21世纪经济报道记者 林典驰 深圳报道 在众多产品中，阳台光伏储能系统成为华宝新能布局的重点领域，也被视为行业增长的新增长点。 在孙中伟看来，消费级光伏储能发电系统，技术已经非常成熟。但在全球范围内，包括华宝新能覆盖的 50多个国家和地区，渗透率不及1%。 "光伏储能发电系统与传统化石能源电力系统有着本质区别，它属于细分行业中的全新品类，低渗透率 意味着未来有增长空间。" 孙中伟进一步分析道，近年来，受气候变化、电费上涨以及自然灾害频发等 因素影响，市场对独立且经济实惠的绿色光伏储能产品的现实需求愈发迫切，这为行业发展注入动力。 从供给侧来看，中国在光伏储能产业领域占据着得天独厚的优势，作为全球最大的光伏储能产业国，国 内上游企业持续加大研发投入，不断扩大产能规模，推动产品成本稳步下降。 他大胆预测，依托强大的产业链基础，在不远的将来，全球家庭只需花费四五千元，就能拥有一套光伏 储能系统，未来 10 年可实现电费零支出，这一愿景将激发全球家庭的消费需求。 与传统户储相比，阳台光伏储能系统支持用户DIY 安装，真正实现即插即用，省去了传统户储高昂的 安装成本，还缩短了安装周期，让普通家庭能够利用可持续能源，有效 ...

Core Viewpoint - Huabao New Energy is not just selling energy storage or photovoltaic products, but is developing consumer-grade photovoltaic energy storage green energy solutions based on global user demand [1] Financial Performance - In the first half of the year, the company achieved revenue of 1.637 billion yuan, a year-on-year increase of 43.32%; net profit attributable to the parent company was 123 million yuan, up 68.31% [1] Market Expansion - The company has a global presence in over 50 countries and regions, with a market share exceeding 40% in Japan and reclaiming the top position in North America [1][6] - Portable energy storage and photovoltaic cumulative sales reached nearly 6 million units, with the Jackery brand becoming a recognized expert in solar generators [1] Strategic Focus - The company has restructured its strategy from outdoor power sources to balcony photovoltaic energy storage systems and rooftop curved photovoltaic tile storage systems, expanding the boundaries of consumer-grade photovoltaic energy storage products [1][5] - The focus is on integrating energy storage and photovoltaic solutions to create a closed-loop system that enhances user stickiness and provides higher added value [3][5] Technological Innovation - The core of the strategy is driven by technology and intelligent manufacturing, with significant investment in R&D leading to a robust patent barrier covering the entire photovoltaic energy storage chain [2][5] - The company has implemented an M2C (Manufacturers to Consumer) model, allowing direct connection between R&D and users, which reshapes the standardization of household energy storage [2][7] Competitive Landscape - The company differentiates itself from competitors like Anker Innovations and Zhenghao Innovations by focusing on deep integration of energy storage and photovoltaic solutions, avoiding the pitfalls of price wars through a comprehensive ecosystem [5][10] - Anker emphasizes modular design and category expansion, while Zhenghao focuses on rapid innovation in mobile energy storage, but lacks the depth of integration seen in Huabao [4][5] Product Development - The company plans to launch new high-performance products in the balcony energy storage segment, which has shown significant growth in markets like Germany, France, and the Netherlands [10] - The newly developed DIY balcony energy storage system supports 2 kWh lithium iron phosphate batteries and can be expanded to 8 kWh, indicating a strong push towards consumer-grade solutions [10] Future Outlook - The company aims to build a global household energy ecosystem, with ambitions extending beyond just selling devices to becoming a leader in green energy and driving sustainable transformation [11]

