文 | 中关村储能产业技术联盟 6 月 27 日 ， 亿 纬 锂 能 公 告 ， 公 司 全 资 公 司 亿 纬 储 能 马 来 西 亚 （ EVE ENERGY STORAGE MALAYSIA SDN.BHD.） 将在马来西亚吉打州投资建设新型储能电池项目 ，投资总额不超过8 6 . 5 4亿元。 证券简称:亿纬锂能 公告编号:2025-088 惠州亿纬锂能股份有限公司 关于孙公司拟在马来西亚投资建设新型储能电池项目的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假记载、 误导性陈述或重大遗漏。 一、对外投资概述 项目名称定为 "马来西亚高安全、高可靠、长寿命新型储能项目"，项目选址马来西亚吉 打州居林市，规划在当地扩建储能生产基地，建设用地规模约 48.4 万平方米，建设期不 超过 2.5 年。 原文如下： 证券代码:300014 该项目的实施进一步将促进公司海外业务的扩张发展，通过海外生产基地产能的扩大，满 足全球日益增长的储能配套需求； 随着国际贸易摩擦的进一步加剧，本项目也将一定程 度上降低该风险带来的损失 ，有助于实现业务订单的增长、产能规模的扩大以及经营绩 效的全面提升， ...

以下文章来源于品牌观察官 ，作者曾有为 品牌观察官 . 中国品牌营销第一自媒体！全国领先品牌营销媒体成员，广告、公关、营销人的首席品牌读本，聚焦最 新最热最鲜活的品牌案例、营销方法、商业策略，一起创造消费者至爱品牌！每天提供最热品牌营销资 讯与经典案例！ 作者 | 曾有为 来源 | 品牌观察官 导语： "低价"是蜜雪冰城的"免死金牌"，但这张牌还能用多久？ 顶流奶茶出事了！雄心勃勃来到香港开店，结果却翻车了？ 港人北上不是什么新鲜事了，根据深圳金融报道，2024年1到9月，香港居民在深圳非现金 支付交易金额近 90亿元，同比增长超100%。 香港赚钱内地花，香港人花得"爽"，内地也觉得"香"。 这种规模的消费力，没有一个品牌 能不心动。 因此，不少内地餐饮品牌看准商机纷纷"南下"， 试图打进香港市场， 来一场"双向奔赴"。 2023年是内地餐饮品牌进军香港市场的高峰期，截止去年6月，至少有42个内地餐饮品牌 进驻香港。 其中很多都是大家耳熟能详的品牌，包括蜜雪冰城、农耕记、太二酸菜鱼、Manner...... 只不过，香港没那么好混， 不仅要面对比内地更高昂的租金和人工成本，而且还要面对比 内地更严格的审视。 ...

每经记者｜陈婷 每经实习编辑｜余婷婷 又一家电商代运营企业向资本市场发起冲锋。 近日，上海凯诘电子商务股份有限公司（下称"凯诘电商"）向港交所提交上市申请书。 在招股书中，凯诘电商将自身形容为"数字零售解决方案提供商"，为品牌合作伙伴提供数字零售解决方案。据称，其已经建立了覆盖天猫、JD.com（京 东）、抖音和拼多多等十多个核心数字零售平台的全渠道网络，已经为200多个品牌提供服务。 据《每日经济新闻》记者了解，电商行业业内更多将提供品牌代运营服务的公司称为"电商代运营公司"或"电商服务商"，而这批公司早就掀起过一批上市 潮。早在2015年，宝尊电商（HK:09991）便赴美上市，丽人丽妆（SH:605136）、若羽臣（SZ:003010）也在多年前就成为了上市公司。 相较于同赛道的竞争对手，当前还在冲刺港股IPO的凯诘电商多少显得"姗姗来迟"。 值得一提的是，根据招股书披露的数据，凯诘电商近三年的营收呈现出连年下降的趋势。2024年，其收入同比下降1.4%，毛利由2023年的人民币3.95亿元下 降6.2%至2024年的人民币3.70亿元。 就募资目的，凯诘电商在招股书中提到，除了对当前业务进行战略扩张与 ...

