Core Viewpoint - The energy storage industry in 2024 is experiencing significant challenges, with a stark contrast between leading companies and those struggling to survive amid price wars and market fluctuations [1][27]. Group 1: Employment Trends - Over 130,000 jobs have been lost in the photovoltaic sector, while the energy storage sector maintains a relatively stable workforce of around 400,000 employees across 20 listed companies, showing little year-on-year change [1][2]. - Notable increases in employee numbers were observed in leading companies such as CATL (13.73% increase) and Xinwanda (14.42% increase), while some companies like Tianneng and Aters saw significant reductions in their workforce [2][3]. Group 2: Financial Performance of Energy Storage Battery Manufacturers - The top energy storage battery manufacturers, including BYD and CATL, reported substantial revenues, with CATL's energy storage segment reaching 57.29 billion yuan [5][8]. - Despite a 60% year-on-year increase in global energy storage battery shipments, many companies, including CATL, faced declining revenues due to falling battery prices [6][7]. - The financial performance of 14 listed energy storage battery companies showed significant disparities, with some companies like BYD and Aters experiencing growth, while others like Tianneng and Funeng Technology reported substantial losses [9][10]. Group 3: Energy Storage Inverter Market - The energy storage inverter market is becoming increasingly competitive, with companies like Sungrow and TBEA leading in revenue, while others struggle to break the 10 billion yuan revenue mark [14][15]. - The average bidding price for new energy storage systems dropped by 43% in 2024, leading to significant revenue and profit disparities among inverter manufacturers [21][22]. - Only a few companies, such as Sungrow and Nari Technology, achieved both revenue and profit growth, while many others faced declining profits [16][22]. Group 4: Energy Storage System Integrators - The energy storage system integration market is characterized by significant revenue and profit differentiation, with leading companies like Sungrow and Shanghai Electric surpassing 200 billion yuan in revenue [20][21]. - The overall cash flow situation for energy storage integrators is concerning, with a notable increase in companies reporting negative cash flow from operating activities [24][25]. - Despite the competitive pricing environment, many integrators maintain healthy gross margins, indicating resilience through technological innovation and market positioning [25][26].

5月12日上午，宁德时代宣布，公司H股将于5月20日挂牌港交所，发行价格上限为每股263港元，IPO发 行规模预计为40亿美元至50亿美元，有望成为近年来港股市场规模最大的IPO项目之一。本次港股发行 吸引了中石化、科威特投资局等巨头投资。5月12日收盘，宁德时代A股报收于257.00元，上涨3.52%。 对于宁德时代的估值，有关研究机构近日提出，从中长期维度看，宁德时代新业务的价值并未在当前市 值中体现，换电、数据中心和零碳电网储能、低空和机器人电池、钠电和双核电池等新技术和新业务将 给宁德时代的市值带来进一步提升空间。 从申报到港股上市仅3个多月 5月12日，宁德时代披露发行阶段董事会公告及刊登注册招股书，宣布正式启动国际配售簿记，预计于5 月20日在港交所主板挂牌并开始上市交易。 据公告，宁德时代此次港股IPO的发行价格区间上限为每股263港元，基本为5月8日的A股收盘价，接近 A股价格的高位定价。此次港股IPO共计划发行1.18亿股股份，另设发售量调整权及超额配股权，若该 两项权利均获全额行使，按每股263港元的发行价格上限计算，预计募资总额为40亿美元至50亿美元， 有望成为近年来港股市场规模最大的 ...

