香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 卡姆丹克太陽能系統集團有限公司 Comtec Solar Systems Group Limited （於開曼群島註冊成立的有限公司） （股份代號：712） 我們深信本公司將與其債權人達成友好的和解方案，本公司藉此將終於能夠解決 其負債問題，從而降低（即使並非全部）至少本集團大部分的淨負債。董事正努力 將本公司的財務狀況恢復至穩健水平。 業務營運最新消息 自願性公佈 季度業務最新消息 本公佈由卡姆丹克太陽能系統集團有限公司（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，旨在向本公司股東及潛在投資者提供本集團最新業務發展消息。 茲提述本公司於二零二五年五月二日刊發截至二零二四年十二月三十一日止年度 （「二零二四財年」）的年報（「二零二四年年報」）、本公司於二零二五年九月三十 日刊發截至二零二五年六月三十日止六個月的中期報告（「二零二五年中期報告」） 及本公司日期為二零二五年五月二十八日的公佈（「第 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy sector [1] Core Viewpoints - The rapid development of new energy sources poses challenges to the power system's regulation and support capabilities, necessitating a transition from a "source-grid-load" model to a "source-grid-load-storage" model, with energy storage becoming a crucial foundation for the new power system [2][11] - The demand for energy storage is expected to grow significantly due to energy security and carbon neutrality strategies, with China's wind and solar installed capacity projected to continue increasing [2][30] - As of September 2025, China's new energy storage capacity has exceeded 100GW, representing over 40% of the global total, but the penetration rate remains low compared to the overall power system, indicating substantial growth potential [2][41] Summary by Sections Concept - Energy storage refers to devices that convert and store electrical energy, acting as a "reservoir" in the power system. It helps balance real-time energy production and consumption, improving power quality and efficiency [7][9] Logic - The demand for energy storage is driven by the need for energy security and carbon neutrality, with significant growth expected in wind and solar installations. By the end of 2024, China's wind and solar installed capacity is projected to reach 1.4 billion kW, accounting for 42% of total power generation capacity [2][19] - The penetration of new energy storage is still low, with only 2.7% of total installed capacity and 5.9% of new energy capacity as of September 2025, indicating ample room for growth [2][41] Technology Routes and Installation Status - The report outlines various technology routes for energy storage, including pumped hydro storage and electrochemical storage, with lithium batteries being the primary growth driver. The current installed capacity of new energy storage in China is substantial but still small relative to the overall power system [3][41] Investment Recommendations - The report suggests that the total installed capacity of wind and solar will continue to grow, and the penetration rate of energy storage has significant room for improvement. It recommends investing in leading companies in the energy storage sector, such as Sunshine Power and Haibo Technology, which are well-positioned to capitalize on the growth opportunities in both domestic and international markets [2][45]

Core Insights - The world's first "dual-tower one machine" solar thermal energy storage power plant has successfully entered the final debugging phase, marking a significant milestone in its operation [2] - The plant features two approximately 200-meter high heat-absorbing towers surrounded by 27,000 heliostats, which capture sunlight and convert it into stable clean energy [2] - Energy storage is crucial for a country's soft power in the semiconductor field, with mechanical and electrochemical storage currently dominating the market [2][7] Industry Overview - The energy storage sector includes various technologies such as mechanical storage, electrochemical storage, thermal storage, chemical storage, and electromagnetic storage, with mechanical and electrochemical storage holding the majority market share [2] - Leading companies in the electrochemical storage field include CATL and BYD, while traditional power companies like China Three Gorges Corporation and Huaneng Group dominate the pumped storage sector [2] Technological Advancements - The "dual-tower one machine" solar thermal power plant features a molten salt heat storage system with a maximum storage capacity equivalent to 600,000 kWh, allowing for continuous power supply for 6 hours [7] - This innovative structure not only overcomes the limitations of single-tower systems but also significantly enhances power generation efficiency, total output, and storage capacity, paving the way for large-scale development of solar thermal storage technology in China [7] Key Companies in Energy Storage - **Sungrow Power Supply**: A leading provider of photovoltaic inverters and energy storage solutions focused on clean energy technology [4] - **CATL**: A global leader in lithium battery manufacturing, specializing in energy storage systems for large-scale power plants and distributed energy storage [4] - **BYD**: A major player in the new energy vehicle and energy storage system manufacturing sector, offering various energy storage solutions [4] - **Huaneng Group**: A large Chinese power company involved in multiple pumped storage projects, providing grid regulation and peak-valley adjustment services [4] - **China Three Gorges Corporation**: Engaged in renewable energy project development, including pumped storage projects for load regulation and grid stability [4]

