鹏辉电源电芯装配自动线正高速运转。 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态、钠离子电 ...

鹏辉电源电芯装配自动线正高速运转。王永良 摄 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态 ...

Core Insights - Recent announcements from Penghui Energy, Trina Storage, and Astech Energy highlight significant developments in large-scale and commercial energy storage orders, indicating a positive trend in the energy storage sector [1][10]. Group 1: Penghui Energy - Penghui Energy reported that it has completed a portion of its overseas large-scale storage orders for 2025, with high customer satisfaction and expectations for significant growth in 2026 [1][10]. - The company is currently operating at full capacity for its main energy storage products, including 314Ah large storage cells and 100Ah and 50Ah small storage cells, with plans to introduce a new 587Ah large capacity cell by 2026 [1][10]. - Penghui Energy forecasts a net profit of between 170 million to 230 million yuan for 2025, attributing this to a favorable industry environment and increased sales orders [3][12]. Group 2: Trina Storage - Trina Storage has signed a cooperation agreement for its first large-scale battery storage project in Italy, a 250MW/1GWh facility, which is expected to enhance grid reliability and support renewable energy goals [4][13]. - The project is part of Trina Storage's successful bid in Italy's 2027 capacity market auction and is anticipated to be one of the largest battery storage projects in Italy and Europe [4][13]. - Trina Storage has achieved a cumulative shipment of over 4GWh in the European market, covering multiple countries including the UK, Germany, Greece, and Spain [16]. Group 3: Astech Energy - Astech Energy announced significant overseas orders for its LABEL liquid-cooled commercial energy storage systems, with successful deployments in France and Finland [5][18]. - The new product series has achieved a cumulative overseas deployment capacity of over 2.5MWh, with additional orders in negotiation, indicating a growing global brand presence [5][18]. - Astech's products utilize 314Ah cell technology, which reduces the levelized cost of storage (LCOS) by approximately 15%, enhancing economic efficiency throughout their lifecycle [9][18].

Core Viewpoint - The AI Fund Huashang New Energy Vehicle Mixed A (013886) reported a profit of 28.387 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0407 yuan. The fund's net value growth rate was 6.86%, and its total size reached 448 million yuan by the end of Q4 2025 [2][15]. Fund Performance - As of January 22, the unit net value of the fund was 0.659 yuan. The fund manager, Chen Xiaoqiong, oversees three funds, all of which have shown positive returns over the past year. The highest growth rate among these funds was 105.95% for Huashang High-end Equipment Manufacturing Stock A, while the lowest was 56.95% for Huashang New Energy Vehicle Mixed A [2][3]. Market Overview - In Q4 2025, the A-share market experienced fluctuations, with the Shanghai Composite Index oscillating between 3,800 and 4,030 points, briefly surpassing the 4,000-point mark in October. The Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index saw respective changes of 2.22%, -0.23%, -1.08%, and 10.1% [3]. Investment Strategy - The fund's investment strategy focuses on two main themes: growth and quality. Growth investments are centered around sectors such as lithium batteries, energy storage, solid-state batteries, and AIDC power equipment, with an emphasis on tracking industry developments and selective stock picking. The quality investments are directed towards assets with strong competitive advantages and sustainable profitability [3]. Fund Rankings - As of January 22, the fund's performance over various time frames ranked as follows among comparable funds: 20.14% growth over the last three months (40/621), 51.01% over the last six months (54/621), 56.95% over the last year (141/613), and -24.00% over the last three years (524/535) [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.0231, ranking 495 out of 526 comparable funds. The maximum drawdown during this period was 60.46%, with the largest single-quarter drawdown occurring in Q1 2024 at 32.7% [9][11]. Portfolio Composition - The average stock position of the fund over the last three years was 87.3%, slightly above the comparable average of 85.83%. The fund reached its highest stock position of 92.85% at the end of Q3 2025 and its lowest of 74.26% at the end of H1 2024 [14]. Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Ningde Times, Sunshine Power, Tianci Materials, Duofluor, Huasheng Lithium, Huayou Cobalt, Guocheng Mining, Xian Dao Intelligent, Penghui Energy, and Nord Shares [18].

Group 1 - Penghui Energy has reported significant overseas large-scale storage orders, with part of the orders already delivered and high customer satisfaction, expecting substantial growth in 2026 [3][5] - The company plans to launch a new 587Ah large-capacity battery cell in 2026, with production facilities already established [3] - Penghui Energy forecasts a net profit of 170 million to 230 million yuan for 2025, indicating a turnaround due to increased sales orders and revenue growth [5] Group 2 - Trina Storage has signed its first large-scale battery storage project in Italy, a 250MW/1GWh facility, which is expected to enhance grid reliability and support renewable energy goals [6][8] - The project is part of Trina Storage's long-term investment in energy transition in the region, with cumulative shipments in Europe exceeding 4GWh [8] Group 3 - Astech has announced new overseas orders for its LABEL liquid-cooled commercial storage systems, achieving significant deployment in France and Finland [9] - The new products have a cumulative overseas deployment capacity exceeding 2.5MWh, with additional orders in negotiation [9][12] - Astech's products feature a 15% reduction in levelized cost of storage (LCOS) and are designed for high efficiency and long lifecycle [12] Group 4 - The small storage market is experiencing growth due to regional demand and supportive subsidy policies in Australia and Europe, while supply remains tight [10] - The large storage market is expected to continue growing, driven by demand from aging power grids and energy transition needs in various countries [10]

