证券代码：300438 证券简称：鹏辉能源 公告编号：2026-020 广州鹏辉能源科技股份有限公司 1、本次投资基本情况 广州鹏辉能源科技股份有限公司（以下简称"公司"）为进一步优化公司产能布局， 增强公司业务的影响力和综合竞争力，公司拟在河南省正阳县投资建设年 120Ah 电芯生 产项目（以下简称"项目"），计划总投资金额 21 亿元。 2、投资履行的审批程序 公司已于 2026 年 2 月 12 日召开第五届董事会第二十一次会议，审议通过了《关于 在河南省正阳县投资建设 120Ah 电芯生产项目的议案》，并授权公司董事长或其授权人 在授权范围内组织实施、签署投资相关具体合同及其它相关法律文件。 根据《深圳证券交易所创业板股票上市规则》等法律法规和本公司《广州鹏辉能源 科技股份有限公司章程》等规章制度的相关规定，本次投资事项无需提交公司股东大会 审议。 3、本次投资不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。 二、实施主体的基本情况 关于在河南省正阳县投资建设120Ah电芯生产项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或 ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2026-019 广州鹏辉能源科技股份有限公司 关于投资建设587Ah电池及120Ah电池生产项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、投资概述 1、本次投资基本情况 广州鹏辉能源科技股份有限公司（以下简称"公司"）为进一步优化公司产能布局， 增强公司业务的影响力和综合竞争力，公司拟在驻马店市驿城区投资建设 587Ah 电池及 120Ah 电池生产项目（以下简称"项目"），计划总投资金额 12 亿元。 2、投资履行的审批程序 公司已于 2026 年 2 月 12 日召开第五届董事会第二十一次会议，审议通过了《关于 投资建设 587Ah 电池及 120Ah 电池生产项目的议案》，并授权公司董事长或其授权人在 授权范围内组织实施、签署投资相关具体合同及其它相关法律文件。 根据《深圳证券交易所创业板股票上市规则》等法律法规和本公司《广州鹏辉能源 科技股份有限公司章程》等规章制度的相关规定，本次投资事项无需提交公司股东大会 审议。 3、本次投资不构成关联交易，不构成《上市公司重大资产重组管理办 ...

Core Insights - The global energy storage battery market is experiencing explosive growth, with Chinese companies maintaining a dominant position and significant reshuffling occurring among industry players [1][2][3] Group 1: Market Growth and Trends - By 2025, global energy storage battery shipments are projected to reach 651.5 GWh, representing a year-on-year increase of 76.2%, with Chinese companies accounting for 614.7 GWh, or 94.4% of the total [1] - The top 10 companies in the energy storage battery market for 2025 will be entirely composed of Chinese firms, further increasing their global market share [1] - The market is characterized by a stable top tier and intensified competition among mid-tier companies, with the total market share of the top ten Chinese energy storage lithium battery companies decreasing slightly from 95% in 2024 to 90% in 2025, indicating enhanced market vitality [3] Group 2: Company Rankings and Dynamics - The top four companies—CATL, EVE Energy, Xiamen Hicharge, and BYD—remain unchanged, continuing to capture core market shares [2] - Significant changes in rankings include Ruipu Lanjun rising from seventh to fifth place, while Hubei Chuangneng and Penghui Energy entered the top ten, replacing Samsung SDI and LGES [2][3] Group 3: Technological Advancements - The industrialization process of large-capacity energy storage batteries is accelerating, with ongoing technological breakthroughs leading to reduced energy storage costs, laying the foundation for large-scale development [4] Group 4: Future Outlook - The global energy storage battery market is expected to enter a phase of high-quality development by 2026, with competition logic evolving and core competencies shifting towards technological innovation, capacity layout, and market expansion [5] - The reshuffling of the 2025 top ten list reflects the inevitable evolution of the industry and the strengthening competitiveness of Chinese energy storage battery companies [5]

