储能海外业务：聚焦欧中市场 350MWh框架合同落地首批订单 调研基本信息 上海能辉科技股份有限公司（以下简称"公司"）于2025年12月26日接待了西部证券的特定对象调研。本 次调研在公司会议室举行，时间为当日14:00至15:30，西部证券分析师杨敬梅、章启耀参与调研，公司 副总经理、董事会秘书罗联明负责接待并与投资者交流。 核心议题交流要点 重卡换电业务：AGV机器人技术破局 千万级合同夯实竞争力 针对投资者关于公司布局重卡换电业务的逻辑及技术优势的提问，罗联明表示，公司将充换电业务定位 为消纳绿色电力和综合能源系统的关键环节，初期即瞄准技术难度较高的AGV换电机器人路线。该技 术通过自动驾驶与AI技术融合，使AGV换电机器人如"高阶智能驾驶小车"般，可精准完成电池抓取、 运送及更换全流程。 据介绍，公司自主研发的"小蚁"无轨智能充换电机器人（AGV2.31）为国内首家拥有自主知识产权并实 现商业化应用的产品，业务场景已覆盖矿山、码头、大型物流园区及停车场服务区等重载场景。公司正 构建"动力电池总成+充换电机器人+充换电站建设+智能运营服务"的完整生态，提供"设备、软件、运 维"一体化解决方案。 合同方 ...

Core Insights - The energy investment in China is expected to show strong growth and transition towards greener and newer sources, with a projected completion investment of 3.54 trillion yuan in key energy projects for the year, representing an 11% year-on-year increase [1] Investment Trends - Significant investments are noted in nuclear power, onshore wind power, distributed photovoltaic, and power grids, while new energy storage, charging and swapping infrastructure, and hydrogen investments are growing rapidly [1] - Private enterprises are actively participating in energy investments, with a year-on-year increase of 15% in completed investments [1] Policy and Mechanisms - The National Energy Administration and relevant departments are establishing and improving mechanisms for private enterprises to participate in nuclear power projects, with all 10 newly approved nuclear power units in 2025 expected to attract private capital, with a maximum shareholding of 20% [1] - Initiatives are being taken to encourage private investment in hydropower projects like Danba and to support market-oriented participation in oil and gas pipeline projects, along with the approval of four large private coal mine projects [1]

Core Viewpoint - Energy investment in China has shown strong growth this year, focusing on safety and transformation, with a projected completion investment of 3.54 trillion yuan, representing an 11% year-on-year increase [2] Investment Trends - Significant investments are observed in nuclear power, onshore wind power, distributed photovoltaic, and power grids, with rapid growth in new energy storage, charging infrastructure, and hydrogen energy [2] - Private enterprises have actively participated, with their investment completion amount increasing by 15% year-on-year [2] Policy and Mechanisms - The National Energy Administration has established mechanisms to facilitate private enterprise participation in nuclear power projects, with all 10 newly approved nuclear units this year involving private capital, with the highest share reaching 20% [2] - Support for private enterprises to invest in hydropower projects and oil and gas pipeline projects is being promoted under market principles, along with the approval of four large private coal mine projects [2]

Core Insights - Energy investment in China has shown strong growth this year, focusing on safety and transformation, with an expected completion of 3.54 trillion yuan in key energy projects, representing an 11% year-on-year increase [1] Investment Trends - Significant investments are noted in nuclear power, onshore wind power, distributed photovoltaic, and power grids, with rapid growth in new energy storage, charging and swapping infrastructure, and hydrogen [1] - Private enterprise investment has increased by 15% year-on-year, indicating a robust participation from various investment entities [1] Policy and Mechanisms - The National Energy Administration has established mechanisms to facilitate private sector participation in nuclear power projects, with all 10 newly approved nuclear units this year involving private capital, with the highest share reaching 20% [1] - Support for private enterprises to invest in hydropower projects and oil and gas pipeline projects is being promoted under market-oriented principles, along with the approval of four large private coal mine projects [1]

