Group 1 - Company Nenghui Technology reported Q3 performance with revenue of approximately 1.018 billion yuan, an increase of 14.03% year-on-year [1] - The net profit attributable to shareholders was approximately 23.34 million yuan, a decrease of 54.52% year-on-year [1] - Basic earnings per share were 0.15 yuan, down 55.88% year-on-year [1] Group 2 - As of the report, Nenghui Technology has a market capitalization of 3.9 billion yuan [2]

上海能辉科技股份有限公司 2025 年第三季度报告 证券代码：301046 证券简称：能辉科技 公告编号：2025-074 上海能辉科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 上海能辉科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 119,272,424.79 | -56.17% | 1,0 ...

Core Viewpoint - Nenghui Technology (301046) announced on October 28 that its charging and battery swapping business is primarily focused on the domestic market, with optimistic order prospects for the fourth quarter and next year [1] Group 1: Business Development - The charging and battery swapping business has achieved order landing in the fiscal year 2024, although it currently represents a very small proportion of overall revenue [1] - The company has signed and is negotiating contracts amounting to approximately 40 million yuan [1] - Over the next three years, the company plans to deepen ecosystem cooperation to continuously increase the proportion of the charging and battery swapping business in overall revenue [1]

Core Viewpoint - Nenghui Technology has established itself as a leader in the charging and battery swapping sector, having developed proprietary technologies and formed strategic partnerships to enhance its service offerings [1] Group 1: Company Developments - Nenghui Technology has been active in the charging and battery swapping field for five years and has an independent R&D team [1] - The company has successfully developed the "Xiao Yi" trackless intelligent charging and swapping robot (AGV2.31), becoming the first in China to possess independent intellectual property rights and to apply it [1] - To meet diverse scenario demands, the company has also developed a lateral track battery swapping robot (RGV) and a top-lifting battery swapping robot, covering business scenarios such as mines, docks, large logistics parks, and service areas [1] Group 2: Business Model and Partnerships - Nenghui Technology aims to build a complete charging and battery swapping ecosystem that includes power battery assembly, charging and swapping robots, charging station construction, and intelligent operation services, providing integrated services of "equipment, software, and operation" [1] - The company has two main business development models: direct sales of hardware (including supporting operation management systems) and forming joint ventures with partners to build an ecosystem [1] - Nenghui Technology has signed a strategic cooperation agreement with XCMG New Energy to provide supporting services for electric heavy trucks, focusing on cooperation in investment, construction, and operation of charging stations and battery banks [1] - The company has also established a partnership with Sinopec Green Energy to collaboratively build a battery swapping ecosystem for heavy trucks, leveraging its expertise in equipment and software [1]

Core Viewpoint - Nenghui Technology (301046) reported a decline in gross margin and a reduction in employee numbers due to intense competition in the photovoltaic industry, alongside increased upfront investments and market development costs in new businesses such as distributed photovoltaic and overseas energy storage [1] Group 1: Financial Performance - The company has implemented a series of cost reduction and efficiency enhancement measures, including organizational restructuring, refined management, and optimization of business lines to improve profitability [1] - The measures taken have shown effectiveness, with net profit actually increasing in the first half of 2025 when excluding stock incentive expenses [1] Group 2: Industry Context - The decline in gross margin is attributed to the competitive environment within the photovoltaic industry, indicating a trend of "involution" among industry players [1] - The company is focusing on accelerating the implementation of new technologies to enhance its profit structure amidst the competitive landscape [1]

Core Viewpoint - The company Nenghui Technology (301046) is focusing on its charging and battery swapping business primarily in the domestic market, with optimistic projections for future orders and revenue growth [1] Group 1: Business Development - The charging and battery swapping business has secured orders for the fiscal year 2024, although the current contribution to overall revenue is still minimal [1] - The company has contracts worth approximately 40 million yuan that are either signed or under negotiation, indicating a positive outlook for the fourth quarter and the following year [1] Group 2: Strategic Plans - Over the next three years, the company aims to enhance the proportion of its charging and battery swapping business in total revenue by deepening ecosystem partnerships [1]

Group 1: Company Overview and Business Model - Shanghai Nenghui Technology Co., Ltd. focuses on photovoltaic power station R&D, system integration, and investment operations, while also engaging in new energy technologies and products such as energy storage and smart microgrids [2][3] - The company has a "four-in-one" business layout encompassing R&D design, technical services, product manufacturing, and investment operations in the new energy sector [3] Group 2: Strategic Directions - The company aims to integrate "new energy + AI, robotics, computing power, and new materials" to drive a comprehensive strategic transformation [3][4][5][6] - Collaboration with Ant Group on "Energy AI Intelligent Body" applications is underway, focusing on design automation and power trading services [3] Group 3: Innovations and Developments - Development of the third-generation AI intelligent battery swap robot (AGV) and partnerships with leading universities and robotics manufacturers to create a comprehensive service area for energy applications [4] - The company is exploring new materials related to energy storage and new energy, with plans for development over the next one to three years [6] Group 4: Financial Performance and Market Position - The gross profit margin for photovoltaic power station systems has decreased by 5% due to competitive pressures and increased market development costs [6][7] - The company has secured contracts worth approximately 40 million yuan in the battery swap business, with optimistic expectations for future orders [6][7]

