证券代码：002434 证券简称：万里扬 浙江万里扬股份有限公司投资者关系活动记录表 编号：2025-010 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 华鑫证券、民生证券、长江证券 | | 人员姓名 | | | 时间 2025 | 年 12 月 4 日 | | 地点 | 公司金华基地 | | 上市公司接待人 | 财务总监、董事会秘书 张雷刚 | | 员姓名 | 万里扬机器人科技公司总经理 郭恩有 | | | 1、介绍公司经营情况 | | | 答：公司业务包括汽车零部件业务和新型储能业务。 | | | 汽车零部件业务主要为汽车传动系统产品的研发、生产和销售，产品覆盖 | | | 乘用车市场、商用车市场、新能源汽车市场。同时，公司着力发展非公路传动 | | | 系统产品，包括工程机械电驱动系统、大马力拖拉机CVT、中大马力拖拉机动 | | 投资者关系活动 | 力换挡/换向系统以及机器人电机、谐波 ...

Group 1: Photovoltaic Industry - The prices of silicon wafers, battery cells, and modules have slightly decreased this week, but overseas market demand remains strong, providing some support for battery cell prices [1] - The upstream price trends are experiencing slight fluctuations, while overseas orders and policy environments continue to be the main driving forces supporting the industry chain [1] - Short-term prices are expected to remain stable due to these factors [1] Group 2: Wind Power - The domestic bidding for wind power projects continues to show high levels of activity, with Mingyang Smart Energy winning a bid for a 700MW wind-solar hydrogen project [2] - Goldwind Technology, Envision Energy, and CRRC Zhuzhou have also secured bids for a total of 1084MW offshore wind turbine procurement from State Power Investment Corporation [2] - The orderly progress of domestic offshore and onshore wind power project bidding indicates a gradual increase in industry prosperity [2] Group 3: Energy Storage - New regulations from the National Development and Reform Commission clarify the profitability model for energy storage, leading to a continuous breakthrough in domestic energy storage orders [3] - Global large-scale energy storage bidding data remains robust, with rising prices for energy storage cells confirming strong downstream demand [3] - The demand for large-scale energy storage is expected to grow non-linearly after reaching an economic inflection point, driven by surging electricity consumption in U.S. data centers and a moderate recovery in European household storage demand [3] Group 4: Power Grid Equipment - The investment in power grid projects reached 482.4 billion yuan in the first ten months of this year, reflecting a year-on-year growth of 7.2% [4] - The fourth round of equipment bidding for the State Grid's ultra-high voltage projects has commenced, with total bid quotations amounting to approximately 16.539 billion yuan [4] Group 5: Electric Vehicles - The chairman of Tianqi Lithium predicts that global lithium demand will reach 2 million tons of lithium carbonate equivalent by 2026, indicating a potential balance in supply and demand [5] - Longpan Technology has signed a major contract worth over 45 billion yuan for lithium iron phosphate cathode materials [5] - NIO reported year-on-year growth in revenue and gross margin, while Li Auto experienced a net loss due to product cycle factors [5] Group 6: Humanoid Robotics - The establishment of an entry and exit mechanism for the humanoid intelligence industry is anticipated, with UBTECH winning a 143 million yuan project and achieving 1.3 billion yuan in orders for its Walker series this year [6] - The launch of new humanoid robot joint module products by Aikexi Intelligence highlights ongoing innovation in the sector [6] - Current recommendations focus on new technology and order targets, as well as domestic potential in body manufacturing [6]

Core Viewpoint - The company confirmed that its energy storage inverters (PCS) are primarily integrated into its energy storage systems, which are exported to overseas markets, and can also be sold separately in international markets [1] Group 1 - The company responded to an investor inquiry regarding the inclusion of energy storage inverters in its products [1] - The company acknowledged the export of its energy storage systems to overseas markets [1] - The company expressed gratitude for the investor's interest in its products [1]

