Market Overview - The photovoltaic equipment sector experienced a decline of 4.89% on October 10, with Airo Energy leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Airo Energy (688717) closed at 74.94, down 14.38% with a trading volume of 128,900 shares [1] - Shangneng Electric (300827) closed at 31.62, down 13.72% with a trading volume of 709,800 shares [1] - Jingsheng Mechanical & Electrical (300316) closed at 42.53, down 10.58% with a trading volume of 570,700 shares [1] - Other notable declines include Jinlang Technology (300763) down 9.19% and Yangguang Power (300274) down 7.79% [1] Capital Flow Analysis - The photovoltaic equipment sector saw a net outflow of 6.917 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.268 billion yuan [3] - Notable stocks with significant capital flow include Foster (603806) with a net outflow of 32.1915 million yuan from institutional investors [3] - Hongyuan Green Energy (603185) had a net inflow of 23.8808 million yuan from institutional investors [3] ETF Information - The Huaxia Sci-Tech 100 ETF (product code: 588800) tracks the Shanghai Stock Exchange Sci-Tech 100 Index and has seen a 5-day change of 3.31% [5] - The ETF's current price-to-earnings ratio is 295.08, with a recent reduction in shares by 27.5 million, and a net inflow of 1.285 million yuan from institutional investors [5]

Core Viewpoint - The company, YN Technology, experienced a decline of 6.21% in stock price on October 10, with a trading volume of 246 million yuan and a total market capitalization of 8.752 billion yuan [1] Company Overview - YN Technology focuses on the renewable energy sector, specifically in distributed photovoltaic power generation systems, developing, producing, and selling component-level power electronic devices [2][3] - The company has achieved product layout in energy storage, including portable mobile storage, household storage, and commercial storage systems, with its single-phase household energy storage series entering mass production and being sold in Europe and the United States [2] - YN Technology has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] Financial Performance - For the first half of 2025, YN Technology reported a revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79.136 million yuan, down 9.88% year-on-year [7] - As of June 30, 2025, the company had a shareholder count of 11,600, a decrease of 0.20%, with an average of 13,524 circulating shares per person, an increase of 94.31% [7] - The company’s overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the yuan [3] Product Composition - The main revenue sources for YN Technology include micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), intelligent control disconnectors (8.94%), and household energy storage products (3.06%) [7] Market Activity - The stock has seen a net outflow of 35.4775 million yuan from major investors, with a lack of clear trend in major holdings [4][5] - The average trading cost of the stock is 53.63 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak [6]

东方证券股份有限公司 关于昱能科技股份有限公司 开展资产池业务的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为昱能科技股份有限公司 （以下简称"公司"、"昱能科技"）首次公开发行股票并在科创板上市持续督导保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自 律监管指引第 1 号——规范运作》等有关规定，对昱能科技开展资产池业务的事 项进行了审慎核查，核查情况及核查意见如下： 一、资产池业务情况概述 （一） 业务概述 资产池业务是指协议银行为满足公司对所拥有的资产进行统一管理、统筹使 用的需要，向公司提供的资产管理与融资服务等功能于一体的综合金融服务平台， 是协议银行对企业提供流动性服务的主要载体。 资产池入池资产是指公司合法拥有的，向协议银行申请管理或进入资产池进 行质押的权利或流动资产，包括存单、承兑汇票、信用证、理财产品、应收账款 等。 资产池项下的票据池业务是指协议银行对入池的纸质汇票及电子商业汇票 进行统一管理、统筹使用，向公司提供的集票据托管和托收、票据代理查询、票 据贴现、票据质押池融资、业务 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-039 昱能科技股份有限公司 关于开展资产池业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 为盘活金融资产、提高公司流动资产的使用效率，昱能科技股份有限公司（以 下简称"公司"）于2025年10月9日召开第二届董事会第二十二次会议，审议通过了 《关于开展资产池业务的议案》，同意公司及全资子公司（含境外全资子公司）与 国内资信较好的商业银行开展总额度不超过人民币30,000万元资产池业务。上述事 项属于董事会审批权限范围之内，无需提交股东会审议。具体情况如下： 一、 资产池业务情况概述 1、业务概述 资产池业务是指协议银行为满足公司对所拥有的资产进行统一管理、统筹使用 的需要，向公司提供的资产管理与融资服务等功能于一体的综合金融服务平台，是 协议银行对企业提供流动性服务的主要载体。 资产池入池资产是指公司合法拥有的，向协议银行申请管理或进入资产池进行 质押的权利或流动资产，包括存单、承兑汇票、信用证、理财产品、应收账款等。 资产池项下的票据池业务是指 ...

