浪潮涌动，又一锂电企业计划赴港二次上市。 12月12日盘后，鹏辉能源（300438.SZ）公告，筹划发行H股并在香港联交所上市，以深化全球化战略布局，提升公司在国际市场的综合竞争 实力，同时打造公司国际化资本运作平台，增强境外融资能力。 鹏辉能源于2015年在深圳证券交易所创业板上市，截至目前累计募资70.32亿元，其中首发时募资3.12亿元，股权再融资32.98亿元，间接融资 34.22亿元。 尽管上市以来已通过多渠道募集资金，但面对大规模的扩产计划和全球化布局，公司当前资金压力不小。 其三季报显示，截至2025年9月末，公司货币资金17.03亿元，同期短期借款高达14.60亿元，应付账款50.71亿元，应付票据22.15亿元，资金链 处于紧平衡状态。 业绩修复期 从上市公司业绩来看，鹏辉能源也正处于业绩修复的关键期。 2024年，正值锂电行业价格激烈博弈的关键期，鹏辉能源上市以来首次亏损，全年归母净利润为-2.52亿元，到2025年上半年仍亏损8822.67万 元。不过，三季报显示，报告期内公司实现营业收入75.81亿元，同比增长34.23%；归母净利润实现扭亏1.15亿元，同比增长89.33%。三季度 ...

Core Viewpoint - Penghui Energy plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and improve its international competitiveness while creating a platform for overseas financing [2][13]. Financial Performance - Since its listing in 2015, Penghui Energy has raised a total of 7.032 billion yuan, with initial public offering (IPO) proceeds of 312 million yuan and subsequent financing of 3.298 billion yuan and 3.422 billion yuan through indirect means [4]. - The company reported its first loss since listing in 2024, with a net profit attributable to shareholders of -252 million yuan, and continued to incur losses of 88.23 million yuan in the first half of 2025 [5]. - However, the third quarter of 2025 showed a significant recovery, with revenue of 7.581 billion yuan, a year-on-year increase of 34.23%, and a net profit of 115 million yuan, marking a year-on-year growth of 89.33% [5]. Production and Capacity - The demand for lithium batteries has rebounded in the second half of the year, leading to a structural recovery for the company, with full production capacity for major energy storage products [6]. - The company has initiated an aggressive expansion plan starting in the second half of 2024, with total investments reaching 8.3 billion yuan, funded by its own or self-raised capital [10]. Cash Flow and Financial Health - Despite the recovery in performance, the company's cash flow remains under pressure, with a net cash flow from operating activities of -11.51 million yuan in the first three quarters of 2025, although this is a significant improvement from -481 million yuan in the same period last year [7]. - By the end of 2024, the company's cash balance was 1.646 billion yuan, a decrease of 26.55% year-on-year, while accounts receivable increased by 57.28% to 2.601 billion yuan due to slower payment speeds from large energy storage projects [9]. Strategic Initiatives - The company is focusing on solid-state batteries as a key project, with plans for mass production of a 1GWh semi-solid battery project and ongoing construction of a solid-state battery pilot line expected to be completed by the end of 2026 [11][12]. - The move to list in Hong Kong is part of a broader trend among Chinese new energy companies seeking to secure funding and maintain growth amid tightening IPO and refinancing conditions in the A-share market [14][15].

（原标题：从亏损到净利暴增9.7倍！鹏辉能源港股"补血"备战全球化） 浪潮涌动，又一锂电企业计划赴港二次上市。 12月12日盘后，鹏辉能源（300438.SZ）公告，筹划发行H股并在香港联交所上市，以深化全球化战略 布局，提升公司在国际市场的综合竞争实力，同时打造公司国际化资本运作平台，增强境外融资能力， 21世纪经济报道记者费心懿 鹏辉能源于2015年在深圳证券交易所创业板上市，截至目前累计募资70.32亿元，其中首发时募资3.12亿 元，股权再融资32.98亿元，间接融资34.22亿元。 尽管上市以来已通过多渠道募集资金，但面对大规模的扩产计划和全球化布局，公司当前资金压力不 小。 其三季报显示，截至2025年9月末，公司货币资金17.03亿元，同期短期借款高达14.60亿元，应付账款 50.71亿元，应付票据22.15亿元，资金链处于紧平衡状态。 从上市公司业绩来看，鹏辉能源也正处于业绩修复的关键期。 2024年，正值锂电行业价格激烈博弈的关键期，鹏辉能源上市以来首次亏损，全年归母净利润为-2.52 亿元，到2025年上半年仍亏损8822.67万元。不过，三季报显示，报告期内公司实现营业收入75.81亿 ...

