鹏辉能源(300438) - 2025 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions Important Notices The Board of Directors guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility[3] - The company's responsible person, chief accounting officer, and head of the accounting department declare the financial reports to be true, accurate, and complete[3] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4] Table of Contents The report's table of contents clearly lists eight main sections covering key corporate and financial information - The report includes eight main sections, covering company operations, financials, governance, and significant matters[6] List of Documents for Inspection Available documents for inspection include signed financial statements and all original public filings from the reporting period - Documents available for inspection include the 2025 semi-annual financial statements signed and sealed[8] - All original company documents and announcements publicly disclosed on the CSRC's designated website during the reporting period are available[9] Definitions This section defines key terms used in the report, including regulatory bodies, company names, and subsidiaries - The reporting period refers to January 1, 2025, to June 30, 2025[11] - Guangzhou Penghui Energy Technology Co, Ltd is referred to as "Penghui Energy"[11] - Multiple wholly-owned and holding subsidiaries are listed, such as Zhuhai Penghui, Henan Penghui, and Changzhou Penghui[11] Company Profile and Key Financial Indicators Company Profile Guangzhou Penghui Energy Technology Co, Ltd is listed on the Shenzhen Stock Exchange under stock code 300438 - The company's stock short name is "Penghui Energy," with stock code 300438, listed on the Shenzhen Stock Exchange[13] - The company's legal representative is Xia Xinde[13] Contact Persons and Methods The report discloses contact information for the Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Lu Hongli, and the Securities Affairs Representative is Liu Xiaolin[14] - The contact address is 912 Shiliang Road (Xicun Section), Shawan Town, Panyu District, Guangzhou, with phone number 020-39196852[14] Other Information No changes occurred in the company's contact methods, information disclosure locations, or registration during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[15] - The locations for information disclosure and document inspection remained unchanged during the reporting period[16] - The company's registration details remained unchanged during the reporting period[17] Key Accounting Data and Financial Indicators Revenue grew 13.99% YoY to ¥4.30 billion, but net profit attributable to shareholders fell sharply to a loss of ¥88.23 million 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,300,690,327.75 | 3,773,000,960.61 | 13.99% | | Net Profit Attributable to Shareholders | -88,226,713.49 | 41,679,012.00 | -311.68% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -159,042,312.33 | 11,653,858.94 | -1,464.72% | | Net Cash Flow from Operating Activities | -151,885,123.69 | -284,728,599.50 | 46.66% | | Basic Earnings Per Share (Yuan/share) | -0.1753 | 0.0828 | -311.71% | | Weighted Average Return on Equity | -1.69% | 0.74% | -2.43% | Key Balance Sheet Indicators as of 2025 Semi-Annual Period-End | Indicator | Period-End (Yuan) | Prior Year-End (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 18,707,563,144.34 | 16,868,462,160.09 | 10.90% | | Net Assets Attributable to Shareholders | 5,004,139,411.36 | 5,087,553,498.86 | -1.64% | Differences in Accounting Data under Domestic and Foreign Accounting Standards No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no differences in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[19] - The company has no differences in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[20] Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled ¥70.82 million, primarily from asset disposals, government grants, and fair value changes 2025 Semi-Annual Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 48,740,328.58 | | Government Grants Included in Current Profit or Loss | 40,472,323.49 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities | 403,023.71 | | Reversal of Impairment Provision for Individually Tested Receivables | 307,773.00 | | Other Non-operating Income and Expenses | 1,039,543.62 | | Less: Income Tax Effect | 18,933,682.85 | | Less: Minority Interest Effect (After Tax) | 1,213,710.71 | | Total | 70,815,598.84 | Management Discussion and Analysis Principal Business Activities during the Reporting Period The company focuses on becoming a leading global supplier of energy storage batteries and a premier lithium battery manufacturer - The company's strategy is to become the preferred global supplier of energy storage batteries and a leading global smart manufacturer of lithium