储能收入 178.03亿， 同比增长127.78%，毛利率39.92% 文 | 中关村储能产业技术联盟 8 月 25 日 晚 ， 阳 光 电 源 发 布 2025 年 半 年 报 ， 上 半 年 公 司 营 业 收 入 435.33 亿 元 ， 同 比 增 长 40.34% ， 归 母 净 利 润 77.35 亿 元 ， 同 比 增 长 55.97% ， 扣 非 净 利 润 74.95 亿 元 ， 同 比 增 长 53.52%。 同日，阳光电源宣布， 将筹划发行H股股票并在香港联交所上市 ，以深化全球化战略布局，打 造多元化融资渠道，进一步提升公司核心竞争力。 分行业看： 将启动港股上市 同日，阳光电源宣布，为深化全球化战略布局，提升公司国际化品牌形象，打造多元化融资渠 道，进一步提升核心竞争力，公司拟发行H股股票并申请在香港联交所主板挂牌上市。 光伏行业营收225.13亿元，占比51.72%，同比增长4.84%； 储能行业营收178.03亿元，占比40.89%，同比增长127.78%； 其他业务营收32.17亿元，占比7.39%，同比增长85.96%。 分产品看： 光伏逆变器等电力电子转换设备营收153.2 ...

Core Viewpoint - Yangguang Power announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, brand image, and diversify financing channels [1] Company Overview - Yangguang Power focuses on renewable energy equipment including solar, wind, storage, hydrogen, electric vehicles, and charging systems, and is recognized as a national key high-tech enterprise [3] Financial Performance - For the first half of 2025, Yangguang Power reported revenue of 43.53 billion yuan, a year-on-year increase of 40.34% - Net profit attributable to shareholders reached 7.73 billion yuan, up 55.97% year-on-year - Gross margin improved to 34.36%, an increase of 1.94% due to brand premium, product innovation, and economies of scale [3][6] Revenue Breakdown - Revenue from mainland China (excluding Hong Kong and Macau) was 18.15 billion yuan, a growth of 3.48% - Revenue from overseas (including Hong Kong and Macau) was 25.38 billion yuan, showing an increase of 88.32% [6] Industry Performance - In the solar sector, revenue was 22.51 billion yuan, a growth of 4.84% - The storage sector saw revenue of 17.80 billion yuan, a significant increase of 127.78% - The hydrogen energy sector secured multiple large-scale projects both domestically and internationally, with overseas orders exceeding 50% [4][5]

【DT新材料】 获悉，8月25日， 阳光电源 公告称，公司于2025年8月25日召开第五届董事会第十八次会议， 审议通过了公司拟发行H股股票并在香港 联合交易所有限公司上市的相关议案。 公司拟发行境外上市外资股（H股）股票并申请在香港联交所主板挂牌上市 ，以深化公司全球化战略布局，提升公司国际化品牌形象，打造公司多元化 融资渠道，进一步提升公司核心竞争力。 阳光电源是一家专注于太阳能、风能、储能、氢能、电动汽车及充电等新能源电源设备的研发、生产、销售和服务的国家重点高新技术企 业，主要产品有光伏逆变器、储能系统、风电变流及传动产品、水面光伏系统、新能源汽车电控及电源系统、充电设备、可再生能源制氢系 统、智慧能源运维服务等。 同日， 阳光电源 发布2025年半年度报告。 上半实现营业收入435.33亿元，同比增长40.34%；实现归属于上市公司股东的净利润77.35亿元，同比增 长55.97% 。 实现毛利率34.36%，同比增加1.94%，主要系公司品牌溢价、产品创新、规模效应等影响所致。 分地区来看 ，中国大陆（不包括中国港澳台）营收181.55亿元，同比增长3.48%；海外地区（包括中国港澳台）营收253 ...

| | | | | | 单位:元 | | --- | --- | --- | --- | --- | --- | | | 本报告期 | | 上年同期 | | 同比增减 | | | 金额 | 占营业收入比重 | 金额 | 占营业收入比重 | | | 营业收入合计 | 43,533,124,447.18 | 100% | 31,019,765,002.51 | 100% | 40.34% | | 分行业 | | | | | | | 光伏行业 | 22,513,422,749.63 | 51.72% | 21.474.075.901.83 | 69.23% | 4.84% | | 储能行业 | 17,802,777,589,48 | 40.89% | 7.815.767.722.43 | 25.20% | 127,78% | | 其他 | 3,216,924,108.07 | 7 39% | 1,729,921,378,25 | 5.57% | 85.96% | | 分产品 | | | | | | | 光伏逆变器等电力 甲子转换设备 | 15,327,462,208.16 | 35.21% | 13,093,202 ...

Core Viewpoint - The competition in the next-generation energy storage cell market is intensifying, with companies like CATL and Sungrow leading the charge with their respective high-capacity cells, 587Ah and 684Ah, highlighting a broader technological and market strategy battle [4][5][8]. Group 1: Company Strategies - CATL believes that the optimal capacity for energy storage cells is 587Ah, balancing system integration efficiency and safety [5][6]. - Sungrow emphasizes that the efficiency of the entire energy storage system is more critical than the individual cell capacity, advocating for a holistic approach to system design [6][10]. - Both companies agree that larger capacity is not always better, and finding the right balance is essential for optimal performance [5][9]. Group 2: Technological Approaches - CATL utilizes a winding process for its 587Ah cells, which they argue provides a better match for national standards and enhances energy density [5][6]. - Sungrow, on the other hand, employs a stacking process for its 684Ah cells, which they claim is more suitable for high-capacity applications and offers advantages in system-level efficiency [6][7]. - The industry is witnessing a shift towards stacking technology, with over 20 manufacturers now producing stacked cells, indicating a growing trend in this direction [7][8]. Group 3: Market Dynamics - The energy storage market is evolving towards a more integrated approach, where the overall performance of the energy storage system is prioritized over individual cell specifications [10][11]. - The competition is not just about capacity but also about the technological routes and safety standards that each company adheres to [8][9]. - As the market matures, hardware differentiation is expected to diminish, leading to a focus on software capabilities and system integration as key competitive advantages [11].