Core Viewpoint - DeYe Co., Ltd. experienced a stock price decline of 2.01% on November 20, with a current price of 78.17 CNY per share and a total market capitalization of 709.60 billion CNY [1] Financial Performance - For the period from January to September 2025, DeYe Co., Ltd. achieved a revenue of 8.846 billion CNY, representing a year-on-year growth of 10.36%, and a net profit attributable to shareholders of 2.347 billion CNY, which is a 4.79% increase compared to the previous year [2] - The company has distributed a total of 5.242 billion CNY in dividends since its A-share listing, with 4.901 billion CNY distributed over the last three years [3] Stock Market Activity - The stock has seen a year-to-date increase of 35.69%, but has declined by 6.77% over the last five trading days [1] - As of September 30, 2025, the number of shareholders increased by 40.19% to 73,400, while the average number of circulating shares per person decreased by 28.40% to 12,375 shares [2] Shareholder Composition - As of September 30, 2025, the third-largest shareholder is Hong Kong Central Clearing Limited, holding 33.3664 million shares, an increase of 1.0752 million shares from the previous period [3] - New entrants among the top ten shareholders include E Fund CSI 300 ETF and Guangfa Small Cap Growth Mixed Fund [3] Business Overview - DeYe Co., Ltd. specializes in the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1] - The main revenue sources are inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and other products (3.16%) [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 8.846 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.36%. The net profit attributable to the parent company was 2.347 billion yuan, up 4.79% year-on-year. In Q3 2025, the revenue was 3.311 billion yuan, showing a year-on-year growth of 1.32% and a quarter-on-quarter increase of 11.51%. However, the net profit for Q3 was 825 million yuan, down 17.84% year-on-year but up 1% quarter-on-quarter [2][4]. Financial Performance - For Q3, the company had operating expenses of 300 million yuan, with an expense ratio of 9.1%, both of which increased quarter-on-quarter. This was primarily due to financial expenses rising from exchange rate fluctuations, with estimated exchange losses around 60 million yuan [11]. - The company is expected to maintain growth in orders from Ukraine, alongside improvements in demand from other markets, leading to a positive operational trend in Q4. The company is positioned as a leader in household and commercial energy storage, benefiting from rapid growth in emerging markets and overseas commercial storage [11]. Future Outlook - The company is projected to achieve net profits of 3.3 billion yuan and 4.1 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 23 and 18 times [11].

Core Viewpoint - DeYe Co., Ltd. has experienced a stock price decline of 2.02% on November 17, with a current price of 81.03 CNY per share, despite a year-to-date increase of 40.66% [1] Company Overview - DeYe Co., Ltd. is located in Ningbo, Zhejiang Province, established on August 4, 2000, and listed on April 20, 2021. The company specializes in the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1] - The main business revenue composition includes: inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and others (3.16%) [1] Financial Performance - For the period from January to September 2025, DeYe Co., Ltd. achieved operating revenue of 8.846 billion CNY, representing a year-on-year growth of 10.36%. The net profit attributable to the parent company was 2.347 billion CNY, with a year-on-year increase of 4.79% [2] - The company has distributed a total of 5.242 billion CNY in dividends since its A-share listing, with 4.901 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for DeYe Co., Ltd. was 73,400, an increase of 40.19% from the previous period. The average circulating shares per person decreased by 28.40% to 12,375 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 33.3664 million shares, an increase of 1.0752 million shares from the previous period. New entrants include the Guangfa Small Cap Growth Mixed Fund and the Solar ETF [3]

