岁末将至，储能行业又传来一则喜讯。 据港交所披露，12月3日，果下科技正式通过港交所主板上市聆讯， 成为年内又一家即将冲击成功资本市场的储能系统集成商。 这家2019年才成立的储能"新势力"，凭借 168.9%的年复合营收增长率 ， 仅用数年便站上了上市关口，当前 估值更是在两年内从4亿元暴涨14倍，达到60 亿元。 根据最新公开规划，此次上市募资的重要用途之一，便是投入包括 AI算力在内的智能化技术研发 。 在行业智能化趋势明确的背景下，此举能否为其资本道路与长期发展构建坚实的技术壁垒，将成为后续关注的重点。 ▋ 2025年上半年 营 收同比增幅超6倍 招股书显示，果下科技的业务聚焦储能系统解决方案，包含三大板块：智能储能系统解决方案、EPC服务和其他杂项销售，智能储能系统解决方案是公司的 绝对主业，近三年营收占比均超过90%。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2 ...

Core Viewpoint - The article highlights the rapid growth and operational resilience of Haicheng Energy, a company that has achieved significant revenue and market share in the energy storage sector within a short period of time [3][4]. Group 1: Company Growth and Market Position - Haicheng Energy has grown from a startup in 2019 to a company with over 10 billion RMB in revenue, ranking second globally in energy storage battery shipments [3][5]. - The company's revenue is projected to increase from 3.61 billion RMB in 2022 to 12.92 billion RMB in 2024, with a compound annual growth rate (CAGR) of 89% [5][19]. - As of 2024, Haicheng Energy holds an 11% market share in the global energy storage market, ranking third among the top five companies that collectively hold 74% of the market [7][8]. Group 2: Product Innovation and R&D - The company focuses exclusively on energy storage batteries, differentiating itself from competitors who also produce power batteries [11]. - Haicheng Energy has invested nearly 1.5 billion RMB in R&D from 2022 to mid-2024, emphasizing the development of battery life, safety, and cost efficiency [13][14]. - The company has launched several innovative products, including the first 1000Ah long-duration storage battery and a sodium-ion battery designed for extreme conditions [15][34]. Group 3: Production Capacity and Global Strategy - Haicheng Energy's annual production capacity has surged from 5.4 GWh in 2022 to 49.7 GWh in 2024, with a CAGR of 203% [16]. - The company has established a global sales network, successfully penetrating markets in the U.S., Europe, and emerging regions like the Middle East and Africa [18][23]. - By 2024, overseas revenue is expected to account for 28.6% of total revenue, with a significant portion coming from the U.S. market [19][21]. Group 4: Financial Performance and Profitability - The company achieved profitability in 2024, with adjusted net profits of 320 million RMB and a net profit margin of 2.5% [26]. - Government subsidies have contributed to revenue but are not the sole factor for profitability, as the company has focused on sustainable growth through R&D and capacity expansion [27][28]. - The operational efficiency is reflected in a high inventory turnover rate, indicating strong product demand and supply chain health [30]. Group 5: Future Outlook and IPO Plans - Haicheng Energy plans to use funds from its upcoming IPO to enhance production capacity, R&D, and global sales networks [31]. - The global lithium-ion battery market is expected to grow significantly, with a projected CAGR of 29% from 2024 to 2030 [32]. - The company is positioned to leverage advancements in long-duration storage technology and sodium-ion batteries to meet future energy demands [33][34].

Group 1 - FTSE Russell announced quarterly review changes for several indices, including the FTSE China A50 Index, which will include Luoyang Molybdenum and Sungrow Power Supply, effective after market close on December 19, 2025 [1] - The FTSE China A50 Index consists of the 50 largest stocks by market capitalization in the Shanghai and Shenzhen stock exchanges, serving as a benchmark for international investors allocating assets in China [1] Group 2 - Sungrow Power Supply, a leader in the energy storage sector, has seen its stock price increase over 140% year-to-date, with a total market capitalization of 368.1 billion yuan; its revenue for the first three quarters reached 66.402 billion yuan, a year-on-year growth of 32.95%, and net profit attributable to shareholders was 11.881 billion yuan, up 56.34% [2] - Luoyang Molybdenum's stock price has risen approximately 169% year-to-date, with a total market capitalization of 383 billion yuan; its net profit for the first three quarters reached 14.280 billion yuan, a year-on-year increase of 72.61%, and total revenue was 145.485 billion yuan [2] - Luoyang Molybdenum is noted for maintaining high copper production growth, with analysts predicting continued increases in copper prices due to supply disruptions and global inventory mismatches, with estimates reaching 12,500 USD/ton by mid-2026 [2] Group 3 - In the Hong Kong market, the FTSE China 50 Index will include China Hongqiao Group (P shares), CATL, and Heng Rui Medicine, while excluding CITIC Securities, Great Wall Motors, and Li Auto; the list of candidate stocks has been updated accordingly [3]