改变源于去年10月该公司试运行的屋顶分布式光伏项目。这是川渝高竹新区目前最大的分布式光伏 项目，总装机容量1200千瓦，最高月发电量达20万度，夏季用电高峰时，可支撑整个厂区三分之一的用 电量。"预计今年的年产值将提高20%。"陈艳说。 截至目前，川渝高竹新区的光伏用户已发展到120余户，总装机容量达6200千瓦，年发电量620万 度，约等于3000户普通家庭1年的用电量。 储能项目也在同步推进。在四川兴新鹏宇电力设备有限公司配电室外，一台186千瓦时储能设备正 为企业供电，这是新区首个大型储能装置，采用谷充峰放的模式，有效平衡电网负荷，一年可为公司节 约电费约11.32万元。 此外，川渝高竹新区首座"近零碳建筑"——爱众·低碳汽车荟项目也于近日竣工。该项目融合光伏 发电、智慧微电网等新能源绿色低碳技术，预计每年可节约用电超过40万度，节约用水超过0.6万吨， 减少碳排放超过3万吨。 作为全国首个跨省域共建新区，川渝高竹新区聚焦"高可靠性+绿色低碳+智能智慧"发展方向，不 断拓展绿色电力智能传输、储能装置、绿色低碳智慧建筑、充电桩建设等绿色用能场景，将改革创新与 绿电及新能源推广有机融合，为成渝地区双城经济圈 ...

Core Viewpoint - In November, a total of 61 energy storage segments were awarded, with a cumulative capacity of 9.44 GW and 29.10 GWh in China, indicating a significant growth in the energy storage sector [1]. Energy Storage System - The largest awarded project in the energy storage system category is the 1EPC general contracting project for the independent energy storage project of China Power Construction Corporation in Jilin, with a total awarded capacity of 2,000 GWh [3]. - The top-ranked companies in the energy storage system bidding include Zhuhai Hengqin Singularity Energy, Chongqing Wanbang Star Charging Energy, and others, with Zhuhai Hengqin Singularity Energy leading due to its involvement in the aforementioned Jilin project [6]. EPC Projects - The largest awarded EPC project is the 500 MW/2000 MWh independent energy storage project in Kuqa City, Aksu Region, with a total awarded capacity of 2 GWh and a total bid price of 173,906.07544 million yuan, translating to a bid price of 0.870 yuan/Wh [3]. Bid Price Analysis - For 2-hour energy storage systems, the bid price range is between 0.417 and 0.696 yuan/Wh, with an average bid price of 0.539 yuan/Wh. The lowest bid price was 0.417 yuan/Wh for a 5 MWh liquid-cooled energy storage system [9]. - For EPC projects, the bid price range for 2-hour systems is between 0.755 and 1.574 yuan/Wh, with an average of 1.100 yuan/Wh. The lowest bid price for EPC projects was 0.568 yuan/Wh for a project by China Power Construction Northwest Institute [9].

阳光电源作为全球新能源电源领域的领军企业，其 "洞察王"奖项旨在表彰在技术创新、市场洞察、产 业分析等领域具有突出贡献的机构或个人。此次评选聚焦于对行业痛点、技术突破及未来趋势的深度挖 掘，而鑫椤资讯凭借《鑫椤探展》系列视频，成为获此殊荣的第三方产业研究机构。 二： 鑫椤资讯的专业积淀：深耕新能源产业研究 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 在 2025年新能源行业风云变幻的背景下， 鑫椤资讯凭借其深度洞察力与专业内容创作能力，荣获阳 光电源颁发的"洞察王"奖项。 这一殊荣源于其系列视频作品《鑫椤探展》对 阳光电源在 SNEC 期间 发布的 储能 产品的展示 。 一： 奖项背景：新能源产业变革下的价值认可 2025-2029年中国三元材料运行趋势及竞争策略研究报告 2025-2029年中国磷酸铁锂运行趋势及竞争策略研究报告 2025-2029年中国碳酸锂运行趋势及竞争策略研究报告 2025-2029年中国钠离子电池运行趋势及竞争策略研究报告 2025-2029年全球负极材料运行趋势及竞争策略研究报告 2025-2029年全球电解液运行趋势及竞争策略研究报 ...

