Shenzhen Center Power Tech Co., Ltd. (Shenzhen Center Power) (002733)

Individual Stock Analysis Report　|　Industry: Batteries/Power Supplies (lead-acid batteries, lithium-ion batteries, hydrogen fuel cells)　|　Report date: September 13, 2026　|　September 11, 2026 close (Friday)

This report was automatically compiled by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

Shenzhen Center Power reported a clear pattern of “revenue growth but profit decline” in the first half of 2026: operating revenue was RMB 1.825 billion, up 13.58% year on year, while net profit attributable to the parent was only RMB 48.0637 million, down 46.64% year on year; non-GAAP net profit attributable to the parent fell 39.88%. In 2025, the company’s operating revenue was RMB 3.478 billion, down 2.14% year on year, while net profit attributable to the parent was RMB 79.7073 million, down 17.91%, indicating continued pressure on profitability. As of September 11, 2026, the company’s share price was RMB 17.56, corresponding to a static P/E of approximately 84.64x and a trailing P/E of approximately 178.99x. The current valuation is significantly disconnected from actual earnings performance.

The company’s principal businesses cover lead-acid batteries, lithium-ion batteries, hydrogen fuel cells and data-center backup power, with data-center backup power serving as the core earnings pillar in 2025. In the first half of 2026, the company stated that its AIDC lithium-battery business had doubled in scale year on year. Lithium-ion battery revenue was approximately RMB 818 million, with a gross margin of 20.69%, making it one of the company’s major revenue sources. However, overall gross margin declined further from approximately 17.6% in 2025 to 16.34% in the first half of 2026, while ROE fell to 1.79%; revenue growth has not yet translated into profit growth.

Hydrogen fuel cells have not yet made a meaningful contribution to revenue: hydrogen-related revenue accounted for less than 1% of total revenue in 2025, with the company reporting revenue of RMB 8.69 million, and the company has terminated certain hydrogen-energy investment projects. Solid-state batteries remain at the R&D stage and have not yet entered mass production or generated revenue. The company also clarified that it has no business cooperation with Huawei, ByteDance, NVIDIA or Microsoft, and is not a core supplier of AI computing-power infrastructure. The actual value of its AIDC-related business should therefore be assessed primarily on the basis of its lithium-battery and data-center backup-power businesses.

Technically, the share price has remained below the MA5, MA10 and MA20, with the three moving averages in a bearish alignment. Although the MACD has formed a golden cross below the zero axis, the red histogram is small. The RSI recently fell below 50. The stock has declined approximately 50.30% over the past 60 trading days, while trading volume and the volume ratio are both relatively low. Main-fund flows were net negative over both the past five and 10 trading days. RMB 17.10 is a short-term support reference, RMB 16.18 is the 52-week low, and the RMB 18.07–18.48 moving-average cluster and approximately RMB 18.76 constitute overhead resistance.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Positioning

• Lead-acid battery business (the company’s foundation; the research notes do not provide a specific revenue contribution)
• Lithium-battery business (rapidly expanding market scale; the research notes do not provide a specific revenue contribution)
• Hydrogen fuel-cell business (hydrogen-energy revenue accounted for less than 1% in 2025; the company also plans to terminate certain hydrogen-energy investment projects)
• Data-center backup-power business (the core earnings pillar in 2025)

2.3 Position in the Industry Chain and Cost-Profit Structure

Shenzhen Center Power is a battery manufacturer whose products cover lead-acid batteries, lithium batteries and hydrogen fuel cells, with data-center backup power as its core earnings pillar. The research notes do not provide key industry-chain data such as the company’s detailed cost structure, supplier concentration, customer concentration or accounts-receivable turnover days. The following information is therefore strictly limited to facts appearing in the research notes, and missing items are identified as such.

