证券代码：300438 证券简称：鹏辉能源 公告编号：2025-043 广州鹏辉能源科技股份有限公司 第五届董事会第十七次会议决议的公告 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。 具 体 内 容 详 见 中 国 证 监 会 指 定 的 创 业 板 信 息 披 露 网 站 （ 巨 潮 资 讯 网 www.cninfo.com.cn）上的相关公告。 2、会议以赞成九票，反对零票，弃权零票，赞成票数占出席会议有表决权票数的 100%，审议通过《关于作废已授予尚未归属的限制性股票的议案》 鉴于公司第三期限制性股票激励计划（以下简称"第三期激励计划"）第三个归属 期公司2024年营业收入较2021年增长率未达到公司层面的业绩考核目标，第三期激励计 划激励对象已获授尚未归属的剩余限制性股票不得归属并由公司作废。 具 体 内 容 详 见 中 国 证 监 会 指 定 的 创 业 板 信 息 披 露 网 站 （ 巨 潮 资 讯 网 一、会议召开情况 广州鹏辉能源科技股份有限公司(以下简称"公司")第五届董事会第十七次会议 于 2025 年 10 月 28 日下午在公司会议 ...

广州鹏辉能源科技股份有限公司 关于作废已授予尚未归属的限制性股票的公告 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。 广州鹏辉能源科技股份有限公司（以下简称"公司"）于2025年10月28日召开的第 五届董事会第十七次会议及第五届监事会第十五次会议审议通过了《关于作废已授予尚 未归属的限制性股票的议案》，鉴于公司第三期限制性股票激励计划（以下简称"第三 期激励计划"）第三个归属期公司2024年营业收入较2021年增长率未达到公司层面的业 绩考核目标，第三期激励计划激励对象已获授尚未归属的剩余限制性股票不得归属并由 公司作废。有关情况如下： 一、第三期激励计划已履行的相关审批程序 1、2022年9月6日，公司召开了第四届董事会第三十三次会议，审议并通过了《关 于公司第三期限制性股票激励计划(草案)及其摘要的议案》《关于公司第三期限制性股 票激励计划实施考核管理办法的议案》《关于提请股东大会授权董事会办理本次股权激 励相关事宜的议案》。公司独立董事发表了明确同意的独立意见。 2、2022年9月6日，公司召开了第四届监事会第二十二次会议，审议并通过了《关 于公司第 ...

每经AI快讯，10月29日，鹏辉能源(300438.SZ)发布2025年第三季度报告，第三季度实现营业收入32.80 亿元，同比增长74.96%；归属于上市公司股东的净利润2.03亿元，同比增长977.24%。前三季度实现营 业收入75.81亿元，同比增长34.23%；归属于上市公司股东的净利润1.15亿元，同比增长89.33%。营业 收入增加34.23%主要为行业向好，公司产品产销两旺，销售订单增加，销售增长所致。 ...

北京市中伦（深圳）律师事务所 关于广州鹏辉能源科技股份有限公司 第三期限制性股票激励计划之 作废部分已授予尚未归属的限制性股票事项的 法律意见书 二〇二五年十月 北京市中伦（深圳）律师事务所 第三期限制性股票激励计划之 作废部分已授予尚未归属的限制性股票事项的 法律意见书 致：广州鹏辉能源科技股份有限公司 根据北京市中伦（深圳）律师事务所（以下简称"本所"）与广州鹏辉能源 科技股份有限公司（以下简称"公司"）签订的《股权激励计划法律服务合同》， 本所接受公司的委托，担任公司第三期限制性股票激励计划（以下简称"本激励 计划"）的专项法律顾问，并就本激励计划作废部分已授予尚未归属的限制性股 票事项（以下简称"本次作废"）出具本法律意见书。 对本法律意见书的出具，本所及本所律师作出如下声明： 1. 本所及本所律师对本法律意见书所涉及的有关事实的了解，依赖于公司 向本所及本所律师所做陈述、说明或声明及所提供文件资料。本所及本所律师已 得到公司的如下保证：公司就本激励计划及本次作废以任何形式向本所所做陈述、 说明或声明及所提供文件资料（包括但不限于书面文件、电子邮件、电子版文件 及传真件等，无论是否加盖公章）均不存在虚 ...

