方案,分别就 300kW以内户用机、小型工商业光伏、用户端融资业务及大型工商业企业授信融资业务,填补了新能源 企业从户用端口到大型工商业端口的全体系客户融资平台的空白。同时,海尔新能源与泰国总商会及泰 国贸易委员会、泰国中国企业总商会等展开深度合作,通过政策对接、资源整合等,加速本土化布局。会 上,泰国城市规划及环境保护协会授予海尔新能源"新能源示范企业"认证,标志着其在方案创新、生态共 建方面获得了行业认可。由此,海尔新能源通过构建泰国乃至东南亚的"资源网"与"服务网"双网生态,将 为当地家庭和工商业用户提供全流程用能服务。 "本次生态大会是海尔新能源东南亚征程的全新里程碑"海尔新能源副总裁,海尔绿能董事长、总经理季 晓健表示,"我们以领先的数智化解决方案与'开放、协作、共赢'的生态理念双轮驱动,将携手东南亚各国 生态伙伴,助力东南亚能源转型和可持续发展。" 2025年7月29日,以"数智能源·万象共生"为主题的海尔新能源泰国生态大会在曼谷举办,泰国政企代表、 工银泰租、泰国大城银行、泰国总商 ...

本报讯 （记者肖艳青）7月29日晚间，河南豫能控股股份有限公司（以下简称"豫能控股"）公告称，公 司及公司全资子公司河南豫能新能源有限公司拟共同出资10亿元设立豫能控股（濮阳）智慧能源有限责 任公司（暂定名，以下简称"智慧能源"），出资比例分别为70%和30%。 （文章来源：证券日报） 谈及此次投资的影响，豫能控股表示，设立智慧能源主要是推进豫能台前2×1000MW煤电项目前期工作 和新能源资源开发，是积极构建清洁低碳安全高效的新型电力系统，加快推动公司向一流综合能源企业 转型发展的重要举措，对促进国家能源转型、保障河南省电力供应、公司可持续发展具有积极作用。 ...

Group 1 - Trump criticizes UK Prime Minister Starmer's policies, urging the government to lower taxes on the fossil fuel industry and increase North Sea oil extraction [1][2] - Trump claims that North Sea oil is a "treasure" for the UK, but high taxes make it unprofitable [1] - The UK Labour government has raised the windfall tax on oil and gas producers from 35% to 38%, resulting in a total tax burden of 78% for the industry [2] Group 2 - The Labour government is committed to transitioning from fossil fuels to renewable energy and nuclear power, and has stated it will not issue new licenses for North Sea oil and gas extraction [2][3] - Starmer defends the UK's energy policy, emphasizing a mixed energy approach where oil and gas will coexist long-term [3]

Group 1 - Trump criticizes UK Prime Minister Starmer's policies, urging the government to lower taxes on the fossil fuel industry and increase North Sea oil extraction [1][2] - Trump claims that the North Sea oil represents a "treasure" for the UK, but high taxes make it unviable [1] - The UK Labour government has raised the windfall tax on oil and gas producers from 35% to 38%, resulting in a total tax burden of 78% for the industry [2] Group 2 - The Labour government is committed to transitioning from fossil fuels to renewable energy and nuclear power, and has stated it will not issue new licenses for North Sea oil and gas extraction [2] - Protests against Trump's visit highlight public discontent with his influence on UK energy policy [2] - Starmer defends the UK's energy policy, emphasizing a mixed energy approach that includes oil and gas [3]

