Zheng Quan Zhi Xing·2025-08-21 13:13Summary of Key Points Core Viewpoint - The report from CITIC Securities provides a thorough review of the expected daily related transactions of Guangzhou Penghui Energy Technology Co., Ltd. for the year 2025, indicating that these transactions are necessary for the company's normal business operations and are conducted at fair market prices [1][6]. Group 1: Overview of Related Transactions - The company anticipates related transactions with its affiliates, including Solid Technology (Guangzhou) Co., Ltd. and Guangzhou Hutu New Energy Technology Co., Ltd., primarily involving the sale of lithium battery products and services [1][6]. - The expected transaction amounts for 2025 are projected at 10,000 million RMB with Solid Technology and 5,000 million RMB with Hutu New Energy, compared to previous year's actual amounts of 2,529.94 million RMB and 338.45 million RMB respectively [1][6]. Group 2: Financial Performance - For the year 2024, the total assets of Solid Technology are reported at 1,104.35 million RMB, with total liabilities of 1,531.89 million RMB, resulting in a net asset of -427.54 million RMB [3]. - Hutu New Energy's total assets for 2024 are reported at 5,083.94 million RMB, with total liabilities of 667.19 million RMB, leading to a net asset of 4,416.75 million RMB [5][6]. Group 3: Transaction Principles and Agreements - The related transactions are based on fair and reasonable pricing principles, negotiated according to market prices, and settled as per the agreements made [6]. - The company has signed relevant agreements with its affiliates based on actual production and operational needs [6]. Group 4: Impact and Independence - The expected daily related transactions for 2025 are deemed essential for the company's business development and do not pose a risk of dependency on the affiliates, ensuring the company's independence [6]. - The review by the sponsor institution confirms that the transactions do not severely harm the interests of the company or its shareholders, particularly minority shareholders [6].