Core Insights - The global energy storage battery market is experiencing explosive growth, with Chinese companies maintaining a dominant position and significant reshuffling occurring within the industry [1][8] - In 2025, global energy storage battery shipments are projected to reach 651.5 GWh, representing a year-on-year increase of 76.2%, with Chinese companies accounting for 614.7 GWh, or 94.4% of the total [1][9] Market Dynamics - The 2025 top 10 global energy storage battery companies include CATL, EVE Energy, Xiamen Hicharge, BYD, Ruipu Lanjun, Zhongxin Innovation, Envision AESC, Guoxuan High-Tech, Hubei Chuangneng, and Penghui Energy [7][9] - The top four companies (CATL, EVE Energy, Xiamen Hicharge, BYD) have maintained their positions, while there is increased competition among mid-tier companies, leading to notable ranking changes [7][9] New Entrants and Exits - Hubei Chuangneng has entered the top 10 rankings, marking a significant rise in its market presence, while established players Samsung SDI and LGES have exited the top 10 [8][9] - This shift indicates a transition in the competitive landscape from "China vs. foreign" to "internal competition" among Chinese firms [9] Industry Trends - The overall trend for 2025 shows a stable top tier and a more dynamic mid-tier, with the market share of the top ten Chinese energy storage battery companies slightly decreasing from 95% in 2024 to 90% in 2025, reflecting increased competition [9][10] - Technological advancements are accelerating the industrialization of large-capacity storage batteries, contributing to reduced costs and laying the groundwork for scalable development [10] Future Outlook - The global energy storage battery market is expected to enter a phase of high-quality development in 2026, with a shift in competitive logic towards technological innovation, capacity layout, and market expansion capabilities [10] - The reshuffling of the 2025 top 10 list is seen as a natural outcome of the industry's evolution and a reflection of the enhanced competitiveness of Chinese energy storage battery companies [10]

Summary of Key Points from Conference Call Industry Overview - The energy storage sector is experiencing significant growth, particularly in Europe, Asia, Africa, and Latin America, with companies benefiting from a robust channel network [2][4]. Company Insights 阳光电源 (Sungrow Power Supply) - The company is considered a fundamental leader in the energy storage market and is significantly undervalued, with suppressive factors gradually being lifted [1][3]. - It is one of the few companies in the AIDC energy storage sector that can directly connect with CSP customers, making its high-quality products essential in the U.S. market amid AI-related electricity shortages [1][3]. - The company is expected to achieve a net profit of 19-20 billion by 2026, with a current valuation of 16x, indicating a clear undervaluation [3][4]. 鹏辉能源 (Penghui Energy) - The company is optimistic about the price elasticity of energy storage cells, with a strong balance between supply and demand [5]. - It holds a 20-30% market share alongside two other leading companies, with no recent capacity expansions, indicating a rigid supply [5]. - The company has seen a significant increase in production for Q1, driven by unexpected overseas subsidy policies, leading to substantial price increase expectations for energy cells [5]. - Profit projections for 2026 are estimated at 1.63 billion, corresponding to a valuation of 14x, with a safety margin at current prices even without considering potential price hikes [5]. 正泰电源 (Zhejiang Chint Electrics) - The company is expected to see significant growth in the U.S. photovoltaic and European energy storage markets, with a breakthrough anticipated in 2025 [6]. - It plans to deliver a 500MW photovoltaic project in the U.S. and aims for total shipments to reach 2.5-3.5GW by 2026 [6]. - The company has a strong team in the U.S. and is actively engaging with new clients in data centers, with expectations to replicate success in large storage projects [6]. - Energy storage shipments are projected to be nearly 1GWh in 2025, with an expected increase to 2-2.5GWh in 2026, particularly in high-value markets like Europe, Japan, and Australia [6]. Additional Insights - The overseas market development has been supported by the group's strong project development capabilities, leading to numerous breakthroughs in self-developed projects [6]. - The company has made significant initial investments in overseas channels, with a cost rate nearing 20%, indicating high potential for performance elasticity and growth in the high-price market [6].

