调研基本信息 2026年1月30日，广州智光电气股份有限公司（以下简称"智光电气"）以电话会议形式开展特定对象调 研，接待了长城证券、平安基金共4名机构人员。公司董事会秘书熊坦、证券事务代表邱保华参与接 待，就公司储能业务技术路线、客户构成、原材料影响及独立储能电站进展等问题与机构进行交流。 锂矿涨价影响：电站业务不受影响，设备销售短期承压 针对上游锂矿涨价对储能业务的影响，公司回应称，其在广东省内投资的独立储能电站均已建设完成， 原材料涨价对这些电站业务无影响；对于储能设备销售及系统集成业务，短期内会受到一定影响，但长 期来看，随着钠电池等技术进一步推广以及价格机制向集成端下游传导，影响预计将控制在合理范围 内。 独立储能电站并网进展：平远一期力争春节前投运，多项目加速推进 在独立储能电站并网投运方面，公司透露平远一期已完成168小时试验，正在等待并网商运手续，争取 在春节前实现并网投运；清远二三期、平远二期项目也在加快相关并网手续办理，力争2026年上半年陆 续并网投运。 省外布局：关注政策动态，暂未落地具体项目 调研核心要点解读 储能系统技术路线：主推高压级联型，覆盖低压场景 交流中，公司表示目前主推高 ...

Core Viewpoint - The company is optimistic about the future development of the energy storage industry and recognizes the significant value of independent energy storage stations in the new power system [1] Group 1: Industry Outlook - The company believes that independent energy storage stations primarily generate revenue from frequency regulation, with the number of registered projects exceeding current frequency regulation demand [1] - The company will prioritize the operation of existing energy storage stations [1] Group 2: Business Strategy - The company currently focuses on supplying energy storage equipment while closely monitoring policy changes across different provinces [1] - The company does not rule out the possibility of expanding the scale of independent energy storage station business when economic viability and implementation feasibility are met [1]

Group 1: Investor Activity - Anhui Wenergy Co., Ltd. recently conducted investor relations activities, attracting 23 institutional investors including Southern Fund and Dongfang Securities [1] - The event took place at the key system research facility for fusion reactors in Hefei, Anhui Province [1] Group 2: BEST Project Progress - The BEST project features a vacuum chamber designed to generate fusion reactions and release energy, with a goal of achieving an energy gain factor Q of 1-5 [2] - The project will also conduct deuterium-deuterium experiments after construction and debugging [2] Group 3: Operational Insights - The company clarified that independent energy storage stations are not yet participating in the frequency modulation market, which is expected to mature by 2025 [3] - Subsidies for independent energy storage projects are set at 0.2 yuan per kilowatt-hour for certain months in 2025 and 0.1 yuan per kilowatt-hour for specified months in 2026 and 2027 [3] - A 300MW wind power project is expected to be operational in 2026, while there are no plans for new coal power units, although some joint ventures are anticipated to commence operations next year [3] Group 4: 2026 Incremental Planning - The company plans to launch approximately 2GW of wind power projects and 0.8GW of solar power projects by 2026, with the solar project aiming for initial connection by the end of 2025 [4] - Joint ventures in coal power, specifically Huabei Juyuan Power and Zhongmei Xinjian Li'an Power Plant, are expected to be operational in the first half of 2026 [4]

Core Viewpoint - Zhiguang Electric is planning to acquire all or part of the minority equity of its subsidiary, Zhiguang Energy Storage Technology Co., Ltd., through a combination of share issuance and cash payment, while also raising matching funds through share issuance [1] Group 1: Company Developments - Zhiguang Electric's stock will be suspended from trading starting September 29, with an expected suspension period not exceeding 10 trading days [1] - The transaction is not expected to constitute a major asset restructuring, related party transaction, or lead to a change in actual control of the company [1] - Zhiguang Energy Storage focuses on the research and manufacturing of energy storage systems and related technologies, including EMS, BMS, and battery PACK [1] Group 2: Strategic Focus - The company has identified energy storage as a strategic priority, with recent orders indicating strong business momentum [1] - Zhiguang Energy Storage signed a procurement contract worth 164 million yuan with China Energy Engineering Group Guangdong Electric Power Design Institute for high-voltage cascade semi-solid lithium iron phosphate energy storage systems [1] Group 3: Project Updates - The company is constructing and operating independent energy storage power stations in Qingyuan and Meizhou, with several phases nearing completion and expected to be operational by the end of the year [2] - The energy storage stations utilize Zhiguang's high-voltage direct-connected energy storage system, which is efficient and cost-effective, aligning well with operational needs [2] - Future independent energy storage station numbers in Guangdong will be controlled due to provincial policies, but the company is expected to maintain a competitive advantage [2] Group 4: Market Outlook - Energy storage stations are crucial for the new power system and play a significant role in auxiliary services and electricity trading markets [3] - The company possesses advantages in manufacturing energy storage equipment and integrating energy storage systems, along with experience in constructing and operating independent energy storage stations [3] - As the electricity market matures and business models become clearer, the company is considering further investments in independent energy storage stations in other locations [3]

