Summary of Sinoma Science & Technology Conference Call Company Overview - **Company**: Sinoma Science & Technology Co. Ltd. (002080.SZ) - **Industry**: China Utilities - **Current Stock Price**: Rmb34.16 (as of November 14, 2025) - **Market Capitalization**: Rmb57,324.7 million Key Business Segments 1. **Battery Separator** - Significant turnaround expected due to robust demand for Energy Storage Systems (ESS) in China - Anticipated growth in newly installed ESS capacity in China to exceed 50% in 2026, from approximately 150 GWh in 2025 - Sinoma's battery separator features industry-leading capabilities, contributing to a favorable gross profit margin (GPM) from high-end separators - Projected attributable net profit growth from Rmb22 million in 2024 to Rmb553 million in 2027 [2][2][2] 2. **Special Electronic Fabrics** - Sinoma holds a leading position with approximately 70% global market share in special electronic fabrics, crucial for printed circuit boards (PCBs) - Expected production capacity to increase from 24 million meters to 118 million meters by 2027 - Projected shipments of 22.5 million meters in 2025, 45 million in 2026, and 81 million in 2027, with significant net profit contributions expected [3][3][3] 3. **Wind Blade** - Positive demand outlook driven by the acceleration of offshore wind development in China during the 15th Five-Year Plan (FYP) - Forecasted annual offshore installation to exceed 15 GW on average from 2026 to 2030, with a margin tailwind as larger blades (>80m) become more prevalent [4][4][4] Financial Projections - **Earnings Growth**: - Forecasted earnings growth of 130.8% for 2025, 26.9% for 2026, and 44.0% for 2027, reaching Rmb2.1 billion, Rmb2.6 billion, and Rmb3.8 billion respectively - Growth driven by fiberglass and wind blades in 2025, with further acceleration from special electronic fabrics and separators in 2026-27 [5][5][5] - **Valuation Metrics**: - Current P/E ratio for 2026 is 21.9x, compared to a historical peak of 36.2x - Price target set at Rmb49.20, implying a 44% upside [7][7][7] Risks and Considerations - **Upside Risks**: - Better-than-expected average selling price (ASP) for wind power blades - Favorable market expansion in lithium battery separators [11][11][11] - **Downside Risks**: - Lower-than-expected new wind capacity installations in China - Rising raw material costs [11][11][11] Conclusion - Sinoma Science & Technology is well-positioned for growth across its core business segments, particularly in battery separators and special electronic fabrics, supported by favorable market dynamics in China. The company is expected to deliver significant earnings growth and maintain an attractive valuation relative to historical levels.

Aukera Energy has secured a €60m ($69.58m) debt facility from Kommunalkredit Austria to finance its first standalone battery energy storage system (BESS) in Romania. The debt facility will support the construction of a 250MW BESS in Gura Ialomitei, Ialomita County, set to be one of the largest of its kind in Central and Eastern Europe. The Aukera Romania battery storage project will be delivered in two phases, with first-phase construction already underway. The entire project is projected to be fully ope ...

Core Viewpoint - JBB Builders has been selected as a shortlisted bidder for a large-scale solar photovoltaic power plant project in Malaysia, which is expected to enhance the company's competitiveness and attract international investors [1][2] Group 1: Project Details - JBB Builders (M) Sdn. Bhd. and its joint venture partner, a subsidiary of Samaiden Group Berhad, have been notified by the Malaysian Energy Commission about their selection for a project to develop a 99.99MWac solar power plant in Johor, Malaysia [1] - The expected commercial operation date for the solar power plant is on or before February 29, 2028 [1] - A 21-year solar power purchase agreement will be established with Tenaga Nasional Berhad to supply electricity generated by the plant [1] Group 2: Financial and Structural Aspects - JBB Builders (M) Sdn. Bhd. is expected to inject a total capital of no more than 65 million Malaysian Ringgit into the joint venture for the project [1] - The capital contributions of the parties involved will be proportional to their equity stakes in the joint venture [1] Group 3: Strategic Implications - The establishment of the joint venture is crucial for integrating resources and expertise to expand solar power generation capacity and enhance capital efficiency [2] - Participation in this renewable energy project is expected to enrich and strengthen the company's investment portfolio, attracting international investors and partners committed to sustainability [2] - This initiative will also enhance the company's corporate social responsibility and reputation, aligning with Malaysia's commitment to reducing carbon emissions and appealing to environmentally conscious stakeholders and customers [2]