证券代码：300438 证券简称：鹏辉能源 公告编号：2026-015 广州鹏辉能源科技股份有限公司 关于向2025年股票期权激励计划激励对象授予预留股票期权 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、股票期权授予日：2026年1月23日 广州鹏辉能源科技股份有限公司（以下简称"公司"）于2026年1月23日召开的第 五届董事会第二十次会议审议通过了《关于向公司 2025年股票期权激励计划激励对象 授予预留股票期权的议案》，董事会认为《广州鹏辉能源科技股份有限公司2025年股票 期权激励计划》（以下简称"本激励计划"）规定的预留授予条件已经成就，同意以2026 年1月23日为授予日，向37名激励对象授予100万份股票期权。现将有关事项说明如下： 一、本激励计划简述 （一）激励方式 本激励计划采取的激励形式为股票期权。 （二）股票来源 本激励计划涉及的标的股票来源为公司向激励对象定向发行的公司A股普通股股票。 （三）授予数量 本激励计划拟向激励对象授予的股票期权总量不超过1,560.00万份，约占本激励计 划草案公告时公司股本总 ...

独立财务顾问报告 独立财务顾问 中信证券股份有限公司 二〇二六年一月 关于 广州鹏辉能源科技股份有限公司 向 2025 年股票期权激励对象 授予预留股票期权 之 | | | 第一章 释义 本报告，部分合计数与各加计数直接相加之和可能在尾数上有差异，这些差 异是由四舍五入造成的。除非另有所指，下列简称具有如下含义： | 鹏辉能源、公司、上市公司 | 指 | 广州鹏辉能源科技股份有限公司 | | --- | --- | --- | | 独立财务顾问、本独立财务顾问 | 指 | 中信证券股份有限公司 | | 本激励计划 | 指 | 广州鹏辉能源科技股份有限公司 2025 年股票期权激 | | | | 励计划 | | 股票期权、期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的 价格和条件购买公司一定数量股票的权利 | | 激励对象 | 指 | 按照本激励计划规定，获得股票期权的公司（含子 公司）董事、高级管理人员、核心员工 | | 授予日 | 指 | 公司向激励对象授予股票期权的日期，授予日必须 | | | | 为交易日 | | 行权价格 | 指 | 公司向激励对象授予股票期权时所确定的激励对象 购买公 ...

公司根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳 证券交易所创业板股票上市规则》（以下简称"《上市规则》"）《深圳证券交易所创 业板上市公司自律监管指南第1号——业务办理》（以下简称"《自律监管指南第1号》"） 的有关规定，对公司2025年股票期权激励计划预留授予激励对象名单（预留授予日）进 行了核查，并发表核查意见如下： 证券代码：300438 证券简称：鹏辉能源 公告编号：2026-014 广州鹏辉能源科技股份有限公司 董事会薪酬与考核委员会关于公司 2025 年股票期权激励计划预 留授予激励对象名单（预留授予日）的核查意见 本公司及董事会薪酬与考核委员会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 广州鹏辉能源科技股份有限公司（以下简称"公司"）于2026年1月23日召开的第 五届董事会第二十次审议通过了《关于向公司2025年股票期权激励计划激励对象授予预 留股票期权的议案》。 （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 1、列入公司本次激励计划预留授予激励对象名单的人员均符合《管理办法》《上 市规则》《 ...

（预留授予日） 广州鹏辉能源科技股份有限公司 2025 年股票期权激励计划预留授予激励对象名单 2、本激励计划激励对象不包括独立董事、监事及单独或合计持有公司5%以上股份的股东或实 际控制人及其配偶、父母、子女。 广州鹏辉能源科技股份有限公司董事会 2026 年 1 月 23 日 | | | | | | 获授的股票 | 占授予股 | 占本激励计 划公告日公 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 姓名 | | 职务 | 国籍 | 期权数量 （万份） | 票期权总 数的比例 | 司股本总额 | | | | | | | | | 的比例 | | 1 | | 核心骨干（共 | 37 人） | | 100.00 | 6.41% | 0.20% | 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票，累计 不超过公司股本总额的1%。公司全部在有效期内的股权激励计划所涉及的标的股票总数累计不超过 公司股本总额的20%。 ...

广州鹏辉能源科技股份有限公司 子公司管理制度 第一章 总则 第一条 为加强对广州鹏辉能源科技股份有限公司（以下简称"公司"或"本公 司"）子公司的管理，规范公司内部运作，维护公司和投资者利益，根据《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》《深圳证券交 易所创业板股票上市规则》（以下简称"《股票上市规则》"）等法律法规、规范性文 件以及《广州鹏辉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，结合公司情况，特制定本制度。 第二条 本制度适用于公司投资的全资子公司、控股子公司及其他受公司直接或间 接控制的附属公司或企业（以下合称"子公司"）。控制是指公司直接或间接持有其 50%以上股权或权益，或者拥有 50%以上表决权，或者拥有表决权不到 50%但能够决定其 董事会半数以上成员的当选，或者通过协议或其他安排能够实际控制公司的经营和管理。 第三条 本制度适用于公司及公司的子公司。子公司董事、监事及高级管理人员应 严格执行本制度，并应依照本制度及时、有效地做好管理、指导、监督等工作。 第二章 子公司管理的基本原则 第四条 本制度旨在加强对子公司的管理，建立有效的 ...