1H25 业绩超出市场预期 骆驼股份1H25 收入79.95 亿元、同比+6.22%，归母净利润5.32 亿元、同比+69.46%，扣非归母净利润 4.04 亿元、同比+17.94%；其中2Q25 收入38.59 亿元、同比-5.24%/环比-6.72%，归母净利润2.95 亿元、 同比+86.80%/环比+24.64%，扣非归母净利润1.99 亿元、同比+13.90%/环比-3.09%。在主业铅酸电池业 务稳健增长、低压锂电业务减亏，叠加股票/基金投资，以及债务重组收益增厚利润，公司1H25 业绩超 市场预期。 发展趋势 股票/基金投资收益，债务重组投资收益增厚表观业绩。受益A 股市场1H25 较好的市场表现，公司所持 股票投资(金达莱等)及基金投资(创新基金)均产生正收益，较去年同期增加约9000 万元；同时，公司部 分债务人通过非现金资产方式清偿债务，1H 产生债务重组收益9841.4 万元；增厚公司1H 表观业绩表 现。 铅酸电池业务海外维持较高增长，整体盈利能力环比改善。公司1H25 铅酸电池出货量19.17GWh、同增 0.8%，实现收入63.20 亿元、同增5.3%；从结构看，国内前后装市场均出 ...

8月18日，双登集团股份有限公司（"双登股份"）正式开启招股，正式标志着港股市场即将迎来"AIDC 储能第一股"。 从业务基本面来看，双登股份的"底气"源于扎实的行业地位。招股书显示，2024年公司已成为全球通信 及数据中心储能电池出货量榜首企业，客户覆盖全球十大通信运营商中的五家、中国五大通信运营商， 以及中国十大自有数据中心企业的80%。 公开招股期间的火爆认购充分体现了市场对公司的高度认可。截至8月21日招股结束，券商累计为双登 股份借出2,552.25亿元孖展，以公开发售集资额8,497万元计，相当于超额认购逾3,000倍，市场反响热 烈。 双登股份将于8月26日挂牌，中金公司、华泰国际、建银国际为联席保荐人。 数据中心收入增1.2倍 双登股份的主要产品为铅酸电池和锂离子电池，主要应用于通信基站储能、数据中心储能及电力储能三 大核心场景。 作为双登股份战略布局的核心，数据中心储能业务近年来实现跨越式增长，不仅成为营收增长的核心驱 动力，更在2025年上半年完成"身份升级"，首次超越传统通信基站业务，成为集团第一大收入来源。 业内人士分析表示，铅酸电池技术成熟度高、瞬时放电性能优越，是可靠的备用电源；锂 ...

