Core Viewpoint - Shenzhen Delan Minghai New Energy Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, despite ongoing net losses, with a focus on expanding its overseas market presence [1][3]. Group 1: Financial Performance - Delan Minghai's revenue for 2023 and 2024 is projected to be approximately 1.777 billion yuan and 2.174 billion yuan, respectively, with net losses of about 184 million yuan and 46.62 million yuan [3]. - The company's revenue for the first three quarters of last year was approximately 1.572 billion yuan, reflecting a year-on-year growth of 3.3%, while the net loss narrowed to about 29.85 million yuan from 35.02 million yuan in the same period the previous year [3][4]. - The company has indicated that it may continue to incur net losses as it is still in the business expansion phase [4]. Group 2: Market Dependency - Over 90% of Delan Minghai's revenue comes from overseas markets, with 98.8%, 99.4%, and 97.9% of total revenue from international sales in 2023, 2024, and the first three quarters of last year, respectively [5]. - The majority of revenue is derived from the Americas and Europe, with approximately 816 million yuan and 451 million yuan from these regions in the first three quarters of last year, accounting for 51.9% and 28.7% of total revenue [5]. Group 3: Dividend Distribution - Prior to its IPO application, Delan Minghai declared a significant dividend of 87.4 million yuan to shareholders on January 15, which was fully paid by February 10, along with a previous dividend of 37.1 million yuan for the last fiscal year [6]. - The total dividends declared amount to approximately 125 million yuan, raising concerns among regulators due to the company's ongoing losses and the intention to raise funds through the IPO [6]. Group 4: Product Segmentation - In the first three quarters of last year, 88.4% of Delan Minghai's revenue came from energy storage products, with portable energy storage products, home energy storage products, and other revenues accounting for approximately 67.4%, 21%, and 11.6%, respectively [4]. Group 5: Company Background - Established in 2013, Delan Minghai is a supplier and innovator of user-side energy storage solutions, launching the BLUETTI brand in 2020, with over 35 million energy storage products shipped globally by the end of last year [3]. - The company ranks fourth among global portable energy storage device manufacturers in 2024, with a market share of 6.6% by revenue and 7.5% by shipment volume [3].

Core Viewpoint - Shenzhen Delanminghai New Energy Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, despite ongoing net losses, with a focus on overseas markets for revenue generation [1][3]. Financial Performance - In 2023 and 2024, the company reported revenues of approximately 1.777 billion yuan and 2.174 billion yuan, respectively, with corresponding net losses of about 184 million yuan and 46.624 million yuan [4]. - For the first three quarters of 2025, the company achieved revenue of approximately 1.572 billion yuan, a growth from 1.521 billion yuan in the same period the previous year, while the net loss narrowed to about 29.852 million yuan from 35.019 million yuan [4]. Market Position - Delanminghai ranks fourth among global portable energy storage device manufacturers in 2024, with a market share of 6.6% by revenue and 7.5% by shipment volume [3]. - The company has shipped over 3.5 million energy storage products globally since the launch of its BLUETTI brand in 2020 [3]. Revenue Sources - The company relies heavily on overseas markets, with over 90% of its revenue coming from international sales during the reporting periods. Specifically, overseas revenue accounted for 98.8%, 99.4%, and 97.9% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [6]. - In the first three quarters of 2025, revenue from the Americas and Europe was approximately 816 million yuan and 451 million yuan, representing 51.9% and 28.7% of total revenue, while revenue from mainland China was only 2.2% [6]. Dividend Distribution - Prior to its listing application, the company declared significant dividends, totaling approximately 125 million yuan, including 87.4 million yuan paid on January 15, 2026, and 37.1 million yuan for the previous year [7]. - The company's large dividend payouts amidst ongoing losses and an IPO fundraising effort may attract regulatory scrutiny [7].

