果下科技作为中国储能行业领先的基于平台技术及人工智能驱动的可再生能源解决方案及产品提供商之一，专注于研发并向我们的客户及/或终端用户提供 储能系统解决方案及产品。公司围绕"AI+储能"战略，打造了储能生态产品的全栈技术体系，形成了从设备级控制到系统级优化的完整能力闭环，持续推动 储能系统向智能化、平台化、柔性化方向演进。 根据Frost&Sullivan咨询报告显示，2024年按全球新增装机容量来计，果下科技位列全球第八大中国储能系统供应商，按全球户用储能出货量计，果下科技 位列中国第十大供应商。 据招股书披露，2022年至2024年，果下科技营业收入分别为1.42亿元、3.14亿元和10.26亿元人民币，2024年同比增幅高达226.75%。同期净利润分别为 2427.7万元、2814.8万元和4911.9万元，2024年净利润同比增长74.5%。 果下科技能够短时间内飞速成长，主要是与多数靠规模赛跑的竞争者不同，果下科技强调技术创新带来的竞争壁垒。果下科技自成立以来即将人工智能深度 嵌入产品和服务，据相关资料，果下科技是业内专门为储能行业开发物联网平台的方案提供商，也是首家基于AI技术开发无缝储能工业模型 ...

第十届储能西部论坛将于2 0 25年8月19- 20日在内蒙古·呼和浩特召开。 论坛信息 主题 文 | 中关村储能产业技术联盟 "储能西部论坛" 设立于2016年，旨在通过构建政、产、学、研、用多元参与的创新交 流平台，深度探讨我国西部新能源与储能融合发展新思路，凝聚行业共识，推动中国 西部能源新质生产力发展，为国家双碳战略实施和新型电力系统建设贡献储能力量。 市场驱动 生态赋能：储能推动西部绿色能源体系建设 时间 2 025年8月1 9 - 2 0日 地点 内蒙古自治区·呼和浩特市 特邀嘉宾 史玉波 中国能源研究会理事长 徐梓铭 孙正运 中国能源研究会副理事长兼秘书长 陈海生 中国科学院工程热物理研究所所长、中国能源研究会储能专业委员会主任委员、中关村 储能产业技术联盟理事长 裴哲义 中国能源研究会副主任委员、CNESA电力市场专委会主任委员、国网电力调度控制中 心原副总工程师 郑耀东 中国能源研究会储能专委会副主任委员、 南方电网公司储能与新能源大科研团队荣誉 主任委员 国家能源局科技司能效与储能处处长 欧阳明高 中国科学院院士、清华大学教授 夏清 中国能源研究会储能专委会副主任委员、 清华大学教授 来小 ...

Group 1 - The 9th China-South Asia Expo and the 29th China Kunming Import and Export Commodities Fair opened in Kunming, Yunnan, showcasing innovative products from Guoneng Xinkong, including a new energy centralized control system and a virtual power plant management platform [1] - The new energy regional centralized control system aims for "unmanned operation and minimal staffing," significantly improving operational efficiency and transitioning from decentralized to centralized management of renewable energy plants [1] - Guoneng Xinkong's virtual power plant solution integrates distributed photovoltaic, energy storage, charging piles, and commercial loads, facilitating user participation in electricity market transactions and grid auxiliary services [1] Group 2 - Guoneng Xinkong employs a "Robots as a Service (RaaS)" model, developing intelligent robots for complex operations and emergency inspections, enhancing inspection efficiency by 50% and reducing risks in high-risk jobs by over 80% [2] - The company has introduced an intelligent gas detection solution for confined spaces, utilizing real-time monitoring and smart alerts to ensure safety during operations [2] - The expo, co-hosted by the Ministry of Commerce of China and the Yunnan Provincial Government, featured 16 exhibition halls and attracted nearly 120 leading industry enterprises, focusing on green trade, digital trade, and service trade [2]