Core Viewpoint - The construction of zero-carbon parks is gaining momentum across various regions, driven by policy support and market demand, and is seen as a crucial strategy for industrial green transformation [2][3]. Policy and Market Drivers - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice in July to accelerate the energy structure transformation of parks and promote energy conservation and carbon reduction [3]. - Zero-carbon parks can receive funding support of 20% of the approved total investment amount as part of the "low-carbon, zero-carbon, negative-carbon demonstration projects" [3]. - Local governments have set ambitious targets for zero-carbon park construction, such as Sichuan aiming to establish 20 near-zero carbon parks by 2025 and Shandong targeting 15 provincial-level zero-carbon parks by 2027 [3]. Energy Structure Transformation - Energy structure transformation is key to carbon reduction in parks, with local resource endowments influencing energy supply methods [7][8]. - The establishment of a green electricity supply system in parks can significantly reduce product carbon footprints and help small and medium-sized enterprises (SMEs) cope with international green trade barriers [4]. Technological Innovations - AI and digital technologies are becoming critical supports for zero-carbon parks, enabling complex energy dispatch and management [10]. - Digital management platforms are emerging as essential tools for precise management of energy consumption and carbon emissions in parks [11]. Challenges and Solutions - SMEs face high costs for zero-carbon transformation, which poses a significant challenge for park construction [9]. - To lower transformation costs for SMEs, park management can provide centralized energy operation platforms and financial institutions can offer low-interest green loans based on overall park credit [9]. Examples of Successful Implementation - Companies like Kangfen Biotech are implementing zero-carbon standards in their facilities, utilizing solar energy and waste recycling to reduce carbon footprints [2]. - The Ordos zero-carbon industrial park serves as a model for transforming coal-dependent areas into industrial decarbonization examples, leveraging local wind and solar resources [4].

Core Insights - The construction of zero-carbon parks is gaining momentum across various regions, driven by policy support and market demand, becoming a crucial tool for industrial green transformation [2][3] - The transition of energy structure in zero-carbon parks faces multiple challenges, including resource endowment differences and varying energy management levels among enterprises [1][4] - "Smart" solutions are identified as a key pathway to overcome the challenges in energy structure transformation within zero-carbon parks [1][5] Policy and Market Drivers - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice in July to accelerate the transition of energy structures in parks, outlining eight key tasks [3] - Zero-carbon parks can receive funding support of 20% of the approved total investment under the central budget management measures for energy conservation and carbon reduction [3] - Local governments are setting ambitious targets for zero-carbon park construction, such as Sichuan aiming for 20 near-zero carbon parks by 2025 and Shandong targeting around 15 provincial-level zero-carbon parks by 2027 [3] Economic Benefits - The construction of zero-carbon parks is expected to reduce operational costs for enterprises, with solar power prices in certain parks being significantly lower than industrial electricity prices [3][4] - The integration of a traceable green power system in zero-carbon parks helps reduce product carbon footprints, aiding small and medium-sized enterprises in meeting international green trade barriers [3][4] Energy Structure Transformation - The core evaluation metric for zero-carbon parks is "unit energy consumption carbon emissions," with specific targets set for different energy consumption levels [4] - Current national average carbon emissions per unit energy consumption in parks are around 2.1 tons per ton of standard coal, indicating a need for a 90% reduction to achieve zero-carbon status [4] Pathways for Emission Reduction - Three main pathways for reducing carbon emissions in parks include increasing renewable energy supply, enhancing energy efficiency on the consumption side, and establishing resource recycling systems [5][6] - The establishment of zero-carbon parks is seen as a critical step in transitioning coal-dependent regions to industrial decarbonization models [3][6] Smart Management and Digitalization - The management capabilities of energy systems are becoming increasingly important for the construction of zero-carbon parks, with a focus on enhancing energy management levels [7] - The application of AI and digital technologies is emerging as a key support for zero-carbon parks, enabling efficient energy dispatch and management [8] - Digital management platforms are being developed to facilitate precise management of energy consumption and carbon emissions within parks [8]

Core Insights - AI technology can enhance the operational efficiency, safety, and economic viability of energy storage systems, and its integration into national energy strategies has been formalized [1][3][9] Group 1: National Strategy and Goals - The National Development and Reform Commission and the Energy Administration have issued implementation opinions that include "AI + Energy" as part of the national energy strategy, aiming to establish over five specialized large models and ten replicable demonstration projects by 2027 [1] - By 2030, the overall AI technology in energy is expected to reach a world-leading level, with a fully developed synergy between computing power and electricity [1] Group 2: Industry Applications and Investments - Energy companies are increasing investments in AI from perspectives of safety assurance, operational efficiency, and revenue enhancement [3] - HaiBoSiChuang plans to expand independent energy storage projects over the next 3-5 years, leveraging its existing AI and big data capabilities [3] - A strategic partnership between NengHui Technology and Ant Group aims to develop "Energy AI Intelligent Agents" to reconstruct management paradigms in renewable energy projects [3] Group 3: Operational Efficiency and Safety - AI can significantly improve operational efficiency in energy storage, transitioning from reactive maintenance to proactive monitoring [5][6] - AI technologies can predict battery health and lifespan, reducing failure rates and enhancing safety through precise diagnostics [4][5] - The integration of AI in operational processes allows for real-time monitoring and predictive maintenance, optimizing energy management and maximizing returns [6][7] Group 4: Market Potential and Economic Impact - The overall service market for energy storage is projected to reach between 40 billion to 50 billion yuan by 2030 [6] - AI-driven algorithms can enhance trading operations by providing accurate price forecasts and optimizing charging and discharging strategies [6][8] Group 5: Challenges and Bottlenecks - Despite the potential of AI, challenges such as data security, privacy protection, and the need for robust computational power remain [9][10] - The development of AI in energy storage is constrained by the need for advanced data centers (AIDC) and the associated high energy consumption [10][11] - The synergy between AI and energy storage must overcome commercial viability challenges due to the uncertain returns of storage projects [10][11]