Financial Data and Key Metrics Changes - The company's backlog reached a record of $5.5 billion, reflecting a significant increase in U.S. contracting activity driven by the One Big Beautiful Bill Act and rising demand forecasts [7][8] - Q1 2026 revenue was $475 million, representing 14% of the full-year guidance and nearly double the 18% of full-year 2025 revenue earned during Q1 2025 [16] - Adjusted gross profit for the quarter was $27 million, with an adjusted gross margin of 5.6%, below the full-year expectation of 11%-13% [16][17] - Total liquidity at the end of the quarter was approximately $1.1 billion, including $477 million in cash and $617 million available through credit facilities [19] Business Line Data and Key Metrics Changes - The company signed over $750 million of new orders globally during Q1, with more than $500 million from the U.S., indicating strong growth from prior quarters [8][9] - The pipeline increased by approximately $7 billion, or 30%, with the majority of growth coming from the U.S. market [9][22] - The company is seeing growing demand from new customer segments, particularly data centers, with discussions covering 36 GWh of projects [10][11] Market Data and Key Metrics Changes - The U.S. market is expected to represent about half of the total order growth for the year, consistent with previous patterns [8][9] - The company is experiencing an evolution in how customers use battery storage, with new applications emerging from large energy users such as data centers [11][12] Company Strategy and Development Direction - The company is focused on expanding its domestic content strategy and enhancing its supply chain to support growth [12][14] - The management is optimistic about the future of the battery storage market in the U.S., citing a significant opportunity for growth driven by the conversion of EV battery lines into battery energy storage systems (BESS) [31][71] - The company aims to maintain a competitive edge through disciplined execution and innovation, with a focus on meeting customer needs [22][68] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the fiscal 2026 guidance, supported by greater revenue visibility and confidence in execution [8][20] - The company expects continued margin improvement driven by strong execution, supply chain advantages, and innovation as energy storage demand grows [18][21] - Management expressed confidence in recovering additional costs incurred during the quarter, primarily related to two specific projects outside the U.S. [17][50] Other Important Information - The company successfully resolved two pending legal matters, including a settlement related to the Moss Landing incident and a court dismissal of a $230 million claim related to the Diablo Canyon project [15] - The domestic supply chain is performing well, with cell and module production ahead of schedule and a diversified supplier base enhancing flexibility and cost competitiveness [12][14] Q&A Session Summary Question: Clarification on ASC ownership and resolution - Management emphasized that the main objective with ASC is to ensure access to PFE-compliant cells at competitive terms, and they are confident in ASC's ability to resolve ownership issues without company involvement [28][29] Question: Competitive environment and data center opportunities - Management noted that while competition is present, the landscape has diversified, and they remain optimistic about the U.S. market's growth potential [33][35] Question: Data center pipeline conversion and timing - Management indicated that none of the new data center projects have been converted to backlog yet, but they expect some movement in the second half of the year [42][44] Question: Incremental costs and recovery plans - Management explained that the $20 million in additional costs were due to scope changes in two non-U.S. projects, and they plan to recover these costs through contracts with customers [47][50] Question: Margin pressures and competitive landscape - Management confirmed that they do not foresee major changes in competitiveness or tariffs affecting their outlook for 2026 [55][58] Question: Vertical integration and M&A opportunities - Management stated that they do not see a strong need for vertical integration at this time, as they can work effectively with contracted manufacturers [114]

Core Viewpoint - The strategic partnership between Xizi Clean Energy and Beijing Qingwei Intelligent Technology aims to innovate in the "energy + computing power" sector, focusing on the construction of Artificial Intelligence Data Centers (AIDC) and enhancing industry competitiveness through technological synergies [1] Group 1: Strategic Cooperation - On January 16, the company signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology [1] - The collaboration will focus on the integrated construction of green intelligent computing centers and energy storage facilities [1] - Qingwei Intelligent will provide high-efficiency computing cluster solutions based on reconfigurable computing technology, while Xizi Clean Energy will customize zero-carbon energy supply solutions centered on molten salt energy storage [1] Group 2: Market Opportunities - The partnership aims to offer green computing center services to cloud vendors, optimizing Power Usage Effectiveness (PUE) and sustainability goals [1] - The molten salt energy storage technology demonstrates unique adaptability in AIDC scenarios, stabilizing power supply and reducing costs [1] - The collaboration is a significant step for the company in the "AI + energy" intersection, exploring innovative models for energy storage in computing centers [1] Group 3: Future Outlook - Both companies will establish a special task force and a regular communication mechanism to translate the agreement into concrete projects [1] - The partnership is expected to inject strong and intelligent "zero-carbon" momentum into the sustainable development of China's artificial intelligence industry [1]

