R&D Efficiency Evaluation and Analysis Report on Peicheng Technology

Based on search results, I have obtained basic information about Peicheng Technology. Now, based on these data and industry background, I will provide you with a comprehensive evaluation and analysis of its R&D efficiency.

(Stock Code: 874553) is a lithium battery new energy industry enterprise focusing on the R&D, production, and sales of battery power control systems (BMS, PCS, etc.)[1]. The company is a national high-tech enterprise and a national-level specialized, sophisticated, unique, and new “little giant” enterprise[2].

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Based on the information you provided, the proportion of R&D personnel at Peicheng Technology is

, and this data needs to be interpreted from multiple dimensions:

In the BMS and new energy industries, the proportion of R&D personnel typically has the following characteristics:

Enterprise Type	R&D Personnel Proportion Range
Pure Tech-focused BMS Enterprises	25%-40%
Integrated New Energy Enterprises	15%-30%
Traditional Manufacturing Enterprises	8%-15%

Peicheng Technology’s 32.41% R&D personnel proportion is at the

in the industry, indicating that the company attaches great importance to technological R&D.

Further confirmation is required:

• Absolute number
  of R&D personnel (Is it 120, 200, or more?)
• Educational structure
  of the R&D team (Proportion of bachelor’s, master’s, and doctoral degree holders)
• Stability
  of core technical personnel (Is there frequent turnover?)

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You mentioned that Peicheng Technology’s patent quantity “lags behind peers”, and this judgment requires specific analysis:

Different types of patents have different weights when evaluating R&D efficiency:

Patent Type	Technical Content	Evaluation Weight	Peicheng Technology’s Status
Invention Patent	High	50%-60%	Specific quantity needs verification
Utility Model Patent	Medium	25%-35%	Specific quantity needs verification
Design Patent	Low	5%-15%	Usually small in quantity

According to the disclosure in the prospectus, Peicheng Technology’s core technologies include:

• High-precision SOX estimation algorithm (SOC estimation error <2.5%, better than the industry standard of 5%)
• Innovative balanced management technology (extends battery cycle life by approximately 20%)
• Fully self-developed BMS automated testing system (test coverage reaches 100%)
• Battery short-circuit protection technology (response time reduced to 50μs)
• Battery insulation monitoring technology (response speed accelerated to the hundred-millisecond level)

The advancement of these technical indicators shows that the company has a certain level of R&D strength.

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It is recommended to construct an evaluation system from the following six dimensions:

R&D Efficiency = Patent Output ÷ R&D Investment
         or
R&D Efficiency = Technological Achievements ÷ R&D Expenses

Per Capita Patent Quantity = Total Patents ÷ Number of R&D Personnel
Per Capita R&D Expenses = Total R&D Expenses ÷ Number of R&D Personnel

R&D Conversion Rate = Number of Applied Technologies ÷ Total Number of Technologies × 100%

R&D Expense Ratio = R&D Expenses ÷ Operating Revenue × 100%

Patent Quality = (Number of Invention Patents×3 + Utility Model Patents×2 + Design Patents×1) ÷ Total Number of Patents

Technology Iteration Speed = Frequency of New Technology Releases (items/year)

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Peicheng Technology adopts a dual-drive model of “component application solutions + battery power control systems”[1], and R&D resources may be allocated across the two business lines, resulting in seemingly low patent output for a single line.

• Focus on core technologies
  : The company may choose to deeply tackle a few key technologies rather than applying for patents extensively
• Technology protection method
  : It may prefer to protect technologies through software copyrights (166 registered, 120 of which are unpublished) rather than patents[2]

BMS industry characteristics:

• Fast technology iteration, short patent life cycle
• Some core technologies are more advantageously protected as
  trade secrets
• High degree of customer customization, limited applicability of standardized patents

As a company preparing for listing, it may be in:

• R&D investment period (heavy investment but output not yet reflected)
• Technology accumulation period (reserving for subsequent growth)

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• R&D expense ratio trend
  : Is it continuously increasing?
• Changes in patent quality
  : Is the proportion of invention patents increasing?
• Contribution of core technologies to revenue
  : Proportion of revenue brought by independent technologies
• Changes in customer structure
  : Has it entered the supply chain of higher-end customers?

• Although the proportion of R&D personnel is high, the loss of core technical personnel may affect technological continuity
• Lagging patent quantity may lead to a disadvantage in intellectual property lawsuits
• Changes in technological routes may render R&D investments ineffective

Peicheng Technology’s 32.41% R&D personnel proportion reflects its emphasis on technology, but patent output needs to be comprehensively judged in combination with the following factors:

• Whether core technologies form effective commercial barriers
• Whether technical advantages can be converted into cost advantages or customer stickiness
• Actual effect of the fund-raising project “R&D Center Construction Project”

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Evaluating Peicheng Technology’s R&D efficiency cannot rely solely on the single indicator of patent quantity; it is recommended to adopt a

:

1. Short-term focus
   : Growth rate of R&D expenses, breakthroughs in core technical indicators
2. Mid-term tracking
   : Patent application trends, revenue from technology transformation
3. Long-term verification
   : Changes in industry status, upgrading of customer structure

If you need more in-depth analysis (such as obtaining specific financial data, detailed tables of peer patent comparisons, lists of technological achievements, etc.), it is recommended to activate the

, and you can access professional brokerage databases for detailed data support.

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[1] Securities Times - “Beijing Stock Exchange Listing Committee: Peicheng Technology’s Initial Public Offering Approved” (https://www.stcn.com/article/detail/3565161.html)
[2] Eastmoney - “Reply to the Audit Inquiry Letter Regarding the Public Offering of Stocks to Unspecified Qualified Investors and Listing on the Beijing Stock Exchange by Shenzhen Peicheng Electronic Technology Co., Ltd.” (https://pdf.dfcfw.com/pdf/H2_AN202508271735409968_1.pdf)