根据《股东协议》兴建基金将以现金方式新增海四达钠星注册资本326.6667万元人民币，由兴建基金以 9800万元人民币认购，除新增注册资本外的其余认购款项计入标的公司资本公积金。对应本次交易后海 四达钠星的13.48%股权。新势能基金将以现金方式新增海四达钠星注册资本93.3333万元人民币，由新 势能基金以2800万元人民币认购，除新增注册资本外的其余认购款项计入标的公司资本公积金。对应本 次交易后海四达钠星的3.85%股权。原股东国研壹号及其广东新型储能国家研究院有限公司指定主体拟 共同向公司增资人民币800万元，其中本次国研壹号以现金方式新增海四达钠星注册资本3.3333万元， 由国研壹号以100万元人民币认购，除新增注册资本外的其余认购款项计入标的公司资本公积金。通过 本次增资后加上原股权合计占海四达钠星的8.39%。其余700万元意向增资由广东新型储能国家研究院 有限公司指定主体在2026年6月30日前另行签署投资协议并出资到位。本次增资完成后，海四达钠星的 注册资本将由2,000万元人民币增加至2423.3333万元人民币，公司控股子公司江苏海四达电源有限公司 （简称"海四达电源"）持有海四达钠星 ...

Core Viewpoint - The company, Prit, has introduced strategic investors into its subsidiary, Guangdong Haishida Sodium Star Technology Co., Ltd., through two investment funds, aiming to enhance its capital structure and business strategy [1][2]. Group 1: Investment Details - The "Xingjian Fund" will increase Haishida Sodium Star's registered capital by 3.266667 million RMB, with an investment of 9.8 million RMB, acquiring 13.48% equity [2]. - The "New Energy Fund" will increase Haishida Sodium Star's registered capital by 0.933333 million RMB, with an investment of 2.8 million RMB, acquiring 3.85% equity [2]. - The original shareholder, Guo Yan No. 1, along with its designated entity, plans to increase capital by 8 million RMB, with 1 million RMB in cash for 0.033333 million RMB of registered capital, resulting in an 8.39% total equity stake post-investment [2]. Group 2: Capital Structure Changes - Following the capital increase, Haishida Sodium Star's registered capital will rise from 20 million RMB to 24.233333 million RMB [2]. - The equity stake of Jiangsu Haishida Power Co., Ltd. in Haishida Sodium Star will decrease from 60% to 49.52%, while Haishida Sodium Star remains a subsidiary of Jiangsu Haishida Power [2].

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," is seeking to shed this label by applying for an H-share listing on the Hong Kong Stock Exchange, aiming to diversify its revenue streams beyond mobile phones [1]. Group 1: Market Position and Performance - Transsion Holdings has achieved a global smartphone shipment of 28.6 million units in Q3, ranking fourth globally with a year-on-year growth of 12% [1]. - The company's revenue for the first three quarters of this year was 49.543 billion yuan, a decrease of 3.33% year-on-year, with net profit dropping by 44.97% [6]. - The stock price of Transsion Holdings has fallen by 30% since reaching a peak of 104.9 yuan in September, closing at 68.62 yuan on December 3 [3][1]. Group 2: Competitive Landscape - Domestic smartphone manufacturers are increasingly targeting emerging markets, intensifying competition for Transsion [6]. - Xiaomi, Honor, and OPPO are notable competitors, with Xiaomi's market share in Africa growing by 34% year-on-year, while Honor's shipments increased by 158% [6][7]. - Omdia forecasts a 6% decline in the African smartphone market by 2026 due to rising BOM costs and supply chain pressures [7]. Group 3: New Growth Areas - Transsion is exploring new growth avenues, including energy storage and electric two-wheeled vehicles, with IoT products and other revenues reaching 2.568 billion yuan, accounting for 8.8% of total revenue [4][11]. - The company has launched energy storage products under the DYQUE Energy brand, targeting both high-end and budget markets [9][11]. - The REVOO brand for electric two-wheeled vehicles was established in 2022, with plans for expansion into South Asia and Latin America [12].

