Core Viewpoint - The company, YN Technology, experienced a decline of 6.21% in stock price on October 10, with a trading volume of 246 million yuan and a total market capitalization of 8.752 billion yuan [1] Company Overview - YN Technology focuses on the renewable energy sector, specifically in distributed photovoltaic power generation systems, developing, producing, and selling component-level power electronic devices [2][3] - The company has achieved product layout in energy storage, including portable mobile storage, household storage, and commercial storage systems, with its single-phase household energy storage series entering mass production and being sold in Europe and the United States [2] - YN Technology has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] Financial Performance - For the first half of 2025, YN Technology reported a revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79.136 million yuan, down 9.88% year-on-year [7] - As of June 30, 2025, the company had a shareholder count of 11,600, a decrease of 0.20%, with an average of 13,524 circulating shares per person, an increase of 94.31% [7] - The company’s overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the yuan [3] Product Composition - The main revenue sources for YN Technology include micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), intelligent control disconnectors (8.94%), and household energy storage products (3.06%) [7] Market Activity - The stock has seen a net outflow of 35.4775 million yuan from major investors, with a lack of clear trend in major holdings [4][5] - The average trading cost of the stock is 53.63 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak [6]

投资要点： 业绩点评 公司发布25H1 业绩公告，25H1 实现营业收入6.51 亿元，同比-27.54%，归母净利0.79 亿元，同 比-9.88%，扣非归母净利0.57 亿元，同比-36.05%；其中25Q2 实现营业收入4.61 亿元，同比-2.27%，环 比+141.36%；归母净利0.50 亿元，同比+4.96%，环比+74.02%；扣非归母净利0.35 亿元，同 比-33.20%，环比+63.98%。 考虑行业竞争因素， 我们下调公司2025-2027 年归母净利为1.95/2.49/3.27 亿元（25-26 年前值3.6/4.5 亿 元，27 年为新增预测值），当前股价对应PE47.8/37.5/28.5 倍，考虑公司作为微逆领先企业，出货有望 在库存消化后持续增长，同时公司储能业务进入放量阶段，维持"买入"评级。 需求不及预期，海外贸易摩擦升级，行业竞争激烈，业绩不达预期。 公司25H1 储能业务保持较高增速，成为重要增量引擎，其中工商储系统业务营收1.90 亿元，同比 +6.43%，户储产品营收0.20 亿元，同比+34.11%，主要受益于全球工商业储能需求增长及公司渠道拓 展；25H1 ...

数据显示，国融基金旗下1只基金重仓昱能科技。国融融银A（006009）二季度减持2372股，持有股数 4.22万股，占基金净值比例为2.1%，位居第九大重仓股。根据测算，今日浮盈赚取约13.24万元。连续4 天上涨期间浮盈赚取15.47万元。 国融融银A（006009）成立日期2018年6月7日，最新规模777.89万。今年以来收益7.27%，同类排名 6324/8167；近一年收益19.86%，同类排名5085/8010；成立以来亏损52.87%。 国融融银A（006009）基金经理为周德生、贾雨璇。 9月30日，昱能科技涨5.54%，截至发稿，报59.80元/股，成交8336.35万元，换手率0.92%，总市值93.45 亿元。昱能科技股价已经连续4天上涨，区间累计涨幅6.93%。 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2022年6月8日，公司主营业务涉及分布式光伏发电系统中组件级电力电子设备的研发、生 产及销售。主营业务收入构成为：微逆及能量通信产品54.95%，工商业储能系统29.14%，智控关断器 8.94%，其它3.89%， ...

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector and has experienced a decline in stock price, with a market capitalization of 8.391 billion yuan as of September 18 [1]. Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, including micro-inverters, intelligent control disconnectors, and energy communication and monitoring systems [2][3]. - The company has achieved product layout in energy storage, with portable, household, and commercial energy storage systems, and has entered mass production for its single-phase household energy storage series products, which are sold in Europe and the United States [2]. - YN Technology has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2]. Financial Performance - As of the 2024 annual report, overseas revenue accounts for 66.03% of total revenue, benefiting from the depreciation of the RMB [3]. - For the first half of 2025, YN Technology reported revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79.136 million yuan, down 9.88% year-on-year [7]. Market Activity - On September 18, the stock price of YN Technology fell by 2.84%, with a trading volume of 210 million yuan and a turnover rate of 2.47% [1]. - The company has seen a net outflow of 22.988 million yuan from main funds, indicating a reduction in holdings over the past three days [4][5]. Technical Analysis - The average trading cost of the stock is 51.95 yuan, with recent reductions in holdings slowing down; the current stock price is between resistance at 61.86 yuan and support at 46.38 yuan, suggesting potential for range trading [6].

