证券日报网讯 科陆电子11月21日发布公告，在公司回答调研者提问时表示，公司印度尼西亚储能生产 基地建设正在推进中，计划2026年正式投产。公司将根据业务发展和市场拓展的需要适时调整产能规 划，确保产能规划与业务发展需求相匹配。 （编辑 王雪儿） ...

证券日报网讯 科陆电子11月21日发布公告，在公司回答调研者提问时表示，公司始终密切跟踪储能领 域技术趋势与市场需求，持续推进技术迭代与产品创新，相关业务进展将结合市场拓展节奏与客户需求 有序落地。 （编辑 王雪儿） ...

Core Viewpoint - The company, Kelun Electronics, announced on November 21 that it maintains a good cooperative relationship with battery cell suppliers and has signed volume-lock agreements to secure its supply chain for energy storage business [1] Group 1 - The company has implemented price linkage clauses in its quotations to customers to ensure profitability in its energy storage business [1] - The company is exploring additional battery cell supply channels to safeguard the supply for its energy storage operations [1]

（编辑 王雪儿） 证券日报网讯 科陆电子11月21日发布公告，在公司回答调研者提问时表示，公司宜春储能基地目前年 产能为10GWh，目前处于满负荷生产状态。公司目前经营情况正常，二级市场股价受宏观经济环境、 行业政策、市场情绪等多重因素综合影响，敬请注意投资风险。公司将努力做好经营管理，不断提高公 司质量，力争为股东创造更多价值。 ...

Core Insights - The cancellation of the "mandatory storage" policy and overcapacity in the energy storage market have led to intense price competition, prompting leading companies like Penghui Energy to accelerate their international expansion [1] Group 1: Market Demand and Supply - There has been a significant increase in orders for energy storage, with the domestic new energy storage application projects showing a monthly increase in bidding capacity compared to the same period in 2024 [2] - In October 2025, new bidding projects for energy storage EPC/PC, systems, and cells totaled 12.7GW/38.7GWh, representing an 85% year-on-year increase but an 11.24% decrease month-on-month [2] - The demand for energy storage is driven by electrification transformation, with domestic market needs and international factors such as power supply shortages in the US and unstable grids in Europe contributing to this growth [2] Group 2: Company Operations and Production Capacity - Penghui Energy's production lines for major energy storage products are currently at full capacity, leading to price increases for some energy storage cell products compared to the first half of the year [3] - The company exports 30% of its products from its Quzhou base, which has been operational for only 10 months since its construction began in October 2022 [3] - The Quzhou base is expected to reach full production capacity in 2024, with additional production lines anticipated to start running by mid-next year [3] Group 3: Technological Innovations - The most significant technological advancement in lithium batteries is the development of solid-state batteries, with expectations for small-scale production by 2027 supported by government funding [4] - Penghui Energy has improved the energy density of its solid-state batteries from 280Wh/Kg to 320Wh/Kg, enhancing performance stability [4] - AI technology is expected to optimize energy storage systems, particularly in adapting to the continuous power demands of AI computing centers, indicating a growing intersection between AI and energy storage [4][5]

Core Viewpoint - The article highlights the recognition of Haibo Sichuang as one of the "Top 100 Chinese Electrical Industry" companies, emphasizing its strong performance and technological foundation in the energy storage sector [1][3]. Group 1: Industry Overview - The "Top 100 Chinese Electrical Industry" ranking has been established for 25 years and serves as a significant reference for observing trends and structural changes in China's electrical equipment manufacturing industry [3]. - The forum is organized by the Machinery Industry Information Research Institute and has broad industry recognition, indicating the credibility of the evaluation process [3]. Group 2: Company Performance - In 2024, Haibo Sichuang achieved an operating revenue of 8.27 billion yuan, reflecting a year-on-year growth of 18.44%, showcasing strong growth resilience [4]. - In the first three quarters of 2025, the company reported an operating revenue of 7.91 billion yuan, marking a year-on-year increase of 52.23% [4]. - The company has deployed over 45 GWh of energy storage systems across more than 400 projects globally, demonstrating its strong operational capabilities and market acceptance [4]. Group 3: Strategic Positioning - Haibo Sichuang has focused on the energy storage sector for 14 years, evolving from demonstration applications to large-scale development [3]. - The company has developed a diversified application model in independent energy storage stations, integrated energy systems, and various other sectors, exploring innovative business models [3]. - With five intelligent manufacturing bases across China, the company has established a nationwide production network, ensuring efficient delivery and management of large-scale energy storage systems [4].

