Core Viewpoint - Dongfang Risen is accelerating its energy storage business to find new growth opportunities amid a decline in its photovoltaic (PV) business, as evidenced by its recent achievements and partnerships in the energy storage sector [1][12]. Group 1: Company Background and Historical Performance - Dongfang Risen, established in December 2002, is one of the earliest companies in China's solar energy sector, transitioning from solar lighting to solar cells and modules, becoming a leading PV module manufacturer [1][4]. - The company has faced challenges, including significant losses in 2012 due to anti-dumping measures in Europe and a strategic pivot towards PV project development, which helped boost its module shipments [4][6]. - After a shift in focus to heterojunction technology (HJT) in 2018, Dongfang Risen struggled to capitalize on the TOPCon technology boom, leading to a decline in its global module shipment ranking [1][5][9]. Group 2: Financial Performance and Challenges - Dongfang Risen's financial performance has been under pressure, with net losses reported in 2020 and 2021, while competitors like Longi Green Energy achieved substantial profits [6][7]. - The company's total liabilities surged from 10.4 billion to 25.5 billion, with a debt-to-asset ratio increasing to approximately 71% [11]. - Despite some recovery in 2022 and 2023, the company faced another round of losses in 2024, marking seven consecutive quarters of losses totaling 4.369 billion [9][10]. Group 3: Energy Storage Business Development - Dongfang Risen has made significant strides in the energy storage sector, launching a comprehensive product matrix that includes large-scale, commercial, and residential storage solutions [12][14]. - The company ranked 8th globally in direct current energy storage system shipments and 4th in user-side storage systems in 2023, with a notable increase in shipments in the first half of 2025 [12][14]. - The energy storage segment has shown promising growth, with a gross margin of 22.15% in 2024, making it the second most profitable business after PV electricity sales [14]. Group 4: Future Outlook and Opportunities - The global energy storage market is experiencing rapid growth, with a year-on-year increase of 192% in overall shipments in the first half of 2025, presenting a significant opportunity for Dongfang Risen [12][14]. - The company has secured multiple international contracts, indicating a strong demand for its energy storage solutions and the potential for further expansion in this sector [13][14]. - To capitalize on the growing energy storage market, Dongfang Risen must accelerate its efforts to establish this segment as a core business, which could significantly improve its financial standing [14].

Group 1 - The core viewpoint of the news highlights the strong performance and growth potential of the photovoltaic (PV) and energy storage industry, particularly in light of recent events and market trends [1][2] - The PV ETF (159857) experienced significant trading activity with a turnover exceeding 100 million yuan and a net inflow of over 21 million yuan, indicating robust investor interest [1] - The 2025 China International Photovoltaic and Energy Storage Industry Conference announced the "Chengdu Declaration" and the "2025 China and Global New Energy Development White Paper," aimed at promoting healthy industry development [1] Group 2 - Dongguan Securities emphasizes that the "PV + Energy Storage" integration is a necessary direction for technological innovation and product iteration, with the global market showing strong growth momentum [2] - The conference gathered 5,000 industry chain enterprises and numerous overseas buyers, promoting the collaborative development of "source-network-load-storage" and aiding domestic companies in expanding into international markets [2] - The report from CITIC Securities indicates an increase in the proportion of high-efficiency products like heterojunction and BC components in overseas orders, reflecting a scaling demand for efficient PV products globally [1][2]

消息面，11月光伏行业海外订单表现尤为亮眼，多家头部企业斩获千兆瓦级订单，覆盖从成熟市场 到新兴市场的广泛区域。11月14日，晶科能源与中国能源建设集团签署2GW光伏组件采购意向协议， 为沙特阿拉伯公共投资基金第六期福里斯光伏项目供应组件；隆基绿能11月11日与意大利可再生能源生 产商ChironEnergy签署框架协议，2026-2027年向其供应BC组件，用于当地大型地面项目建设，同时其 自主研发的工商业屋面光伏系统Longi-Hi-Roof-S迎来马来西亚Pekat-Solar的首个海外订单；上海电气旗 下上海恒羲光伏科技11月10日与法国Innovent股份公司签约，为塞拉利昂Waterloo33.07MW峰值光伏项 目供应组件，且全部采用上海电气210R-132版型异质结组件，展现了高效组件的出海竞争力。 2025年11月20日，光伏ETF华夏（515370）上涨0.52%，持仓股阳光电源涨超3%，上能电气涨超 2%，横店东磁、迈为股份涨超1%。 每日经济新闻 中信证券认为11月光伏海外订单中异质结组件、BC组件等高效产品占比提升，反映出全球市场对 高效光伏产品的需求已进入规模化释放阶段。光伏ETF ...