Core Viewpoint - The company emphasizes the importance of the long-duration energy storage market and has made strategic arrangements to capitalize on this opportunity [1] Group 1: Company Strategy - The company's energy storage business is identified as a clear second growth curve, with sufficient orders on hand and tight production schedules [1] - The company is actively expanding production through fundraising projects, focusing on residential energy storage, commercial energy storage, and data centers, which require high cycle life and reliability [1] Group 2: Technological Focus - The company is currently concentrating on enhancing the intrinsic safety, cycle life, and consistency of lithium battery and nickel-hydrogen storage products [1] - Development of high-rate cell products is being prioritized to meet diverse market demands [1] - The company will continue to closely monitor and research other long-duration energy storage technologies, including flow batteries, to ensure the forward-looking nature of its technological pathways [1]

Core Viewpoint - The company has established collaborations in the energy storage sector with CRRC subsidiaries, focusing on commercial energy storage projects [2] Group 1: Collaborations - The company’s energy storage business has partnerships with CRRC Zhuzhou Electric Locomotive Co. and CRRC Tongling, concentrating on the construction and implementation of commercial energy storage projects [2] - Specific projects mentioned include the Taibo Yueda Energy Storage Project and the CRRC Tongling Zero Carbon Park Energy Storage Project [2] - Jiangsu Yueda Energy Storage Technology Co., a subsidiary of the company, has reached a strategic cooperation agreement with CRRC Zhuzhou, with plans for ongoing collaboration in the energy storage field [2]

Core Insights - The increasing integration of renewable energy into the grid is driving the demand for energy storage systems, which are evolving from auxiliary equipment to fundamental capabilities of the power system [1][7] - Energy storage system integrators are becoming key players in the new power system, with their design, engineering, and long-term operational capabilities being critical for project reliability and performance [1][2] Group 1: Core Value of Energy Storage System Integrators - The core value of energy storage system integrators lies in three main areas: reliability assurance, large-scale delivery, and system platform collaboration [2] - Reliability assurance is crucial as integrators are responsible for the stability and long-term availability of storage systems, directly impacting project success [2] - Large-scale delivery capabilities are essential as projects grow in size, requiring integrators with engineering expertise and cross-regional delivery experience [2] - System platform collaboration enhances the design of storage systems, allowing for better integration with grid operations and load demands [2] Group 2: Oriental Risen's System Integration Strength - Oriental Risen has developed a comprehensive system-level capability in energy storage, covering battery systems, PCS, BMS, EMS, and SMS, achieving a high level of integration and optimization [3] - The company has a manufacturing capacity exceeding 15 GWh and has successfully delivered over 820 projects across more than 50 countries, demonstrating its ability to support large-scale deployments [3][4] - Oriental Risen's asset management capabilities include a self-developed energy management platform that manages over 1 billion yuan in assets and connects more than 250,000 edge devices, enhancing operational efficiency and long-term availability [4] Group 3: Industry Collaboration Guidelines - When selecting an energy storage system integrator, it is important to consider their system-level technical capabilities, including the ability to design and control battery systems and other components [5] - The integrator's experience with large-scale projects and their ability to deliver across regions are critical for ensuring ongoing performance as project sizes increase [6] - A mature engineering implementation system and standardized quality control mechanisms are necessary to ensure long-term reliability and consistency of the systems [6] Group 4: Future Outlook - The competition in the energy storage sector is shifting from individual device performance to system-level metrics such as safety, reliability, and long-term operational capabilities [6] - Integrators with strong system design, engineering delivery, and operational support capabilities will dominate the industry and play a vital role in the stable operation of new power systems [6][7] - Oriental Risen aims to leverage its established system integration capabilities to support the ongoing development of energy storage in the context of new power system construction [7]

来源：科技日报 我国大容量绿色储能技术迎来重要突破。记者4日从中国科学院工程热物理研究所获悉，该所联合中储国能（北京）技术有限公司，成功研制出国际首套 单机功率最大的压缩空气储能压缩机。目前，该压缩机已通过第三方测试，多项性能指标达到领先水平。 左志涛表示，这款具有完全自主知识产权的超大型压缩空气储能压缩机的成功研制，是该技术领域的重要里程碑，将有力推动我国压缩空气储能技术走向 更大规模、更高效率的商业化应用，为新型电力系统构建和能源绿色转型提供关键技术支撑。 ◎ 科技日报记者 陆成宽 先进压缩空气储能系统压缩机。图片来源：中国科学院工程热物理研究所 压缩空气储能是一种大规模储能技术，可通俗理解为巨型"空气电池"。在用电低谷时，它利用电能将空气压缩后储存起来；在用电高峰时，再释放高压空 气驱动发电机发电，对电网调节和新能源消纳具有重要意义。压缩机是压缩空气储能系统的核心部件。 "此次研制的压缩机创造了单机功率超过100兆瓦（MW）的新纪录，相比以往同类设备，功率提升了一倍以上。在测试中，它最高排气压力达10.1兆帕， 变工况适应范围宽，尤其在最高压力下运行效率高达88.1%，具备效率高、压力大、运行范围广等显 ...

