香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 榮啟為一家於香港註冊成立的投資控股有限公司。本公司為榮啟7,000股股份（相 當於榮啟全部已發行股本的70%）的法律及實益擁有人。榮啟3,000股股份（相當 於榮啟全部已發行股本的30%）由趙欽凌先生（「趙先生」）法律及實益擁有。趙 先生為一名商人及中國的個人投資者，據董事經作出一切合理查詢後所深知、 盡悉及確信，趙先生為獨立第三方，且與本公司或其任何關連人士（定義見香 港聯合交易所有限公司證券上市規則）並無關連。 – 1 – (a) 在儲能系統供應的工程設計、採購及施工方面開展合作，重點建立專注於 為全球新能源應用提供先進解決方案的全面網絡；及 (b) 在全球市場與戰略業務夥伴探討儲能系統集成及解決方案平台的合作機遇。 Wing Lee Development Construction Holdings Limited 榮利營造控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9639） 自 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 350 CNY per share based on a 33X PE for the projected earnings in 2026 [3][5]. Core Insights - The company focuses on the energy storage integration segment and is recognized as a leading provider of energy storage system solutions and technical services, ranking second in the industry for system bids in 2024 [1][3]. - The domestic energy storage market is transitioning from mandatory storage requirements to IRR-driven models, with significant potential for capacity expansion as the current storage ratio is only about 4% [1][2]. - The company is expected to maintain high revenue growth from 2022 to 2024, benefiting from the previous energy storage industry boom and demonstrating strong cost control capabilities [1][30]. Summary by Sections 1. Company Overview - The company specializes in energy storage system integration and has a strong focus on R&D, production, sales, and service across the entire energy supply chain [16][19]. - The ownership structure is stable, with the founder holding 20.04% of the shares, and the management team has extensive experience in the power electronics sector [21][22]. 2. Financial Performance - The company has experienced rapid revenue growth, with projected revenues of 82.7 billion CNY in 2024, reflecting an 18.4% increase from the previous year [4][30]. - Net profit attributable to the parent company is expected to reach 6.48 billion CNY in 2024, with a growth rate of 12.1% [4][38]. - The gross margin is projected to remain stable at 18.5% in 2024, despite a decline in average contract prices [1][43]. 3. Market Dynamics - The energy storage market is entering a period of explosive growth, driven by the need for frequency regulation and the increasing demand for energy storage solutions in data centers [2][48]. - The company has made significant inroads into international markets, particularly in Europe, Australia, and the Middle East, with a strong pipeline of large-scale energy storage projects [2][3][57]. 4. Competitive Positioning - The company has a unique advantage in selecting high-quality project nodes, which is crucial for maximizing IRR in energy storage projects [3][5]. - The integration of AI and financial ecosystems is enabling the company to transition from a traditional energy storage supplier to a comprehensive lifecycle service provider [3][5].

Group 1: Market Performance - The housing prices in Dingbian County have increased significantly, with new residential property prices surpassing 5000 yuan per square meter by October 2025, up from less than 4000 yuan per square meter in 2022, marking a cumulative increase of over 25% in three years [1] - This price surge occurs amidst a nationwide real estate market adjustment, where most first and second-tier cities are experiencing price declines [1] Group 2: Demographic Trends - Dingbian County is one of the few counties in China with a continuously growing population, having added 30,000 residents since 2011, contrasting with the population decline in approximately 1480 counties across the country [5] - The county has a relatively young population, with 63.93% of residents aged between 15 and 59, which is higher than the national average, indicating a strong potential home-buying demographic [7] Group 3: Urbanization and Economic Factors - Dingbian County's urbanization rate is at 53%, significantly below the national average of 67%, suggesting ongoing housing demand as rural populations transition to urban areas [9] - The county is a leading oil and gas production area, contributing 3% of China's total oil and gas output, which has created substantial wealth and economic growth [10][11] Group 4: Industrial Development - The local government is actively diversifying the economy to reduce reliance on oil and gas, focusing on renewable energy development, particularly wind and solar power [14] - Dingbian County has successfully attracted major companies in the renewable energy sector, establishing a complete supply chain from power generation to equipment manufacturing [15][17] Group 5: Future Opportunities - The county is positioning itself to capitalize on the storage sector, particularly lithium-ion battery technology, which is crucial for the sustainable development of the renewable energy industry [21][22] - Dingbian County aims to develop a comprehensive energy storage ecosystem, focusing on system integration and specific application scenarios to enhance its competitive edge in the energy transition [25][27]

