证券代码：688063 证券简称：派能科技 公告编号：2025-054 上海派能能源科技股份有限公司 2025年半年度募集资金存放与实际使用情况的 专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和上海证券交 易所《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》的规 定，上海派能能源科技股份有限公司（以下简称"公司"）编制了《2025 年半 年度募集资金存放与实际使用情况的专项报告》，具体如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1.2020 年首次公开发行股票募集资金情况 [注]表中数值若出现总数与各分项数值之和尾数不符，为四舍五入原因所致，下同。 根据中国证券监督管理委员会出具的《关于同意上海派能能源科技股份有限 公司首次公开发行股票注册的批复》（证监许可〔2020〕3174 号），公司由主 承销商中信建投证券股份有限公司采用询价方式，向社会公众公开发行人民币普 通股（A 股）股票 38,711,200 股，发行 ...

证券代码：688063 证券简称：派能科技 公告编号：2025-055 上海派能能源科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 一、计提减值准备的情况概述 根据《企业会计准则》和上海派能能源科技股份有限公司（以下简称"公司"） 会计政策的相关规定，为客观、公允地反映公司截至2025年6月30日的财务状况 和2025年半年度的经营成果，公司及子公司对截至2025年6月30日合并范围内可 能存在减值损失的各项资产进行了评估和分析，本着谨慎性原则，公司对相关资 产进行了减值测试并计提了相应的减值准备。2025年上半年，公司计提各类信用 及资产减值损失合计人民币45,048,366.77元，具体如下： 二、计提减值准备事项的具体说明 （一）信用减值损失 公司以预期信用损失为基础，对应收票据、应收账款、其他应收款进行减值 测试并确认减值损失。经测试，2025年半年度需计提信用减值损失金额共计人民 币25,520,904.82元。 （二）资产减值损失 1/2 单位： ...

2025 年上半年，公司紧密围绕战略发展目标，在全球市场拓展、技术创新突 破、产能运营升级、人才团队建设及品牌价值深化等核心维度协同发力，实现了 整体业务的稳健进阶与综合实力的全面提升。面对行业规模化发展与新兴市场机 遇，公司坚持战略引领，以审慎务实的步伐稳步前行，在多个业务板块取得了积 极进展。 报告期内，公司实现营业收入 114,934.17 万元，同比增加 33.75 %，产品销 售量为 1,328MWh，同比增加 132.57%，其中二季度产品销售量同比增加 188.84%， 销售动能持续回升，呈现复苏态势。报告期内公司业绩增长的核心驱动力源于行 业海外库存周期修复、新兴市场需求释放以及公司精准的市场开拓策略。 全球市场布局方面，公司加速推进海外业务版图扩张，通过精准挖掘新兴市 场潜力、深化与全球合作伙伴的战略协同，成功构建起国内外市场互补发展的良 性生态。海外业绩呈现回暖态势，新兴市场发货量持续攀升；国内市场渗透率持 续深化，核心应用场景覆盖率进一步扩大。公司新型液冷储能产品实现规模化应 用，液冷集装箱产品更在电网侧储能场景取得突破；轻型动力系统与钠离子电池 产品完成规模化交付。全球化业务网络的韧性 ...

证券代码：688063 证券简称：派能科技 公告编号：2025-053 上海派能能源科技股份有限公司 第三届监事会第二十次会议决议公告 本公司监事会及全体监事保证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。 一、 监事会会议召开情况 上海派能能源科技股份有限公司（以下简称"公司"）第三届监事会第二十 次会议于 2025 年 8 月 21 日以现场结合通讯方式召开，本次会议通知及相关材料 已于 2025 年 8 月 11 日以电子邮件方式发出。本次会议由公司监事会主席郝博先 生主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开和表 决程序符合《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》）《上海证券交易所科创板股票上市规则》等相关 法律、行政法规、规范性文件及《上海派能能源科技股份有限公司章程》的有关 规定。 二、 监事会会议审议情况 与会监事审议表决通过以下事项： （一） 审议通过了《关于<2025 年半年度报告>及其摘要的议案》 监事会认为：公司《2025 年半年度报告》及其摘要 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides a comprehensive glossary of common terms, company names, and industry-specific terminology to ensure clarity and consistent understanding throughout the report [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report, covering company names, major shareholders, subsidiaries, and professional terms related to the lithium battery energy storage industry, such as lithium-ion batteries, LiFePO4 batteries, energy storage lithium batteries, BMS, EMS, PCS, ensuring clear understanding of the report content - The company's full name is "Shanghai Pylon Technologies Co., Ltd.", abbreviated as "Pylon Technologies"[13](index=13&type=chunk) - ZTE New is the company's controlling shareholder[13](index=13&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, including its corporate details, contact information, stock overview, and a summary of key accounting data and financial indicators for the reporting period [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) This section introduces the company's basic information, including its Chinese name, abbreviation, foreign name, legal representative, registered and office addresses, website, and email, also disclosing historical changes to the registered address - The company's legal representative is Wei Zaisheng, and its registered address changed to No. 300 Miaoqiao Road, Kangqiao Town, Pudong New Area, Shanghai on June 11, 2024[16](index=16&type=chunk) [Contact Persons and Information](index=5&type=section&id=Contact%20Persons%20and%20Information) This section provides the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary (domestic information disclosure representative) and Securities Affairs Representative, facilitating investor inquiries and communication - The Board Secretary is Ye Wenju, the Securities Affairs Representative is Shen Lingyu, and their contact number is 021-31590029[17](index=17&type=chunk) [Information Disclosure and Document Availability Location Changes](index=5&type=section&id=Information%20Disclosure%20and%20Document%20Availability%20Location%20Changes) This section lists the company's selected information disclosure newspapers, the website address for semi-annual reports, and the location where the company's semi-annual reports are available, ensuring transparency and accessibility of information disclosure - The company designates 'Shanghai Securities News', 'Securities Times', 'Securities Daily', and 'China Securities Journal' as information disclosure newspapers, with reports published on www.sse.com.cn[18](index=18&type=chunk) [Company Stock/Depositary Receipt Summary](index=5&type=section&id=Company%20Stock%2FDepositary%20Receipt%20Summary) This section briefly introduces the company's stock information, including stock type, listing exchange and board, stock abbreviation, and code, confirming the company's A-shares are listed on the Shanghai Stock Exchange STAR Market - The company's A-shares are listed on the Shanghai Stock Exchange STAR Market, with stock abbreviation 'Pylon Technologies' and stock code '688063'[20](index=20&type=chunk) [Company Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 33.75% year-on-year to RMB 1.149 billion, but total profit and net profit attributable to shareholders decreased by 91.36% and 30.01% respectively, with net cash flow from operating activities down 35.87%, mainly due to intensified market competition, product price reductions, changes in export tax rebate policies, and delayed payments under DDP trade mode Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,149,341,740.60 RMB | 859,296,761.27 RMB | 33.75 | | Total Profit | 2,495,347.68 RMB | 28,878,637.88 RMB | -91.36 | | Net Profit Attributable to Shareholders of Listed Company | 13,911,743.04 RMB | 19,876,693.35 RMB | -30.01 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | -25,548,046.31 RMB | -6,147,694.37 RMB | Not Applicable | | Net Cash Flow from Operating Activities | 297,506,198.59 RMB | 463,890,024.75 RMB | -35.87 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 9,094,955,074.71 RMB | 9,174,905,768.15 RMB | -0.87 | | Total Assets (Period-end) | 12,006,148,085.81 RMB | 11,662,789,188.41 RMB | 2.94 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.06 | 0.08 | -25.00 | | Diluted Earnings Per Share (RMB/share) | 0.06 | 0.08 | -25.00 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (RMB/share) | -0.11 | -0.03 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.15 | 0.21 | Decrease of 0.06 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | -0.28 | -0.06 | Decrease of 0.22 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 13.88 | 22.43 | Decrease of 8.55 percentage points | - The company's product sales volume reached **1,328 MWh**, a year-on-year increase of **132.57%**, with Q2 sales volume at **927 MWh**, a quarter-on-quarter increase of **131.17%**[23](index=23&type=chunk) - The decrease in net profit was mainly due to intensified market competition leading to product price reductions, changes in export tax rebate policies increasing costs, and a decline in gross profit margin[23](index=23&type=chunk) - The decrease in net cash flow from operating activities was primarily due to a significant increase in cash paid for goods and services as market demand recovered, and delays in sales realization and payment collection under the DDP trade mode[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling RMB 39,459,789.35, primarily including government grants recognized in current profit or loss, fair value changes of financial assets, and gains/losses from disposal of financial assets Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -40,664.85 | | Government Grants Recognized in Current Profit or Loss | 11,040,400.62 | | Gains and Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and from Disposal of Financial Assets and Liabilities | 35,229,014.22 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 655,952.50 | | Other Non-operating Income and Expenses Apart from the Above | 267,211.59 | | Less: Income Tax Impact | 7,649,720.28 | | Impact on Minority Interests (After Tax) | 42,404.45 | | Total | 39,459,789.35 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section offers a detailed review of the company's industry, main business operations, core competitiveness, and significant risk factors, providing management's perspective on performance and future outlook [Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company focuses on the lithium battery energy storage industry, primarily engaged in LiFePO4 cells, modules, BMS, and energy storage system integration; the global energy storage market is entering a scaled commercial application stage, with China as a core driver, and the company's products are widely used across various power sectors and scenarios, possessing full-chain core technology and multiple international certifications - The company's industry is "C3841 