Core Insights - The energy storage industry is transitioning from simple scale and price competition to a multi-dimensional competition focusing on technological innovation, globalization, integrated layout, and capital strength [2] - A new generation of young leaders is emerging in the energy storage sector, driving the integration of industry, capital, and technological innovation [2] - The "Top Ten Young Leaders in China's Lithium Battery Industry" initiative aims to identify outstanding young leaders under 40 who are forward-thinking and innovative [2] Company Achievements - DeYe股份 (605117.SH) has shifted its focus to the photovoltaic and energy storage sectors, achieving a global market share of over 50% in user-side energy storage inverters [6][7] - In 2025, DeYe股份 reported a revenue of 88.46 billion RMB and a profit of 23.47 billion RMB, with a year-on-year growth of 10.36% and 4.79% respectively [6] - The company is pivoting towards the commercial energy storage sector, with a projected annual sales revenue of approximately 48.76 billion RMB from its new production line [7] Market Strategy - DeYe股份 has successfully targeted emerging markets such as South Africa and Brazil, with a 2023 inverter export value of 1.26 billion RMB to South Africa [7] - The company announced a strategic adjustment to focus on commercial energy storage, reallocating 6.51 billion RMB of unused funds towards this initiative [7][8] Global Expansion - DeYe股份 is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence [8] Industry Trends - 天合光能 (688599.SH) is transitioning from a photovoltaic manufacturer to a comprehensive energy solution provider, with a cumulative energy storage system shipment exceeding 10 GWh [11][12] - The company aims to achieve a storage shipment target of 8 GWh in 2025, with expectations to double this figure in 2026 [12][13] Performance Metrics - 瑞浦兰钧 (0666.HK) reported a revenue of 94.91 billion RMB in the first half of 2025, with a year-on-year increase of 24.9% [17] - The company is focusing on high-quality development and has established a strong global presence with subsidiaries in Germany, the USA, and Indonesia [16][17] Financial Growth - 锦浪科技 (300763.SZ) saw a 313.51% year-on-year increase in energy storage revenue, reaching 7.93 billion RMB in the first half of 2025 [21] - The company is expected to achieve a total shipment of 250,000 to 300,000 units in 2025, reflecting a growth of over 180% [21] Technological Innovation - 华宝新能 has developed a new generation of DIY balcony energy storage systems and outdoor power supplies, with a revenue of 29.42 billion RMB in the first three quarters of 2025, marking a 37.95% increase [25] - The company holds 1,939 patents globally, indicating a strong commitment to technological innovation [25] Market Position - 鹏辉能源 (300438.SZ) achieved a significant turnaround in Q3 2025, with a revenue increase of 74.96% and a net profit increase of 977.24% [28] - The company is focusing on high-capacity energy storage cells and has made significant advancements in technology [29] Competitive Landscape - 国轩高科 (002074SZ) ranked seventh globally in power battery installation and eighth in energy storage cell shipments as of 2025 [32] - The company reported a revenue of 295.08 billion RMB in the first three quarters of 2025, with a year-on-year growth of 17.21% [32] Product Development - 禾迈股份 (688032.SH) launched a new series of low-voltage energy storage inverters and achieved a revenue of approximately 3 billion RMB in the first three quarters of 2025, reflecting a 67% increase [36] - The company is targeting significant growth in overseas markets, particularly in Europe, Latin America, and North America [36]