Core Viewpoint - The article discusses the bidding process for a 300MW/1200MWh energy storage project by Ningxia Ningdong Green Science and Technology New Energy Co., emphasizing the requirements for bidders and the scope of work involved in the project [2][25]. Summary by Sections Project Overview - The energy storage project has a capacity of 300MW and 1200MWh, with each battery unit required to have a minimum capacity of 6.25MWh [2]. Design and Engineering Scope - The project includes comprehensive engineering design tasks such as topographic mapping, geological surveys, preliminary design, technical specifications, and compliance with national standards [3][4][5]. Equipment and Material Procurement - Bidders are responsible for procuring all necessary equipment and materials, including energy storage systems, control devices, and safety equipment, ensuring compliance with specified standards [6]. Construction and Installation - The scope includes civil construction and electrical installation, covering the installation of various systems and ensuring all work meets local regulations and standards [8][9]. Testing and Commissioning - Bidders must complete all equipment commissioning and testing, including performance tests and system integration, before handing over the project to the owner [12][13]. Coordination and Services - The project requires bidders to manage policy-related issues, technical training, and warranty services during the construction phase [14][15]. Acceptance and Other Services - Bidders are responsible for all acceptance testing and regulatory compliance, including coordination with local authorities and obtaining necessary permits [16][17]. Bidder Qualifications - Bidders must meet specific qualifications, including legal registration, relevant construction and design certifications, and proven experience in energy storage projects [25][26][27]. Project Timeline - The planned start date for the project is November 20, 2025, with a completion target of April 30, 2026, for full capacity grid connection [22][23]. Submission Details - Bidders must submit their proposals electronically by November 2, 2025, with specific guidelines for document submission outlined [31][32].

Group 1 - The core viewpoint of the news is that Haibo Sichuang (sh688411) has reached its daily limit up, indicating strong market interest and positive sentiment towards the company's future prospects [1][2]. - The company specializes in electrochemical energy storage systems, holding the largest market share in China and ranking among the top three globally, showcasing significant technological barriers [2]. - In the first half of 2025, the company reported a net profit attributable to shareholders of 316 million yuan, a year-on-year increase of 12.05%, with earnings per share of 1.85 yuan, exceeding expectations and indicating a strong order book [2]. Group 2 - The company is actively promoting governance structure reforms, including the cancellation of the supervisory board and the revision of 26 governance systems, which enhances decision-making efficiency [2]. - The energy storage sector is crucial in the renewable energy field, with increasing global demand for clean energy, indicating a promising market outlook for energy storage solutions [2]. - The company has increased its R&D investment to 137 million yuan in the first half of 2025 and holds a total of 500 authorized patents, reflecting enhanced R&D capabilities that support stock price growth [2].

Core Viewpoint - The establishment of "Jichai Times" marks a significant collaboration between China National Petroleum Corporation (CNPC) and Contemporary Amperex Technology Co., Limited (CATL) in the energy storage sector, indicating a deepening partnership and strategic advancements in the industry [1][2]. Group 1: Company Formation and Structure - "Jichai Times" was officially established on August 19, with a registered capital of 77 million yuan, located in Jinan, Shandong Province. CNPC holds a 60% stake, while CATL holds 40% [2]. - The company will focus on energy storage technology services, emerging energy technology research and development, battery manufacturing, and energy management contracts [2]. Group 2: Production and Capacity Plans - "Jichai Times" plans to build a large-scale energy storage system assembly line with an annual capacity of 3 GWh in Jinan, and will establish a subsidiary in Suzhou, Jiangsu, to support the production of electrical boxes and inverters [3]. - The two production bases aim to achieve "north-south linkage and technological complementarity" [3]. Group 3: Strategic Collaborations and Market Position - CATL has formed joint ventures with nearly 20 central/state-owned enterprises, with a significant number established in the past two years focusing on energy storage [3]. - The collaboration between CATL and CNPC signifies the accelerating layout of energy storage platforms represented by major state-owned enterprises in China [3].