来自江苏泰州的双登股份(06960.HK)，于今日(8月18日)起至周四(8月21日)招股，预计2025年8月26日在港交所挂牌上 市，中金公司、华泰国际、建银国际联席保荐。 双登集团是大数据及通信领域能源存储业务的领先公司。公司专注于设计、研发、制造和销售储能电池及系统。通过 对于通信基站、数据中心、电力储能等领域储能应用客户服务十余年的累计的丰富经验，使得公司能够在大数据时代 充分受益于大数据时代带来的巨大的市场机遇、并持续引领行业发展。根据弗若斯特沙利文，于二零二四年，公司在 全球通信及数据中心储能电池供应商中出货量排名第一，市占率达11.1%。 在往绩记录期间，公司通过向客户销售产品(包括锂离子电池及铅酸电池)产生收入。于往绩记录期间，公司亦产生其 他收入，主要包括销售铅渣废电池等废弃物及电力销售。下表载列于所示年度/期间按应用场景划分的收入明细： 图源Wealth Broker灯塔研报 图源：双登集团招股书、Wealth Broker灯塔研报 同业公司近期发行表现： | 公司名称 | 中签率 | 认购倍数 | 开盘表现 | 收盘表现 | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The global energy transition and the surge in AI computing power demand have led to a milestone event in China's energy storage industry, with Doudeng Co., Ltd. launching a global IPO to raise approximately HKD 756 million, positioning itself as the "AIDC Energy Storage First Stock" in the Hong Kong market [2][12]. Company Overview - Doudeng Co., Ltd. has established itself as a leader in the global communication and data center energy storage battery market, leveraging technological barriers, cost control, and a global layout to solidify its industry position [2][5]. - The company has shown steady revenue growth, with total revenues increasing from RMB 40.72 billion in 2022 to RMB 44.99 billion in 2024, and a 33.93% year-on-year revenue growth in the first five months of 2025 [5][8]. Market Demand and Growth - The global energy storage market is experiencing explosive growth, with forecasts predicting a rise in cumulative installed capacity from 746.8 GWh in 2024 to 6810.1 GWh by 2030, representing a compound annual growth rate (CAGR) of 44.3% [12]. - The demand for data center energy storage is particularly driven by the increasing need for AI computing power, with expected growth in installed capacity from 16.5 GWh to 209.4 GWh [12]. Strategic Partnerships and Investments - The IPO has received strategic backing from local state-owned assets in Taizhou, indicating government recognition of the company's industry position and growth potential [3][6]. - The cornerstone investor, Sanshui Venture Capital, is a wholly-owned subsidiary of the Taizhou government, further enhancing Doudeng's credibility and support in the energy storage sector [6]. Technological and Operational Advantages - Doudeng Co., Ltd. has developed a diversified product matrix, including traditional lead-acid batteries, lithium-ion batteries, and emerging sodium-ion technologies, which collectively form a robust technological foundation [7]. - The company has successfully expanded its business from communication storage to data center storage and power storage, with data center storage revenue growing significantly, surpassing communication base station revenue for the first time in early 2025 [10][12]. Global Expansion and Future Plans - Since 2018, Doudeng has accelerated its international expansion, establishing a presence in Southeast Asia and the Middle East, with plans for overseas manufacturing facilities [10]. - The company aims to allocate approximately 40% of the IPO proceeds to build lithium-ion battery production facilities in Southeast Asia and 35% for a research center in Taizhou [12][13]. Conclusion - Doudeng Co., Ltd.'s IPO marks a significant step not only for the company but also for the Chinese energy storage sector, as it seeks to capitalize on the dual drivers of technological innovation and market demand, positioning itself for geometric growth in the global market [13].

Core Viewpoint - The demand for lithium batteries in the two-wheeler market is expected to grow significantly, driven by the implementation of new national standards for electric bicycles and the ongoing shift from lead-acid to lithium batteries [2][6]. Market Growth and Trends - In the first half of this year, domestic lithium battery sales for two-wheelers increased by 40% year-on-year [2] - The new national standard, effective from September 1, limits the battery voltage for electric bicycles to a maximum of 48V, which may further boost demand for small power batteries [2] - The total number of electric two-wheelers in China has reached nearly 400 million, with a potential replacement demand for over 110 million lithium battery packs [6] Company Strategies - Companies like Guoxuan High-Tech and BYD are entering the small power battery market, viewing it as a new growth area following power batteries and energy storage [2] - Other battery manufacturers, including Xingheng Power and Xineng An, are also establishing their own dealer and service networks to capture market share [4][12] Channel Development - The success of lithium battery companies in the two-wheeler market heavily relies on effective channel development, with a focus on building a robust network of dealers and service providers [3][5] - Xingheng Power has over 2,600 service points nationwide, collaborating with major two-wheeler brands to enhance market penetration [4] - Companies are also exploring online channels, with partnerships like Xingheng Power's collaboration with JD.com for battery installation and maintenance services [14] Product Features and Safety - Lithium batteries offer advantages such as longer lifespan (2000-4000 cycles) and higher energy density compared to lead-acid batteries, making them more appealing despite higher initial costs [7][11] - Safety concerns regarding lithium batteries are primarily linked to non-compliant modifications by small workshops, prompting leading companies to adopt stringent safety standards and certifications [9][10] Economic Considerations - While lithium batteries have a higher upfront cost, their longevity and reduced replacement frequency can offset the initial investment, making them economically viable over time [11] - The existing profit model for traditional electric vehicle dealers, which relies heavily on lead-acid battery replacement services, may be disrupted by the introduction of lithium batteries [12] Conclusion - The lithium battery industry is poised for growth in the two-wheeler market, with companies needing to focus on product development and channel strategies that align with consumer needs and market dynamics [15]