中信证券股份有限公司关于广州鹏辉能源科技股份有限公司 调整商品期货套期保值业务的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为广州鹏辉 能源科技股份有限公司（以下简称"鹏辉能源"或"公司"）向特定对象发行 A 股股 票的持续督导保荐机构，根据中国证监会发布的《证券发行上市保荐业务管理办 法》《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》（以下简称"规范运作指引"）等 相关法律法规和规范性文件的规定，就鹏辉能源拟调整商品期货套期保值业务事 宜进行了核查，具体情况如下： 一、商品期货套期保值业务情况概述 （一）开展商品期货套期保值业务的目的 为减少生产经营所需相关原材料价格的大幅波动给公司经营带来的不利影 响，公司计划开展商品套期保值业务，以有效管理价格大幅波动的风险，增强公 司经营业绩的稳定性和可持续性。 （二）开展商品期货套期保值业务的基本情况 1、调整后的交易品种：公司开展的商品期货期权套期保值业务的品种限于 在场内及场外市场交易的与公司生产经营有关的原材料包括但不限于铜、碳酸锂 等。 2、交易工具：包括但不限于期 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥3,280,170,201.60, representing a 74.96% increase year-over-year[5] - Net profit attributable to shareholders was ¥202,775,689.02, a significant increase of 977.24% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥174,759,576.10, showing a dramatic increase of 10,418.09% year-over-year[5] - Basic and diluted earnings per share both stood at ¥0.4000, reflecting a 900.00% increase compared to the previous year[5] - Total operating revenue for the current period reached ¥7,580,860,529.35, an increase of 34.2% compared to ¥5,647,856,143.46 in the previous period[23] - Net profit for the current period was ¥104,734,476.67, a significant increase from ¥30,943,789.57 in the previous period, reflecting a growth of 238.5%[24] - Total comprehensive income for the period reached CNY 106,492,166.21, compared to CNY 32,601,089.49 in the previous period, indicating a significant increase[25] - Basic and diluted earnings per share improved to CNY 0.2276 from CNY 0.1202, reflecting a growth of approximately 89%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥20,322,017,270.83, up 20.47% from the end of the previous year[5] - The company's total assets increased to ¥20,322,017,270.83, compared to ¥16,868,462,160.09 in the previous period, marking a growth of 20.5%[22] - Total current assets at the end of the reporting period amounted to 11,188,496,929.00 yuan, up from 9,024,658,153.16 yuan at the beginning of the period[20] - Total liabilities increased to ¥14,961,071,189.75, compared to ¥11,617,500,891.77 in the previous period, reflecting a growth of 28.8%[22] - Long-term borrowings increased by 40.02%, primarily due to new loans taken for non-controlling acquisitions[9] Cash Flow - Cash flow from operating activities showed a net outflow of ¥11,506,476.57, but improved by 97.61% compared to the previous year[10] - Cash inflow from operating activities totaled CNY 5,867,021,911.24, up from CNY 4,025,568,967.10, representing a year-over-year increase of about 46%[26] - Net cash outflow from operating activities was CNY -11,506,476.57, an improvement from CNY -480,598,493.46 in the previous period[27] - Cash flow from investing activities showed a net outflow of CNY -621,968,315.02, slightly better than CNY -711,188,108.08 from the previous year[27] - Cash flow from financing activities generated a net inflow of CNY 442,786,216.21, compared to CNY 161,268,280.93 in the prior period, indicating a positive trend[27] - The ending balance of cash and cash equivalents was CNY 856,395,477.92, compared to CNY 789,878,703.64 at the end of the previous period[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 70,028[12] - The largest shareholder, Xia Xinde, holds 26.25% of shares, totaling 132,145,444 shares, with 13,700,000 shares pledged[12] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder holding over 132 million shares[12] Expenses and Costs - The company experienced a 51.31% increase in selling expenses, attributed to higher marketing costs due to increased sales[9] - Total operating costs amounted to ¥7,376,106,713.02, up 32.9% from ¥5,545,821,582.72 in the prior period[23] - Research and development expenses rose to ¥315,716,443.38, up 21.2% from ¥260,455,271.90 in the previous period[24] Other Financial Metrics - Fair value changes increased by 356.33%, primarily due to fluctuations in the stock prices of listed companies held by the company[13] - Credit impairment losses increased by 713.07%, mainly due to the growth in accounts receivable and the corresponding increase in credit impairment losses[13] - Income tax expenses rose by 62.48%, reflecting an increase in total profit for the period[13] - Accounts receivable increased to 3,230,009,966.70 yuan from 2,600,946,096.82 yuan, indicating a significant growth in receivables[20] - Inventory at the end of the reporting period was 3,981,312,219.64 yuan, compared to 2,797,950,157.09 yuan at the beginning of the period[20] Audit Information - The company did not undergo an audit for the third quarter financial report[29]