9月15日，昱能科技涨5.09%，截至发稿，报58.44元/股，成交1.26亿元，换手率1.40%，总市值91.33亿 元。 贾雨璇累计任职时间3年317天，现任基金资产总规模5.39亿元，任职期间最佳基金回报5.34%， 任职期 间最差基金回报-53.35%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，国融基金旗下1只基金重仓昱能科技。国融融银A（006009）二季度减持2372股，持有股数 4.22万股，占基金净值比例为2.1%，位居第九大重仓股。根据测算，今日浮盈赚取约11.93万元。 国融融银A（006009）成立日期2018年6月7日，最新规模777.89万。今年以来亏损0.43%，同类排名 8140/8246；近一年收益21.3%，同类排名5995/8054；成立以来亏损56.25%。 国融融银A（006009）基金经理为周德生、贾雨璇。 截至发稿，周德生累计任职时间5年190天，现任基金资产总规模12.26亿元，任职期间最 ...

Core Viewpoint - YN Technology (688348) has shown a significant stock price increase of 13.73% this week, closing at 55.82 yuan, with a total market capitalization of 8.723 billion yuan, ranking 38th in the photovoltaic equipment sector [1] Group 1: Business Performance - The company's commercial energy storage business is primarily focused on the domestic market, with recent breakthroughs in overseas markets, achieving sales in Germany and Slovakia, and upcoming sales in Ukraine, although overseas revenue accounts for less than 5% [1][3] - The company is expected to steadily advance its distributed photovoltaic power station business in the second half of 2025, with several benchmark projects set to be launched [2][3] Group 2: Market Outlook - The potential cancellation of household photovoltaic subsidies in the U.S. due to the OBBB Act may suppress market demand; however, the company's cost advantages will be amplified in a low or zero-subsidy environment, allowing for greater flexibility and resilience in the U.S. market [1][3] - If domestic regulations shift to make safety shutdown features for photovoltaic components mandatory, the market for rapid shutdown devices will have significant growth potential [2][3] Group 3: Strategic Initiatives - The company is open to evaluating potential mergers and acquisitions that align with its strategic goals and can produce industrial synergies and economic benefits [2] - The company has already implemented its micro-inverter technology at Sinopec's Zhenhai Refinery and plans to promote its use in other Sinopec facilities as part of the "Ten Thousand Stations Solar" initiative [2][3]

Core Viewpoint - The company, YN Technology, focuses on the renewable energy sector, specifically in distributed photovoltaic power generation systems and has shown a positive market response with a stock increase of 1.69% on September 4, 2023, with a total market capitalization of 8.067 billion yuan [1]. Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, including micro-inverters, smart control disconnectors, and energy communication and monitoring systems [2][3]. - The company is located in Jiaxing, Zhejiang Province, and was established on March 24, 2010, with its stock listed on June 8, 2022 [7]. Financial Performance - For the first half of 2025, YN Technology reported a revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79.136 million yuan, down 9.88% year-on-year [7]. - As of the 2024 annual report, overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the Chinese yuan [3]. Product Development - The company has completed its product layout in the energy storage sector, including portable mobile storage, household storage, and commercial energy storage systems, with its single-phase household energy storage series products entering mass production and being sold in Europe and the United States [2]. - YN Technology has developed its own ASIC chips for smart control disconnectors, holding three core technologies and 15 invention patents, which enhance system integration, reduce application costs, and improve reliability [2]. Market Activity - On September 4, 2023, the stock had a trading volume of 415 million yuan and a turnover rate of 5.08%, indicating active market participation [1]. - The average trading cost of the stock is 47.20 yuan, with the stock price approaching a resistance level of 52.06 yuan, suggesting potential for upward movement if this level is surpassed [6]. Shareholder Information - As of June 30, 2025, the number of shareholders was 11,600, a decrease of 0.20% from the previous period, while the average circulating shares per person increased by 94.31% [7]. - The company has distributed a total of 349 million yuan in dividends since its A-share listing [8].