Core Viewpoint - The partnership between CRRC Zhuzhou Electric Locomotive Research Institute's Comprehensive Energy Division and CATL aims to promote high-quality and sustainable development in the energy storage industry, contributing to global energy transition [1][3]. Group 1: Partnership Details - A framework cooperation agreement was signed on June 12, 2025, focusing on mutual benefits, collaborative innovation, and sustainable development [1]. - The agreement emphasizes comprehensive cooperation in energy storage system solutions, efficient energy utilization, microgrid construction, and smart energy services [3][5]. Group 2: Company Profiles - CRRC Zhuzhou's Comprehensive Energy Division is a key platform for implementing national "dual carbon" strategies, focusing on energy storage systems, hydrogen energy, and integrated energy solutions [3][5]. - CATL is a leading global new energy innovation technology company, providing top-tier solutions and services for global new energy applications, with notable products like the 587Ah cell featuring 8000 cycles and high energy density [3][5]. Group 3: Strategic Importance - The collaboration is seen as a strategic move to leverage both companies' strengths in technology innovation and market expansion, aiming to set new benchmarks in the energy storage industry [5]. - The partnership is expected to enhance the optimization of the national energy structure and contribute to achieving the "dual carbon" goals [5]. Group 4: Market Position - CRRC Zhuzhou's energy storage project orders have ranked first in the domestic market for two consecutive years, with a leading market share in the hydrogen energy sector [5].

Group 1: Energy Storage Index Performance - The energy storage index experienced significant fluctuations in May, peaking above the 24-year high of 924 before retreating, ending the month at 1381.79, which represents a 4.87% increase [1] - In the first five months of 2025, the energy storage index rose by 6.94%, while the ChiNext index fell by 6.93% [1] - Compared to its inception in early 2021, the energy storage index has increased by 38.18%, while the ChiNext index has decreased by 32.81% [1] Group 2: CATL's H-Share Listing - CATL completed its H-share application in just three months and listed on the Hong Kong Stock Exchange on May 20, raising 410 billion HKD (52.2 billion USD), marking the largest IPO in Hong Kong this year [4] - 90% of the funds raised will be allocated to the construction of a battery factory in Hungary, which is approximately 2% of Hungary's annual GDP [4] - The listing was notable for being the first "A then H" project priced with a "price ceiling only" method, with the ceiling set at a discount to the A-share closing price on the pricing day [4] Group 3: H-Share Premiums and Market Dynamics - As of the end of May, CATL's Hong Kong closing price was 303.4 HKD, reflecting an 11.16% premium over its A-share price of 250 RMB [4] - BYD's Hong Kong closing price was 392.8 HKD, with a 2.09% premium over its A-share price of 352.3 RMB [4] - Historically, H-shares have traded at a discount to A-shares due to factors such as market liquidity and investor structure, but this trend is changing as southbound capital flows into Hong Kong [5] Group 4: Surge in Hong Kong Listings by Energy Storage Companies - There has been a surge in energy storage companies listing in Hong Kong, with four lithium battery companies already listed before CATL, including BYD, Zhongxin Innovation, Ruipu Lanjun, and Zhengli New Energy [7] - Companies like EVE Energy and Shuangdeng Co. are also initiating their H-share listing processes to enhance capital strength and global competitiveness [8][9] Group 5: Financial Performance of Listed Companies - EVE Energy plans to use funds from its H-share listing to support overseas factory construction and global capacity layout, with total investments nearing 17.4 billion RMB [8] - Shuangdeng Co. aims to use its fundraising for establishing lithium-ion battery production facilities in Southeast Asia and enhancing its R&D capabilities [8] - Haicheng Energy reported significant growth in overseas revenue, increasing from 33,000 RMB in 2022 to 3.7 billion RMB in 2024, with overseas business revenue share rising from 1% to 28.6% [9]

