Core Viewpoint - Shengyang Co., Ltd. (002580.SZ) is expanding into the "Huawei Harmony" ecosystem by establishing a joint venture named Open Source Harmony (Shandong) Digital Technology Co., Ltd. to enhance its presence in the open-source Harmony ecosystem [1][3]. Group 1: Joint Venture Details - The joint venture partners include Shandong Development Investment Holding Group Co., Ltd., Shandong Development Science and Technology Investment Co., Ltd., Shandong Expressway Bridge Investment Management Co., Ltd., and Shenzhen Kaihong Digital Industry Development Co., Ltd. [3] - The registered capital of the joint venture is 50 million yuan, with Shengyang contributing 5 million yuan for a 10% stake, while Shandong Development Group invests 15 million yuan for a 30% stake [3]. - Other partners, Shandong Development Science and Technology Investment, Shandong Expressway Bridge Investment, and Shenzhen Kaihong, each contribute 10 million yuan for a 20% stake [3]. Group 2: Strategic Importance - The establishment of the joint venture aligns with national strategic needs and policy directions, facilitating the intelligent upgrade of the energy industry [5]. - The collaboration is expected to leverage synergies among partners, effectively diversifying investment risks and enhancing resilience [5]. - Shengyang's existing market resources in energy infrastructure are well-suited to meet the development needs of the open-source Harmony ecosystem, promoting its application in the energy sector [5]. Group 3: Company Background and Financial Performance - Shengyang Co., Ltd. was founded in 1991 and listed on the Shenzhen Stock Exchange in 2011, primarily producing lithium-ion batteries and power systems [3]. - The company reported a revenue of 1.715 billion yuan for the first half of 2025, representing a year-on-year increase of 19.7%, and a net profit of 129 million yuan, up 12.61% year-on-year [5].

Group 1: Company Performance and Financials - The company achieved a revenue of 754 million CNY in Q1 2024, representing a year-on-year growth of 26.48% [7] - The total profit for the same period was 54 million CNY, an increase of 10.12% compared to the previous year [7] - In 2024, the revenue from new energy and emergency storage batteries reached 1.669 billion CNY, accounting for 55.35% of total revenue, with a year-on-year growth of 15.20% [10] Group 2: Strategic Developments and Mergers - The strategic merger between the controlling shareholder Shandong Guohui and Shandong Development Investment Holding Group has been approved, with the merger agreement signed on April 9, 2025 [3][4] - Post-merger, Shandong Guohui will be renamed Shandong Development Investment Holding Group, and this will not lead to changes in the controlling shareholder or significant impacts on normal operations [5][8] Group 3: Market Position and Product Development - The company is actively participating in tenders for data center backup batteries, focusing on providing reliable power solutions for major internet companies and telecom operators [3][4] - The company has developed high-power lead-acid batteries and UPS high-voltage DC lithium power systems, which are widely used in data centers [3] - The company is advancing research in solid-state batteries and sodium-ion batteries, with products entering market validation stages [9][10] Group 4: Investor Relations and Market Strategy - The controlling shareholder holds 104,738,998 shares, representing 23.08% of the total share capital, while Shanghai Kuande Fund has increased its holdings to 25,209,177 shares, or 5.55% of the total [5] - The company is committed to enhancing governance, improving information disclosure, and strengthening investor relations to boost operational performance and market value [6][9]