如何做好出海业务？多位与会嘉宾均提到"长期主义"。 亿纬储能总裁陈翔表示，回想5年前甚至更早的时候，储能用的电芯都是淘汰下来的动力电池。如今， 企业认真研发500Ah以上的电芯，开始定义下一代储能电芯，储能行业已经有了巨大的飞跃，行业开始 认真思考储能行业未来如何发展。长期主义不仅是做锂电企业的基础，也是出海的基础，不管业务规模 是大是小。 易辉琼也认为，出海的长期主义包含产品创新，以及全球产业链布局。瑞浦兰钧的出海，不仅仅是电池 产能布局。她指出，从瑞浦兰钧成立开始，青山集团就一直致力于布局整个新能源产业链，从矿产到原 材料，到电池，再到终端和客户。青山集团在不锈钢和镍两个产业都做到全球最大，而且市占率超过 30%。 "世界的储能是中国的，中国的储能也是世界的。"12月11日，在深圳举办的2025高工储能年会上，这句 话反复被宁德时代（300750）、亿纬锂能（300014）等企业的发言嘉宾提及。前半句意为，中国储能电 池和储能系统在全球市场的份额分别达90%和70%，已形成主导之势；后半句则是指，海外储能市场目 前占据一半体量且利润更为丰厚，成为中国储能企业必须去的远方。 会上，储能头部企业分享了征战海外 ...

Investment Rating - The report rates the energy storage industry as "Positive" [3] Core Viewpoints - The global energy storage demand is expected to flourish, with projected new installations reaching 271 GW, 444 GW, and 661 GW from 2025 to 2027, representing year-on-year growth rates of 44%, 64%, and 49% respectively [5][11] - In the domestic market, the energy storage business model is improving, transitioning from policy-driven to market-driven demand, with strong bidding performance in 2023 [5][15] - The North American market is experiencing explosive growth in computing power, driving unexpected demand for electricity and energy storage [24] - In Europe, the demand for large-scale energy storage is surging, with a recovery in household storage shipments and a significant increase in commercial storage [33] Summary by Sections Investment Logic - The report highlights the improvement of domestic large-scale energy storage business models and the upward trend in overseas demand [5] Global Demand - Global energy storage demand is expected to maintain high compound growth rates, with significant increases in new installations across various regions [11][9] Domestic Market - The independent energy storage business model is showing marginal improvements, driving demand beyond expectations [15][14] - The report notes that from January to November 2023, the domestic energy storage bidding scale reached 112 GW/364 GWh, a year-on-year increase of 110%/161% [15] North America - The report emphasizes that the explosive growth in AI data centers is driving unexpected demand for energy storage in the U.S. [24][22] Europe - The report indicates that the demand for large-scale energy storage in Europe is rapidly increasing, with household storage demand returning to normal levels [33][25] Australia - The Australian market is characterized by significant revenue opportunities from energy arbitrage, with government subsidy programs driving household storage demand [34][35] Supply Side - The report discusses the overseas expansion of domestic energy storage companies, with significant contracts signed in various regions [6][49] - It also notes a shift from price competition to value competition, emphasizing the importance of hardware and software capabilities in energy storage systems [57]

"储能出海的心法是什么" 2025年，中国锂电产业的出海浪潮，正汹涌地扑向一个更宏大、更隐秘的战场——以储能设备为核心， 构建全球能源新的基础设施。 这是一个规模可达TWh级的能源新大陆，也是一场中国企业之间的出海竞速。 在这场比拼中，有人在低端制造的红海里挣扎，沦为低毛利的纯设备供应商；有人因水土不服、急功近 利而遭遇交付滑铁卢。 本次储能出海与单纯卖货其根本区别在于：大型储能的真正价值，建立在未来二十年与所在国电网的高 效互动上。 因此，过往依赖硬件价格比拼和规模扩张的增长逻辑已被打破，取而代之的是一个注重区域差异、并 以"硬件+服务"为核心价值的全新阶段。 位于出海之都深圳的远信储能，正是参与这一战略升级的代表性企业。这家聚焦在大型储能设备制造与 运营的公司，在全球化实践中进行了三次关键探索： 从"卖硬件"到"卖技术服务"，从"一次性交易"到"长期资产运营"，以及从"远程指挥"到"本土化扎根"。 在欧洲，它通过了匈牙利严苛的aFRR调频认证，并为波兰定制专属的800V产品解决方案； 在日本，公司深度参与项目的长期开发、投资与运营，实现资产化出海； 在非洲，其本地团队从肯尼亚办公室出发，在乍得和布基纳法索 ...