Core Viewpoint - The implementation of Document No. 136 has redefined the renewable energy industry, shifting the energy storage sector from price competition to value creation [1] Group 1: Strategic Initiatives - Haibo Sichuang has proposed the "Energy Storage + X" strategy, actively developing comprehensive solutions across various scenarios, receiving positive responses from industry partners [2] - The company showcased its "Energy Storage + X" solutions at the SNEC 2025 event, demonstrating technologies such as grid-structured solutions and integrated energy storage systems [1][2] Group 2: Partnerships and Collaborations - Haibo Sichuang signed a strategic cooperation agreement with Huawei Digital Energy to explore integrated solar storage solutions and promote smart upgrades in the energy sector [4] - A strategic partnership was established with Zhuhai Technology Group to develop innovative business models in integrated energy storage and agriculture [6] - The company partnered with Shuangdeng Group to drive energy digital transformation and explore new technologies in energy storage applications [8] - A supplementary strategic cooperation agreement was signed with Huichuan Technology to develop energy storage applications in the mining sector [10] - Haibo Sichuang and Beijing Keri Group will collaborate on energy storage applications in coal mining and new energy project development [12] - The company has a solid foundation of cooperation with Weirpus in the oilfield sector, customizing energy storage solutions for oil and gas scenarios [12] Group 3: Industry Impact - As a leading enterprise in the energy storage industry, Haibo Sichuang plays a pivotal role in connecting the upstream and downstream sectors, creating a multidimensional industrial ecosystem [12]

Core Viewpoint - The energy storage index experienced significant fluctuations in May, peaking above the 24-year high before retreating, ending the month at 1381.79, a 4.87% increase, while the ChiNext index rose by 2.32% [1] Group 1: Energy Storage Index Performance - The energy storage index increased by 6.94% in the first five months of 2025, contrasting with a 6.93% decline in the ChiNext index [1] - Since the inception of the index in early 2021, the energy storage index has risen by 38.18%, while the ChiNext index has decreased by 32.81% [1] Group 2: Major Players in Energy Storage - CATL completed its H-share application in just three months, listing on the Hong Kong Stock Exchange on May 20, raising 410 billion HKD (52.2 billion USD), marking the largest IPO in Hong Kong this year [4] - 90% of the funds raised by CATL will be used for the construction of a battery factory in Hungary, which represents about 2% of Hungary's annual GDP [4] - CATL's stock opened at 296.00 HKD, a 12.55% increase from the issue price, indicating a premium of 12.55% over its A-share price [4] Group 3: H-share vs A-share Pricing Dynamics - As of the end of May, CATL's closing price in Hong Kong was 303.4 HKD, equivalent to 277.79 RMB, while its A-share closed at 250 RMB, resulting in an 11.16% premium [4] - BYD's Hong Kong stock closed at 392.8 HKD, equivalent to 359.65 RMB, with an A-share closing at 352.3 RMB, leading to a 2.09% premium [4] - The average premium for A/H listed companies was 41% during the same period [4] Group 4: Trends in H-share Listings - There has been a surge in energy storage companies listing in Hong Kong, with four domestic lithium battery companies already listed before CATL, including BYD, Zhongxin Innovation, Ruipu Lanjun, and Zhengli New Energy [7] - Companies like EVE Energy, Shuangdeng Co., Nandu Power, and Haicheng Energy are also initiating their listing processes in Hong Kong [7] - EVE Energy plans to use the funds raised from its H-share listing to enhance its capital strength and global competitiveness [7] Group 5: Financial Performance of Listed Companies - Shuangdeng Co. reported revenue growth from 40.72 billion RMB in 2022 to an expected 45 billion RMB in 2024 [8] - Nandu Power has established a presence in 160 countries and regions, focusing on expanding its international business [9] - Haicheng Energy anticipates significant revenue growth from overseas operations, with overseas revenue projected to rise from 1% in 2023 to 28.6% in 2024 [9]

