1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the first half of 2025, China's new energy storage installations reached 21.9GW/55.2GWh, with a capacity scale up 76.6% year-on-year. The full - year new installation is expected to reach 110.8GWh, a slight 3% increase year - on - year. However, the demand front - loading phenomenon is obvious, and the second - half installation may decline year - on - year [1]. - The US energy storage market is booming, with an expected annual new installation of 15.8GW/49.8GWh, a 34% increase year - on - year. In Europe, large - scale energy storage is on the rise while household energy storage remains weak. Emerging countries have slow commissioning speeds but high planned scales [2]. - In June 2025, energy storage battery exports rebounded, while inverter exports decreased. The domestic energy storage system bid price rebounded slightly, and overseas prices remained stable [3]. - From June to July, energy - storage - related policies were intensively introduced, focusing on power market mechanisms and energy storage subsidies, which is conducive to accelerating the marketization of independent energy storage and improving project profitability [4]. 3. Summary According to the Table of Contents 3.1 Domestic Market: New Installation Peak Front - loaded, Bid Scale Remains High 3.1.1 Domestic Energy Storage New Installation: Demand Front - loaded in June, "531" Rush - installation Drove High H1 Installations - In H1 2025, domestic new energy storage installations reached 21.9GW/55.2GWh, with a capacity scale up 76.6% year - on - year. The "531" rush - installation in new energy power stations drove synchronous energy storage installations, advancing the grid - connection peak to before June. In June, new installations were 4.1GW/10.3GWh, a 19.3% year - on - year decline [1][8]. - In terms of application scenarios, grid - side energy storage dominated, accounting for 60%. In terms of technology, lithium iron phosphate was mainstream, and long - duration energy storage was gradually penetrating [9]. 3.1.2 Domestic Energy Storage Future Installation: Bid Scale Keeps Rising, Annual Installation Expected to Slightly Increase - In June 2025, the energy storage bid scale continued to grow rapidly, reaching 4.6GW/23.5GWh, a 128% year - on - year increase in capacity. Independent energy storage projects accounted for 88% [13]. - The full - year new installation is expected to reach 110.8GWh, a 3% increase year - on - year. After the cancellation of mandatory energy storage policies, the bid scale still increased significantly. The proportion of independent energy storage in bid projects is expected to continue rising, and the average charge - discharge duration of front - of - meter energy storage is expected to drop to 2.3 hours [17]. - Behind - the - meter energy storage growth may be slower than expected due to time - of - use electricity price policy adjustments. It is expected to add 4.7GW/10GWh in 2025, a 27% increase year - on - year [18]. 3.2 Overseas Market: Planned Scales in Emerging Countries Keep Increasing, European and American Markets Perform Well 3.2.1 US Energy Storage Installation: Completion Rate Improves as Expected, Installation Forecast Remains High - In May, the new grid - connected energy storage (≥1MW) in the US was 1555.1MW, a 44% year - on - year increase, with a project planning completion rate of 57%. The annual new installation is expected to be 15.8GW/49.8GWh, a 34% increase year - on - year [21]. - In Q1 2025, the new installation was 2042MW/5034MWh, with a capacity installation up 39% year - on - year. Front - of - meter energy storage maintained high - speed growth, while behind - the - meter energy storage had different performances: weak commercial and industrial installations and strong household energy storage [26]. 3.2.2 European Energy Storage Installation: Large - scale Energy Storage Rises, Household Energy Storage Remains Weak - In June 2025, Germany's new energy storage installations were 243MW/456MWh, with a capacity down 7% year - on - year and up 12% month - on - month. Large - scale energy storage boomed, while household energy storage continued to be weak [29]. - In the UK, large - scale energy storage in Q2 2025 increased by 141% year - on - year, and the annual new installation is expected to be 3.4GWh, a 17% increase year - on - year. In Italy, the new installation in Q1 2025 decreased by 57.8% year - on - year, and the annual new installation is expected to be 5.1GWh, a 15% decrease year - on - year [33]. 3.2.3 Emerging Countries Installation: Slow Commissioning Speed, Planned Scales Keep Increasing - In Chile, the actual commissioning speed is slow, but the planned scale has increased significantly. The annual new installation is expected to be 4.3GWh, an 83% increase year - on - year [35][36]. - In Australia, the energy storage market construction accelerated in Q1 2025. The annual new installation is expected to be around 10GWh. In India, the mandatory energy storage policy has brought new increments [38][39]. 3.2.4 Energy Storage Battery and Inverter Export Tracking: Exports Recover, Overseas Demand is Stable and Positive - In June 2025, energy storage battery exports rebounded to 8.5GWh, a 35.2% year - on - year and 54.7% month - on - month increase. Inverter exports decreased to 512.9 million units, a 12.4% year - on - year and 13.1% month - on - month decrease [40]. - In June, exports to the US and Europe showed different trends. The cumulative exports of inverters to Europe from January to June increased by over 40% year - on - year, indicating strong European demand [40]. 3.3 Energy Storage Industry Price Tracking: Domestic Energy Storage System Bid Price Rebounds, Overseas Prices Remain Stable 3.3.1 Domestic Energy Storage - related Prices: Battery Cells Remain Stable, Terminal Bid Price Rebounds - In June, the average bid price of 2 - hour energy storage systems was 0.64 yuan/Wh, a 16.6% month - on - month increase, while that of 4 - hour systems was 0.432 yuan/Wh, a 9.6% month - on - month decrease [42]. - In June, energy storage battery cell prices remained stable. Enterprises' profits have recovered but are still at a low level. Inventory may face upward pressure after the end of the domestic rush - installation [48]. 3.3.2 Overseas Energy Storage - related Prices: Energy Storage System Prices Remain Flat, European Residential Electricity Prices Rise Slightly - In recent months, overseas energy storage system prices have remained stable. The US price is 0.835 yuan/Wh, Europe and Australia are 0.755 yuan/Wh, and Chile, South Africa, and the Middle East are 0.59 yuan/Wh [50]. - In June, European residential electricity prices rose slightly. Due to weak natural gas prices and soft Asian demand, European electricity prices are expected to fluctuate weakly [53]. 3.4 Policy Tracking: Independent Energy Storage Market Entry Accelerates, Capacity Subsidies are Imminent - From June to July, nine important energy - storage - related policies were introduced, focusing on power market mechanisms and energy storage subsidies. Independent energy storage marketization is accelerating, and capacity subsidy mechanisms in some regions are expected to improve project profitability [4][55].

