Core Viewpoint - The lithium battery industry is entering a new golden cycle, with significant performance increases reported by leading companies, driven by surging demand in end-user markets and rising prices of lithium battery materials, indicating a strong recovery in the market [3][14]. Group 1: Performance Forecasts of Leading Lithium Battery Companies - Nine leading lithium battery companies are expected to report substantial profit increases for 2025, with many achieving turnaround from losses to profits or experiencing significant growth [4][12]. - Penghui Energy forecasts a net profit of 170 million to 230 million yuan for 2025, marking a return to profitability [5]. - Pylon Technologies anticipates a net profit of 62 million to 86 million yuan, representing a year-on-year growth of 50.82% to 109.21% [7]. - Hunan Youneng expects a net profit of 1.15 billion to 1.4 billion yuan, with a growth rate of 93.75% to 135.87% [8]. - Putailai projects a net profit of 2.3 billion to 2.4 billion yuan, reflecting a growth of 93.18% to 101.58% [9]. - Tianci Materials predicts a net profit of 1.1 billion to 1.6 billion yuan, with an increase of 127.31% to 230.63% [10]. - Tianji Co. expects a net profit of 7 million to 10.5 million yuan, returning to profitability after a loss of 1.361 billion yuan in the previous year [10]. - Zhongcai Technology forecasts a net profit of 1.55 billion to 1.95 billion yuan, a growth of 73.79% to 118.64% [11]. - Xianlead Intelligent anticipates a net profit of 1.5 billion to 1.8 billion yuan, with a staggering growth of 424.29% to 529.15% [11]. Group 2: Factors Driving Performance Growth - The explosive growth in terminal demand, particularly in the global electric vehicle and energy storage markets, is a fundamental driver of performance increases [15]. - The recovery of the industry cycle and improved cost management have enhanced profitability across the supply chain, with core material prices stabilizing and recovering [16]. - Companies are focusing on technological iterations and precise capacity planning to align with industry trends, such as the production of silicon-carbon anodes and the expansion of phosphate manganese lithium projects [17]. - The expansion into overseas markets and diversification of application scenarios are emerging as new growth drivers for companies like Penghui Energy and Pylon Technologies [17].

Core Viewpoint - The lithium battery industry is expected to see significant growth in 2025, driven by strong demand from downstream markets such as electric vehicles, energy storage, and consumer electronics [1] Group 1: Company Performance Forecasts - XianDao Intelligent anticipates a net profit of 1.5 billion to 1.8 billion yuan in 2025, representing a year-on-year increase of 424.29% to 529.15% due to a recovering global power battery market and strong demand in the energy storage sector [2] - PuTaiLai expects a net profit of 2.3 billion to 2.4 billion yuan in 2025, reflecting a year-on-year increase of 93.18% to 101.58%, driven by the ongoing trend of electrification in the automotive market and recovery in the consumer electronics sector [4] - TianCi Materials forecasts a net profit of 1.1 billion to 1.6 billion yuan in 2025, with a year-on-year growth of 127.31% to 230.63%, attributed to increased sales of lithium-ion battery materials and effective cost control [5] - Hunan YuNeng projects a net profit of 1.15 billion to 1.4 billion yuan in 2025, marking a year-on-year increase of 93.75% to 135.87%, driven by rapid growth in the demand for lithium battery cathode materials [6] Group 2: Industry Trends and Developments - The overall market for lithium battery materials is expected to improve, with many companies in the lithium battery supply chain predicting significant performance growth in 2025 [5] - The global household energy storage system shipment is projected to reach approximately 35 GWh in 2025, a nearly 50% year-on-year increase, indicating a new demand release cycle following inventory adjustments [9] - The effective production capacity for lithium hexafluorophosphate is expected to reach 40,000 tons in 2026, with an annual operating rate exceeding 90%, suggesting sustained high prices for lithium hexafluorophosphate [9]

鹏辉电源电芯装配自动线正高速运转。 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态、钠离子电 ...

鹏辉电源电芯装配自动线正高速运转。王永良 摄 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态 ...