Lithium-ion Battery Manufacturing", classified as a strategic emerging industry[28](index=28&type=chunk) - In the first half of 2025, the global energy storage industry entered a new stage of scaled commercial application, with lithium battery energy storage remaining dominant, and cell and system integration technologies evolving towards larger capacity and higher energy density[28](index=28&type=chunk) - China's cumulative installed capacity of new energy storage reached **94.91 GW**, with storage capacity reaching **222 GWh**, an increase of approximately **29%** compared to the end of 2024[29](index=29&type=chunk) [Industry Overview](index=8&type=section&id=Industry%20Overview) The company is deeply rooted in the lithium battery energy storage industry, benefiting from global energy storage market scaling and Chinese policy support; the new energy storage market is dominated by lithium batteries, with technology advancing towards large capacity and high energy density, and the company holds high brand recognition and competitiveness in the global market, having received multiple international and domestic awards and certifications - The company is a leading energy storage system provider with high brand recognition and strong market competitiveness in the global electrochemical energy storage market[31](index=31&type=chunk) - Awarded 'Top Energy Storage Brand' in the UK and German markets and 'Top Energy Storage Brand' in Europe for 2025 by EUPD Research[31](index=31&type=chunk) - Received the '2025 China Energy Storage Industry ESG Contribution Award' and '2025 China Energy Storage Industry Best Commercial and Industrial Energy Storage Solution Award' from the China International Energy Storage Conference Organizing Committee and China Energy Storage Network[31](index=31&type=chunk) [Main Business](index=9&type=section&id=Main%20Business) The company's main business includes LiFePO4 cells, modules, battery management systems, and energy storage system integration, with products widely used in residential, commercial, industrial, grid, communication base stations, and other scenarios; the company holds 115 invention patents and is one of the few domestic enterprises with independent R&D and manufacturing capabilities across the entire industry chain, with products passing multiple international safety certifications - The company specializes in the R&D, production, and sales of LiFePO4 cells, modules, battery management systems, and energy storage system integration[33](index=33&type=chunk) - As of June 30, 2025, the company holds **115 invention patents**, **611 utility model patents**, **81 design patents**, **66 software copyrights**, **11 integrated circuit layout designs**, and **5 international patents**[33](index=33&type=chunk) - The company is one of the few domestic enterprises with independent R&D and manufacturing capabilities for core energy storage components such as cells, modules, battery management systems, and energy management systems[34](index=34&type=chunk) [Main Products or Services](index=10&type=section&id=Main%20Products%20or%20Services) The company's main products include energy storage battery systems and cells, covering residential, commercial, industrial, grid, communication base stations, vehicle energy storage, mobile energy storage, and light power applications; product types are diverse, including plug-in, stackable, wall-mounted residential energy storage systems, rack-mounted and containerized commercial, industrial, and grid-level energy storage systems, as well as various LiFePO4 and sodium-ion cells - Energy storage battery system products include plug-in, stackable, wall-mounted, all-in-one, and split-type systems, applied in residential, commercial, industrial, grid, communication base stations, vehicle energy storage, and mobile energy storage fields[36](index=36&type=chunk) - Cell products include pouch LiFePO4 cells, aluminum-cased LiFePO4 cells, large-capacity aluminum-cased polyanion sodium-ion cells, power-type LiFePO4 cells, pouch manganese-lithium cells, pouch sodium sulfate cells, and pouch composite sodium iron phosphate cells[36](index=36&type=chunk)[37](index=37&type=chunk) - Products feature high safety and reliability, long cycle life, wide operating temperature range, and high energy density[37](index=37&type=chunk) [Main Business Model](index=11&type=section&id=Main%20Business%20Model) The company's profit model is primarily through the sale of energy storage battery systems and cells; procurement is based on customer demand and inventory, managed through strict supplier procedures; production is mainly in-house, arranged according to sales orders and forecasts, with minor non-core processes outsourced; sales are handled by domestic and international marketing departments, developing customers through exhibitions, visits, and bidding, offering one-stop solutions - The company generates revenue and profit by selling energy storage battery systems, energy storage systems, and cells[38](index=38&type=chunk) - Procurement model: The planning department calculates procurement volumes, the procurement department issues orders to suppliers, and the quality department inspects and warehouses qualified goods, with a strict supplier access, evaluation, and assessment system[39](index=39&type=chunk) - Sales model: Domestic and international marketing departments are established to develop customers through exhibitions, client visits, and bidding, providing products and after-sales services, and implementing a strict credit management system[41](index=41&type=chunk)[42](index=42&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue increased by 33.75%, but net profit decreased by 30.01%; sales volume significantly grew by 132.57%, driven by the recovery of the international residential energy storage market, expansion into emerging markets, breakthroughs in commercial and industrial energy storage, and growth in light power business; the company made steady progress in global market layout, technological innovation, capacity operation, talent development, and brand value Operating Performance for H1 2025 | Indicator | Amount/Growth Rate | | :--- | :--- | | Operating Revenue | RMB 1,149.34 million, a year-on-year increase of 33.75% | | Net Profit Attributable to Shareholders of Listed Company | RMB 13.91 million, a year-on-year decrease of 30.01% | | Product Sales Volume | 1,328 MWh, a year-on-year increase of 132.57% | | Q2 Product Sales Volume | 927 MWh, a year-on-year increase of 188.84%, a quarter-on-quarter increase of 131.17% | - International market: The destocking cycle in the European market is nearing its end, with structural improvements in overseas performance and moderate growth; residential energy storage products and cells have obtained Japan JET certification, and commercial and industrial energy storage system products have passed multiple international certifications and achieved scaled sales[44](index=44&type=chunk) - Domestic market: Accelerated penetration through dual modes of project development and product sales, with application scenarios covering grid-side, industrial parks, and 5G base stations; new liquid-cooled energy storage products are widely applied in core regions such as the Yangtze River Delta, Pearl River Delta, and Central China, and light power systems and sodium-ion battery products have achieved scaled delivery[45](index=45&type=chunk) - Technology R&D: Launched Fidus split-type energy storage system, M8 energy storage system, and battery power optimizer, with products covering residential, commercial, industrial, ancillary services, and independent energy storage scenarios[45](index=45&type=chunk) - Operational efficiency: Cell output rapidly increased quarter-on-quarter, and the pouch cell production line of Anhui subsidiary achieved delivery; cost control was achieved by optimizing R&D, production, and sales processes, reducing supply chain procurement costs, improving production efficiency, and commissioning internal energy storage power stations and photovoltaic rooftops to reduce energy consumption[46](index=46&type=chunk) - Brand value: WIND ESG rating upgraded to A, Ecovadis assessment awarded silver medal, CDP first participation achieved B rating, strengthening the professional and reliable brand image[47](index=47&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in continuous independent innovation and full-chain core technologies, holding national high-tech enterprise qualifications and numerous patents; its R&D team is experienced and highly invested, forming full-chain R&D capabilities in cells, modules, BMS, and EMS; products are certified by major global safety standards, enjoy high market recognition, and have established long-term partnerships with leading domestic and international clients, offering fully compatible and differentiated solutions - The company specializes in the energy storage system sector, adhering to independent innovation and R&D, mastering