Wang Ning, the head of Guohai Securities Research Institute, and his team visited Baoxin to conduct research on charging piles and related issues

On June 25, Wang Ning, chief analyst of Guohai Securities Research Institute, led a research team to conduct a key investigation and research on the company's charging pile technology research and development, charging and swapping city promotion, HJT and perovskite project progress at Baoxin Technology's Bengbu Intelligent Manufacturing Subsidiary. Shen Qiang, vice president and board secretary of Jiangsu Baoxin Technology, An Jianli, general manager of the Smart Energy Subsidiary, and Duan Xiaolong, head of the heterojunction project of Anhui Baoxin Photoelectric Subsidiary, warmly received them.

What is the current situation and overall layout of the company's charging pile business and battery swap business?

The company's charging/battery swapping layout is mainly promoted according to the entire city/county, assisting the construction of local new energy charging stations. The company provides charging equipment, station construction and operation services, and helps to improve the layout of the charging/battery swapping network in the entire city/region.

Business layout: The company has currently built charging and swapping stations in Huaibei City, Chizhou City, Chongqing City, Anhui Province, Nanjing City, Jiangsu Province, and Otog Banner, Ordos City, Inner Mongolia, and recently signed strategic cooperation agreements with Quanzhou Energy Group of Fujian Province and Zhengzhou Xinggang Power of Henan Province. The company will continue to promote the green and intelligent upgrading of local transportation, continue to improve the construction plan of smart green transportation network, help build a multi-level integrated green travel system, and strive to be an active guide and strong promoter of "low-carbon transportation".

On the technical R&D side: The company has joined hands with Huawei Digital Energy Technology Co., Ltd. to develop a new generation of all-liquid-cooled supercharging piles, the first collaboration between the two parties. This has achieved a new upgrade in the technical architecture of the charging infrastructure. It has been piloted and promoted in Nanjing Jiangxinzhou, Shanghai, Huaibei and other places. In the future, the two parties will give full play to Huawei Digital Energy's technology and R&D advantages, the company's intelligent manufacturing and operation service advantages, and carry out extensive cooperation across the country to promote the optimization and upgrading of urban and rural charging infrastructure and operation service systems.

What is the company's model for promoting charging and swapping in the entire city/county? And how sustainable is this model?

In terms of charging/battery swapping business, the company provides a full range of services from design, production, installation, commissioning and operation and maintenance. The company mainly cooperates with state-owned platform companies such as local government transportation control and urban investment to establish joint ventures (shareholding) to promote the whole city and county. On the one hand, it helps local governments solve the problem of optimizing the transportation energy structure, and on the other hand, it effectively guarantees the stability and continuity of the company's charging and swapping product consumption and project operation and maintenance services. It is expected that the layout of local charging and swapping stations will be completed in 3 to 5 cities each year within 3 years. At the same time, with the continuous upgrading and improvement of the company's "light, storage, charging, and swapping" systematic solutions, the development of related businesses in the charging/battery swapping field will also be guaranteed accordingly, creating new sustainable profit growth points for the company.

What are the plans for charging pile and battery swapping business in the second half of the year?

In the second half of the year, the company will continue to promote cooperation with local state-owned assets platforms horizontally based on the three cities that have been developed in Huaibei, Chizhou and Chongqing. While deeply completing the regional industrial layout, it will simultaneously expand cooperative business to more other provinces, cities and counties to promote the development of the company's charging/battery swapping segment's manufacturing, construction and operation business.

What is the current production capacity and sales guarantee of charging piles?

The company's Bengbu production base in Anhui was put into production on November 28, 2022. At full capacity, the charging pile production capacity is 20,000 sets, covering 7kw AC charging piles to 360kw DC fast charging piles. The annual production capacity of heavy-duty truck battery replacement on-board equipment and station-side equipment are 2,000 sets and 100 sets respectively, and external sales have been achieved at the end of 2022.

At present, the company has reached strategic cooperation with Huaibei, Chizhou, Bengbu, Otog Banner, Chongqing, Henan and Fujian on the construction of regional green smart transportation networks, and will continue to promote richer regional business cooperation to achieve better market absorption of the company's charging piles and heavy-duty truck battery replacement equipment products.

What is the company’s layout plan in the photovoltaic field?

At present, the company's photovoltaic heterojunction business focuses on two directions: one is to ensure the implementation of photovoltaic heterojunction production lines and the steady pace of expansion, to ensure production line output, product quality, and cost reduction and efficiency improvement; the other is to optimize the upstream supply chain and strengthen the development of downstream overseas markets.

The company will develop towards becoming the industry's leading photovoltaic heterojunction and perovskite/heterojunction stacking enterprise, improve the integrated industrial layout, build the company's brand image, aim to become the industry's leading enterprise, and unswervingly implement the company's strategic development policy of "new energy commissioning + intelligent manufacturing" dual-wheel drive. At present, the company is promoting the 2GW project of Huaiyuan Phase I in Bengbu, Anhui, while simultaneously promoting the 2GW project of Huaiyuan Phase II in Anhui and the 2GW project of Etuoke Banner in Inner Mongolia; the company's Lianyungang 500MW module project has been put into production, and the current production capacity and order status are good.

What is the progress of the company’s perovskite/heterojunction batteries?

Baoxin Technology has many years of experience, technology and talent reserves in photovoltaic wet process equipment, and its heterojunction battery and module projects are about to be put into production. According to the company's strategic and technical R&D plan, the company has reserved perovskite stacking upgrade and transformation areas and interfaces for the photovoltaic heterojunction production line it has invested in. At the same time, the company's wet process equipment business personnel are coordinating the development of perovskite stacking, solving the problem of heterojunction texturing matching perovskite stacking, and developing the process of wet coating equipment.

The equipment procurement and site decoration planning for the experimental line of Xi'an Baoxin Solar Technology Co., Ltd. have been completed. It is expected to start the design and construction of a 100MW perovskite stacking line within the year, achieving a laboratory efficiency of more than 32% and an accelerated aging equivalent extrapolation of 25 years; strive to start the upgrade of the perovskite/heterojunction stacking GW-level production line in 2025, and achieve mass production of 210 half-cell perovskite/heterojunction stacking cells. The cell efficiency will be increased by more than 15% based on the substrate heterojunction, with a decay rate of no more than 3% in the first year and no more than 0.5% each year thereafter, achieving a mass production life of more than 25 years.

“There will always be a time to ride the wind and waves, and set sail to cross the vast ocean.” The visit of Wang Ning, chief of Guohai Securities Research Institute, and his team fully reflects the high-end attention and recognition of the capital market for Baoxin’s development direction and business model. Baoxin will adhere to the development concept of policy guidance, technological innovation, and service for the benefit of the people, establish the company’s core competitiveness based on technology, products and services, build the company’s “moat”, and become an active guide and powerful promoter of “global zero carbon”.