Core Insights - The focus of capital markets is shifting from GPU chips to the underlying support systems as AI computing power becomes a core asset of global infrastructure [1] - Hangzhou Boke Electronics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the expanding AI computing infrastructure [1] - Boke Electronics is positioned as the largest high-performance power supply provider for computing servers in China by revenue in 2024 [1] Group 1: Market Dynamics - The global power supply market for computing servers is projected to reach approximately 54.8 billion yuan in 2024, with the high-performance segment experiencing a compound annual growth rate (CAGR) exceeding 180% globally and 160% in mainland China from 2021 to 2024 [2] - Boke Electronics' revenue is expected to grow significantly, reaching 556 million yuan in 2024, representing a year-on-year increase of 112.8%, and further increasing to 751 million yuan in the first nine months of 2025, with a year-on-year growth rate of 126.2% [2] Group 2: Product and Technology - Boke Electronics has developed a product line that includes liquid cooling and high-density CRPS, with over 50% of its power supplies for computing servers being liquid-cooled designs by September 30, 2025 [3] - The company's high-performance products can meet single-machine rated power of over 3000 watts, with some samples achieving a full-load efficiency of 97.5%, leading to significant savings in electricity and cooling costs for clients [3] Group 3: Business Strategy and Client Diversification - Boke Electronics has been reducing its dependency on its major client, Shenzhen Bit Micro Group, with sales to this client accounting for 89.9% of total revenue in 2023, decreasing to 51.1% in 2024, and further to 23.5% in the first nine months of 2025 [6] - The company has successfully entered markets outside mainland China, with revenue from these regions increasing from 1.5% in 2023 to 34.8% in the first nine months of 2025, indicating a growing global delivery capability [6] Group 4: Future Growth and Challenges - Boke Electronics' energy storage solutions (ESS) business is expected to grow from 10.72 million yuan in 2023 to 152 million yuan in 2024, contributing 33.8% to total revenue in the first nine months of 2025 [7] - The company plans to use IPO proceeds to enhance R&D capabilities, upgrade smart manufacturing facilities, and expand its global supply chain, including establishing a new R&D center in Hangzhou and increasing its overseas production capacity in Southeast Asia [7][8]

Eos Energy Enterprises Update Summary Company Overview - **Company**: Eos Energy Enterprises (NasdaqCM:EOSE) - **Industry**: Energy Storage Core Points and Arguments - **Energy Demand and System Strain**: The current energy system is under strain due to rising demand and expectations, which were not anticipated in the original grid design. This creates limitations for cities, industries, and data centers [1][2] - **Energy Storage as a Foundation**: Eos emphasizes that energy storage should not be a backup but the foundation of energy systems. Properly implemented storage can eliminate variability issues, allowing for smoother energy management and faster scaling of operations [2][3] - **Redefining Energy Storage**: Eos is reshaping energy storage by focusing on density, flexibility, and safety. The company introduces a new era of energy storage that is not limited by size or space, enabling limitless potential [3][4] - **Innovative Design Philosophy**: The company has developed the Z3 module, which is designed from the ground up using zinc chemistry. This module is safe, durable, and flexible, integrating intelligence through the Eos Dawn OS for real-time response and adaptation [4][5] - **Eos in Density Architecture**: The Eos in Density architecture is designed to deliver approximately four times the energy of traditional systems, targeting one gigawatt hour per acre. This high-density storage solution is adaptable to various environments, from rural to urban settings [5][9] - **Scalability and Configuration**: The system can be configured to achieve significant energy storage capacities, such as 250 megawatt hours per acre in rural areas, 500 megawatt hours in suburban areas, and up to one gigawatt hour in urban environments [9][10] - **Operational Flexibility**: The Eos in Density system allows for charging and discharging over a range of 4 to 16 hours, supporting multiple cycles per day and responding to grid demands in as little as five milliseconds [10][11] - **Safety Features**: Safety is a core aspect of the Eos in Density system, utilizing non-flammable materials and ensuring that all components are designed for safe operation in high-value infrastructure settings [11][12] Additional Important Content - **Team Expertise**: The development of the Eos in Density system is backed by a team with over 15 years of experience in energy storage, focusing on pushing boundaries and testing assumptions to create a system that adapts to changing conditions [13][14] - **Real-World Application**: Eos aims to provide energy solutions that support larger ideas and faster progress without compromising on safety or efficiency, positioning energy as a driver of innovation rather than a limitation [13][14]

COMPANY OVERVIEW January 2026 Forward-Looking Statements This presentation includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "see," "expectation," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be incl ...