Core Insights - Recent announcements from Penghui Energy, Trina Storage, and Astech Energy highlight significant developments in large-scale and commercial energy storage orders, indicating a positive trend in the energy storage sector [1][10]. Group 1: Penghui Energy - Penghui Energy reported that it has completed a portion of its overseas large-scale storage orders for 2025, with high customer satisfaction and expectations for significant growth in 2026 [1][10]. - The company is currently operating at full capacity for its main energy storage products, including 314Ah large storage cells and 100Ah and 50Ah small storage cells, with plans to introduce a new 587Ah large capacity cell by 2026 [1][10]. - Penghui Energy forecasts a net profit of between 170 million to 230 million yuan for 2025, attributing this to a favorable industry environment and increased sales orders [3][12]. Group 2: Trina Storage - Trina Storage has signed a cooperation agreement for its first large-scale battery storage project in Italy, a 250MW/1GWh facility, which is expected to enhance grid reliability and support renewable energy goals [4][13]. - The project is part of Trina Storage's successful bid in Italy's 2027 capacity market auction and is anticipated to be one of the largest battery storage projects in Italy and Europe [4][13]. - Trina Storage has achieved a cumulative shipment of over 4GWh in the European market, covering multiple countries including the UK, Germany, Greece, and Spain [16]. Group 3: Astech Energy - Astech Energy announced significant overseas orders for its LABEL liquid-cooled commercial energy storage systems, with successful deployments in France and Finland [5][18]. - The new product series has achieved a cumulative overseas deployment capacity of over 2.5MWh, with additional orders in negotiation, indicating a growing global brand presence [5][18]. - Astech's products utilize 314Ah cell technology, which reduces the levelized cost of storage (LCOS) by approximately 15%, enhancing economic efficiency throughout their lifecycle [9][18].

Core Viewpoint - The AI Fund Huashang New Energy Vehicle Mixed A (013886) reported a profit of 28.387 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0407 yuan. The fund's net value growth rate was 6.86%, and its total size reached 448 million yuan by the end of Q4 2025 [2][15]. Fund Performance - As of January 22, the unit net value of the fund was 0.659 yuan. The fund manager, Chen Xiaoqiong, oversees three funds, all of which have shown positive returns over the past year. The highest growth rate among these funds was 105.95% for Huashang High-end Equipment Manufacturing Stock A, while the lowest was 56.95% for Huashang New Energy Vehicle Mixed A [2][3]. Market Overview - In Q4 2025, the A-share market experienced fluctuations, with the Shanghai Composite Index oscillating between 3,800 and 4,030 points, briefly surpassing the 4,000-point mark in October. The Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index saw respective changes of 2.22%, -0.23%, -1.08%, and 10.1% [3]. Investment Strategy - The fund's investment strategy focuses on two main themes: growth and quality. Growth investments are centered around sectors such as lithium batteries, energy storage, solid-state batteries, and AIDC power equipment, with an emphasis on tracking industry developments and selective stock picking. The quality investments are directed towards assets with strong competitive advantages and sustainable profitability [3]. Fund Rankings - As of January 22, the fund's performance over various time frames ranked as follows among comparable funds: 20.14% growth over the last three months (40/621), 51.01% over the last six months (54/621), 56.95% over the last year (141/613), and -24.00% over the last three years (524/535) [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.0231, ranking 495 out of 526 comparable funds. The maximum drawdown during this period was 60.46%, with the largest single-quarter drawdown occurring in Q1 2024 at 32.7% [9][11]. Portfolio Composition - The average stock position of the fund over the last three years was 87.3%, slightly above the comparable average of 85.83%. The fund reached its highest stock position of 92.85% at the end of Q3 2025 and its lowest of 74.26% at the end of H1 2024 [14]. Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Ningde Times, Sunshine Power, Tianci Materials, Duofluor, Huasheng Lithium, Huayou Cobalt, Guocheng Mining, Xian Dao Intelligent, Penghui Energy, and Nord Shares [18].

