Great Power(SZ:300438) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-15 12:25Core Viewpoint - Penghui Energy plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and improve its international competitiveness while creating a platform for overseas financing [2][13]. Financial Performance - Since its listing in 2015, Penghui Energy has raised a total of 7.032 billion yuan, with initial public offering (IPO) proceeds of 312 million yuan and subsequent financing of 3.298 billion yuan and 3.422 billion yuan through indirect means [4]. - The company reported its first loss since listing in 2024, with a net profit attributable to shareholders of -252 million yuan, and continued to incur losses of 88.23 million yuan in the first half of 2025 [5]. - However, the third quarter of 2025 showed a significant recovery, with revenue of 7.581 billion yuan, a year-on-year increase of 34.23%, and a net profit of 115 million yuan, marking a year-on-year growth of 89.33% [5]. Production and Capacity - The demand for lithium batteries has rebounded in the second half of the year, leading to a structural recovery for the company, with full production capacity for major energy storage products [6]. - The company has initiated an aggressive expansion plan starting in the second half of 2024, with total investments reaching 8.3 billion yuan, funded by its own or self-raised capital [10]. Cash Flow and Financial Health - Despite the recovery in performance, the company's cash flow remains under pressure, with a net cash flow from operating activities of -11.51 million yuan in the first three quarters of 2025, although this is a significant improvement from -481 million yuan in the same period last year [7]. - By the end of 2024, the company's cash balance was 1.646 billion yuan, a decrease of 26.55% year-on-year, while accounts receivable increased by 57.28% to 2.601 billion yuan due to slower payment speeds from large energy storage projects [9]. Strategic Initiatives - The company is focusing on solid-state batteries as a key project, with plans for mass production of a 1GWh semi-solid battery project and ongoing construction of a solid-state battery pilot line expected to be completed by the end of 2026 [11][12]. - The move to list in Hong Kong is part of a broader trend among Chinese new energy companies seeking to secure funding and maintain growth amid tightening IPO and refinancing conditions in the A-share market [14][15].