batteries[25] - In H1 2025, the company's energy storage cell shipments ranked globally in the top nine, while small energy storage cell shipments ranked globally in the top three[25] - The company's main business includes the R&D, production, and sales of lithium-ion batteries, primary batteries, and sodium-ion batteries[29] Core Competitiveness Analysis The company's core strengths lie in technology innovation, a comprehensive product matrix, and a vertically integrated supply chain - As a national high-tech enterprise, the company has a strong innovation system with over 900 patent applications and multiple research institutes[31] - During the reporting period, the company launched 590Ah/600+Ah large-capacity energy storage cells with over 96% energy efficiency and a cycle life exceeding 10,000 cycles[32] - The company has established a global network of 9 production bases, with 8 smart manufacturing facilities in stable operation[34] - The company is advancing a vertical integration strategy by investing in upstream enterprises to build a self-controlled supply chain[35] Analysis of Principal Business Revenue grew 13.99% to ¥4.30 billion in H1 2025, but net profit fell to a loss of ¥88.23 million due to intense price competition - In H1 2025, operating revenue reached ¥4.30 billion, a 13.99% YoY increase, while net profit attributable to shareholders was -¥88.23 million, a 311.68% YoY decrease[36] - The energy storage battery business deepened strategic cooperation with leading integrators to co-develop 600+Ah large cells and launched the nation's largest user-side energy storage project[37] - The consumer battery business maintained a high gross margin relative to the industry, with stable operations at the Vietnam production base[38] 2025 Semi-Annual Breakdown by Product or Service | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Revenue YoY Change (%) | Cost YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium-ion Batteries | 3,900,090,498.71 | 3,506,246,460.78 | 10.10% | 11.56% | 14.39% | -2.22% | 2025 Semi-Annual YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,300,690,327.75 | 3,773,000,960.61 | 13.99% | | | Operating Cost | 3,763,751,096.36 | 3,237,214,830.10 | 16.27% | | | Selling Expenses | 112,320,883.44 | 82,709,100.13 | 35.80% | Increased marketing expenses due to sales growth | | Finance Costs | 53,310,714.68 | 22,920,753.56 | 132.59% | Increased borrowings and interest expenses; impact of exchange rate fluctuations | | Income Tax Expense | -34,498,348.34 | -13,577,555.39 | -154.08% | Decrease in total profit led to a corresponding decrease in income tax expense | | Net Cash Flow from Operating Activities | -151,885,123.69 | -284,728,599.50 | 46.66% | Primarily due to an increase in cash received from sales | | Net Cash Flow from Financing Activities | 627,325,109.84 | -131,930,448.98 | 575.50% | Primarily due to a net increase in cash from borrowings | 2025 Semi-Annual Lithium-ion Battery Production and Sales | Product | Capacity (Billion AH/Annualized) | Capacity Under Construction (Billion AH) | Capacity Utilization Rate (%) | Output (Billion AH) | | :--- | :--- | :--- | :--- | :--- | | Lithium-ion Batteries | 77.29 | 3.00 | 88.54% | 34.22 | Analysis of Non-Principal Business Non-principal business activities significantly impacted profits, with asset and credit impairment losses totaling ¥230 million Impact of Non-Principal Business on Total Profit in H1 2025 | Item | Amount (Yuan) | % of Total Profit | Reason | | :--- | :--- | :--- | :--- | | Investment Income | 47,257,806.28 | -33.97% | Gains from disposal of long-term equity investments and remeasurement of existing equity at fair value in a business combination | | Asset Impairment | -145,810,059.77 | 104.80% | Provision for inventory write-downs, etc | | Credit Impairment Loss | -83,329,719.64 | 59.89% | Provision for bad debts, etc | Analysis of Assets and Liabilities Total assets grew 10.90% to ¥18.71 billion, driven by increases in construction in progress and right-of-use assets Significant Changes in Asset Composition as of H1 2025 Period-End | Item | Period-End Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in Weight (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 5,294,508,522.68 | 28.30% | 5,416,044,516.00 | 32.11% | -3.81% | | Construction in Progress | 1,085,680,732.20 | 5.80% | 840,201,296.94 | 4.98% | 0.82% | | Right-of-use Assets | 392,172,780.15 | 2.10% | 138,735,762.03 | 0.82% | 1.28% | | Long-term Borrowings | 1,619,553,838.77 | 8.66% | 1,120,834,410.99 | 6.64% | 2.02% | | Lease Liabilities | 380,363,255.91 | 2.03% | 126,179,899.89 | 0.75% | 1.28% | Assets and Liabilities Measured at Fair Value as of H1 2025 Period-End | Item | Period-End Value (Yuan) | | :--- | :--- | | Trading Financial Assets | 124,738,246.92 | | Other Equity Instrument Investments | 172,930,716.58 | | Other