Core Insights - Chinese energy storage companies continue to expand their overseas presence, with 22 companies signing approximately 34 contracts totaling around 44.88 GWh in November [1][3]. Group 1: Market Overview - The overseas expansion of Chinese energy storage companies is characterized by a dual strategy of deepening traditional markets (Europe, North America, Australia) while penetrating emerging markets (Latin America, Asia) [3][5]. - Europe remains the primary battleground for Chinese energy storage firms, with over 15 contracts signed in November, totaling approximately 6.1 GWh [3][4]. Group 2: Regional Performance - Latin America showed significant growth, with two contracts focused on Chile, amounting to 9.6 GWh, making it the largest regional contract size in November [5]. - The Asian market also saw activity, with seven contracts totaling 6.3 GWh, including notable orders from CATL in Japan and projects in Israel and India [5][7]. Group 3: Company Performance - Among 21 companies, Haicheng Energy, Trina Storage, and Far East Energy performed exceptionally well in November, with signed contracts of 11.5 GWh, 7.86 GWh, and 7.59 GWh respectively [7][8]. - Other companies like CATL, EVE Energy, and Sungrow also secured overseas orders exceeding 2 GWh in November [8][9]. Group 4: Notable Contracts - A strategic collaboration among Haicheng Energy, Boda New Energy, and Aton Energy aims to advance no less than 10 GWh of energy storage projects across key markets in the next three years [8][12]. - Significant contracts include a 1.6 GWh project in Germany between Haibo Energy and LEAG Clean Power GmbH, and a 5 GWh memorandum of understanding between Trina Storage and Pacific Green in Australia [4][10].

三七互娱（002555）(002555.SZ)处罚落地：核心高管"全军覆没"，合计被罚超3225万元 12月5日，三七互娱公告称，公司及相关责任人李卫伟、曾开天、胡宇航、杨军、叶威、吴卫红收到中 国证监会下发的《行政处罚决定书》。从上市公司，到董事长、副董事长、副总经理、董秘、财务总 监，一张处罚单，公司核心高管全部被罚，合计被罚超3255万。 经查明，三七互娱存在以下违法事实：2014年至2020年年报披露的股东持股情况存在虚假记载；2018年 年度报告未披露收购江苏极光股权事项为关联交易，存在重大遗漏；2020年间接收购广州三七股权事项 为关联交易，2020年12月7日披露的临时公告虚假记载、2020年年度报告存在重大遗漏；2018年至2021 年年报未披露与海南力源等公司发生的关联交易，存在重大遗漏。对三七互娱责令改正，给予警告，并 处以900万元罚款；对李卫伟给予警告，并处以1400万元罚款；对杨军给予警告，并处以350万元罚款； 对曾开天给予警告，并处以350万元罚款；对叶威给予警告，并处以150万元罚款；对胡宇航给予警告， 并处以80万元罚款；对吴卫红给予警告，并处以25万元罚款。 造纸企业又现E ...