Core Viewpoint - Shenzhen Delan Minghai New Energy Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as the fourth largest portable energy storage device manufacturer globally [2][8]. Company Overview - Established in 2013, Delan Minghai focuses on energy storage solutions for small and medium-sized users and launched the BLUETTI brand in 2020, achieving significant global brand recognition through rapid product iteration and multi-channel promotion [4][5]. - The company pioneered portable energy storage products in 2013 and shifted the industry from lithium-ion batteries to lithium iron phosphate batteries starting in 2019, enhancing safety and lifespan [5][6]. Product Portfolio - Delan Minghai has developed a layered product matrix to cater to various energy needs, including: - Elite Series: Compact entry-level power solutions for everyday appliances - Apex Series: Higher capacity and longer runtime solutions - Pioneer Series: Innovative products integrating cutting-edge energy technology - Premium Series: Products available through offline sales channels - EnergyPro Series: Whole-home energy storage systems designed for seamless power backup and energy independence - Ecosystem Series: A range of accessories and peripheral products, such as solar panels and AC generator chargers [6]. Market Position - As of December 31, 2025, Delan Minghai has shipped over 3.5 million energy storage products globally, maintaining a strong safety record with zero recalls since the launch of the BLUETTI brand [8]. - According to Frost & Sullivan, Delan Minghai ranked fourth among global portable energy storage manufacturers in 2024, with a market share of 6.6% by revenue and 7.5% by shipment volume [8]. - The company has a significant online presence, with approximately 2.7 million followers across major social media platforms and sales in over 120 countries [9]. Financial Performance - Delan Minghai's revenue for 2023 and 2024 was approximately 1.777 billion RMB and 2.174 billion RMB, respectively, reflecting a year-on-year growth of 22.3% [11]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 35.6%, 37.3%, and 42.3%, respectively [12]. - The company achieved profitability in 2024, with an adjusted net profit of approximately 20.09 million RMB, and reported an adjusted net profit of about 25.35 million RMB for the first three quarters of 2025 [13]. Investment and Use of Proceeds - Prior to the IPO, Source Code Capital holds a 14.44% stake in Delan Minghai, making it the largest external investor [14]. - The net proceeds from the IPO will primarily be used for product development, enhancing R&D capabilities, global brand building, expanding sales and service networks, capital expenditures for production facilities, upgrading digital operations management, and general corporate purposes [15].

该项目的储电能力超强，相当于一座中型电厂2小时的发电量，可同时满足约4.6万户家庭一天的用电需 求，也能为5300多台储能约80度的新能源车充满电。项目峰段最大放电功率达10.7万千瓦，持续时长4 小时，储能充放电功率及容量均大幅提高。在实际应用中，该项目效益显著，每年可帮助相关企业节省 电费7000万元；在减碳方面，相当于每年节约标准煤1.97万吨，减少碳排放5.2万吨，同时还能平衡区域 用电高峰和低谷负荷，增强电力系统供电的稳定性。 转自：成都日报锦观 超级"绿色充电宝"上线 刷新省内用户侧储能规模纪录 本报讯 （成都日报锦观新闻记者 杨甦） 1月16日，经过半个月调试的绿色水电铝用户侧储能项目在广 元经济技术开发区正式实现充放电。该项目装机功率107.12兆瓦、容量428.48兆瓦时，刷新了四川省内 用户侧储能规模纪录。 作为储能的三大应用领域之一，用户侧储能直接服务于终端用电需求，广泛应用于工商业园区、高耗能 企业等场景。此次投运的绿色水电铝用户侧储能项目，是安装在水电铝生产企业端的储能设施，采用锂 离子电池等技术，其核心原理是通过"低谷充电、高峰放电"模式运行——在低电价时段（如夜间低谷时 段）充电 ...

