一、断臂求生，IPO藏取舍 说句实在话，某帮这次IPO最让人意外的操作，就是把自己的核心招牌"某星充电"运营业务给剥离了。 花4.74亿元转给兄弟公司后，它彻底收心，只做充电设备制造、微电网和储能这三件事，再也不是以 前"又卖设备又管运营"的双轨模式了。 2026年开年第一个工作日，充电桩行业就爆出大新闻。某帮数字能源，咱们平时充电常见到的"某星充 电"就是它家的，正式向港交所递交了招股书，要冲刺港股主板。 某根大通、某泰君安国际这些大机构都来站台，看着挺风光，但懂行的都知道，这已经是这家公司第四 次冲击资本市场了，纯属背水一战。 而且它还抱上了大树，和大众、奔驰、保时捷等59家知名车企都有合作，能借着车企的渠道，把充电解 决方案直接卖给买车的消费者，在私人充电市场扎得很稳。 这次IPO募集的钱，主要就是投研发、扩产能和搞海外业务，明显是想在设备这条道上一条路走到黑。 可能有人会问，运营业务就这么没用吗？其实也不是，只是现阶段拖累太大。 充电桩行业产业链很有意思，上游是做材料和设备的，中游是建充电站和运营的，下游是提供服务和解 决方案的，很多企业都想通吃全链条。 为啥非要这么折腾？还不是之前三次冲A股都栽了跟 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：木 万帮数字能源股份有限公司于1月4日向港交所递交上市申请，联席保荐人为摩根大通、国泰君安国际和 招银国际。据招股书，万邦数字此次募集资金将用于研发投入、拓展全球市场、提高生产设施的生产能 力及补充营运资金等。 值得关注的是，此次上市前夕，电动汽车用户和新能源汽车行业人士熟悉的"星星充电"——电动汽车充 电运营商，已经从万帮数字能源剥离，转手到万帮数字能源的兄弟公司万帮太乙集团。不少投资者认为 万帮数字上市前夕剥离星星充电是为了轻装上阵，毕竟国内充电桩行业已成为集中度还不够高、竞争愈 发白热化、消费者对价格高敏感的市场。 出品：新浪财经上市公司研究院 另外从招股书来看，万帮数字本身经营也面临着诸多困难，如公司2024年利润下滑32%，负债资产比率 近75%，截至2025年11月30日公司应收款项及应收票据直逼38亿元，经营波动性较大、资金链负担较 重。 上市前夕剥离星星充电甩掉"包袱"？万帮数字能源2024年利润下滑32%、盈利能力大幅下降 万帮数字成立于2014年，创始人邵丹薇为"80后"女性企业家，深耕汽车销售行业多年后跨界新 ...

Core Insights - The "Three-Year Doubling" Action Plan aims to establish 28 million charging facilities and exceed 300 million kilowatts of public charging capacity by the end of 2027, addressing structural issues in the current charging infrastructure [1][4] - The plan emphasizes the need for large-power charging technology, which will accelerate the adoption of advanced technologies like liquid-cooled supercharging and intelligent scheduling, leading to a significant transformation in the industry [2][3] - The initiative is not merely about increasing the number of facilities but involves a comprehensive systemic revolution across the entire charging service chain, including construction, management, usage, and integration [3][4] Infrastructure Development - The plan targets a balanced network layout, aiming for at least 14,000 direct current charging points in townships and full coverage in rural areas, addressing the "last mile" issues in charging services [1][2] - The current public charging infrastructure consists of 4.476 million charging guns with an average power of approximately 44.36 kilowatts, highlighting the need for higher power options to reduce charging times significantly [2][3] Economic Impact - Upgrading charging service capabilities is expected to stimulate economic growth by alleviating range anxiety, thereby boosting consumer confidence and unlocking market potential in lower-tier cities and rural areas [3][4] - The plan envisions a collaborative ecosystem involving 30,000 operators, fostering technological advancements and driving the development of upstream and downstream industries related to high-power modules and intelligent operations [3][4] Strategic Importance - The "Three-Year Doubling" plan is a critical step in China's energy strategy transformation, addressing public concerns about charging anxiety while supporting the transition to a new energy system [4] - The initiative reflects China's commitment to global climate governance by promoting intelligent, networked, and green charging infrastructure, ultimately contributing to the realization of carbon neutrality goals [4]

