Core Viewpoint - YN Technology experienced a 5.02% decline in stock price, closing at 62.76 CNY per share, with a trading volume of 272 million CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 9.808 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), other products (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - Dachen Fund has a significant holding in YN Technology through its Dachen Fengxiang Return Mixed A Fund (009653), which held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 45,200 CNY [2] - Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date return is 5.23%, ranking 6703 out of 8140 in its category; the one-year return is 6.95%, ranking 6415 out of 8057; and the return since inception is 17.05% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 287 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 263.92% and the worst being -71.74% [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The acquisition of Precision Energy by Longi Green Energy is a significant move, enhancing its position in the energy storage sector [5] - The independent storage capacity pricing mechanism is being refined, indicating a supportive policy environment for energy storage development [6] Summary by Sections Wind Power - Wind turbine exports are progressing, with Goldwind's new factory in South Africa marking its sixth overseas facility, aimed at providing comprehensive services for renewable projects in the region [5][9] - The wind power index fell by 3.17% this week, underperforming the CSI 300 index by 2.09 percentage points, with a current PE_TTM valuation of approximately 25.97 times [4][10] Photovoltaics - Longi Green Energy's acquisition of Precision Energy aims to strengthen its foothold in the energy storage market, which includes a range of lithium-ion battery storage systems [5][6] - The photovoltaic equipment index decreased by 2.12%, with the current PE_TTM valuation around 50.33 times [4] Energy Storage & Hydrogen - The National Development and Reform Commission and the Energy Administration have introduced guidelines to improve the pricing mechanism for new energy storage, recognizing its value in the new power system [6] - The compensation standard for independent new energy storage stations in Inner Mongolia for 2026 is set at 0.28 yuan/kWh, down from 0.35 yuan/kWh in 2025, but still favorable [6] Investment Recommendations - For wind power, focus on companies like Goldwind, Mingyang Smart Energy, and Yunda shares due to their potential for profit recovery and overseas market expansion [6] - In photovoltaics, attention is drawn to structural opportunities within the industry, with recommended stocks including Dier Laser, Aiko Solar, and Longi Green Energy [6] - In energy storage, companies like Sungrow Power Supply and Haibo Technology are highlighted for their strong market positions and overseas expansion efforts [6]

Core Insights - YN Technology's stock increased by 5.09% to 68.70 CNY per share, with a trading volume of 211 million CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 10.736 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), others (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - Dachen Fund has a significant holding in YN Technology through its Dachen Fengxiang Return Mixed A Fund (009653), which held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit from this position is approximately 45,300 CNY [2] - Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date returns are 5.25%, ranking 6826 out of 8213 in its category; the one-year return is 6.76%, ranking 6326 out of 8130; and since inception, the return is 17.07% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 286 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 263.92% and the worst being -71.74% [3]

Group 1 - The core viewpoint of the news is the performance and financial status of YN Technology, which saw a stock price increase of 6.45% to 65.66 CNY per share, with a total market capitalization of 10.261 billion CNY [1] - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, with its main revenue sources being micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and others [1] Group 2 - From the perspective of fund holdings, Dachen Fund has a significant position in YN Technology, with its Dachen Fengxiang Return Mixed A Fund holding 13,600 shares, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding [2] - The Dachen Fengxiang Return Mixed A Fund has a total scale of 36.7892 million CNY and has achieved a year-to-date return of 5.17%, ranking 6924 out of 8140 in its category [2]

昱能科技所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：光伏玻璃、储能、太阳 能、逆变器、融资融券等。 截至9月30日，昱能科技股东户数1.28万，较上期增加10.86%；人均流通股12199股，较上期减少 9.80%。2025年1月-9月，昱能科技实现营业收入9.43亿元，同比减少38.48%；归母净利润6648.01万元， 同比减少55.52%。 分红方面，昱能科技A股上市后累计派现3.49亿元。 责任编辑：小浪快报 11月10日，昱能科技盘中下跌2.03%，截至13:59，报57.30元/股，成交1.83亿元，换手率2.01%，总市值 89.55亿元。 资金流向方面，主力资金净流出473.22万元，特大单买入540.62万元，占比2.95%，卖出618.70万元，占 比3.37%；大单买入3677.34万元，占比20.04%，卖出4072.48万元，占比22.20%。 昱能科技今年以来股价涨18.38%，近5个交易日涨2.45%，近20日涨3.92%，近60日涨25.22%。 资料显示，昱能科技股份有限公司位于浙江省嘉兴市南湖区凌公塘路3535号，成立日期2010年3月24 日，上市日期2 ...

Core Viewpoint - The company aims to strengthen its energy storage business by expanding into large-scale and overseas markets, while also enhancing product applications in residential and commercial energy storage systems [1] Group 1 - The company will continue to grow its energy storage business, focusing on large-scale and overseas market development [1] - The company plans to accelerate the application of residential and commercial energy storage systems to achieve full-scenario coverage in energy storage [1] - The company intends to maintain its position in the domestic high-power energy storage PCS market [1] Group 2 - The company is committed to continuous technological innovation in energy storage products [1] - The company will implement cost reduction for mainstream products and expand its energy storage product family [1] - The company aims to enhance the market competitiveness of its energy storage products [1]

Core Viewpoint - YN Technology's stock rose by 5.34% on November 5, reaching a price of 57.19 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 8.938 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), others (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - According to data from major funds, Dachen Fund has a significant holding in YN Technology. The Dachen Fengxiang Return Mixed A Fund (009653) held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit for today is approximately 39,400 CNY [2] - The Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date returns are 4.76%, ranking 6802 out of 8150 in its category; the one-year return is 7.1%, ranking 6246 out of 8043; and since inception, the return is 16.52% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 274 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 251.69% and the worst being -71.74% [3]