Core Viewpoint - Changji Guotou Xin Energy Development Co., Ltd. has announced a tender for four shared energy storage projects with a total scale of 800MW/3.2GWh, focusing on advanced battery technologies comparable to leading companies in the industry [2][3]. Group 1: Project Overview - The total scale of the energy storage projects is 800MW/3.2GWh, with specific projects including: - Changji Guotou Hutu Bih County: 200MW/800MWh - Changji Guotou Mulei County: 300MW/1200MWh - Changji Guotou Jimusaer County: 100MW/400MWh - Changji Guotou Qitai County: 200MW/800MWh [3][18][30]. - The tender includes a comprehensive range of equipment such as lithium iron phosphate battery storage, battery management systems (BMS), power conversion systems (PCS), energy management systems (EMS), and associated fire protection systems [3][18][30]. Group 2: Technical Requirements - The technical requirements for the battery cells are to be comparable to those of leading companies such as CATL, Hicharge Energy, Yiwei Lithium Energy, and others [2][9][21]. - The delivery period for the equipment is set to be completed within 90 calendar days from the issuance of the supply notice after the contract is signed [3][18][30]. Group 3: Tendering Process - The tender is open to independent legal entities registered in the People's Republic of China, with specific qualifications required for bidders, including experience in energy storage systems [7][20][30]. - A bid security of 500,000 yuan is required, and the tender documents can be downloaded from the Changji Public Resources Trading Network [23][31].

Core Viewpoint - The Hong Kong IPO market is experiencing a surge of activity from leading companies in the renewable energy sector, with multiple firms submitting listing applications to the Hong Kong Stock Exchange in early 2026, reflecting a trend towards "A+H" dual-platform listings [2][19]. Group 1: Companies Submitting IPO Applications - EVE Energy submitted its listing application to the Hong Kong Stock Exchange on January 2, aiming to raise funds for overseas capacity construction, including a factory in Hungary [2]. - Wanbang Digital Energy submitted its listing application on January 4, having restructured its business to focus on smart charging equipment and microgrid systems [5]. - Penghui Energy announced its H-share issuance and submitted its main board listing application on January 5, focusing on energy storage, power, and consumer batteries [7]. - Chint Electric announced its plan to issue H-shares and aims to become the first "A+H" listed company in Wenzhou, enhancing its international strategy and financing channels [9]. - Yuanxin Energy submitted its main board listing application on January 9, showing significant revenue growth from 435 million yuan in 2023 to 1.144 billion yuan in 2024 [11]. - Huichuan Technology disclosed its plan to issue H-shares on January 19, potentially joining the "A+H" listing trend [12]. Group 2: Industry Trends and Strategic Considerations - The collective move of energy companies to list in Hong Kong reflects deep strategic considerations regarding transformation and globalization [14]. - Companies are transitioning from merely selling equipment to providing comprehensive solutions, enhancing their business models to be scalable and replicable [15]. - Global expansion is a key driver for these companies, with Yuanxin Energy expecting overseas revenue to exceed 30% by 2026, having already signed contracts with clients in multiple countries [16]. - The "A+H" dual-platform model is becoming standard for many A-share listed companies, with several firms planning H-share listings in early 2026 [18]. - The surge in IPOs is influenced by favorable policies, improved market conditions, and the need for companies to optimize their capital structures and financing strategies [19]. - The increasing number of energy companies joining the "A+H" model is reshaping the global competitiveness of Chinese energy firms, transitioning from product exports to operational services [20].

Group 1 - The core viewpoint of the article highlights the explosive growth of the large cylindrical battery and all-tab technology market, with a projected increase of over 15% in China's cylindrical battery shipments by 2025, and a growth rate exceeding 40% for large cylindrical batteries [3] - Major companies in the large cylindrical battery sector, such as EVE Energy, Molicel, and CATL, are expected to face supply shortages due to high demand, indicating a robust market outlook for 2026 [3] - The article emphasizes the rapid adoption of large cylindrical battery products in various applications, including lightweight power, electric two- and three-wheelers, portable storage, and automotive power [3][6] Group 2 - The event organized by Qidian Lithium Battery and Qidian Research Institute (SPIR) aims to discuss cutting-edge technologies, processes, and materials related to cylindrical batteries, showcasing the industry's competitive landscape through a comprehensive ranking of the top 20 companies [3][6] - The agenda includes discussions on high-power cylindrical battery technology, innovations in household and portable energy storage, and the development trends of automotive-grade large cylindrical batteries [7][8] - The forum will also feature roundtable discussions on overcoming market entry barriers and identifying emerging application markets for cylindrical batteries [7][8] Group 3 - The event is set to take place on April 10, 2026, at the Venus Royal Hotel in Bao'an, Shenzhen, with an expected attendance of over 600 participants [6] - Various companies from the cylindrical battery sector, including EVE Energy, CATL, and BYD, as well as downstream application enterprises and equipment manufacturers, are invited to participate [10] - Different registration options are available, including SVIP, VIP, and free attendance, with specific benefits associated with each tier [11][12][13]

