Company News - *ST Yazhen's stock experienced a significant deviation with a cumulative increase of 12% over three consecutive trading days, leading to a suspension of trading starting August 7, 2025, for a maximum of 10 trading days for verification [2] - BeiGene reported a 45.8% year-on-year increase in product revenue for the first half of 2025, totaling 17.36 billion yuan, with total revenue of 17.52 billion yuan, up 46.0% year-on-year, and a net profit of 450 million yuan, marking a return to profitability [2] - Xianhe Co. plans to invest approximately 11 billion yuan in a new integrated high-performance paper-based material project, with the first phase investment of about 5.5 billion yuan expected to generate an annual output value of approximately 5.15 billion yuan [3] - Tianyang Technology is planning to acquire a stake in Shanghai Tonglian Financial Services Co., with key transaction details yet to be determined, and it is not expected to constitute a major asset restructuring [3] - Shiyun Circuit's products have entered the supply chain of NVIDIA and AMD through OEM [4] - Defu Technology has developed ultra-thin high-strength copper foil products for applications in solid-state batteries and drones, with bulk supply already achieved [4] - Funeng Technology has completed sample delivery of sulfide all-solid-state batteries to a leading humanoid robot client and is in discussions with other major clients regarding solid-state battery needs [4] Industry Highlights - The national power grid has seen record-high electricity loads due to extreme weather, with the maximum load reaching 1.233 billion kilowatts, an increase of 53 million kilowatts compared to last year's peak [5] - The South Korean government will implement a temporary visa waiver policy for Chinese group tourists starting September 29, 2025, lasting until June 2026 [6] - The U.S. government has canceled a $500 million mRNA vaccine development project, which is seen as a significant move away from mRNA vaccine research [7] - Jingtai Holdings announced a collaboration worth approximately 47 billion HKD (about 5.99 billion USD) in the AI drug discovery field, marking one of the largest public collaborations in this sector globally [8] - The V2G industry is expected to grow significantly with the increasing number of electric vehicles, aiming for large-scale commercial application by 2030 [9][10] - The convertible bond market is experiencing a "strong redemption wave," with over 90 convertible bonds announced to exit the market due to rising stock prices [11] - CITIC Construction believes that China's commercial aerospace industry is entering a rapid development phase, with increased satellite launch frequencies and the initiation of bidding for the Qianfan constellation [12] - Huatai Securities indicates that the foundation for a long-term stabilization in the real estate sector is being established, with a focus on stabilizing price expectations and activating housing demand [13] - Tianfeng Securities warns that the risk of "re-inflation" in the U.S. remains, influenced by tariffs and consumer price levels [14]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请介绍一下公司在V2G上的技术储备情况和产品应用情 况。 积成电子（002339.SZ）8月7日在投资者互动平台表示，公司控股子公司积成智通可提供一体式V2G直 流充放电机、全液冷柔性充放电系统等产品，其中全液冷柔性充放电系统采用充放电一体化融合设计， 功率达兆瓦级以上，支持多路充放电输出，可应用于光储充放检一体化场站及V2G车网互动示范项目。 ...

Summary of the Conference Call for 优优绿能 Company Overview - 优优绿能 focuses on the new energy vehicle ecosystem, covering both ToB (business-to-business) and ToC (business-to-consumer) segments. ToB includes DC charging equipment and core components, while ToC specializes in portable power products like vehicle-mounted power supplies [2][3] Key Points and Arguments - **Market Share and Growth**: In 2023, the company held approximately 11% to 12% market share in the domestic charging module market. The industry is expected to consolidate, with the top three companies potentially capturing 50% to 60% of the market [4][15] - **Profit Margin Trends**: The overall gross margin is on an upward trend from 2022 to 2024, with higher integration levels leading to higher margins. The 40 kW module has the highest margin, followed by 30 kW, while the 15 kW product has limited impact due to lower sales volume [2][6] - **Cost Control and Product Optimization**: The company aims to maintain and enhance charging module gross margins through market share adjustments, product structure optimization, and cost control measures, including raw material price reductions [9][10] - **Revenue Projections**: For 2025, it is anticipated that the revenue share of the 40 kW charging module will exceed 50% of the total, while the shares of 30 kW and 20 kW modules will decline [10] - **Light Asset Model**: The company operates a light asset model, outsourcing most assembly processes. It has localized manufacturing in Southeast Asia and the U.S. and is expanding into emerging markets like Latin America and Africa [11][12] Additional Important Insights - **Technological Advancements**: Continuous technological iteration is crucial for maintaining competitive advantages in the market [4][15] - **Market Dynamics**: The European market is seeing an increase in electric vehicle sales, which supports the demand for charging modules, although recovery in the market remains to be observed [16] - **Customer Diversification**: The company has diversified its customer base, increasing the number of global industry clients from 500 in 2023 to 1,000 in 2024, reducing reliance on any single customer [15] - **Regulatory Considerations**: The company is prepared to adapt to potential localization manufacturing requirements in Europe, similar to those in the U.S., but currently sees no strong push for such policies in Europe [12][13] - **Future Expansion Plans**: The company is open to exploring new fields such as AI data centers and other high-cost tolerance scenarios for promoting energy storage systems [23] This summary encapsulates the key aspects of the conference call, highlighting the company's strategic focus, market positioning, and future outlook in the new energy vehicle ecosystem.