Core Insights - Grenergy, a Spanish clean energy producer, has secured capacity contracts for five independent storage projects in Poland, totaling 2.1 gigawatt-hours (GWh) [1] - The projects will provide reserve capacity to the Polish electricity grid and are set to commence in January 2030 [2] - Grenergy has also received funding from the Polish Government for additional smaller projects, part of the EU's Modernisation Fund [3] Group 1: Capacity Contracts - Grenergy acquired over 11% of the total storage capacity available in the recent auction held by Polskie Sieci Elektroenergetyczne (PSE) [1] - The five projects, named Fred, George, Lucius, Hagrid, and Harry, will have a combined power of 534MW and will be compensated at a fixed annual rate of 465.02 zlotys ($128.66) per kilowatt over a 17-year period [2] Group 2: Government Grants and Initiatives - Grenergy has been granted 34 million zlotys (€8 million) for four smaller stand-alone projects with a combined capacity of 136 megawatt-hours, expected to be operational by 2028 [3] - The grants are part of the EU's Modernisation Fund aimed at enhancing energy storage development in Poland [3] Group 3: Greenbox Platform and Global Operations - Grenergy is advancing its Greenbox platform, focusing on key markets including Germany, Italy, Poland, Romania, Spain, and the UK, with a pipeline of 31GWh [3] - The company operates across Europe, North America, and Latin America, with a global portfolio exceeding 75GWh of storage capacity and 12GW of solar power in various stages of development [4] Group 4: Recent Financing and Acquisitions - Grenergy finalized a senior non-recourse financing deal valued at €98.8 million for the Ayora solar facility in Spain, which has an installed capacity of 172MW [4][5] - In September 2024, Grenergy acquired a 1GW solar portfolio in Chile for $128 million to bolster its Oasis de Atacama solar-plus-storage project [5][6]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission of Hong Kong take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Hangzhou BOCO Electronics Co., Ltd. 杭州鉑科電子股份有限公司 (A joint stock company incorporated in the People's R ...

Financial Data and Key Metrics Changes - Total sales for Q2 FY26 were $52.3 million, an increase from $49.5 million in Q2 FY25, marking a 5.7% year-over-year growth [4][7] - Operating income improved to $132,000 from a loss of $667,000 in the previous year [4][8] - Net loss was $0.1 million for Q2 FY26, compared to a net loss of $0.8 million in Q2 FY25 [8][9] - EBITDA for Q2 FY26 was $0.7 million, up from break-even in the prior year [9] Business Line Data and Key Metrics Changes - Green Energy Solutions (GES) sales increased by 39% year-over-year, driven by power management products [7][14] - Canvys revenue grew by 28.1% to $8.8 million, reflecting strong demand from medical OEMs [21] - Power and Microwave Technologies (PMT) sales were down 4% year-over-year, with a flat performance when excluding healthcare [7][14] Market Data and Key Metrics Changes - GES sales growth was attributed to increased sales in onshore wind and electric vehicles [5][14] - Canvys secured orders from both repeat and new medical OEM customers, indicating a strong backlog of $38 million [21] - Approximately 70% of GES sales are currently in North America, with plans for international expansion [18] Company Strategy and Development Direction - The company is focused on repositioning towards higher growth end markets and expanding engineered solutions [4] - Strategic initiatives include the establishment of a design center in Sweetwater, Texas, to enhance product development cycles [17][19] - The company aims to capitalize on growth opportunities in power management and green energy sectors, while also exploring small acquisitions [30][55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing growth in the green energy sector and the anticipated demand for engineered solutions [25][30] - The company is navigating uncertainties related to tariffs and market conditions but remains focused on leveraging its global capabilities [19][20] - Management expects stronger demand in the semiconductor wafer fab equipment market and anticipates solid growth through the rest of FY26 [28][57] Other Important Information - Cash position at the end of Q2 FY26 was $33.1 million, with no outstanding debt [11][12] - The company declared a quarterly cash dividend of $0.06 per common share, to be paid in Q3 FY26 [11] Q&A Session Summary Question: Discussion on core backlog versus non-core backlog - Management clarified that core backlog includes pitch energy modules and related products, while non-core backlog consists of smaller components for green energy products [37] Question: Cadence of orders turning to backlog and revenues within GES - Management indicated that new products transitioning from beta to production have contributed to strong sales, with efforts to build inventory for stock [40][41] Question: Status of GE approval for ALTA 1000 - Management confirmed GE approval and noted that the product is featured on GE's marketplace, with ongoing customer-driven demand [50] Question: Margin impact from the medical segment and future profitability - Management stated that the medical segment has had a negligible impact on gross margin, with expectations for profitability to improve in FY27 [52][53] Question: Plans for cash utilization - Management plans to invest in growth initiatives, particularly in green energy solutions, while remaining open to small acquisitions [55][56] Question: Outlook for semiconductor market - Management expressed cautious optimism for growth in the semiconductor market, with positive forecasts from customers [64][65]

