Core Viewpoint - The recent expiration of Haicheng Energy's prospectus has drawn market attention, but this is not an uncommon phenomenon in the capital market. The expiration does not equate to the termination of the IPO process, as companies can update financial data and reapply within three months to continue the review process [1][2]. Group 1: Market Demand and Production Capacity - The global energy transition is in a critical phase, with major countries intensifying efforts towards carbon neutrality, leading to rapid growth in renewable energy installations. However, the intermittent nature of renewable energy necessitates effective energy storage solutions, elevating storage from an optional accessory to a core necessity [3]. - The global energy storage market is entering an explosive growth phase, with global battery shipments expected to reach 258 GWh in the first half of 2025, a 106% year-on-year increase. Domestic manufacturers are leading this market, with Haicheng Energy's shipment volume projected to rise significantly, achieving a compound annual growth rate of 167% over three years [3][4]. Group 2: International Strategy and Competitive Strength - Haicheng Energy's international strategy is progressing steadily, with overseas revenue reaching 3.7 billion yuan in 2024, accounting for 28.6% of total revenue. The company has established a global service network covering over 20 countries and regions [5]. - The company has secured several significant international contracts this year, including a 720 MWh battery storage system project in the UK and a 1 GW/4 GWh storage project in Saudi Arabia, showcasing its strong international development momentum [6][7]. Group 3: Conclusion - The temporary expiration of the prospectus is merely a "mid-game adjustment" in Haicheng Energy's journey in the capital market and does not affect its long-term value proposition. The energy transition is an irreversible trend, and energy storage has become a key support, positioning Haicheng Energy advantageously in this historical opportunity [8].

Core Viewpoint - The recent invalidation of the IPO prospectus for Haicheng Energy Storage has raised concerns, but the company's strong position in the energy storage industry remains intact, indicating potential for future growth and listing opportunities [1][8]. Company Performance - Haicheng Energy Storage, established in 2019, has a diverse product portfolio including energy storage batteries and systems, serving various applications across over 20 countries and regions [2][6]. - The company achieved a battery shipment volume of 35.1 GWh in 2024, with a remarkable compound annual growth rate (CAGR) of 167% over the past three years, ranking third globally in the energy storage market [2][8]. - Revenue figures for Haicheng Energy Storage from 2022 to 2024 are as follows: 3.615 billion yuan, 10.202 billion yuan, and 12.917 billion yuan, with gross profits of 410 million yuan, 1.238 billion yuan, and 2.309 billion yuan respectively. Notably, the company turned a profit in 2024 with a net profit of 288 million yuan [2][8]. Production Capacity and Efficiency - The company’s production facilities, including the Southwest Intelligent Manufacturing Center in Chongqing, are operating at full capacity, with orders scheduled through September and October [3]. - The fourth-generation lithium battery production line has improved efficiency by 30% and reduced manufacturing costs by 25%, showcasing significant advancements in production technology [3]. Business Model and Market Strategy - Haicheng Energy Storage focuses exclusively on the energy storage sector, allowing it to concentrate resources and develop a comprehensive capability from material systems to product systems and integrated solutions [4][5]. - The company employs a differentiated business model, supplying battery cells to system integrators domestically while offering complete energy storage systems and solutions internationally, capitalizing on varying market conditions [5][6]. International Expansion - The company has made significant strides in expanding its overseas market presence, with international revenue accounting for 28.6% of total revenue in 2024, a substantial increase from 1% in 2023 [6][7]. - Haicheng Energy Storage's strategy includes establishing a factory in Texas for localized production to enhance competitiveness in the North American market, while also targeting emerging markets in the Middle East and Southeast Asia [6][7]. Technological Innovation - The company has invested heavily in research and development, with over 3,900 global patent applications filed by the end of 2024, including more than 100 patents in the large-capacity battery sector [9]. - The introduction of innovative products such as the ∞Cell 1175Ah battery and the sodium-ion battery ∞Cell N162Ah demonstrates the company's commitment to meeting diverse energy storage needs [5][9]. Market Outlook - The global energy storage market is expected to experience explosive growth, providing favorable conditions for Haicheng Energy Storage to enhance its market position and potentially succeed in its IPO efforts [10].

Core Viewpoint - The article highlights the innovative energy storage solutions presented by Haicheng Energy at the RE+ 2025 event, focusing on the integration of sodium-ion and lithium-ion batteries to address the energy challenges faced by AI data centers [2][3][5]. Group 1: Energy Storage Solutions - Haicheng Energy introduced the AI Data Center (AIDC) energy storage solution, which includes the ∞Power 6.25MWh 8h lithium battery system and the ∞Power N2.28MWh 1h sodium battery system, aimed at providing stable energy support and rapid response to power fluctuations [2][5]. - The AIDC storage system features a specialized lifespan assessment model that offers more accurate predictions of energy storage system degradation compared to general lifespan models, ensuring better performance guarantees for clients [5][12]. Group 2: Safety and Testing - During the RE+ 2025 event, Haicheng Energy showcased the global first open-door combustion test of the ∞Block 5MWh storage system, validating its safety capabilities under extreme conditions with the involvement of international certification bodies [8][11]. - The company plans to conduct similar rigorous testing in the U.S. to demonstrate its commitment to safety and transparency in energy storage technology [11]. Group 3: Market Expansion and Partnerships - Haicheng Energy signed a cooperation agreement with Microgrid Networks LLC to provide comprehensive solutions for 10 energy storage projects in New York, totaling 55MW/290MWh, marking a significant step in its North American market strategy [12][14]. - The company has established a localized manufacturing and service network in the U.S., enhancing its ability to meet diverse customer needs and ensuring long-term operational stability [15]. Group 4: Industry Position and Future Outlook - Haicheng Energy has achieved a top 2 position in global energy storage battery shipments and power storage shipments in the first half of 2025, setting a new benchmark for high-quality development in the energy storage industry [14][15]. - The launch of the AIDC energy storage solution signifies Haicheng Energy's strong capabilities in technological innovation and customized solutions, paving the way for new applications in energy storage and supporting the transition to a greener and more efficient future [15].