Core Viewpoint - The announcement by Lihexing regarding the operational scope change of its subsidiary, Lirong Electronics, signals a strategic shift towards high-tech sectors such as semiconductors, AI computing power, and new energy, enhancing its competitive position in these emerging markets [1][3][4] Group 1: Business Expansion - Lirong Electronics has expanded its operational scope to include sales of electronic components, integrated circuit chips, semiconductor devices, and manufacturing of electronic specialized equipment, indicating a focus on high-tech fields [3][4] - The company has been a qualified supplier for Huawei since 2013, deepening its collaboration with Huawei and its affiliates, which has led to a market share of over 10% in the smart terminal testing sector [3][4] Group 2: Strategic Partnerships - The partnership with Huawei has evolved from mobile smart terminals to include 5G base stations, new energy vehicles, and digital energy, showcasing the company's adaptability and growth potential in various cutting-edge fields [3][4] - Lihexing is a key manufacturer for Huawei's liquid-cooled ultra-fast charging equipment and is involved in critical manufacturing tasks for Huawei's fully automated charging robot project [3][4] Group 3: Market Opportunities - The adjustment in operational scope allows the company to respond more flexibly to market demands and integrate industry chain resources, thereby enhancing its competitiveness in smart manufacturing and high-end electronic equipment [4] - Analysts believe that Lihexing's deep ties with technology giants like Huawei position it well for a new round of business expansion and performance growth, particularly in semiconductor and energy electronics sectors [4]

Core Viewpoint - The company, Lihexing, is gaining significant attention in the market as a long-term partner within the Huawei ecosystem, leveraging its collaborations in emerging fields to drive new growth momentum [1] Group 1: Partnership with Huawei - Lihexing has been a qualified supplier for Huawei since 2013, with over 10 years of collaboration, initially focusing on testing equipment for Huawei's Mate series smartphones, capturing over 10% market share in the smart terminal testing sector [2] - The partnership has expanded beyond mobile devices to include 5G base stations, new energy vehicles, and digital energy, with Lihexing becoming a core manufacturer for Huawei's liquid cooling ultra-fast charging equipment [2] - The company is also involved in Huawei's solar storage supply chain, providing precision components for photovoltaic inverters and energy storage systems, benefiting from the acceleration of new energy infrastructure [2] Group 2: Semiconductor Component Collaboration - In response to the accelerated domestic semiconductor localization, Lihexing has partnered with semiconductor equipment company Xinkailai, entering the high-margin precision components sector and becoming a core supplier [3] - Xinkailai currently has a robust order book, serving leading domestic wafer fabs such as Shenzhen Pengxinwei and SMIC, indicating a phase of explosive growth [3] Group 3: Liquid Cooling Technology and AI Computing - The demand for AI applications is driving a surge in computing power needs, with liquid cooling technology becoming a standard for AI servers [5] - Lihexing has developed an automatic maintenance testing system for liquid cooling servers and has successfully entered Huawei's Ascend server supply chain, addressing high-power cooling challenges [5] - The global liquid cooling market is projected to exceed 100 billion yuan by 2026, quadrupling from 2025, positioning Lihexing to benefit from technological advancements and infrastructure acceleration [5] Group 4: Humanoid Robot Development - Leveraging its expertise in precision machinery, automation, and machine vision, Lihexing is advancing into the humanoid robot sector [6] - The company has developed high-precision transmission testing equipment for robotic joints and is involved in the joint drive development for Huawei's Jimo robot, while also supporting Tesla's humanoid robot supply chain [6] Group 5: Growth Potential - Lihexing's strategy of being a core supplier for Huawei, entering the semiconductor component market, capitalizing on liquid cooling technology, and expanding into humanoid robotics presents a significant growth potential [7] - The company is expected to continue breaking through in multiple high-growth sectors, ushering in a new phase of accelerated growth [7]