Group 1 - The core viewpoint of the article highlights that CATL's IPO in Hong Kong is set to be one of the largest in recent years, with a planned issuance of 118 million shares at a maximum price of 263 HKD per share, potentially raising between 4 to 5 billion USD [1][2] - The IPO has attracted significant cornerstone investors, including major energy companies and sovereign wealth funds, with total investments exceeding 2.6 billion USD [1][2] - CATL's market leadership and its role in empowering the global renewable energy industry are recognized as key factors for its record-setting IPO [2] Group 2 - CATL plans to use 90% of the funds raised from the IPO to support the construction of its factories in Hungary, which will enhance its local production capacity in Europe [2] - The Hungarian project, with a total investment of up to 7.34 billion EUR, aims to establish a 100 GWh battery production line, with phases one and two expected to have capacities of 34 GWh and 38 GWh respectively [2] - The company's overseas revenue is projected to increase significantly as it expands its international operations, which are seen as a major growth driver [2] Group 3 - In 2024, CATL is expected to achieve a revenue of 362.01 billion RMB and a net profit of 50.75 billion RMB, marking a year-on-year growth of 15.01% [3] - The company's overseas revenue accounted for 30.48% of total revenue, with a gross margin of 29.45%, reflecting a year-on-year increase of 9.88% [3] - In Q1 2025, CATL reported a revenue of 84.71 billion RMB and a net profit of 13.96 billion RMB, showing a year-on-year growth of 32.85% [3]

| 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 线上参与东莞控股 2024 年度及 2025 年第一季度网上业绩说 | | 及人员姓名 | 明会的投资者 | | 时间 | 2025 年 05 月 09 日（星期五）下午 15:00-17:00 | | 地点 | "东莞控股投资者关系"微信小程序 | | 上市公司接待 | 董事长：王崇恩先生 | | 人员姓名 | 董事、副总裁、董事会秘书：林永森先生 | | | 独立董事：辛宇先生 | | | 副总裁、财务总监：李雪军先生 | | | 1、问：一季度公司营业收入同比下降较多，主要原因是什 | | | 么？ | | | 答：公司 年一季度营业收入下降约 2025 10%，主要原因是类 | | | 金融业务板块收入下降所致。 | | | 2、问：请问充电桩业务未能赢利的主因是什么？ | | 投资者关系活 | 答：报告期内，受公交业务缩减、市场竞争加剧的影响 ...

本次募资所得的90%将投向匈牙利项目第一期及第二期建设 ， 进一步提升本地化供应能力，巩固公司在 新能源领域的全球领先地位。 宁德时代于2025年2月11日正式向港交所递交A1申请文件，3月25日获中国证监会境外发行上市备案通知 书，创近年境外发行备案最快纪录。按照5月20日上市计算，宁德时代从申报到上市仅3月余。在当前环 境下，宁德时代仍实现接近A股价格的高位定价、超200亿港元的基石投资者认购，及在极短时间内完成 上市流程，体现全球投资者对于宁德时代及全球新能源产业的价值认可。 财务数据显示，2024年宁德时代全年实现营业收入3620.13亿元，实现归属于母公司股东的净利润 507.45亿元，同比增长15.01%；2025年第一季度公司实现营业收入847.05亿元，实现归母净利润 139.63亿元，同比增长32.85%，综合毛利率达24.4%，环比持续攀升。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：储能前沿 5月12日，宁德时代披露发行阶段董事会公告及刊登注册招股书，宣布正式启动国际配售簿记， 预计于5 月20日在香港联交所主板挂牌并开始上市交 ...

Core Viewpoint - Ningde Times has officially launched its international placement book, marking its upcoming listing on the Hong Kong Stock Exchange, with an expected IPO scale of $4 to $5 billion, potentially becoming one of the largest IPOs in recent years in the Hong Kong market [1][3]. Group 1: IPO Details - The upper limit of the IPO price is set at HKD 263.00 per share, reflecting the company's confidence in its value and market recognition of its high pricing [3]. - The company plans to issue 118 million shares, with the potential for overallotment and greenshoe options, which could bring the total fundraising to the anticipated $4 to $5 billion if fully exercised [3]. - Notable investors, including Sinopec, Kuwait Investment Authority, Hillhouse Capital, and UBS Asset Management, have shown significant interest, with cornerstone subscriptions amounting to HKD 20.371 billion at the upper price limit [3]. Group 2: Use of Proceeds - 90% of the funds raised will be allocated to the first and second phases of the Hungary project, aimed at enhancing local supply capabilities and solidifying the company's global leadership in the renewable energy sector [3]. Group 3: Company Performance - Ningde Times has demonstrated impressive financial performance, with projected revenue of RMB 362.013 billion and a net profit of RMB 50.745 billion for 2024, reflecting a year-on-year growth of 15.01% [4]. - In Q1 2025, the company achieved revenue of RMB 84.705 billion and a net profit of RMB 13.963 billion, marking a year-on-year increase of 32.85% [4]. - The company's gross margin has consistently risen to 24.4%, and it has returned nearly RMB 60 billion in cash dividends to shareholders since its listing, with a dividend payout ratio of 50% for 2023 and 2024 [4].