Non-current Financial Assets | 4,000,001.00 | | Receivables Financing | 426,768,077.71 | | Total | 728,437,042.21 | - Total restricted assets at period-end amounted to ¥704 million, primarily consisting of cash and cash equivalents and intangible assets[50] Analysis of Investment Status The company had no major equity or non-equity investments, while 95.90% of raised funds have been utilized Overall Use of Raised Funds in 2023 | Year of Fundraising | Method | Net Funds Raised (CNY 10k) | Accumulated Funds Used (CNY 10k) | Fund Utilization Rate (%) | Unused Funds (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | Private Placement | 150,445.27 | 144,235.91 | 95.90% | 7,317.07 | Status of Committed Projects Using Raised Funds in 2023 | Committed Investment Project | Total Committed Investment (CNY 10k) | Accumulated Investment to Date (CNY 10k) | Investment Progress (%) | Benefit Realized in Period (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | | Penghui Smart Energy Storage Manufacturing Base (21GWh Project) | 106,196.66 | 99,593.71 | 93.78% | -1,009.23 | | Supplementary Working Capital Project | 44,248.61 | 44,690.00 | 100.00% | -8,386.75 | Entrusted Wealth Management Overview for H1 2025 | Type | Amount Entrusted (CNY 10k) | Outstanding Balance (CNY 10k) | | :--- | :--- | :--- | | Bank Wealth Management Products | 32,900 | 4,000 | Major Asset and Equity Sales No major sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[63] - The company did not sell any major equity stakes during the reporting period[64] Analysis of Major Holding and Associated Companies Key subsidiaries like Zhuhai Penghui and Henan Penghui were profitable, with Henan Penghui reporting the highest net profit Financial Performance of Major Subsidiaries in H1 2025 | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Zhuhai Penghui Energy Co, Ltd | 976,965,920.40 | 46,576,870.06 | | Henan Penghui Power Technology Co, Ltd | 1,459,490,830.00 | 80,578,758.66 | | Foshan Shida Technology Co, Ltd | 439,446,513.10 | 53,988,708.75 | | Jiangsu Tianhui Lithium Battery Co, Ltd | 5,905,300.13 | -34,986,435.91 | | Penghui Energy Changzhou Power Lithium Battery Co, Ltd | 306,087,094.30 | -18,076,769.39 | | Liuzhou Penghui Energy Technology Co, Ltd | -364,922,307.40 | -35,595,674.95 | | Guangzhou Penghui Energy Storage Technology Co, Ltd | 1,087,036,244.00 | -23,263,673.82 | - During the reporting period, 8 new subsidiaries were established, including Lianjiang Penghui New Energy Co, Ltd[66] - Acquired Tibet Ali Zhaoyuan Tongpeng Mining Technology Co, Ltd through a business combination not under common control[66] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[67] Risks and Countermeasures The company faces risks from policy changes, raw material price volatility, market competition, and rising tariffs - The company faces risks from policy changes, which could adversely affect operations and performance if not addressed promptly[67] - Product costs are significantly affected by price fluctuations of raw materials such as cobalt, nickel, and lithium[67] - The company may face intense market competition, requiring comprehensive improvements in materials, structure, and processes to enhance performance and reduce costs[67] - Increased trade friction and adjustments to import/export policies and tariffs in some countries could impact the company's overseas sales[69] Record of Investor Relations Activities during the Reporting Period The company hosted two investor events, including an on-site visit from JPMorgan and an online performance briefing - On February 10, 2025, the company hosted an on-site visit for 10 individuals from JPMorgan, including Rebecca Wen, to discuss its business overview[70] - On May 9, 2025, the company participated in the 2024 annual results online briefing to communicate with investors[70] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan A market value management system was approved in December 2024 to enhance investor value, but no valuation enhancement plan was disclosed - The company's Board of Directors approved the "Market Value Management System" on December 30, 2024[72] - The company has not disclosed a valuation enhancement plan[71] Implementation of the 'Dual Improvement in Quality and Returns' Action Plan The company disclosed its "Dual Improvement in Quality and Returns" action plan in February 2024 and actively engaged with investors - The company announced its "Dual Improvement in Quality and Returns" action plan on February 5, 2024[73] - The company is actively implementing the plan and enhancing communication with investors through various channels to convey its long-term investment value[73] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management Independent director Zan Tingquan resigned for personal reasons and was replaced by Peng Fangping - Independent director