香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Sieyuan Electric Co., Ltd. 思 源 電 氣 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊 的本公司文件作出投資決定。該文件的文本將於發售期內向公眾人士分發。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件 中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company reported a revenue of 1.36 billion RMB for H1 2025, a decrease of 4.8% year-on-year, with a net profit attributable to shareholders of 160 million RMB, down 12.9% year-on-year. The decline in net profit is primarily due to a slowdown in charging pile demand and a decrease in gross margin, compounded by intensified competition in the energy storage industry [3]. - The charging pile business generated 632 million RMB in revenue for H1 2025, an increase of 13.7% year-on-year, with a gross margin of 34.9%, down 3.2 percentage points. The decrease in gross margin is attributed to changes in product mix, with a higher proportion of lower-margin battery swap and heavy-duty charging businesses. Despite a slowdown in the construction of charging piles, long-term demand is expected to grow driven by the sales of new energy vehicles [4]. - The energy storage business saw a revenue drop to 284 million RMB in H1 2025, down 39.0% year-on-year, with a gross margin of 27.8%, a decrease of 2.2 percentage points. The decline is mainly due to the company's selective abandonment of certain large storage orders domestically and competition from domestic integrators for overseas clients. However, the company anticipates a recovery in growth as it gradually introduces more domestic integrators [5]. - The industrial power supply business reported a revenue of 280 million RMB for H1 2025, an increase of 11.4% year-on-year, with a gross margin of 58.7%, up 3.9 percentage points. The company's products are widely used in intelligent computing centers, and it is actively developing advanced energy quality control solutions, which are expected to significantly contribute to revenue growth in 2025 [6]. Summary by Sections Financial Performance - H1 2025 revenue: 1.36 billion RMB, down 4.8% YoY - H1 2025 net profit: 160 million RMB, down 12.9% YoY - H1 2025 charging pile revenue: 632 million RMB, up 13.7% YoY - H1 2025 energy storage revenue: 284 million RMB, down 39.0% YoY - H1 2025 industrial power supply revenue: 280 million RMB, up 11.4% YoY [3][4][5][6]. Future Outlook - The company is expected to benefit from the ongoing development of charging piles and data centers, with a projected net profit of 538 million RMB in 2025, 651 million RMB in 2026, and 802 million RMB in 2027 [7]. - The target price for the company is set at 51.60 RMB, based on a target PE of 30 times for 2025 [7][10].