• The research notes do not provide data on the company’s specific raw-material categories, procurement sources, supplier concentration or bargaining power over upstream suppliers. This information is unavailable.
• The company serves the data-center backup-power market, which was its core earnings pillar in 2025. The research notes do not provide customer-concentration data, such as the combined share of the top five customers.
• The company’s hydrogen fuel-cell business accounted for less than 1% of revenue in 2025, and it plans to terminate certain hydrogen-energy investment projects, indicating that the downstream market has not yet generated effective revenue support (source: an April 2026 report by the National Business Daily).
• The research notes do not provide specific data on accounts-receivable turnover days, accounts receivable as a percentage of net profit or revenue, prepayments, accounts payable or other working-capital requirements. They only mention that operating cash flow fell sharply by 37% in 2025 (source: Financial Report Express). Specific data on working-capital usage is unavailable and should be supplemented.
• The research notes do not provide the combined share of the top five customers or top five suppliers. Information on customer and supplier concentration is unavailable, making it impossible to assess the company’s bargaining position in the industry chain. The latest annual report should be used as the reference.

Based on the information currently available in the research notes, Shenzhen Center Power is a midstream manufacturer in the battery-manufacturing segment. It is expanding from traditional lead-acid batteries into lithium batteries and hydrogen fuel cells. Data-center backup power became its core earnings pillar in 2025, but the company is experiencing revenue growth without profit growth and a sharp decline in operating cash flow. The research notes lack multi-year gross- and net-margin trends and specific evidence regarding upstream and downstream bargaining relationships. It is therefore impossible to further determine the company’s precise positioning among upstream resources, midstream processing and downstream branding, or the drivers of potential profit improvement. Data required for a more detailed industry-chain analysis is unavailable; the latest annual report should be consulted.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 2026 interim report (reporting period ended 2026-06-30, disclosed on 2026-08-25/26); no 2026Q3 data was identified. 2026H1 basic EPS was RMB 0.13, gross margin was 16.34% (down approximately 2.36 percentage points YoY), ROE was 1.79% (down approximately 1.51 percentage points YoY), and non-GAAP net profit attributable to the parent was RMB 41.9127 million (down 39.88% YoY). The company proposed a cash dividend of RMB 0.5 per 10 shares, including tax. There is a discrepancy in 2026H1 net profit figures: total net profit of RMB 52.41 million versus RMB 48.06 million attributable to the parent. FY2025 EPS was RMB 0.21, non-GAAP EPS was RMB 0.19, gross margin was approximately 17.6%, ROE was approximately 2.94%, and the dividend was RMB 1.00 per 10 shares, including tax. Certain FY2025 indicators, including non-GAAP EPS, gross margin and ROE, came from only one source, Eastmoney Choice, and could not be cross-verified with multiple sources. Business revenue breakdown (totaling approximately RMB 1.825 billion and corresponding to 2026H1; note that the page did not clearly identify the reporting period and this is an inferred basis): lithium-ion batteries RMB 818 million (44.81%, gross margin 20.69%); UPS power supplies—batteries RMB 643 million (35.21%, gross margin 15.61%); battery materials and components RMB 225 million (12.35%, gross margin 4.02%); communications—batteries RMB 78 million; energy storage—batteries RMB 55 million; fuel cells RMB 2.7 million; total overseas revenue approximately 65% of revenue.

2026H1 revenue was RMB 1.825 billion, up 13.58% year on year, but net profit attributable to the parent was RMB 48.0637 million, down 46.64% year on year, while non-GAAP net profit attributable to the parent fell 39.88% year on year, indicating a clear deterioration in profitability. The company stated that its AIDC (AI data-center) lithium-battery business grew strongly during the reporting period, with overall scale doubling year on year. In FY2025, revenue was RMB 3.478 billion, down 2.14% year on year, and net profit attributable to the parent was RMB 79.7073 million, down 17.91%, extending the downward trend. In 2024, net profit attributable to the parent was RMB 97.10 million, down 30.04% year on year, while in 2021 it recorded a substantial loss of approximately RMB 422 million. Overall, revenue remained relatively stable, but profits were significantly eroded. There was a source typo regarding the direction of the non-GAAP year-on-year change: one Tencent News item reported +39.88%, but the figure has been treated as -39.88% based on multiple supporting sources.