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with Everbright Securities International as the sole sponsor [1] Company Overview - Guoxia Technology is a provider of renewable energy solutions and products driven by platform technology and artificial intelligence, focusing on the development and provision of energy storage system solutions and products [3][4] - The company serves various application scenarios, including large power side, grid side, commercial, industrial, and residential markets, targeting both domestic and international markets [3][4] Product and Technology - The company offers a range of energy storage system products equipped with advanced management systems, including energy management systems, battery management systems, thermal management systems, and safety protection systems [4] - Key products include large-scale energy storage systems, commercial energy storage systems, and household energy storage systems [4] - Guoxia Technology integrates artificial intelligence into its products to enhance automation, safety, response speed, and operational efficiency, with AI algorithms optimizing charging and discharging strategies based on real-time data [5] Market Position and Competition - The global energy storage system market is highly competitive, with over 300 participants across upstream, midstream, and downstream segments [6] - In 2024, the top 30 companies are expected to account for over 90% of new energy storage system installations, with Chinese companies contributing over 70% of this capacity due to strong supply chains and technological capabilities [6] Financial Performance - The company reported revenues of approximately RMB 141.83 million, RMB 314.31 million, RMB 1.03 billion, and RMB 691.37 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [6][7] - Profit figures for the same periods were RMB 24.28 million, RMB 28.15 million, RMB 49.12 million, and RMB 5.58 million [6][7]

Performance Review - Company reported 1-3Q25 performance: revenue of 3.028 billion yuan, a year-on-year increase of 25.8%; net profit attributable to shareholders of 150 million yuan, a year-on-year decrease of 6.3% [1] - In 3Q25, revenue reached 1.221 billion yuan, a year-on-year increase of 48.3% and a quarter-on-quarter increase of 21.1%; net profit attributable to shareholders was 9 million yuan, a year-on-year decrease of 85.1% and a quarter-on-quarter decrease of 91.1%, indicating a decline in profitability and performance below expectations [1] Development Trends - Demand for household storage continues to grow, with rapid growth in Australia; since 2Q25, driven by terminal demand, company’s European market shipments have gradually increased quarter-on-quarter [2] - The Australian market introduced high subsidies in July 2025, with excellent economics for household storage (payback period of 5-6 years), leading to expectations of rapid market demand growth; company’s long-term layout in Australia is expected to benefit from high growth demand [2] - Company is focusing on industrial and commercial storage, opening a second growth curve; the European industrial and commercial storage market is expected to accelerate development post-2025 due to enhanced economics from increased subsidies and dynamic pricing [2] - Company launched an industrial and commercial storage system in 2024, offering storage capacities from 100 kWh to 261 kWh; expected industrial and commercial storage revenue in 2025 is projected to reach 700 million yuan, which may become the company’s second growth curve [2] - Gross margin decreased quarter-on-quarter to 30.5%, down 6.0 percentage points, primarily due to increased sales from low-margin regions; net profit margin in 3Q25 was 0.7%, down 8.8 percentage points quarter-on-quarter [2] Profit Forecast and Valuation - Due to the decline in profitability, company has lowered net profit expectations for 2025 and 2026 by 35% and 32% to 260 million yuan and 440 million yuan, respectively [3] - Current stock price corresponds to a price-to-earnings ratio of 43.2 times for 2025 and 25.8 times for 2026; maintaining an outperform rating with a target price of 80.0 yuan, corresponding to 48.5 times 2025 P/E and 29.0 times 2026 P/E, indicating a potential upside of 12.5% from the current stock price [3]

Core Insights - YN Technology reported a significant decline in revenue and profit for the first three quarters of 2025, with revenue at 943 million yuan, down 38.48% year-on-year, and net profit at 66.48 million yuan, down 55.52% [1][2] Financial Performance - The company's basic earnings per share for the reporting period was 0.43 yuan, with a weighted average return on equity of 1.83% [2] - The price-to-earnings ratio (TTM) is approximately 66.59 times, the price-to-book ratio (LF) is about 2.37 times, and the price-to-sales ratio (TTM) is around 5.74 times [2] - Gross margin for the first three quarters was 27.48%, a decrease of 5.09 percentage points year-on-year, while net margin was 5.50%, down 4.62 percentage points from the previous year [2] - In Q3 2025, the gross margin was 27.87%, a year-on-year decrease of 0.43 percentage points but an increase of 7.28 percentage points quarter-on-quarter; net margin was -5.92%, down 17.00 percentage points year-on-year and down 16.08 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for Q3 2025 were 165 million yuan, a decrease of 78.20 million yuan year-on-year; the expense ratio was 17.45%, an increase of 1.62 percentage points year-on-year [2] - Sales expenses decreased by 4.96% year-on-year, while management expenses increased by 12.99% and R&D expenses increased by 3.32%; financial expenses saw a dramatic decrease of 2803.45% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 12,800, an increase of 1,255 households or 10.86% from the end of the previous half [2] - The average market value of shares held per household increased from 581,200 yuan at the end of the previous half to 728,900 yuan, a growth of 25.43% [2] Company Overview - YN Technology, established on March 24, 2010, and listed on June 8, 2022, is located in Jiaxing, Zhejiang Province, specializing in the R&D, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [3] - The main business revenue composition includes micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), smart control disconnectors (8.94%), and others [3] - The company belongs to the power equipment industry, specifically photovoltaic equipment and inverters, and is associated with concepts such as photovoltaic glass, solar energy, specialized and innovative enterprises, margin financing, and energy storage [3]