Core Viewpoint - The company DeYe Co., Ltd. is planning to list its shares in Hong Kong to enhance its global development strategy and brand influence while expanding its financing channels [2][3]. Group 1: Company Overview - DeYe Co., Ltd. was established in 2000 and is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [3]. - The company focuses on three core industry chains: photovoltaic inverters, energy storage battery packs, and environmental electrical products [3]. Group 2: Financial Performance - For the first three quarters of 2025, DeYe Co., Ltd. achieved operating revenue of 8.846 billion yuan, a year-on-year increase of 10.36%, and a net profit attributable to shareholders of 2.347 billion yuan, up 4.79% year-on-year [2][8]. - The total assets of DeYe Co., Ltd. grew from 3.924 billion yuan at the end of 2021 to 21.457 billion yuan by the end of September 2025, marking an increase of 41.97% compared to the end of 2024 [2][7]. Group 3: International Expansion - DeYe Co., Ltd. has rapidly expanded its overseas market presence, with foreign sales revenue increasing significantly from 1.262 billion yuan in 2021 to 7.947 billion yuan in 2024, accounting for over 70% of total revenue [4]. - The company has established a strong customer base in over 110 countries and regions, adapting its products to meet various international regulations and market demands [4]. Group 4: R&D Investment - R&D expenses for DeYe Co., Ltd. have consistently increased, reaching 371 million yuan in the first half of 2025, with a growth rate of 4.77% year-on-year [5]. - The R&D expense ratio has also shown an upward trend, indicating the company's commitment to innovation and product development [5]. Group 5: Stock Market Performance - As of November 14, 2025, DeYe Co., Ltd.'s stock price was 82.70 yuan per share, reflecting a cumulative increase of approximately 46.7% since the beginning of the year [8].

Core Viewpoint - The announcement indicates that Deye Technology Co., Ltd. is planning an H-share listing to advance its global development strategy, enhance brand international influence and core competitiveness, and broaden financing channels through international capital markets [1] Group 1: H-Share Listing - The goal of the H-share listing is to promote Deye's globalization strategy and improve governance levels [1] - The H-share listing will not change the controlling shareholder or actual controller of Deye [1] - Deye is currently discussing specific details of the H-share listing with relevant intermediaries [1] Group 2: Company Overview - Deye Technology is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [1] - The company was successfully listed on the Shanghai Stock Exchange in April 2021 and has three core industrial chains: photovoltaic inverters, energy storage battery packs, and environmental appliances [1] Group 3: Financial Performance - In the first three quarters of 2025, Deye achieved revenue of 8.846 billion yuan, a year-on-year increase of 10.36% [2] - The net profit attributable to shareholders was 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [2] - The stable performance provides a solid foundation for the company's Hong Kong IPO [2]

Group 1 - The company announced plans to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence [1][3] - The company is in discussions with intermediaries regarding the specifics of the H-share listing, with no changes expected in the controlling shareholder or actual controller [3] - The company reported a revenue of 8.846 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.347 billion yuan, a year-on-year increase of 4.79% for the first three quarters of 2025 [3] Group 2 - The company disclosed changes in the use of raised funds, terminating the "annual production of 25.5GW string and storage inverter production line" project and introducing a new "annual production of 7GWh industrial storage production line" project [4] - Approximately 651 million yuan of unused raised funds will be redirected to the new project, with any funding shortfall to be addressed through self-funding or other means [4] - The changes in fundraising projects do not constitute related party transactions or significant asset restructuring as defined by regulations [4]

| 样品标称名称 | 标称商标 | 标称规格型号 | 标称生产日期/批号 | 标称生产者名 | 被抽样生产者、销售 | 被抽样销售者所 | | 认证机构 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 称 | 者 | 在商场/电商平 | | | | | | | | | | | 台 | | | | | 除湿机 | | DeLonghi DEX216F/220-240V | 未标注/未标注 | 德龙电器（上 | | / / 天猫 | 中 国 证 中 | 质 | 量 认 | | | | ～ 50Hz | | 海）有限公司 | | | | | 心有限公 | | | | | | | | | 司 | | | | | THKOM | TH-12CSH/220V～ | | 上海仟井电器 | 上海勤誉实业有限公 | | 中 国 | 质 | 量 认 | | 除湿机 | 仟井 | 50Hz | 2024年8月/未标注 | 股份有限公司 | 司 | / / 淘宝 | 证 中 | | 心有限公 | | | | | | | | | 司 ...