3.2 Earnings Forecasts

Only two brokerages initiated coverage in September 2025, and neither provided a specific target price: Tianfeng Securities (2025-09-15, Sun Xiaoya/Yang Zhifang, initial “Buy” rating), with the closing price on the report date at RMB 20.70 and corresponding P/E multiples of 28.0x/17.7x/12.6x; the EPS column for Tianfeng in the Securities Star summary was listed as RMB 0.75/1.19/1.67. Great Wall Securities (2025-09-08, Yu Ximeng/Wu Nianjun, initial “Outperform” rating) reported corresponding P/E multiples of 32.7x/21.3x/14.5x at the time. These forecasts have been substantially invalidated by actual performance: the two institutions forecast 2025 net profit attributable to the parent of RMB 257–290 million, whereas the actual figure was only RMB 79.7 million. 2026H1 net profit attributable to the parent was RMB 48.06 million, down 46.64% year on year, diverging substantially from the forecast trajectory of RMB 460–550 million for 2026. These earnings forecasts are clearly outdated and have limited reference value. The Eastmoney growth/valuation comparison page shows “--” for 26E/27E/28E, indicating that no consensus estimates are available. Statements from certain financial-media accounts or retail-investor communities such as “RMB 550 million profit in 2026, 25x, implying a RMB 13.8 billion market cap” are not formal brokerage research targets, but self-media claims, and should not be treated as institutional target prices.

3.3 Valuation and Institutional Ratings

Snapshot as of approximately late August to early September 2026: total market capitalization was approximately RMB 6.747 billion, and free-float market capitalization was approximately RMB 6.477 billion (based on the 2026 interim report, with the source marked “latest data still being updated”); the share price was approximately RMB 18.5 (RMB 18.54 on Investing.com, down 0.43% at the close; RMB 18.550 according to Sina quotation data), with a 52-week range of RMB 16.18–37.98. P/E: approximately 84.64x on a 2025A basis and approximately 178.99x on a TTM basis, due to the extremely low TTM net profit. P/S: approximately 1.94x on a 2025A basis and approximately 1.83x on a TTM basis. Price changes, based on the page snapshot: -10.04% over one month, -49.96% over three months, -30.53% over six months and -10.25% year to date. Based on 2025 net profit attributable to the parent of RMB 79.70 million and 2026H1 net profit attributable to the parent of RMB 48.06 million, which was nearly halved year on year, the P/E of approximately 179x on a TTM basis and approximately 85x on a 2025A basis is very high, indicating that the stock is clearly expensive. The Securities Star valuation module likewise concluded that profitability and revenue growth were weak and overall valuation was relatively high. P/S of approximately 1.8–1.9x is relatively moderate, reflecting the erosion of profitability while revenue scale remains sufficient to provide support. Note that the data date is 2026-06-30, based on the interim report, while the market and market-capitalization snapshot was taken around late August to early September 2026 and is not real time. No effective institutional consensus forecast is available. Only two brokerages initiated coverage in September 2025, their forecasts have been invalidated, and neither provided a target price. Market-capitalization claims from self-media sources such as Fortune Accounts and Jiuyangongshe, including market-share estimates and a “RMB 13.8 billion market cap,” could not be cross-verified and have not been included in the core conclusions. These notes are for information compilation only and do not constitute investment advice.

