Analysis Report on the Contrast Between Performance and Patents of Peicheng Technology (874553)

I have now collected sufficient information. From the perspective of a professional financial analyst, let me conduct an in-depth analysis of the sustainability of the contrast between Peicheng Technology’s performance and its patent holdings.

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Peicheng Technology, full name “Shenzhen Peicheng Electronic Technology Co., Ltd.”, is an enterprise applying for an IPO on the Beijing Stock Exchange (BSE), with its core business being

[1]. Founded in 2004, its actual controller is Yan Xiaohan, and its office is located in the North Zone of Science and Technology Park, Nanshan District, Shenzhen [2].

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According to public financial data, Peicheng Technology achieved significant growth in the first three quarters of 2025:

Financial Indicator	Value	YoY Change
Total Operating Revenue	RMB 885.5349 million	+76.49%
Net Profit Attributable to Parent	RMB 128.8575 million	+114.83%
Non-GAAP Net Profit	RMB 127.1435 million	Not Disclosed
Earnings Per Share (EPS)	RMB 2.58 per share	—
Gross Profit Margin	28.76%	—
Weighted Return on Equity (ROE)	27.10%	—

However, this outstanding performance needs to be examined in conjunction with historical results:

Year	Change in Operating Revenue	Change in Net Profit Attributable to Parent
2023	-10.19%	Not Disclosed
2024	-4.02%	-17.58%
First Three Quarters of 2025	+76.49%	+114.83%

As can be seen from the table, Peicheng Technology faced performance pressures for two consecutive years in 2023 and 2024. The explosive growth in 2025 is more like

rather than a qualitative change in endogenous growth momentum.

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This is the core of the problem. As the earliest established (2004) BMS enterprise, Peicheng Technology’s patent accumulation lags far behind its later-established peers:

Company	Founding Year	Cumulative Patents	Invention Patents
Peicheng Technology	2004	24	17
Huasu Technology (301157.SZ)	2005	54	42
Kelie Technology (832432.NQ)	2010	89	38

Peicheng Technology’s patent count is only approximately:

• 44%
  of Huasu Technology’s
• 27%
  of Kelie Technology’s

More importantly, Peicheng Technology has far more R&D personnel than these two peers:

• Peicheng Technology: 198 R&D personnel (accounting for 32.41%)
• Huasu Technology: 88 R&D personnel
• Kelie Technology: 148 R&D personnel

This contrast of “more people, fewer patents” has aroused doubts in the market.

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Company	Number of R&D Personnel	Per Capita Patents	Per Capita Invention Patents
Peicheng Technology	198	0.12 per person	0.09 per person
Huasu Technology	88	0.61 per person	0.48 per person
Kelie Technology	148	0.60 per person	0.26 per person

Peicheng Technology’s per capita patent output efficiency is only about

.

Even more abnormal is the compensation level of R&D personnel:

Company	Average Annual Salary of R&D Personnel	Remarks
Peicheng Technology	RMB 211,800	Planned Implementation Project
Kelie Technology	RMB 428,600	2024 Actual

Both companies are located in Nanshan District, Shenzhen, and operate in the same business field. The compensation of Peicheng Technology’s R&D personnel is only

of Kelie Technology’s, which is approximately half.

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1. Strong Market Demand
   : As a core link in the new energy industry chain, BMS benefits from the continuous growth of new energy vehicles and energy storage systems
2. Capacity Expansion
   : In the first half of 2025, production personnel increased from 113 to 158, leading to a significant release of production capacity [1]
3. Economies of Scale
   : The economies of scale brought by the 76.49% revenue growth may maintain profit margins in the short term

1. Doubts about Labor Costs
   : The number of production personnel increased significantly but direct labor costs did not rise in tandem, indicating abnormal financial data [1]
2. Customer Concentration
   : Not disclosed in the prospectus, but the BMS industry generally has the issue of high customer concentration
3. Low-Base Effect
   : Performance declined in 2024, and part of the high growth in 2025 stems from the base effect

1. Weak Patent Barriers
   : With only 24 patents, it is at a clear disadvantage in the BMS industry and struggles to build a technological moat
2. Low R&D Efficiency
   : The output of its 198-person R&D team is far inferior to Huasu Technology’s 88-person team, indicating redundant personnel or management issues
3. Intellectual Property Risk
   : Insufficient patents may lead to a passive position in patent litigation and exposure to infringement compensation risks

• BMS technology is developing towards high integration, intelligence, and connectivity, requiring continuous R&D investment
• Leading vehicle and battery enterprises are developing their own BMS, accelerating technological iteration
• Energy storage BMS has higher requirements for safety and consistency, and patent accumulation has become an access threshold

• If it fails to make breakthroughs in patents and technology, it may be marginalized into a low-end contract manufacturer
• After listing on the Beijing Stock Exchange, it will face stricter information disclosure and regulatory requirements
• Under the registration-based system, the market’s screening of company quality will be more stringent

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According to the prospectus disclosure, the following financial anomalies also exist [1]:

1. Mismatch Between Labor Costs and Personnel Expansion
   • In the first half of 2025, production personnel increased from 113 to 158 (a 39.8% increase)
   • Product sales volume is close to the full-year 2024 level
   • But direct labor costs did not rise in tandem

2. Doubts About R&D Expense Classification
   • R&D personnel account for 32.41%, far exceeding production personnel
   • Compensation is only half of that of peers
   • Patent output efficiency is extremely low

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Risk Type	Risk Level	Description
Technological Risk	High	Patent count is far lower than peers, with weak technological barriers
Financial Risk	Medium-High	Abnormal labor cost data, doubts about the quality of information disclosure
Operational Risk	Medium	High performance volatility, sustainability is doubtful
Valuation Risk	Medium-High	IPO valuation may not reflect true technological value

The contrast between Peicheng Technology’s surging performance and its patent count far lower than peers

. The reasons are as follows:

1. Short-Term Rebound, Not a Turnaround
   : Performance declined for two consecutive years from 2023 to 2024, and part of the high growth in 2025 stems from the low-base effect
2. Weak Technological Foundation
   : Only 24 patents cannot support long-term competitiveness in the BMS industry
3. Doubts About R&D Efficiency
   : The output of its 198-person R&D team is far inferior to a peer’s 88-person team, indicating resource allocation issues
4. Intensified Industry Competition
   : BMS technology iteration is accelerating, and patent accumulation will become a key competitive factor

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[1] Sina Finance - “Peicheng Technology’s IPO: Lots of R&D Personnel, Low Salaries, Few Results, Isn’t That Strange?” (https://finance.sina.com.cn/stock/marketresearch/2026-01-09/doc-inhfsfzt4664407.shtml)

[2] Eastmoney - “Quick Overview of Peicheng Technology (874553) Stock” (https://xinsanban.eastmoney.com/F10/874553.html)

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: This report is compiled and analyzed based on public information and does not constitute investment advice. Investors should pay attention to the company’s subsequent information disclosures, especially the responses to inquiry letters during the Beijing Stock Exchange review process, to obtain more complete information.