Group 1 - The group standard "Quantification Methods and Requirements for Product Carbon Footprint of Greenhouse Gases in Lithium Battery Energy Storage Systems" has completed its first draft and a discussion meeting is scheduled for September 26, 2025 [2] - The meeting will take place at the Luyuan Jingshang Yi International Hotel in Weihai, Shandong Province, from 09:00 to 12:00 [2] - The agenda includes an introduction of the standard content by the project team, a discussion session, and a visit to the 200MW/400MWh shared energy storage project in Rongcheng, Weihai in the afternoon [2] Group 2 - The article mentions the upcoming ESIE 2026 event, which is positioned as a barometer for the development of the energy storage industry [4] - The article highlights the significant growth in new energy storage installations, with August seeing 2.9GW/7.97GWh, representing a year-on-year increase of 285% and 354% respectively [7] - It notes that the focus on "scale" has become a key priority for the development of new energy storage [7]

Group 1 - The core viewpoint of the articles highlights the rapid development and promising future of the energy storage industry in China, driven by advancements in renewable energy, smart grid construction, and supportive policies [1][2][3][4] - In 2023, China's new energy storage installed capacity reached a record high, with an annual increase exceeding 45 GWh, three times the level of 2022 [2] - Multiple A-share companies are actively entering the energy storage sector, with over 10 companies announcing related projects in 2024, including procurement and investment in energy storage projects [1][2] Group 2 - Companies like Nandu Power and Zhuhai Huicheng Environmental Protection are signing significant contracts in the energy storage field, with Nandu Power winning a bid worth 403 million yuan for lithium iron phosphate battery products [2][4] - Investment in energy storage projects is also seen in companies like Zhengping Co., which plans to invest 140 million yuan in a project to manufacture wind-solar power and energy storage facilities [3] - The establishment of new energy storage companies and projects by firms such as Samsung Medical and Huicheng Environmental Protection indicates a trend towards diversifying business structures and creating new profit growth points [4]

Core Viewpoint - Tongrun Equipment (002150.SZ) has indicated that lithium battery energy storage systems can serve as backup power for data centers due to their efficiency, compact size, and good performance [1] Company Summary - The company's existing energy storage products are technically consistent with the lithium battery energy storage systems, but they cater to different niche markets in application [1] - Currently, the company has not entered the backup power business for data centers [1]

Group 1: Intelligent Computing Business - The company's intelligent computing business achieved revenue of 269 million yuan in 2024, representing a year-on-year growth of 3696.16% [1] - By the end of 2024, the operational computing power exceeded 15,000 P, with a cumulative computing power of over 10,000 P by the end of July 2024 [1] - The gross profit margin for the intelligent computing business was 41.04% in 2024, which, although lower than previous years, remains significantly higher than other business segments [1] Group 2: Business Model and Revenue Recognition - The intelligent computing business provides overall solutions including design, construction, and operation of computing clusters for clients such as telecom operators and AI model companies [2][3] - Revenue recognition for computing services is based on monthly confirmations of services provided, with full revenue recognition when the results can be reliably estimated [4] - The main costs associated with the intelligent computing business include manufacturing costs, primarily related to server cluster depreciation, and other expenses such as cabinet rental and bandwidth fees [4] Group 3: Major Clients and Suppliers - The company has established contracts with major clients including Jinan Supercomputing Center and Beijing Anlian Technology, with total contract amounts and execution methods detailed [4][5] - The company maintains a diverse supplier base for AI servers and related equipment, ensuring competitive pricing and quality through a "compare three" procurement strategy [5][8] - There are no significant concerns regarding the relationship between the company and its major clients or suppliers, indicating a healthy business environment [8] Group 4: Long-term Asset Acquisition - As of the end of 2024, the company had invested approximately 3 billion yuan in the purchase of GPU servers and related equipment, with significant increases in fixed asset investments compared to previous years [6] - The total value of fixed assets, construction in progress, and right-of-use assets reached 2.787 billion yuan, a substantial increase of 2.351 billion yuan from the end of 2022 [6] - The company has engaged in sale-leaseback and financing lease arrangements, with total financing amounts of 1.248 billion yuan and 199 million yuan respectively, indicating a strategic approach to asset management [9]

