【Daily Research Report Analysis·Haopeng Technology】

(Source: Wealth Online Technology)

Founded in 2002, the company is dedicated to the research, design, manufacturing, and sales of lithium-ion batteries and nickel-metal hydride batteries, as well as the recycling of used batteries and resource recycling.

As an enterprise with independent R&D capabilities and comprehensive global market competitiveness, we understand the challenges and pressures faced by global brand companies. With years of technical accumulation and product development experience, we have gained the trust of many well-known global brands.

We provide customers with one-stop power solutions to meet the ever-changing market demands. Our current products include polymer soft pack lithium-ion batteries, cylindrical lithium-ion batteries, energy storage cells, and nickel-metal hydride batteries.

Among them: Medium-sized polymer soft pack lithium-ion batteries are mainly used in laptops, tablets, smartphones, and related products.

Small-sized polymer soft pack lithium-ion batteries are mainly used in wearable devices, electronic cigarettes, and other fields; button-type lithium-ion batteries are mainly used in TWS earphones, hearing aids, and other wearable devices.

Cylindrical lithium-ion batteries are mainly used in personal care, Bluetooth speakers, medical devices, light power, portable energy storage, and other fields; energy storage cells are mainly used in grid-side energy storage, industrial and commercial energy storage, and home energy storage scenarios.

Nickel-metal hydride batteries are mainly used in consumer retail, vehicle T-Box, solar energy storage streetlights, personal care, and other fields.

The company adheres to the core values of “Achieving Customers, Open Win-Win, Rigorous and Pragmatic, Self-Criticism,” focusing on the challenges and pressures faced by global brands, continuously creating value for customers. With years of technical accumulation and product R&D experience, we have been recognized by many well-known brands in various segments worldwide.

Company Highlights:

1. Rapid Performance Growth by 2025

The company released its 2025 performance forecast, expecting revenue of 5.7-6.0 billion yuan (midpoint 5.85 billion yuan), a year-on-year increase of 12%-17%; net profit attributable to parent of 195-220 million yuan (midpoint 208 million yuan), a year-on-year increase of 114%-141%.

Based on the forecast and the financial data for the first three quarters of 2025, Q4 revenue is expected to be 1.309-1.609 billion yuan (midpoint 1.459 billion yuan), a decrease of 1% to an increase of 21% year-on-year, and a decrease of 20% to 1% quarter-on-quarter.

Q4 2025 net profit attributable to parent is expected to be 20-45 million yuan (midpoint 33 million yuan), a year-on-year increase of 45% to 227%, and a quarter-on-quarter decrease of 75% to 43%.

We estimate that due to factors such as stock incentive expenses and bonuses, Q4 performance may see a quarter-on-quarter decline; however, when adjusting for these factors, the actual profitability remains stable and improving.

2. Clear AllinAI Strategic Development and Rapid Business Growth

The company’s AI battery applications cover AIPC, AI earphones, AI glasses, AI toys, AI servers (BBU), etc. The company has positioned itself in the AI edge-side battery field, supplying high-energy-density batteries to several top-tier clients in AIPC to ensure their endurance needs.

In AI glasses, the company has established close cooperation with many leading domestic and international industry players and is supplying in bulk; in AI toys, the company has partnered with top international and emerging domestic brands, achieving tens of millions in revenue.

In embodied intelligence, the company has received orders for humanoid robots, robot dogs, companion robots from multiple domestic and international companies, and has begun mass deliveries. As AI edge-side customer volume increases, the company’s revenue is expected to maintain rapid growth in the coming years.

3. Planned Capital Increase of 800 Million Yuan for Battery Projects

The company announced a plan to issue A-shares to specific investors in 2026, raising no more than 800 million yuan to fund: 1) a 3GWh energy storage cell project; 2) a project to produce 32 million steel shell stacked batteries annually.

To meet the high energy density and safety requirements of AI edge-side products, the company is actively developing steel shell stacked batteries and expanding capacity to match customer and market growth.

In energy storage, the company maintains close cooperation with domestic and international residential and industrial energy storage clients, with shipments and revenue continuing to rise in 2025, and existing energy storage lines operating at full capacity.

Under the favorable terminal demand, the company is actively expanding into new fields such as AIDC energy storage, continuously developing new clients, and constructing capacity for 3GWh energy storage cells to enhance delivery capabilities.

4. Core Competitiveness

5. Strategic Customer Resource Advantages

The company has built a strong strategic customer matrix in the global high-end consumer energy ecosystem, deepening collaboration with industry leaders like HP, DJI, Dell, Sony, Google, Harman, Amazon, etc., through joint labs, next-generation product co-development, and full lifecycle services. This not only consolidates its core position in the supply chain for consumer electronics and smart terminals but also enhances customer stickiness and technological barriers in cutting-edge fields like AI+ edge devices, robotics, and low-altitude economy.

