当双登股份宣布AIDC数据中心储能业务收入暴涨113.1%、跃居第一大收入来源时,市场却嗅到了危险信号。2025年中报显示,这家押注AI算力浪潮的储能企业,正陷入“增收不增利”的泥潭:毛利率创新低、应收账款高企、短期偿债压力加大、存货激增,更在行业向锂电池转型的关键期逆势加码铅酸电池。那么,双登股份的高增长,究竟是一场抓住AI风口的华丽转型,还是一个依靠低价竞争、牺牲利润而堆砌出的脆弱泡沫?“增收...
Source Link当双登股份宣布AIDC数据中心储能业务收入暴涨113.1%、跃居第一大收入来源时,市场却嗅到了危险信号。2025年中报显示,这家押注AI算力浪潮的储能企业,正陷入“增收不增利”的泥潭:毛利率创新低、应收账款高企、短期偿债压力加大、存货激增,更在行业向锂电池转型的关键期逆势加码铅酸电池。那么,双登股份的高增长,究竟是一场抓住AI风口的华丽转型,还是一个依靠低价竞争、牺牲利润而堆砌出的脆弱泡沫?“增收...
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