「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式 和经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨关雎 图源 丨港交所 8月26日，全球数据中心储能的隐形冠军——双登集团股份有限公司（以下简称"双登股份"）成功在港交所挂牌。双登股份IPO发行价定为每股14.51港 元，开盘价每股22.5港元，截至发稿，总市值最高达93.79亿港元（约合85.9亿元人民币）。 与传统电池制造商不同，这家年营收 45 亿元的企业专攻通信基站、数据中心和电力系统的储能解决方案，扮演着关键设施 " 电力守门人 " 的角色——当 市电波动时快速补位，保障 5G 不断线、算力不宕机、电网稳运行。 2024 年，双登股份在通信及数据中心储能电池出货量上拿下全球第一，客户覆盖全球十大通信运营商中的五家，以及中国 80% 的头部数据中心企业。从 青藏高原上的 5G 基站、阿里云数据中心到柬埔寨电力项目，其储能系统已在全球多场景落地验证。 双登股份背后，创始人杨善基 1990 年接手濒临倒闭的乡镇电池小厂，抓住通信基建红利完成原始积累。 " 创二代 " 杨锐跨界接棒后， ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the company [6]. Core Insights - Panasonic Holdings reported a slight decline in consolidated sales of 0.5% year-on-year, totaling 845.82 billion yen for the fiscal year ending March 31, 2025, primarily due to the impact of the split of Panasonic Automotive Systems and currency translation effects [1][2]. - The operating profit for the fiscal year 2025 increased by 18% to 426.5 billion yen, driven by sales growth and business optimization, despite rising fixed costs due to inflation and strategic investments [2]. - The net profit attributable to Panasonic Holdings shareholders decreased by 18% to 366.2 billion yen, influenced by the special liquidation of Panasonic Liquid Crystal Display Co., which reduced tax liabilities [2]. Summary by Business Segment Lifestyle - Sales in the Lifestyle segment grew by 4% year-on-year to 358.42 billion yen, supported by increased sales of air conditioning and consumer electronics in Japan and Asia [3][4]. - The operating profit for the Lifestyle segment increased by 8.2 billion yen to 127.9 billion yen, benefiting from sales growth and price adjustments in electrical building materials [5][7]. Automotive - The Automotive segment reported sales of 805 billion yen, with an operating profit of 30.1 billion yen, reflecting a decline due to the completion of the share transfer of Panasonic Automotive Systems [8][9]. Connect - The Connect segment saw an 11% increase in sales to 133.32 billion yen, driven by stable sales in avionics and process automation, despite a decline in media and entertainment sales [9][10]. - Operating profit for Connect rose by 38.1 billion yen to 77.2 billion yen, attributed to sales growth across various business areas [10]. Industry - The Industry segment's sales increased by 4% to 108.36 billion yen, supported by sales growth in ITC-related products, despite a decline in sales of automotive and industrial relays [10][11]. - Operating profit for the Industry segment rose by 12.1 billion yen to 43.2 billion yen, aided by price adjustments and sales growth in AI-related products [11]. Energy - The Energy segment experienced a 5% decline in sales to 873.2 billion yen, with significant growth in data center energy storage systems, while automotive battery sales decreased [12][13]. - Operating profit for the Energy segment increased by 31.4 billion yen to 120.2 billion yen, driven by growth in industrial and consumer electronics businesses [13]. Other - Other business activities not included in the main segments reported an 11% increase in sales to 168.94 billion yen, with operating profit rising to 7.98 billion yen [12][13]. Financial Indicators - For the fiscal year 2025, net cash flow from operating activities was 796.1 billion yen, a decrease from the previous year's inflow of 866.9 billion yen [14]. - Total assets as of March 31, 2025, amounted to 93.432 trillion yen, a decrease of 68 billion yen from the previous year, primarily due to the impact of the PAS business split [15]. - The company expects a decline in net sales for the fiscal year 2026, but growth in adjusted operating profit is anticipated due to improvements in Lifestyle, Industry, and Energy segments [16][21].