Zan Tingquan resigned for personal reasons on May 16, 2025[75] - Peng Fangping was elected as an independent director on May 16, 2025[75] Profit Distribution and Capitalization of Capital Reserve for the Reporting Period The company does not plan to distribute dividends or issue bonus shares for the semi-annual period - The company plans no cash dividend distribution, bonus share issuance, or capitalization of capital reserve for the semi-annual period[76] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[77] Environmental Information Disclosure The company and two key subsidiaries are listed for mandatory environmental information disclosure - The company and two of its main subsidiaries, Jiangsu Tianhui and Henan Penghui, are included in the list of enterprises required to disclose environmental information by law[78] - The environmental information disclosure reports for Jiangsu Tianhui and Henan Penghui can be queried online[78] Social Responsibility The company actively fulfills its social responsibilities by protecting stakeholder rights and supporting community welfare - The company protects shareholder rights through sound governance and maintains prudent financial policies to safeguard creditor interests[79] - The company ensures employee rights by complying with labor laws, providing social insurance and training, and showing care for female employees[80] - The company adheres to tax regulations, promotes environmental protection, and supports social and charitable causes[80] Significant Matters Commitments by the Company, its Actual Controller, Shareholders, Related Parties, and Acquirers Fulfilled during or Outstanding at the End of the Reporting Period No commitments were fulfilled during or remained outstanding at the end of the reporting period - There were no commitments by the company, its actual controller, shareholders, related parties, or acquirers that were fulfilled during or were overdue at the end of the reporting period[83] Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties No non-operational use of company funds by controlling shareholders or other related parties occurred - There was no non-operational occupation of the company's funds by its controlling shareholder or other related parties during the reporting period[84] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[85] Appointment and Dismissal of Accounting Firm The company's semi-annual financial report was not audited - The company's semi-annual report has not been audited[86] Explanation of Non-standard Audit Report No non-standard audit report was issued for the reporting period - The company did not receive a non-standard audit report during the reporting period[87] Matters Related to Bankruptcy and Reorganization No bankruptcy or reorganization matters occurred during the reporting period - The company did not experience any bankruptcy or reorganization-related matters during the reporting period[87] Litigation The company had no major litigation or arbitration, except for an ongoing sales contract dispute - The company had no major litigation or arbitration matters during the reporting period[88] - A sales contract dispute with Hubei Sanhuan Automobile Co, Ltd is currently in the retrial application stage[672] Penalties and Rectifications No penalties or rectifications were recorded during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[89] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company and its controlling parties maintained a good integrity status - The company, its controlling shareholder, and its actual controller maintained a good integrity status during the reporting period[90] Significant Related-Party Transactions No significant related-party transactions related to daily operations, asset acquisitions, or debt occurred - The company had no related-party transactions related to daily operations during the reporting period[91] - The company had no related-party transactions involving the acquisition or sale of assets or equity[91] - There were no related-party credit or debt transactions during the reporting period[93] Significant Contracts and Their Performance The company had no major contracts for custody or leasing but provided significant guarantees for its subsidiaries - The company had no custody, contracting, or leasing arrangements during the reporting period[97][98][99] - The company had no other significant contracts during the reporting period[104] - At the end of the reporting period, the outstanding balance of guarantees for subsidiaries totaled ¥2.38 billion, representing 47.53% of the company's net assets[102][103] Guarantees Provided to Subsidiaries in H1 2025 | Guaranteed Party | Guarantee Limit (CNY 10k) | Actual Guaranteed Amount (CNY 10k) | Guarantee Type | Guarantee Period | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Penghui Energy