full-chain core technologies, and is a national high-tech enterprise[48](index=48&type=chunk) - As of June 30, 2025, the company holds **115 invention patents**, **611 utility model patents**, **81 design patents**, **66 software copyrights**, **11 integrated circuit layout designs**, and **5 international patents**[48](index=48&type=chunk) - The company's products boast technical advantages such as high safety and reliability, long cycle life, modularity, and intelligence[48](index=48&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness is reflected in its independently innovative R&D technology, vertically integrated comprehensive services, product safety certifications covering major global markets, high-quality core customer resources, strong brand recognition, and fully compatible differentiated solutions, all of which collectively support its leading position in the lithium battery energy storage sector - The company has **608 R&D technical personnel**, with key R&D staff possessing over **10 years of experience** in lithium batteries and energy storage systems, and R&D expenses accounting for **13.88%** of operating revenue[49](index=49&type=chunk) - The company is one of the few domestic enterprises with independent R&D and production capabilities for core energy storage components such as cells, modules, battery management systems, and energy management systems, as well as the ability to design integrated energy storage system solutions[49](index=49&type=chunk) - The company's products have passed major global safety standard certifications including international IEC, EU CE, European VDE, US UL, Australian CEC, Japanese JIS, and UN UN38.3; sodium-ion battery products have also passed authoritative certifications from TÜV Rheinland Group, US UL, and international IEC[51](index=51&type=chunk) - The company has established long-term stable partnerships with Segen (UK), Krannich (Germany), Energy (Italy), and others, with residential energy storage products having significant market influence in Europe and parts of Africa[52](index=52&type=chunk) - The company has built a multi-capacity solution system ranging from **30 KWh to 5,000 KWh**, fully covering the energy storage needs of different scale customers, and has expanded into power supply, EMS, and cloud platform products[53](index=53&type=chunk)[54](index=54&type=chunk) [Core Technologies and R&D Progress](index=15&type=section&id=Core%20Technologies%20and%20R%26D%20Progress) The company's core technologies encompass LiFePO4 cells, modules, BMS, and energy storage system integration, further building energy management, power supply, and cloud platform systems; products offer high safety, long cycle life, good rate performance, modular design, and flexible configuration; during the reporting period, the company added 15 invention patents and 105 utility model patents, with R&D investment of RMB 159 million, accounting for 13.88% of operating revenue, and the R&D team underwent structural optimization, reducing personnel while enhancing efficiency - The company's core technologies include LiFePO4 cells, modules, battery management systems, and energy storage system integration, and it has built energy management systems, power supply systems, and cloud platform systems[55](index=55&type=chunk) - Through independently developed pre-lithiation technology and SEI film self-repair technology, combined with cell interface engineering optimization, the company successfully increased cell cycle life by over **20%**, with long-life batteries achieving up to **15,000 cycles** and a service life of nearly **20 years**[57](index=57&type=chunk) - As of June 30, 2025, the company cumulatively holds **115 invention patents**, **611 utility model patents**, **81 design patents**, **66 software copyrights**, **11 integrated circuit layout designs**, and **5 international patents**[60](index=60&type=chunk) R&D Investment for H1 2025 | Indicator | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 159,481,490.65 | 192,716,998.20 | -17.25 | | Total R&D Investment | 159,481,490.65 | 192,716,998.20 | -17.25 | | Total R&D Investment as Percentage of Operating Revenue (%) | 13.88 | 22.43 | Decrease of 8.55 percentage points | - During the reporting period, the number of personnel in the company's R&D team decreased by **16.83%** compared to the same period last year, but efficiency was upgraded through structural optimization[68](index=68&type=chunk) [Risk Factors](index=20&type=section&id=Risk%20Factors) The company faces multiple risks including performance decline, impairment of core competitiveness (R&D failure, technology route changes, loss of key technical personnel, leakage, intellectual property risks), operational risks (market expansion below expectations, raw material supply, reliance on imported electronic components, overseas operational management, product quality, safety and environmental protection), financial risks (accounts receivable collection, gross margin decline, inventory impairment, tax policy changes, exchange rate fluctuations), and industry and macroeconomic environment risks (industrial policies, market competition, macroeconomic conditions, international trade, fundraising project implementation, and capacity digestion) - During the reporting period, the net profit attributable to shareholders of the listed company decreased by **30.01%** year-on-year, posing a risk of future performance decline or loss[69](index=69&type=chunk) - Core competitiveness risks include R&D failure, changes in industry technology routes (e.g., declining competitiveness of pouch LiFePO4 batteries), product technology iteration, loss of key technical personnel, and core technology leakage risks[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - Operational risks include market expansion falling short of expectations (domestic and international market competition, policy restrictions), raw material supply shortages or price fluctuations, reliance on imported electronic components (e.g., IC chips), differences in overseas operational management, product quality issues, and safety production and environmental protection risks[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - Financial risks include accounts receivable collection risk (period-end book value of **RMB 889.71 million**), gross margin and profit decline risk (gross margin of **18.22%**, a year-on-year decrease of **15.22 percentage points**), inventory impairment risk (period-end book value of **RMB 1.093 billion**), changes in tax preferential policies, and exchange rate fluctuation risks[78](index=78&type=chunk)[79](index=79&type=chunk) - Other significant risks include delays in the implementation progress of fundraising investment projects (e.g., the **10 GWh** lithium battery R&D and manufacturing base project postponed to April 2026), inability to absorb new capacity, and increased depreciation and amortization expenses leading to reduced profits[83](index=83&type=chunk)[85](index=85&type=chunk) [Risk of Performance Decline or Loss](index=20&type=section&id=Risk%20of%20Performance%20Decline%20or%20Loss) The company's net profit decreased by 30.01% year-on-year during the reporting period, and in the future, if macroeconomic conditions worsen, market competition intensifies, or customer acquisition and retention are unfavorable, the company may face operational pressure, performance decline, or even losses - During the reporting period, the net profit attributable to shareholders of the listed company was **RMB 13.91 million**, a year-on-year decrease of **30.01%**[69](index=69&type=chunk) [Core Competitiveness Risks](index=20&type=section&id=Core%20Competitiveness%20Risks) The company faces risks such as R&D failure, changes in technology routes (e.g., declining competitiveness of pouch LiFePO4 batteries), product technology iteration, loss of key technical personnel, and core technology leakage, all of which could impact its market competitive position and profitability - The company's R&D expenditure was **RMB 159.48 million**, accounting for **13.88%** of operating revenue; R&D failure or misalignment could adversely affect operating performance[70](index=70&type=chunk) - The company's energy storage battery systems are primarily based on pouch LiFePO4 batteries; significant future changes in technology routes could adversely affect the company's product competitiveness and profitability[71](index=71&type=chunk) - Mr. Shi Lu, a former core technical personnel of the company, has resigned, and the possibility of future loss of core technical personnel cannot be ruled out, which may adversely affect technological R&D[72](index=72&type=chunk) [Operational Risks](index=21&type=section&id=Operational%20Risks) The company's operations face risks such as market expansion falling short of expectations (intense domestic and international competition, volatile policies), raw material supply shortages or price fluctuations, reliance on