Core Insights - The storage industry is undergoing significant transformation, with technological innovation and quality assurance being key to overcoming internal competition [1] - The company aims to transition from a single storage equipment supplier to a comprehensive service provider, focusing on cost reduction while maintaining product quality [2] Group 1: Industry Trends - The storage industry is shifting from a "policy-driven" model to a "market-driven" approach, influenced by recent regulatory changes [4] - The company is increasing its market efforts in commercial storage, addressing high safety requirements and operational costs with differentiated products [4] Group 2: Technological Innovations - The company has developed advanced products, including intelligent thermal management technology and the world's first all-immersive commercial storage unit [3] - AI and big data are being integrated into storage products to enhance system safety, operational efficiency, and asset profitability [7] Group 3: Operational Efficiency - The AIOPS-2000 smart operation platform combines IoT, big data, and AI to create a comprehensive operational system that enhances safety and efficiency [7] - The platform has improved operational efficiency by over 80% compared to traditional methods, with a significant reduction in the levelized cost of electricity by 18.7% [7] Group 4: Market Applications - The company’s storage systems are tailored for different applications, including power generation, grid support, and user-side solutions, each with unique design priorities [2] - Recent deployments include 139 immersion products at communication base stations, providing 72 hours of emergency backup power [5]

Core Viewpoint - The energy storage industry is undergoing significant transformation, with technological innovation and quality assurance being key to overcoming internal competition [1][2]. Group 1: Industry Transformation - The shift from policy-driven to market-driven dynamics in the energy storage sector is highlighted, with a focus on high-quality development [2][3]. - The company emphasizes the importance of integrating big data and AI with energy storage technology to enhance the entire service chain from design to operation [1][4]. Group 2: Product Development and Innovation - The company has developed several leading products, including the world's first supermolecular fully immersed commercial energy storage unit, addressing safety and longevity issues [2][3]. - The introduction of differentiated products for commercial energy storage aims to tackle high safety requirements and operational costs [3]. Group 3: Market Strategy - The company is expanding its market presence in commercial energy storage, responding to the new regulatory environment that encourages market-driven solutions [3]. - Collaboration with telecommunications companies has led to the deployment of 139 units of immersion products at communication bases, ensuring reliable backup power during adverse weather conditions [3]. Group 4: Technological Integration - The integration of AI technology into energy storage products focuses on three dimensions: comprehensive safety assurance, intelligent operational decision-making, and continuous asset yield optimization [4]. - The AIOPS-2000 smart operation platform utilizes IoT, big data, and AI to enhance operational efficiency, achieving an 80% improvement in fault detection speed compared to traditional methods [4].

Group 1 - The stock price of Hewei Electric experienced volatility on August 18, closing at 37.60 yuan, down 0.58% from the previous trading day [1] - The company reported a trading volume of 20.24 billion yuan with a turnover rate of 11.81% on the same day [1] - Hewei Electric's main business includes the research, production, and sales of power electronic devices, which are widely used in renewable energy generation and industrial control [1] Group 2 - On August 18, the stock saw a rapid decline of over 2% within 5 minutes at 9:35 AM, followed by a quick rebound of over 2% within 5 minutes at 9:46 AM, indicating significant price fluctuations [1] - The net outflow of main funds on August 18 was 1.64 billion yuan, accounting for 0.96% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 8.57 billion yuan, representing 5.01% of the circulating market value [1]

