Core Insights - The article discusses the rapid growth and trends in the energy storage industry, highlighting significant revenue increases and the impact of new policies on the sector [2][3][14]. Policy Analysis - In September 2025, the National Development and Reform Commission and the Energy Administration issued a plan aiming for over 180 GW of cumulative installed renewable energy capacity by 2027, with an average annual growth rate of 37% [3]. - The new energy storage projects added 87.5 GWh in the first three quarters of 2025, with 32.7 GWh added in Q3 alone, reflecting a year-on-year growth of 62.97% [10][18]. Market Performance - In the first half of 2025, the combined revenue from energy storage systems, batteries, and PCS reached approximately 1.2 trillion yuan, with a net profit of about 81 billion yuan, showing an overall year-on-year growth rate exceeding 30% [3][14]. - Q3 2025 saw total revenue in the energy storage sector of approximately 282.5 billion yuan, with net profits around 34.1 billion yuan [5]. Profitability Trends - Despite the revenue growth, the average gross margin for energy storage companies declined by about 2 percentage points compared to the previous year, attributed to rising raw material costs and intensified price competition [4][14]. - Notably, some companies reported net profit increases exceeding 900% in Q3, while most companies experienced revenue growth rates between 20% and 75% [6]. Product Pricing - The average price of 314Ah energy storage cells in Q3 was 0.3052 yuan/Wh, which is 8.43% lower year-on-year but shows a slight increase of 0.23% compared to Q2 [8]. - The market price for commercial energy storage cabinets (215 kWh) stabilized around 0.65 yuan/Wh in Q3, with a price range of 0.53-0.75 yuan/Wh [9]. Future Demand Projections - The demand for energy storage batteries in AI data centers is projected to grow approximately 30 times from 10 GWh in 2024 to over 300 GWh by 2030 [12][15]. - The energy storage sector is transitioning from traditional backup power to dynamic energy management platforms, driven by increasing AI computing power and supportive policies [15].

Core Viewpoint - Desay Battery's stock price has shown a year-to-date increase of 20.28%, but has recently experienced a slight decline in the last five and twenty trading days [2]. Group 1: Stock Performance - As of November 5, Desay Battery's stock rose by 2.01% to 27.88 CNY per share, with a trading volume of 1.30 billion CNY and a turnover rate of 1.24%, resulting in a total market capitalization of 10.724 billion CNY [1]. - Year-to-date, the stock price has increased by 20.28%, with a decline of 1.73% over the last five trading days and a slight decrease of 0.11% over the last twenty days [2]. - Over the past sixty days, the stock price has increased by 20.02% [2]. Group 2: Company Overview - Desay Battery, established on September 4, 1985, and listed on March 20, 1995, is located in Nanshan District, Shenzhen, Guangdong Province, and specializes in the production of power management systems and various lithium batteries [2]. - The company's revenue composition includes: 31.93% from smartphones, 19.92% from power tools, smart home and travel products, 15.47% from laptops and tablets, 11.71% from wearables, 10.73% from energy storage products, and 10.25% from other sources [2]. - As of September 30, 2025, the number of shareholders reached 71,300, an increase of 1.54% from the previous period, with an average of 5,393 circulating shares per person, a decrease of 1.51% [2]. Group 3: Financial Performance - For the period from January to September 2025, Desay Battery achieved a revenue of 16.103 billion CNY, representing a year-on-year growth of 7.67%, while the net profit attributable to shareholders was 226 million CNY, reflecting a growth of 2.02% [2]. - The company has distributed a total of 1.484 billion CNY in dividends since its A-share listing, with 495 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 4.1265 million shares, a decrease of 1.6379 million shares from the previous period [3]. - Other notable shareholders include Southern CSI 1000 ETF, holding 2.1079 million shares (a decrease of 14,700 shares), and Huaxia CSI 1000 ETF, holding 1.2542 million shares (a decrease of 1,130 shares) [3].

Core Viewpoint - Desay Battery's stock price has shown fluctuations, with a recent decline of 2.05% and a year-to-date increase of 17.60%, indicating mixed market sentiment towards the company [1][2]. Financial Performance - For the period from January to September 2025, Desay Battery achieved a revenue of 16.103 billion yuan, reflecting a year-on-year growth of 7.67%, while the net profit attributable to shareholders was 226 million yuan, up by 2.02% [2]. - Cumulatively, the company has distributed 1.484 billion yuan in dividends since its A-share listing, with 495 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 71,300, with an average of 5,393 circulating shares per person, a decrease of 1.51% from the previous period [2]. - The stock's trading activity showed a net outflow of 10.8266 million yuan from major funds, with significant selling pressure observed in large orders [1]. Business Overview - Desay Battery, established in September 1985 and listed in March 1995, specializes in the production of power management systems and various lithium batteries, with a revenue composition that includes 31.93% from smartphones and 19.92% from electric tools and smart home products [1].