Core Viewpoint - The 2025 User-Side Energy Storage and Battery Technology Forum aims to focus on user-side energy storage technologies and will feature the release of the first global white paper on this topic, highlighting key industry trends and developments [2][3]. Group 1: Event Overview - The event will take place on December 19, 2025, at the Venus Royal Hotel in Shenzhen, with over 600 core enterprise decision-makers expected to attend [3][4]. - The forum will include the release of the first global white paper on user-side energy storage, covering household, commercial, and portable storage systems, along with authoritative rankings of the top 10 manufacturers in these categories [2][3]. - The event will feature discussions on over 30 core topics, focusing on technological breakthroughs, safety challenges, and value chain restructuring [2][3]. Group 2: Agenda Highlights - The agenda includes a series of presentations from industry leaders, covering topics such as the development of household storage battery technologies, cost breakthroughs in direct current technology, and the implications of new national standards [6][7]. - A roundtable discussion will address market trends for household and portable storage products in 2026, featuring experts from various leading companies [6][7]. - Specialized sessions will focus on commercial storage technologies, including sustainable development strategies and the application trends of energy storage in specific regions [7]. Group 3: Participation and Sponsorship - The event is sponsored by numerous companies, including Huizhou Zhongkai High-tech Zone, Yifei Laser, and others, indicating strong industry support [2][4]. - Participation fees are set at 2,888 yuan per person, which includes access to the forum, meals, and copies of the white papers [14].

Event Overview - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, marking the 10th anniversary of Qidian Lithium Battery and Qidian Research [2][3] - The theme of the event is "New Cycle, New Technology, New Ecology," focusing on discussions around new cycles in the industry, new materials, new processes, and new technological advancements [2] Event Scale and Participation - The event is expected to attract over 1200 offline participants and 30,000 online viewers, making it the largest annual gathering in the industry [4] - There will be nine specialized forums and over 60 prominent speakers discussing core topics, including technological breakthroughs and safety challenges [4] Award Ceremony - The 10th Lithium Battery Golden Ding Award will be held concurrently, recognizing outstanding contributions to the lithium battery industry [4][9] - The award aims to encourage innovation and provide procurement references for the industry, with various categories including technology innovation awards for different battery types [9][10] Specialized Forums and Topics - The agenda includes specialized sessions on cylindrical batteries, soft-pack batteries, and new materials and processes, with discussions on topics such as fast-charging technologies and safety standards for energy storage systems [5][6][7] - Notable companies participating in discussions include Eifly Laser, New Day Co., and others, focusing on advancements in battery technology and applications [6][7] Networking Opportunities - The event will also host the 2025 China New Energy Entrepreneurs Club Council Meeting, providing opportunities for high-level networking among industry leaders [4] - A total of over 50 exhibitors will showcase solutions across the entire lithium battery supply chain, including materials, equipment, and components [4]

Event Overview - The event titled "2025 User-Side Energy Storage and Battery Technology Forum" will take place on December 19, 2025, in Shenzhen, focusing on new energy storage technologies and building a new industrial ecosystem [1] - The event will feature the release of the first global white paper on user-side energy storage, including rankings for top 10 shipments of household, commercial, and portable energy storage systems [1][2] Key Highlights - The forum is the first professional summit dedicated to user-side energy storage technologies, covering household, commercial, and portable storage [1][2] - It will address over 30 core topics, exploring technological breakthroughs, safety challenges, and value chain restructuring [2] - The event is expected to gather over 600 decision-makers from leading companies and attract more than 20,000 online viewers, reaching an audience of over 1 million across the industry [2] Participating Companies - Notable energy storage system companies include Huawei, BYD, Sungrow, and Airo Energy, among others [4] - Key battery manufacturers participating include CATL, EVE Energy, and Gotion High-Tech [4] - Supporting materials and equipment companies include BTR, Enjie, and Hunan YN Energy [4] Registration Details - The registration fee is 2888 RMB per person, which includes access to the conference, meals, and copies of the global lithium battery and user-side energy storage industry white papers [5]

