Energy storage has really gained popularity in the past two years. The global new installed capacity growth rate has not slowed down, and it is expected to increase by over 60% from this year to next year. The data for 2026 is even more impressive—271GW, 444GW, 661GW—showing a three-year compound growth rate of 56%. This is not just hype; there is real demand supporting it.

On the domestic side, the business model inflection point has just arrived, with installed capacity exceeding expectations; North America is experiencing explosive growth in computing power, directly boosting electricity demand; markets in Europe, Australia, and the Middle East are also continuing to heat up. The installation growth rates for 2025-2027 are respectively expected to be 44%, 64%, and 49%, with a clear upward trend.

As a leading player in energy storage thermal management, Tongfei Co., Ltd. is expected to continue exceeding expectations in shipments. From 158 million in 2022 to 1.176 billion in 2024, with a two-year growth rate of 472%, and a 30% increase, indicating rapid capacity release. The company's advantages are evident—strong manufacturing capabilities, comprehensive customized solutions, high delivery efficiency. Customers include top companies like Sungrow and CATL. They are also expanding into overseas high-margin clients, and this new business segment has significant growth potential.

The profitability outlook is even more promising. Overseas direct exports have higher gross margins, and developing high-margin clients can boost overall gross profit margins. Domestically, the focus is shifting from price competition to value creation, with increased emphasis on the economic benefits of the entire lifecycle of energy storage thermal management products. The importance of the products is becoming more prominent, and gross margins are expected to stabilize.

Of course, risks such as demand fluctuations, intensified market competition, and raw material prices should still be monitored.