Core Insights - Trina Solar's subsidiary, Trina Storage, has signed contracts for a total of 2.66 GWh of energy storage products with clients across North America, Europe, and Latin America, with 1.08 GWh specifically for North America [2] Group 1: Recent Contracts and Projects - Trina Storage has secured its first energy storage project in Greece with PPC Renewables, featuring a capacity of 50 MW/200 MWh, marking it as one of the largest battery storage projects in Greece to date [4] - A memorandum of understanding (MoU) was signed with Pacific Green Energy Group Pty Ltd, aiming to deliver up to 5 GWh of battery storage systems between 2026 and 2028 [4] - Trina Storage has also signed contracts exceeding 1 GWh for energy storage products with clients in Europe, utilizing the new generation flexible storage battery module, Elementa 2 Pro [4] - A joint development agreement was established with Atlas Renewable Energy for a grid-connected storage project in Chile, with a capacity of 233 MW/1003 MWh [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 198.63 per share, based on a 2026E PE of 21.45x [7][5]. Core Insights - The company reported a revenue of RMB 22.869 billion in Q3 2025, with a year-on-year growth of 21% and a net profit of RMB 4.147 billion, reflecting a 57% increase year-on-year [2][13]. - The growth in revenue and profit is primarily driven by the increase in high-margin inverter and energy storage shipments overseas, indicating a positive outlook for the company's core business expansion [2][3]. - The energy storage segment achieved a revenue of RMB 28.8 billion in the first three quarters of 2025, representing a 105% year-on-year increase, with a gross margin of 39.92% [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of RMB 22.869 billion, with a net profit of RMB 4.147 billion, marking a 57% increase year-on-year [2][13]. - For the first three quarters of 2025, total revenue reached RMB 66.402 billion, up 33% year-on-year, and net profit was RMB 11.881 billion, up 56% year-on-year [2][13]. Business Segments - The energy storage business generated RMB 28.8 billion in revenue in the first three quarters of 2025, with a gross margin of 39.92%, an increase of 3.2 percentage points from the previous year [2][4]. - The company shipped approximately 29 GWh of energy storage products in the first three quarters of 2025, with over 80% of shipments being overseas, contributing to high profitability [2][4]. Market Outlook - The global energy storage market is expected to grow at a CAGR of 44.5% from 2024 to 2030, with new installations projected to reach 1556 GWh per year by 2030 [3]. - The U.S. market is anticipated to see a significant increase in energy storage demand driven by AI data centers and interest rate cuts, with an expected annual addition of 55-102 GWh of storage capacity [3]. Strategic Initiatives - The company is expanding its AIDC (AI Data Center) business, which is expected to enhance growth potential, with plans for product rollout and small-scale delivery by 2026 [4][5]. - The AIDC market is projected to reach RMB 460 billion, potentially contributing over RMB 40 billion in revenue to the company by 2030 [4].

Core Insights - In the first half of 2025, Chinese energy storage companies accelerated their overseas expansion, securing over 160 GWh of new overseas orders, a year-on-year increase of 220.28%, covering more than 50 countries and regions [1][5] - The competitive edge of Chinese energy storage firms lies in their technology, cost control, and deep integration within the supply chain, which has enabled them to optimize costs and enhance product performance [3][4] - Despite rapid growth, challenges such as trade barriers and geopolitical risks pose significant tests to the resilience of Chinese companies in international markets [5][6] Summary by Sections Overseas Expansion - Chinese energy storage companies have secured over 160 GWh of new overseas orders in the first half of 2025, marking a 220.28% increase year-on-year, with the Middle East leading at 37.55 GWh, followed by Australia at 32.31 GWh and Europe at 22.81 GWh [1] Competitive Advantages - The global competitiveness of Chinese energy storage firms is attributed to three main advantages: technology, cost control, and supply chain integration [3] - Technological innovations include solutions like Trina Storage's "Konggang 2 Desert Solution," which reduces equipment failure rates by over 60%, and Huawei's string inverter technology, which boosts energy generation by 5% and maintenance efficiency by 50% [3] - Cost control is achieved through a complete supply chain, with companies like Sungrow reducing system prices to $80-90 per kWh, 22% lower than European competitors [3] Supply Chain Synergy - In the first half of 2025, Sungrow's energy storage system shipments exceeded 40 GWh, with a gross margin increase to 32%, demonstrating the competitive barrier of "full-chain delivery" [4] Challenges in Expansion - Trade barriers, such as a 40.9% comprehensive tax rate on Chinese energy storage products in the U.S., and EU carbon tariffs pose significant challenges [5] - Geopolitical risks and cultural differences also complicate operations, with issues like delayed payments in the Middle East and stringent service requirements in Europe [5] Strategic Adaptation - Leading companies are shifting from "product export" to "localized operations" to navigate these challenges, with local production becoming a key strategy [6] - Companies like Hicharge are establishing local factories in the U.S. and Hungary to meet market demands and benefit from local manufacturing policies [6] - There is a focus on localizing technology and services, with partnerships and long-term service agreements being established to enhance market presence [6] Future Outlook - The journey of Chinese energy storage companies has transitioned from "scale expansion" to "quality competition," with those excelling in technology, supply chain resilience, and cross-cultural operations poised to play a crucial role in global energy transformation [7]