Core Insights - The company, Huabao New Energy, reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.637 billion and a year-on-year growth of 43.32%, while net profit was 123 million, reflecting a growth rate of 68.31% [1] - The company has successfully penetrated overseas markets, particularly in Europe, which saw a remarkable year-on-year growth of 106.42%, while North America and Asia (excluding China) contributed growth rates of 42.86% and 31.92% respectively [1] - The growth is attributed to the M2C direct sales model, the evolution of home energy storage from backup power to energy hubs, and the strategic positioning of Chinese technology brands in the global energy transition [1] Market Demand and Trends - The demand for consumer-grade photovoltaic energy storage has been significantly underestimated, with the market expected to reach 62.7 billion in 2024, representing a 73% increase from the previous year [2] - The shift in market dynamics is driven by consumer demand and technological advancements, moving away from a policy-driven perception of the energy storage market [2] - The rise of balcony energy storage systems, with a lower investment threshold of 1,000 to 3,000 euros compared to traditional systems costing around 20,000 euros, is indicative of a growing trend towards energy independence among consumers [2] Technological Innovations - The company has made substantial advancements in technology, with a 49.89% year-on-year increase in photovoltaic patents, highlighting its deep focus on portable photovoltaic components [7] - New product developments include the 3000Pro2 outdoor power supply and aesthetically designed photovoltaic tiles, which have received certifications and are paving the way for integrated building photovoltaic solutions [7] - The company’s research and development investment of 76.16 million has resulted in nearly 6 million product sales, showcasing the effectiveness of its product differentiation strategy [9] Channel Strategy - Huabao New Energy has established a robust multi-channel network, combining online platforms, third-party e-commerce, and offline retail, resulting in a 55.25% year-on-year revenue growth from its official website [6] - The company has formed partnerships with major global retailers, enhancing its presence in key markets such as North America, Europe, and Japan [6] - The establishment of 18 overseas warehouses and 10 after-sales service points has created a localized service system, covering nearly 3 billion potential users [7] Financial Performance - The financial data reflects the synergy between channel resilience and technological breakthroughs, with a notable decrease in sales and management expense ratios, indicating improved operational efficiency [9] - The company’s performance during events like Amazon Prime Day demonstrated significant sales growth, with a 173% increase in the U.S. market and strong positions in Japan and Europe [9] - The combination of a strong channel network and continuous technological innovation is reshaping the growth potential in the underestimated trillion-dollar market of consumer-grade photovoltaic energy storage [9]

Group 1: Impact of U.S. Tariffs - The latest tariff rate on the company's energy storage products is 40.9%, an increase of 30 percentage points from last year, impacting product costs and market competitiveness [3] - The company has developed a multi-layered strategy to mitigate tariff impacts, including preemptive stockpiling and gradual price adjustments to balance cost pressures with market demand [3] - Strengthening supply chain resilience and enhancing internal cost efficiency are key measures to offset the external cost increases due to tariffs [3] Group 2: Industry Competition and Market Outlook - The global consumer-grade energy storage market is experiencing accelerated growth, with household storage expected to see a compound annual growth rate of nearly 15% over the next three years [4] - The competitive landscape has shifted from price competition to a focus on technology iteration, precise consumer demand targeting, and operational efficiency across the value chain [4] Group 3: Product Development and Sales Performance - The company holds 1,939 patents, with 661 related to photovoltaic technology, ensuring product safety and competitive advantage [5] - The Jackery 5000 Plus, launched in November 2024, is positioned as a new off-grid home storage solution, showing strong sales growth in the U.S. market [10] - In the first half of 2025, the company achieved a 106.42% year-on-year revenue growth in the European market, driven by effective channel strategies and product alignment with local demand [8] Group 4: Future Growth Strategies - The company aims to solidify its leading position in portable energy storage by 2025 and prepare for rapid growth in consumer-grade energy storage from 2026 to 2028 [7] - Investment and acquisition strategies will focus on enhancing core business capabilities while seeking synergistic opportunities in the energy storage sector [11] - The company plans to explore the potential of portable and household storage products to meet diverse consumer needs, with a high functional overlap of 80% to 90% between the two product categories [12]