Core Viewpoint - Shenzhen Youyou Green Energy Co., Ltd. successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 5, 2023, and is a leading supplier of charging modules for electric vehicles in China, holding a market share of 10.58% in 2023 [1][2]. Group 1: Company Overview - Youyou Green Energy specializes in the research, production, and sales of core components for direct current (DC) charging equipment for electric vehicles, with a focus on 15kW, 20kW, 30kW, and 40kW charging modules [2]. - The company has established long-term partnerships with leading enterprises in various sectors, including charging pile manufacturers and electric vehicle manufacturers, both domestically and internationally [2]. Group 2: Market Position and Growth - In 2023, the charging module market experienced an increase of 726.60 billion watts, with Youyou Green Energy's domestic sales reaching 76.90 billion watts, resulting in a market share of 10.58% [2]. - The company's revenue is projected to grow from 9.88 billion yuan in 2022 to 14.97 billion yuan in 2024, with a year-on-year increase of 3.87% expected in the first half of 2025 [3]. Group 3: Industry Trends - The electric vehicle market in China has seen significant growth, with annual sales rising from 301,700 units in 2016 to 8,968,100 units in 2023, reflecting a compound annual growth rate (CAGR) of 62.35% [4]. - The number of charging piles has increased from 445,700 units at the end of 2017 to 10,243,000 units by mid-2024, with a CAGR of 61.97% [4]. Group 4: Product Development and Innovation - Youyou Green Energy has developed new products, including a 40kW ultra-high power charging module and a 30kW charging module designed for harsh environments, which have received positive feedback from customers [4]. - The company is also focusing on small power DC charging products, V2G products, and energy storage charging products, with advancements in technology such as DSP chips enabling new applications [5][6]. Group 5: Research and Development Investment - The company's R&D investment has increased significantly, from 40.18 million yuan in 2022 to 109 million yuan in 2024, with a CAGR of 65.01% over the past three years [7]. - Youyou Green Energy aims to enhance its production capacity and market competitiveness through the establishment of a fully automated production line and further investment in emerging application areas [7].

Core Viewpoint - Shenzhen Youyou Green Energy has officially launched its IPO application on the Shenzhen Stock Exchange, marking its entry into the capital market after ten years of focusing on the charging module sector, reflecting the microcosm of the rapid development in the new energy vehicle infrastructure [1] Company Development - Youyou Green Energy was founded by Deng Likuan and Bai Jianguo, who identified the opportunity in the charging pile component supply market after leaving Grebel Power [4] - The company initially focused on high-voltage fast charging technology, launching a 15kW air-cooled DC charging module, which was 2-3 times more powerful than mainstream products at the time [5] - The company continued to innovate, introducing 20kW and 30kW modules, with the latter being the highest power density product in the industry at that time, achieving a 12% advantage over competitors and reducing costs to 60% of similar imported products [5][8] Market Position and Growth - By 2021, Youyou Green Energy's revenue surged from 430 million yuan to 1.376 billion yuan, with net profit increasing from 46 million yuan to 268 million yuan, reflecting a compound annual growth rate of over 80% [14] - The company has established a strong presence in the international market, partnering with ABB and securing orders from major clients like BTC Power and Chaevi, covering over 30 countries and 400 enterprises [14] Competitive Landscape - The charging module market is dominated by five major players, including Youyou Green Energy, which holds over 20% market share, while Infineon leads with over 30% [15] - The industry is experiencing a significant transformation, with a projected market size of 14 billion yuan in 2024, but 75% of companies have been eliminated due to intense price competition [17] Challenges and Future Outlook - The company faces challenges from a reliance on a limited number of clients, with the top five clients accounting for a significant portion of revenue, and potential cash flow pressures if major clients reduce orders [19] - The international market poses additional challenges, with a third of revenue coming from overseas and new localization policies being implemented in Europe and North America [20] - The ongoing price war and the need for continuous product innovation are critical for Youyou Green Energy to maintain its competitive edge and avoid being overtaken by industry trends [21]

策 略 研 究 新股研究 2025 年 05 月 16 日 优优绿能：规模化充电模块供应商 ——注册制新股纵览 20250516 投资提示： 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 研究支持 任奕璇 A0230123050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 彭 玉 文 1 0 0 0 8 证 券 研 究 报 告 0 7 1 5 0 3 2 0 A p m o c . h c r a e s e r w s @ y w g n e 朱 敏 4 s 0 0 0 5 0 4 2 5 0 3 2 0 A z m o c . h c r a e u s e r s w s @ n i m h 申 购 策 略 ⚫ AHP 得分——剔除流动性溢价因素后，优优绿能 1.74 分，位于总分的 ...