Financial Data and Key Metrics Changes - Total sales for Q2 FY26 were $52.3 million, an increase of 5.7% from $49.5 million in Q2 FY25. Excluding healthcare, net sales increased by 9.0% [6][9] - Operating income improved to $132,000 in Q2 FY26 from a loss of $667,000 in Q2 FY25 [3][7] - Net loss was $0.1 million for Q2 FY26, compared to a net loss of $0.8 million in Q2 FY25, with diluted net loss per share improving to $0.01 from $0.05 [8][9] - EBITDA for Q2 FY26 was $0.7 million, up from break-even in the prior year [8] Business Line Data and Key Metrics Changes - Green Energy Solutions (GES) sales increased by 39.0% year-over-year, driven by power management products [6][12] - Canvys revenue grew by 28.1% to $8.8 million, primarily due to improved demand from medical OEMs [20][21] - Power and Microwave Technologies (PMT) sales were down 4.0% year-over-year, with PMT sales approximately flat when excluding healthcare [6][12] Market Data and Key Metrics Changes - GES sales growth was attributed to increased sales in onshore wind and electric vehicle segments, reflecting higher sales from existing customers and new products [4][12] - Canvys secured orders from both repeat and new medical OEM customers, indicating strong demand in the medical market [21][22] - Approximately 70% of GES sales are currently in North America, with plans for international expansion [17] Company Strategy and Development Direction - The company is focused on repositioning towards higher growth end markets and expanding its engineered solutions [3][18] - Strategic initiatives include the development of a battery energy storage design center and expansion into international markets [26][27] - The company aims to leverage its existing capabilities and infrastructure to support sustainable growth, with a disciplined approach to acquisitions [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the green energy sector and the semiconductor wafer fab equipment market [27][28] - The company is navigating uncertainties related to tariffs and market conditions but remains focused on pursuing growth opportunities [18][19] - Management highlighted the importance of cash flow and efficiency, with plans to invest in growth initiatives primarily in alternative energy solutions [45][46] Other Important Information - The company has a strong cash position of $33.1 million, with no outstanding debt on its revolving line of credit [10][11] - Capital expenditures in Q2 FY26 were $1.6 million, primarily related to manufacturing improvements and IT systems [10] - The board declared a regular quarterly cash dividend of $0.06 per common share, to be paid in Q3 FY26 [10] Q&A Session Questions and Answers Question: Discussion on core backlog versus non-core backlog - Management clarified that core backlog includes products like Pitch Energy Modules, while non-core backlog consists of smaller components sold to customers building green energy products [33] Question: Cadence of orders turning to backlog and revenues within GES - Management explained that as products transition from alpha to production, new customers and sales contribute to growth, with a focus on maintaining inventory for timely shipments [35][36] Question: Update on GE approval for ALTA 1000 - Management confirmed that GE approval has been obtained, and the product is featured on GE's marketplace, with expectations for testing and installation by GE's customers [40][41] Question: Impact of medical business on margins and future opportunities - Management indicated that the medical business has had a negligible impact on gross margins, with expectations for profitability to improve as production transitions to repairs [43] Question: Plans for cash utilization and potential acquisitions - Management stated that cash will primarily be used for growth initiatives in alternative energy solutions, with an openness to small acquisitions that align with strategic goals [45][46] Question: Outlook for semiconductor market recovery - Management expressed cautious optimism for growth in the semiconductor market, with positive forecasts from multiple customers indicating readiness for increased demand [52]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of RelyEZ Energy Storage Technology Co., Ltd. 深圳市遠信儲能技術股份有限公司 (the "Company") (A joint stock company established in th ...

