01 文 | 采日能源 全球储能产业正经历从硬件制造向全生命周期运营的系统性价值创造转型。根据相关报告显示， 储 能时长4h及以上长时储能项目逐渐增多，累计投运总能量占比31.94%，较2024年上半年增长11个百 分点 ，反映出市场对资产全周期运营能力的迫切需求。 采日能源以"储能为核心"，持续深化从"资产交付"到"服务交付"的战略演进。 2026年1月，随着 7MWh长时储能系统发布与NebulOS平台全面升级，该战略正式进入价值加速期 。 战略纵深：从交付产品到运营价值 采日能源的"服务交付"战略，核心在于将储能系统从静态设备转变为持续创造价值的动态单元。早 在行业聚焦硬件时， 公司便围绕安全可靠、度电最优与超额收益构建服务能力，为客户构建一套覆 盖设计、运营、优化到回收的全生命周期价值保障体系 。随着大型储能项目并网与电力市场交易常 态化，业主的关注点已从"初始投资"转向"全投资周期的收益率"，采日能源的角色也从设备提供商 深化为客户能源资产的长期运营伙伴。 02 硬件基石：7MWh长时储能系统释放规模效益 战略的深化需要坚实的物理载体。采日能源推出的7MWh 长时（4h及以上）储能系统，正是为规模 ...

本次6GWh储能产品的采购合作，不仅是楚能在北非市场的重要突破，也是中埃两国在"一带一路"框架 下绿色能源合作的具体实践。项目建成后，将有效提升当地电网调峰调频能力，促进光伏等清洁能源的 大规模并网消纳，助力埃及构建更加灵活、可靠、低碳的新型电力系统。 经济观察网近期，楚能新能源与埃及WeaCan、Kemet签署战略合作协议。根据协议，WeaCan和Kemet 将作为项目落地的核心推动方，依托其在埃及本土深厚的行业资源与成熟的项目运作经验，全面负责应 用场景对接、政府审批协调、电网接入支持及本地化运营服务，为楚能储能产品的规模化部署提供坚实 保障。楚能则作为技术与产品核心供应方，将分阶段供应总计达6GWh的高品质储能产品，确保产品在 埃及电力系统中的安全稳定运行，并提供全周期技术支持服务。 ...

Group 1 - The article emphasizes the importance of a distribution map for energy storage companies, serving as a targeted advertisement to decision-makers in the industry [1][3] - The map will be distributed to over 30,000 key personnel in the energy storage supply chain, acting as an invitation to enter core circles [1] - It highlights the regional layout heat map, which marks leading companies and industrial clusters in key provinces and cities across the country [4] Group 2 - The article outlines a comprehensive industry chain map covering essential enterprises from lithium mining to system integration and application [4] - It includes a policy heat index that clearly displays subsidy levels, storage requirements, and electricity pricing policies across different provinces [5] - The article mentions various sponsorship opportunities for companies to display their logos and information on the distribution map [8]