Group 1 - Penghui Energy has reported significant overseas large-scale storage orders, with part of the orders already delivered and high customer satisfaction, expecting substantial growth in 2026 [3][5] - The company plans to launch a new 587Ah large-capacity battery cell in 2026, with production facilities already established [3] - Penghui Energy forecasts a net profit of 170 million to 230 million yuan for 2025, indicating a turnaround due to increased sales orders and revenue growth [5] Group 2 - Trina Storage has signed its first large-scale battery storage project in Italy, a 250MW/1GWh facility, which is expected to enhance grid reliability and support renewable energy goals [6][8] - The project is part of Trina Storage's long-term investment in energy transition in the region, with cumulative shipments in Europe exceeding 4GWh [8] Group 3 - Astech has announced new overseas orders for its LABEL liquid-cooled commercial storage systems, achieving significant deployment in France and Finland [9] - The new products have a cumulative overseas deployment capacity exceeding 2.5MWh, with additional orders in negotiation [9][12] - Astech's products feature a 15% reduction in levelized cost of storage (LCOS) and are designed for high efficiency and long lifecycle [12] Group 4 - The small storage market is experiencing growth due to regional demand and supportive subsidy policies in Australia and Europe, while supply remains tight [10] - The large storage market is expected to continue growing, driven by demand from aging power grids and energy transition needs in various countries [10]

证券代码：300438 证券简称：鹏辉能源 公告编号：2026-015 广州鹏辉能源科技股份有限公司 关于向2025年股票期权激励计划激励对象授予预留股票期权 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、股票期权授予日：2026年1月23日 广州鹏辉能源科技股份有限公司（以下简称"公司"）于2026年1月23日召开的第 五届董事会第二十次会议审议通过了《关于向公司 2025年股票期权激励计划激励对象 授予预留股票期权的议案》，董事会认为《广州鹏辉能源科技股份有限公司2025年股票 期权激励计划》（以下简称"本激励计划"）规定的预留授予条件已经成就，同意以2026 年1月23日为授予日，向37名激励对象授予100万份股票期权。现将有关事项说明如下： 一、本激励计划简述 （一）激励方式 本激励计划采取的激励形式为股票期权。 （二）股票来源 本激励计划涉及的标的股票来源为公司向激励对象定向发行的公司A股普通股股票。 （三）授予数量 本激励计划拟向激励对象授予的股票期权总量不超过1,560.00万份，约占本激励计 划草案公告时公司股本总 ...

独立财务顾问报告 独立财务顾问 中信证券股份有限公司 二〇二六年一月 关于 广州鹏辉能源科技股份有限公司 向 2025 年股票期权激励对象 授予预留股票期权 之 | | | 第一章 释义 本报告，部分合计数与各加计数直接相加之和可能在尾数上有差异，这些差 异是由四舍五入造成的。除非另有所指，下列简称具有如下含义： | 鹏辉能源、公司、上市公司 | 指 | 广州鹏辉能源科技股份有限公司 | | --- | --- | --- | | 独立财务顾问、本独立财务顾问 | 指 | 中信证券股份有限公司 | | 本激励计划 | 指 | 广州鹏辉能源科技股份有限公司 2025 年股票期权激 | | | | 励计划 | | 股票期权、期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的 价格和条件购买公司一定数量股票的权利 | | 激励对象 | 指 | 按照本激励计划规定，获得股票期权的公司（含子 公司）董事、高级管理人员、核心员工 | | 授予日 | 指 | 公司向激励对象授予股票期权的日期，授予日必须 | | | | 为交易日 | | 行权价格 | 指 | 公司向激励对象授予股票期权时所确定的激励对象 购买公 ...

公司根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳 证券交易所创业板股票上市规则》（以下简称"《上市规则》"）《深圳证券交易所创 业板上市公司自律监管指南第1号——业务办理》（以下简称"《自律监管指南第1号》"） 的有关规定，对公司2025年股票期权激励计划预留授予激励对象名单（预留授予日）进 行了核查，并发表核查意见如下： 证券代码：300438 证券简称：鹏辉能源 公告编号：2026-014 广州鹏辉能源科技股份有限公司 董事会薪酬与考核委员会关于公司 2025 年股票期权激励计划预 留授予激励对象名单（预留授予日）的核查意见 本公司及董事会薪酬与考核委员会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 广州鹏辉能源科技股份有限公司（以下简称"公司"）于2026年1月23日召开的第 五届董事会第二十次审议通过了《关于向公司2025年股票期权激励计划激励对象授予预 留股票期权的议案》。 （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 1、列入公司本次激励计划预留授予激励对象名单的人员均符合《管理办法》《上 市规则》《 ...