Core Viewpoint - The commercial model of energy storage stations has matured over the past two years, with increasing emphasis on safety and economic value throughout the entire lifecycle of these systems [1] Group 1: Company Insights - Zhiguang Electric (002169) has highlighted the advantages of its "cascade-type high-voltage direct-connected energy storage system" in terms of construction costs, safety performance, overall efficiency, and grid connection capability [1] - The company notes that the number of enterprises developing this technology route is gradually increasing, indicating a potential rise in market share for this approach in the future [1] Group 2: Industry Trends - There is a growing market focus on the safety and economic aspects of energy storage stations, driven by clearer policies across various regions [1] - The industry is witnessing a trend towards the maturation of energy storage business models, reflecting a shift in market dynamics and stakeholder priorities [1]

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities from January 7 to January 10, 2026, including on-site inspections and a conference call [1] - Participants included representatives from Huachuang Securities, CITIC Prudential, Tianfeng Securities, and Huaneng Guicheng Trust, totaling 9 individuals [1] Group 2: Impact of Regulatory Changes - The issuance of the "Notice on the Implementation of Long-term Power Contracts for 2026" (Document No. 1502) does not affect the company's independent energy storage station business, as the main revenue source is frequency modulation services [2] - The company’s existing and upcoming energy storage projects, such as Qingyuan Phase I and II, and Meizhou Pingyuan Phase I and II, will continue to operate normally [2] Group 3: Market Outlook for Energy Storage - The company anticipates growth in its energy storage business, which includes R&D, production, sales, and operation of independent energy storage stations [2] - Sufficient orders are in hand for energy storage equipment sales, and the company aims to maintain stable performance through effective production and market expansion [2] - The upcoming commissioning of Qingyuan Phase II and Meizhou Pingyuan Phase II is expected to positively impact the company's performance [2] Group 4: Strategic Market Expansion - The company is considering the "industry + finance" model for market expansion, similar to other enterprises collaborating with financial leasing companies [2] - Factors such as funding costs, cooperation models, and project quality will be evaluated before adopting this approach [2]