Core Viewpoint - The article discusses the recent trend of profit-taking in the innovative drug sector and the shift towards increasing allocations in the power equipment sector, highlighting the changing dynamics in investment strategies within the healthcare and technology industries [1][3]. Summary by Sections Innovative Drug Sector - The innovative drug sector has seen a significant rise of over 60% in the first half of the year, but has been in a high-level consolidation phase recently [3]. - Despite the average loss of nearly 8% among 28 ETFs tracking the innovative drug index since its peak on August 19, 2025, many funds have seen their shares increase, with some growing by over 100%-300% as investors rush to buy the dip [5]. - Fund manager Jin Xiaofei has significantly reduced his holdings in innovative drugs, indicating a shift in strategy as the sector's overall gains have been substantial, leading to a crowded trade [10][14]. Fund Performance and Adjustments - Jin Xiaofei's fund, Penghua Medical Technology Stock A, has shown a year-to-date return of 22.03% in Q3, outperforming its benchmark and the CSI 300 index [8]. - The fund's exposure to the pharmaceutical and biotechnology sector has decreased to 49.5%, a reduction of over 25 percentage points, reflecting a strategic pivot [10][14]. - The top ten holdings of the fund now include a mix of innovative drugs and medical device companies, indicating a broader industry coverage [12]. Future Outlook - Jin Xiaofei remains optimistic about the long-term prospects of innovative drugs but acknowledges that the ease of making profits in this sector may be over, shifting focus to identifying stocks with real competitive advantages [15]. - Other fund managers, such as Zhao Bei from ICBC Credit Suisse, have also expressed caution regarding overvalued innovative drug companies, favoring investments in the CXO sector and companies with significant overseas revenue [16][17]. - Investors holding innovative drug stocks should temper their short-term expectations and prepare for a longer investment horizon [18]. Shift to Power Equipment Sector - The fund has made substantial reallocations, reducing its pharmaceutical holdings to 23.3% and increasing its stake in the power equipment sector to 17.2% [19][23]. - New investments include companies like Pylon Technologies and Ganfeng Lithium, indicating a strategic shift towards sectors with perceived growth potential [24].

Group 1 - Solid-state battery technology is experiencing significant advancements, with Fangda Carbon New Material Co. announcing the successful production of oxide solid electrolytes and maintaining technical collaboration with industry leader CATL [3] - The Battery ETF (561910) has seen a substantial increase, rising by 3.18% with a trading volume exceeding 400 million, and has attracted a total of 1.967 billion in the last 20 trading days [1][4] - Major companies in the battery sector, such as Aters, Sungrow Power, and Penghui Energy, have reported significant stock price increases, indicating strong market interest [2][3] Group 2 - Sungrow Power's third-quarter report shows impressive financial performance, with revenue of 66.4 billion, a year-on-year increase of 33%, and a net profit of 11.88 billion, up 56.3% [3] - Recent macroeconomic planning emphasizes technology innovation as a driver for industrial upgrades, benefiting sectors like artificial intelligence, integrated circuits, and new energy [3] - The Battery ETF tracks the CS Battery Index, with approximately 40% weight in solid-state batteries and 60% in energy storage, providing comprehensive exposure to the industry [4]

