来源：市场资讯 （来源：BBW咏竹坊） 当AI带来算力革命，能源便成为新的黄金，也为中国光伏企业指明一条新道路。来自中国合肥的光伏 巨头——阳光电源股份有限公司（300274.SZ），正试图透过港股第二上市，拓展自己的能量边界。 成立于1997年的阳光电源，以光伏逆变器闻名全球。申请文件引用弗若斯特沙利文数据，以2024年出货 量计，阳光电源的光伏逆变器在全球的市占率约为25.2%，连续十年全球领先，产品销往全球170多个 国家和地区。今年上半年，公司的海外市场收入占比达58.4%。 这家从合肥起家的企业，与中国新能源产业几乎同步成长。光伏逆变器是太阳能发电系统中，将太阳能 电池板产生的直流电转换为交流电的核心设备，相当于电站的"大脑"与"心脏"，同时负责系统保护与效 率管理。然而，当光伏行业进入微利化竞争阶段时，从光伏走向AI供电与智能储能，似乎是必然的选 择。 近三年，阳光电源收入由2022年的401.1亿元升至2024年的777亿元，年复合增长率达37%，2025年上半 年收入进一步增至434.4亿元，同比升约40%。毛利率则由2022年的20.4%升至今年上半年的32.9%，呈 持续上升趋势。 从"供 ...

图源：阳光电源 港股上市申请资料 导语：A股"储能一哥"能否在高负债与价格战中继续领跑新能源赛道？ 储能业务变"主力" 摘要： 1、业 绩三年大增：2022年-2024年， 阳光电源 的营收、净利润在3年间均实现倍增，光伏逆变 器与储能系统在全球市场份额中领先。 2002 年，阳光电源抓住国家"光明工程"机遇，与天合光能合作建设 40 座离网光伏电站，首次大 规模输出光伏离网系统设备；2003 年，其研制的中国首台组串逆变器在上海成功并网，打破国外 企业对该领域的垄断，奠定行业地位。 2、现金流健康度最受关注：阳光电源应收账款及票据合计超290亿元、存货规模逼近300亿元， 资产负债率仍高达61%。 业务布局上，阳光电源已形成"光风储电氢"五大核心赛道，核心业务可分为四大板块：电力电子 转换设备、储能系统、新能源投资开发和创新业务（氢能装备领域）。 "储能龙头"阳光电源（300274.SZ）近日递表港交所，正式开启港股IPO进程。 阳光电源的故事始于 1997 年，彼时曹仁贤辞去合肥工业大学教师职务，凑集 50 万元启动资 金，在一间不足 20 平米的房间里创立公司，初期以传统电源业务维持现金流，却始终锚定可 ...