文 | 中关村储能产业技术联盟 2 0 25年1 2月4日，"2 025中国储能CEO峰会暨第十届国际储能创新大赛预选赛"在福建厦 门隆重召开 。 本次活动由中关村储能产业技术联盟主办，厦门大学、厦门科华数能科技 有限公司、楚能新能源股份有限公司联合主办，福建省新能源科技产业促进会协办。 作为大会核心配套活动， 第十届国际储能创新大赛预选赛于1 2月3日圆满举办。 本届大 赛聚焦行业核心领域，设置大储、用户侧储能、储能安全、储能本体、储能智慧运营、储 能 3S、系统集成及储能优秀企业八大赛道，累计报名183个项目参赛，入围预选赛项目 1 2 9个，经过激烈的角逐和公正的评选，77个项目荣获本届预选赛优秀项目奖。 "国际储能创新大赛" 由国际储能技术与产业联盟和中关村储能产业技术联盟发起，自 2 0 17年创办以来，始终以推动储能产业创新发展为核心使命，累计吸引全球超900个项 目申报参赛，已成为中国储能行业极具影响力与公信力的标杆赛事，备受业界广泛关注 与高度认可。 以下为预选赛获奖项目名单： 大储赛道 | 申报单位 | 申报项目名称 | | --- | --- | | 东方电气集团东方锅炉股份有限公司 | ...

Core Viewpoint - Cambodia has initiated Southeast Asia's first grid-forming energy storage project to address challenges posed by renewable energy installations exceeding 60% of the energy mix, marking a new phase in energy transition [2][4]. Group 1: Project Overview - The grid-forming technology is key to stabilizing fluctuations from solar power and enhancing grid resilience [4]. - This technology enables rapid restoration of critical power supply during electrical failures, paving a new path for Cambodia's energy transition [4]. Group 2: Regional Implications - In the context of underdeveloped grid standards in Southeast Asia, this project serves as a pioneering application of advanced grid-forming technology [7]. - It not only creates a high-quality case study but also provides a feasible pathway for other Southeast Asian countries to explore [7].

来源：市场资讯 （来源：我的电池网） 导语丨mybattery 果下科技从2022年欧洲市场户用储能系统产品及解决方案贡献72.1%的收入，转变为2024年中国大型储 能系统产品及解决方案贡献76.6%的收入，并延续至2025年上半年。 图/果下科技 产能方面，果下科技大幅扩大所有储能系统产品的年产能，总年产能由截至2022年底的45.5MWh增至 截至2025年上半年的907.8MWh。公司所有储能系统产品的生产线总利用率由截至2022年底的92.0%提 升至截至2025年上半年的116.7%。 值得一提的是，据公开资料，果下科技与中创新航（03931.hk）于2023年建立合作关系，当年即同时成 为果下科技的前五大客户及前五大供应商。此后双方合作持续深化，中创新航在2024年及2025年上半年 继续保持其作为果下科技前五大供应商的地位。 从财务数据来看，双方业务往来规模近年显著提升：2022年至2025年上半年，果下科技向中创新航的采 购成本分别约为0元、0.35亿元、0.24亿元及1.32亿元。同期，果下科技向中创新航销售收入分别约为0 元、0.71亿元、0.23亿元及0.24亿元。 此外，双方还存在股 ...

（文章来源：每日经济新闻） 东莞证券指出，电力设备行业方面，光伏行业正处于转型升级关键阶段，供需结构失衡与技术快速迭代 交织，多数企业处于极限经营和普遍亏损阶段。行业正从"价格战"转向"价值战"，以技术创新驱动质 变。截至2025年第三季度，资本支出显著收缩，未来新增产能将大幅减少，竞争核心转向技术、品牌和 盈利能力。现金流充裕、技术领先的头部企业有望通过逆周期投资扩大优势，提升行业集中度。储能行 业方面，国内储能电芯需求强劲，头部电池企业满产且订单排至2026年年初。国家推进新型储能规模化 建设，目标2027年装机规模达1.8亿千瓦以上，带动直接投资约2500亿元。全球储能市场保持强劲发展 态势，预计2030年累计装机规模达1950GWh左右。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数从市 场中选取涉及清洁能源、节能技术及新能源汽车等领域的上市公司证券作为指数样本，以反映新能源行 业具有高成长性和创新能力的相关企业整体表现。行业配置上，主要覆盖太阳能、风能、电动汽车及其 产业链等细分领域。 ...