Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but a decline in net profit, indicating mixed financial performance amidst a growing market for energy storage solutions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.149 billion yuan, a year-on-year increase of 33.75%, while net profit attributable to shareholders was 14 million yuan, a decrease of 30.01%. The non-recurring net profit was -26 million yuan [1]. - In Q2 2025, revenue reached 757 million yuan, up 59.83% year-on-year, with net profit of 52 million yuan, a substantial increase of 228.07%. The non-recurring net profit was 30 million yuan, reflecting a year-on-year growth of 1209.65% [1]. Sales and Market Dynamics - The company saw a significant increase in energy storage battery system sales, with H1 2025 sales volume reaching 1328 MWh, a year-on-year increase of 132.57%. Q2 sales volume was 927 MWh, up 188.84% year-on-year and 131.17% quarter-on-quarter [2]. - The growth in sales volume was driven by multiple factors, including a recovery in traditional international home storage markets, rising shipments in emerging markets, and rapid breakthroughs in commercial energy storage across various regions [2]. Profitability and Cost Management - Q2 2025 showed a substantial improvement in profitability, with a gross margin of 20.63%, an increase of 6.39 percentage points quarter-on-quarter, and a net margin of 6.61%, up 16.80 percentage points quarter-on-quarter [2]. - Despite increased competition leading to price declines and rising operating costs due to changes in export tax policies, the company improved profitability through enhanced capacity utilization and process optimization [2]. Global Expansion and Product Development - The company is deepening its global footprint, with ongoing expansion into Southeast Asia and South America, resulting in structural improvements in overseas performance [3]. - In the domestic market, new liquid cooling energy storage products have achieved large-scale applications in key regions, and lightweight power systems and sodium-ion battery products have been delivered at scale, accelerating the replacement of lead-acid batteries [3]. Earnings Forecast and Valuation - The company has adjusted its earnings forecasts for 2025 and 2026 downwards, while introducing a new forecast for 2027, expecting net profits of 196 million yuan, 379 million yuan, and 494 million yuan respectively [3]. - The current stock price corresponds to a price-to-earnings ratio of 65, 34, and 26 for 2025, 2026, and 2027, respectively, indicating a potential recovery as downstream inventory depletion nears completion and capacity utilization improves [3].

上海派能能源科技股份有限公司 关于 2025 年度"提质增效重回报"行动方 案的半年度评估报告 为深入贯彻落实《关于深化科创板改革服务科技创新和新质生产力发展的八 条措施》精神，基于对公司行业前景与未来发展的信心和对公司长期投资价值的 认可，上海派能能源科技股份有限公司（以下简称"派能科技""公司"）在全面评 估 2024 年度"提质增效重回报"行动方案落实成效的基础上，制定并于 2025 年 4 月 12 日披露了《2025 年度"提质增效重回报"行动方案》 （以下简称《行动方案》）。 对性开展相关工作。为进一步提升行动质效，公司对各项工作的执行情况进行了 半年度评估，具体报告如下： 一、 提升经营质量，夯实发展基础 公司是行业领先的储能系统提供商，通过长期自主研发掌握磷酸铁锂电芯、 模组、电池管理系统、储能系统集成等全产业链核心技术。公司产品综合性能优 异，具有循环寿命长、安全可靠性高等技术优势，贴合电化学储能应用场景的核 心需求。此外，公司产品具有模块化设计和灵活配置的技术优势，能够支持为各 类复杂应用场景打造一站式储能解决方案，满足各种储能应用场景的使用需求。 破、产能运营升级、人才团队建设及品牌价值 ...