Financial Data and Key Metrics Changes - Revenue for H1 2025 was GBP 152.4 million, reflecting a 1.1% decrease on a constant currency basis [6][8] - Adjusted operating profit was GBP 16.5 million, with a margin of 10.8% [6][8] - Adjusted earnings per share stood at 3.4p, with a cash conversion rate of 105.5% [7][8] - Net debt to adjusted EBITDA ratio increased to 1.5x, while return on invested capital was 9.3% [7][8] Business Line Data and Key Metrics Changes - EMEA region experienced a 4.5% decline in revenue, but showed sequential improvement [12][24] - Americas region returned to growth with a 0.7% increase in revenue, despite tariff challenges [12][29] - APAC region performed strongly with a 9.5% revenue increase [12][35] Market Data and Key Metrics Changes - The overall market remains choppy with macroeconomic challenges impacting performance [2][4] - Sequential revenue and order intake improvements were noted, particularly in energy transition and digital infrastructure markets [3][4] - FX translation negatively impacted revenue by 3.5%, equating to approximately GBP 5.5 million [13] Company Strategy and Development Direction - The company is focused on winning new business in positive markets, particularly in energy transition and digital infrastructure [3][4] - There is an emphasis on new product introductions and operational initiatives to drive growth [3][4] - The company aims for a long-term adjusted operating margin target of 18% by 2030, with current expectations for margin improvement in H2 2025 [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of 2025, expecting improvements in trading conditions and margins [52][54] - The company remains well-positioned to navigate market uncertainties and capitalize on growth opportunities as they arise [4][54] - Management highlighted the importance of maintaining flexibility in operations to respond to market dynamics [45][54] Other Important Information - An interim dividend of 0.8p per share was declared, to be paid in October [7] - The company is actively pursuing M&A opportunities, with a focus on accretive transactions [48][49] - Sustainability initiatives are progressing, with the launch of a 100% post-consumer recycled product [46] Q&A Session Summary Question: Can you elaborate on the pricing initiatives and dynamic pricing strategies? - Management discussed a detailed approach to pricing control, focusing on discount management and average selling prices to enhance overall pricing strategy [58][60] Question: What is the status of the ERP rollout? - The ERP rollout is progressing well, with the UK planned for December and Turkey expected to follow in summer 2026 [63][64] Question: How is the defense market progressing for the company? - The company is seeing some wins in the defense sector, particularly in access hardware for specialized vehicles, although it remains a small segment [65][66] Question: How much of the pricing benefits are from pricing sophistication versus passing on inflation? - Management indicated that while it is challenging to differentiate, the new pricing tools should help outperform inflation more effectively than in the past [69][71] Question: What is the expected EBIT margin benefit from closing facilities in Costa Rica and Japan? - The closure of these facilities is expected to yield annualized benefits of approximately GBP 1 million to GBP 1.5 million [81] Question: Can you provide context on the situation in Turkey during the first half? - Management noted that high minimum wage increases and sluggish domestic demand impacted margins, but improvements were seen in Q2 [87][88]

Core Insights - The global energy storage industry is entering a new cycle characterized by market competition and a shift from scale expansion to value cultivation [3] - Eight energy storage companies have disclosed their performance forecasts for the first half of 2025, with four expecting net profit growth exceeding 40% and one company turning a profit [1] Industry Overview - The global installed capacity of energy storage is rapidly increasing, leading to a significant rise in battery shipments, with a reported 258 GWh shipped globally in the first half of 2025, a year-on-year increase of 106% [3] - Domestic manufacturers in China shipped 252 GWh, marking a 109% year-on-year growth, solidifying their dominance in the global market [3] - The market concentration among leading manufacturers is increasing, with high capacity utilization rates reported among battery manufacturers [3] Investment Trends - There is a surge in investment enthusiasm, with 27 new projects signed, started, or completed in the energy storage system integration segment in China during the first half of the year, totaling over 55 billion yuan [4] - The expansion reflects a positive outlook for global energy storage market growth, with intensifying competition driving market share concentration [4] - Leading companies are increasing investment in new technology research and development, focusing on large-capacity battery cells and vertical integration into downstream operations [4] Emerging Markets - The demand distribution for global energy storage is changing, with emerging markets showing significant growth, particularly in large-scale projects delivered in countries like Chile and Australia [4] - Companies are developing energy storage products suitable for computing scenarios to adapt to the evolving demand landscape [4] - The energy storage industry is expected to develop healthily, supporting global energy transition and digital economy growth [4]

Group 1: Natural Gas Development in the Middle East - The acceleration of natural gas development in the Middle East is driven by the energy transition and increasing power generation demand, creating a strategic window for development [3][5] - Two leading equipment companies have secured significant orders in the Middle East, with one company obtaining a $1.5 billion order, accounting for 10% of the market share, and another company expected to double its orders over three years [2][3] - The expansion of the entire natural gas extraction, processing, liquefaction, and transportation chain is anticipated to significantly boost engineering construction and high-end equipment demand in the region [3] Group 2: Small Nucleic Acid Drugs in the Pharmaceutical Industry - Small nucleic acid drugs are emerging as the third major category of pharmaceuticals, with Chinese pharmaceutical companies securing over $6 billion in business development (BD) deals [7][8] - The market for small nucleic acid drugs is expected to grow, particularly in chronic disease treatment, with a focus on hepatitis B and cardiovascular diseases [7][8] - The increasing frequency of large BD deals highlights the potential of early-stage chronic disease pipelines in the pharmaceutical sector [8]