Co, Ltd | 101,000 | 41,699.55 | Joint Liability | 1-3 years | No | Yes | | Henan Penghui Power Technology Co, Ltd | 120,000 | 46,448.26 | Joint Liability | 1 year | No | Yes | | Liuzhou Penghui Energy Technology Co, Ltd | 160,000 | 91,236.18 | Pledge, Joint Liability | 7 years | No | Yes | | Penghui Energy Changzhou Power Lithium Battery Co, Ltd | 30,000 | 9,639 | Joint Liability | 3 years | No | Yes | | Quzhou Penghui Energy Technology Co, Ltd | 150,000 | 31,522 | Mortgage, Joint Liability | 10 years | No | Yes | | Foshan Shida Technology Co, Ltd | 30,000 | 659.18 | Joint Liability | 3 years | No | Yes | | Henan Penghui, Zhuhai Penghui & Liuzhou Penghui | 50,000 | 16,626.63 | Joint Liability | 1 year | No | Yes | Explanation of Other Significant Matters No other significant matters required disclosure for the reporting period - There are no other significant matters to be explained for the reporting period[105] Significant Matters of Subsidiaries There were no significant matters concerning the company's subsidiaries - The company's subsidiaries had no significant matters to report[106] Changes in Share Capital and Shareholders Changes in Share Capital The total number of shares remained unchanged at 503,343,360, with 19.70% being restricted shares Share Capital Changes in H1 2025 | Item | Pre-Change Quantity (Shares) | Proportion (%) | Change (+/-) (Shares) | Post-Change Quantity (Shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 99,179,122 | 19.70% | 0 | 99,179,122 | 19.70% | | II. Unrestricted Shares | 404,164,238 | 80.30% | 0 | 404,164,238 | 80.30% | | III. Total Shares | 503,343,360 | 100.00% | 0 | 503,343,360 | 100.00% | Changes in Restricted Shares in H1 2025 | Shareholder Name | Restricted Shares at Start of Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Xia Xinde | 99,109,083 | 99,109,083 | Executive Lock-up | | Zhen Shaoqiang | 41,940 | 41,940 | Executive Lock-up | | Lu Hongli | 19,711 | 19,711 | Executive Lock-up | | Pan Li | 8,388 | 8,388 | Executive Lock-up | | Total | 99,179,122 | 99,179,122 | -- | Securities Issuance and Listing No securities were issued or listed during the reporting period - The company had no securities issuance or listing activities during the reporting period[112] Number of Shareholders and Shareholdings The company had 74,302 common shareholders, with Xia Xinde being the largest shareholder holding a 26.25% stake - At the end of the reporting period, the total number of common shareholders was 74,302[113] - Xia Rende is the brother of Xia Xinde; Abama Wanxiang Yixin No 18 Private Fund is a party acting in concert with Xia Xinde[115][116] Top 10 Shareholders as of H1 2025 Period-End | Shareholder Name | Shareholder Type | Shareholding (%) | Change in Period (Shares) | Restricted Shares (Shares) | Unrestricted Shares (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xia Xinde | Domestic Individual | 26.25% | 0 | 99,109,083 | 33,036,361 | Pledged | 13,700,000 | | Xia Rende | Domestic Individual | 5.25% | 0 | 0 | 26,406,491 | N/A | 0 | | Li Kewen | Domestic Individual | 2.49% | -625,000 | 0 | 12,556,739 | N/A | 0 | | Heitie (Qingdao) Private Fund - Qingdao Xiayang Energy Storage Phase I PE Fund | Other | 2.21% | 0 | 0 | 11,098,873 | N/A | 0 | | Zhuhai Huaying Investment - Zhuhai Huajin Alpha VI Equity Investment Fund | Other | 1.65% | 0 | 0 | 8,324,084 | N/A | 0 | | CMB - Southern CSI 1000 ETF | Other | 0.65% | 339,107 | 0 | 3,246,707 | N/A | 0 | | Hong Kong Securities Clearing Company Ltd | Foreign Legal Entity | 0.57% | 1,328,925 | 0 | 2,873,398 | N/A | 0 | | Quzhou Talent Xinqu Equity Investment Partnership | Other | 0.55% | 0 | 0 | 2,774,694 | N/A | 0 | | Zhuhai Huajin Lingchuang Fund - Zhuhai Huajin Lingyi Emerging Tech Fund | Other | 0.55% | 0 | 0 | 2,774,694 | N/A | 0 | | Zhuhai Abama Private Fund - Abama Wanxiang Yixin No 18 Private Fund | Other | 0.51% | 0 | 0 | 2,573,748 | N/A | 0 | Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of directors, supervisors, and senior management - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period; refer to the 2024 annual report for details[117] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged - The company's controlling shareholder did not change during the reporting period[118] - The company's actual controller did not change during the reporting period[118] Bond-related Matters Bond-related Matters The company had no bond-related matters to report for the period - The company had no bond-related matters during the reporting period[121] Financial Report Audit Report The semi-annual financial report has not been audited - The company's semi-annual financial report is unaudited[123] Financial Statements This section presents the consolidated and parent company financial statements for the semi-annual period ended June 30, 2025 - Includes