Core Viewpoint - Shenzhen Yuanxin Energy Storage Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, showcasing rapid growth in its energy storage system sales and integrated solutions, while facing challenges such as low capacity utilization and customer concentration [1][3]. Group 1: Company Overview - Yuanxin Energy Storage, established in July 2019, is a global provider of integrated energy storage system (ESS) solutions, focusing on full lifecycle solutions for global energy storage assets [2]. - The company is led by co-founders Wang Yu and Zhang Jiajing, who have extensive experience in the clean energy sector [2]. Group 2: Financial Performance - The company reported revenues of approximately 435 million yuan, 1.144 billion yuan, and 881 million yuan for 2023, 2024, and the first three quarters of 2025, respectively, with profits of 40.74 million yuan, 96.27 million yuan, and 70.89 million yuan during the same periods [3]. - Revenue and profit growth rates for 2023 and 2024 were 163% and 136%, respectively, while the first three quarters of 2025 saw a staggering 610% revenue increase and a 44% profit increase year-on-year [3]. Group 3: Business Strategy and Market Trends - The company has shifted its focus from energy storage system product sales, which accounted for 86.5% and 57.8% of revenue in 2023 and 2024, to integrated energy storage system solutions, which accounted for 92.7% of revenue by September 2025 [3]. - The average selling price of integrated energy storage solutions decreased from 1.26 yuan/Wh to 0.44 yuan/Wh between 2023 and September 2025, attributed to lower raw material costs and increased competition [4]. Group 4: Customer Concentration and Risks - In 2023, 2024, and the first three quarters of 2025, revenue from the top five customers accounted for 53.6%, 81.6%, and 80.8% of total revenue, with the largest customer’s revenue share increasing from 11.8% to 40.7% [6]. - The company has experienced frequent changes in its top customers, raising concerns about customer stability and potential risks to business performance [6][7]. Group 5: Supply Chain Dynamics - A significant supplier, located in Fujian, is also a customer of Yuanxin Energy Storage, creating a dual relationship where the company sells battery modules to and purchases battery cells from this supplier [8]. - The company’s market presence is primarily domestic, with overseas market expansion still in its early stages, contributing only about 1% of revenue from overseas markets by the first three quarters of 2025 [8]. Group 6: Future Plans - The proceeds from the IPO will be used to enhance technological capabilities, expand overseas business, and upgrade existing production facilities [8].

Core Insights - The article invites participation in the "Bloomberg New Energy Finance 2026 Asia-Pacific Energy Transition Outlook" webinar, focusing on renewable energy, energy storage, electric vehicles, and clean hydrogen [1][3] - The Asia-Pacific region has been a global leader in energy transition investments since 2013, with a notable decrease in coal power generation in China and India expected to impact carbon emissions positively by 2025 [1] Key Trends for 2026 - The webinar aims to explore whether the Asia-Pacific energy transition will accelerate in 2026 or repeat the volatility seen in 2025 [1][3] - It will highlight emerging regional markets and specific segments that are gaining traction within the Asia-Pacific energy landscape [1][3]

Core Insights - The project "Energy Storage Business Investment Decision-Making and Smart Operation" developed by Hunan Energy Big Data Center won first prize in the 2025 "Data Element ×" competition in Hunan, addressing the need for stable and reliable green electricity in urban settings [1][3] Group 1: Project Overview - The project aims to provide data-driven smart solutions for the scientific layout and efficient operation of the energy storage industry in Hunan [1][3] - It creates a smart support platform covering the entire lifecycle of energy storage from investment to operation, driven by data flow [3][4] Group 2: Key Features of the Platform - The platform integrates multi-source data to create a "digital twin" world, utilizing real-time and historical data from power loads, meteorology, and geography [3] - Three core AI models are developed: - Investment Decision AI Model, which enhances investment decision efficiency by over 200% [3] - Dispatch Optimization AI Model, which maximizes operational revenue and grid adjustment value [3] - Carbon Asset Measurement Model, which quantifies carbon reduction and transforms it into verifiable carbon assets [3] Group 3: Ecosystem and Impact - The platform fosters a collaborative green ecosystem, providing decision-making tools for investors and assisting various sectors in achieving cost reduction and green energy utilization [4] - Since its launch, the project has served over 30 energy-consuming units, leading to a cumulative storage capacity exceeding 100 MWh, with each MWh potentially generating over 1 million yuan in investment [4] Group 4: Future Implications - The innovative practices of Hunan Energy Big Data Center are redefining the logic of green development, supporting the cultivation of new productive forces in the energy sector [5] - The project serves as a model for sustainable transformation, emphasizing the importance of technological feasibility, economic rationality, and multi-party collaboration in achieving carbon neutrality goals [5]