Summary of Energy Storage Industry Research Conference Call Industry Overview - The global energy storage market exhibits significant demand differences across regions, with developed countries like the US and Australia focusing on grid regulation, while regions like Latin America and North Africa utilize wind and solar storage to address energy increments and exports. The Middle East is actively transforming to meet low-carbon demands from data centers [1][4][5]. Key Insights and Arguments - The Chinese energy storage market is transitioning from mandatory storage to market-oriented approaches, with spot price differences and capacity electricity prices becoming primary revenue sources. Independent storage growth is expected to offset the impact of mandatory storage cancellations, maintaining a growth rate of 20%-30% [1][6]. - Europe has a high proportion of renewable energy, with increased policy support for storage. Australia saw a rapid installation growth rate of 77% in 2024, while Latin America has strong storage demand. India's photovoltaic plus storage model aligns well with its discrete energy needs [1][7]. - The US energy storage market has a stable business model, but economic pressures and tariff policies are creating cost challenges. Data center projects in California and Texas are significant growth contributors, with expectations for stable growth but a slowdown in growth rate [1][8]. Future Market Trends - By 2025, the energy storage industry's shipment volume is expected to improve due to inventory recovery, with an overall compound growth rate of over 30%. Large centralized storage will dominate, while residential distributed storage has high profit potential [1][9]. - The energy storage supply chain includes upstream components like battery cells, PCS (Power Conversion Systems), and BMS (Battery Management Systems), forming the DC side of storage systems. The AC side includes P3S, EMS (Energy Management Systems), and transformers, culminating in EPC (Engineering, Procurement, and Construction) and operational segments [1][10]. Pricing Trends - Battery cell costs significantly impact energy storage system prices, with 2022 marking the industry's price peak. Prices have been declining since 2023, stabilizing by 2025. Domestic battery cell and integration prices are highly competitive, leading to non-profitable conditions, while US suppliers are returning to reasonable profit levels [2][11]. Competitive Landscape - The battery cell segment remains highly concentrated, with CATL holding over 30% market share. Other notable players include Yiwei, China Aviation, and specialized storage battery companies like Hicharge and Ruipu. In the integration segment, product customization leads to a lower overall market concentration, but companies like Tesla, Sungrow, and Fronius remain competitive [12]. - Profit distribution in large storage projects is primarily concentrated among integrators due to product customization, while channel enterprises capture more profit in the residential storage sector due to significant end-user premiums [13]. Market Review and Outlook - In Q3 2024, opportunities for large storage projects increased significantly due to market demand surges, particularly in the Middle East. The first half of 2025 is expected to be weaker due to uncertainties in US policies and domestic business model shifts affecting demand. However, expectations for improvement in the second half of 2025 suggest higher growth potential in emerging overseas markets [14]. Additional Insights - The classification of energy storage applications can be based on adjustment timeframes, with short-term storage addressing frequency and smart experience improvements, while medium-term storage focuses on balancing power demand, particularly for renewable energy fluctuations [3].

智能工厂建立了覆盖全价值链的碳足迹管理系统，通过数字孪生技术优化生产工艺，可以有效降低能 耗，单位产品碳排放较行业平均水平显著下降。智能工厂新设计的储能产品自带能量回收功能，在运行 过程中可实现能源高效利用，这一贯穿全流程的绿色制造模式曾获"北京市绿色工厂"认证。 中证报中证网讯（王珞）近日，海博思创凭借"基于大数据驱动的高性能储能产品智能工厂"项目，成功 获评2025年北京市先进级智能工厂。 此外，工厂建立了完善的设备与建筑数字化3D模型，将生产制造、物流仓储、运营管理等多个子系统 数据深度打通、有机融合，形成了物理工厂与数字孪生体实时交互、协同运行的新型制造模式。 据悉，本次评选由北京市经济和信息化局组织开展，面向本市具备智能制造能力的企业，重点考察企业 在关键技术装备安全性、智能制造专业人才储备、智能制造能力成熟度等核心维度的综合水平，旨在遴 选具有示范意义的智能制造标杆企业，进一步完善北京市智能工厂梯度培育体系。 据海博思创介绍，公司智能工厂以"人工智能+储能"为核心，深度融合数字孪生、工业互联网、大数据 等前沿技术，打造了覆盖研发设计、生产制造、运营管理的全流程智能化体系，实现从技术创新到产业 落地 ...