the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[125][128][132][135][137][139][141][148] Company Basic Information Penghui Energy, formerly Guangzhou Penghui Battery Co, Ltd, operates in the electrical machinery and equipment manufacturing industry - Guangzhou Penghui Energy Technology Co, Ltd was established on January 18, 2001, formerly known as Guangzhou Penghui Battery Co, Ltd[153] - The company was converted into a joint-stock limited company on September 28, 2011, with a registered capital of ¥503,343,360.00[153] - The company operates in the electrical machinery and equipment manufacturing industry, focusing on R&D, production, and sales of lithium-ion, primary, and sodium-ion batteries[154] Basis of Preparation of Financial Statements The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations, based on actual transactions and events[155] - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no major uncertainties[156] Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates applied in preparing the financial statements - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, presenting a true and fair view of the company's financial position and performance[158] - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: amortized cost, FVTOCI, and FVTPL[186] - Revenue is recognized when performance obligations are satisfied, which is when the customer obtains control of the related goods[275] - Internally developed intangible assets' research-phase expenditures are expensed as incurred, while development-phase expenditures are capitalized only if specific criteria are met[255] Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (Years) | Residual Value Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line | 20 | 3% | 4.85% | | Machinery and Equipment | Straight-line | 5-10 | 3% | 9.70%-19.40% | | Transportation Equipment | Straight-line | 5 | 3% | 19.40% | | Electronic Equipment | Straight-line | 5 | 3% | 19.40% | Taxes The company and several subsidiaries benefit from a reduced 15% corporate income tax rate as high-tech enterprises Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added from sales of goods or taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Value added from sales of goods or taxable services | 13%, 9%, 6% | | Corporate Income Tax | Taxable income | See details below | | Education Surcharge | Payable turnover tax and VAT exempt/credited | 3% | | Local Education Surcharge | Payable turnover tax and VAT exempt/credited | 2% | - Guangzhou Penghui Energy Technology Co, Ltd, Zhuhai Penghui, Henan Penghui, and other subsidiaries are eligible for a preferential corporate income tax rate of 15% as high-tech enterprises[306][308][309][312] - The Vietnam subsidiary enjoys a 10% corporate income tax rate for six years, with a two-year tax exemption and a four-year 50% tax reduction starting from the first profitable year[312] Notes to Consolidated Financial Statements This section provides detailed notes on items in the consolidated financial statements, including balances, changes, and related disclosures Cash and Cash Equivalents at Period-End | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash on Hand | 1,794,003.10 | | Bank Deposits | 1,059,414,203.18 | | Other Monetary Funds | 611,389,277.11 | | Total | 1,672,597,483.39 | Accounts Receivable Aging at Period-End | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 2,689,042,802.26 | | 1 to 2 years | 354,904,999.45 | | 2 to 3 years | 40,989,001.55 | | Over 3 years | 107,332,902.25 | | Total | 3,192,269,705.51 | Inventory Classification at Period-End | Item | Book Balance (Yuan) | Provision for Decline in Value (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 393,201,406.53 | 39,872,342.63 | 353,329,063.90 | | Work in Progress | 606,301,678.04 | 13,834,981.74 | 592,466,696.30 | | Finished Goods | 641,891,511.62 | 174,072,821.07 | 467,818,690.55 | | Goods in Transit | 795,351,082.22 | 26,143,462.57 | 769,207,619.65 | | Semi-finished Goods | 1,266,326,938.41 | 263,530,621.28 | 1,002,796,317.13 | | Consigned Goods | 25,884,831.11 | 2,451,686.98 | 23,433,144.13 | | Total | 3,728,957,447.93 | 519,905,916.27 | 3,209,051,531.66 | Fixed Assets Book Value at Period-End | Item | Period-End Book Value (Yuan) | | :--- | :--- | | Buildings and Structures | 1,115,869,516.55 | | Machinery and Equipment | 4,097,356,327.13 | | Transportation Equipment | 23,570,656.81 | | Electronic Equipment | 57,712,022.19 | | Total | 5,294,508,522.68 | Operating Revenue and Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 4,236,860,560.05 | 3,728,743,834.10 | 3,705,191,803.82 | 3,201,715,794.62 | | Other Business | 43,830,868.95 | 15,008,363.51 | 67,809,156.79 | 35,499,035.48 | | Total | 4,280,691,429.00 | 3,743,752,197.61 | 3,773,000,960.61 | 3,237,214,830.10 | R&D Expenditures Total R&D expenditure was ¥201 million, with ¥7.43 million capitalized for