Core Viewpoint - Penghui Energy (300438) is advancing its solid-state battery pilot production line, expected to be completed by the end of Q3, with several interested clients already identified [1] Company Summary - The company is currently constructing its solid-state battery pilot production line [1] - The completion of the pilot line is anticipated by the end of the third quarter [1] - Following the completion, the company plans to initiate pilot production promptly [1] - There is a notable interest from potential clients regarding the company's solid-state battery technology [1]

北京商报讯(记者马换换实习记者李佳雪)9月19日晚间，鹏辉能源（300438）发布投资者关系活动记录 表显示，目前公司主要储能产品型号如314Ah大储电芯生产线、100Ah、50Ah小储电芯生产线均满产。 相比上半年，目前公司部分储能电芯产品有一定的涨价。 ...

Group 1: Solid-State Battery Development - The solid-state battery pilot production line is under construction and is expected to be completed by the end of Q3 2025 [2][4]. - The energy density of the new generation solid-state battery has improved from 280Wh/Kg to 320Wh/Kg [3][5]. - The company has received interest from various potential customers in sectors such as automotive, robotics, and consumer electronics for solid-state battery applications [2][3]. Group 2: Sodium-Ion Battery Capabilities - The company initiated sodium-ion battery research in 2021 and achieved commercial delivery of the first generation in 2023, targeting energy storage projects [3][4]. - The new sodium-ion battery technology features high safety and long cycle life, with a lifespan exceeding 10,000 cycles [3][4]. - The average efficiency of the square sodium-ion battery has surpassed 95%, making it suitable for energy storage applications [3][4]. Group 3: Financial and Production Insights - The company’s major energy storage product lines, including 314Ah large storage cells and 100Ah and 50Ah small storage cells, are currently operating at full capacity [6]. - There has been a price increase for some energy storage cell products compared to the first half of the year [6]. - Financial data regarding profitability for Q3 will be disclosed in the upcoming quarterly report [5][6]. Group 4: Market Strategy and Future Plans - The company aims to become a global leader in energy storage battery supply and lithium battery manufacturing, focusing on high-potential segments such as two-wheeled vehicles, specialized vehicles, and drones [6]. - The company is committed to a "user-centered" approach, emphasizing customized technical solutions to avoid homogenization in the market [6].

Core Insights - The company, Ming Tai Aluminum, has supplied thousands of sets of liquid cooling plates and other new energy products to battery manufacturers, including Penghui Energy [1] Group 1 - The company is actively engaged in the new energy sector by providing essential components to battery manufacturers [1]

Core Insights - A new company named Hubei Jupeng Energy Co., Ltd. has been established with a registered capital of 10 million yuan, focusing on electric vehicle charging sales and related services [1] Group 1 - The new company is involved in the sales of motor vehicle charging, research and development of emerging energy technologies, sales of new energy vehicle battery swap facilities, and operation of electric vehicle charging infrastructure [1] - The company is jointly held by Guangzhou Penghui Smart Energy Technology Co., Ltd., a subsidiary of Penghui Energy (300438), among others [1]

Market Overview - The automotive sector experienced a weekly increase of +1.28%, with the auto parts sub-sector performing the best at +3.54% [1][2] - In comparison, the overall A-share market rose by +1.93%, placing the automotive sector at 17th among 31 primary industries [1][2] - The performance of various automotive sub-sectors included: automotive parts +3.54%, automotive services +3.38%, commercial vehicles +1.27%, motorcycles and others +0.27%, and passenger vehicles -1.99% [1][2] Company Performance - The top five companies in the automotive sector by weekly performance were: Zhongtai Automobile +39.70%, Haowu Shares +30.38%, Zhejiang Rongtai +22.48%, Tianpu Shares +21.00%, and Zhaomin Technology +19.85% [2] - Conversely, the bottom five performers included: Paiter -23.56%, Huayang Racing -20.28%, Huawei Technology -9.91%, Tianming Technology -9.82%, and Yishi Precision -9.73% [2] Sales Data - From September 1 to September 7, the average daily wholesale volume of domestic passenger car manufacturers was 43,900 units, a year-on-year decrease of 5.00%, while the average daily retail volume was 43,500 units, down 10.00% year-on-year [2] - In August, automotive sales reached 2.857 million units, reflecting a month-on-month increase of 10.1% and a year-on-year increase of 16.4% [3] - Cumulatively, from January to August, automotive sales totaled 21.128 million units, with a year-on-year increase of 12.6% [3] Export and Market Trends - In August, traditional fuel vehicle exports were 387,000 units, a month-on-month increase of 10.6% but a year-on-year decrease of 3.5%. In contrast, new energy vehicle exports reached 224,000 units, a year-on-year increase of 100% [4] - The market share of domestic brands in passenger vehicle sales rose to 69.5% in August, up 2.6 percentage points year-on-year [4] Future Outlook - The Ministry of Industry and Information Technology and seven other departments aim for total automotive sales of approximately 32.3 million units by 2025, representing a year-on-year growth of about 3% [5] - The target for new energy vehicle sales is around 15.5 million units, with a year-on-year growth of about 20% [5] Investment Recommendations - Companies involved in intelligent vehicle technology and those with potential for overseas sales are recommended for investment [6] - Suggested automotive manufacturers include Beiqi Blue Valley, Great Wall Motors, China National Heavy Duty Truck Group, and Foton Motor [6] - Recommended auto parts companies include Songyuan Safety, Zhejiang Xiantong, Lingyun Shares, and Yinhong Shares [6]

