□四川日报全媒体记者 王眉灵数读宜宾 "十四五" 地区生产总值 由2020年的2863.5亿元 增长到2024年的4005.8亿元 跨越两个千亿级台阶 稳居全省第三 全国GDP百强城市 排名上升至87位 人均地区生产总值达86714元 高于全省平均水平 产业升级 工业 2024年全部工业增加值1607.9亿元 是"十三五"末的1.5倍 是"十三五"末的1.5倍 农业 酿酒专用粮、茶园、蚕桑、油樟面积居全省第一 打造宜宾早虾、长宁竹荪、筠连红茶等 连续4年稳居全省第二 在全省的占比由7.6%提升至9% 连续入选全国先进制造业百强市 服务业 打造万象宜宾天地、冠英古街、 长江音悦街等消费新场景 2024年服务业增加值1696.3亿元 11个全国名特优新农产品 2024年农林牧渔总产值683.3亿元 是"十三五"末的1.2倍 城乡融合 以片区化思路 打造31个城乡融合发展试验区 建成首批14个和美乡村生活聚居点 地区生产总值超200亿元的县（区） 由2020年的2个 增加至2024年的9个 民生改善 实现"县县通高速" 成宜高铁、渝昆高铁渝宜段通车运营 全面融入成渝"1小时经济圈" 常态化开行 宜宾至重庆、宜昌、武 ...

Core Viewpoint - DeYe Co., Ltd. experienced a stock price decline of 2.01% on November 20, with a current price of 78.17 CNY per share and a total market capitalization of 709.60 billion CNY [1] Financial Performance - For the period from January to September 2025, DeYe Co., Ltd. achieved a revenue of 8.846 billion CNY, representing a year-on-year growth of 10.36%, and a net profit attributable to shareholders of 2.347 billion CNY, which is a 4.79% increase compared to the previous year [2] - The company has distributed a total of 5.242 billion CNY in dividends since its A-share listing, with 4.901 billion CNY distributed over the last three years [3] Stock Market Activity - The stock has seen a year-to-date increase of 35.69%, but has declined by 6.77% over the last five trading days [1] - As of September 30, 2025, the number of shareholders increased by 40.19% to 73,400, while the average number of circulating shares per person decreased by 28.40% to 12,375 shares [2] Shareholder Composition - As of September 30, 2025, the third-largest shareholder is Hong Kong Central Clearing Limited, holding 33.3664 million shares, an increase of 1.0752 million shares from the previous period [3] - New entrants among the top ten shareholders include E Fund CSI 300 ETF and Guangfa Small Cap Growth Mixed Fund [3] Business Overview - DeYe Co., Ltd. specializes in the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1] - The main revenue sources are inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and other products (3.16%) [1]

Core Viewpoint - Leapmotor announced two related party transactions involving adjustments to annual transaction limits with Huayuxin Technology and a new procurement framework agreement with Hangzhou Pearl, both compliant with Hong Kong Stock Exchange regulations [2][3]. Group 1: Transaction Adjustments with Huayuxin Technology - The annual transaction limits for the new product purchase framework agreement with Huayuxin Technology have been revised for 2025 and 2026, with the 2025 procurement limit set at CNY 192 million and sales limit at CNY 280 million, while the 2026 limits are CNY 400 million for procurement and CNY 550 million for sales [2][3]. - Historical transaction data shows that in 2024, Leapmotor's procurement from Huayuxin Technology amounted to CNY 635,000, with sales of CNY 162,000, and in the first nine months of 2025, procurement was CNY 43,000 while sales reached CNY 611,000 [2][3]. Group 2: Factors for Adjustment - The adjustment of transaction limits is based on three main factors: the transaction scale achieved in the first three quarters of 2025, significant customer expansion and order increases in Leapmotor's energy storage projects, and strong business growth expectations for Huayuxin Technology driven by the "dual carbon" strategy and overseas market demand [3]. - Leapmotor aims to leverage its technological expertise in the smart vehicle sector to enhance its product offerings and revenue sources, thereby benefiting the overall interests of the company and its shareholders [3]. Group 3: New Agreement with Hangzhou Pearl - Leapmotor has established a procurement framework agreement with Hangzhou Pearl for charging piles and guns, with a cumulative procurement limit of CNY 140 million for 2025 and CNY 640 million for 2026 [4]. - The procurement of charging equipment is intended to support vehicle sales, operational facilities, and overseas exports, with demand expected to rise alongside the company's growing vehicle sales [4]. - Hangzhou Pearl is recognized for its stable product quality and reliable supply capabilities, which are expected to enhance Leapmotor's procurement system and market competitiveness [4].