Core Viewpoint - The global energy storage battery market is experiencing significant growth, with a projected shipment of 258 GWh in H1 2025, representing a 106% year-on-year increase. Domestic manufacturers are leading this growth with a shipment of 252 GWh, up 109% year-on-year, while overseas manufacturers shipped 6 GWh, a 42.5% increase [1]. Group 1: Market Dynamics - The market is currently dominated by leading players such as CATL, BYD, and Envision, with a trend towards vertical integration, particularly by BYD, which is increasing its share of self-owned storage systems [3]. - In H1 2023, front-of-the-meter storage battery shipments accounted for 79% (203.4 GWh) of total shipments, while behind-the-meter battery shipments made up 21% (54.6 GWh) [3]. Group 2: Emerging Markets - Significant acceleration in the delivery of large-scale energy storage projects in emerging markets is noted, including projects like BYD's 12.5 GWh in the Middle East and collaborations in Chile and Australia [5]. - Traditional markets are influenced by regulatory changes, such as China's 136 document leading to an earlier rush for installations, and the U.S. experiencing stockpiling due to the IRA amendments [5]. Group 3: User-side Developments - The commercial and industrial sector in China is primarily focused on arbitrage from peak and valley price differences, but recent policy changes in Jiangsu have led to a cautious market sentiment [7]. - New commercial scenarios, such as solar-storage charging and data centers, are witnessing rapid growth despite the overall market's cautious outlook [7]. Group 4: European Market Incentives - The European commercial and residential storage markets are benefiting from substantial subsidy policies, with the Netherlands allocating €100 million for battery storage projects linked to solar installations [8]. - Belgium offers a 40% tax deduction for investments in solar and storage systems, the highest in its history, while Greece's enterprise storage plan provides up to 50% subsidies for businesses [9].

Group 1 - The core viewpoint of the article is that the global energy storage industry is experiencing significant growth, with a projected increase in integrated shipment volumes from 418.3 GWh in 2024 to 550 GWh in 2025, representing a year-on-year growth of 92.7% [1][6]. Group 2 - In 2024, the top 30 companies in global energy storage system integration by shipment volume include Tesla, Sungrow, CRRC Zhuzhou Institute, CATL, Fluence, BYD, Envision Energy, Powin, Nextera, Guoxuan High-Tech, and others [4][5]. - The concentration ratio (CR10) for the top 10 companies in the energy storage system integration market is 64%, indicating a relatively low industry concentration due to the rapid growth phase and the influx of new entrants from various sectors such as photovoltaics, wind power, batteries, and traditional energy [6][8].