Core Viewpoint - Nandu Power (300068.SZ) is experiencing a transitional pain period following its transformation, with significant revenue decline and net losses reported in the first half of 2025 [1][2]. Financial Performance - The company reported a revenue of 3.923 billion, a year-on-year decrease of 31.67%, and a net loss of 232 million, compared to a profit of 185 million in the same period last year [2]. - In the second quarter, Nandu Power achieved a revenue of 2.78 billion, a slight increase of 0.9% year-on-year, and a profit of approximately 34 million, indicating a turnaround from previous losses [3]. Business Segments - The decline in revenue is attributed to a proactive reduction in lead recycling production, with the recycling segment's revenue dropping by 72.33% to 759 million, and a negative gross margin of -11.02% [6][7]. - The company has diversified its operations into three main segments: new energy storage, communication and data center storage, and residential storage, focusing primarily on lithium batteries [5]. Market Strategy - Nandu Power is expanding its strategic partnerships with major domestic and international energy developers and equipment integrators, securing high-margin orders [4]. - The company is also focusing on the data center market, with revenue from this segment reaching 1.89 billion, a year-on-year increase of 34.09%, although the gross margin for this segment has decreased by 10.21% [9][10]. Competitive Landscape - The domestic energy storage market is facing intense competition, leading to price wars and declining profit margins. The gross margin for domestic battery products was reported at 12.83%, down 11.41% year-on-year, while the overseas market showed a gross margin of 28.92% [12]. - Nandu Power is actively pursuing international markets, with ongoing projects in regions such as Australia, Europe, and North America, and is developing new markets in Asia-Pacific and the Middle East [12]. Industry Trends - The company is adjusting its battery recycling business in response to the growing trend of lithium batteries replacing lead-acid batteries, leading to a strategic shift away from expanding lead-related production capacity [8]. - A recent initiative by the China Chemical and Physical Power Industry Association aims to combat irrational pricing behaviors in the energy storage sector, with 149 companies, including Nandu Power, participating in this "anti-involution" movement [12].

Core Viewpoint - The forum emphasizes the role of energy storage in promoting the construction of a green energy system in Western China, highlighting market-driven and ecological empowerment strategies [1]. Opening Ceremony - The opening ceremony features key speeches from prominent figures in the energy sector, including the Chairman of the China Energy Research Society and professors from Tsinghua University, focusing on the new energy revolution and energy storage advancements [6][7]. Data Release - A report on the current status and trends of the new energy storage industry will be presented, including data from CNESA DataLink for the first half of 2025 [7][16]. Thematic Forums - The forum includes multiple thematic discussions, such as the integration of new energy storage with the electricity market and innovative solutions for energy storage value [17][19]. Special Guests - Notable guests include leaders from energy research institutions, universities, and energy companies, contributing to discussions on energy storage technologies and market strategies [12][13]. Project Investigations - The agenda includes site visits to energy storage projects in Inner Mongolia, showcasing practical applications and innovations in the field [15][24]. Policy Analysis - The forum will analyze policies affecting the energy storage market, including recent developments and regulatory changes that impact the industry [7][19]. Future Trends - Discussions will cover future trends in energy storage, including technological advancements and market opportunities, particularly in the context of renewable energy integration [7][19][21].

Core Viewpoint - The article highlights the recognition of Haibo Shichuang as an advanced intelligent factory in Beijing, emphasizing its role in driving digital transformation in the renewable energy sector through high-performance energy storage products and smart manufacturing technologies [2][4]. Group 1: Intelligent Factory Recognition - Haibo Shichuang was awarded the title of advanced intelligent factory by the Beijing Economic and Information Technology Bureau, showcasing its capabilities in smart manufacturing and its contribution to the digital transformation of the renewable energy industry [4][12]. - The evaluation focused on key dimensions such as the safety of critical technology equipment, the reserve of smart manufacturing professionals, and the maturity of smart manufacturing capabilities [4]. Group 2: Technological Integration - The intelligent factory integrates cutting-edge technologies such as artificial intelligence, digital twins, and big data, creating a comprehensive intelligent system that covers research and development, production, and operational management [5][6]. - A digital 3D model of equipment and buildings has been established, allowing for real-time interaction and collaboration between the physical factory and its digital twin [6]. Group 3: Smart Manufacturing Ecosystem - The factory has developed a digital design platform that integrates leading simulation software, enabling virtual verification and optimization of product performance [7]. - A digital twin factory has been created to simulate production processes, allowing for the visualization and transparency of production quality, equipment status, energy consumption, and performance predictions [7][9]. Group 4: Lifecycle Services and Value Creation - The intelligent factory has transformed from a traditional product manufacturer to a service-oriented manufacturing benchmark, establishing a full lifecycle service platform for each battery cell with unique digital identity codes [9]. - Through IoT technology, the factory collects comprehensive data from product design to delivery, providing predictive maintenance and energy efficiency optimization services during the operational phase [9]. Group 5: Sustainability and Carbon Footprint Management - The factory has implemented a carbon footprint management system that optimizes production processes through digital twin technology, significantly reducing carbon emissions per unit product compared to industry averages [11]. - The newly designed energy storage products feature energy recovery capabilities, promoting efficient energy utilization and earning the "Beijing Green Factory" certification [11]. Group 6: Industry Standards and Innovation - Haibo Shichuang actively participates in the formulation of smart manufacturing standards, leveraging its extensive experience in the energy storage sector to lead or contribute to multiple industry standards [12]. - The successful practices of the intelligent factory not only revolutionize the company's production model but also promote high-quality and sustainable development across the entire industry chain [12].