Core Viewpoint - DeYe Co., Ltd. has experienced a stock price decline of 2.02% on November 17, with a current price of 81.03 CNY per share, despite a year-to-date increase of 40.66% [1] Company Overview - DeYe Co., Ltd. is located in Ningbo, Zhejiang Province, established on August 4, 2000, and listed on April 20, 2021. The company specializes in the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1] - The main business revenue composition includes: inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and others (3.16%) [1] Financial Performance - For the period from January to September 2025, DeYe Co., Ltd. achieved operating revenue of 8.846 billion CNY, representing a year-on-year growth of 10.36%. The net profit attributable to the parent company was 2.347 billion CNY, with a year-on-year increase of 4.79% [2] - The company has distributed a total of 5.242 billion CNY in dividends since its A-share listing, with 4.901 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for DeYe Co., Ltd. was 73,400, an increase of 40.19% from the previous period. The average circulating shares per person decreased by 28.40% to 12,375 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 33.3664 million shares, an increase of 1.0752 million shares from the previous period. New entrants include the Guangfa Small Cap Growth Mixed Fund and the Solar ETF [3]

Core Viewpoint - The company DeYe Co., Ltd. is planning to list its shares in Hong Kong to enhance its global development strategy and brand influence while expanding its financing channels [2][3]. Group 1: Company Overview - DeYe Co., Ltd. was established in 2000 and is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [3]. - The company focuses on three core industry chains: photovoltaic inverters, energy storage battery packs, and environmental electrical products [3]. Group 2: Financial Performance - For the first three quarters of 2025, DeYe Co., Ltd. achieved operating revenue of 8.846 billion yuan, a year-on-year increase of 10.36%, and a net profit attributable to shareholders of 2.347 billion yuan, up 4.79% year-on-year [2][8]. - The total assets of DeYe Co., Ltd. grew from 3.924 billion yuan at the end of 2021 to 21.457 billion yuan by the end of September 2025, marking an increase of 41.97% compared to the end of 2024 [2][7]. Group 3: International Expansion - DeYe Co., Ltd. has rapidly expanded its overseas market presence, with foreign sales revenue increasing significantly from 1.262 billion yuan in 2021 to 7.947 billion yuan in 2024, accounting for over 70% of total revenue [4]. - The company has established a strong customer base in over 110 countries and regions, adapting its products to meet various international regulations and market demands [4]. Group 4: R&D Investment - R&D expenses for DeYe Co., Ltd. have consistently increased, reaching 371 million yuan in the first half of 2025, with a growth rate of 4.77% year-on-year [5]. - The R&D expense ratio has also shown an upward trend, indicating the company's commitment to innovation and product development [5]. Group 5: Stock Market Performance - As of November 14, 2025, DeYe Co., Ltd.'s stock price was 82.70 yuan per share, reflecting a cumulative increase of approximately 46.7% since the beginning of the year [8].