Core Insights - The eighth Shenzhen International Charging and Energy Storage Exhibition showcased over 800 companies, highlighting new trends in the industry, particularly in the heavy-duty truck sector as a new opportunity [1][5] Industry Trends - The focus of the exhibition shifted from basic charging equipment to energy storage systems, emphasizing a strategic transition towards integrated energy solutions that are system-oriented, adaptable to multiple scenarios, and environmentally friendly [3] - Innovations such as the 960kW liquid-cooled ultra-fast charging system and the 470kW/350kWh liquid-cooled energy storage system were presented, showcasing multi-energy integration capabilities [3] - The role of energy storage is evolving from being an accessory to renewable energy projects to becoming a stabilizing agent for grid operations, with shared energy storage gaining momentum [4] Market Opportunities - The heavy-duty truck sector is emerging as a significant growth area, with major companies like SANY and FAW Jiefang showcasing their electric heavy-duty trucks [5] - The penetration rate of new energy heavy-duty trucks is currently around 25%, compared to 52% for overall new energy vehicles, indicating substantial growth potential [7] - Expected sales of new energy heavy-duty trucks are projected to exceed 200,000 units this year, potentially reaching a market size of 100 billion yuan based on an average price of 500,000 yuan per vehicle [7] Technological Innovations - The exhibition highlighted advancements in autonomous charging technologies, including AI-driven automatic charging robots and systems that support vehicle-to-grid (V2G) interactions [9] - Companies are focusing on enhancing battery safety, convenience, and environmental sustainability, with trends towards modular and standardized battery solutions [8] Future Outlook - Industry experts predict that automation and AI will be critical for future developments, particularly in the context of autonomous vehicles and their charging infrastructure [12] - The integration of intelligent charging solutions is expected to play a vital role in supporting the operational needs of autonomous vehicles [11][12]

Core Viewpoint - Nenghui Technology has signed a contract for a total estimated price of 100.1463 million yuan (including tax) for a new energy power battery assembly, indicating its ongoing commitment to the new energy sector and strategic expansion in the charging and battery swapping market [1] Group 1: Contract and Business Operations - The contract signed with Company X is a routine operational contract and does not require board or shareholder approval, as it does not constitute a related party transaction or a major asset restructuring [1] - The company is implementing a "reverse involution" strategy to enhance management efficiency through organizational changes and refined management practices in response to competitive challenges in the photovoltaic industry [1] Group 2: Charging and Battery Swapping Technology - The company has developed the "Little Ant" trackless intelligent charging and swapping robot (AGV2.31), which is the first in China to possess independent intellectual property rights and is ready for application [2] - The "Little Ant" robot utilizes innovative technologies such as AI visual recognition, path planning, SLAM laser positioning, and OTA upgrades, enabling it to perform battery swaps for heavy trucks weighing up to three tons in just three minutes [2] - The company is also developing other types of battery swapping robots, including side-mounted rail robots (RGV) and overhead lifting robots, to cover various operational scenarios such as mines, docks, large logistics parks, and service areas [2]

Core Viewpoint - The company, Nenghui Technology, has signed a contract worth approximately 100.15 million yuan for a new energy power battery assembly, indicating its commitment to expanding its operations in the new energy sector [1] Group 1: Contract Details - Nenghui Technology signed a contract with Company X through its wholly-owned subsidiary, with an estimated total price of 100.15 million yuan (including tax) [1] - The final contract amount will be determined based on the settlement amount, and this contract is classified as a routine business contract, not requiring board or shareholder approval [1] Group 2: Business Strategy - The company is focused on the new energy sector, adhering to the development belief of "green business, definitely brilliant" [1] - In response to the competitive challenges in the photovoltaic industry, the company has implemented an "anti-involution" strategy, enhancing management efficiency through organizational changes and refined management [1] - The company is actively expanding its emerging business in the charging and battery swapping sector, leveraging its leading technology in battery swapping for heavy-duty trucks [1] Group 3: Technological Innovations - The company has developed the "Little Ant" trackless intelligent charging and swapping robot (AGV2.31), which is the first in China with independent intellectual property rights and practical application [2] - This robot utilizes various innovative technologies such as AI visual recognition, path planning, and SLAM laser positioning, enabling it to perform battery swaps for heavy-duty trucks weighing up to three tons in just three minutes [2] - The company has also developed other types of battery swapping robots to cater to different scenarios, including side-mounted rail and overhead swapping robots, covering applications in mines, ports, large logistics parks, and service areas [2] Group 4: Ecosystem Development - Nenghui Technology aims to build a complete charging and swapping ecosystem, which includes power battery assemblies, charging and swapping robots, charging station construction, and intelligent operation services [2]