2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 01 10月5日，阳光电源正式向港交所提交上市申请书，独家保荐人为中金公司。 截至2025年6月30日，阳光电源产品及服务累计销往全球100多个国 家和地区。招股书显示，2024年，阳光电源的光伏逆变器在全球的市占率约为25.2%；截至2025年6月30日，阳光电源的储能系统累计出货量达 70GWh。 2025年上半年，阳光电源实现营业收入434亿元，毛利率32.9%。而储能系统出货已达19.5GWh，收入178亿元，收入占比41%，毛利率 39.9%。从收入占比上看，储能系统已经成为阳光电源收入最高的业务板块。 阳光电源正式开启港股IPO 豪鹏科技携手LeydenJar 加快推动100%纯硅负极电池开发 02 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 10月5日， 储能巨头阳光电源(300274.SZ)正式向港交所提交上市申请书，独家保荐人为中金公司。 图片来源：阳光电源招股说明书 本次冲刺港股上市，阳光电源拟募资用于研发用途，包括新一代光伏与储能产品的研发投入，以及建设及 升级研发中心；在海外建造生产基地；加速数智化建设，赋能业务发展；营运资金及其他一般公司用途。 根据BNEF的报告，2024年，阳光电源的光伏逆变器可融资性排名位居全球第一，成为全球唯一五度荣登 逆变器榜首的新能源品牌；公司的储能系统及PCS的可融资性排名亦均位列全球第一。 弗若斯特沙利文的分析显示，阳光电源的光伏逆变器产品出货量连续十年保持全球领先；以2024年出货 量计，公司的光伏逆变器在全球的市占率约为25.2%；截至2025年6月30日，公司的储能系统累计出货 量达70GWh。 从收入占比上看，储能系统已经成为阳光电源收入最高的业务板块：2025年上半年，阳光电源实现营业 收入434亿元，毛利率32.9%。而储能系统出货已达19.5GWh，收入178亿元，收入占比41%，毛利率 39.9% ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Views - The report highlights a moderate recovery in the automotive market during September, with a 9% month-on-month increase in sales among eight major car manufacturers [9] - A breakthrough in solid-state battery interface issues using iodine ions is noted, which may enhance battery performance and longevity [10] - The launch of a significant renewable energy project in Inner Mongolia, with an investment of 98.8 billion yuan, is expected to facilitate a green energy transition in North China [15][16] - The Zhejiang deep-sea demonstration project is progressing, with substantial wind turbine tenders announced in Zhejiang and Guangdong [24][25] - The report emphasizes the strong performance of the energy storage sector, particularly with the listing application of Sungrow Power Supply and the publication of technical standards for megawatt-level energy storage systems [30][32] Summary by Sections New Energy Vehicles and Lithium Battery Sector - The automotive market showed a 9% month-on-month increase in sales for major manufacturers, with a total delivery of 673,500 vehicles in September, marking an 11% year-on-year increase [9] - The introduction of iodine ions in solid-state batteries may resolve interface contact issues, enhancing battery efficiency [10] Photovoltaic Sector - The Inner Mongolia renewable energy base, with a total investment of 98.8 billion yuan, is set to begin construction, aiming for a capacity of 8 million kilowatts of solar and 4 million kilowatts of wind energy [15][16] - The project is expected to significantly contribute to the green energy transition and improve the allocation of high-quality electricity resources across regions [17] Wind Power Sector - The Zhejiang deep-sea demonstration project is on track, with significant tenders for wind turbines announced, indicating robust growth in offshore wind projects [24][25] - The report notes that domestic offshore wind turbine tenders have exceeded 2GW in September, reflecting strong market demand [26] Energy Storage Sector - Sungrow Power Supply has submitted a listing application, and the company reported impressive performance in its energy storage system integration business [30][31] - New technical standards for megawatt-level energy storage systems have been published, emphasizing rapid response times and operational efficiency [32] Power Equipment Sector - Southern Power Grid is planning to expand into Chile, with a potential transaction value exceeding 4 billion USD, indicating a strategic move into international markets [37][38] - A new 1000kV ultra-high voltage nuclear power transmission project in Shandong is set to be operational by 2028, enhancing energy distribution capabilities [39] Industrial Control and Robotics Sector - The manufacturing PMI rose to 49.8% in September, indicating a slight recovery in the manufacturing sector, which is expected to boost demand for industrial control components [42] - The collaborative robot market in China is expanding steadily, with significant contracts awarded to leading companies [44][45] Hydrogen Energy Sector - Longi Hydrogen and two other companies won bids for Sinopec's electrolyzer projects, with alkaline electrolyzers dominating the market with a 97.55% share [48][49] - A three-year action plan for the hydrogen energy industry was released in Wuhan, aiming to establish a significant hydrogen equipment hub by 2027 [49][50]

Core Viewpoint - Yangguang Electric Power Co., Ltd. has submitted an application for listing H-shares on the Hong Kong Stock Exchange to enhance its global strategy and brand image, with funds aimed at R&D, overseas production bases, and digital transformation [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 43.53 billion yuan, a year-on-year increase of 40.34%, and a net profit attributable to shareholders of 7.73 billion yuan, up 55.97% [3][6]. - The gross profit margin improved to 34.36%, an increase of 1.94% year-on-year, driven by brand premium, product innovation, and economies of scale [3][6]. Revenue Breakdown - Revenue from the photovoltaic sector was 22.51 billion yuan, a growth of 4.84% year-on-year, while the energy storage sector saw revenue of 17.80 billion yuan, a significant increase of 127.78% [4][6]. - The company’s main revenue sources include photovoltaic inverters (35.21%), energy storage systems (40.89%), and new energy investment development (19.29%) [2][6]. Regional Performance - Revenue from mainland China (excluding Hong Kong and Macau) was 18.15 billion yuan, growing by 3.48%, while overseas revenue reached 25.38 billion yuan, marking an impressive growth of 88.32% [3][6]. Industry Developments - The company is actively involved in significant projects, including a landmark off-grid project in Saudi Arabia and the highest-altitude photovoltaic power station in the world located in Yunnan [4][5]. - In the hydrogen energy sector, the company has secured multiple large-scale green hydrogen projects both domestically and internationally, with overseas orders accounting for over 50% of its total [5].

