雄韬股份 20260205 摘要 请详细介绍公司的铅酸蓄电池业务。 铅酸蓄电池是公司的传统业务，目前公司专注于免维护、高功率铅酸蓄电池， 为算力中心和数据中心提供稳定可靠的后备电源。通过自有研发，公司开发出 体积能量比更高的铅酸蓄电池，以提供更优解决方案。预计该业务营收增长约 为 10%，毛利率在 15%左右，净利率在 4-6%之间。 锂离子电池业务的发展情况如何？ 锂离子电池是公司最核心的业务，主要聚焦于数据中心用锂离子 UPS 电源。自 2017 年起，公司开始布局该领域，并取得先发优势。目前，公司在东南亚市 场占有 50%-60%的份额，并且全球范围内增速接近 40%。2025 年，该项业 务收入约为 4 亿元，今年预计增长超过 40%。截至今年三季度，公司已完成高 增长目标，并全面接触所有下游大客户。 燃料电池方面的发展情况如何？ 燃料电池曾是公司的重点布局方向，但由于国家对氢能支持政策收缩，目前发 展较缓慢。尽管公司在制氢、电极、电堆等方面进行了布局，并投了一些下游 氢能企业，但整体利润贡献较少，每年仍有一定亏损。不过随着政策支持力度 增加，该领域未来可能会有更好的发展前景。 雄韬股份上半年算力/数 ...

Group 1: Company Strategy - The company will continue to focus on a "data center + new energy" dual-driven core strategy, emphasizing the upgrade of UPS products towards medium and high power and liquid cooling [2] - The company aims to enhance its global market share by expanding ODM orders in North America and Southeast Asia, leveraging its Vietnam factory as a key overseas hub [2] Group 2: Data Center Product and Market Layout - The company has over 30 years of experience in the power electronics industry, offering a comprehensive product range including UPS, HVDC, temperature control equipment, and energy storage solutions [3] - Key products for AI computing applications include the PowerFort integrated power module and LiquiX AI cooling solutions, with strong partnerships with major domestic internet companies [3] Group 3: Energy Storage Market Layout - The energy storage business is positioned as a core growth engine, with a complete layout of technology, products, and global channels, expected to achieve rapid growth by 2025 [4] - The company’s energy storage products cater to various applications, including residential, commercial, and grid-level, with a focus on overseas markets and partnerships with leading battery cell manufacturers [4] Group 4: Investor Communication - The company ensured compliance with information disclosure regulations during investor communications, maintaining the accuracy and completeness of disclosed information [5]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.446 billion CNY, a year-on-year increase of 41.71% [2] - The net profit attributable to shareholders in Q3 was 190 million CNY, up 38.36% year-on-year [2] - Cumulatively, for the first three quarters, the company reported a revenue of 3.609 billion CNY, a growth of 23.93% [2] - The net profit attributable to shareholders for the first three quarters was 446 million CNY, reflecting a year-on-year increase of 24.93% [2] Business Growth Areas - The company's data center and renewable energy sectors are both experiencing growth [2] - The data center business is driven by increased demand from the internet and communication sectors, with collaborations established with major clients like ByteDance, Alibaba, and JD [3] - The company is actively preparing for advancements in AIDC product development and global market expansion [3] AIDC Product Development - The company offers a comprehensive range of data center products, including UPS power supplies, HVDC, temperature control equipment, and batteries [3] - There is a focus on enhancing power capacity and optimizing single-machine power density in power products [3] - The company is developing new AIDC-related products, including new HVDC and SST models, while maintaining close communication with clients regarding product needs [3] Renewable Energy Storage - The renewable energy storage business is identified as a key growth area, with significant demand recovery in the European market since 2025 [4] - The company has seen a surge in orders from major clients in the household storage segment and is experiencing rapid growth in emerging markets [4] - The renewable energy storage sector is expected to remain a primary focus for the company in the coming years [4]