imported electronic components, differences in overseas operational management, product quality issues, and safety production and environmental protection incidents, which could affect its normal operations and profitability - Factors such as intense domestic and international market competition, policy and regulatory restrictions, and macroeconomic fluctuations may lead to market expansion falling short of expectations, affecting the company's operating performance[74](index=74&type=chunk) - Fluctuations in major raw material prices or supply shortages, as well as reliance on imported electronic components (e.g., IC chips), may adversely affect the company's procurement and production[74](index=74&type=chunk)[75](index=75&type=chunk) - The company's overseas business faces risks in foreign operational management, including differences in laws and regulations, market characteristics, business practices, and changes in bilateral relations[75](index=75&type=chunk)[76](index=76&type=chunk) [Financial Risks](index=22&type=section&id=Financial%20Risks) The company faces risks related to accounts receivable collection, declining gross margin and profit, inventory impairment, changes in tax preferential policies, and exchange rate fluctuations, all of which could adversely affect its asset quality, profitability, and tax burden - As of the end of the reporting period, the book value of accounts receivable was **RMB 889.71 million**; if customer payment capabilities deteriorate, there is a risk of collection difficulties[78](index=78&type=chunk) - During the reporting period, the gross profit margin of the main business was **18.22%**, a decrease of **15.22 percentage points** compared to the same period last year, mainly due to intensified market competition leading to product price reductions and changes in export tax rebate policies[78](index=78&type=chunk) - As of the end of the reporting period, the book value of inventory was **RMB 1.093 billion**; changes in market demand may lead to inventory accumulation and impairment risks[79](index=79&type=chunk) [Industry Risks](index=23&type=section&id=Industry%20Risks) The company faces risks from changes in industrial policies, including the tapering of overseas subsidies and adjustments to domestic peak-valley electricity prices affecting commercial and industrial energy storage returns; additionally, global energy storage industry competition is intensifying, and if the company fails to continuously improve product performance, reduce costs, and enhance market development capabilities, it may struggle to maintain its market position and competitive advantages - The tapering of overseas national subsidy policies or unfavorable changes in energy storage-related industrial policies, as well as adjustments to domestic peak-valley electricity prices, may affect the company's operating performance[80](index=80&type=chunk) - Competition in the global electrochemical energy storage market is intensifying; if the company cannot continuously improve comprehensive product performance, reduce production costs, enhance market development capabilities, and customer service levels, it may struggle to maintain its market position[80](index=80&type=chunk) [Macroeconomic Environment Risks](index=23&type=section&id=Macroeconomic%20Environment%20Risks) The company faces macroeconomic risks such as slowing global economic growth, escalating international tensions, and trade sanctions, which could lead to a slowdown or decline in market demand; additionally, an unstable international trade environment, trade protection policies, and changes in product certification requirements may increase company costs or reduce product competitiveness, affecting overseas business - Macroeconomic factors such as global economic slowdown, escalating international tensions, and trade sanctions may lead to changes in downstream terminal market demand, affecting the company's profitability[81](index=81&type=chunk) - The company's overseas main business revenue accounts for **81.31%**, facing international trade risks such as an unstable international trade environment, trade protection policies, and geopolitical conflicts[81](index=81&type=chunk) [Other Significant Risks](index=23&type=section&id=Other%20Significant%20Risks) The company's fundraising investment projects, such as the **10 GWh** lithium battery R&D and manufacturing base project, have been delayed until April 2026, posing risks of extended project cycles, lower-than-expected implementation effects, inability to absorb new capacity, and reduced profits due to increased depreciation and amortization expenses - The 'Pylon Technologies **10 GWh** Lithium Battery R&D and Manufacturing Base Project' completion date has been adjusted from April 2025 to April 2026, with overall construction progress delayed compared to expectations[83](index=83&type=chunk) - After the completion of fundraising investment projects, unfavorable changes in market conditions may lead to insufficient utilization of new capacity and inability to fully absorb it[85](index=85&type=chunk) - Upon completion of fundraising investment projects, new fixed asset depreciation will be added; if expected returns are not achieved, it may lead to reduced profits[85](index=85&type=chunk) [Key Operating Performance During the Reporting Period](index=24&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by 33.75% to RMB 1.149 billion, but net profit attributable to shareholders decreased by 30.01% to RMB 13.91 million; total assets grew by 2.94%, while net assets slightly decreased by 0.87%; significant changes occurred in operating costs, selling expenses, financial expenses, and net cash flow from investing activities, mainly due to increased sales volume, higher marketing investment, exchange rate fluctuations, and increased investment in wealth management products; non-core businesses had a significant impact on profit, asset-liability structure was adjusted, and external equity investments and fundraising projects continued to advance Key Operating Data for H1 2025 | Indicator | Amount (RMB 10,000) | Change (%) | | :--- | :--- | :--- | | Operating Revenue | 114,934.17 | 33.75 | | Net Profit Attributable to Shareholders of Listed Company | 1,391.17 | -30.01 | | Total Assets (Period-end) | 1,200,614.81 | 2.94 | | Owners' Equity Attributable to Shareholders of Listed Company (Period-end) | 909,495.51 | -0.87 | [Main Business Analysis](index=24&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 33.75%, driven by the recovery of the international residential energy storage market, expansion into emerging markets, breakthroughs in commercial and industrial energy storage, and rapid growth in light power business; operating costs increased by 64.31% with sales volume; selling expenses rose by 99.64% due to increased marketing efforts, personnel compensation, and advertising/exhibition fees; financial expenses are not applicable for year-on-year change due to exchange gain/loss fluctuations; net cash flow from operating activities decreased by 35.87%, mainly due to a significant increase in cash paid for goods purchased as output increased, and delayed payments under the DDP trade mode Changes in Financial Statement Items for H1 2025 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,149,341,740.60 | 859,296,761.27 | 33.75 | | Operating Cost | 937,347,699.84 | 570,485,395.58 | 64.31 | | Selling Expenses | 64,059,032.42 | 32,087,108.13 | 99.64 | | Administrative Expenses | 56,880,826.24 | 48,088,559.43 | 18.28 | | Financial Expenses | -74,285,668.04 | -32,442,185.40 | Not Applicable | | R&D Expenses | 159,481,490.65 | 192,716,998.20 | -17.25 | | Net Cash Flow from Operating Activities | 297,506,198.59 | 463,890,024.75 | -35.87 | | Net Cash Flow from Investing Activities | -1,040,766,097.49 | 156,179,083.35 | -766.39 | | Net Cash Flow from Financing Activities | -111,072,026.82 | -313,071,063.27 | Not Applicable | - Operating revenue growth was mainly driven by the recovery of the international residential energy storage market, expansion into emerging markets, breakthroughs in commercial and industrial energy storage business, and rapid growth in light power business[87](index=87&type=chunk) - Net cash flow from investing activities significantly decreased by **766.39%**, mainly due to increased purchases of wealth management products during the reporting period[87](index=87&type=chunk) [Explanation of Significant Profit Changes Caused by Non-Core Businesses](index=25&type=section&id=Explanation%20of%20Significant%20Profit%20Changes%20Caused%20by%20Non-Core%20Businesses) During the reporting period, non-core businesses significantly impacted the company's profit; government grants, investment income from wealth management, and fair value changes of financial assets contributed positively, while credit impairment losses and asset impairment losses had a negative impact, and these items are not sustainable Impact of Non-Core Businesses on