Core Insights - The groundbreaking ceremony for the new production base of Deye Co., Ltd. (605117) took place on October 2 in Johor, Malaysia, marking a significant step in the company's international expansion and global supply chain development [1] Company Developments - The new facility will focus on the production and manufacturing of photovoltaic inverters and energy storage systems, indicating a strategic move towards renewable energy solutions [1]

据了解，阳光电源是一家专注于太阳能、风能、储能、氢能、电动汽车及充电等新能源电源设备的研 发、生产、销售和服务的国家重点高新技术企业，主要产品有光伏逆变器、储能系统、风电变流及传动 产品、水面光伏系统、新能源汽车电控及电源系统、充电设备、可再生能源制氢系统、智慧能源运维服 务等，并致力于提供全球一流的清洁能源全生命周期解决方案。 北京商报讯(记者马换换王蔓蕾)近期，港交所官网显示，阳光电源（300274）已提交赴港上市申请书， 公司正式冲击"A+H"两地上市。 2025年上半年，阳光电源实现营业收入约为435.33亿元，同比增长40.34%；对应实现归属净利润约为 77.35亿元，同比增长55.97%。 二级市场方面，截至9月30日收盘，阳光电源A股股价报161.98元/股，总市值3358亿元。 ...

Core Viewpoint - Yangguang Power has submitted a listing application to the Hong Kong Stock Exchange, indicating its intention to expand financing channels and strengthen its competitive position in the energy storage sector against Tesla [1][5]. Company Overview - Established in 1997, Yangguang Power focuses on the research, production, sales, and service of renewable energy power equipment, including solar, wind, energy storage, hydrogen energy, electric vehicles, and charging [3]. - The company is recognized as a national key high-tech enterprise and offers a comprehensive range of products, including photovoltaic inverters, wind power conversion products, energy storage systems, and smart energy operation services [3]. Market Position - Yangguang Power has maintained a leading position in the global photovoltaic inverter market for ten consecutive years, with an estimated market share of approximately 25.2% in 2024 [3]. - As of June 30, 2025, the cumulative shipment of energy storage systems reached 70 GWh, positioning the company as a global leader in this sector [3]. Financial Performance - Revenue and net profit projections for Yangguang Power from 2022 to 2024 are as follows: revenue of 40.11 billion, 72.16 billion, and 77.70 billion CNY, and net profit of 3.70 billion, 9.61 billion, and 11.26 billion CNY respectively [3]. - In the first half of 2025, the company achieved revenue of 43.44 billion CNY and net profit of 7.83 billion CNY [3]. Profitability and R&D Investment - The company's gross margin has steadily increased from 20.4% in 2022 to 32.9% in the first half of 2025, driven by the growth of the energy storage system business, which accounted for 41% of revenue in the first half of 2025 [4]. - R&D investments from 2022 to the first half of 2025 were 1.69 billion, 2.45 billion, 3.16 billion, and 2.04 billion CNY respectively, reflecting a commitment to innovation [4]. Competitive Landscape - Yangguang Power is in direct competition with Tesla in the energy storage market, with a market share only 1 percentage point lower than Tesla's in 2024 [4]. - The company's move to list in Hong Kong is seen as a strategic effort to enhance its competitive stance against Tesla, which has significantly increased its investment in energy storage this year [5].

来源：市场资讯 （来源：储能早知道） 提示：点点关注不迷路，每天分享储能热点。 编者按：大家中秋节快乐，今天带给大家一则阳光电源正式冲刺港股IPO的消息。近日，全球光储行业 领军企业阳光电源，正式向香港联交所递交主板上市申请，A+H双平台布局为其全球化战略再添强劲 引擎。 据港交所10月5日披露，A股光伏逆变器龙头阳光电源(300274.SZ)已正式向港交所主板提交上市申请 书，拟发行3.38亿股，募资约9.87亿港元，独家保荐人为中金公司。 这标志着总市值超3300亿元的A股光储"一哥"正式开启港股上市征程。 阳光电源成立于1997年，如今已发展成为全球领先的清洁能源科技公司。根据弗若斯特沙利文的数据， 其光伏逆变器出货量已连续十年稳坐全球第一的宝座。 01 行业霸主 提交上市申请文件显示，阳光电源在光储领域的全球市场地位十分稳固。 以2024年出货量计算，阳光电源光伏逆变器全球市占率高达25.2%。 截至2025年6月30日，公司储能系统累计出货量达70GWh，同样处于全球领先地位。 在风电领域，阳光电源2024年风电变流器出货量44GW，市场占有率提升至39%，连续两年位居全球第 一。 公司的产品及服务 ...