Core Viewpoint - Desay Battery, established in 1985 and listed in 1995, is a leading company in China's lithium battery power management systems, with strong technical capabilities and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Desay Battery reported revenue of 16.103 billion, ranking 5th in the industry out of 31 companies, significantly lower than the top company, CATL, with 283.072 billion, and the second, Yiwei Lithium Energy, with 45.002 billion [2] - The net profit for the same period was 167 million, ranking 11th in the industry, again showing a substantial gap compared to CATL's 52.297 billion and Yiwei's 2.977 billion [2] Group 2: Financial Ratios - As of Q3 2025, Desay Battery's debt-to-asset ratio was 61.86%, slightly down from 61.96% year-on-year but higher than the industry average of 48.67% [3] - The gross profit margin for the same period was 8.96%, down from 9.57% year-on-year and below the industry average of 17.44% [3] Group 3: Executive Compensation - The chairman, Liu Qi, received a salary of 1.5453 million in 2024, a decrease of 307,000 from 2023 [4] - The general manager, He Wenbin, earned 1.2377 million in 2024, down by 279,900 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.54% to 71,300, while the average number of circulating A-shares held per account decreased by 1.51% to 5,393.04 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 4.1265 million shares, a decrease of 1.6379 million from the previous period [5]

Group 1 - Desay Battery announced the convening of its 11th Board of Directors meeting on October 27, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, Desay Battery's revenue composition was 100% from the industrial sector [1] - As of the report date, Desay Battery's market capitalization was 10.5 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [1]

Core Points - Desai Battery announced that its current independent directors, Wu Liming, Song Wenji, and Li Han, will complete their six-year term on November 13, 2025, as per regulations [2] - The company held its 11th Board of Directors' 8th meeting on October 27, 2025, where it approved the proposal for the independent directors' term expiration and the election of new independent directors [2] - The board has nominated Xiong Zhongmin, Wang Jiang, and Chen Qiufeng as candidates for the new independent directors, with their term starting from the date of approval by the shareholders' meeting until the end of the 11th Board's term [2]

Core Viewpoint - Desay Battery (000049.SZ) reported a revenue of 16.1 billion yuan for the first three quarters, reflecting a year-on-year growth of 7.67% [1] - The net profit attributable to shareholders of the listed company reached 226 million yuan, marking a year-on-year increase of 2.02% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 177 million yuan, with a year-on-year growth of 1.57% [1] Financial Performance - Revenue for the first three quarters: 16.1 billion yuan, up 7.67% year-on-year [1] - Net profit attributable to shareholders: 226 million yuan, up 2.02% year-on-year [1] - Net profit after deducting non-recurring gains and losses: 177 million yuan, up 1.57% year-on-year [1]

深圳市德赛电池科技股份有限公司 内部控制制度 （2025年10月修订） 深圳市德赛电池科技股份有限公司 内部控制制度 第一章 总则 第一条 为加强深圳市德赛电池科技股份有限公司（以下简称"公司"）的 内部控制，促进公司规范运作和健康发展，保护股东合法权益，根据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下 简称《证券法》）、《深圳证券交易所股票上市规则》(以下简称《股票上市规 则》）、《深圳证券交易所上市公司自律监管指引第1号 ——主板上市公司规 范运作》《企业内部控制基本规范》及其配套指引等有关法律法规、规范性文 件以及《公司章程》等有关规定，结合公司实际情况，特制定本制度。 第二条 公司内部控制的目的 （一）确保国家有关法律、法规和公司内部规章制度的贯彻执行； （二）提高公司经营效益及效率，提升公司质量，增加对公司股东的回报； （三）保障公司资产的安全、完整； （四）确保公司信息披露的真实、准确、完整和公平。 第三条 公司董事会负责公司内部控制制度的制定、实施和完善，并定期 对内部控制执行情况进行全面检查和效果评估。 第四条 审计委员会负责监督公司内部控制制度的建立与执行 ...

深圳市德赛电池科技股份有限公司 子公司管理制度 深圳市德赛电池科技股份有限公司 子公司管理制度 第三条 本制度适用于公司及公司子公司。公司推荐或委派至各子公司的董 事、监事、高级管理人员应当严格执行本制度，并应依照本制度及时、有效地做 好管理、指导、监督等工作。 第四条 子公司在公司总体战略目标框架下，独立经营和自主管理，合法有 效地运作企业法人财产，公司按照有关法律法规和《上市公司规范运作》的要求， 行使对子公司的管理权。 第五条 子公司同时控股其他公司的，应参照本制度的要求逐层建立对其下 属子公司的管理控制制度，并接受公司的监督。 第二章 子公司治理结构 第六条 子公司应在公司发展战略和总体规划目标框架下，依照法律、法规、 规范性文件及本制度的规定，建立健全公司法人治理结构和内部管理制度，合法 有效地运作企业法人财产。 （2025年10月修订） 第一章 总则 第一条 深圳市德赛电池科技股份有限公司（以下简称"公司"）为加强对 子公司的管理控制，规范子公司行为，保障子公司规范运作和依法经营，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》《深 圳证券交易所股票上市规则》（以下简 ...

深圳市德赛电池科技股份有限公司 总经理工作细则 深圳市德赛电池科技股份有限公司 总经理工作细则 （2025年10月修订） 第一章 总则 第一条 按照现代企业制度的要求，为进一步完善深圳市德赛电池科技股份 有限公司（以下简称"公司"或"本公司"）的治理结构，促进公司经营管理制 度化、规范化、科学化，根据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司治理准则》以及其他有关法律、法规和《公司章程》，结合公司实际 运作情况，制定本细则。 第二条 本细则适用于公司总经理、副总经理、财务负责人等高级管理人员。 第二章 总经理的任职资格与任免程序 第三条 总经理任职应当具备下列条件： （一）具有较丰富的经济理论知识、管理知识及实践经验，具有较强的经营 管理能力； （二）具有调动职工积极性、建立合理的组织机构、协调各方面关系和统揽 全局的能力； （三）具有一定年限的企业管理或经济工作经历，精通业务，熟悉相关行业 的生产经营业务，掌握国家有关政策、法律、法规； （四）诚信勤勉，廉洁奉公，公道正派； （五）具有较强的使命感和积极开拓的进取精神，精力充沛、身体健康。 （四）担任因违法被吊销营业执照、责令关闭的公司、企 ...