8月22日晚，华宝新能（301327）披露2025年度中报，在报告期内公司上半年营收16.37亿，同比激增43.32%，净利润1.23亿同比增速达68.31%，利润增速 跑赢营收25个百分点。值得关注的是，海外市场结构化突破――欧洲市场以106.42%的同比增幅成为核心引擎，北美、亚洲(除中国)分别贡献42.86%与 31.92%增长。 这份成绩单背后，是M2C直销模式对传统分销体系的降维打击，是家庭储能场景从备用电源向能源中枢的进化，也是中国技术品牌在全球能源转型中的 战略卡位。当多数企业还在价格战中内卷，华宝新能已用技术创新在绿色能源的万亿赛道上划出一条陡峭的增长曲线。 消费级光伏储能的需求被远远低估 经历过两年的新能源寒冬后，资本市场似乎远远低估了对消费级光伏储能的需求的预判。该行业2024年627亿美元的市场规模较上年增长73%，这一数据 足够引人注目。此外，驱动增长的核心动力也在发生结构性转变。传统认知中，储能市场长期被视为政策导向型领域，然而当前数据显示，消费者自发需 求与技术迭代形成的共振效应，正在重塑市场格局。 欧洲市场极具代表性。2022年能源危机后，德国、法国等国居民电费激增40%以上，直 ...

转自：中国证券报·中证网 中证报中证网讯（王珞）8月22日晚，华宝新能披露2025年半年度报告，上半年公司实现营业收入16.37 亿元，同比增长43.32%；净利润1.23亿元，同比增长68.31%。华宝新能表示，业绩增长得益于公司聚焦 消费级全场景光伏储能解决方案，积极拓展全球市场成效显著。 根据报告，在市场拓展方面，北美地区作为华宝新能核心市场营收同比增长42.86%，保持了稳健的增 长态势。在新兴市场中，欧洲市场表现尤为突出，营收同比增长106.42%，亚洲市场（不含中国）也实 现了31.92%的同比增长。 华宝新能称，取得上述成绩得益于公司构建的"官网独立站+第三方电商平台+线下零售"三位一体的全 球渠道网络：品牌官网独立站营收同比增长55.25%，占总营收的比重达29.41%；线下渠道与Costco、 Lowe's、Home Depot、Best Buy等全球知名零售商展开深度合作，产品入驻超1万家店铺，营收同比增 长45.85%，品牌的市场渗透率与话语权持续提升。截至报告期末，公司产品累计销量近600万台，稳居 行业前列。 报告中提到，在研发创新方面，今年上半年，公司研发投入达7616.38万元， ...

Core Viewpoint - The 2025 Shanghai Villa Design and Technology Exhibition showcases innovative products and solutions in the field of green energy and architecture, with a focus on the aesthetic integration of photovoltaic technology in residential buildings [1][2]. Group 1: Event Overview - The Shanghai Villa Exhibition, lasting three days, features over 200 brands focusing on villa design, building materials innovation, and ecological living [1]. - Huabao New Energy, a leader in portable energy storage and green electricity solutions, presents its aesthetic curved photovoltaic tiles, which address compatibility issues on complex roof surfaces [1]. Group 2: Product Innovations - Huabao New Energy's aesthetic curved photovoltaic tiles are designed with a 150° curvature, available in two color schemes that align with new Chinese and European architectural styles, merging power generation efficiency with architectural beauty [1]. - The product has received multiple certifications, including TüV Süd, UL, and CQC, and is the first crystalline curved photovoltaic product in China to obtain an international EPD (Environmental Product Declaration) [1]. Group 3: Industry Insights - At the "Building Green Carbon: Villa Creation Future" forum, experts from various fields discuss breakthroughs in photovoltaic building integration and ecological construction [2]. - Huabao New Energy's chairman highlights the company's comprehensive product matrix, which includes portable photovoltaic products catering to different consumer needs, aiming for widespread adoption in households [2]. Group 4: Strategic Collaborations - Huabao New Energy announces a strategic partnership with the Yellow River Hydropower Company to focus on technological challenges and practical applications, promoting the large-scale use of photovoltaic tiles in high-end residential settings [3].

Company Performance - In 2024, the company achieved a revenue of 3.606 billion yuan, a year-on-year increase of 55.82%, and a net profit of 240 million yuan, a significant increase of 237.89% [1] - For Q1 2025, the company reported a revenue of 714 million yuan, a year-on-year growth of 22.6%, and a net profit of 65.8237 million yuan, soaring by 395.17% [1] - The gross profit margin improved to 44.05%, up by 5.07 percentage points compared to the previous year, indicating enhanced operational efficiency [1] Industry Trends - The company is strategically positioned in two high-growth sectors: portable energy storage and home green electricity [2] - The camping economy in China is projected to reach a core market size of 213.97 billion yuan in 2024, growing by 60.4%, which drives demand for portable energy solutions [2] - The global household energy storage market is expected to see a new installed capacity of 172.7 GWh by 2030, indicating significant market potential [2] Product Innovation - The company launched the world's first XBC aesthetic curved photovoltaic tile in September 2024, marking a breakthrough in integrating photovoltaic technology into green building [7] - The new photovoltaic tile features a conversion efficiency of 17.1% and is designed to withstand extreme temperatures and weather conditions, enhancing its stability and safety [7] - The innovative design of the photovoltaic tile allows it to blend seamlessly with building aesthetics, addressing consumer demands for both functionality and visual appeal [7] Research and Development - The company has maintained a high level of R&D investment, with an average annual growth rate of 38.99% over the past three years, reaching 173 million yuan in 2024 [6] - The company holds a total of 1,629 patents, showcasing its strong technological foundation and authority in the industry [6] - Continuous R&D efforts have positioned the company as a key player in setting national industry standards for portable energy storage and solar products [6] Market Strategy - The company employs a comprehensive channel strategy that includes independent websites, third-party e-commerce platforms, and offline retail, reaching over 50 countries [4] - The implementation of a global direct sales strategy since 2011 has allowed the company to quickly adapt to consumer needs and enhance product-market fit [5] - The synergy between differentiated products, multi-channel distribution, and direct sales has created a robust growth model for the company [5]