文 | 中关村储能产业技术联盟 2月4日，宁夏回族自治区吴忠市利通区发展和改革局发布《利通区发展和改革局关于废止 一批储能项目的公告》，包括 7个备案证逾期、2个投资主体放弃建设的储能项目。 此次废止的储能项目总投资达54 . 3亿元 ，建设地址分布在利通区孙家滩、东塔、扁担沟 镇、板桥乡等区域， 储能总规模达1 . 225GW/ 2 . 6 7GWh， 技术类型包括锂电池、全钒液 流电池、铅碳电池等多种储能技术路线。 项目备案时间跨度从2021年7月至2024年1月，其中 规模最大 的为佳桦（吴忠）新能源 有限公司投资11.7亿元建设的30 0MW/ 60 0MWh电网区域性共享储能电站项目； 投资金 额最高 的是吴忠市利和钒储新能源有限公司1 0 0MW/ 4 0 0MWh共享储能项目，总投资15 亿元，采用全钒液流电池储能系统。 自本公告发布之日起，上述废止项目的备案证即刻失效，相关项目不得再以原备案证 开展任何建设及运营活动。 中国储能产业发展的风向标 第十四届储能国际峰会暨展览会 特此公告。 附件：利通区废止储能项目清单.xls x 利通区发展和改革局关于废止一批储能项目的公告 吴忠市利通区发展和改 ...

文 | 中关村储能产业技术联盟 2月3日，据上交所网站信息显示，财通资管-阿特斯持有型不动产资产支持专项计划（碳 中和）项目状态更新为已反馈。该项目原始权益人为 苏州阿特斯新能源开发有限公司 ， 拟发行金额为4 . 5 1亿元 第十四届储能国际峰会暨展览会ESIE 2026 围绕"场景创新、价值重构、全球共赢"，四 天会期举办30余场主题论坛、20余场同期活动。 储能投融资创新论坛 围绕储能资产证券 化与投融资创新、跨境储能投融资关键、储能资产估值与评级等关键话题，深度共研行业 创新路径，诚邀产业同仁共赴ESIE 2026全球储能产业盛会。 时间： 202 6年3月3 1日- 4月3日 据悉， 这是全市场首单储能项目持有型不动产ABS（机构间REITs） 。 2 0 25年1 2月1日，国家发改委办公厅发布《关于印发〈基础设施领域不动产投资信托基金 （REITs）项目行业范围清单（2 0 2 5年版）〉的通知》，旨在拓展基础设施REITs的发行 范围，盘活存量资产，促进投资良性循环。 并发布了符合条件的1 5类可申报项目，包含能源基础设施，具体包括风电、太阳能发电、 水力发电、天然气发电、生物质发电、核电等清 ...

格隆汇2月5日丨广东建工(002060.SZ)公布，公司下属子公司广东粤水电能源投资集团有限公司的全资 子公司阿瓦提县粤水电能源有限公司投资建设的阿瓦提粤水电20万千瓦/80万千瓦时构网型储能项目并 网运行。上述项目的并网运行对公司未来经营业绩有一定的提升作用。截至目前，公司累计已投产发电 的清洁能源项目总装机5332.34MW，其中水力发电380.50MW，风力发电800.36MW，光伏发电 3651.48MW，独立储能500MW；制储氢600Nm3/h。 ...

Core Insights - In January 2026, Chinese companies secured 24 energy storage orders, a 26% increase from 19 orders in the same month last year, with a total capacity of 37.013 GWh, up approximately 12% from 33 GWh year-on-year [2][5]. Group 1: Order Types and Capacities - Over 70% of the orders were for batteries, with 4 orders specifically for energy storage batteries/cells totaling 27.4 GWh, accounting for 74% of the total capacity [2]. - The largest order was a collaboration between Yiwei Lithium Energy and Shanghai Shenyu Loxie Energy Technology for a 20 GWh energy storage battery, which includes 10 GWh of large batteries and 10 GWh of cells [2]. - There were 17 orders for energy storage systems totaling 5.013 GWh, involving companies like Sungrow Power Supply, Hicharge Energy, Trina Solar, and others [2]. Group 2: Geographic Distribution of Orders - Domestic orders accounted for 6 orders with a total capacity of 24.7 GWh, primarily from Yiwei Lithium Energy, Trina Solar, and others [5]. - 75% of the orders were from overseas markets, covering regions such as Europe, Africa, Australia, South America, and Southeast Asia, including countries like Egypt, Finland, and Malaysia [5]. - Notably, the overseas orders included significant projects like a 250 MW/1000 MWh energy storage project in Italy and a 1 GWh integrated green energy project in Malaysia [3]. Group 3: Company Performance and Projections - Companies like Penghui Energy reported over 10 GWh in hand orders as of October 2025, with strong overseas performance exceeding initial targets [8]. - Trina Solar indicated that its energy storage business became profitable in 2025, with a shipment target of 15 to 16 GWh for 2026, and over 12 GWh in overseas orders [8]. - Far East Holdings disclosed a total contract amount of 594 million yuan for energy storage systems in January 2026, with contracts covering both China and Europe [8].