Core Insights - The global energy storage industry is experiencing rapid growth, with a projected shipment volume of 418.3 GWh in 2024, representing a year-on-year increase of 92.7%. The forecast for 2025 is set at 550 GWh [1]. Group 1: Market Overview - The top 30 companies in global energy storage system shipments for 2024 include Tesla, Sungrow, CRRC Zhuzhou Institute, CATL, Fluence, BYD, Envision Energy, Powin, Nextera, Guoxuan High-Tech, and others [4][5]. - The concentration ratio (CR10) for the global energy storage system integration market is 64%, indicating a relatively low level of market concentration. This is attributed to the high growth phase of the energy storage integration segment, which is a key battleground for new entrants from various sectors including solar, wind, batteries, and traditional energy [6]. Group 2: Industry Dynamics - The energy storage industry is characterized by intense competition, with numerous new entrants emerging as the market expands. This competitive landscape is expected to intensify in the future [6].

4月14日，科陆电子发布第九届董事会第十七次（临时）会议决议的公告，公告美的集团工业技术事业 群总裁邱向伟当选公司董事长，他也成为美的集团入主科陆电子以来，前者派出的第二位董事长。美的 集团2023年6月正式入主科陆电子，经过一年多的经营，科陆电子也业绩也于2025年第一季度实现大幅 增长，业绩发布后股价也取得涨停。不过，科陆电子仍将面临不小挑战，一方面，一季报的利润增长很 大程度源自甩掉了去年的包袱，另一方面，科陆电子还有一些过去遗留的问题需要面对。 摘帽后连续三年亏损 美的集团入主公司 在这样的背景下，2022年5月，美的集团宣布将入主科陆电子，2023年6月，正式入主科陆电子，持股比 例为22.79%。2023年6月27日，科陆电子公告完成董事会提前换届选举，美的集团副总裁伏拥军正式成 为科陆电子董事长。除了伏拥军之外，来自美的集团工业技术事业群的财经总监吴德海、人力资源总监 骆文辉、营运总监职帅等人也一同进入董事会。 一季度业绩大幅增长 未来仍有不小挑战 在美的集团入主后，2024年科陆电子业绩止颓明显，实现营收44.31亿元，同比增长5.50%，亏损也有所 缩窄。归母净利亏损4.64亿元，同比增长1 ...

Market Share - CATL holds approximately 35% of the domestic market share, maintaining a strong position despite competition from second-tier manufacturers due to its integrated supply chain and scale advantages [3] - EVE Energy is expected to ship 110 GWh of energy storage batteries globally in 2024, achieving a market share of 37%, and is deeply tied to international giants like Tesla. The company is accelerating overseas capacity expansion, with a projected 85% of new installations in traditional markets by 2025 [5] - Sungrow Power Supply is also a key player in the market, focusing on system integration capabilities and flexible overseas market strategies [16] R&D Innovation - CATL continues to innovate in technology, maintaining its leadership in the industry [7] - EVE Energy is advancing its research and development efforts, including the launch of a 5-year zero-degradation energy storage system and sodium-ion battery technology [9] - Sungrow Power Supply is investing in digital R&D and has achieved CMMI-5 certification, enhancing its software capabilities for energy management systems [13] Financial Strength - EVE Energy plans to raise 5 billion yuan to enhance its energy storage capacity and accelerate overseas production layout [11] - Sungrow Power Supply reported a global shipment of 10.5 GWh of energy storage systems in 2023, leading the Chinese market for eight consecutive years, and is expected to benefit from growing demand in Europe and the Middle East [12] - The company has a strong financial position with a cash reserve of 286.68 billion yuan as of Q3 2024, significantly exceeding its peers [12] Summary - CATL remains the industry leader with its absolute market share, technological innovation, and financial strength, particularly in high-end overseas markets and long-duration energy storage [14] - EVE Energy is the fastest-growing second-tier manufacturer, with simultaneous growth in overseas orders and capacity expansion, potentially challenging for the global second position by 2025 [15] - Sungrow Power Supply stands out for its system integration capabilities and flexible overseas market strategies, maintaining a competitive edge in emerging markets [16]