Group 1 - The company focuses on the rapid expansion of energy storage systems, having shifted its strategy in 2019 to concentrate on energy storage integration, divesting from other businesses to capitalize on the growing demand for renewable energy consumption [1] - From 2021 to 2024, the company's energy storage system sales are projected to reach 0.7, 2.2, 6.2, and 11.8 GWh, indicating a rapid growth in shipment scale, with a strong domestic market share and breakthroughs in overseas markets expected [1] - The company anticipates revenue of 8.27 billion yuan in 2024, representing an 18.4% year-on-year increase, with a gross margin of 18.5% and a net margin of 7.9%, significantly outperforming the industry [1] Group 2 - The domestic market is undergoing a transition from policy-driven to market-driven dynamics, with the cancellation of mandatory storage requirements prompting companies to shift from "low-price bidding" to "value creation" [1] - Globally, the demand for energy storage is expected to grow steadily, with projections of new installations reaching approximately 228, 280, and 366 GWh from 2025 to 2027, reflecting year-on-year growth rates of 18%, 23%, and 31% respectively [2] - The company is leveraging its product and channel advantages to expand both domestically and internationally, establishing partnerships with leading state-owned enterprises and enhancing its presence in overseas markets through collaborations with major international firms [2] Group 3 - As a leading player in the energy storage integration industry, the company is projected to achieve net profits of 889 million, 1.14 billion, and 1.35 billion yuan from 2025 to 2027, with year-on-year growth rates of 37.3%, 28.1%, and 18.9% respectively [3] - The expected earnings per share (EPS) for the same period are forecasted to be 4.94, 6.32, and 7.52 yuan per share, with a reference valuation of 18x PE for 2025, leading to a reasonable value estimate of 88.90 yuan per share [3]

Group 1: 2024 Financial Performance - In 2024, the company achieved an operating revenue of 2.711 billion yuan, a year-on-year decrease of 27.58% [2] - The net profit attributable to the parent company was 258 million yuan, down 24% year-on-year [2] - The comprehensive gross profit margin reached 35.73%, an increase of 4.22 percentage points compared to the previous year [2] Group 2: Q1 2025 Financial Performance - In Q1 2025, the company reported an operating revenue of 654 million yuan, a quarter-on-quarter decrease of 1.55% [3] - The net profit attributable to the parent company was approximately 52.48 million yuan, reflecting a quarter-on-quarter growth of 27% [3] Group 3: Industry Outlook for 2025 - The photovoltaic and energy storage industry is expected to maintain rapid growth driven by global energy transition and carbon neutrality goals [3] - The European market is projected to gradually recover in 2025 after a destocking period, although overall growth will slow down [3] - Emerging markets in Africa, the Middle East, and Asia are anticipated to sustain growth in 2025 [3] Group 4: Business Strategy and Market Expansion - The company plans to strengthen existing advantages while actively expanding into photovoltaic inverter ground station business and energy storage services [4] - The energy storage market is expected to grow rapidly, particularly in Europe, where the company holds a competitive advantage [4] - The company aims to deepen its global strategy, focusing on markets in Germany, France, Japan, South Korea, the Middle East, South America, and Asia-Pacific [4] Group 5: Product Development and Innovation - The company will maintain high R&D investment to innovate and optimize products, ensuring they meet market demands [4] - There is a focus on exploring new technologies such as AI and big data to enhance energy storage system efficiency and operational performance [4] - Long-term strategies will revolve around "power electronics + applications" and "photovoltaic storage + scenarios" to identify new growth points [4]

Group 1 - The mayor of Suzhou, Wu Qingwen, emphasizes the need to optimize the business environment and enhance government service efficiency to support enterprises in building confidence and sustaining development momentum [1][2] - Guangbenwei Technology (Suzhou) Co., Ltd. focuses on the research and development of integrated optical computing chips and optoelectronic fusion photon computing boards, with the mayor encouraging the company to accelerate breakthroughs in key core technologies [1] - Suzhou Ashite Energy Technology Co., Ltd. provides energy storage system solutions and a full range of safe and efficient energy storage products, with the mayor urging the company to seize opportunities in green and low-carbon development [1] Group 2 - Ruotai Technology Co., Ltd. in Suzhou Industrial Park specializes in the design, research and development, production, sales, and service of cultural and creative trendy products, with the mayor encouraging the company to strengthen its brand IP and develop high-quality cultural products [2] - The mayor stresses the importance of local departments working closely with enterprises to provide efficient and precise government services, creating the best environment for business development [2]