Core Viewpoint - The stock of Pylon Technologies has shown significant growth this year, with a year-to-date increase of 61.42%, reflecting strong performance in the energy storage sector [1][2]. Financial Performance - For the period from January to September 2025, Pylon Technologies achieved a revenue of 2.013 billion yuan, representing a year-on-year growth of 42.52%. The net profit attributable to shareholders was 47.85 million yuan, up 28.05% compared to the previous year [2]. - The company has distributed a total of 853 million yuan in dividends since its A-share listing, with 672 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 29, the stock price of Pylon Technologies was 63.94 yuan per share, with a market capitalization of 15.688 billion yuan. The stock has seen a trading volume of 98.177 million yuan and a turnover rate of 0.63% [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 111 million yuan on September 30, accounting for 18.63% of total trading volume [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Pylon Technologies was 26,500, an increase of 30.29% from the previous period. The average number of circulating shares per shareholder was 9,272, a decrease of 23.25% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.1991 million shares, an increase of 1.4886 million shares from the previous period [3].

Core Viewpoint - Shanghai Pylon Energy Technology Co., Ltd. has completed the election of its fourth board of directors and the appointment of senior management personnel, marking a significant governance transition for the company [1][8]. Board Election Summary - The company held its first extraordinary general meeting on October 24, 2025, where it elected 5 non-independent directors and 3 independent directors, along with 1 employee representative director, forming the fourth board of directors for a term of three years [1][14]. - Wei Zaisheng was elected as the chairman of the fourth board of directors during the first meeting of the new board [3][4]. - The board's specialized committees were established, with independent directors holding a majority in the audit, nomination, and compensation committees [5][6]. Senior Management Appointment Summary - The board appointed Tan Wen as the president and several vice presidents, including Yang Qingheng, Song Jinpeng, Ye Wenju, and Cai Xuefeng, with their terms aligned with the board's three-year tenure [6][7]. - Ye Wenju was also appointed as the financial officer and board secretary, meeting the qualifications required by the Shanghai Stock Exchange [7][9]. Changes in Board Composition - Following the election, Bian Erhao, Jiang Bailing, Ge Hongyi, and Zheng Honghe stepped down from their positions as directors, and the company has decided to abolish the supervisory board, transferring its responsibilities to the audit committee [8][15]. - The new board composition ensures that the number of directors holding senior management positions does not exceed half of the total board members, complying with relevant regulations [15][17].

Core Viewpoint - On October 27, 2023, the company announced the election of Yang Qingheng as the employee representative director of the fourth board of directors during the employee representative assembly held on October 24, 2025, with unanimous support from all employee representatives [1] Summary by Relevant Sections - Announcement Date: The announcement was made on October 27, 2023 [1] - Election Date: The employee representative assembly took place on October 24, 2025 [1] - Election Outcome: Yang Qingheng was elected as the employee representative director with unanimous support [1]

Core Viewpoint - The company has appointed Mr. Ye Wenju as the financial officer and board secretary, indicating a strategic move to strengthen its financial management and governance structure [1] Company Summary - The board of directors of the company has approved the appointment of Mr. Ye Wenju as the financial officer [1] - Mr. Ye Wenju will also serve as the board secretary, which may enhance communication and transparency within the company [1]

证券代码：688063 证券简称：派能科技 公告编号：2025-069 上海派能能源科技股份有限公司 关于完成董事会换届选举暨聘任高级管理人员的公 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。 根据《中华人民共和国公司法》（下称《公司法》）等法律、法规及《上海 派能能源科技股份有限公司章程》（下称《公司章程》）的有关规定，上海派能 能源科技股份有限公司（以下简称"公司"、"派能科技"）于 2025 年 10 月 24 日召开了 2025 年第一次临时股东会，通过累积投票制方式选举产生 5 名非独立 董事、3 名独立董事，与同日召开的职工代表大会选举产生的 1 名职工代表董事 共同组成了公司第四届董事会，任期自公司 2025 年第一次临时股东会审议通过 之日起三年，至此，公司董事会换届选举已完成。 2025 年 10 月 24 日，公司召开第四届董事会第一次会议，审议通过了《关 于选举第四届董事会董事长的议案》《关于选举公司第四届董事会专门委员会委 员的议案》《关于聘任公司总裁的议案》《关于聘任公司其他高级管理人员的议 ...