Profit for H1 2025 | Item | Amount (RMB) | Percentage of Net Profit Attributable to Parent Company (%) | Reason for Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Other Income | 15,733,795.06 | 113.10 | Government grants recognized in current year | No | | Investment Income | 16,451,474.50 | 118.26 | Investment income from company's wealth management products | No | | Gains and Losses from Fair Value Changes | 18,777,539.72 | 134.98 | Investment income from company's wealth management products | No | | Credit Impairment Losses | -25,520,904.82 | -183.45 | Impairment provision measured at expected credit loss for entire duration | No | | Asset Impairment Losses | -19,527,461.95 | -140.37 | Inventory impairment provision calculated when cost exceeds net realizable value | No | [Analysis of Assets and Liabilities](index=25&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets increased by 2.94%, while net assets attributable to shareholders slightly decreased by 0.87%; notes receivable, prepayments, inventory, contract assets, other non-current assets, notes payable, accounts payable, contract liabilities, taxes payable, and other payables all showed significant growth, mainly due to increased production and sales, higher prepaid goods, increased quality assurance deposits, increased prepaid equipment and engineering costs, and increased taxes payable; construction in progress significantly decreased by 92.66%, primarily due to completion and transfer to fixed assets Changes in Assets and Liabilities for H1 2025 | Item Name | Current Period-end Amount (RMB) | Percentage of Total Assets at Current Period-end (%) | Prior Period-end Amount (RMB) | Percentage of Total Assets at Prior Period-end (%) | Change in Current Period-end Amount vs. Prior Period-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 61,671,414.59 | 0.51 | 6,118,392.19 | 0.05 | 907.97 | Increase in notes received and outstanding | | Prepayments | 32,820,166.41 | 0.27 | 20,638,560.38 | 0.18 | 59.02 | Increase in prepaid goods with rising production and sales | | Inventory | 1,093,891,400.51 | 9.11 | 719,951,113.19 | 6.17 | 51.94 | Increase in production preparations and inventory due to market production and sales growth | | Contract Assets | 6,230,550.01 | 0.05 | 1,306,161.27 | 0.01 | 377.01 | Increase in accounts receivable for quality assurance | | Construction in Progress | 20,369,933.03 | 0.17 | 277,596,984.54 | 2.38 | -92.66 | Construction in progress completed and transferred to fixed assets | | Other Non-current Assets | 35,780,780.70 | 0.30 | 21,955,337.21 | 0.19 | 62.97 | Increase in prepaid equipment and engineering costs | | Short-term Borrowings | 0.00 | 0.00 | 55,005,277.79 | 0.47 | -100.00 | Bill discounting matured and short-term borrowings matured | | Notes Payable | 300,179,073.84 | 2.50 | 205,315,053.08 | 1.76 | 46.20 | Increase in notes payable to suppliers due to increased purchases in current period | | Accounts Payable | 1,276,887,293.23 | 10.64 | 935,294,700.06 | 8.02 | 36.52 | Increase in accounts payable with rising production and sales | | Contract Liabilities | 94,786,524.94 | 0.79 | 61,872,288.84 | 0.53 | 53.20 | Increase in advance receipts from customers | | Taxes Payable | 16,265,586.12 | 0.14 | 5,793,949.64 | 0.05 | 180.73 | Increase in VAT and corporate income tax payable in current year | | Other Payables | 4,894,707.68 | 0.04 | 2,432,180.44 | 0.02 | 101.25 | Increase in deposits, guarantees, and temporary receipts | | Other Current Liabilities | 2,805,868.88 | 0.02 | 1,302,120.56 | 0.01 | 115.48 | Increase in deferred output VAT | - Overseas assets amounted to **RMB 152.49 million**, accounting for **1.27%** of total assets[95](index=95&type=chunk) - Restricted cash at period-end was **RMB 16.13 million**, mainly for bill deposits[97](index=97&type=chunk) [Investment Analysis](index=28&type=section&id=Investment%20Analysis) During the reporting period, the company's total external equity investment was RMB 268 million, a year-on-year increase of 89.90%, primarily for capital contributions to Anhui Pylon, Huangshi ZTE Pylon, Shanghai Pylon New Energy, and overseas subsidiaries; regarding non-equity investments, the lithium-ion battery and system production base project and the 2GWh lithium battery high-efficiency energy storage production project have been completed, while the Pylon Technologies 10GWh lithium battery R&D and manufacturing base project and the headquarters and industrialization base project are still under construction - During the reporting period, the company's total external equity investment was **RMB 268.42 million**, a year-on-year increase of **89.90%**[102](index=102&type=chunk) - The company made capital contributions of **RMB 100 million** to Anhui Pylon Technologies Co., Ltd., **RMB 100 million** to Huangshi ZTE Pylon Energy Technology Co., Ltd., and **RMB 10 million** to Shanghai Pylon New Energy Technology Co., Ltd.[99](index=99&type=chunk) - The company invested **RMB 46.81 million** in Pylon Technologies Europe Holding B.V., **RMB 8.38 million** in Pylon Technologies Australia Pty Ltd, and **RMB 3.23 million** in Pylon Technologies Japan Co., Limited[99](index=99&type=chunk) Significant Non-Equity Investment Projects for H1 2025 | Project Name | Investment Budget (RMB 10,000) | Project Progress | Cumulative Investment as of Period-end (RMB 10,000) | Cumulative Investment Progress as of Period-end (%) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium-ion Battery and System Production Base Project | 150,000.00 | Completed | 111,904.69 | 74.60 | Raised Funds | | 2GWh Lithium Battery High-Efficiency Energy Storage Production Project | 16,000.00 | Completed | 9,106.24 | 56.91 | Raised Funds | | Pylon Technologies 10GWh Lithium Battery R&D and Manufacturing Base Project | 500,000.00 | Under Construction | 112,207.81 | 22.44 | Self-raised, Raised Funds | | Pylon Technologies Headquarters and Industrialization Base Project | 73,889.29 | Under Construction | 36,287.81 | 49.11 | Raised Funds | [Analysis of Major Holding and Participating Companies](index=30&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses the operating performance of the company's major holding subsidiaries, including Jiangsu ZTE Pylon Battery Co., Ltd., Huangshi ZTE Pylon Energy Technology Co., Ltd., and Anhui Pylon Energy Technology Co., Ltd., covering their registered capital, total assets, net assets, operating revenue, operating profit, and net profit; during the reporting period, the company established two new overseas subsidiaries, Pylon Technologies Australia Pty Ltd and Pylon Technologies Japan Co., Limited Operating Performance of Major Subsidiaries for H1 2025 | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu ZTE Pylon Battery Co., Ltd. | Subsidiary | R&D, production, and sales of battery products | 20,000.00 | 252,705.22 | 106,238.93 | 78,987.63 | 3,435.63 | 3,534.22 | | Huangshi ZTE Pylon Energy Technology Co., Ltd. | Subsidiary | Production and sales of battery products | 30,000.00 | 28,919.81 | 28,828.09 | 0.00 | -453.27 | -339.95 | | Anhui Pylon Energy Technology Co., Ltd. | Subsidiary | R&D, production, and sales of battery products | 300,000.00 | 216,190.88 | 93,663.40 | 39,538.82 | -3,746.84 | -2,819.32 | | Pylon Technologies Europe Holding B.V. | Subsidiary | Holding platform, sales, and after-sales service | 5.00 ten thousand Euros | 9,367.08 | 8,024.08 | 0.00 | -1,457.61 | -1,457.61 | - During the reporting period, the company established two new overseas subsidiaries, Pylon Technologies Australia Pty Ltd and Pylon Technologies Japan Co., Limited, which had no significant impact on overall production, operations, and performance[107](index=107&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=32&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines changes in the company's governance structure, including personnel adjustments, profit distribution plans, equity incentive programs, and contributions to poverty alleviation and rural revitalization efforts [Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=32&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, changes occurred in the company's directors, supervisors, senior management, and core technical personnel; Mr. Cai Xuefeng was appointed Vice President and newly identified as core technical personnel, while former Vice President and core technical personnel Mr. Shi Lu and former Vice President Mr. Feng Zhaohui resigned; these changes aim to improve the R&D system and enhance innovation capabilities, with no significant adverse impact on the company's overall R&D strength Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel for H1 2025 | Name | Position Held | Change Type | | :--- | :--- | :--- | | Cai Xuefeng | Vice President, Core Technical Personnel | Appointment | | Shi Lu | Vice President, Core Technical Personnel | Departure | | Feng Zhaohui | Vice President | Departure | - Mr. Cai Xuefeng was appointed as the company's Vice President and newly