Core Viewpoint - Solid-state batteries have become a hot topic in various sectors, including academia, capital, and consumption, with significant market interest and policy support driving their development [3][4]. Capital Market Dynamics - The solid-state battery index has nearly doubled from 1288.8 on April 9 to 2426.32 on October 9, with a recent closing at 2277.83, reflecting strong investor interest [3]. - Major companies in the solid-state battery sector have seen substantial stock price increases, with Penghui Energy up over 54%, Guoxuan High-Tech up over 73%, and CATL up nearly 55% since the second half of the year [6]. - Shanghai Xiba has transformed into a solid-state battery concept stock after partnering with the Chinese Academy of Sciences, resulting in a nearly fourfold increase in its stock price over the past year [6][7]. Academic and Technological Advancements - Chinese research institutions have made significant breakthroughs in solid-state battery technology, enhancing commercial viability [3][8]. - Recent advancements include reducing interface impedance to levels comparable to traditional liquid batteries and solving key challenges in all-solid-state lithium batteries, potentially doubling the range of electric vehicles [8][9]. Industry Perspective - The industry remains cautious despite the excitement in capital and academia, with companies like CATL expressing a conservative outlook on the timeline for commercial viability, projecting small-scale production by 2027 and broader commercialization by 2030 [10][11]. - Concerns exist regarding the distinction between solid-state and semi-solid-state batteries, with regulatory bodies considering new nomenclature to avoid confusion [11]. Competitive Landscape - The competition for solid-state battery technology is intensifying among leading battery manufacturers and automotive companies, with significant investments from both Chinese firms and Japanese companies like Toyota aiming to reclaim market leadership [13][14]. - The solid-state battery market is expected to see a mix of new and existing technologies, with established players likely maintaining their market positions despite potential variations in development timelines [13][14]. Strategic Considerations for Companies - Companies aiming to lead in solid-state battery technology must focus on scale, talent acquisition, and collaboration with research institutions to translate advanced research into commercial applications [14].

Core Viewpoint - Solid-state batteries have become a hot topic in various sectors, with significant capital inflow and policy support driving interest in their development and commercialization [2][3][4]. Capital Market Dynamics - The solid-state battery index (BK0968) nearly doubled from 1288.8 on April 9 to 2426.32 on October 9, with a recent close at 2277.83, reflecting strong market interest [2]. - Major companies in the solid-state battery sector, such as Penghui Energy, Guoxuan High-Tech, and CATL, have seen stock price increases of over 54%, 73%, and 55% respectively since the second half of the year [3]. - Shanghai Washba transformed into a solid-state battery concept stock after collaborating with the Chinese Academy of Sciences, resulting in a nearly fourfold increase in its stock price over the past year [3]. Fund Investments - Numerous funds have heavily invested in solid-state battery themes, with several funds focusing on battery technology, indicating a strong belief in the sector's future [4]. - The newly established Yongying New Materials Fund emphasizes solid-state battery technology as a key direction, predicting 2026 as a potential year for mass production [4]. Academic and Technological Advancements - Recent breakthroughs in solid-state battery research include reducing interface impedance to levels comparable to liquid batteries and achieving flexibility without performance degradation [5][6]. - The advancements suggest a potential increase in battery range, with new technologies allowing for over 1000 kilometers of range with a 100 kg battery [6]. Industry Caution - Despite the excitement in capital and academia, industry players express caution regarding the commercialization timeline of solid-state batteries, with estimates suggesting small-scale production may not occur until 2027 or later [7][8]. - Companies like CATL acknowledge the disparity between market enthusiasm and actual technological readiness, emphasizing the need for a realistic approach to commercialization [7]. Competitive Landscape - Major players in the battery industry, including CATL, Guoxuan High-Tech, and others, are racing to establish a foothold in the solid-state battery market, with significant investments from both domestic and international firms [9]. - The competitive dynamics suggest that while there may be variations in technological advancements, leading companies are likely to maintain their market positions due to their established expertise and resources [9][10]. Strategic Considerations for Companies - Companies aiming to lead in solid-state battery technology must focus on scale, talent acquisition, and collaboration with research institutions to translate innovations into commercial applications [10]. - The unique characteristics of the lithium battery industry necessitate that each company develops its own proprietary knowledge and processes to succeed in the solid-state battery market [10].