projects like long-life lithium-ion batteries R&D Expenditure for H1 2025 | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D Material Consumption | 102,326,907.66 | 72,421,561.85 | | R&D Personnel Salaries and Benefits | 61,619,718.73 | 55,352,896.72 | | R&D Depreciation and Amortization | 26,568,328.67 | 23,589,326.71 | | R&D Fuel and Power Costs | 7,390,507.57 | 8,673,043.49 | | Cooperative and Commissioned R&D Fees | 175,660.38 | 638,834.95 | | Share-based Payment Expenses | 230,155.39 | 2,885,429.78 | | Other R&D Expenses | 2,303,175.56 | 2,542,202.26 | | Total | 200,614,453.96 | 166,103,295.76 | | Of which: Expensed R&D | 193,184,078.88 | 163,141,566.92 | | Capitalized R&D | 7,430,375.08 | 2,961,728.84 | - Significant capitalized R&D projects include the design and development of long-life lithium-ion batteries and the preparation of flexible ultra-thin solid-state electrolytes[605] Changes in the Scope of Consolidation The company acquired a 61.00% stake in a mining company through a business combination not under common control - On April 30, 2025, the company acquired a 61.00% equity stake in Tibet Ali Zhaoyuan Tongpeng Mining Technology Co, Ltd through a business combination not under common control[607] - The total consolidation cost was ¥491.80 million, and the remeasurement of the previously held equity at fair value generated a gain of ¥18.15 million[609][611] - There were no business combinations under common control or disposals of subsidiaries leading to a loss of control during the reporting period[613][617] Interests in Other Entities The company holds interests in numerous subsidiaries, joint ventures, and associates, including Zhuhai Penghui and Henan Penghui - The company has numerous wholly-owned and holding subsidiaries, such as Zhuhai Penghui Energy Co, Ltd and Henan Penghui Power Technology Co, Ltd[618][619][620][621][622][623] - The company holds interests in associated companies such as Lijia Power Technology (Hubei) Co, Ltd and Sichuan Yingda Lithium New Materials Co, Ltd[112][113][114] Summarized Financial Information of Immaterial Joint Ventures and Associates for H1 2025 | Item | Period-End Balance / Current Period Amount (Yuan) | | :--- | :--- | | Total Book Value of Investments | 221,112,350.65 | | --Net Profit | -348,050.50 | | --Other Comprehensive Income | 76,053.07 | | --Total Comprehensive Income | -271,997.43 | Government Grants The company's deferred income from government grants was ¥888.84 million, with ¥42.32 million recognized in other income Liabilities Related to Government Grants in H1 2025 | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized in Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 788,939,042.54 | 135,820,048.47 | 35,036,611.77 | 888,835,288.73 | Asset-related | Government Grants Recognized in Current Profit or Loss in H1 2025 | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 42,324,151.85 | 63,713,067.82 | Financial Instrument Risks The company actively manages credit, interest rate, and liquidity risks through established policies and monitoring procedures - The company's main financial instruments are related to its operations and financing activities, including cash, receivables, payables, and borrowings[636] - To mitigate credit risk, the company trades only with reputable customers and continuously monitors receivables through credit and aging analysis[636] - The company manages interest rate risk by maintaining good banking relationships and designing appropriate credit facilities[637] - During the reporting period, the company used forward foreign exchange contracts to mitigate the impact of currency fluctuations on its performance[637] Fair Value Disclosures Assets measured at fair value totaled ¥728.44 million, primarily comprising financial assets valued using Level 1, 2, and 3 inputs Assets and Liabilities Measured at Fair Value as of H1 2025 Period-End | Item | Level 1 Fair Value (Yuan) | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 4,761,461.76 | 119,976,785.16 | 0 | 124,738,246.92 | | Other Equity Instrument Investments | 0 | 0 | 172,930,716.58 | 172,930,716.58 | | Receivables Financing | 0 | 0 | 426,768,077.71 | 426,768,077.71 | | Other Non-current Financial Assets | 0 | 0 | 4,000,001.00 | 4,000,001.00 | | Total | 4,761,461.76 | 119,976,785.16 | 603,698,795.29 | 728,437,042.21 | - Level 1 fair value for listed stocks is based on quoted prices in active markets[643] - Level 2 fair value for non-principal-protected bank wealth management products is determined using bank valuation models[644] - Level 3 fair value is used for bank acceptance bills receivable and unlisted equity investments[645] Related Parties and Transactions The company's ultimate controlling party is Xia Xinde, and it engaged in various transactions with related parties - The ultimate controlling party of the enterprise is