identified as core technical personnel, aiming to improve the company's sustainable R&D system and innovation mechanism[109](index=109&type=chunk)[110](index=110&type=chunk) - Former Vice President and core technical personnel Mr. Shi Lu and former Vice President Mr. Feng Zhaohui resigned on March 14, 2025; however, Mr. Shi Lu has completed work handover, with no significant adverse impact on the company's overall R&D strength[109](index=109&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=32&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The Board of Directors' resolution for profit distribution or capital reserve conversion to share capital for this reporting period is 'none', meaning no profit distribution or capital reserve conversion will be carried out - There is no profit distribution plan or capital reserve conversion to share capital plan for this reporting period[111](index=111&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On April 11, 2025, the company approved the '2025 Restricted Stock Incentive Plan (Draft)', and on May 26, it granted 3.973 million restricted shares to 308 incentive recipients at an exercise price of RMB 22.43 per share; this plan aims to stimulate internal team motivation and innovation potential through a diversified long-term incentive system, strengthening organizational cohesion and sustained competitiveness - The company approved the '2025 Restricted Stock Incentive Plan (Draft)' on April 11, 2025[112](index=112&type=chunk) - On May 26, 2025, the company initially granted **3.973 million restricted shares** to **308 incentive recipients** at an exercise price of **RMB 22.43/share**[113](index=113&type=chunk) - The restricted shares under this incentive plan have lock-up periods of **12, 24, and 36 months** from the grant date, with release percentages of **40%, 30%, and 30%** respectively[113](index=113&type=chunk) [Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=34&type=section&id=Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) During the reporting period, the company actively fulfilled its social responsibilities by participating in poverty alleviation and rural revitalization efforts; in January, it donated RMB 200,000 to the earthquake-stricken area of Xigaze, Tibet, and in May, it donated RMB 100,000 to the 'Charity Day Donation' event in Yizheng Economic Development Zone, supporting disaster reconstruction and local charitable causes through concrete actions - In January, the company donated **RMB 200,000** to the earthquake-stricken area of Xigaze, Tibet, through the Red Cross Society of Pudong New Area, Shanghai[115](index=115&type=chunk) - In May, the company donated **RMB 100,000** to the 'Charity Day Donation' and 'Humanitarian Million Donation' events in Yizheng Economic Development Zone[115](index=115&type=chunk) [Section V Significant Matters](index=35&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, significant related-party transactions, major contracts, the progress of raised funds utilization, and other important corporate events during the reporting period [Fulfillment of Commitments](index=35&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder ZTE New, along with its directors, supervisors, senior management, and core technical personnel, strictly fulfilled all commitments during the reporting period, including those related to asset independence, personnel independence, financial independence, institutional independence, business independence, resolution of horizontal competition, resolution of related-party transactions, share lock-up, fraudulent issuance repurchase, filling diluted immediate returns, and equity incentives, with no instances of unfulfilled commitments - The company's controlling shareholder, ZTE New, committed to ensuring the company's asset, personnel, financial, institutional, and business independence, and to avoiding horizontal competition and unfair related-party transactions; these commitments are long-term and strictly fulfilled[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - The company's directors, supervisors, senior management, and core technical personnel committed to share lock-up, not harming company interests, and linking compensation systems to return-filling measures; these commitments are long-term and strictly fulfilled[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company committed not to provide financial assistance to equity incentive recipients and to ensure that incentive plan information disclosure is true, accurate, and complete; these commitments are long-term and strictly fulfilled[129](index=129&type=chunk)[130](index=130&type=chunk) [Significant Related-Party Transactions](index=50&type=section&id=Significant%20Related-Party%20Transactions) On April 11, 2025, the company approved the estimated 2025 annual routine related-party transactions, with a total estimated amount not exceeding RMB 292.15 million; during the reporting period, the company engaged in routine related-party transactions with associated parties, involving goods procurement, service acceptance, goods sales, and service provision, primarily for material procurement and energy storage battery systems and after-sales services, all within the approved limits - The company estimates that the total amount of routine related-party transactions for 2025 will not exceed **RMB 292.15 million**[133](index=133&type=chunk) Related-Party Transactions for Goods Procurement/Service Acceptance in H1 2025 | Related Party | Related-Party Transaction Content | Amount Incurred in Current Period (RMB) | Approved Transaction Limit (RMB) | | :--- | :--- | :--- | :--- | | Shenzhen ZTE New Material Technology Co., Ltd. and its subsidiaries | Materials | 1,509,489.60 | 21,000,000.00 | | Shenzhen ZTE Xinli Precision Electromechanical Technology Co., Ltd. and its subsidiaries | Materials | 2,914,169.01 | 30,000,000.00 | | Hubei Rongtong Gaoke Advanced Materials Group Co., Ltd. | Materials | 37,013,865.49 | 180,000,000.00 | | Shenzhen New Vision Smart Technology Co., Ltd. and its subsidiaries | Materials, Equipment | 229,601.78 | 1,000,000.00 | | ZTE New Communications Co., Ltd. | Rent | 74,100.00 | 150,000.00 | Related-Party Transactions for Goods Sales/Service Provision in H1 2025 | Related Party | Related-Party Transaction Content | Amount Incurred in Current Period (RMB) | | :--- | :--- | :--- | | Shenzhen ZTE Kangxun Electronics Co., Ltd. | Energy Storage Battery Systems and After-sales Services | 56,283.19 | [Significant Contracts and Their Fulfillment](index=52&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no entrustment, contracting, or leasing matters; the company and its subsidiaries provided multiple joint liability guarantees for Jiangsu ZTE Pylon Battery Co., Ltd., with a total outstanding guarantee balance of RMB 92.14 million at period-end, accounting for 1.01% of the company's net assets; all guarantees underwent Board of Directors and Shareholders' Meeting approval procedures Company and its Subsidiaries' Guarantees for Subsidiaries in H1 2025 | Guarantor | Guaranteed Party | Relationship between Guaranteed Party and Listed Company | Guarantee Type | Guarantee Amount (RMB) | Guarantee Start Date | Guarantee End Date | Is Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Pylon Technologies Co., Ltd. | Jiangsu ZTE Pylon Battery Co., Ltd. | Wholly-owned Subsidiary | Joint and Several Liability Guarantee | 200,000,000.00 | 2024-4-23 | 2028-3-27 | No | | Shanghai Pylon Technologies Co., Ltd. | Jiangsu ZTE Pylon Battery Co., Ltd. | Wholly-owned Subsidiary | Joint and Several Liability Guarantee | 100,000,000.00 | 2024-11-14 | 2028-11-13 | No | | Shanghai Pylon Technologies Co., Ltd. | Jiangsu ZTE Pylon Battery Co., Ltd. | Wholly-owned Subsidiary | Joint and Several Liability Guarantee | 200,000,000.00 | 2025-5-19 | 2029-3-17 | No | - During the reporting period, the total amount of guarantees provided to subsidiaries was **RMB 200 million**, with a total outstanding guarantee balance of **RMB 92.14 million** at period-end[140](index=140&type=chunk) - The company's total guarantees (including those to subsidiaries) amounted to **RMB 92.14 million**, accounting for **1.01%** of the company's net assets[140](index=140&type=chunk) [Explanation of Progress in Use of Raised Funds](index=55&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's total raised funds amounted to RMB 7.168 billion, with a net amount of RMB 6.991 billion; as of the end of the reporting period, a cumulative RMB 4.162 billion had been invested, with 77.59% of initial public offering funds and 52.23% of funds from specific issuance invested; some fundraising projects, such as the 'Pylon Technologies 10GWh Lithium Battery R&D and Manufacturing Base Project', have not fully realized expected benefits due to market demand changes; the company used RMB 4.15 million of over-raised funds to permanently supplement working capital and managed idle raised funds for cash, with a period-end