2025 年 10 月 27 日 1/2 上海派能能源科技股份有限公司 关于选举第四届董事会职工代表董事的公告 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。 上海派能能源科技股份有限公司（以下简称"公司"、"派能科技"）于 2025 年 10 月 24 日召开 2025 年第一次临时股东会，审议通过了《关于取消监事 会、增加董事会人数、修订<公司章程>的议案》。根据修订后的《上海派能能源 科技股份有限公司章程》(以下简称《公司章程》)的有关规定，公司董事会由 9 名董事组成，其中职工代表董事 1 名；职工代表董事由公司职工通过职工代表大 会、职工大会或者其他形式民主选举产生。 2025 年 10 月 24 日，公司召开了职工代表大会，经全体职工代表民主讨论 与表决，一致选举杨庆亨先生（简历附后）为公司第四届董事会职工代表董事。 本次选举程序符合《中华人民共和国公司法》及《公司章程》的相关规定，任期 与公司第四届董事会任期一致，为三年。杨庆亨先生符合《中华人民共和国公司 法》《公司章程》规定的任职资格和条件，未发现存在不得 ...

Core Viewpoint - The global new energy storage market is experiencing significant growth in 2025, driven by domestic and international demand, with strong performance in China's grid-connected projects, global shipment volumes, and leading companies' financial results [1]. Group 1: Global and Chinese Market - In the first three quarters of 2025, China saw 713 new energy storage projects connected to the grid, with a total capacity of 32.737 GW (84.922 GWh); Q3 alone added 11.337 GW (31.122 GWh), indicating robust growth [2]. - Global shipments in Q3 reached 165-180 GWh for energy storage batteries and 90-105 GWh for energy storage systems, further confirming the industry's high activity level [2]. Group 2: Performance of Leading Companies - **Tesla**: In Q3, Tesla installed 12.5 GWh of energy storage, achieving a gross margin of 24.4%, surpassing its automotive business. Energy and storage revenue reached $3.42 billion (up 44% YoY), accounting for 12% of total revenue for the first time [3]. - **Sungrow Power Supply**: The company aims for a shipment target of 40-50 GWh, with H1 revenue at 17.802 billion yuan (up 127.78% YoY) and a gross margin of 39.92%. Q1 shipments were 12 GWh (up 470%), with 15%-20% of business from the U.S. [4]. - **CATL**: In Q3, CATL's energy storage shipments reached 36 GWh, with total shipments nearing 180 GWh. The company is ramping up production to alleviate delivery bottlenecks [5]. - **EVE Energy**: In the first three quarters, EVE's energy storage shipments were 48.41 GWh (up 35.51% YoY), exceeding its power battery shipments of 34.59 GWh (up 66.98% YoY). Q3 shipments were estimated at 19.7 GWh, with a revenue of 45.002 billion yuan (up 32.17% YoY) [7]. - **Pylon Technologies**: In Q3, Pylon's sales reached 1,078 MWh (up 156%), with sodium battery sales exceeding 100 MWh. Revenue for the first three quarters was 2.013 billion yuan (up 42.52% YoY), with Q3 net profit at 33.9397 million yuan (up 94.01% YoY) [8]. Group 3: Market Outlook - The global new energy storage market is set for high growth in 2025, with leading companies leveraging capacity, product offerings, and international expansion to maintain their competitive edge. Future industry growth will be further supported by technological innovations and capacity releases [8].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Views - The main sectors are experiencing sustained prosperity, with energy storage demand exceeding expectations, optimistic guidance for wind energy, and a critical window for photovoltaic (PV) sector recovery [15][16] Summary by Sections 1. Photovoltaic - The "14th Five-Year Plan" emphasizes the need to address "involution" in competition, with ongoing consolidation in silicon material and energy consumption standards expected to support price stability [20][37] - Major companies like Tongwei Co. and GCL-Poly Energy are showing signs of recovery in Q3 profits, with Tongwei's revenue at CNY 24.09 billion, down 1.57% year-on-year, and GCL-Poly turning a profit of CNY 0.96 billion in Q3 [21][40] - The report recommends stocks benefiting from the anti-involution trend, including Tongwei Co., GCL-Poly, and LONGi Green Energy [15][39] 2. Energy Storage - The energy storage sector is entering a phase of increased volume and profitability, with a total of 3.45 GW/7.425 GWh of new projects announced in Sichuan [44] - The report highlights the positive outlook for large-scale storage systems and recommends leading companies like CATL and Aiko Solar [15][42] - The demand for household storage remains stable, with expectations for growth in overseas commercial storage markets [15][42] 3. Lithium Battery - The lithium battery sector is seeing an upward adjustment in demand expectations, with a focus on stable companies with price elasticity in battery and anode segments [15][16] - Key recommendations include CATL, EVE Energy, and companies involved in solid-state battery technologies [15][39] 4. Wind Energy - The wind energy sector is entering a new cycle of prosperity, with a focus on turbine and component leaders [15][16] - Companies like Goldwind and Mingyang Smart Energy are highlighted for their recovery in profitability and export potential [15][39] 5. Power Equipment - The report notes the approval of new ultra-high voltage projects and the growth of digitalization in the power grid, with recommendations for companies like Sifang Co. and XJ Electric [15][39] - The sector is expected to benefit from ongoing technological advancements and project approvals [15][39] 6. New Directions - The report emphasizes the potential in AIDC and robotics sectors, with companies like Sihai Technology and Megmeet Electric highlighted for their growth prospects [15][39] - The focus is on technological advancements and market opportunities in these emerging fields [15][39]