Performance Review - In H1 2025, the company reported revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79 million yuan, down 9.88% year-on-year. The net profit excluding non-recurring items was 57 million yuan, a decline of 36.05% year-on-year. In Q2 2025, revenue reached 461 million yuan, a year-on-year decrease of 2.27% but a quarter-on-quarter increase of 141.36%. The net profit attributable to shareholders was 50 million yuan, up 4.96% year-on-year and 74.02% quarter-on-quarter. The net profit excluding non-recurring items was 35 million yuan, down 33.20% year-on-year but up 63.98% quarter-on-quarter [1]. Microinverter & Energy Communication Device Sales - In H1 2025, the company generated revenue of 358 million yuan from microinverters and energy communication devices, a year-on-year decline of 42.08%, primarily due to a decrease in new installations in traditional overseas photovoltaic markets. The shipment volume for H1 2025 was approximately 340,000 units, down 40.04% year-on-year, with Q2 2025 shipments at about 190,000 units, reflecting a quarter-on-quarter increase of 26.67%. This increase was attributed to the company's strategy of offering slight discounts to ensure growth in shipment volume [2]. Energy Storage Business Growth - The company's energy storage business maintained a high growth rate in H1 2025, becoming a significant driver of revenue growth. The revenue from industrial and commercial storage systems was 190 million yuan, up 6.43% year-on-year, while household storage product revenue was 20 million yuan, an increase of 34.11% year-on-year, benefiting from the global demand for commercial and industrial energy storage and the company's channel expansion. However, revenue from smart control circuit breakers was 58 million yuan, down 24.24% year-on-year, likely impacted by market demand structure adjustments and intensified industry competition [3]. Cost Management and Cash Position - The company's expense ratio for H1 2025 was 10.51%, a decrease of 6.5 percentage points compared to 2024. In Q2 2025, the expense ratio was 5.5%, reflecting a quarter-on-quarter decrease of 17.2 percentage points, mainly due to increased revenue and foreign exchange gains. As of H1 2025, the company had cash and cash equivalents of 1.38 billion yuan and trading financial assets of 530 million yuan, totaling nearly 2 billion yuan in cash, which is sufficient to support further expansion in new businesses such as energy storage [4]. Profit Forecast and Investment Recommendation - Considering industry competition, the company has revised its net profit forecasts for 2025-2027 to 195 million yuan, 249 million yuan, and 327 million yuan, respectively. The previous estimates for 2025-2026 were 360 million yuan and 450 million yuan. The current stock price corresponds to price-to-earnings ratios of 47.8, 37.5, and 28.5 times for the respective years. Given the company's position as a leading microinverter manufacturer and the expected continued growth in shipments post-inventory digestion, along with the energy storage business entering a phase of increased volume, a "buy" rating is maintained [5].

Core Insights - YN Technology's stock price increased by 5.54% on September 30, reaching 59.80 CNY per share, with a total market capitalization of 9.345 billion CNY [1] - The company has experienced a continuous stock price increase for four consecutive days, with a cumulative growth of 6.93% during this period [1] Company Overview - YN Technology, established on March 24, 2010, is located in Jiaxing, Zhejiang Province, and was listed on June 8, 2022 [1] - The company's main business involves the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] Revenue Composition - The revenue breakdown of YN Technology is as follows: - Micro-inverters and energy communication products: 54.95% - Commercial and industrial energy storage systems: 29.14% - Intelligent control disconnectors: 8.94% - Others: 3.89% - Household energy storage products: 3.06% [1] Fund Holdings - Guorong Fund has a significant holding in YN Technology, with its fund Guorong Rongyin A (006009) being the ninth largest holding, accounting for 2.1% of the fund's net value [2] - In the second quarter, Guorong Rongyin A reduced its holdings by 2,372 shares, maintaining a total of 42,200 shares [2] Fund Performance - Guorong Rongyin A has generated a floating profit of approximately 132,400 CNY today, with a total floating profit of 154,700 CNY during the four-day stock price increase [2] - The fund was established on June 7, 2018, with a current scale of 7.7789 million CNY, and has reported a year-to-date return of 7.27% [2]

证券日报网讯9月26日晚间，昱能科技发布公告称，公司不存在逾期担保和涉及诉讼担保的情形。 ...