Core Viewpoint - Guangzhou Zhiguang Electric Co., Ltd. recently hosted a research event attended by 18 institutions, including Changjiang Securities and Invesco Great Wall, focusing on the company's independent energy storage power stations and their operational performance [1] Group 1: Research Event Details - The research event included specific object research and on-site visits, held on September 17 and 19, 2025, at the independent energy storage power station in Qingyuan City [1] - Participating institutions included Changjiang Securities, Invesco Great Wall, and several other funds and investment companies [1] - Company representatives included Board Secretary Xiong Tan and relevant personnel from the Qingyuan power station [1] Group 2: Independent Energy Storage Power Station Overview - Zhiguang Electric has established independent energy storage power stations in Qingyuan and Meizhou, with the first phase in Qingyuan (200MW/400MWh) operational since 2024 [1] - The second phase (100MW/200MWh) and third phase (200MW/400MWh) in Qingyuan, along with the first phase in Meizhou (100MW/200MWh), are in the final testing stages, aiming for commissioning within the year [1] - The power stations utilize Zhiguang's cascade high-voltage direct-connected energy storage system, which offers high energy conversion efficiency, low maintenance costs, and strong grid connection capabilities [1] Group 3: Revenue Composition and Influencing Factors - The primary revenue source for the Qingyuan independent energy storage power station is from secondary AGC frequency modulation auxiliary services, with future projects expected to follow this model [1] - Factors influencing revenue include site selection, energy storage system performance, and operational capabilities, with system performance (K value) being the most critical for frequency modulation revenue [1] - The company's self-developed 3S system (PCS, BMS, EMS) enhances overall performance, while product reliability and energy efficiency are also vital [1] Group 4: Operational Costs and Efficiency - Major operational costs consist of energy loss (electricity costs) and labor costs, in addition to asset depreciation [1] - The Qingyuan independent energy storage power station employs high-voltage cascade technology, achieving a comprehensive efficiency of 89.8% at the 220kV point, with simplified operations and approximately 10 personnel for maintenance and operations [1] Group 5: Market Outlook - The company is optimistic about the development of independent energy storage power stations and aims to expand its business into other provinces and cities, leveraging its advantages in energy storage equipment manufacturing, system integration, and operational experience [1]

Group 1: Company Overview and Operations - The company operates independent energy storage power stations in Qingyuan and Meizhou, with Qingyuan Phase I (200MW/400MWh) already in operation since 2024. The construction of Qingyuan Phase II (100MW/200MWh), Phase III (200MW/400MWh), and Meizhou Phase I (100MW/200MWh) is nearing completion, aiming for commissioning within the year [1][2] - The energy storage stations utilize the company's high-efficiency, low-maintenance, and strong grid-connection capability products, which align well with operational needs [1] Group 2: Revenue Composition - The primary revenue source for Qingyuan Phase I is from grid secondary AGC frequency regulation auxiliary services, with plans to diversify income streams as the auxiliary services market evolves [3] Group 3: Factors Influencing Revenue - Key factors affecting revenue include site selection, energy storage system performance, and operational capabilities. The performance of the storage system (K value) significantly impacts the likelihood of winning bids [4] - The company’s self-developed 3S system (PCS, BMS, EMS) enhances overall performance through better consistency and coordination [4] Group 4: Operating Costs - Major operating costs for the independent energy storage station include energy loss (electricity costs) and labor costs. The Qingyuan station achieves a high operational efficiency of 89.8% at the 220kV connection point, leading to lower operational costs [5] Group 5: Market Outlook - The company views independent energy storage stations as crucial components of the new power system and is optimistic about future market development. It plans to consider expanding operations to other provinces based on market maturity and clearer business models [6]