Core Viewpoint - SANY Renewable Energy's profitability is under short-term pressure due to intensified competition and declining wind turbine prices, but medium to long-term prospects are optimistic with expected price recovery and accelerated overseas market expansion [1][2]. Financial Performance - In 2024, SANY Renewable Energy achieved operating revenue of 17.792 billion yuan, a year-on-year increase of 19.10%, while net profit attributable to shareholders decreased by 9.70% to 1.812 billion yuan [1]. - In Q1 2025, the company reported operating revenue of 2.187 billion yuan, a year-on-year increase of 26.58%, but net profit turned from profit to loss compared to the previous year [1]. Wind Turbine Price Trends - Wind turbine prices have shown signs of recovery since Q4 of the previous year, with bidding prices in the first four months of this year rising by 5%-10% compared to the previous year [2]. - The industry is moving away from low-price bidding towards valuing product quality and overall cost-effectiveness, influenced by the implementation of the "136 Policy" aimed at promoting high-quality development in renewable energy [2]. Cost Reduction Strategies - Future cost reductions in wind turbine production are expected due to industry synergy, scale effects, and technological advancements [3]. - The company plans to enhance profitability through brand strength, improved sales structure, and quality management [3]. Overseas Market Expansion - 2024 is projected to be a breakthrough year for SANY Renewable Energy's overseas wind turbine business, with expectations for increased order volumes in 2025 [4]. - The global wind energy market is forecasted to grow at a compound annual growth rate of 8.8%, with significant contributions from China's wind energy exports [4]. Competitive Advantages - Chinese wind turbine brands are strengthening their competitiveness overseas due to cost advantages and delivery efficiency [5]. - The overseas market is still in its early stages, with low penetration rates, allowing for growth without significant price competition [5]. Production Capacity Development - SANY Renewable Energy is expanding its overseas production capacity, with ongoing projects in India and Kazakhstan [5]. - The company aims to establish manufacturing bases for offshore wind power and targets over 1 GW of new offshore wind orders by 2025 [6].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 9.22 CNY, compared to the current stock price of 7.64 CNY [3]. Core Views - The company reported a total revenue of 12.117 billion CNY in Q1 2025, a year-on-year increase of 2.92%, and a net profit attributable to shareholders of 1.41 billion CNY, reflecting a significant year-on-year growth of 53.98% [1]. - The company's performance is benefiting from a recovery in the construction machinery sector, with excavator sales increasing by 22.83% year-on-year in Q1 2025, and domestic sales rising by 38.25% [1]. - The company is focusing on optimizing its industrial structure, enhancing its traditional and emerging industries, and expanding its international business, with export revenue expected to grow by over 35% in 2024 [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 28.67% and a net margin of 12.51%, marking increases of 0.21 percentage points and 3.84 percentage points year-on-year, respectively [2]. - The company expects to see continued improvement in its operating performance throughout 2025, with projected revenues of 53.03 billion CNY, 62.52 billion CNY, and 73.79 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 16.6%, 17.9%, and 18% [6][7]. Business Strategy - The company is advancing its "industrial tier" development strategy, focusing on both domestic and international markets, with significant contributions from new business segments such as earthmoving and agricultural machinery [2][6]. - The company plans to enhance its product offerings in the earthmoving sector, achieving full coverage of excavator tonnage from 1.5 to 400 tons, and expects export revenue from this segment to grow by over 27% in 2024 [2]. Market Outlook - The domestic market is anticipated to transition from structural recovery to a broader recovery, benefiting the company's domestic sales, while exports are expected to continue their positive growth trajectory [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has achieved significant revenue growth in 2024, with operating income reaching 12.6 billion yuan, a year-on-year increase of 30% [5][6] - The net profit attributable to the parent company for 2024 was 1.01 billion yuan, reflecting a decline of 51.9% year-on-year, primarily due to the drop in lithium carbonate prices impacting profitability [5][6] - In Q1 2025, the company reported operating income of 3.77 billion yuan, up 47% year-on-year, with net profit attributable to the parent company increasing by 11.4% to 350 million yuan [5][7] Revenue Performance - In 2024, the company’s revenue from major business segments showed strong growth: machinery equipment, overseas building materials, and lithium battery materials generated revenues of 6.72 billion, 4.72 billion, and 880 million yuan, respectively, with year-on-year increases of 35.1%, 29.0%, and 19.2% [6] - The company’s domestic and overseas revenues were 4.57 billion and 8.02 billion yuan, respectively, with year-on-year growth of 18% and 38%, indicating that overseas business accounted for over 63% of total revenue [6] Profitability Analysis - The company’s gross margin and net margin for 2024 were 26.0% and 10.2%, down 3.29 and 16.68 percentage points year-on-year, respectively, due to the significant decline in profits from its associate, Blue Lithium Industry [8] - In Q1 2025, the gross margin improved slightly to 29.7%, while the net margin was 13.8%, reflecting a year-on-year increase of 2.83 percentage points [9] Cash Flow and Expenses - The company’s operating cash flow for 2024 was 557 million yuan, a decrease of 174 million yuan compared to the previous year [8] - The financial expense ratio increased significantly to 5.1% in Q1 2025 due to substantial exchange losses, while other expense ratios were well-controlled [9] Future Outlook - The company is expected to see gradual profit recovery in 2025, with revised net profit forecasts of 1.52 billion and 1.68 billion yuan for 2025 and 2026, respectively [11] - The company is actively expanding its overseas building materials business, with production bases established in multiple African countries and plans for further capacity increases [11]