Core Viewpoint - Wolong Real Estate is undergoing a significant transformation by divesting its mining business and shifting focus towards the renewable energy sector, aiming to establish a dual business model of "real estate + renewable energy" [1][10]. Group 1: Divestment of Mining Business - On May 10, Wolong Real Estate announced plans to sell 90% of its stake in Shanghai Mining to its indirect controlling shareholder, Wolong Holdings, marking a complete exit from the mining trade [3][4]. - In 2024, Wolong Real Estate's total revenue was reported at 3.611 billion yuan, with the mining business contributing 2.477 billion yuan, accounting for 68.6% of total revenue [3][4]. - The decision to divest comes amid a decline in the revenue of the mining business, which fell from 3.599 billion yuan in 2022 to 2.477 billion yuan in 2024 [4][6]. Group 2: Shift to Renewable Energy - Concurrently, Wolong Real Estate has acquired several companies in the renewable energy sector, including Zhejiang Long Energy and Zhejiang Wolong Energy Storage, and will change its name to "Wolong New Energy" on May 15 [10][12]. - The acquired companies include one profitable entity, Long Energy, which reported a net profit of approximately 105 million yuan in 2024, while the others reported losses [12]. - The strategic shift towards renewable energy is seen as a proactive response to industry cycles and aims to capture growth opportunities in the context of global energy transition and carbon neutrality goals [12][13]. Group 3: Industry Context and Challenges - The renewable energy sector is experiencing high growth, with global photovoltaic installations increasing by over 30% in 2024, and battery shipments growing by 25% [13]. - However, the industry is also facing challenges, with some companies experiencing profit declines, highlighting the competitive landscape and the need for effective resource integration and management [13][16]. - The trend of real estate companies diversifying into other sectors, such as renewable energy, is becoming more common as firms seek to mitigate risks associated with the traditional real estate market [14][15].

Core Viewpoint - Yibin's economic growth has significantly slowed, with a GDP growth rate of only 4.0% in Q1 2025, falling below the provincial average of 5.5% and lower than neighboring cities like Mianyang and Deyang [1][2][3]. Group 1: Historical Context and Transformation - Yibin experienced remarkable growth from 2015 to 2024, with GDP increasing from 152.59 billion to 400.58 billion, becoming the third-largest city in Sichuan [4][5]. - The city successfully transitioned from a resource-dependent economy to a modern industrial hub, achieving a significant industrial upgrade through strategic initiatives [28][79]. - The introduction of the "dual-wheel drive" strategy in 2016 aimed at upgrading traditional industries and fostering new ones, leading to the establishment of a complete industrial chain in smart terminal manufacturing [14][19]. Group 2: Current Economic Challenges - In Q1 2025, Yibin's industrial output growth was only 5.2%, lagging behind the provincial average of 7.2% and significantly lower than Mianyang's 11.7% and Deyang's 14.0% [34]. - The traditional white liquor industry, which contributes approximately 23% to Yibin's GDP, is facing a growth ceiling, with a mere 3.3% increase in Q1 2025 [36][38]. - New emerging industries, while showing high growth rates (e.g., smart connected vehicles at 55.1% and photovoltaic products at 37.5%), are still too small in scale to offset the slowdown in traditional sectors [41][43]. Group 3: Investment and Structural Issues - Fixed asset investment in Yibin decreased by 3.3% in Q1 2025, significantly below the provincial average of 4.0%, with real estate development investment dropping by 4% [47][48]. - Industrial investment growth was weak, indicating a potential decline in the internal driving force for industrial transformation [49]. - Despite a 22.7% increase in industrial electricity consumption, suggesting active industrial activity, the overall investment vitality appears to be diminishing [50]. Group 4: Future Opportunities and Strategic Directions - Yibin is focusing on leveraging its hidden assets, such as a skilled workforce of 300,000 industrial workers, low electricity costs, and strategic transportation advantages to foster future growth [59][60][61]. - The establishment of a university city is expected to inject innovation and support the transition from manufacturing to intelligent manufacturing [63][64]. - Future growth opportunities include deepening the advantages in the new energy sector, expanding digital economy applications, and enhancing the role of artificial intelligence across various industries [66][67][68].

