Group 1: Business Performance - The energy storage business of Zhiguang Electric has maintained rapid growth since 2025, with successful contracts signed for large-scale energy storage projects in multiple provinces including Gansu, Guangdong, Inner Mongolia, Xinjiang, Hebei, Zhejiang, Qinghai, and Liaoning [1] - The independent energy storage station in Qingyuan (200MW/400MWh) has been operational since 2024, generating revenue of 92.44 million and a net profit of 53.94 million in the same year [2] - The second phase (200MWh) and third phase (416MWh) of the Qingyuan independent energy storage station, as well as the Meizhou Pingyuan project (400MWh), are under construction and expected to be operational within the year [2] Group 2: Market Dynamics - The market focus for Zhiguang's high-voltage cascade energy storage technology is increasing, driven by its superior technical performance and economic advantages, with a shift from "policy-driven" to "value-driven" order growth [1] - The impact of the cancellation of mandatory energy storage policies on order acquisition has been minimal, indicating resilience in the business model [1] Group 3: Revenue Sources - The primary revenue for the Qingyuan independent energy storage station currently comes from frequency regulation services [2] Group 4: Project Updates - The progress of the Pinglu Ruiyuan project is still under negotiation, with the company committed to accelerating the transaction process [2]