Core Viewpoint - DeYe Co., Ltd. has shown a significant increase in stock price and trading activity, reflecting positive market sentiment and growth in revenue and profit for the year [1][2]. Financial Performance - For the period from January to September 2025, DeYe Co., Ltd. achieved a revenue of 8.846 billion yuan, representing a year-on-year growth of 10.36% [2]. - The net profit attributable to the parent company for the same period was 2.347 billion yuan, with a year-on-year increase of 4.79% [2]. - The company has distributed a total of 5.242 billion yuan in dividends since its A-share listing, with 4.901 billion yuan distributed over the last three years [3]. Stock Performance - As of November 13, the stock price of DeYe Co., Ltd. was 82.65 yuan per share, with a year-to-date increase of 43.47% [1]. - The stock has experienced a decline of 4.17% over the last five trading days, but has increased by 11.70% over the past 20 days and 51.64% over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 73,400, a rise of 40.19% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 28.40% to 12,375 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.0752 million shares, and new entrants such as E Fund CSI 300 ETF [3]. Business Overview - DeYe Co., Ltd. specializes in the research, production, and sales of components such as evaporators, condensers, and variable frequency control chips, as well as environmental electrical products like dehumidifiers and air source heat pump hot air machines [1]. - The main revenue sources are inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and others (3.16%) [1]. Industry Classification - DeYe Co., Ltd. is classified under the power equipment sector, specifically in photovoltaic equipment and inverters, and is associated with concepts such as solar energy, inverters, photovoltaic glass, energy storage, and carbon neutrality [2].

Group 1 - The core viewpoint of the news is that Deyang Co., Ltd. has seen a significant increase in its stock price, rising by 5.04% to 84.78 CNY per share, with a total market capitalization of 769.60 billion CNY [1] - Deyang Co., Ltd. is primarily engaged in the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines, with its main business revenue composition being: inverters 47.77%, energy storage battery packs 25.69%, heat exchangers 15.68%, dehumidifiers 7.36%, and others 3.16% [1] - The company is located in Ningbo, Zhejiang Province, and was established on August 4, 2000, with its listing date on April 20, 2021 [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Xinda Australia has a significant holding in Deyang Co., Ltd., specifically the Xin Ao Rui Yi Xin Xiang Mixed A Fund (025214), which held 700 shares, accounting for 1.37% of the fund's net value [2] - The estimated floating profit from this holding is approximately 2849 CNY as of the report date [2] Group 3 - The Xin Ao Rui Yi Xin Xiang Mixed A Fund (025214) was established on September 24, 2025, with a current scale of 4.1388 million CNY and has experienced a loss of 0.66% since its inception [3] - The fund managers are Yang Zhe and Li Kebao, with Yang Zhe having a cumulative tenure of 6 years and 73 days, achieving a best fund return of 44.7% and a worst return of -38.35% during his tenure [4] - Li Kebao has a cumulative tenure of 49 days, with a best fund return of 2.15% and a worst return of -0.88% [4]

Group 1 - The core viewpoint of the news is that Deyang Co., Ltd. has seen a significant increase in stock price, rising by 5.03% to 81.16 yuan per share, with a total market capitalization of 736.74 billion yuan [1] - Deyang Co., Ltd. specializes in the research, production, and sales of environmental electrical products, including evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1] - The company's main revenue sources are inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and other products (3.16%) [1] Group 2 - From the perspective of fund holdings, a fund under Industrial Bank has Deyang Co., Ltd. as one of its top ten holdings, with 12,500 shares held, accounting for 2.58% of the fund's net value [2] - The fund, named Industrial Bank Zhi Yuan Mixed A, has achieved a year-to-date return of 38.34% and a one-year return of 40.19%, ranking 2112 out of 8155 and 1578 out of 8031 respectively [2] - The fund manager, Chen Kaiyue, has been in position for nearly two years, with the best fund return during this period being 57.9% [3]