Xia Xinde[646] - Key management personnel compensation for the current period amounted to ¥2,389,132.10[663] Related-Party Purchases of Goods/Services in H1 2025 | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Associates | Purchase of goods | 8,927,423.81 | | Other Related Parties | Purchase of goods | 1,859,549.50 | | Total | | 10,786,973.31 | Related-Party Sales of Goods/Services in H1 2025 | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Associates | Sale of goods | 73,546,785.44 | | Other Related Parties | Sale of goods | 25,225,652.89 | | Associates | Service income | 398,218.88 | | Other Related Parties | Service income | 73,772.92 | | Total | | 99,244,430.13 | Related-Party Lease Income in H1 2025 | Lessee Name | Leased Asset Type | Lease Income Recognized (Yuan) | | :--- | :--- | :--- | | Associates | Factory building | 36,686.60 | | Other Related Parties | Factory building | 0.00 | | Total | | 36,686.60 | Share-based Payments The cumulative amount of equity-settled share-based payments was ¥59.17 million, with ¥1.61 million expensed in the period - The cumulative amount of equity-settled share-based payments recognized in capital reserve is ¥59,165,192.33[670] - The total expense recognized for equity-settled share-based payments in the current period is ¥1,611,089.39[670] Allocation of Equity-Settled Share-based Payment Expenses in H1 2025 | Grantee Category | Equity-Settled Share-based Payment Expense (Yuan) | | :--- | :--- | | Management Personnel | 131,062.12 | | Sales Personnel | 574,748.08 | | R&D Personnel | 230,155.39 | | Production Personnel | 675,123.80 | | Total | 1,611,089.39 | Commitments and Contingencies The company has no significant commitments or contingencies to disclose, apart from an ongoing sales contract dispute - As of the financial reporting date, the company has no significant commitments to disclose[671] - The company has no significant contingencies to disclose[673] - A sales contract dispute with Hubei Sanhuan Automobile Co, Ltd is currently in the retrial application stage[672] Subsequent Events No significant non-adjusting events, profit distributions, or other subsequent events occurred after the reporting period - The company has no significant non-adjusting events after the reporting period[675] - There are no profit distribution plans, sales returns, or other subsequent events to be disclosed[676] Other Significant Matters No other significant matters such as prior period error corrections, debt restructuring, or asset swaps occurred - The company had no corrections of prior period accounting errors during the reporting period[677] - The company had no debt restructuring, asset swaps, annuity plans, discontinued operations, or segment information to report[679][680][681][682][683] Notes to Parent Company's Financial Statements This section provides detailed notes on the parent company's financial statement items, including receivables and investments Parent Company Accounts Receivable Aging at Period-End | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 833,221,664.74 | | 1 to 2 years | 191,465,398.79 | | 2 to 3 years | 23,258,362.40 | | Over 3 years | 109,986,244.38 | | Total | 1,157,931,670.31 | Parent Company Long-term Equity Investments at Period-End | Item | Period-End Book Value (Yuan) | | :--- | :--- | | Investments in Subsidiaries | 3,957,645,589.89 | | Investments in Associates and Joint Ventures | 183,079,615.61 | | Total | 4,140,725,205.50 | Parent Company Operating Revenue and Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 923,071,606.89 | 860,664,805.00 | 1,494,132,020.89 | 1,302,641,508.87 | | Other Business | 8,940,257.04 | 5,644,702.21 | 15,926,481.66 | 32,287,135.49 | | Total | 932,011,863.93 | 866,309,507.21 | 1,510,058,502.55 | 1,334,928,644.36 | Supplementary Information This section provides details on non-recurring profit and loss, return on equity, and earnings per share Detailed Schedule of Non-recurring Profit and Loss for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 48,740,328.58 | | Government Grants Included in Current Profit or Loss (excluding those closely related to normal business operations) | 40,472,323.49 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities (excluding effective hedging) | 403,023.71 | | Reversal of Impairment Provision for Individually Tested Receivables | 307,773.00 | | Other Non-operating Income and Expenses | 1,039,543.62 | | Less: Income Tax Effect | 18,933,682.85 | | Less: Minority Interest Effect (After Tax) | 1,213,710.71 | | Total | 70,815,598.84 | Return on Equity and Earnings Per Share for H1 2025 | Reporting Period Profit | Weighted Average ROE (%) | Basic EPS (Yuan/share) | Diluted EPS (Yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -1.69% | -0.1753 | -0.1753 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | -3.05% | -0.3160 | -0.3160 |