Group 1 - The National Market Supervision Administration has proposed a guideline requiring car sales to be clearly priced, prompting responses from major automakers like BYD, Xpeng, and BAIC [2][3] - Xiaomi has clarified that it does not prohibit the sale of its products, countering claims of misinformation regarding its brand [1][2] - OpenAI's CEO announced that the adult mode for ChatGPT is expected to launch in the first quarter of 2026, focusing on improving age prediction capabilities first [1][2] Group 2 - Shenzhen Romashi Technology Co., Ltd. was fined over 1.24 million yuan for violating mandatory certification regulations and false advertising [2] - JD.com plans to invest 22 billion yuan over the next five years to provide 150,000 "delivery personnel homes" [7] - Lululemon reported a 7% year-on-year increase in global net revenue for Q3 of fiscal year 2025, reaching 2.6 billion USD [18] Group 3 - The first fully autonomous humanoid robot tour guide solution was launched, integrating various advanced capabilities for diverse applications [8] - Retatrutide, a new weight loss drug from Eli Lilly, showed promising results in clinical trials, with participants losing an average of 23.7% of their body weight [9][10] - NVIDIA's CEO stated that artificial intelligence could potentially increase global GDP fivefold [10] Group 4 - OpenAI released the latest version of its AI model, GPT-5.2, in response to competitive pressures in the generative AI field [22][23] - Samsung launched its first tri-fold smartphone, Galaxy Z Trifold, in South Korea, priced at approximately 1.72 million KRW [22]

Group 1: Lithium Thionyl Chloride Battery Industry - The Ministry of Industry and Information Technology, along with the Ministry of Commerce and the General Administration of Customs, announced optimized import and export regulations for lithium thionyl chloride batteries, effective January 1, 2026, allowing batteries with a filling content of less than 1 kg to be exempt from certain approval processes [2] - The lithium thionyl chloride battery is characterized by high energy density and long storage life, with energy density reaching 590 W·h/kg and 1100 Wh/L, making it suitable for applications in smart instruments, medical devices, and scientific instruments [2] - China's lithium thionyl chloride battery industry has developed a complete supply chain, with upstream materials like lithium metal, thionyl chloride, carbon materials, and special membranes largely domestically sourced [2] Group 2: Market and Export Data - In 2024, China's total production of lithium thionyl chloride batteries is projected to reach 680 million units, with a market size of approximately 12.5 billion RMB [2] - The export value of lithium thionyl chloride batteries from China is expected to reach 3.5 billion RMB in 2024, representing an 18.2% year-on-year increase, with the US being the largest export destination, accounting for 30% of total exports [3] - Major companies in the lithium thionyl chloride battery sector include EVE Energy, which is a leading manufacturer, and Penghui Energy, which offers a range of products including lithium thionyl chloride batteries [3] Group 3: Stock Market and Upcoming Unlocks - Next week, a total of 25 stocks will have restricted shares unlocked, with a combined market value exceeding 13 billion RMB, marking the lowest weekly unlock value of the year [5] - Among the stocks, Yandong Microelectronics has the highest unlock value at 5.566 billion RMB, followed by Lintai New Materials at 2.113 billion RMB and Shengxin Lithium Energy at 1.398 billion RMB [6] - Shengxin Lithium Energy is facing significant losses, with projected losses exceeding 600 million RMB in 2024, and has a substantial portion of its shares being unlocked [7]

责任编辑：钟离 财经频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月12日丨鹏辉能源(300438.SZ)公布，为深化广州鹏辉能源科技股份有限公司全球化战略布 局，提升公司在国际市场的综合竞争实力，同时打造公司国际化资本运作平台，增强境外融资能力，公 司目前正在筹划境外发行股份（H股）并在香港联合交易所有限公司（简称"香港联交所"）上市事项。 公司正在与相关中介机构就本次H股发行上市的具体推进工作进行商讨，相关细节尚未确定。本次H股 发行上市不会导致公司控股股东和实际控制人发生变化。 ...

北京商报讯（记者 马换换）12月12日晚间，鹏辉能源（300438）发布公告称，公司目前正在筹划境外 发行股份（H股）并在香港联交所上市事项，公司正在与相关中介机构就本次H股发行上市的具体推进 工作进行商讨，相关细节尚未确定。 截至12月12日收盘，鹏辉能源收跌2.77%，股价报49.88元/，总市值约为251.1亿元。 ...

（文章来源：证券日报） 证券日报网讯 12月12日，鹏辉能源在互动平台回答投资者提问时表示，公司建立了科学有效的采购管 理制度及相关控制程序。 ...

智通财经APP讯，鹏辉能源(300438.SZ)公告，公司目前正在筹划境外发行股份(H股)并在中国香港联合 交易所有限公司上市事项。 ...