Core Viewpoint - The article discusses the evolution and future potential of China's power battery industry, particularly focusing on the Vehicle-to-Grid (V2G) technology and its commercial viability through battery swapping models, highlighting the shift from individual car owner participation to battery asset management [1][21]. Group 1: Development of Power Battery Industry - Over the past 15 years, China's power battery industry has transformed from a nascent stage to a global leader, becoming a key representative of Chinese manufacturing and economic transformation [1][2]. - By 2025, the industry is expected to enter a new phase characterized by challenges, new application scenarios, technological innovations, and evolving business models [1][2]. Group 2: Policy and Market Dynamics - In April, the National Development and Reform Commission and other ministries launched pilot projects in nine cities to promote V2G technology, marking a significant policy acceleration [2][4]. - The focus of future policies is on creating a sustainable business model for bidirectional energy flow, addressing the dual needs of alleviating grid pressure and enhancing renewable energy integration [3][4]. Group 3: V2G Technology and Challenges - The urgency for V2G technology arises from the increasing electricity consumption of electric vehicles, which is projected to reach 5% of total electricity consumption by 2030-2035 [5]. - V2G technology can help manage grid stability by utilizing electric vehicle batteries as distributed energy storage units, enhancing the integration of renewable energy sources [6]. Group 4: Commercialization Dilemmas - The V2G model faces significant commercialization challenges, particularly for individual car owners, who prioritize personal asset utility over grid stability [7][9]. - Economic incentives for users to participate in V2G are crucial, with studies indicating that price differentials need to exceed 1.5 yuan per kilowatt-hour to motivate participation [8][9]. Group 5: Battery Swapping as a Solution - The battery swapping model is emerging as a viable alternative for V2G, shifting control from individual car owners to battery asset operators, which can enhance scalability and manageability [10][11]. - This model allows for better predictability and aggregation of battery resources, potentially generating significant revenue from energy market participation [11][12]. Group 6: Strategic Moves by Key Players - Companies like CATL and NIO are actively developing the battery swapping ecosystem, focusing on the lifecycle value of batteries and exploring B2G (Battery-to-Grid) opportunities [12][14][17]. - The collaboration between battery manufacturers and automakers is crucial for establishing a comprehensive infrastructure that supports V2G applications [17]. Group 7: Competitive Landscape - The rise of megawatt-level fast charging technology poses a competitive threat to battery swapping models, as these systems can also facilitate V2G applications [18][20]. - The integration of charging, storage, and renewable energy generation in fast charging stations may challenge the dominance of battery swapping in the V2G market [18][19]. Group 8: Future Outlook - The commercialization of V2G in China is accelerating under strong policy support, with battery swapping models showing significant potential to drive this process [21][22]. - The future of the V2G market may involve a dynamic interplay of various technological paths and evolving business models [22].

Core Viewpoint - China is accelerating the interaction between electric vehicles and the power grid (Vehicle-to-Grid, V2G), aiming to transition from concept validation to large-scale application, with the battery-swapping model emerging as a potential key driver for V2G commercialization [1][10]. Policy and Market Dynamics - The National Development and Reform Commission and other ministries have designated nine cities and 30 projects as pilot programs for V2G, marking a significant policy push towards V2G implementation [1]. - The focus is on creating a sustainable business model for bidirectional energy flow, which includes orderly charging (V1G) and bidirectional charging and discharging (V2G) [2][4]. Drivers for V2G Implementation - The urgency to promote V2G stems from two main needs: alleviating grid load pressure and enhancing the grid's capacity to integrate renewable energy [3]. - As of 2024, the number of electric vehicles in China is expected to exceed 31 million, accounting for over 1% of total electricity consumption, projected to rise to around 5% by 2030-2035 [4]. - V2G technology can convert vast electric vehicle battery resources into flexible, dispatchable distributed energy storage units, improving the overall utilization of renewable energy [5][6]. Challenges of Personal Vehicle Participation - The commercialization of V2G models centered on individual vehicle owners faces significant challenges, primarily due to economic incentives and the complexity of bidirectional charging [7][9]. - The economic incentive for orderly charging (V1G) is crucial, with a need for peak-valley electricity price differences to exceed 1.5 yuan per kilowatt-hour to motivate participation [8][9]. Battery-Swapping Model as a Solution - The battery-swapping model is emerging as a viable alternative to the traditional personal vehicle-centric V2G model, shifting the ownership and operational control of batteries from individual owners to battery asset operators [10][11]. - This model offers controllability and scalability, allowing for better management of battery status and capacity, which enhances the ability to respond to grid demands [12]. Strategic Moves by Key Players - Companies like CATL and NIO are actively developing the battery-swapping ecosystem, focusing on the lifecycle value of batteries and the B2G (Battery-to-Grid) concept as a key growth avenue [13][14][17]. - CATL's partnerships with various automakers and strategic collaborations with companies like Sinopec are aimed at reducing the costs of early battery-swapping station construction [17]. Competitive Landscape - The rise of megawatt-level ultra-fast charging technology, driven by companies like Huawei and BYD, poses a potential challenge to the battery-swapping model by integrating charging, storage, and power grid interaction capabilities [18]. - The future of the V2G market may involve a dynamic process of integrating multiple technological paths and evolving business models [20].