Core Insights - The integration of energy and digital revolutions is driving the development of new energy vehicles (NEVs) in China, emphasizing carbon reduction and the use of clean energy [1] - The charging infrastructure in China is advancing in parallel with the growth of NEVs, with a projected ratio of 2.45:1 for NEVs to charging stations by September 2025 [1] - A comprehensive charging and battery swapping service ecosystem has been established to support the large-scale application of NEVs [1] Policy Support - A robust policy framework has been established, with central guidance and local implementation across various scenarios such as residential areas and highways [2] Standardization - A well-developed charging and battery swapping standard system is in place, facilitating the large-scale application of technologies like smart charging and V2G [2] Data Resource Management - Efficient data circulation is achieved through an open data interface among platforms, promoting data sharing across operators and maximizing the value of industry data [2] Quality of Charging Equipment - Charging stations are now included in the 3C quality inspection system, which began accepting testing and certification on March 1 [2] Intelligent Operation and Maintenance - The use of AI and big data algorithms is enhancing operational efficiency and reducing costs in charging services [2] Innovation in Technology and Business Models - The National Energy Administration has initiated pilot projects for vehicle-grid interaction, promoting innovative charging solutions and expanding application scenarios [2] Industry Development Goals - The charging alliance aims to support national policies, enhance service quality, accelerate technological innovation, and expand international cooperation [3][4][5]

Core Insights - The National Energy Administration reported a significant increase in energy investment in China, with a total investment of 1.97 trillion yuan in key energy projects in the first eight months of the year, representing an 18.2% year-on-year growth [1] Group 1: Investment Growth Characteristics - Nuclear power, power grids, new energy storage, and coal power are key drivers of investment growth in energy projects [1] - In the first eight months, key energy storage projects in Xinjiang, Guangdong, Yunnan, Shandong, and Inner Mongolia saw investment growth rates exceeding 100% [1] Group 2: Rapid Growth in Specific Sectors - Wind power, modern coal chemical industry, oil and gas reserve facilities, charging and swapping infrastructure, and hydrogen energy investments are experiencing rapid growth [1] - Ongoing projects in Xinjiang and Inner Mongolia for coal-to-oil and coal-to-olefins are progressing steadily, while the Daan green hydrogen ammonia integration demonstration project in Jilin has been completed [1] Group 3: Steady Growth in Other Energy Investments - Investments in solar power generation, integrated source-grid-load-storage systems, oil and gas exploration and development, and pumped storage are steadily increasing [1] - Several integrated source-grid-load-storage projects are being advanced in Shandong, Shanxi, Gansu, and Guangxi, while major oil fields are steadily increasing reserves and production [1]

Core Insights - National energy investment in China has shown rapid growth, with key projects completing investments of 1.97 trillion yuan in the first eight months of the year, representing an 18.2% year-on-year increase [1] Group 1: Investment Growth Characteristics - Nuclear power, power grids, new energy storage, and coal power have been significant drivers of investment growth in energy projects [1] - Wind power, modern coal chemical industry, oil and gas storage facilities, charging infrastructure, and hydrogen energy investments have seen rapid increases, with wind power investment growing over 40% year-on-year [2] - Solar power generation, integrated energy systems, oil and gas exploration, and pumped storage investments have steadily increased, with solar power project investments rising by 17.5% year-on-year [3] Group 2: Regional Investment Highlights - Six provinces (Shandong, Jiangsu, Guangdong, Xinjiang, Yunnan, Inner Mongolia) each completed investments exceeding 100 billion yuan in the first eight months [1] - Significant investment in wind power projects has been noted in regions such as Xinjiang, Hebei, Guangxi, Shandong, and Hunan [2] - Major oil and gas projects are progressing in the Bohai Sea and Jianghan shale gas fields, with proven reserves of 165 billion cubic meters [3]