Core Insights - Chinese energy storage companies are experiencing a surge in international contracts, marking a significant breakthrough in global markets [2] - Major players like Trina Storage, Hicharge, and others are securing large-scale orders ranging from hundreds of MWh to several GWh, indicating strong product capabilities and delivery performance [2] Group 1: Trina Storage - Trina Storage signed a strategic cooperation agreement with Japan's Tohoku Electric Power, committing to supply 500 MWh of large-scale storage systems starting in 2025 [3] - The company is also developing a 500 MW/2000 MWh battery storage project in Victoria, Australia, with an investment of approximately 2.18 billion RMB, expected to be completed by the end of 2027 [3] - Trina Storage has secured contracts totaling 2.48 GWh for energy storage products across China, Latin America, and the Asia-Pacific region [3][4] Group 2: Hicharge - Hicharge has signed a supply agreement for 2 GWh of storage systems with Solarpro, a leading European solar EPC [5] - The company is also collaborating with FRV to deploy a 500 MWh storage system in Victoria, Australia, which includes long-term service support [5] - A partnership with BOS Power aims to deploy 3 GWh of storage systems in Denmark, Sweden, Finland, and Norway by 2027 [6] Group 3: EVE Energy - EVE Energy has reached a strategic cooperation with TSL Assembly to deploy 1 GWh of storage systems in Central and Eastern Europe between 2026 and 2030 [7] - The company also signed a 500 MWh agreement with CommVOLT to enhance grid stability and renewable energy integration in the region [7] Group 4: Ruipu Lanjun - Ruipu Lanjun signed a supply agreement with Energy Vault for 3 GWh of storage systems to be delivered in 2026, focusing on markets in Australia, the US, and Europe [8][9] Group 5: Other Companies - Zhongqi New Energy received a 2 GWh order from ACME Solar Holdings for battery storage systems in India [10] - Jingkong Energy announced a 600 MWh project in Finland, marking a record for single supplier procurement in the local market [11] - Yuanxin Storage signed agreements for over 5 GWh of projects in Poland, showcasing its technical and product support capabilities [12] - Xixing Charging entered the Indian market with a nearly 1 GWh storage order [13] - Kubo Energy is set to collaborate with Paneco Group for approximately 2.5 GWh of storage systems in Europe [14] - Tianneng signed a strategic cooperation agreement for 2 GW of storage equipment in Africa [15][16] - Linyang Energy will provide 275 MWh of storage solutions for a project in Poland [17] Conclusion - The recent surge in international contracts signifies a comprehensive global market penetration by Chinese energy storage companies, evolving from simple product supply to collaborative development and full lifecycle services [17]

Core Viewpoint - The global energy storage market is rapidly expanding, and international energy cooperation is urgently needed. For Chinese companies, going abroad has shifted from a strategic "option" to a necessary "requirement," driving the energy storage industry to upgrade from "single technology output" to an integrated overseas model of "products + standards + services + ecosystem," with South Asia and Southeast Asia being key focus areas for this transformation [2]. Group 1: Energy Demand in Pakistan - Pakistan is focusing on four key energy demand areas: Battery Energy Storage Systems (BESS), smart meter manufacturing and smart grid integration (AMI), electric mobility and recycling cooperation, and transmission infrastructure with battery-supported grid expansion [5][9][11]. - There are significant collaboration opportunities in BESS, particularly in local production of lithium-ion, sodium-ion, and other emerging storage technologies, especially in utility-scale storage for existing solar and wind independent power projects [5][6]. - The modernization of Pakistan's electricity infrastructure is accelerating, creating substantial opportunities for local smart meter production, especially for three-phase and multi-phase meters, driven by a demand for over 30 million meters [7][8]. Group 2: Electric Mobility and Infrastructure - Pakistan is developing a comprehensive electric vehicle policy framework, which includes battery recycling facilities, electric vehicle charging networks, and smart charging solutions integrated with home and commercial BESS systems [9][10]. - The Transmission System Expansion Plan (TSEP) in Pakistan will create new opportunities for private sector-led transmission cooperation, particularly focusing on projects that embed battery storage in transmission substations [11]. Group 3: Policy and Regulatory Support - The Pakistani government is advancing reforms to simplify regulatory approvals for storage projects, streamline licensing processes for meter manufacturing, and provide tax incentives and import duty exemptions for electric vehicles and battery components [13]. Group 4: International Cooperation and Events - The 13th International Energy Storage Summit and Exhibition (ESIE 2025) has facilitated deep participation from over 200 companies in international energy storage cooperation, covering various countries and regions [14][15]. - ESIE 2026 will continue to focus on popular markets in Europe, America, Australia, the Middle East, and Southeast Asia, inviting energy authorities, enterprises, and industry associations to participate, providing full-chain support for Chinese energy storage companies going abroad [16][18].