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]