Group 1 - The stock price of Haibo Sichuang as of August 19, 2025, is 107.90 yuan, down 1.00% from the previous trading day [1] - The opening price for the day was 108.48 yuan, with a high of 109.50 yuan and a low of 106.60 yuan, and the trading volume reached 14,534 hands with a transaction amount of 1.56 billion yuan [1] - Haibo Sichuang operates in the power equipment industry, focusing on energy storage system integration, including the research and manufacturing of energy storage battery DC systems, inverter boost systems, and energy management systems [1] Group 2 - In the first half of 2025, Haibo Sichuang ranked second among domestic energy storage system integrators in terms of shipment volume and third globally [1] - In the domestic market, the company is second only to CRRC Zhuzhou Institute, while in the global market, it ranks above companies like Envision Energy [1] - The company participated in large-scale procurement and framework procurement, achieving a bidding scale that ranks among the top in the industry [1] Group 3 - On August 19, 2025, the net inflow of main funds into Haibo Sichuang was 24.5769 million yuan, accounting for 0.6% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow reached 120 million yuan, representing 2.94% of the circulating market value [1]

Core Viewpoint - The energy storage industry is witnessing significant project wins, with multiple companies securing contracts for large-scale energy storage systems, indicating a growing market demand and investment in energy storage solutions [2][8]. Group 1: Project Wins and Contracts - Hai Chen Energy Storage has won a major contract for a 1GW/4GWh energy storage project in Saudi Arabia, highlighting the international expansion of Chinese energy storage companies [2]. - Xinjiang Afanti Yue Water Power has been awarded a contract for a 200MW/800MWh energy storage project, marking the first time a local state-owned enterprise has entered the energy storage system integration market [2][5]. - Three companies, including Xinjiang Yue Water Power, CRRC Zhuzhou Electric Locomotive Research Institute, and Sungrow Power Supply, have been shortlisted for the procurement of an 800MWh energy storage system in Xinjiang [3][4]. Group 2: Financial Details of Contracts - The total contract value for the shortlisted companies in the Xinjiang project amounts to approximately 537 million yuan [2]. - The bid prices for the shortlisted candidates in the Xinjiang project are as follows: Xinjiang Yue Water Power at 35.04 million yuan, CRRC Zhuzhou at 34 million yuan, and Sungrow at approximately 36.36 million yuan [4]. - Shanghai Hope Architectural Design has signed a procurement contract worth 232 million yuan for a 200MW/400MWh shared energy storage demonstration project [8][9]. Group 3: Additional Project Information - The project by *ST Energy involves a 100MW/300MWh energy storage station with a total contract value of approximately 305 million yuan, emphasizing the company's capabilities in project execution [10]. - The procurement for the Xinjiang project includes various essential equipment such as transformers, GIS switchgear, and lithium iron phosphate battery storage systems [5].

Group 1 - Sunshine Power has signed a strategic cooperation agreement with SUNOTEC to provide a total of 2.4 GWh of battery energy storage systems (BESS) for multiple solar projects in Europe, focusing on Southeast European countries like Bulgaria [1] - The agreement includes the provision of the next-generation liquid-cooled storage system PowerTitan 2.0, with some projects adopting a "photovoltaic + storage" hybrid configuration, supported by SG350HX-20 string inverters and integrated medium-voltage turnkey systems [1] - Several projects are included in Bulgaria's RESTORE national support program, receiving special funding support to accelerate progress and establish industry benchmarks [1] Group 2 - Sunshine Power aims for a global energy storage shipment target of 40 to 50 GWh by 2025, with over 4 GWh of new overseas storage orders signed this year and domestic new orders exceeding 35 GWh [2] - Major domestic orders include 12 GWh from China National Nuclear Corporation and 16 GWh from China Power Construction Corporation, primarily from central state-owned enterprise framework procurement and commercial projects [2]

Group 1 - The company disclosed its investor relations activities, including participation in performance briefings and roadshows, with significant interest from institutions regarding its energy storage business progress [1] - For Q2 2025, the company expects module shipments to be between 7.5-8.0 GW, with an annual forecast of 25-30 GW, balancing price and volume considerations [1] - The company anticipates energy storage system shipments of 2.4-2.6 GWh for Q2 2025, with an annual estimate of 7.0-9.0 GWh, adjusting expectations due to uncertainties in tariffs [1] Group 2 - The company has approximately 91 GWh of energy storage system orders as of March 31, 2025, with a signed contract value of $3.2 billion, indicating strong future order support [2] - The company noted that the current tariff policies have eased, allowing for better order arrangements and normal shipment levels in markets outside the U.S. [2] - The company highlighted that the profitability of large-scale energy storage is influenced by upstream cell prices and downstream demand, with healthy margins in markets like the U.S., Canada, and the EU [2] Group 3 - The company recognizes high entry barriers in system integration compared to hardware sales, emphasizing the need for localized technical support and long-term service capabilities [3] - The company is cautious about domestic capacity expansion in the current photovoltaic market, focusing on optimizing capacity structure towards energy storage and high-profit overseas markets [3] - The company continues to invest in R&D for various technology routes, prioritizing commercial value during the industry's consolidation phase [3]