德业股份 20250903 摘要 全球户储市场预计未来五年保持约 20%的年增速，新兴市场增速更高， 工商储能领域也将助力德业股份中长期成长，尤其在人均发电量和光伏 发电占比低的拉美、非洲、中东等地。 2025 年德业股份在非洲和东南亚市场增长显著，非洲增速超三倍，受 益于当地缺电现状；东南亚印尼计划未来五年实现 320GW 分布式光储 布局，整体分布式储能增速接近翻倍。 印度和巴基斯坦作为传统高增速市场，2025 年仍保持增长，印度受政 策和本地供应链影响，巴基斯坦则因电网薄弱问题延续增长势头，前几 个月德业在巴基斯坦实现了约 30%的增长。 中东市场需求分化，富裕国家如以色列、阿联酋通过政策驱动能源转型， 受战争影响国家如黎巴嫩、叙利亚存在离网需求，伊拉克因减少电力进 口导致电力短缺，引发户储需求爆发。 东欧市场 2025 年乌克兰需求回落，但保加利亚和罗马尼亚等国增长良 好，受益于摆脱对俄罗斯电力依赖及当地补贴政策；南欧以西班牙为代 表，大规模停电刺激了离网分布式储能发展。 Q&A 德业股份在 2025 年的股价表现如何？市场对其关注的核心问题是什么？ 德业股份在 2025 年的整体股价表现较为出色。市 ...

Core Viewpoint - The legal opinion letter confirms that Ningbo Deye Technology Co., Ltd. has the qualifications to implement the 2025 Employee Stock Ownership Plan (ESOP) and that the plan complies with relevant laws and regulations [7][9][20]. Group 1: Company Qualifications - Ningbo Deye Technology Co., Ltd. was established as a joint-stock company in 2017 and is listed on the Shanghai Stock Exchange with the stock code 605117 [7][8]. - The company has a registered capital of 638.11 million yuan and operates in various sectors including the development and manufacturing of heat exchangers and air purification equipment [8]. Group 2: Legality and Compliance of the ESOP - The ESOP has been approved by the company's board and supervisory committee, ensuring compliance with the relevant legal frameworks [9][10]. - The plan includes provisions to prevent insider trading and ensures voluntary participation from employees, aligning with regulatory guidelines [10][11]. Group 3: Legal Procedures for Implementation - The company has completed necessary legal procedures for the ESOP, including meetings and approvals from relevant committees [18]. - The ESOP requires further approval from the shareholders' meeting to be fully implemented [18][19]. Group 4: Information Disclosure - The company has disclosed relevant information regarding the ESOP in accordance with the requirements of the China Securities Regulatory Commission and the stock exchange [19][20]. - Continuous information disclosure obligations will be maintained as the ESOP progresses [19].