Core Viewpoint - The announcement indicates that Deye Technology Co., Ltd. is planning an H-share listing to advance its global development strategy, enhance brand international influence and core competitiveness, and broaden financing channels through international capital markets [1] Group 1: H-Share Listing - The goal of the H-share listing is to promote Deye's globalization strategy and improve governance levels [1] - The H-share listing will not change the controlling shareholder or actual controller of Deye [1] - Deye is currently discussing specific details of the H-share listing with relevant intermediaries [1] Group 2: Company Overview - Deye Technology is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [1] - The company was successfully listed on the Shanghai Stock Exchange in April 2021 and has three core industrial chains: photovoltaic inverters, energy storage battery packs, and environmental appliances [1] Group 3: Financial Performance - In the first three quarters of 2025, Deye achieved revenue of 8.846 billion yuan, a year-on-year increase of 10.36% [2] - The net profit attributable to shareholders was 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [2] - The stable performance provides a solid foundation for the company's Hong Kong IPO [2]

Core Viewpoint - DeYe Co., Ltd. has shown a significant increase in stock price and trading activity, reflecting positive market sentiment and growth in revenue and profit for the year [1][2]. Financial Performance - For the period from January to September 2025, DeYe Co., Ltd. achieved a revenue of 8.846 billion yuan, representing a year-on-year growth of 10.36% [2]. - The net profit attributable to the parent company for the same period was 2.347 billion yuan, with a year-on-year increase of 4.79% [2]. - The company has distributed a total of 5.242 billion yuan in dividends since its A-share listing, with 4.901 billion yuan distributed over the last three years [3]. Stock Performance - As of November 13, the stock price of DeYe Co., Ltd. was 82.65 yuan per share, with a year-to-date increase of 43.47% [1]. - The stock has experienced a decline of 4.17% over the last five trading days, but has increased by 11.70% over the past 20 days and 51.64% over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 73,400, a rise of 40.19% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 28.40% to 12,375 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.0752 million shares, and new entrants such as E Fund CSI 300 ETF [3]. Business Overview - DeYe Co., Ltd. specializes in the research, production, and sales of components such as evaporators, condensers, and variable frequency control chips, as well as environmental electrical products like dehumidifiers and air source heat pump hot air machines [1]. - The main revenue sources are inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and others (3.16%) [1]. Industry Classification - DeYe Co., Ltd. is classified under the power equipment sector, specifically in photovoltaic equipment and inverters, and is associated with concepts such as solar energy, inverters, photovoltaic glass, energy storage, and carbon neutrality [2].

Group 1 - The core viewpoint of the news is that Deyang Co., Ltd. has seen a significant increase in its stock price, rising by 5.04% to 84.78 CNY per share, with a total market capitalization of 769.60 billion CNY [1] - Deyang Co., Ltd. is primarily engaged in the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines, with its main business revenue composition being: inverters 47.77%, energy storage battery packs 25.69%, heat exchangers 15.68%, dehumidifiers 7.36%, and others 3.16% [1] - The company is located in Ningbo, Zhejiang Province, and was established on August 4, 2000, with its listing date on April 20, 2021 [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Xinda Australia has a significant holding in Deyang Co., Ltd., specifically the Xin Ao Rui Yi Xin Xiang Mixed A Fund (025214), which held 700 shares, accounting for 1.37% of the fund's net value [2] - The estimated floating profit from this holding is approximately 2849 CNY as of the report date [2] Group 3 - The Xin Ao Rui Yi Xin Xiang Mixed A Fund (025214) was established on September 24, 2025, with a current scale of 4.1388 million CNY and has experienced a loss of 0.66% since its inception [3] - The fund managers are Yang Zhe and Li Kebao, with Yang Zhe having a cumulative tenure of 6 years and 73 days, achieving a best fund return of 44.7% and a worst return of -38.35% during his tenure [4] - Li Kebao has a cumulative tenure of 49 days, with a best fund return of 2.15% and a worst return of -0.88% [4]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 8.846 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 10.36%. The net profit attributable to shareholders was 2.347 billion yuan, up 4.79% year-on-year [1] - The company has seen significant growth in its energy storage battery packs, driven by increasing global demand for household energy storage [3] - The company is actively launching new products and iterating existing ones, particularly in the commercial energy storage inverter segment, which has shown substantial growth [2] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.311 billion yuan, a year-on-year increase of 1.32% and a quarter-on-quarter increase of 11.51%. The net profit attributable to shareholders was 825 million yuan, down 17.84% year-on-year but up 1.00% quarter-on-quarter [1] - The company forecasts revenues of 12.608 billion yuan, 15.118 billion yuan, and 17.577 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 12.5%, 19.9%, and 16.3% [4] Product Development - The company has introduced new off-grid energy storage inverter models ranging from 3.6-6KW and expanded its commercial energy storage solutions to a power range of 100kW-2.5MW [2] - The company is focusing on overseas markets, particularly in regions like Africa and Europe, where demand for commercial energy storage is rapidly increasing due to supportive policies and rising electricity prices [2] Market Outlook - The global energy storage market remains robust, with the company positioned to benefit from high demand in emerging markets such as Pakistan and Nigeria, as well as in Australia, where subsidies are expected to drive growth [2] - The company anticipates continued strong growth in its energy storage battery business, which is expected to enhance overall profitability [3]