balance of RMB 210 million Overall Use of Raised Funds for H1 2025 | Source of Raised Funds | Total Raised Funds (1) (RMB 10,000) | Net Raised Funds (2) (RMB 10,000) | Total Committed Investment (4) (RMB 10,000) | Cumulative Investment as of Period-end (5) (RMB 10,000) | Cumulative Investment Progress as of Period-end (6) (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 216,782.72 | 201,396.85 | 200,000.00 | 156,255.93 | 77.59 | | Issuance to Specific Objects | 499,999.99 | 497,703.41 | 497,703.41 | 259,950.43 | 52.23 | | Total | 716,782.71 | 699,100.26 | 697,703.41 | 416,206.36 | / | - The 'Pylon Technologies **10 GWh** Lithium Battery R&D and Manufacturing Base Project' did not achieve expected benefits due to changes in market demand, with benefits not fully released[146](index=146&type=chunk) - The company had a total surplus of raised funds of **RMB 314.29 million**, mainly due to strengthened cost control, investment income from cash management of some idle raised funds, and unused working capital[146](index=146&type=chunk) - The company used **RMB 4.15 million** of over-raised funds to permanently supplement working capital[154](index=154&type=chunk) - As of June 30, 2025, the company used some idle raised funds for cash management, with a period-end balance of **RMB 210 million**[151](index=151&type=chunk) [Details of Fundraising Investment Projects](index=56&type=section&id=Details%20of%20Fundraising%20Investment%20Projects) The company's fundraising investment projects include the completed lithium-ion battery and system production base project and the 2GWh lithium battery high-efficiency energy storage production project, as well as the ongoing Pylon Technologies 10GWh lithium battery R&D and manufacturing base project and the headquarters and industrialization base project; the 10GWh lithium battery R&D and manufacturing base project has a cumulative investment progress of 33.17% and has not achieved expected benefits, mainly due to changes in market demand Details of Fundraising Investment Projects Usage for H1 2025 | Project Name | Planned Total Investment of Raised Funds (RMB 10,000) | Cumulative Investment of Raised Funds as of Period-end (RMB 10,000) | Cumulative Investment Progress as of Period-end (%) | Date Project Reaches Intended Usable State | Benefits Achieved This Year (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium-ion Battery and System Production Base Project | 150,000.00 | 111,904.69 | 74.60 | 2023年3月 | Not Applicable | | 2GWh Lithium Battery High-Efficiency Energy Storage Production Project | 16,000.00 | 9,106.24 | 56.91 | 2023年6月 | Not Applicable | | Pylon Technologies 10GWh Lithium Battery R&D and Manufacturing Base Project | 300,000.00 | 99,500.21 | 33.17 | 2026年4月 | -741.19 | | Pylon Technologies Headquarters and Industrialization Base Project | 73,889.29 | 36,287.81 | 49.11 | 2026年1月 | Not Applicable | - The 'Pylon Technologies **10 GWh** Lithium Battery R&D and Manufacturing Base Project' did not achieve expected benefits due to changes in market demand, with benefits not fully released[146](index=146&type=chunk) [Details of Over-Raised Funds Usage](index=58&type=section&id=Details%20of%20Over-Raised%20Funds%20Usage) The company's total over-raised funds amounted to RMB 13.9685 million; as of the end of the reporting period, a cumulative RMB 12.45 million had been invested, with an investment progress of 89.13%, primarily used for permanently supplementing working capital Details of Over-Raised Funds Usage for H1 2025 | Purpose | Total Over-Raised Funds Planned for Investment (RMB 10,000) | Cumulative Investment of Over-Raised Funds as of Period-end (RMB 10,000) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | | Permanently Supplement Working Capital | 1,396.85 | 1,245.00 | 89.13 | [Cash Management of Idle Raised Funds and Investment in Related Products](index=60&type=section&id=Cash%20Management%20of%20Idle%20Raised%20Funds%2C%20Investment%20in%20Related%20Products) The company has been approved by the Board of Directors and Shareholders' Meeting to use up to RMB 2.9 billion of idle raised funds for cash management until May 5, 2026; as of the end of the reporting period, the company used some idle raised funds for cash management, with a period-end balance of RMB 210 million, primarily invested in RMB structured deposits from Bank of China and Bank of Nanjing - The company plans to use an idle raised fund limit of **RMB 2.9 billion** for cash management, with a usage period until May 5, 2026[150](index=150&type=chunk) Cash Management of Idle Raised Funds for H1 2025 | Entrusted Bank | Product Name | Product Type | Amount (RMB 10,000) | Accrual Date | Maturity Date | Redeemed | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bank of China Ltd. Shanghai Zhangjiang Sub-branch | RMB Structured Deposit CSDVY202502935 | Structured Deposit | 40,800.00 | 2025-02-17 | 2025-08-19 | No | | Bank of China Ltd. Shanghai Zhangjiang Sub-branch | RMB Structured Deposit CSDVY202502936 | Structured Deposit | 39,200.00 | 2025-02-17 | 2025-08-21 | No | | Bank of China Ltd. Shanghai Zhangjiang Sub-branch | RMB Structured Deposit CSDVY202502937 | Structured Deposit | 51,000.00 | 2025-02-17 | 2025-12-29 | No | | Bank of China Ltd. Shanghai Zhangjiang Sub-branch | RMB Structured Deposit CSDVY202502938 | Structured Deposit | 49,000.00 | 2025-02-17 | 2025-12-31 | No | | Bank of China Ltd. Shanghai Zhangjiang Sub-branch | RMB Structured Deposit CSDVY202508303 | Structured Deposit | 10,200.00 | 2025-06-06 | 2025-09-08 | No | | Bank of China Ltd. Shanghai Zhangjiang Sub-branch | RMB Structured Deposit CSDVY202508304 | Structured Deposit | 9,800.00 | 2025-06-06 | 2025-09-10 | No | | Bank of Nanjing Co., Ltd. Shanghai Branch | Unit Structured Deposit 2025 No. 7 A5 182-day | Structured Deposit | 10,000.00 | 2025-02-14 | 2025-08-15 | No | | Total | | | 210,000.00 | | | | [Explanation of Other Significant Matters](index=61&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company's controlling shareholder, ZTE New, increased its shareholding in the company through centralized bidding transactions on April 22, 2025, and June 16, 2025, cumulatively increasing its stake by 833,665 shares, raising its shareholding ratio to 25.00%; ZTE New plans to continue increasing its shareholding in the company within the next 12 months, with a total amount not less than RMB 50 million and not exceeding RMB 100 million - On April 22, 2025, controlling shareholder ZTE New increased its shareholding in the company by **750,000 shares**, accounting for **0.31%** of the total share capital, with an increase amount of **RMB 26.76 million**[155](index=155&type=chunk) - ZTE New plans to continue increasing its shareholding in the company within **12 months** from April 22, 2025, with a total amount not less than **RMB 50 million** and not exceeding **RMB 100 million**[155](index=155&type=chunk) - On June 16, 2025, ZTE New again increased its shareholding in the company by **83,665 shares**; after this equity change, ZTE New's total shareholding increased to **61,339,813 shares**, accounting for **25.00%** of the company's total share capital[156](index=156&type=chunk) [Section VI Share Changes and Shareholder Information](index=63&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital changes, detailed shareholder information, and the shareholding status of directors, supervisors, senior management, and core technical personnel [Share Capital Changes](index=63&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total ordinary share capital and share structure remained stable with no changes - During the reporting period, there were no changes in the company's total ordinary share capital and share structure[159](index=159&type=chunk) [Shareholder Information](index=63&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 20,310 ordinary shareholders; among the top ten shareholders, controlling shareholder ZTE New Communications Co., Ltd. held 25.00%, and Pylon (Ningbo) Venture Capital Partnership (Limited Partnership) held 8.34% with part of its shares pledged; the company's dedicated share repurchase securities account held 5,998,520 ordinary shares, accounting for 2.44% of the total share capital - As of the end of the reporting period, the total number of ordinary shareholders was **20,310**[160](index=160&type=chunk) Top Ten Shareholders' Shareholding in H1 2025 | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Share Status | Quantity (share

Core Viewpoint - The company reported a revenue of 1.149 billion yuan for the first half of 2025, reflecting a year-on-year growth of 33.75%. However, the net profit decreased to 13.9117 million yuan, representing a decline of 30.01% compared to the previous year [1]. Financial Performance - Revenue for the first half of 2025 reached 1.149 billion yuan, marking a 33.75% increase year-on-year [1]. - Net profit for the same period was 13.9117 million yuan, which is a 30.01% decrease year-on-year [1].

