问题三：公司未来在技术和产品方面有哪些期待？ 答：公司秉承"技术为王 创新为本"的发展理念，研发投入居 A 股上市公司前列，始终以技术创新推动自身和行业高速发展。 例如"刀片电池"解决了新能源汽车安全性的问题，"DM-i 超 级混动"解决了新能源汽车经济性的问题，更有像"易四方"、 "云辇"等行业颠覆性技术发布，以极致的安全、性能和舒适满 足不同消费者的需求。今年以来，公司陆续发布"天神之眼"、 "兆瓦闪充"等技术，同时量产并搭载在公司车型上，持续巩固 公司技术护城河。未来，公司也将持续解决行业发展痛点，推出 消费者切身需求的优质产品，助力新能源汽车产业高质量发展。 证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 投资者关系活动记录表 编号：2025-44 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他 （电话会议） 参与单位名 称及人员姓 名 美银美林、分析师、Ming Hsun Lee 等 60 人 时间 2025-11-21 10:00-11:00 地点 比亚迪六角大楼 上市公司接 待人员姓名 吴越、黄悦 投资者 ...

Core Insights - Changzhou hosted the "New Energy Industry Chain Cooperation and Exchange Conference" on November 19, showcasing its robust capabilities in the new energy sector with 16 key projects signed, totaling nearly 10 billion yuan in investment [1][3] - The city has established a comprehensive industrial chain in the new energy sector, particularly excelling in the power battery industry, where 97% completeness is achieved, and one in ten new energy vehicles globally is equipped with Changzhou-made batteries [1] - Changzhou has attracted over 3,000 foreign enterprises, including 105 Fortune 500 companies, and has established six provincial-level international cooperation parks, ranking first in the province [1] Investment and Economic Growth - The city has implemented the first national new energy industry promotion regulations and established a government fund matrix with over 50 billion yuan in total scale, providing full-cycle service guarantees for enterprise development [2] - From January to September this year, actual foreign investment in Changzhou reached 99.4 million USD, marking a year-on-year increase of 23.9%, ranking fifth in the province for total volume and first for growth rate [3] - The conference concluded with an invitation to global new energy enterprises to invest and establish operations in Changzhou, aiming to create strong partnerships for urban development [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 榮啟為一家於香港註冊成立的投資控股有限公司。本公司為榮啟7,000股股份（相 當於榮啟全部已發行股本的70%）的法律及實益擁有人。榮啟3,000股股份（相當 於榮啟全部已發行股本的30%）由趙欽凌先生（「趙先生」）法律及實益擁有。趙 先生為一名商人及中國的個人投資者，據董事經作出一切合理查詢後所深知、 盡悉及確信，趙先生為獨立第三方，且與本公司或其任何關連人士（定義見香 港聯合交易所有限公司證券上市規則）並無關連。 – 1 – (a) 在儲能系統供應的工程設計、採購及施工方面開展合作，重點建立專注於 為全球新能源應用提供先進解決方案的全面網絡；及 (b) 在全球市場與戰略業務夥伴探討儲能系統集成及解決方案平台的合作機遇。 Wing Lee Development Construction Holdings Limited 榮利營造控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9639） 自 ...

Core Points - Wolong New Energy's stock price dropped by 5.08% to 8.60 CNY per share, with a trading volume of 467 million CNY and a turnover rate of 7.56%, resulting in a total market capitalization of 6.024 billion CNY [1] Company Overview - Wolong New Energy Group Co., Ltd. is located in Shaoxing City, Zhejiang Province, and was established on July 17, 1993, with its listing date on April 15, 1999 [1] - The company's main business includes real estate development and sales, with revenue composition as follows: mineral trade 67.33%, real estate sales 13.99%, photovoltaic power generation 8.35%, energy storage system sales 8.20%, and others 2.13% [1] Shareholder Information - Among the top ten circulating shareholders of Wolong New Energy, a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) reduced its holdings by 99,700 shares in the third quarter, now holding 4.3705 million shares, which is 0.62% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 2.0104 million CNY [2] Fund Manager Profile - The fund manager of Southern CSI Real Estate ETF Initiated Link A (004642) is Luo Wenjie, who has a cumulative tenure of 12 years and 200 days. The total asset scale of the fund is 170.445 billion CNY [3] - During his tenure, the best fund return was 151.55%, while the worst return was -47.6% [3]