Summary of the Conference Call for 德业股份 Company Overview - **Company**: 德业股份 (DeYee Co., Ltd.) - **Industry**: Inverter and energy storage solutions Key Financial Performance - **Revenue**: In the first three quarters of 2025, revenue reached 8.846 billion RMB, a year-on-year increase of 10.36% [4] - **Net Profit**: Net profit was 2.347 billion RMB, up 6.53% year-on-year [4] - **Inverter Business Revenue**: Revenue from inverter business was 4.585 billion RMB, a 9.76% increase [4] - **Energy Storage Inverter Revenue**: Revenue from energy storage inverters was 3.694 billion RMB, a 14.47% increase [4] - **Energy Storage Battery Pack Revenue**: Revenue from energy storage battery packs was 2.423 billion RMB, a significant increase of 57.88% [2] Business Segments and Growth - **Inverter Product Breakdown**: - Household storage contributed 2.598 billion RMB - Commercial storage contributed 1.096 billion RMB - String inverters revenue was 699 million RMB, up 10.75% - Micro-inverter revenue decreased by 55.53% to 129 million RMB [2][4] - **Market Share in Australia**: Currently at approximately 5%, with a target to increase to 15% by 2026. Expected sales in Australia for 2025 are projected between 250 million to 300 million RMB, and 1 billion to 1.5 billion RMB for 2026 [11][12] - **AIDC Product Development**: Focus on SST (Solid State Transformer) and PSU (Power Supply Unit) products, with SSD entering solid state transformer phase expected to complete in one year [13] - **AI Intelligent Scheduling System**: Used for VPP (Virtual Power Plant) management, currently applied in household storage market (90%) and commercial storage market (10%). Future monetization is possible to enhance customer energy management efficiency [14] Market Expansion and Future Outlook - **Indonesia Market**: Established presence over three to four years, leading brand with partnerships for a million photovoltaic plan. Large off-grid photovoltaic systems expected to roll out in 2026 [20][21] - **Ukraine Market**: Monthly growth rate of 70%-80%, with significant demand expected post-conflict [16] - **Global Demand**: Anticipated 20%-30% growth in household storage business, particularly in Europe, Southeast Asia, and the Middle East [19] - **US Market Strategy**: Collaborating with SolarEdge for inverter promotion and battery sales. Positive growth expected in 2026 due to demand and compliance with the "Great American Law" [22] Profitability and Cost Management - **Gross Margin**: Overall gross margin for the third quarter was 39%, with improvements due to increased shipments of energy storage inverters and maintaining a gross margin of around 60% for commercial storage [5][18] - **Sales Expense Control**: Sales expenses have remained stable despite rapid business expansion, with a decrease in sales expense ratio [33] Emerging Markets and Competitive Landscape - **Emerging Markets**: High market share in Southeast Asia, Middle East, and Africa, with annual growth rates of 30%-40% in regions like the Philippines and Vietnam [35] - **European Market Demand**: Focused on arbitrage and ancillary services, with strong growth expected [28] - **Battery Supply Chain**: Long-term contracts with battery suppliers, maintaining inventory levels and managing price increases effectively [30] Conclusion 德业股份 is positioned for significant growth in various markets, with a strong focus on innovation in energy storage and inverter technology. The company is actively expanding its market presence in Australia, Indonesia, and the US while maintaining profitability through effective cost management and strategic partnerships.