Core Viewpoint - The energy storage industry is experiencing a continuous increase in demand, with Penghui Energy (300438) expecting to achieve a profit of 170 million to 230 million yuan in 2025, marking a turnaround from losses [1] Group 1: Company Performance and Production - Penghui Energy's main energy storage products, including the 314Ah large storage cell and 100Ah and 50Ah small storage cells, are currently operating at full production capacity [1] - The company plans to launch a 590Ah/600+Ah large capacity energy storage cell in 2025, utilizing advanced technologies to achieve over 96% energy efficiency and a cycle life exceeding 10,000 times [1] - A new 587Ah large capacity cell is expected to be produced in 2026, with the second phase of the Quzhou base already completed [1] Group 2: Market Demand and Supply Dynamics - The small storage market is currently characterized by strong supply and demand dynamics, with multiple regional demands growing and cautious capacity expansion from leading manufacturers [2] - In the large storage sector, the domestic market is projected to reach an installed capacity of over 180 million kilowatts by 2027, driving direct project investments of approximately 250 billion yuan [3] - The company has already completed a significant number of overseas large storage orders for 2025, with high customer recognition and expectations for substantial growth in 2026 [3] Group 3: Cost Management and Material Procurement - The recent significant increase in lithium carbonate prices has prompted the company to adopt various raw material procurement strategies and engage in commodity hedging to mitigate risks from material price volatility [3] - The company has begun signing linked price contracts with customers to manage costs effectively [3] Group 4: Global Expansion Plans - In early 2026, the company's board approved the issuance of H-shares and plans to list on the Hong Kong Stock Exchange, with details of the process currently being finalized [4]

Investment Rating - The report rates the electric equipment industry as "Positive" [1] Core Insights - The report emphasizes the rapid growth of energy storage, projecting a significant increase in global new energy storage installations from 13 GWh in 2020 to 306 GWh by 2025, representing over a 20-fold increase [9] - The report identifies energy transition as the primary driving force behind the growth of the energy storage market, with major economies committing to ambitious carbon neutrality goals [55] - The report highlights the importance of economic viability and demand for energy storage, indicating that the cost of energy storage (LCOS) is expected to decrease significantly, making projects more economically feasible [12][16] Summary by Sections Global Energy Storage Development Review - Since the Paris Agreement, the penetration rates of wind and solar energy in China, the US, and Europe have rapidly increased, with these regions accounting for 56% of global electricity generation by 2024 [7] - The report notes that the global new energy storage market has transitioned from 0-1 and 1-10 development phases over the past five years, with China leading the growth [9] Future Short-term Variables - Key variables affecting the energy storage market include lithium carbonate prices, peak-valley price differences in the spot market, capacity compensation, tariffs, export tax rebates, and grid access capabilities [20] - The report warns that rising lithium prices could suppress energy storage demand if they continue to increase in 2026 [21] Long-term Trends - The report underscores the energy transition as a critical driver, with countries increasing their national commitments to reduce greenhouse gas emissions and enhance renewable energy usage [55] - The report also discusses the potential impact of artificial intelligence (AI) on energy storage demand, particularly through the development of advanced data centers that require reliable energy supply [62][71] Economic Viability - The report indicates that the cost of energy storage is expected to fall significantly, with projections for 2025 showing costs between 0.35-0.60 RMB per kWh, making energy storage projects economically viable in several provinces [12][16] - The report highlights that the economic viability of energy storage will depend on the relationship between energy storage costs and revenue from energy sales [16] Emerging Markets - The report identifies emerging markets such as the Middle East, India, Australia, Japan, South Africa, and Chile as areas of interest for energy storage development, driven by favorable policies and growing energy needs [57] Conclusion - The report concludes that the global energy storage market has substantial growth potential, with a projected compound annual growth rate (CAGR) of approximately 21.3% from 2024 to 2035, indicating a clear and promising growth trajectory [59]