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector, particularly in the research, production, and sales of component-level power electronic devices for distributed photovoltaic systems, benefiting from the depreciation of the RMB and its status as a "specialized, refined, distinctive, and innovative" enterprise [2][3]. Company Overview - YN Technology was established on March 24, 2010, and went public on June 8, 2022. Its main business involves the research, production, and sales of component-level power electronic devices for distributed photovoltaic systems [7]. - The company's revenue composition includes: micro-inverters and energy communication products (55.56%), commercial and industrial energy storage systems and services (30.63%), intelligent control disconnectors (10.46%), household energy storage products (1.84%), and others (2.5%) [7]. - As of June 30, 2025, YN Technology reported a revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79.14 million yuan, a year-on-year decrease of 9.88% [7]. Market Performance - On September 3, YN Technology's stock rose by 3.38%, with a trading volume of 301 million yuan and a turnover rate of 3.81%, bringing the total market capitalization to 7.933 billion yuan [1]. - The company has a significant overseas revenue share of 66.03%, benefiting from the depreciation of the RMB [3]. Investment Highlights - YN Technology has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises that excel in niche markets and innovation [2]. - The company has completed its product layout in energy storage, with its single-phase household energy storage series products entering mass production and being sold in Europe and the United States [2]. Technical Analysis - The average trading cost of YN Technology's stock is 45.77 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak. The current stock price is near a resistance level of 52.06 yuan, indicating potential for a price correction if this level is not surpassed [6].

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 main business revenue composition includes: micro-inverters and energy communication products (55.56%), commercial and industrial energy storage systems and services (30.63%), smart control circuit breakers (10.46%), household energy storage products (1.84%), and other (supplementary) (0.98%) [1] Stock Performance - On September 3, YN Technology's stock rose by 5.05%, reaching a price of 51.58 CNY per share, with a trading volume of 232 million CNY and a turnover rate of 2.95%. The total market capitalization is 8.061 billion CNY [1] Fund Holdings - According to data, one fund under the Fortune Fund has a significant holding in YN Technology. The Fortune SSE Index ETF Link A/B (100053) held 400 shares in the second quarter, unchanged from the previous period, accounting for 0.0002% of the circulating shares, ranking as the third-largest holding [2] - The fund has achieved a year-to-date return of 17.03%, ranking 2684 out of 4222 in its category, and a one-year return of 37.26%, ranking 2572 out of 3783 [2] Fund Manager Information - The fund managers for Fortune SSE Index ETF Link A/B (100053) are Wang Baohe and Fang Min. Wang Baohe has a cumulative tenure of 14 years and 189 days, with a total fund asset size of 9.06 billion CNY and a best fund return of 126% during his tenure [3] - Fang Min has a cumulative tenure of 10 years and 292 days, managing a total fund asset size of 25.209 billion CNY, with a best fund return of 161.79% during his tenure [3]

从基金十大重仓股角度 数据显示，国融基金旗下1只基金重仓昱能科技。国融融银A（006009）二季度减持2372股，持有股数 4.22万股，占基金净值比例为2.1%，位居第九大重仓股。根据测算，今日浮盈赚取约10.46万元。 9月3日，昱能科技涨5.05%，截至发稿，报51.58元/股，成交2.32亿元，换手率2.95%，总市值80.61亿 元。 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2022年6月8日，公司主营业务涉及分布式光伏发电系统中组件级电力电子设备的研发、生 产及销售。主营业务收入构成为：微逆及能量通信产品55.56%，工商业储能系统及服务30.63%，智控 关断器10.46%，户用储能产品1.84%，其他(补充)0.98%，其他0.52%。 国融融银A（006009）成立日期2018年6月7日，最新规模777.89万。今年以来收益1.76%，同类排名 7568/8180；近一年收益28.48%，同类排名4791/7967；成立以来亏损55.28%。 国融融银A（006009）基金经理为周德生、贾雨璇。 责任编辑：小浪快报 贾雨 ...