Core Insights - The article discusses the electricity pricing adjustments across various regions in China for November, highlighting the peak and valley price differences and their implications for energy storage users [2][3]. Pricing Adjustments - In November, six regions continue to implement peak pricing: Guangdong, Shandong, Hebei South, Hubei, Xinjiang, and Hebei North, while only Shandong, Hebei South, and Jiangxi are applying valley pricing [3]. - A total of 19 regions have a peak-valley price difference exceeding 0.6 yuan/kWh, with Guangdong maintaining the highest peak-valley price difference at 1.2734 yuan/kWh, a 3% decrease from the previous month but a 7.1% increase year-on-year [3]. - Compared to the same period last year, 25 provinces show a trend of decreasing maximum price differences, with the most significant reductions observed in Heilongjiang (-56.6%), Jilin (-55.1%), Gansu (-48.4%), Liaoning (-37.6%), and Jiangsu (-34.3%) [3]. Time-of-Use Pricing Policies - Zhejiang and Hebei North have updated their time-of-use pricing policies, maintaining the existing floating ratios for peak and valley pricing [4][8][10]. - The floating ratios for peak and valley pricing in Hebei South remain unchanged, with peak prices increasing by 20% over high prices and valley prices decreasing by 20% from low prices [10]. Impact on Energy Storage - The changes in time-of-use pricing policies significantly affect the revenue for energy storage users, with ongoing monitoring of electricity price trends by CNESA [12]. Regional Pricing Details - Detailed pricing information for various provinces, including the average purchase prices and the breakdown of costs associated with electricity supply, is provided for November 2025 [14][15][17][26][35]. - The average purchase price for commercial users in Beijing is reported at 0.397654 yuan/kWh, with a total electricity purchase scale of 486,762 MWh [24]. Conclusion - The article emphasizes the ongoing adjustments in electricity pricing across China, the implications for energy storage, and the need for continuous monitoring of these trends to understand their impact on the industry [12][3].

Group 1 - The company plans to engage in market-based electricity purchasing from January 2026 to December 2026, with a total electricity volume of approximately 137 million kWh and a maximum unit price of 0.4 yuan per kWh, resulting in an estimated total cost not exceeding 54.8 million yuan [2][8] - The board of directors approved the related party transaction regarding the electricity purchasing agency on October 22, 2025, and independent directors have also reviewed and approved the transaction [3][12] - The related party involved is China Resources (Liaoning) Power Sales Co., Ltd., which is wholly owned by China Resources Power Holdings Company Limited, and has a strong operational background in electricity sales [4][5] Group 2 - The transaction is expected to reduce the company's electricity costs, as the purchasing price is lower than the average grid price of 0.425 yuan per kWh, potentially saving 0.025 yuan per kWh [10] - The company has experienced an average annual electricity consumption of approximately 190 million kWh over the past two years, making electricity costs a significant part of its operational expenses [10] - The company has previously engaged in related party transactions totaling 31.51 million yuan with the involved party since the beginning of the year [11] Group 3 - The company has not yet signed a contract with the related party for the electricity purchasing transaction, pending approval from the shareholders' meeting [9] - The independent directors believe that the transaction aligns with the company's operational needs and complies with national policies, ensuring that it does not harm the interests of minority shareholders [12] - The company plans to seek authorization from the shareholders' meeting to allow the management to negotiate the final transaction price and related matters [13]