Core Insights - Welspun World is planning to sell a majority stake in its clean-energy platform, Welspun New Energy, for an equity value of approximately $100 million, having hired EY for the process [1][2][3] Group 1: Company Overview - Welspun World previously sold its entire 1.1 GW renewable energy portfolio to Tata Power for $1.4 billion in 2016 [3] - Welspun New Energy has a contracted capacity of 1.2 GW, with 866 MW contracted to state-run entities such as NTPC Ltd and Solar Energy Corporation of India [2] Group 2: Market Context - The Indian government aims to increase renewable energy capacity from 197 GW to 500 GW by 2030, with a long-term goal of 1,800 GW by 2047 and 5,000 GW by 2070 [5] - Foreign direct investment (FDI) in India's electricity sector has doubled since pre-pandemic levels, reaching $5 billion, with 83% of power sector investment directed towards clean energy in 2024 [6][7] Group 3: Investment Opportunities - India received around $2.4 billion in development finance institution funding for clean energy projects in 2024, making it the largest recipient globally [7] - Significant transactions in the sector include plans by Siemens AG and Fullerton Fund Management to acquire a 49% stake in Hygenco Green Energies, and Indian Oil Corp's renewable energy subsidiary planning to acquire a 50% stake in Fourth Partner Energy for around $400 million [9][10]

Core Insights - GPM Investments, LLC has signed a non-binding Memorandum of Understanding (MOU) with Apollo Power to explore solar energy solutions at gas station sites across the U.S. [1][2] - The partnership aims to evaluate the deployment of Apollo Power's flexible solar energy solutions at a minimum of 300 sites, with an estimated project value of approximately $53 million [2][3] - This collaboration marks Apollo Power's significant entry into the U.S. gas station market, leveraging ARKO Corp.'s extensive network of over 3,500 gas stations and convenience stores [3][4] Company Overview - ARKO Corp. is a Fortune 500 company that owns GPM Investments, LLC, and operates in the gas station and convenience store sector in the U.S. [6] - The company operates in four segments: retail, wholesale, fleet fueling, and GPM Petroleum, providing a wide range of products and services [6] Strategic Implications - The MOU is seen as a major milestone for Apollo Power, enhancing its position in the renewable energy sector and providing a strategic platform for further expansion in the U.S. market [4][5] - The technology offered by Apollo Power allows gas station operators to generate solar energy from rooftops that cannot support traditional solar panels, creating additional revenue streams [5]

50% acquisition of EPH flexible generation in Europe November 17, 2025 Scandale CCGT, Italy Key deregulated markets to scale up the integrated model power capacity + + = ~70% and generation USA Europe Brazil Economic growth driving power demand growth Integrated Power Strategy as presented on Sept. 29th Sharpening focus on key deregulated markets USA, Europe, Brazil Leveraging the multi-energy model to strengthen Oil & Gas positions Selected renewable markets Selectively targeting large-scale growing market ...

Core Viewpoint - Chinese companies are increasingly using the yuan for financing and payments in their international operations, enhancing the currency's influence in global trade and investment [1]. Group 1: Company Insights - Sieyuan Electric, a Shenzhen-listed company, reported that 10% of its total orders were priced and settled in renminbi, indicating a growing trend among its partners to transact in yuan [2]. - The company operates in various countries, including the UK, Italy, Saudi Arabia, and Kuwait, and has strong incentives to settle transactions in yuan due to mutual supplier and customer relationships [3][4]. - Universal Energy, a renewable energy developer, utilized favorable yuan financing by borrowing 256 million yuan for a wind power project in Kazakhstan [7]. Group 2: Industry Trends - The People's Bank of China reported that the use of the yuan in cross-border payments reached 35 trillion yuan (approximately US$4.9 trillion) in the first half of the year, marking a 14% increase from the previous year [5]. - The willingness of non-Chinese clients to settle in yuan is particularly high among countries involved in the Belt and Road Initiative, such as Pakistan, Thailand, and Malaysia [6]. - The competitive interest rates of the renminbi, currently at 3% for one-year loans and 3.5% for five-year loans, are contributing to reduced financing costs for companies [6].

Core Insights - Agricultural Bank of China Liaoning Branch is committed to supporting the optimization of energy structure and low-carbon transformation in Liaoning through green finance initiatives [1] Group 1: Support for Clean Energy Development - The Jinzhou Heishan 900MW wind power project is a landmark for new energy development in Liaoning, receiving a total credit of 2.359 billion yuan and loans of 1.482 billion yuan from Agricultural Bank of China [2] - The project, with 180 wind turbines, generates an average of 2.26 billion kWh annually, saving 728,000 tons of standard coal and reducing carbon dioxide emissions by 1.99 million tons [2] Group 2: Empowering Technology Enterprises - The bank focuses on efficient operation and technological innovation in the green energy sector, providing tailored financing solutions to specialized and innovative enterprises [3] - A total of 15 million yuan has been provided to Shenyang Jiayue Electric Power Technology Co., a national-level "little giant" enterprise, to support breakthroughs in big data monitoring and intelligent operation [3] Group 3: Promoting Green Consumption - The bank has integrated financial services into the green travel industry by launching the "Taxi e-loan" product, which has disbursed over 14 million yuan to support the replacement of nearly 160 fuel taxis with new energy vehicles [4] - This initiative is expected to reduce carbon dioxide emissions by 300 tons annually and has been recognized as a model for nationwide replication [4] Group 4: Overall Green Finance Ecosystem - Agricultural Bank of China Liaoning Branch has established a comprehensive green finance ecosystem covering energy production, technological support, and consumer end [4] - As of October 2025, the bank's green loan balance is expected to exceed 70 billion yuan, with an annual growth rate of 22.35% [4]