Core Viewpoint - The article discusses the procurement of energy storage system equipment for four shared energy storage projects by Changji Guotou Xin Energy Development Co., Ltd., with a total scale of 800 MW/3.2 GWh [2]. Group 1: Project Overview - The total scale of the shared energy storage projects is 800 MW/3.2 GWh, with specific projects including: - Changji Guotou Hutu Bih County: 200 MW/800 MWh - Changji Guotou Mulei County: 300 MW/1200 MWh - Changji Guotou Jimusaer County: 100 MW/400 MWh - Changji Guotou Qitai County: 200 MW/800 MWh [3][20][31]. Group 2: Technical Requirements - The technical requirements for the battery technology reference or are equivalent to major manufacturers such as CATL, Hicharge Energy, Yiwei Lithium Energy, and others [2][11]. - The procurement includes complete sets of equipment such as energy storage battery cabins (lithium iron phosphate batteries), battery management systems (BMS), energy management systems (EMS), and associated fire protection systems [3][20][31]. Group 3: Procurement and Delivery - The delivery period is set to be completed within 90 calendar days from the issuance of the supply notice after the contract is signed [4][20][31]. - The procurement is funded by a combination of self-raised funds (30%) and bank loans (70%) [20][31]. Group 4: Bidder Qualifications - Bidders must be independent legal entities registered in the People's Republic of China and must have the capability to manufacture at least one core component of the energy storage system [9][22][33]. - Bidders are required to have experience in at least two projects involving energy storage systems with a single capacity of no less than 400 MWh over the past three years [9][22][33]. Group 5: Bid Submission and Requirements - The bidding process is conducted electronically, and bidders must register on the Changji Public Resource Trading Network to participate [27][28]. - A bid security of 500,000 yuan is required, and it must be paid before the bid submission deadline [25][34].

Core Viewpoint - The lithium battery supply chain has experienced significant price increases from 2020 to 2022, driven by strong demand and a smooth transmission of price hikes across the industry [2][3]. Group 1: Price Trends - Electrolyte prices started at 70,000 CNY/ton in September 2020, rising to 100,000 CNY/ton by the end of the year, and reaching a peak of 580,000 CNY/ton in February 2022, with long-term contract prices stabilizing between 200,000 to 300,000 CNY/ton [2][3]. - Iron lithium cathode prices, including phosphoric acid iron and processing fees, doubled in 2021, peaking at over 40,000 CNY/ton by the end of that year [2][3]. - Anode prices began to rise in Q3 2021 due to graphite production constraints, increasing from 12,000 CNY/ton to a high of 25,000 to 28,000 CNY/ton by Q2 2022 [2][3]. Group 2: Supply Chain Dynamics - Lithium carbonate prices rebounded from a low of 40,000 CNY/ton at the end of 2020 to 50,000 CNY/ton in early 2021, and surged to 300,000 CNY/ton by the end of 2021, eventually reaching 520,000 CNY/ton by February 2022 [2][3]. - The battery sector has effectively transmitted raw material price increases, with battery prices rising by 1 cent/wh in Q1 2021 and accelerating to 2-3 cents/wh in Q1 and Q2 of 2022, reaching over 1 CNY/wh [2][3]. Group 3: Future Outlook - Current market conditions resemble Q4 2020, with expectations for continued price increases due to strong demand and low profitability levels compared to previous years [3]. - The industry's expansion willingness is significantly lower than in 2021, with limited new supply expected by 2026, suggesting a more stable price environment [3]. - The anticipated price increases are not expected to be as dramatic as in 2021, with supply-demand tightness projected to be lower, particularly for hexafluorophosphate and lithium carbonate [3]. Group 4: Investment Recommendations - The current valuation of leading companies is considered reasonable, with expected industry growth of 20% in 2027, suggesting potential for investment in the battery sector, including companies like CATL, Yiwei Lithium Energy, and others [4]. - Material leaders such as Keda Lithium and others are also highlighted as strong investment opportunities, alongside companies in the lithium carbonate sector [4]. - The solid-state battery sector is recommended for investment, particularly with catalysts expected to materialize in Q4 2025 [4].