Long-term accumulated high-quality customer resources and a continuously expanding network of top global brands serve as a recognition of the company’s technological and manufacturing capabilities, providing a solid ecosystem for expanding new businesses.

Looking ahead, the company will continue along the “AllinAI” path, deepening its focus on consumer markets, strengthening large customer strategies in mature sectors to improve product competitiveness and market share; in emerging fields, integrating AI terminals, robotics, low-altitude flying devices, and computing centers to co-create customer value.

By integrating R&D resources and supply chain systems, the company will deepen strategic cooperation with Fortune 500 companies and leading brands in various industries, building an industrial ecosystem of “technology co-research, product co-creation, standard co-building, and market expansion.”

2. R&D Innovation

The company places R&D innovation at the core of strategic evolution, focusing on evolving front-end scenarios and user experience, constructing a new “AI-driven, open collaboration” R&D paradigm, and allocating R&D resources to leading clients in AI glasses, AR/VR/XR, AI toys, and other AI+ edge fields. It jointly develops new energy solutions for AI+ edge hardware to meet diverse scenario needs, establishing a leading position.

During the reporting period, the company maintained R&D investment levels, adhering to independent R&D and open cooperation. By focusing on application scenarios, customer needs, and user experience, it leverages modern simulation technologies such as molecular dynamics, electrochemical simulation, and thermal simulation, along with AI techniques like machine learning for battery life prediction and new high-entropy materials development, transforming R&D demands into competitive product designs and creating differentiated advantages.

As of June 30, 2025, the company held 960 authorized and valid patents, including 190 invention patents, 701 utility model patents, and 69 design patents, both domestic and international.

The company has assembled an interdisciplinary R&D team led by top experts in electrochemistry and AI, covering materials science, mechanical automation, electronics, and software.

This highly collaborative innovation force has built a technological barrier through自主研发, and has translated many laboratory breakthroughs into industrialized results through collaborations with universities such as the University of Hong Kong, Central South University, Harbin Institute of Technology, South China University of Technology, Southern University of Science and Technology, and Sichuan University.

Currently, R&D resources are focused on four core strategic directions: high-voltage cathode materials, silicon anode applications, innovative steel shell stacking processes, and solid-state battery technology. The goal is to improve energy density, cycle life, and safety, addressing the increasing power and space demands of AI terminals, aiming to solve the “impossible triangle” of safety, performance, and size in AI battery products.

3. Intelligent Manufacturing and Large-Scale Delivery

The company has built an AI+ edge application scenario-centered intelligent manufacturing platform, emphasizing automation equipment, digital and intelligent workshops, and sustainable improvement of production systems. It invests heavily in process optimization and equipment manufacturing to enhance manufacturing expertise and advanced production capabilities, while promoting integrated, intelligent testing to reduce manual operations and costs, and improve product consistency and reliability in extreme environments.

By embedding AI-driven intelligent scheduling systems and green energy management frameworks, the company achieves higher manufacturing precision, optimized operational energy consumption, and improved carbon efficiency, providing globally advanced and sustainable energy products.

To strengthen global delivery resilience, the company has completed the strategic development of the Tonghu Industry-Academia-Research Base, forming an integrated intelligent manufacturing hub covering “technology incubation, pilot testing, and mass production,” fully supporting the explosive demand for AI terminal energy upgrades from top global brands.

Its overseas manufacturing bases are deeply integrated into the global supply chain network of brand customers, enabling agile responses to international delivery needs and further enhancing risk resistance.

5. Future Outlook

With capacity integration, upgrades to the intelligent manufacturing system, continuous onboarding of high-end clients, and increased product technological added value, the company is proactively expanding into new AI+ edge tracks, seizing opportunities brought by AI hardware upgrades and comprehensive energy technology innovations, further increasing the proportion of high-value products, and solidifying core competitiveness for sustained high-quality growth.

Risk warnings: Significant fluctuations in raw material prices; lower-than-expected consumer electronics demand; trade friction risks.

Source: WIND, 2026-01-19 Guoxin Securities Hao Peng Technology Hao Peng Technology (001283): Rapid growth in 2025 performance, accelerated AI edge business; company announcements; compiled by Wealth Online, date: 2026/03/20.

The above opinions, strategies, and analysis results are for reference only and are not investment advice. Investment risks are at your own risk. The stock market involves risks; please invest cautiously.

These insights are provided by the Investment Advisory Service Department. Investment Advisors: Chang Jianwu, Registration No.: A1050619080001; Zhu Xiaofei, Registration No.: A1050621070003; Cai Manqiang, Registration No.: A1050621040002.