4. Recent News and Announcements

4.1 2026 Interim Report: Revenue Growth but Sharp Decline in Net Profit Attributable to the Parent

The company’s board held a meeting on the evening of 2026-08-25 to review and approve the interim report, and the full text was published on 2026-08-26. Operating revenue during the reporting period was RMB 1.825 billion, up 13.58% year on year; net profit attributable to the parent was RMB 48.0637 million (RMB 48,063,672.32), down 46.64% year on year (RMB 90,076,705.92 in the prior-year period); non-GAAP net profit attributable to the parent was RMB 41.9127 million (RMB 41,912,704.20), down 39.88% year on year (RMB 69,712,786.17 in the prior-year period); and basic EPS was RMB 0.13. The company highlighted strong growth in its AIDC (AI data-center) lithium-battery business, with overall scale doubling year on year. Uncertainty note: certain Gelonghui and reproduced reports stated that non-GAAP profit increased 39.88% year on year, contradicting Eastmoney’s interim-report data. The correct figure should be -39.88%, likely due to an individual media typo.

4.2 2026 Interim Profit Distribution Plan Approved by Shareholders

The interim profit distribution plan was approved at the second meeting of the sixth board of directors in 2026 on 2026-08-25, under Announcement No. 2026-036. The plan provides for a cash dividend of RMB 0.5 per 10 shares, including tax, with an expected total distribution of RMB 18,890,290.65, including tax. No capitalization of capital reserves or bonus shares will be issued. The distribution base is 377,805,813 shares, calculated as total shares of 384,214,913 less 6,409,100 shares held in the repurchase account. The third extraordinary general meeting of shareholders in 2026 was held and approved the plan on 2026-09-10, under Announcement No. 2026-041: 99.9233% voted for, 0.0522% against and 0.0245% abstained; among minority shareholders, 96.4652% voted for. A total of 291 shareholders attended, representing 126,860,885 shares, or 33.5783% of total shares. Two shareholders attending in person represented 124,108,339 shares, or 32.8498%.

4.3 2025 Annual Profit Distribution Completed

The 2025 annual profit distribution plan was approved at the annual general meeting on 2026-05-15. A cash dividend of RMB 1.000000 per 10 shares, including tax, was paid, for a total of RMB 37,780,581.3. The record date was 2026-06-02 and the ex-dividend date was 2026-06-03.

4.4 Previous Share-Repurchase Plan Completed (2023–2024)

The board approved a repurchase plan on 2023-11-02, under which RMB 80–160 million of the company’s own funds would be used to repurchase shares through centralized bidding for equity incentives or an employee stock-ownership plan. The actual repurchase period ran from 2023-11-02 to 2024-10-29. A total of 6,409,100 shares were repurchased, representing 1.6681% of total shares, at RMB 10.14–14.99 per share, for a total consideration of RMB 80,037,523.32, excluding fees. Announcement No. 2024-058 was dated 2024-10-31. These 6,409,100 shares are currently held in the dedicated repurchase securities account and are intended to be transferred through a non-trading transfer for the 2026 employee stock-ownership plan.

4.5 New Share-Repurchase Program Underway (2026)

As of 2026-07-31, the company had repurchased a cumulative 479,400 shares through centralized bidding via the dedicated repurchase securities account, representing 0.34% of total shares. The highest and lowest transaction prices were RMB 24.90 and RMB 21.17 per share, respectively, with total consideration of RMB 11,274,086.00, excluding transaction fees. The repurchase plan had not yet been completed and would continue. Uncertainty note: the total amount range, quantity ceiling and term of the plan were not confirmed in the announcements identified in the search; only progress data was available. The repurchase prices of RMB 21–24.90 were significantly higher than the share price of approximately RMB 18.55 around 2026-08-25, indicating substantial share-price volatility during the period.

4.6 2026 Employee Stock-Ownership Plan Approved

The board, at the second meeting of the fifth board of directors in 2026, reviewed and disclosed the draft plan on 2026-03-27. The second extraordinary general meeting of shareholders approved it on 2026-04-15. Key terms: shares in the dedicated repurchase account would be acquired through a non-trading transfer at RMB 19.66 per share; the planned total fundraising amount was capped at RMB 126.0029 million; financing of up to 1:1 was permitted; and the company would provide financial assistance to employees of up to RMB 80 million in total, excluding related parties.