Core Viewpoint - The demand for lithium batteries in the two-wheeler market is expected to grow significantly, driven by the implementation of new national standards for electric bicycles and the ongoing shift from lead-acid to lithium batteries [2][6]. Market Growth and Trends - In the first half of this year, domestic lithium battery sales for two-wheelers increased by 40% year-on-year [2] - The new national standard, effective from September 1, limits the battery voltage for electric bicycles to a maximum of 48V, which may further boost demand for small power batteries [2] - The total number of electric two-wheelers in China has reached nearly 400 million, with a potential replacement demand for over 110 million lithium battery packs [6] Company Strategies - Companies like Guoxuan High-Tech and BYD are entering the small power battery market, viewing it as a new growth area following power batteries and energy storage [2] - Other battery manufacturers, including Xingheng Power and Xineng An, are also establishing their own dealer and service networks to capture market share [4][12] Channel Development - The success of lithium battery companies in the two-wheeler market heavily relies on effective channel development, with a focus on building a robust network of dealers and service providers [3][5] - Xingheng Power has over 2,600 service points nationwide, collaborating with major two-wheeler brands to enhance market penetration [4] - Companies are also exploring online channels, with partnerships like Xingheng Power's collaboration with JD.com for battery installation and maintenance services [14] Product Features and Safety - Lithium batteries offer advantages such as longer lifespan (2000-4000 cycles) and higher energy density compared to lead-acid batteries, making them more appealing despite higher initial costs [7][11] - Safety concerns regarding lithium batteries are primarily linked to non-compliant modifications by small workshops, prompting leading companies to adopt stringent safety standards and certifications [9][10] Economic Considerations - While lithium batteries have a higher upfront cost, their longevity and reduced replacement frequency can offset the initial investment, making them economically viable over time [11] - The existing profit model for traditional electric vehicle dealers, which relies heavily on lead-acid battery replacement services, may be disrupted by the introduction of lithium batteries [12] Conclusion - The lithium battery industry is poised for growth in the two-wheeler market, with companies needing to focus on product development and channel strategies that align with consumer needs and market dynamics [15]

Group 1 - The core viewpoint of the article emphasizes the growth and potential of the home energy storage and portable energy storage markets, highlighting significant increases in shipment volumes and market forecasts for 2024 and beyond [3][4][10] - The global home energy storage shipment volume is projected to reach 27.8 GWh in 2024, with a year-on-year growth of 19%, and China accounting for 75% of this market [3] - The global portable energy storage shipment volume is expected to reach 11 million units in 2024, reflecting a remarkable year-on-year growth of 90% [4] Group 2 - The article outlines that by 2030, the global home energy storage market is anticipated to grow to 180 GWh, representing a 547% increase from 2024 [3] - The competitive landscape for home energy storage systems is dominated by Chinese companies, with the top 10 global players including Huawei, BYD, and Airo Energy [3] - The article notes that the U.S. is the largest and most mature market for portable energy storage, driven by outdoor activities and RV culture, with Ukraine showing the fastest growth due to energy shortages from the ongoing conflict [4][5] Group 3 - The upcoming 2025 Peak Forum on Home and Portable Energy Storage Battery Technology will focus on high safety standards and building a new ecosystem for the industry [6][8] - The forum will gather over 600 decision-makers from leading companies to discuss over 30 core topics, including safety challenges and technological breakthroughs [10][11] - Key discussions will include the design of multi-level safety protection systems for home energy storage and the application of solid-state batteries in portable energy storage [9][10]

Group 1 - The core viewpoint of the article emphasizes the growth and potential of the home energy storage and portable energy storage markets, highlighting significant increases in shipment volumes and market forecasts for 2024 and beyond [3][4][10] - The global home energy storage shipment volume is projected to reach 27.8 GWh in 2024, with a year-on-year growth of 19%, and China accounting for 75% of the shipments [3] - The competitive landscape for home energy storage systems is dominated by Chinese companies, with the top 10 global players including Huawei, BYD, and Aier Energy [3] Group 2 - The portable energy storage market is expected to ship 11 million units in 2024, reflecting a 90% year-on-year increase, with the U.S. being the largest and most mature market [4] - The fastest-growing markets for portable energy storage in 2024 include Ukraine, driven by energy shortages due to the ongoing conflict [4] - The top 10 global portable energy storage companies include EcoFlow, BLUETTI, and Jackery, with significant competition expected in the next 2-3 years [5] Group 3 - The upcoming 2025 Peak Forum on Home and Portable Energy Storage Battery Technology will focus on high safety standards and building a new ecosystem for the industry [6][8] - The forum will gather over 600 key decision-makers from the industry to discuss technological breakthroughs and safety challenges [10][11] - The agenda includes discussions on safety standards, battery technology trends, and market strategies for Southeast Asia and the Middle East [9][10]

Core Insights - The article discusses the growth and competitive landscape of the home energy storage and portable energy storage markets, highlighting significant trends and forecasts for 2024 and beyond [3][4][5]. Home Energy Storage - In 2024, the global home energy storage shipment is projected to reach 27.8 GWh, marking a 19% year-on-year increase, with Chinese companies accounting for 75% of the shipments [3]. - The leading regions for home energy storage consumption include Europe, the USA, Ukraine, Japan, Australia, Africa, the Middle East, ASEAN, and Russia, with Europe being the largest and most mature market [3]. - The USA, Ukraine, Australia, South Africa, Nigeria, and Brazil are expected to see rapid growth in 2024 due to declining electricity prices and increasing demand [3]. - SPIR forecasts that the global home energy storage market will reach 180 GWh by 2030, representing a 547% increase from 2024 [3]. - The top 10 companies in global home energy storage shipments include Huawei, BYD, Airo Energy, and others [3]. Portable Energy Storage - The global portable energy storage shipment is expected to reach 11 million units in 2024, reflecting a 90% year-on-year growth [4]. - The USA is identified as the largest and most mature market for portable energy storage, driven by outdoor activities and a developed RV market [4]. - Ukraine is projected to experience the fastest growth in 2024 due to energy shortages caused by the ongoing conflict, increasing the demand for emergency power solutions [4]. - By 2030, the global portable energy storage market is anticipated to reach 28 million units, a 156% increase from 2024, fueled by outdoor economic development and emergency power needs [4]. - The top 10 companies in global portable energy storage shipments include EcoFlow, BLUETTI, Jackery, and others [5]. Industry Trends and Challenges - The article notes the emergence of new technologies and materials in battery technology, such as fast charging, solid-state, sodium batteries, and full-tab designs, while also highlighting ongoing safety challenges [5]. - The implementation of new national standards for portable power sources is expected to raise safety requirements across the industry [5]. - The upcoming 2025 forum aims to address these challenges and foster collaboration among industry stakeholders to enhance safety and innovation in the home and portable energy storage sectors [6][10]. Event Details - The 2025 Peak Forum on Home and Portable Energy Storage Battery Technology will take place on September 26, 2025, in Shenzhen, focusing on high safety and building a new ecosystem [6][11]. - The event will gather over 600 decision-makers from key enterprises and reach more than 20,000 professionals online [10].