Core Viewpoint - The stock of Pylon Technologies has experienced fluctuations, with a year-to-date increase of 60.94% and a recent decline of 2.01% on October 27, 2023, indicating market volatility and investor interest in the company [1]. Financial Performance - For the period from January to September 2025, Pylon Technologies achieved a revenue of 2.013 billion yuan, representing a year-on-year growth of 42.52%. The net profit attributable to shareholders was 47.8515 million yuan, reflecting a growth of 28.05% [2]. - Cumulatively, the company has distributed 855 million yuan in dividends since its A-share listing, with 672 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 27, 2023, Pylon Technologies' stock price was 63.75 yuan per share, with a market capitalization of 15.642 billion yuan. The trading volume was 397 million yuan, with a turnover rate of 2.48% [1]. - The company has seen significant trading activity, with a net inflow of 15.2392 million yuan from major funds and a notable presence on the "龙虎榜" (Dragon and Tiger List) on September 30, 2023, where it recorded a net purchase of 111 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Pylon Technologies increased by 30.29% to 26,500, with an average of 9,272 circulating shares per shareholder, a decrease of 23.25% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.1991 million shares, an increase of 1.4886 million shares compared to the previous period [3].

Industry Overview - In September, lithium battery and solid-state battery sales reached 1.6 million units, representing a month-on-month increase of 25% and a year-on-year increase of 15%. The annual growth is expected to be 30%, with a projected growth of over 15% in 2026 [1][7] - In Europe, the combined electric vehicle sales in nine major countries reached 310,000 units in September, showing a month-on-month increase of 35% and a year-on-year increase of 76%. The annual growth forecast has been revised up to 30-35% [1][7] - The energy storage sector continues to show strong performance, with battery supply unable to meet demand. Production is expected to increase by 10% in October, with further slight increases anticipated in November, indicating sustained high demand [1][7] Company Performance - CATL reported a revenue of 283.072 billion yuan for the first three quarters of 2025, a year-on-year increase of 9.28%, with a net profit of 49.034 billion yuan, up 35.56% [5] - Huichuan Technology expects a revenue of 31.663 billion yuan for the first three quarters of 2025, a year-on-year increase of 24.67%, with a net profit of 4.254 billion yuan, up 26.84% [5] - Yiwei Lithium Energy anticipates a revenue of 4.5 billion yuan for the first three quarters of 2025, a year-on-year increase of 32.17%, with a net profit of 2.816 billion yuan, down 11.7% [5] - Tongwei Co. reported a revenue of 646 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.38%, with a net loss of 5.37 billion yuan [5] - Aosheng Technology expects a revenue of 73.99 billion yuan for the first three quarters of 2025, a year-on-year increase of 33.92%, with a net profit of 5.03 billion yuan, up 8.3% [5] Market Trends - The demand for energy storage is expected to grow by 30-40% in the coming years, driven by the U.S. Inflation Reduction Act and increasing demand in Europe and the Middle East [7] - The lithium battery sector is experiencing a price increase of 1-3 cents per watt-hour, with expectations for further price increases in Q4 [7] - The wind power sector is projected to see significant growth, with domestic offshore wind capacity expected to double in 2025 [8] Investment Recommendations - Companies such as CATL, Yiwei Lithium Energy, and Aosheng Technology are highlighted as strong investment opportunities due to their market leadership and growth potential [9] - The report emphasizes the importance of focusing on energy storage and lithium battery sectors, with a recommendation to invest in leading companies in these areas [9]