4.7 Clarification of Market Rumors and Risk Warning Announcement (May 2026)

Announcement No. 2026-032, “Announcement on Clarification of Market Rumors and Risk Warnings,” was dated 2026-05-28; a separate announcement on abnormal stock-price fluctuations was issued on 2026-05-27. Online platforms and self-media had portrayed the company as a core supplier of AI computing-power infrastructure, Microsoft’s exclusive supplier and an NVIDIA power-supply supplier, and had promoted the company using Huawei’s so-called Tao Law. The company clarified each point: it has no cooperation with Huawei, and Tao Law is unrelated to its principal business; it is not a core supplier of AI computing-power infrastructure, with power systems accounting for only approximately 5%–10% of total data-center or computing-center investment and constituting an ancillary component; it has no AI-chip, server or computing-power scheduling-platform business; as of that date it had no business cooperation with Huawei, ByteDance, NVIDIA or Microsoft and would not enter into such cooperation in the short term; its hydrogen-energy business remained at an early stage of commercialization, with hydrogen-energy revenue of only RMB 8.69 million in 2025, and certain hydrogen-energy investment projects had been terminated, meaning that the business would not become a principal business in the short term; solid-state batteries remained at the R&D stage, with no mass production or revenue; and sodium-ion batteries were an equity-investment business, with the company holding a 25.83% stake in Wuxi Pangu New Energy, which recorded 2025 sales revenue of RMB 40.42 million and a net loss of RMB 39.28 million.

4.8 Changes in Investment Projects and Raised Funds (April–June 2026)

On 2026-04-24, the company announced the termination of certain investment projects, the completion of certain projects and the permanent replenishment of working capital with remaining raised funds, as well as the re-evaluation and temporary suspension of certain investment projects. Sponsor Tianfeng Securities issued its verification opinion, involving earlier projects including hydrogen energy. On 2026-06-03, raised funds temporarily used to replenish working capital were returned. On 2026-06-05, certain dedicated raised-funds accounts were cancelled.

4.9 Governance/Personnel: Board Re-election Completed

The board re-election was completed on 2026-04-07. Zhang Huanong became chairman of the sixth board of directors and chaired the board meeting on 2026-08-25. The first employee representative congress of 2026 was held on 2026-03-27.

4.10 Information Not Identified and Points to Note

1) No separate earnings preannouncement or earnings-warning announcement for the 2026 interim report was identified; the interim report was disclosed directly on 8/25. No 2026 third-quarter report or earnings preannouncement was identified either. The search was limited and cannot rule out their existence; this is recorded only as “not identified.” 2) No announcement regarding share sales or purchases by the controlling shareholder, directors, supervisors or senior executives in 2026 was identified. The two shareholders attending the general meeting in person collectively represented 124,108,339 shares, or 32.8498%, which supports concentrated ownership by the controlling shareholder, although the specific ownership structure was not individually verified. 3) No 2026 regulatory inquiry letter or penalty announcement was identified. The clarification announcement was a voluntary clarification rather than a regulatory letter. Securities Star’s valuation analysis only stated that the company’s competitive moat was average, profitability was weak, revenue growth was weak and valuation was high; this is a third-party view rather than an announcement. 4) Date conventions: all financial and announcement information above follows official disclosure dates. The share price of approximately RMB 18.55 around 2026-08-25 was quoted in media reports and is provided only as a time reference; systematic price verification was not conducted.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