东方证券股份有限公司 关于昱能科技股份有限公司 （二） 内部决策程序 2025 年 9 月 26 日，公司第二届董事会第二十一次审议通过了《关于为全资 子公司提供担保的议案》。根据《上海证券交易所科创板股票上市规则》等相关 规定，本次担保事项在董事会审批权限范围内，无需提交股东会审议。 上述担保额度有效期为董事会审议通过之日起 12 个月内。董事会授权总经 理或者其指定的授权代理人在有效期内根据公司及子公司实际经营需要和业务 开展情况，在上述担保额度内代表公司办理相关业务，并签署相关法律文件，并 由公司财务部门负责具体实施。 （三） 担保预计基本情况 注：均采用最近一期未经审计财务数据计算。 为全资子公司提供担保的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为昱能科技股份有限公司 （以下简称"公司"、"昱能科技"）首次公开发行股票并在科创板上市持续督导保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自 律监管指引第 1 号——规范运作》等有关规定，对昱能科技为全资子公司提供担 保的事项进行了审慎核查，核 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-038 昱能科技股份有限公司 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | "昱能贸易"） | 嘉兴昱能贸易有限公司（以下简称 | | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | 万元 10,000 | | | 象一 | | 实际为其提供的担保余额 | 万元 4,987.31 | | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 ☑否 | □不适用：_________ | | | 对 | 被担保人名称 | "景宁昱能"） | 景宁昱能科技有限公司（以下简称 | | 担 保 | | 本次担保金额 | 万元 10,000 | | | 象二 | | 实际为其提供的担保余额 | 万元 1,402.35 | | | | | 是否在前期 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report emphasizes the importance of long-term demand expectations as a key driver for valuation and performance in the lithium battery and photovoltaic sectors [24][28] - It highlights the significant impact of short-term marginal conditions, particularly pricing and production/output data, on market sentiment and stock performance [41][48] Summary by Sections 1. Stock Price Review - The lithium battery market began its upward trend in late 2019, driven by European carbon emission assessments and the rise of new energy vehicle consumption in China [11] - The photovoltaic market saw significant growth from 2020 to 2021 due to global carbon reduction targets and supply constraints, leading to a surge in prices and stock performance [15] - The inverter segment experienced explosive growth driven by demand from energy storage solutions, but faced a sharp decline in 2023 due to inventory issues [19] 2. Key Drivers - **Long-term Demand Expectations - Lithium Batteries** - The report notes that the adjustment of long-term demand expectations directly influences performance and valuation, with significant growth observed in 2020 due to rising demand for new energy vehicles [24] - **Long-term Demand Expectations - Photovoltaics** - The report indicates that from 2020 to 2021, demand expectations for photovoltaics were revised upwards, leading to a bullish market sentiment, but concerns about peak demand in 2023 led to a decline in valuations [29] - **Long-term Demand Expectations - Inverters** - The inverter market's performance was closely tied to demand expectations, with significant growth in 2022 driven by European energy needs, but a subsequent drop in orders in 2023 [33] 3. Short-term Marginal Conditions - **Pricing** - The report highlights that price changes in lithium and silicon materials significantly affect stock prices, with stock prices often leading material price increases [41] - **Production/Output** - Monthly production and shipment data are critical indicators for stock performance, particularly in the energy storage sector, where visibility is limited [48] - **Quarterly Profit Growth Expectations** - Market participants often use quarterly profit growth expectations to gauge industry health, with stock prices typically peaking ahead of profit expectations [49] 4. Other Insights - The report notes that valuation levels are not the primary indicators of market peaks, as fundamental expectations play a more crucial role in determining market trends [59] 5. Outlook - The report expresses optimism for the energy storage market, projecting significant growth in global installations driven by improved demand expectations and favorable market conditions [62][65]