Core Viewpoint - The article discusses the revised implementation details for the construction and operation subsidies for electric vehicle charging stations in Jilin Province, aiming to enhance the charging infrastructure and promote the use of electric vehicles [2][5]. Group 1: Support Scope and Standards - The subsidies will be provided for charging facilities that are operational and connected to the provincial new energy monitoring platform, using a post-event reward method for construction and operation support [8][9]. - Construction subsidies for public service charging facilities will be standardized, with direct current (DC) charging facilities receiving 600 yuan per kilowatt and other public charging facilities receiving 300 yuan per kilowatt [9][11]. - For high-tech smart charging stations, subsidies will be provided for integrated photovoltaic systems at 100 yuan per kilowatt and for energy storage systems at 100 yuan per kilowatt-hour [14]. Group 2: Demonstration Projects and Special Projects - Starting January 1, 2025, demonstration projects in areas with insufficient charging infrastructure will receive a one-time construction subsidy, while other projects will not receive construction subsidies [9][10]. - Specific projects such as intercity rapid charging stations and rural convenience charging stations have defined requirements and subsidy standards, with maximum subsidies not exceeding 50% of the equipment purchase price [11][12]. Group 3: Operation Subsidies - Annual assessments will be conducted on the operational quality of charging stations, with a tiered subsidy system based on performance ratings, ranging from 0.1 to 0.3 yuan per kilowatt-hour [15][30]. - Charging stations that do not meet operational standards or have significant negative incidents will be disqualified from receiving subsidies [30]. Group 4: Application and Review Process - Charging station operators must meet specific conditions and submit required documentation to apply for subsidies, including project approval and compliance with national standards [17][18]. - The application process involves multiple levels of review, including initial assessments at the county level and final approvals by provincial authorities [20][21]. Group 5: Performance Management and Supervision - The provincial energy bureau will conduct performance evaluations and monitoring of the projects, ensuring compliance and proper use of funds [25][27]. - Any fraudulent activities or violations will lead to penalties, including the potential recovery of funds and disqualification from future applications [26][27].

Core Viewpoint - Huatai Technology is making significant strides in its business by providing financing leasing guarantees and selling liquid-cooled ultra-fast charging equipment, which is expected to substantially increase its revenue in 2024 [1][2]. Group 1: Business Developments - Huatai Technology plans to provide a financing leasing guarantee of approximately 7.735 million yuan to ensure the debt rights of Zhejiang Zhiyin Financial Leasing Co., Ltd. [1] - The company is entering into a sales contract worth 91 million yuan (including tax) for liquid-cooled ultra-fast charging equipment with Yuanqi Tongcheng New Energy Technology Co., Ltd. [1] - The liquid-cooled ultra-fast charging equipment is considered an "incremental" business for Huatai Technology, which primarily focuses on smart city product development and engineering project installation [2]. Group 2: Product and Technology Advancements - Huatai Technology launched its full liquid-cooled ultra-fast charging product in November last year, supported by Huawei Digital Energy, showcasing advanced technology and production processes [2] - The company aims to expand its production capacity, with a projected annual output of 10,000 charging terminals and 2,000 photovoltaic integrated carports once its smart factory is fully operational [2]. - Huatai Technology has received a patent for a method and system for analyzing charging costs for liquid-cooled ultra-fast charging terminals [2]. Group 3: Strategic Partnerships - The company is collaborating with Huawei on various projects in regions such as Sichuan, Jiangsu, and Zhejiang, with plans to enhance technical and market cooperation [3]. - Huatai Technology has entered Huawei's Clean Energy Base Joint Innovation Center to further develop its ultra-fast charging business, which has become a strategic focus for the company [4].