Core Viewpoint - The development of photovoltaic poverty alleviation projects in Lin County has successfully achieved dual breakthroughs in poverty alleviation and carbon reduction through innovative technology and collaborative models [1][4]. Group 1: Photovoltaic Project Overview - The Baiwen 34MW photovoltaic poverty alleviation power station in Lin County has an annual average power generation of 51 million kWh and generates an annual income of 43.6 million yuan, benefiting 53 impoverished villages and 4,997 impoverished households [2]. - The total investment for the power station is 250 million yuan, utilizing domestic 330Wp polycrystalline components and fixed brackets [2]. Group 2: Economic and Social Impact - The power station's revenue distribution mechanism allocates 85% of photovoltaic assistance income to villages, primarily for public welfare jobs and village-level public projects [2]. - The implementation of a "photovoltaic + agriculture" model has led to additional annual income exceeding 300,000 yuan through the cultivation of medicinal herbs, enhancing agricultural value [3]. Group 3: Technological Advancements - The current "photovoltaic + agriculture" practices have evolved from simple overlays to technology-driven precision collaboration, utilizing smart sensor systems to optimize conditions for crop growth while maintaining power generation efficiency [3]. - The cost of photovoltaic components has decreased to 0.7 yuan per watt, with the initial investment cost for ground photovoltaic systems dropping to around 3 yuan per watt, a reduction of over 60% compared to earlier stages [4]. Group 4: Future Development and Sustainability - The annual power generation from photovoltaic projects in Lin County has reached 400 million kWh, generating an income of 250 million yuan and creating employment for 11,000 people, establishing a virtuous cycle of "power generation income - ecological improvement - industrial upgrading" [4]. - The integration of photovoltaic systems with energy storage technologies has improved project returns by 30%-50% through optimized energy management during peak and off-peak hours [4][5].

Core Insights - The article highlights the rapid development of new energy storage technologies in China, particularly focusing on the Southern Power Grid's Baotang and Baochi energy storage stations as key examples of innovation and application in the sector [1][2][4]. Group 1: Industry Development - The Baotang energy storage station in Foshan has become a model for peak shaving and valley filling, capable of releasing 430 million kilowatt-hours of electricity annually, equivalent to the annual consumption of 200,000 residential users [1]. - The Baochi energy storage station in Yunnan has achieved several world firsts, including the global first modular sodium-ion battery storage system and the largest single high-voltage direct-connected modular storage system [4]. - The Chinese government has prioritized the development of new energy storage technologies, with plans to include it as a rapidly growing emerging industry by 2025 [1][3]. Group 2: Technological Innovation - The Baotang station utilizes nine technological routes, including high-voltage cascade technology, which has been crucial for power supply reliability [2]. - The Southern Power Grid has initiated a new energy storage innovation consortium focusing on 57 key tasks to address industry challenges and promote the integration of innovation and industrial chains [3]. - The Baochi station's sodium-ion battery system is designed to meet various energy storage needs, with an annual adjustment capacity of 580 million kilowatt-hours, supporting nearly 270,000 households [4][5]. Group 3: Market Trends - The energy storage sector in China is evolving with the emergence of various battery technologies, including lithium-ion, sodium-ion, and flow batteries, alongside innovative business models [5]. - The Baotang and Baochi stations exemplify the shift towards integrating new energy storage solutions into the national power grid, enhancing stability and reliability [4][5].

Core Viewpoint - The article highlights the upcoming 13th International Energy Storage Summit and Exhibition (ESIE 2025), emphasizing its significance in the energy storage industry and the participation of key companies like Zhongtian Energy Technology Co., Ltd. [2][25] Company Overview - Zhongtian Energy Technology Co., Ltd. was established in December 2012 with a registered capital of 2 billion yuan, and it is a subsidiary of Jiangsu Zhongtian Technology Co., Ltd., which is among China's top 500 enterprises [3]. - The company focuses on the research, development, production, and sales of lithium iron phosphate batteries and their system integration [3]. Development Strategy - The company aims to avoid the competitive pressure of the power market by positioning itself in the energy storage sector, striving to become a world-class supplier of energy storage system integration solutions [4]. Innovation Capabilities - Zhongtian Energy has established a high-performance lithium battery engineering research center, recognized as a Jiangsu Provincial Engineering Research Center, and has received various certifications [7]. - The company collaborates with renowned universities and research institutions, undertaking over 10 national and provincial-level technology innovation projects [7]. - It has applied for over 200 patents, with 93 granted, including 40 invention patents, and has participated in the formulation of 7 industry standards [7]. Quality Management - The company has implemented comprehensive management systems for quality, environment, occupational health, and information security, achieving multiple certifications including ISO9001 and ISO14001 [10]. Product and Technology Focus - The energy storage industry chain is centered around lithium batteries, including key raw materials such as anode and cathode materials, copper foil, and structural components [11]. Major Projects - Notable projects include: 1. A 500MW/1000MWh independent energy storage project in Jiayuguan [16]. 2. A 200MW/400MWh energy storage station project in Xuzhou [18]. 3. A 160MW/320MWh shared energy storage station project in Funing County [20]. Event Details - The ESIE 2025 will take place from April 10-12, 2025, at the Capital International Exhibition Center, featuring over 800 leading companies and attracting more than 200,000 professional visitors [25]. - The exhibition will cover an area of over 160,000 square meters and include more than 500 new product launches, along with 40+ thematic forums [25].