Company Overview - Penghui Energy, established on January 18, 2001, and listed on April 24, 2015, is located in Panyu District, Guangzhou, Guangdong Province. The company specializes in the research, production, and sales of lithium-ion batteries and primary batteries. The main business revenue composition is 98.89% from lithium-ion batteries and 1.11% from other sources [1]. Stock Performance - As of September 16, Penghui Energy's stock price decreased by 2.03% to 32.36 CNY per share, with a trading volume of 5.56 billion CNY and a turnover rate of 4.20%. The total market capitalization is 16.288 billion CNY. Year-to-date, the stock price has increased by 15.12%, with a recent decline of 1.82% over the last five trading days, a 16.24% increase over the last 20 days, and a 17.12% increase over the last 60 days [1]. Financial Performance - For the first half of 2025, Penghui Energy reported a revenue of 4.301 billion CNY, representing a year-on-year growth of 13.99%. However, the net profit attributable to shareholders was -88.2267 million CNY, a decrease of 311.68% compared to the previous period [2]. Shareholder Information - As of September 10, the number of shareholders for Penghui Energy reached 71,000, an increase of 8.40% from the previous period. The average circulating shares per person decreased by 7.75% to 5,693 shares [2]. Dividend Distribution - Since its A-share listing, Penghui Energy has distributed a total of 252 million CNY in dividends, with 99.2472 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, the Southern CSI 1000 ETF (512100) is the sixth largest, holding 3.2467 million shares, an increase of 617,100 shares from the previous period. Conversely, Hong Kong Central Clearing Limited, the seventh largest shareholder, reduced its holdings by 1.7965 million shares to 2.8734 million shares [3].

9月11日，鹏辉能源（300438）对外发布新一代移动电源高安全电池Secu系列。该产品通过采用不燃的电 解液破解移动电源产品安全难题，直击当下移动电源安全事故频发的行业痛点，为移动电源行业带来更安 全、更可靠的半固态电池解决方案。 数字化时代，充电宝已成为人们差旅出行、日常使用的必备电子配件。但近期因充电宝起火、爆炸等事故 频发，不仅严重威胁消费者的生命财产安全，还让消费者对移动电源产品及整个行业的信任度大打折扣。 在此背景下，安全性成为消费者选购充电宝的首要考量因素，也成为推动移动电源行业健康发展的关键突 破口 —— 鹏辉能源移动电源电池Secu系列的推出，正是顺应这一市场需求的重要成果。 不燃的电解液：Secu系列已通过针刺测试 安全是电子设备的根本保障，更是行业不可逾越的底线。 除了底层材料创新，Secu系列电池在电芯结构方面也实现了多重安全革新。通过多极耳结构、卷芯内部多 重保护以及涂层安全材料添加，构筑更安全的电芯结构，增强电芯的散热能力，降低温升，从结构上强化 电池的本征安全。 目前，鹏辉能源研发的移动电源电池Secu系列，已通过针刺、重物冲击和热滥用等多项严苛安全测试，均 实现不起火、不爆炸， ...

Group 1 - The solid-state battery concept is gaining strength in the market, with Beijing Lier hitting the daily limit up [1] - Other companies such as Shangtai Technology, CATL, Haibosi Chuang, Hunan YN Energy, XWANDA, and Penghui Energy are also experiencing gains [1]

Core Viewpoint - Penghui Energy has launched the Secu series of mobile power high-safety batteries, addressing the frequent safety incidents in the industry by utilizing non-flammable electrolytes, providing a safer and more reliable semi-solid battery solution for the mobile power sector [1][3][13] Group 1: Product Features - The Secu series employs self-developed non-flammable electrolytes, which have been patented, significantly enhancing battery safety by preventing thermal runaway in extreme conditions [4][9] - The battery structure includes innovations such as multi-pole ear structures and multiple internal protections, improving heat dissipation and reducing temperature rise, thereby reinforcing intrinsic safety [7][9] - The Secu series has passed rigorous safety tests, including puncture, heavy impact, and thermal abuse tests, demonstrating its reliability and safety under extreme conditions [9] Group 2: Market Demand and User Experience - The launch of the Secu series responds to the market demand for safer mobile power solutions, as safety has become the primary consideration for consumers when purchasing power banks [3][13] - The battery can charge to 80% in just 30 minutes, effectively addressing users' anxiety over low battery levels while maintaining a temperature rise of only 15°C during charging, ensuring a comfortable user experience [11] - With a cycle life exceeding 500 weeks, the Secu series offers long-term usage, potentially lasting over 5 years with regular use, thus reducing long-term costs for users [11]