Core Viewpoint - Shuangdeng Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the first AIDC supporting energy storage company to go public in Hong Kong, with a significant first-day stock price increase of 55% from the issue price [1] Group 1: Market Response - The IPO attracted global investor attention, with a total subscription amount of HKD 279.1 billion for the public offering, resulting in an oversubscription rate of 3,284 times [2] - Individual investors showed even higher enthusiasm, with a subscription multiple of 3,876 times, leading to a record low allocation rate of 0.02% [3] - International placement also performed strongly, achieving a subscription rate of 18.75 times, attracting 145 renowned domestic and international sovereign long-term funds [4] Group 2: Business Focus - Established in 2011, the company specializes in the design, research and development, manufacturing, and sales of energy storage batteries and systems, focusing on three main areas: communication storage, data centers, and power storage [5] - The company ranks first in global shipments of communication and data center energy storage batteries, with a market share of 11.1% [5] - The market share for communication base station energy storage is 9.2%, while the data center energy storage market share is 16.1%, indicating a strong industry position [6] Group 3: Financial Performance - Revenue figures from 2022 to 2024 are projected to be CNY 4.072 billion, CNY 4.26 billion, and CNY 4.499 billion respectively, with a year-on-year growth of over 34% in the first five months of 2025 [7] - The data center energy storage business has seen explosive growth, with a revenue increase of 120% year-on-year, making it the largest revenue source for the company [7][8] - Overseas revenue is expected to grow from CNY 680 million in 2022 to CNY 890 million in 2024, contributing significantly to business growth [8] Group 4: Technological Strength - As of August 8, 2025, the company holds 353 patents, including 111 invention patents, showcasing its technological capabilities [9] - The company has launched a high-voltage lithium battery system for data centers, utilizing immersion technology to significantly reduce thermal runaway risks [10] - In collaboration with Tsinghua University, the company developed China's first low-temperature intelligent sodium-ion battery, capable of operating in a wide temperature range and achieving over 4,000 cycles [10] Group 5: Global Expansion - The company has established five overseas subsidiaries in the United States, Singapore, and Malaysia, indicating a proactive approach to internationalization [11] - A new company was established in Singapore as the overseas headquarters in 2023, with a factory in Malaysia expected to commence production in 2024 [12] - The company aims to address power supply stability issues in remote areas and islands, with successful projects already implemented in several locations [12] Group 6: Fundraising and Future Plans - The company raised approximately HKD 756 million from the global offering, with plans to allocate about 40% for building lithium-ion battery production facilities in Southeast Asia [12] - Approximately 15% of the funds will be used to enhance overseas sales and marketing efforts, while 35% will be invested in a research and development center in Taizhou [12] - The chairman expressed the company's ambition to become a key player in the energy ecosystem for AIDC intelligent computing centers, as the demand for AI computing power surges [12]

Core Viewpoint - The global energy transition is reshaping the energy industry, with energy storage technology playing a crucial role in connecting renewable energy and stable power supply. Dual Energy Co., Ltd. (6960.HK) is set to officially list on the Hong Kong Stock Exchange on August 26, 2025, bringing a new force of innovation and growth certainty to the capital market [1]. Industry Opportunities - The global energy revolution is creating a golden growth period for the energy storage industry, with the global energy storage market's installed capacity expected to grow from 39.9 GWh in 2020 to 268.3 GWh in 2024, representing a compound annual growth rate (CAGR) of 61.1%. By 2030, this figure is projected to exceed 1,816.5 GWh, expanding the market space by over seven times [3]. - The increasing share of renewable energy is driving rigid demand, with renewable energy generation expected to exceed 35% in 2024 and over 45% by 2030, highlighting the value of energy storage as a stabilizer [3]. - The construction of 5G and data centers is igniting a new market, with the number of global 5G base stations expected to surge from 1.1 million in 2020 to 6.5 million in 2024, and the demand for data center racks projected to grow from 12.5 million in 2020 to 33.9 million in 2024 [4]. - Technological iterations and cost reductions are promoting commercialization, with advancements in lithium-ion batteries and the emergence of sodium-ion batteries enhancing market competitiveness [5]. - Global carbon neutrality policies are providing favorable conditions for the energy storage sector, with various countries implementing subsidies and tax incentives [5]. Dual Energy Advantages - Dual Energy Co., Ltd. stands out as the "global first brand" in communication and data center energy storage batteries, with a market share of 9.2% in communication base station energy storage batteries and 16.1% in data center energy storage batteries in China [6]. - The company has developed a multi-technology matrix covering lithium-ion, lead-acid, sodium-ion, and solid-state batteries, allowing for differentiated competitiveness [6]. - Continuous R&D investment has led to 353 patents, including 111 invention patents, and collaborations with top universities, establishing a strong technological moat [6]. - A global customer network includes nearly 30 major telecom operators and deep penetration into cloud service providers, creating a competitive barrier through long-term partnerships [6]. - The company has achieved high efficiency in manufacturing and green operations, with production cycles significantly shorter than the industry average and a stable gross margin of 16%-20% [6]. Conclusion - Positioned at the intersection of global energy transition and digital infrastructure explosion, Dual Energy Co., Ltd. aims to become a comprehensive player in the global energy storage market, driven by its mission to enhance energy efficiency and sustainability [7].

文 | 双登股份 面对新一代数据中心对高能效与高可靠的极致追求，4月26日，全球通信与数据中心储能电池市场的领 航者——双登股份以技术革新破局，震撼发布重磅新品：数据中心"浸卫"高压锂电系统。以极致安全、 卓越性能重塑行业标准。 四大硬核特性，引爆行业关注： 1.极致安全，全浸没防护 采用创新全浸没冷却技术，电芯热失控风险显著抑制，即使在极端工况下亦"零冒烟，不起火"，为数据 中心筑起最牢固的安全防线。 3.高弹性备电，实时响应峰值负载 同等250kW功率下，温升较常规锂电池降低超40%！轻松扛起AI数据中心瞬时冲击负载，支持快速充放 电切换，保障7×24小时稳定运行，真正实现"零切换、永不断线"。 三重安全锁：电芯Fuse+化学阻隔+LAPF；车规级IC BMS精准管理；IP67级防护电池模块搭配高绝缘冷 却液，全温区稳定可靠，为数据中心赋予超长生命周期保障。 在储能赛道竞争日益白热化的今天，唯有技术创新，才能穿越周期，决胜未来。 双登股份，汇聚30余位国内外顶尖专家，组建强大专家学术委员会，持续深耕研发，打造覆盖通信基 站、数据中心、电网侧、户用储能等全场景解决方案矩阵。 2024年，双登股份再创辉煌！基 ...