Core Insights - Xizi Clean Energy (西子洁能) is actively engaging with institutional investors to discuss its business operations and market opportunities [1] Business Overview - Xizi Clean Energy has a long history since its establishment in 1955 and was listed on the Shenzhen Stock Exchange in 2011. The company operates in multiple sectors, including waste heat boilers, clean energy equipment, solutions, spare parts, and services [2] Development Plans - In the solar thermal industry, the company aims to secure orders for three 350 MW solar thermal power plants in Qinghai Province, leveraging its strengths to transition into the solar thermal 4.0 model [3] - The company is exploring green electricity direct connection mechanisms and has established a zero-carbon factory and large-scale user-side molten salt energy storage projects to support low-carbon transformations in industrial parks [4] - With over 20 years of experience in the nuclear power sector, Xizi Clean Energy plans to enhance its layout by upgrading manufacturing workshops and establishing joint ventures focused on nuclear island equipment R&D and controllable nuclear fusion projects by 2025 [5] Market Expansion - The company is pursuing growth in the new energy and energy storage markets by expanding application scenarios based on molten salt storage technology, while also enhancing its manufacturing capabilities in the nuclear power sector and increasing its international market share [6] - Xizi Clean Energy is focusing on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas market expansion. The recognition of domestic brands is increasing, leading to a rise in overseas orders since 2024, which has become a significant part of the company's performance growth [7]

Core Insights - Xizi Clean Energy (002534) engaged in discussions with eight institutions, including CITIC Securities, regarding its business operations, market positioning, and order status [1] Business and Market Layout - Established in 1955, Xizi Clean Energy's operations include waste heat boilers, clean energy equipment, solutions, spare parts, and services, targeting high-energy-consuming industries and the renewable energy sector [1] - Future growth areas include: - New energy and energy storage, leveraging molten salt storage technology for solar thermal power and user-side storage applications, with significant advantages and broad application potential [1] - Nuclear power market, enhancing capabilities at the Chongxian manufacturing base to support business growth [1] - International market expansion, focusing on increasing market share with gas turbine waste heat boilers and exploring overseas OEM opportunities [1] Order Situation - In the first three quarters of 2025, the company secured new orders totaling 4.054 billion yuan, with specific contributions from: - Waste heat boilers: 1.196 billion yuan - Clean energy equipment: 426 million yuan - Solutions: 1.94 billion yuan - Spare parts and services: 492 million yuan - As of September 30, 2025, the total order backlog stood at 5.884 billion yuan [2] - Developments in various sectors include: - Solar thermal industry, with Xizi Clean Energy aiming for three 350MW project orders [2] - User-side energy storage, with completed zero-carbon factories and molten salt storage projects [2] - Nuclear power, with over 20 years of experience and plans to upgrade workshops and establish joint ventures for key equipment R&D [2] Product Gross Margin - In the first half of 2025, gross margins were reported as follows: - Waste heat boilers: 29.68% - Clean energy equipment: 14.35% - Solutions: 15.97% - Spare parts and services: 31.61% - Compared to the same period last year, gross margins for waste heat boilers, solutions, and spare parts and services have increased, indicating a focus on improving order quality and profitability [3]

Core Insights - The article discusses the upcoming 2025 User-Side Energy Storage Battery Technology Forum and Global User-Side Energy Storage White Paper Release, scheduled for December 19, 2025, in Shenzhen, focusing on user-side energy storage technologies [1][2]. Event Overview - The event will feature over 600 core decision-makers from the energy storage industry and is expected to attract more than 20,000 online viewers, reaching an audience of over 1 million [1]. - The forum aims to address over 30 core topics, including technological breakthroughs, safety challenges, and value chain restructuring [1]. Key Activities - The forum will include the release of the first global user-side energy storage industry white paper, which will feature rankings for household storage, commercial storage, and portable storage battery shipments [1][3]. - A series of specialized sessions will cover topics such as household energy storage safety systems, battery technology trends, and the international market for household energy storage [3][4]. Participating Companies - Notable companies expected to attend include Huawei, BYD, and CATL, among others, representing various sectors such as energy storage systems, battery manufacturing, and supporting materials and equipment [4]. Registration Details - The registration fee is set at 2888 yuan per person, which includes access to the forum, meals, and copies of the white papers [6].