Core Viewpoint - The article highlights the strong market position and growth potential of Shuangdeng Group in the energy storage sector, particularly in communication and data center solutions, while also addressing the challenges it faces in terms of profitability and market dynamics [2][11]. Company Overview - Shuangdeng Group, established in 2011, specializes in energy storage solutions in the big data and communication fields, and is recognized as the global leader in communication and data center energy storage battery shipments, with a market share of 11.1% in 2024 [2]. - The company has transitioned to a Hong Kong listing after previously applying for a listing on the Shenzhen Stock Exchange [2]. Main Business - Shuangdeng Group operates in three core areas: communication base stations, data centers, and power storage, with a significant market share in each [4]. - In 2024, the company ranked first globally in communication base station energy storage with a market share of 9.2%, contributing over 50% of its revenue [5]. - The company serves 80% of the top ten data center enterprises in China and 90% of third-party data centers, holding a 16.1% market share in this sector [5]. Financial Data Analysis - Revenue from energy storage battery sales has shown steady growth, with 2022 revenue at 4.072 billion RMB, 2023 at 4.260 billion RMB, and 2024 projected at 4.499 billion RMB [6]. - Despite revenue growth, profitability has faced pressure, with gross margin declining from 20.3% in 2023 to 16.7% in 2024, and further to 14.9% in the first five months of 2025 [6][8]. - The data center energy storage business saw a significant increase in revenue share, reaching 46.7% in the first five months of 2025, surpassing communication base stations for the first time [9]. Industry Development Potential - The energy storage market is experiencing rapid growth, driven by advancements in renewable energy, 5G communication, big data, and artificial intelligence [11]. - The global energy storage battery market is expected to grow from 746.8 GWh in 2024 to 6810.1 GWh by 2030, with China's market projected to reach 54.2 GWh by 2030 [11]. - The demand for energy storage systems is increasing due to the anticipated growth in 5G base stations and data centers, with global data center electricity consumption expected to rise significantly [11]. Company Advantages and Concerns - Shuangdeng Group has established strong customer relationships with major telecom operators and data center companies, providing a competitive edge [12]. - The company is diversifying its technology portfolio, including lithium-ion, lead-acid, sodium-ion, and solid-state batteries [12]. - However, the company faces risks such as reliance on lead-acid batteries, which contribute 64.6% of its revenue, and potential regulatory challenges from the EU [12]. Investment Value Assessment and Outlook - The company plans to raise 2.75 billion HKD through its IPO, with funds allocated for expanding lithium battery production capacity in Southeast Asia, developing next-generation technology, and enhancing its marketing network [13]. - Key performance indicators include maintaining revenue growth in the data center storage business and stabilizing gross margins above 18% [15].

Core Viewpoint - A battery energy storage system in Los Angeles experienced a fire and explosion, raising concerns about safety and environmental impact due to the burning of lead-acid batteries [1][3]. Incident Summary - The fire occurred on August 10 at 4:33 AM, affecting an area of approximately 300 feet by 200 feet [1]. - By 8 AM, hazardous materials experts were monitoring air quality and water runoff, indicating significant community impact from the burning batteries [3]. - The building served as both a battery storage facility and an underground electrical room, leading the Los Angeles Fire Department to switch from an offensive to a defensive firefighting strategy [3]. - A total of 144 firefighters worked for about 5 hours to extinguish the fire, which was brought under control by approximately 10:45 AM [3]. - Local utility workers cut off power to the building to ensure safety, while hazardous materials teams remained on-site to monitor potential threats [3]. - No injuries were reported as a result of the incident [4].

Core Viewpoint - Despite setbacks in the A-share market, the company has successfully opened doors in the Hong Kong stock market, indicating resilience and adaptability in its capital market strategies [2][4]. Group 1: Company Background and Market Position - The company attempted to enter the A-share market two years ago but was forced to withdraw due to industry fluctuations impacting performance. It has since shifted focus to the Hong Kong market, where it has received approval for listing [3][4]. - As of the end of last year, the company established partnerships with five of the world's top ten telecommunications operators and equipment manufacturers, with 30% of the top 100 global telecom operators and equipment manufacturers as clients [4][6]. - The company has a strong domestic foundation, serving major clients including the five largest telecommunications operators and ten major data center enterprises in China [4]. Group 2: Business Segments and Performance - The company operates three main business segments: telecommunications base station energy storage, data center energy storage, and power storage. It has become the leader in the global telecommunications base station energy storage market [7]. - In the data center energy storage segment, the company collaborates with major tech firms like Alibaba, JD.com, and Baidu, leading the domestic market and capturing 12% of the global market [8]. - The company has seen fluctuations in revenue, with reported figures of approximately 2.5 billion yuan, 4.2 billion yuan, and 3.36 billion yuan for the years 2021 to the first three quarters of 2023, respectively [5]. Group 3: Future Prospects and Strategic Moves - The company plans to expand its lithium battery production capacity in Southeast Asia, with a target of 3 GWh, indicating a strategic pivot towards lithium battery technology despite a current reliance on lead-acid batteries, which accounted for 64% of revenue by the end of 2024 [8]. - Revenue from the data center energy storage business is projected to grow significantly, with an increase of 120% in the first five months of 2024 compared to the same period in 2023, highlighting the company's focus on this niche market [6].