本报西宁5月7日讯（记者石晶）西宁海关日前举行新闻发布会透露，一季度，青海省进出口总值18.8亿 元，同比增长87.8%，增速居全国前列。 全省进出口市场呈现多元化趋势。青海依托资源优化布局新能源产业，新能源产品成为外贸增长主动 力。一季度，全省锂电池出口6.3亿元，同比增长69.2倍，占全省出口总值的38%，增速居全国第一。 多晶硅与光伏组件协同深耕国际市场。青海依托盐湖资源与清洁能源禀赋，构建光伏产业跨境供应体 系。一季度，光伏产业相关产品出口大幅增长，其中，多晶硅出口2.4亿元，同比增长3.5倍，出口值占 同期全国同类出口商品的69.3%，居全国第一；光伏组件出口3047.6万元，同比增长1.2倍。 （文章来源：经济日报） 不久前，一架装载1975公斤冰鲜虹鳟鱼的航班从西宁曹家堡机场起飞，经广州转关出口至泰国曼谷。目 前，青海产冰鲜虹鳟鱼已实现多个国家和地区当日抵达，青海冷水鱼年出口量从500吨增长到超5000 吨。西宁曹家堡机场海关监管科科长陈兆权介绍，机场海关持续优化通关服务保障，设立空运出口专 用"绿色通道"，指定业务骨干作为联络员，加强与货主、报关、物流单位联系配合，实现转关出口零延 迟。 今年 ...

长江商报消息 ●长江商报记者 江楚雅 老牌房企卧龙地产（600173.SH）正式向新能源领域转型。 近日，卧龙地产公告称，公司拟将证券简称变更为"卧龙新能"。卧龙地产表示，公司将积极响应国 家"双碳"政策，向新能源产业方向发展，增加公司新的利润增长点，为公司未来发展注入新动能。 长江商报记者注意到，卧龙地产在2025年一季度完成了对矿产贸易业务的剥离，并加速了新能源领域的 布局。通过收购龙能电力、卧龙储能等关联方新能源公司，公司形成了光伏、储能、氢能协同发展的业 务格局。 剥离矿产业务和新能源业务的快速拓展为卧龙地产营收增长提供了新动力。财报显示，卧龙地产2025年 一季度实现营业收入11.05亿元，同比增长97.53%。 打造新能源业务第二增长极 卧龙地产加速新能源领域布局。2025年初至今，公司完成多项资产收购。 3月，卧龙地产完成对浙江龙能电力科技股份有限公司、浙江卧龙储能系统有限公司、卧龙英耐德（浙 江）氢能科技有限公司及绍兴上虞舜丰电力有限责任公司等相关股权收购，增加光伏、风电、氢储能等 新能源业务。 据卧龙地产介绍，在风能领域，公司将全力推动包头达茂旗新能源加储能构网型试点示范项目的建成落 地；在 ...