Group 1 - Wolong New Energy's stock price increased by 5.03% to 9.82 CNY per share, with a trading volume of 465 million CNY and a turnover rate of 6.93%, resulting in a total market capitalization of 6.879 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 8.09% during this period [1] - The company, established on July 17, 1993, and listed on April 15, 1999, primarily engages in real estate development and sales, with revenue contributions from mineral trading (67.33%), real estate sales (13.99%), photovoltaic power generation (8.35%), energy storage system sales (8.20%), and other sources (2.13%) [1] Group 2 - Among the top ten circulating shareholders of Wolong New Energy, a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) reduced its holdings by 99,700 shares in the third quarter, now holding 4.3705 million shares, which is 0.62% of the circulating shares [2] - The fund has realized a floating profit of approximately 2.0541 million CNY today and a total floating profit of 3.0593 million CNY during the three-day increase [2] - The Southern CSI Real Estate ETF Initiated Link A was established on August 24, 2017, with a current scale of 202 million CNY. Year-to-date returns are 10.03%, ranking 3658 out of 4216 in its category, while the one-year return is 3.32%, ranking 3713 out of 3885. Since inception, the fund has incurred a loss of 38.68% [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 198.63 per share, based on a 2026E PE of 21.45x [7][5]. Core Insights - The company reported a revenue of RMB 22.869 billion in Q3 2025, with a year-on-year growth of 21% and a net profit of RMB 4.147 billion, reflecting a 57% increase year-on-year [2][13]. - The growth in revenue and profit is primarily driven by the increase in high-margin inverter and energy storage shipments overseas, indicating a positive outlook for the company's core business expansion [2][3]. - The energy storage segment achieved a revenue of RMB 28.8 billion in the first three quarters of 2025, representing a 105% year-on-year increase, with a gross margin of 39.92% [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of RMB 22.869 billion, with a net profit of RMB 4.147 billion, marking a 57% increase year-on-year [2][13]. - For the first three quarters of 2025, total revenue reached RMB 66.402 billion, up 33% year-on-year, and net profit was RMB 11.881 billion, up 56% year-on-year [2][13]. Business Segments - The energy storage business generated RMB 28.8 billion in revenue in the first three quarters of 2025, with a gross margin of 39.92%, an increase of 3.2 percentage points from the previous year [2][4]. - The company shipped approximately 29 GWh of energy storage products in the first three quarters of 2025, with over 80% of shipments being overseas, contributing to high profitability [2][4]. Market Outlook - The global energy storage market is expected to grow at a CAGR of 44.5% from 2024 to 2030, with new installations projected to reach 1556 GWh per year by 2030 [3]. - The U.S. market is anticipated to see a significant increase in energy storage demand driven by AI data centers and interest rate cuts, with an expected annual addition of 55-102 GWh of storage capacity [3]. Strategic Initiatives - The company is expanding its AIDC (AI Data Center) business, which is expected to enhance growth potential, with plans for product rollout and small-scale delivery by 2026 [4][5]. - The AIDC market is projected to reach RMB 460 billion, potentially contributing over RMB 40 billion in revenue to the company by 2030 [4].

Group 1 - The core point of the news is that Wolong New Energy's stock price increased by 5.07% to 9.54 CNY per share, with a trading volume of 448 million CNY and a turnover rate of 6.98%, resulting in a total market capitalization of 6.683 billion CNY [1] - Wolong New Energy Group Co., Ltd. is located in Shaoxing City, Zhejiang Province, and was established on July 17, 1993, with its listing date on April 15, 1999. The company's main business includes real estate development and sales [1] - The revenue composition of Wolong New Energy is as follows: mineral trade accounts for 67.33%, real estate sales 13.99%, photovoltaic power generation 8.35%, energy storage system sales 8.20%, and other revenues 2.13% [1] Group 2 - From the perspective of the top ten circulating shareholders of Wolong New Energy, a fund under Southern Fund ranks among them. The Southern CSI Real Estate ETF Initiated Link A (004642) reduced its holdings by 99,700 shares in the third quarter, holding a total of 4.3705 million shares, which represents 0.62% of the circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a latest scale of 202 million CNY. Year-to-date, it has achieved a return of 9.21%, ranking 3673 out of 4216 in its category; over the past year, it has returned 0.45%, ranking 3722 out of 3877; since inception, it has incurred a loss of 39.14% [2]

