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]