Group 1: Overview of New Energy Storage Industry - The global and Chinese new energy storage installed capacity has experienced rapid growth in recent years, with significant policy support and a multi-technology development approach, where lithium batteries dominate electrochemical storage, and flow batteries are growing rapidly [1] - By the end of 2024, global new energy storage installations are expected to reach 74.1 GW/177.8 GWh, representing year-on-year growth of 62.5% and 61.9%, respectively; China's new energy storage capacity is projected to be 43.7 GW/109.8 GWh, with year-on-year growth of 103% and 136% [1] Group 2: Policy Support for New Energy Storage - Since 2021, the central government has introduced a series of policy documents to encourage diversified technological development and standardize industry management, laying a foundation for storage development [2] - Key policies include the "Action Plan for High-Quality Development of New Energy Storage Manufacturing Industry" and the "Special Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)" [2] Group 3: Advantages of Lithium Batteries in Electrochemical Storage - In the first three quarters of 2025, China's lithium battery shipments for storage reached 430 GWh, a year-on-year increase of 99.07%, indicating that lithium batteries will continue to dominate new energy storage technology [3] - The expected shipment of flow batteries in China for 2024 is approximately 0.7 GW, with projections of reaching 20 GW by 2030; costs are expected to decline further, and the market scale is anticipated to double during the 14th Five-Year Plan [3] - Sodium-ion battery shipments are projected to be around 3.7 GWh in 2024, with a year-on-year growth of 428%, indicating a trend of decreasing costs and expanding application scenarios [3] Group 4: Henan Province's Energy Storage Policies and Industry Overview - In June 2023, the Henan Provincial Government issued opinions to accelerate the development of new energy storage, supporting various technologies including lithium, sodium, flow, and compressed air storage [4] - By 2030, Henan aims to achieve large-scale development of energy storage, with an installed capacity target of over 15 million kW, establishing a multi-faceted storage system for stable operation of the new power system [4] - The industry in Henan is primarily based on lithium iron phosphate batteries, with active development in sodium and all-vanadium flow batteries; key companies include Dofluor, Yicheng New Energy, Huqiang New Materials, Longbai Group, and Penghui Power Supply [4]

Report Industry Investment Rating - Not provided Core View of the Report - The lithium carbonate market is expected to operate in a volatile and upward - trending manner, with a focus on cost and marginal changes in supply and demand [3] Summary by Relevant Catalogs Market Performance - The main contract of lithium carbonate futures fluctuated within a range and closed at 168,780 yuan/ton. The net short position of the main funds continued, the long - short ratio decreased month - on - month, and the warehouse receipts increased slightly by 230 tons to 28,886 tons. The average price of SMM electric carbon was 164,500 yuan/ton [1] Supply - side Situation - Last week, raw material prices increased by over 17% month - on - month, strengthening cost support. This week, the total weekly operating rate of SMM lithium carbonate was 50.99% (-1.7%), and the operating rates of various process routes decreased month - on - month due to maintenance plans. The total production of SMM was 22,217 tons (-388 tons), with a slight decrease in supply [2] Demand - side Situation - There was a significant structural differentiation on the demand side. Last week, the production of SMM iron - lithium and ternary materials decreased slightly month - on - month, and inventory was destocked. The production of SMM power cells decreased slightly. As of January 18, the penetration rate of SMM new - energy vehicle sales rose to 55.6%, and the production schedule of energy - storage cells increased slightly to support demand [2] Inventory Situation - The sample social inventory in four regions of SMM increased by 3.1% (+1,290 tons) month - on - month, the sample weekly inventory was destocked again, decreasing slightly by 0.7% (-783 tons) month - on - month. The total inventory days were 27.8 days, with the upstream and downstream inventory days increasing to 5.1 days and 9.6 days respectively, and the inventory days in other links decreasing to 13.1 days. The inventory structure showed significant differentiation [2] Macro - policy Situation - On the demand side, multiple incentives such as subsidies for car trade - ins and battery export tax rebates stimulate terminal consumption and improve macro - liquidity. On the supply side, on January 15, the National Development and Reform Commission proposed to introduce management measures for the comprehensive utilization of new - energy vehicle power batteries, which will optimize the domestic supply structure and raise the cost support center in the long term. Industrial plans such as the Qinghai Salt Lake Industry Plan, the key points of the "15th Five - Year" plan for energy storage, and a series of deployments in the Central Economic Work Conference form synergistic benefits to support long - term supply - demand balance. The central bank's structural interest rate cuts indirectly strengthen the long - term macro - positive atmosphere [3]