Core Viewpoint - The article emphasizes the importance of innovation as a core engine for China's economic development, highlighting the role of policy-driven financial support in fostering technological and industrial advancements [1][2]. Group 1: Financial Support for Innovation - The Chinese government has introduced policies to support technological innovation, focusing on early, small, long-term, and hard technology investments [1]. - China Export-Import Bank's Beijing branch has signed financial service cooperation agreements with four tech companies, showcasing the collaboration between banks and enterprises in promoting innovation [1][2]. Group 2: Comprehensive Financial Services - The Beijing branch of China Export-Import Bank has served nearly 100 tech enterprises, with strategic emerging industry loans accounting for nearly 60% of its loan balance [2]. - The bank has established a dynamic adaptation mechanism to tailor financial solutions for different stages of a tech enterprise's lifecycle, addressing challenges such as high R&D costs and financing difficulties [3]. Group 3: Cross-Border Financial Empowerment - The bank plays a crucial role in facilitating international cooperation, particularly under the Belt and Road Initiative, by providing diverse financial tools for enterprises to expand globally [4]. - It assists companies like Ruimaite Medical in overcoming funding challenges for overseas orders, while also helping them navigate international regulations and risks [4]. Group 4: Strengthening Industrial Ecosystems - The bank aims to enhance overall competitiveness by shifting from single enterprise support to ecosystem building, connecting upstream and downstream resources [5]. - Companies like Haibo Sichuang benefit from the bank's support in creating a closed-loop ecosystem from R&D to market expansion [5]. Group 5: Future Development and Strategic Goals - The Beijing branch of China Export-Import Bank is committed to building an innovation and value chain that supports new productive forces, aligning with national strategic goals [6].

Core Points - Wolong New Energy's stock price dropped by 5.4% to 9.46 CNY per share, with a trading volume of 308 million CNY and a turnover rate of 4.54%, resulting in a total market capitalization of 6.627 billion CNY [1] - The company, established on July 17, 1993, and listed on April 15, 1999, is primarily engaged in real estate development and sales, with revenue composition as follows: mineral trading 67.33%, real estate sales 13.99%, photovoltaic power generation 8.35%, energy storage system sales 8.20%, and others 2.13% [1] Shareholder Analysis - Southern Fund's Southern CSI Real Estate ETF (004642) entered the top ten circulating shareholders of Wolong New Energy in the second quarter, holding 4.4702 million shares, which is 0.64% of the circulating shares. The estimated floating loss today is approximately 2.4139 million CNY [2] - The Southern CSI Real Estate ETF was established on August 24, 2017, with a latest scale of 173 million CNY. Year-to-date return is 9.65%, ranking 3656 out of 4218 in its category; the one-year return is 2.93%, ranking 3767 out of 3865; and since inception, it has incurred a loss of 38.89% [2]

Core Viewpoint - Sungrow Power Supply Co., Ltd. is a leading global clean energy technology company that has submitted its application for listing on the Hong Kong Stock Exchange, aiming to expand its presence in the clean energy sector, which includes solar, wind, energy storage, electric vehicles, and hydrogen energy [1][2]. Company Overview - Founded in 1997, the company started with photovoltaic inverter business and has since focused on clean electricity, gradually expanding into five key areas: solar, wind, energy storage, electric vehicles and charging, and hydrogen energy [2]. - The company offers a range of products including photovoltaic inverters, energy storage systems, wind power conversion and transmission products, electric vehicle power control systems, and hydrogen equipment, aiming to provide comprehensive lifecycle solutions for clean energy [2]. - According to Frost & Sullivan, the company has maintained a leading position in the global photovoltaic inverter market for ten consecutive years, with a market share of approximately 25.2% based on 2024 shipment volume [2][12]. Financial Performance - For the first half of 2025, the company reported revenues of approximately RMB 43.44 billion, a year-on-year increase of 40.30%, and a net profit of RMB 7.83 billion, up 55.16% year-on-year [1][5]. - The company’s revenue for the years ending December 31 is projected to be approximately RMB 401.09 billion, RMB 721.59 billion, and RMB 777.04 billion for 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 39.19% [5]. - Gross profit for the same periods is expected to be around RMB 81.95 billion, RMB 183.69 billion, and RMB 225.01 billion, with a CAGR of 65.70% [5]. Industry Context - The global photovoltaic inverter market is experiencing significant growth, with shipments expected to rise from 177.0 GWac in 2020 to 584.2 GWac in 2024, reflecting a CAGR of 34.8% [9]. - By 2030, global photovoltaic inverter shipments are projected to reach 1,324.8 GWac, driven by new installations and replacement demand, with an estimated replacement demand accounting for about 11% of total shipments [9]. - The market is highly concentrated, with the top five companies holding a combined market share of 63.9% in 2024 [12][13].