Core Viewpoint - The company, Shuangdeng Group, is launching a global offering of H-shares, aiming to raise capital for its energy storage business, which has shown significant growth potential in the telecommunications and data center sectors [3][4]. Company Overview - Shuangdeng Group, established in 2011 and headquartered in Taizhou, Jiangsu, is a leader in energy storage solutions, focusing on lithium-ion and lead-acid batteries for various applications [3][4]. - The company serves major global telecommunications operators and data centers, holding a leading position in the energy storage battery supply market [4]. Business Model - The company's main business revolves around energy storage batteries and systems, with a focus on telecommunications base stations and data centers [5]. - Revenue from the telecommunications sector has decreased from 64.8% in 2022 to 51.1% in 2024, while the data center segment has grown from 18.8% to 31.0% during the same period, indicating a shift in business focus [5][6]. Financial Analysis - Shuangdeng Group's total revenue increased from 4.072 billion RMB in 2022 to 4.499 billion RMB in 2024, with a compound annual growth rate of approximately 5.1% [6][7]. - The company reported a net profit of 1.27 billion RMB in the first five months of 2025, reflecting a significant year-on-year growth of 34% [6][7]. Competitive Advantages - The company has a strong R&D capability, with expenditures of 101 million RMB, 113 million RMB, and 110 million RMB from 2022 to 2024, respectively [9]. - A stable customer base, including long-term partnerships with leading industry players, enhances the company's competitive position [9]. - Efficient manufacturing and operational capabilities contribute to cost control and profitability [9]. Industry Outlook - The global energy storage market is experiencing rapid growth, driven by the transition from fossil fuels to renewable energy [10]. - The demand for energy storage in telecommunications and data centers is expected to surge, with significant increases in installed capacity projected for the coming years [10]. Competitive Landscape - Shuangdeng Group holds a leading market share of 11.1% in the global energy storage battery market, with a strong position in China at 16.6% [11]. - The competitive environment is intense, with the top five global players holding approximately 40.7% of the market share [11]. Valuation Analysis - The company's estimated market capitalization at the IPO price of 14.51 HKD per share is approximately 6.048 billion HKD, with a price-to-earnings ratio of about 15.7 times based on 2024 net profit [13]. - Compared to peers with P/E ratios above 20, Shuangdeng Group's valuation appears relatively low, indicating potential for upside [13].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ? 被担保人名称：临沂科瑞项目管理有限公司（以下简称"临沂科瑞"）。 ? 本次担保金额及已实际为其提供的担保余额： 临沂科瑞与中银金融租赁有限公司（以下简称"中银租赁"）签订《融资租 赁合同》，融资本金为 20,800 万元，租赁期限为 10 年。湖南科力远新能源股份 有限公司（以下简称"公司"）为临沂科瑞本次融资租赁业务承担债务的 50%提 供连带责任保证担保，即为融资本金 10,400 万元及相关的租赁利息、手续费等提 供担保。 证券代码：600478 证券简称：科力远 公告编号：2025-056 湖南科力远新能源股份有限公司 关于为储能电站项目公司提供担保的公告 截至本公告披露日,公司已为临沂科瑞提供的担保余额为 0 万元（不含本次担 保）。 ? 本次担保不构成关联交易，亦不构成重大资产重组。 ? 担保是否有反担保：否 ? 对外担保逾期的累计数量：无 ? 公司及子公司对外担保总额超过最近一期经审计净资产 100%，且本次被 担保人资产负债率超过 70% ...