Core Insights - The "Two New" policy, which refers to large-scale equipment updates and the replacement of old consumer goods, has significantly boosted consumption and investment in related sectors [1] - As of July 25, the policy has driven sales exceeding 3 trillion yuan, benefiting over 430 million people [1] Group 1: Consumer Electronics - The policy has led to a surge in sales of large home appliances, with major appliances being particularly favored in various regions [1] - In Guizhou, sales in major appliance stores have doubled post-national subsidies, with sales of quality-enhancing appliances increasing by approximately 20% [1] - Data indicates a trend towards upgrading home appliances in county areas, with large-sized and smart appliances becoming popular [1] Group 2: Specific Product Performance - Sales of televisions larger than 98 inches have increased by 43% year-on-year, while refrigerators with a capacity of over 550 liters have seen an 89% rise [1] - Among air conditioners priced above 5000 yuan, AI-enabled products account for over 60% of sales, with smart kitchen appliances and robotic vacuum cleaners experiencing year-on-year sales growth of 76.7% and 92.5%, respectively [1] Group 3: Policy Implementation and Impact - The government has allocated 231 billion yuan in special long-term bonds to support the "Two New" policy, with efforts to streamline policy processes across regions [1] - In Daqing, Heilongjiang, a smart identification and comparison program has significantly improved review efficiency [1] Group 4: Electric Vehicle Market - The policy has also stimulated the electric vehicle market, with manufacturers ramping up production to meet demand, producing at least one vehicle every 30 seconds [1] - The electric bicycle replacement initiative has led to a significant increase in sales, with a notable shift towards upgraded components [1] - A battery company in Zhejiang has reported a surge in orders, with automated robots enhancing production efficiency [1] - Data from the Ministry of Commerce indicates that the policy has facilitated the replacement of over 10 million old electric bicycles, with lead-acid battery-powered vehicles making up 87.5% of the total [1]

Core Viewpoint - Shuangdeng Group has completed the key regulatory procedures for its IPO in Hong Kong, marking it as the first stock in the "data center + communication energy storage" sector on the Hong Kong Stock Exchange [1][3]. Group 1: Company Overview - Shuangdeng ranks first globally among communication and data center energy storage battery suppliers, with a market share of 10.4% in 2023 [3]. - The company has established a strong presence, covering 80% of China's top ten proprietary data center companies and 90% of the top ten third-party data center companies by 2024 [3]. - The company has a rich history, evolving from a small factory to a leading player in the energy storage sector over 35 years [6][9]. Group 2: Financial Performance - Revenue is projected to grow from 40.72 billion RMB in 2022 to 45 billion RMB in 2024, achieving a CAGR of approximately 3.2% [7]. - The gross profit margin for Shuangdeng's lead-acid and lithium-ion batteries averaged 16.7% and 20.7% respectively over the past three years, consistent with industry peers [12]. - The company reported a net profit of 281.025 million RMB in 2022, with a profit margin of 6.9% [8]. Group 3: Market Position and Strategy - Shuangdeng has diversified its product offerings beyond lead-acid batteries to include lithium-ion batteries, which have become a significant revenue source, contributing nearly 50 billion RMB from 2022 to 2024 [25]. - The company has established partnerships with major tech firms and data center operators, including Alibaba and JD.com, to meet the growing demand for energy storage solutions [24]. - The management transition to Yang Rui has led to improved operational efficiency and a doubling of the gross profit margin from 7.5% in 2021 to 16.7% in 2024 [27]. Group 4: Challenges and Market Outlook - Despite its strong market position, Shuangdeng faces challenges such as high accounts receivable, which reached 18.89 billion RMB by the end of 2022, indicating potential issues with customer payment terms [29][30]. - The company operates in a competitive landscape, particularly in the lithium battery sector, which poses a threat from established players in the energy storage market [35]. - The outlook for Shuangdeng is mixed, with stable communication market dynamics but potential growth in the data center sector, which may attract new competitors [35].