Core Insights - Haffner Energy has introduced the H6 generation of HYNOCA® and SYNOCA® technologies, which significantly enhances the competitiveness of green hydrogen and syngas for small-scale applications [1][4][9] Cost Reduction and Economic Viability - The cost of producing green hydrogen from a 5 MW unit using HYNOCA® H6 has decreased to €2.34/kg, down from €3.57/kg in the previous generation, making it substantially cheaper than electrolyzers, which are priced at approximately €7.81/kg [2][10] - SYNOCA® H6 technology has achieved a threefold reduction in capital expenditure (CAPEX) per thermal kilowatt produced, dropping from €1,800 to about €500, allowing syngas to be more cost-effective than conventional biomass boilers and biogas from methanation [3][12][15] Market Potential and Strategic Impact - The global market for small biomass boilers (under 10 MW) is valued at around €11 billion annually and is projected to reach nearly €30 billion by 2034, indicating significant growth potential for Haffner Energy's technologies [7] - The advancements in H6 generation are expected to lead to strong order intake and a substantial increase in revenue, aligning with market demands for local, competitive, and sustainable energy production [8][25] Technological Advancements - The H6 generation incorporates three major advancements: accelerated thermolysis kinetics, mechanical simplification for reduced manufacturing and maintenance costs, and enhanced thermochemical expertise supported by new patents [20][21] - These improvements enable renewable hydrogen and syngas production that is competitive, local, and sustainable, making projects more bankable and profitable [22] Decarbonization and Sustainability - Haffner Energy's H6 generation eliminates the tradeoff between economic performance and energy transition, making renewable gas cost-competitive with fossil fuels while maintaining high efficiency and a near-zero carbon footprint [23][24] - The introduction of H6 technology is expected to unlock a new generation of regional and industrial projects that are smaller, faster, and more profitable, contributing to real-world decarbonization efforts [4][24]

Summary of Key Points from the Conference Call on the China Energy Storage Industry Industry Overview - **Industry**: China Energy Storage Industry, specifically focusing on the US AIDC (Artificial Intelligence Data Center) power demand and BESS (Battery Energy Storage System) demand growth outlook [2][3] Core Insights - **Electricity Demand Growth**: The US is expected to experience a significant increase in electricity demand, with a projected CAGR of 3.6% from 2025 to 2030, primarily driven by AIDC, which will contribute over 70% of this growth [2][3] - **AIDC's Share of Power Consumption**: AIDC's share of total power consumption is anticipated to rise from 3.8% in 2024 to 15% by 2030 [2] - **Power Supply Gap**: A persistent power supply gap in the US is expected due to a shortage of gas turbines and the lengthy construction time for new natural gas plants, which can take at least 7 years [3] - **Renewables and BESS Contribution**: Solar and BESS are projected to account for 75-80% of new power capacity from 2025 to 2027 due to their shorter construction cycles compared to gas plants [3] Forecasts and Projections - **Solar and BESS Installations**: US solar installations are forecasted to grow to 50 GW in 2026 from 40 GW in 2024, while BESS installations are expected to increase from 35 GWh in 2024 to 60-70 GWh by 2028 [4] - **Off-Grid Solutions**: There is potential for off-grid power supply solutions to gain market share, with less than 10% of AIDC currently utilizing off-grid solutions, which may increase significantly in the future [4] Competitive Landscape - **Chinese BESS Makers**: Chinese BESS manufacturers are positioned competitively in the backup and off-grid markets due to lower costs. They can capture market share as backup power systems are not subject to tax credits if not grid-connected [5] - **Market Dynamics**: The gross profit margin (GPM) for sales to AIDC customers may not be significantly higher due to limited technology differentiation in BESS manufacturing [5] Risks and Challenges - **Downside Risks**: Major risks to the energy storage industry include slower-than-expected growth in domestic renewable energy capacity, smaller-than-expected electricity price spreads, and potential tariffs on Chinese-made products [8] - **Valuation Risks**: For companies like NXT and FSLR, risks include evolving US import tariffs and demand volatility in solar markets, which could impact profitability and growth forecasts [9][10] Investment Recommendations - **Stock Ratings**: - First Solar Inc (FSLR) is rated as "Buy" with a price target of $267.52 [22] - NEXTracker Inc (NXT) is also rated as "Buy" with a price target of $96.51 [22] This summary encapsulates the key points discussed in the conference call regarding the China Energy Storage Industry, focusing on the US market dynamics, growth forecasts, competitive landscape, and associated risks.