Core Insights - Company reported strong financial performance for the first half of 2025, with revenue of 1.822 billion yuan, a year-on-year increase of 23.21%, and net profit of approximately 51.22 million yuan, a significant increase of 187.23% [1] - The company is focusing on core business areas while investing in technology innovation, particularly in solid-state and semi-solid batteries, and has established partnerships for hydrogen production materials [1][4] Business Segments Performance - The HEV power battery segment saw substantial growth, with sales of foam nickel reaching 1.3484 million square meters, a 41% increase, and revenue of approximately 118 million yuan, up 30% [2] - Lithium resource development has been integrated into a "mining-selection-smelting" model, with total lithium resource reserves of 12 million tons, equivalent to 400,000 tons of lithium carbonate [2] - The consumer battery segment also experienced rapid growth, achieving sales revenue of 542 million yuan, a 28% increase, with products certified by national standards [2] Independent Energy Storage Development - The company is accelerating the development of independent energy storage stations, with 90 projects connected to the grid in the first five months of 2025, representing a 95% increase in quantity and a 107% increase in capacity year-on-year [3] - Successful projects include the Hebei Jingxing 200MW/400MWh and Hebei Wangdu 100MW/200MWh independent energy storage stations, which have exceeded investment return expectations [3] - The company plans to complete the construction and grid connection of no less than 4GWh of energy storage projects by the end of 2025 [3] Technological Advancements - The company has made significant progress in dry electrode technology and is collaborating with various research institutions to advance solid-state battery materials and processes [4] - The company aims to achieve market application of semi-solid battery products by the end of 2025 to 2026, driven by demand from independent energy storage stations [4] - The introduction of three-dimensional porous foam copper-manganese alloy for SOFC applications marks a step towards domestic production of key components, with samples sent to multiple clients [4]

Core Viewpoint - The company aims to reduce losses and achieve a turning point in performance, with positive results observed in the first half of the year [2] Group 1: Company Performance and Goals - The company has set a key goal of reducing losses and turning around its performance, with some success noted in the first half of the year [2] - The company reported a main revenue of 657 million yuan, a year-on-year increase of 24.76%, and a net profit attributable to shareholders of -37.04 million yuan, a year-on-year increase of 39.81% [8] Group 2: Independent Energy Storage Projects - The first phase of the Qingyuan independent energy storage station is operational, with the second and third phases expected to be commissioned within the year [3] - The company has invested in multiple independent energy storage stations and holds a significant regional scale advantage, being the largest in the province [4] Group 3: Product Development and Production - The company produces energy storage system products, with core components like PCS, BMS, EMS, and battery packs developed in-house, while some components like cells and containers are sourced externally [5] Group 4: Revenue Sources and Market Strategy - The main revenue from the Qingyuan independent energy storage station comes from frequency regulation services, with potential plans to explore additional revenue sources in the future [6] - Following the issuance of Document No. 136, the market policies are favorable for the company, allowing for a focus on system performance and economic indicators [7] Group 5: International Expansion - The company established an international division in 2023, focusing on markets in Europe and Africa, with a representative office set up in Italy and products certified to European standards [8]

Core Viewpoint - The company Hopu Co., Ltd. has announced that its wholly-owned subsidiary, Tianjin Jiahui Power Engineering Co., Ltd., has been awarded the contract for the "Tongwei Yiheng New 50MW/200MWh Independent Energy Storage Power Station Demonstration Project" with a bid price of 159 million yuan and a construction period of 150 days. This project is expected to positively impact the company's future operating performance if the formal contract is signed and implemented smoothly [1]. Group 1 - The company has formed a consortium with Henan Chuneng Power Engineering Co., Ltd. and Hunan Hongyuan Power Construction Co., Ltd. for the project [1]. - The total contract value for the project is 159 million yuan [1]. - The expected construction duration for the project is 150 days [1].