Core Insights - Dragonfly Energy Holdings Corp. has achieved significant milestones in 2025, including improved financial stability, expanded OEM partnerships, and successful deployment in heavy-duty trucking, marking a return to year-over-year revenue growth [1][5]. Financial Performance - The company raised approximately $90 million through three common stock offerings and executed a debt restructuring, reducing total debt principal to $19 million with lower interest rates and extended covenant flexibility through 2026 [3][4]. - The restructuring allowed the company to regain compliance with Nasdaq listing standards, addressing market cap, stockholder's equity, and minimum bid price requirements [4]. Business Strategy - Dragonfly Energy aims to revolutionize energy storage through manufacturing innovations, focusing on Lithium-ion battery adoption and domestic production [2]. - The company emphasizes vertical integration, combining cell manufacturing with battery pack assembly and full system integration, positioning itself as a comprehensive power systems provider [7][8]. Market Position and Growth - The RV market has shown a 45% year-over-year increase in Dragonfly Energy's OEM business in Q3 2025, despite the overall industry being flat, indicating significant market share gains [9]. - Heavy-duty trucking is identified as a key growth opportunity, with the company collaborating with PACCAR to validate its technology for idle reduction solutions [11][12]. Product Development and Innovation - Dragonfly Energy's unique dry aerosol-based manufacturing process for battery electrodes allows for significant cost reductions and the production of all-solid-state batteries, supported by a growing patent portfolio of nearly 100 patents [6]. - The company has successfully expanded its systems into marine and rail sectors, reinforcing its reputation for reliability and innovation across multiple industries [15]. Future Outlook - Despite ongoing economic challenges, the company is optimistic about growth prospects in 2026, driven by momentum in RV, trucking, and adjacent markets [16][17].

Summary of China Solar Power Conference Call Industry Overview - The conference call focused on the **China Solar Power** industry, specifically discussing solar product prices, installation forecasts, and market dynamics. Key Points Solar Product Prices - Weekly solar product prices have seen a **1-2% increase** week-over-week (wow) for upstream polysilicon materials and downstream solar modules, while solar cell prices declined by **1%** [1] - Average market prices for n-type grade rod-type polysilicon rose to **Rmb53.4/kg**, and granular silicon to **Rmb50.5/kg** [2] - N-type wafer prices remained unchanged at **Rmb1.38/W** for 182mm products and **Rmb1.68/W** for 210mm products [3] - Average prices for TOPCon modules increased by **1.5%** to **Rmb0.68/W** for utility-scale projects and **4.2%** to **Rmb0.70/W** for distributed projects [4] - Solar glass prices remained stable at **Rmb11.0/m2** for 2.0mm and **Rmb18.3/m2** for 3.2mm products [5] Installation Forecasts - The annual module output in China for 2025 was reported at **563.2GW**, a **1.2% decrease** year-over-year (yoy) [4] - Solar installation demand is expected to remain muted in January until new project construction begins after the Chinese New Year [1] - Citi forecasts a **24% decrease** in PRC solar installations to **220GW** in 2026 due to reduced returns from larger-than-expected renewable market-based tariff cuts [1] Inventory and Production Dynamics - Polysilicon inventory at producer plants increased by **1%** to **306k tonnes** as of December 31 [2] - Downstream wafer plant inventory rose by **5.3%** month-over-month (mom) to **219k tonnes** [2] - Wafer inventory climbed **6.9%** wow to **23.2GW** as of December 31 [3] - The average inventory period for solar glass increased by **2.8%** to **39.1 days** as of December 31 [6] Company Preferences and Risks - In the PRC solar sector, the preference is for inverter companies like **Sungrow** and **Deye**, which are expected to benefit from high demand growth in energy storage systems [1] - Caution is advised regarding solar glass makers due to low average selling prices (ASP) and high inventory levels [1] - Key risks for **Deye** include lower-than-expected energy storage demand and increased price competition among inverter peers [19] - For **Sungrow**, risks include slower-than-expected solar installations and intensified trade tensions affecting exports [21] Valuation Insights - **Deye's** target price is set at **Rmb102.0/share**, based on a discounted cash flow (DCF) model, reflecting sustainable growth in energy storage demand [18] - **Sungrow's** target price is **Rmb240.00**, also based on a DCF valuation, indicating long-term potential returns [20] Additional Important Information - The conference call highlighted the importance of monitoring market dynamics and potential risks in the solar sector, particularly in light of changing tariff structures and inventory levels [1][19][21]