Core Insights - The photovoltaic industry is undergoing a phase adjustment in 2025, reflecting supply-demand imbalances and chaotic competition, yet the underlying demand for global energy transition remains strong due to climate goals and energy security [1][3] - Future opportunities will favor companies with integrated capabilities in technology, systems, and globalization, capable of innovation and adapting to local policies [2] Industry Trends - In China, renewable energy has transitioned from being an "auxiliary power source" to a "main power source," marking a significant change in the energy structure [3] - The global photovoltaic installed capacity is projected to grow from 150 GW in 2020 to nearly 600 GW in 2025, indicating a fourfold increase over five years, significantly outpacing other energy forms [3] - By 2025, global photovoltaic installations are expected to surpass coal power for the first time, establishing photovoltaics as the dominant source of new electricity generation [3] System Integration and Storage - The industry is shifting focus from merely increasing installed capacity to enhancing system integration and consumption capabilities [4] - Energy storage is becoming increasingly critical, with the consensus that "solar and storage are inseparable," as it helps stabilize photovoltaic output and supports high-quality renewable energy development [4] Market Dynamics - The U.S., China, and Europe remain the core engines for global photovoltaic and storage development, each undergoing different policy and market transformations [5][6] - In China, the photovoltaic market is experiencing a "high peak and subsequent decline" trend, with new installed capacity facing pressure due to policy changes and market integration [5] - The European market is witnessing a surge in demand for photovoltaic and household storage, particularly after significant power outages in Spain and Portugal, leading to increased focus on grid stability [6] Global Competitive Landscape - Despite challenges such as trade barriers and policy uncertainties, the U.S. remains a high-value market for renewable energy, with long-term demand expected to remain strong [6] - Emerging markets like Saudi Arabia, Pakistan, and parts of Africa are showing robust growth potential in the photovoltaic sector, becoming new hotspots for global industry layout [6] - China's renewable energy industry maintains a solid global competitive edge, supported by a comprehensive ecosystem that includes raw material supply, advanced manufacturing, and talent reserves [6] Technological Advancements - Continuous technological iterations are occurring, including breakthroughs in silicon battery efficiency and improvements in energy density for storage systems, which are driving deeper decarbonization of the energy sector [7]

Core Insights - The photovoltaic industry is undergoing a phase adjustment in 2025, reflecting supply-demand imbalances and disordered competition, yet the underlying demand for global energy transition remains strong due to climate goals and energy security [1] - Future opportunities will favor companies with integrated capabilities in technology, systems, and globalization, capable of deepening technological innovation and adapting to local market policies [2] Industry Trends - In China, renewable energy has transitioned from being an "auxiliary power source" to a "main power source," marking a significant change in the energy structure [3] - The global photovoltaic installed capacity is projected to grow from 150 GW in 2020 to nearly 600 GW in 2025, reflecting a fourfold increase over five years, significantly outpacing other energy forms [3] - By 2025, global photovoltaic installations are expected to surpass coal power for the first time, establishing photovoltaics as the dominant force in new power installations [3] System Integration and Storage - The industry is shifting focus from merely increasing installed capacity to enhancing system integration and consumption capabilities [4] - Energy storage is becoming increasingly critical, with the consensus that "solar and storage are inseparable," as it helps stabilize photovoltaic output and supports high-quality renewable energy development [4] Market Dynamics - The U.S., China, and Europe remain the core engines for global photovoltaic and storage development, each experiencing different policy and market transformations [5] - In China, the photovoltaic market is showing a "high peak and subsequent decline" trend, with new installed capacity facing pressure due to policy changes and market integration [5] - Europe is witnessing a surge in demand for photovoltaic and household storage, with large-scale storage expected to see explosive growth in 2025-2026 [5] Emerging Markets - Despite challenges such as trade barriers and policy uncertainties, the U.S. remains the highest-value renewable energy market, holding strategic significance for Chinese companies [6] - Emerging markets like Saudi Arabia, Pakistan, and parts of Africa are showing strong growth potential in the photovoltaic sector, becoming new hotspots for global industry layout [6] - China's renewable energy industry maintains robust global competitiveness, supported by a comprehensive ecosystem that includes raw material supply, advanced manufacturing, and technological innovation [6]

Core Viewpoint - The global energy storage market is experiencing explosive growth, driven by increasing demand for renewable energy and the need for stability in power systems. The storage business has become a significant revenue driver for companies in the sector, with expectations of nearly 50% growth in the global storage market by 2026 [1][8]. Group 1: Market Demand and Growth - The energy storage sector is recognized as a core stabilizer and regulator in the power system, leading to a surge in market demand [1]. - Companies like Sungrow Power Supply Co. and Haibo Technology have reported significant revenue growth, with Haibo achieving a 124.42% year-on-year increase in Q3 2025 [3][4]. - The global energy storage market is projected to maintain a growth rate of 40%-50% in 2026, driven by increasing renewable energy integration and urgent storage needs in various regions [9][10]. Group 2: Company Performance - Haibo Technology reported Q3 2025 revenue of 3.39 billion yuan, with a net profit increase of 872.24% [3]. - Sungrow Power Supply Co. achieved revenue of 66.4 billion yuan in the first three quarters of 2025, a 33% increase year-on-year, with a 70% increase in storage shipments [4]. - EVE Energy Co. reported a revenue of 45 billion yuan, with a net profit growth of 32.17% [4][5]. Group 3: Market Trends and Future Outlook - The demand structure in the energy storage market is expected to change, with a shift towards longer-duration storage solutions and increased deployment in AI data centers [8][9]. - The overseas market for energy storage is booming, with Chinese companies securing 308 new overseas storage orders totaling 214.7 GWh, a 131.75% increase year-on-year [6]. - Companies in the photovoltaic sector are increasingly investing in energy storage to enhance profitability, with Trina Solar aiming for a significant increase in storage shipments by 2026 [10][11].

Core Viewpoint - ST Yishite has established a new energy storage technology company in Taixing, indicating a strategic move to expand its operations in the energy storage sector [1] Group 1 - Taixing Yidian Energy Storage Technology Co., Ltd. has been founded with a registered capital of 50 million yuan, focusing on energy storage technology services, contract energy management, and electrical equipment repair [1] - ST Yishite holds 100% ownership of the newly established company, reflecting its commitment to the energy storage market [1]