浪潮涌动，又一锂电企业计划赴港二次上市。 12月12日盘后，鹏辉能源（300438.SZ）公告，筹划发行H股并在香港联交所上市，以深化全球化战略布局，提升公司在国际市场的综合竞争 实力，同时打造公司国际化资本运作平台，增强境外融资能力。 鹏辉能源于2015年在深圳证券交易所创业板上市，截至目前累计募资70.32亿元，其中首发时募资3.12亿元，股权再融资32.98亿元，间接融资 34.22亿元。 尽管上市以来已通过多渠道募集资金，但面对大规模的扩产计划和全球化布局，公司当前资金压力不小。 其三季报显示，截至2025年9月末，公司货币资金17.03亿元，同期短期借款高达14.60亿元，应付账款50.71亿元，应付票据22.15亿元，资金链 处于紧平衡状态。 业绩修复期 从上市公司业绩来看，鹏辉能源也正处于业绩修复的关键期。 2024年，正值锂电行业价格激烈博弈的关键期，鹏辉能源上市以来首次亏损，全年归母净利润为-2.52亿元，到2025年上半年仍亏损8822.67万 元。不过，三季报显示，报告期内公司实现营业收入75.81亿元，同比增长34.23%；归母净利润实现扭亏1.15亿元，同比增长89.33%。三季度 ...

Core 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].

Core 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 addressing funding pressures from its expansion plans [1][10]. Financial Performance - In 2024, Penghui Energy reported its first loss since listing, with a net profit of -252 million yuan, and continued to incur losses in the first half of 2025, amounting to -88.23 million yuan [2]. - The company's Q3 report showed a revenue of 7.581 billion yuan, a year-on-year increase of 34.23%, and a net profit of 115 million yuan, a significant turnaround with a growth of 89.33% [2]. Market Demand and Production Capacity - The recovery in demand for lithium batteries in the second half of the year has led to a structural rebound, with Penghui Energy's major storage products operating at full capacity and prices increasing compared to the first half of the year [3]. - The company’s production capacity utilization rates for its large and small storage production lines are at full capacity, with orders extending into 2026 [3]. Cash Flow and Financial Health - Penghui Energy's net cash flow from operating activities for the first three quarters of 2025 was -11.51 million yuan, although this was a significant improvement from -481 million yuan in the same period the previous year [5]. - As of 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 storage projects [6]. Expansion Plans - Despite financial pressures, Penghui Energy has initiated an aggressive expansion plan starting in the second half of 2024, with a total investment of 8.3 billion yuan focused on storage cells and systems, as well as semi-solid batteries [7]. - The company is prioritizing solid-state batteries as a key project, with plans for mass production expected by 2026 [9]. Global Strategy - The move to list in Hong Kong aligns with a broader trend among renewable energy companies seeking to secure funding amid tightening IPO and refinancing conditions in the A-share market [10]. - The Hong Kong market offers a more flexible financing channel and serves as a "capital springboard" for companies aiming for sustainable development in a competitive landscape [10].