Core Viewpoint - The collaboration between Sunotec and Sungrow to deploy a 2.4GWh battery energy storage system in Bulgaria marks a significant breakthrough for Chinese energy storage technology in the Central and Eastern European market, enhancing the region's energy transition efforts [1][2]. Group 1: Project Overview - The partnership includes two types of projects: integrated photovoltaic and storage sites, and independent storage power stations, with some projects included in Bulgaria's national funding program "RESTORE" [2]. - The 2.4GWh storage capacity will increase Bulgaria's current storage capacity nearly fivefold, addressing issues related to photovoltaic output fluctuations and ensuring stable power supply during peak demand [2]. - Sungrow will provide its PowerTitan 2.0 storage system and inverters, which are well-suited for Bulgaria's extreme climate conditions [2]. Group 2: Market Dynamics - Bulgaria's "RESTORE Plan," launched in 2023 with a budget of €1 billion, supports renewable energy and storage integration projects, offering up to 30% investment subsidies for qualifying projects [2]. - Central and Eastern Europe is emerging as a new investment hotspot for energy storage due to abundant solar resources and urgent storage needs, driven by the EU's renewable energy targets [3][4]. Group 3: Global Market Position - Chinese energy storage companies are gaining market share globally, with 43% of new storage projects in 2024 utilizing solutions from Chinese firms, and Sungrow holding a 16.7% market share, ranking second worldwide [5]. - The successful implementation of the Bulgaria project reflects the comprehensive competitiveness of the Chinese energy storage industry, which spans from battery cells to system integration [5]. - The collaboration exemplifies the need for cross-border cooperation in energy transition, combining Chinese manufacturing capabilities with European market demands [5].

Group 1 - The article highlights the importance of cooperation between China and Europe, especially in the photovoltaic sector, as both regions are significant global economic entities [1] - China has become a leader in the global photovoltaic industry, excelling in technology, production capacity, and cost efficiency, which presents a substantial opportunity for Chinese photovoltaic companies in the European market [1] - Collaboration with European firms can help Chinese companies expand their overseas markets, alleviate domestic overcapacity, and enhance their technological capabilities and brand influence [1] Group 2 - The article mentions that Europe, being a major photovoltaic market, can benefit from partnerships with Chinese companies by accessing higher quality and lower-priced photovoltaic products and technologies, thus accelerating its energy transition [1]

Core Viewpoint - Inner Mongolia aims to achieve "15 national firsts" in 2024, particularly in new energy installations, which are expected to exceed 100 million kilowatts nationwide [1][5]. Group 1: New Energy Development - Inner Mongolia has rapidly developed its energy economy by upgrading traditional energy industries, achieving high-quality growth [1]. - The region's new energy installed capacity has doubled in the past two years, reaching 145 million kilowatts, accounting for 52% of the total [5]. - New energy generation in Inner Mongolia was 166.5 billion kilowatt-hours and 212.5 billion kilowatt-hours in the past two years, maintaining a growth rate of over 25% [5]. Group 2: Energy Consumption and Export - Inner Mongolia is enhancing the consumption of new energy by promoting "Mengdian Outsourcing," increasing green electricity exports from 30 billion kilowatt-hours to 60 billion kilowatt-hours since the 14th Five-Year Plan, with expectations to reach 100 billion kilowatt-hours this year [5]. - The first cross-province green electricity direct connection project between Inner Mongolia and Ningxia has been approved, enriching the domestic cross-province new energy export model [5]. Group 3: Local Consumption and Innovation - The region is implementing six types of market-oriented consumption models for new energy, including integrated source-grid-load-storage and wind-solar hydrogen production [7]. - Inner Mongolia has built green hydrogen production capacity of 60,000 tons per year, nearly half of the national total, and recently launched the world's first green hydrogen ammonia project [7]. Group 4: Traditional Energy Sector - Inner Mongolia is promoting green and intelligent coal mining, with 180 green mines and 215 intelligent mines established, representing 61% and 72% of coal-producing mines, respectively [7]. - All large-scale coal mines have achieved "no human presence underground, no visible coal production" [7].