Author: Under the Starry SkyEditor: Starry Sky of SpinachLayout: Starry Sky of Black Plum
In the critical period of the new energy industry shifting from scale expansion to quality competition, established in 2009, Nenghui Technology (301046) has long since stepped out of the traditional photovoltaic enterprise development framework. Now, relying on a three-dimensional layout of “photovoltaic energy storage as the foundation, AI empowerment to improve efficiency, and robotics to expand incrementally,” it has carved out a unique growth path amidst industry competition.
01
Energy + AI: Partnering with Ant Group,
Reconstructing the Energy Management Paradigm
Nenghui Technology is a new energy product and technology service provider focusing on photovoltaic power station R&D design, system integration, and investment operations, while also engaging in emerging businesses such as new energy storage, smart microgrids (including virtual power plants), and commercial vehicle charging and swapping.
As a veteran in the new energy industry, Nenghui Technology is actively seeking strategic transformation and business model innovation while solidifying its core business.
In September 2025, Nenghui Technology reached a strategic cooperation with Ant Group at the Bund Conference to jointly develop the “Energy AI Intelligent Agent” application. This marriage of energy scenarios and digital technology is reconstructing the energy management paradigm across three major aspects: investment, operational management, and asset exit monetization.
On the investment side, in design services, by integrating Nenghui Technology’s accumulated know-how, industry standards, and other inputs into a knowledge base system, AI can automatically generate design proposals, conduct techno-economic analyses, and complete bidding documents.
The key to this cooperation model lies in the fact that the Nenghui Technology team possesses backgrounds in both new energy and conventional energy industries, with rich practical experience in photovoltaic power station R&D design, system integration, and investment operations, accumulating a wealth of know-how.
Nenghui Technology is one of the leaders in domestic mountain photovoltaic design technology, with the photovoltaic power station market in Guizhou Province being cultivated in partnership with State Power Investment Corporation Guizhou Jinyuan; the company is also one of the pioneers in commercial distributed photovoltaics, having invested and operated a 25MW distributed photovoltaic power station in Zhuhai during the “Golden Sun” subsidy period, which was one of the largest distributed photovoltaic power stations in Guangdong Province at that time. In addition to centralized and commercial distributed systems, the company entered the household distributed business in 2023, with current revenue accounting for over 50%, while other business lines such as overseas energy storage and commercial vehicle charging and swapping system integration are also progressing steadily.
On the operational and management side, based on Ant Group’s temporal large model and electricity trading system, combined with Nenghui Technology’s distributed photovoltaic power stations and energy storage assets, it provides electricity trading services, intelligent inspections, and equipment monitoring.
Currently, market-oriented trading of new energy electricity is a trend. Nenghui Technology plans to deploy Ant Group’s temporal large model and “Electricity Trading Decision Support System” in commercial distributed photovoltaic power stations in Guangdong Province. In the future, the company will continuously enhance power station yield through AI technology support provided by Ant Group, combined with its technical advantages in the new energy power station and energy storage fields.
Source: Nenghui Technology Investor Relations Activity Record,
September 17, 2025
In terms of exit and asset monetization, Nenghui Technology is advancing the on-chain work based on its owned distributed photovoltaic power stations, allowing the accumulated energy assets to unleash greater liquidity value.
02
Energy + Robotics: Breakthroughs through Independent Innovation,
Opening Up a Second Growth Curve
If the cooperation with Ant Group is about “borrowing external force” to accelerate transformation, then the layout in the robotics field is a key move for Nenghui Technology to “cultivate internal skills” and open up new tracks.
Against the backdrop of the green and low-carbon transformation of energy, new energy commercial vehicles, primarily electric heavy trucks, are the main force in reducing emissions and carbon. Nenghui Technology has successfully developed various forms of charging and swapping systems for heavy trucks and mining trucks, and has developed the first domestically patented trackless intelligent charging and swapping robot (AGV2.31), which is currently in use in heavy truck charging and swapping scenarios.
Compared to existing battery swapping technology solutions in the industry, the “Little Ant” battery swapping robot innovatively applies trackless intelligence, AI visual recognition, SLAM laser positioning, OTA air upgrades, and servo hydraulic lifting technologies, achieving functions such as long-distance (25M) positioning navigation, path planning, automatic avoidance, intelligent handling, and lateral pick-and-place technology, allowing it to easily replace a 3-ton heavy truck battery in 3 minutes.
Source: Nenghui Technology 2025 Half-Year Report
From market feedback, as of now, the electric heavy truck battery swapping technology service has contributed to some revenue, with recent contracts signed and under negotiation amounting to about 40 million yuan. According to Nenghui Technology, orders are optimistic for the end of the fourth quarter and next year.
Source: Nenghui Technology Investor Relations Activity Record,
September 14, 2025
In addition, Nenghui Technology is extending the development of its third-generation AI intelligent battery swapping robot (AGV) to diversify its robotics portfolio. For example, collaborating with well-known universities and leading robotics manufacturers to develop humanoid robots for comprehensive service areas that integrate photovoltaic storage charging and emergency charging, as well as wheeled robots and robotic dogs for applications in energy operations, inspections, and cleaning scenarios.
In the future, in large logistics service areas and outdoor parking lots of commercial complexes, Nenghui Technology will further explore humanoid robots providing comprehensive services.
03
Photovoltaics + Energy Storage Synergy for Enhanced Efficiency, Solidifying the Growth Foundation
Nenghui Technology’s innovative layout in AI and robotics is always based on the synergistic growth of photovoltaic and energy storage businesses. From 2024 to 2025, facing the challenges of competition in the photovoltaic industry, Nenghui Technology optimizes its revenue structure, expands overseas, and implements internal management reforms to maintain steady growth in its core business, providing ample “ammunition” support for innovative businesses.
In terms of revenue structure, in the first half of 2025, the revenue from photovoltaic power station system integration accounted for 96.43%, with household distributed business accounting for over 50%, becoming the main growth engine.
Source: Nenghui Technology Investor Relations Activity Record,
September 19, 2025
Moreover, the synergistic effects of the energy storage business (such as the “photovoltaic + energy storage” solution) enhance the added value of household and commercial businesses, also driving revenue growth. In particular, the expansion of overseas energy storage projects has been smooth, with projects in Europe and the Middle East already established last year. This year, the company has fully laid out the overseas market, successfully building sales channels and establishing an overseas energy storage company, with the Dutch overseas company already registered, and energy storage projects in the UK and Poland progressing steadily.
In addition to business aspects, Nenghui Technology is also driving internal growth through organizational reforms and refined management: first, reclassifying business lines; second, transforming the original regional business management into a comprehensive management model centered on assessing revenue, profit, and receivables; third, vertically managing each business unit, with specific financial control over revenue and costs.
Overall, the results are significant. In the first half of 2025, Nenghui Technology’s revenue from photovoltaic power station system integration grew by 44.80%, revenue from power engineering design more than doubled, and power station operations grew by 76.66%, with operating cash flow turning positive, increasing by 179.26% year-on-year.
Nenghui Technology’s growth logic is clear, from deepening technical expertise in photovoltaic design, to efficiency innovation through AI empowerment, and to breakthroughs in robotics layout. This photovoltaic veteran is accelerating its transformation into a comprehensive energy technology service provider, writing a growth story with greater imaginative space in the wave of new energy transformation.
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