（文章来源：每日经济新闻） 今日午后，市场放量反攻，光伏、储能等新能源产业链题材持续反弹，截至14:25，中国天楹强势封 板，同飞股份涨超8%，科士达、国安达涨超6%，相关指数中，中证光伏产业指数上涨1.9%，国证新能 源电池指数上涨1.8%。 消息面上，2025中国储能CEO峰会于昨日举办，有关人士指出，尽管行业面临"卷"与"缺"并存，但整体 处于高速增长黄金期，预计2025年全球储能装机量将达550GWh-600GWh。 开源证券表示，当前光伏行业"反内卷"已取得一定积极成效，三季度主链上游环节预计显著减亏，后续 关注底部反转；储能行业呈现供需两旺态势，国内外需求共振，新型储能"一芯难求"，头部电池企业持 续满产，电池价格延续上涨趋势，供应链整体具备价格传导能力，储能景气度有望持续。 中证光伏产业指数汇聚光伏产业链上下游龙头企业，覆盖硅料、硅片、电池片、组件、逆变器、支架等 环节，有望受益于行业"反内卷"浪潮；国证新能源电池指数覆盖储能电池核心产业链，储能系统占比约 65%，有望受益于产业供需两旺催化。光伏ETF易方达（562970）、储能电池ETF（159566）可助力投 资者布局相关产业链龙头企业。 ...

Core Viewpoint - Energy storage is emerging as a new direction in the energy market, replacing power batteries, with significant growth in the performance of several energy storage companies in the first three quarters of the year [1]. Group 1: Company Performance - Yangguang Electric achieved a net profit of 11.881 billion yuan, a year-on-year increase of 56.34% [1]. - GoodWe, known as the "leader in household storage," reported a revenue of 6.194 billion yuan, a year-on-year increase of 25.3%, and a net profit of 81.12 million yuan, a staggering increase of 837.57% [2][3]. - In Q3, GoodWe's revenue was 2.108 billion yuan, up 17.42% year-on-year, with a net profit of 97.72 million yuan, up 200.83% [2]. Group 2: Market Challenges - Despite significant growth, GoodWe's net profit remains marginal, primarily due to previous losses and industry challenges, placing it at the bottom among major inverter companies [3]. - GoodWe's stock performance has been lackluster, with a year-to-date increase of only 28%, and its market value has evaporated by over 44 billion yuan from its peak [4]. - The company has faced a decline in overseas revenue, dropping from 43.29 billion yuan in 2023 to 19.99 billion yuan in 2024, with overseas revenue accounting for only 29.67% of total revenue [12]. Group 3: Strategic Shifts - GoodWe has shifted its focus to the domestic market, increasing investment in "household systems," which saw a sales volume of nearly 960 MW in 2024, but this segment has a lower profit margin of 14.11% compared to other products [15]. - The company is betting on the comprehensive energy management WE platform, which represents its largest investment project, although it is still in the early stages of development [16].

Group 1 - The energy storage sector is experiencing a strong rally, with China Tianying hitting the daily limit up [2] - Other companies such as China National Machinery Industry Corporation, Maoshuo Power Supply, and Longzhou Co., Ltd. also saw significant gains [2] - Following the trend, companies like Zhongneng Electric, Tongfei Co., Ltd., Igor, Keda, Sifang Co., Ltd., and New Wind Light are also witnessing increases in their stock prices [2]

科创新能源ETF紧密跟踪上证科创板新能源指数（储能：44.19% ；光伏：44.73%；电池：42.45%）。 上证科创板新能源指数从科创板市场中选取50只市值较大的光伏、风电以及新能源车等领域的上市公司 证券作为指数样本，以反映科创板市场代表性新能源产业上市公司证券的整体表现。 3. 需求端：根据GlobalData的数据，到2030年，全球太阳能光伏组件和逆变器市场预计将达到1158亿美 元。GlobalData在一项新的分析中表示，到2030年，全球太阳能光伏组件市场预计将达到807亿美元， 而太阳能光伏逆变器市场预计将达到350亿美元。这一扩张将由亚太地区主导，其太阳能光伏组件市场 预计将从2024年的388亿美元增长到2030年的462亿美元。支持该地区增长的因素包括强有力的政策举 措、雄心勃勃的可再生能源目标、大规模投资、快速城市化、技术成本下降以及主要经济体不断扩大的 太阳能制造和创新。 截至2025年12月5日 11:09，上证科创板新能源指数(000692)强势上涨，成分股壹石通(688733)上涨 7.10%，天宜新材(688033)上涨4.98%，艾罗能源(688717)上涨4.47%， ...