At the close on 2026-09-11, Shenzhen Center Power was priced at RMB 17.56, down 1.35% on the day, with turnover value of RMB 168 million, a volume ratio of 0.76 and a turnover rate of 2.61%, reflecting temporarily shrinking volume. The share price was below the MA5/MA10/MA20, which were in a bearish alignment. The MACD showed a small golden cross below the zero axis, but the red histogram was weak. The RSI formed a death cross and fell below 50 on September 8. Multiple indicators therefore pointed to short-term weakness. Eastmoney’s Qian Gu Qian Ping assessment for MACD/KDJ/RSI/BOLL was “no clear signal at present,” indicating muted and indecisive indicators. The current price had retraced approximately 54% from the 52-week high of RMB 37.98 on 2026-06-15 and was materially below the average chip cost of RMB 21.03, with both overhead trapped-position pressure and downside support. In terms of fund flows, cumulative net outflow from major funds was RMB 28.6936 million over the past 10 days and RMB 49.0499 million over the past five days, reflecting large-order outflows. Margin financing balance was RMB 416 million, equal to 6.08% of free-float market capitalization and below the 30th percentile of the past year, indicating medium-to-low participation by leveraged funds. Note that specific Bollinger Band values and the RSI6 value were unavailable in this study. In addition, the moving averages, MACD, pattern signals and chip-cost data all came from a single Jiufang source and were not cross-verified across multiple sources, limiting the robustness of the conclusions.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is only a subjective scenario analysis based on the 2026-09-11 closing data, historical prices and technical indicators. The scenario weights reflect subjective judgments based on the current technical and fund-flow conditions rather than statistical probabilities, and do not constitute investment advice.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60%, based on subjective judgment rather than statistical probability): The share price fluctuates repeatedly within RMB 17.10–18.48, oscillating between the current price and the moving-average cluster. Triggering conditions: turnover value remains within the recent normal range of RMB 150–170 million, the volume ratio remains below 1, no major news catalyst emerges, and the battery/hydrogen-energy/energy-storage sectors lack a clear overall direction. Under this scenario, the bearish moving-average alignment gradually improves but does not reverse decisively.
• Weak downside movement (medium weight, based on subjective judgment rather than statistical probability): If the share price effectively falls below RMB 17.10, the intraday low, accompanied by turnover value rising above RMB 200 million, it may test approximately RMB 16.18, the 52-week low and range-support level. Triggering conditions: continued net outflows from major funds, sector weakness or broad-market adjustment. A further effective break below RMB 16.18 would open room for a move toward new lows.
• Stronger rebound (low weight, based on subjective judgment rather than statistical probability): If a high-volume bullish candle appears and the stock effectively moves above the RMB 18.07–18.48 moving-average cluster, it may recover toward RMB 18.76, the “tweezer top” resistance price, and potentially RMB 19.45, the “one bearish candle crossing four lines” breakout reference price. Triggering conditions: daily turnover value rises materially above RMB 250 million, compared with the RMB 268 million level on September 7; major-fund flows turn net positive; or a catalyst emerges related to hydrogen energy, energy storage or sodium-ion batteries.

③ Fund-Flow and Liquidity Background

Liquidity background (data dates: 2026-09-11 and the most recent several trading days): the recent turnover-rate range was approximately 2.2%–3.9% (2.23% on 9/1, 3.91% on 9/7, 2.44% on 9/9 and 2.61% on 9/11), while turnover value ranged from approximately RMB 150–270 million, with most trading days at approximately RMB 150–170 million and volume rising to RMB 268 million on 9/7. Trading volume on 2026-09-11 was 96,300 lots, below the MA5 level of 105,700 lots and the MA10 level of 111,700 lots. The volume ratio was 0.76, and the day’s trading volume was approximately 54% of the 65-day average volume of approximately 17.84 million shares, based on MarketWatch, indicating a significant temporary contraction in volume. Free-float market capitalization was approximately RMB 6.48 billion, placing the stock in the small- to mid-cap segment. When volume contracts, the order book tends to be relatively thin, large-order market impact costs are relatively high and slippage may increase. In terms of fund flows, cumulative net outflow from major funds was RMB 28.6936 million over the past 10 days, equivalent to approximately -22.45% of outflow, based on the single-source Jiufang basis. Net inflow from major funds over the past five days was -RMB 49.0499 million, based on Sina Finance. The five-day cumulative DDX was -0.665, based on Jiufang’s 9/11 data; another 9/9 reading was -0.055, so the figures are inconsistent and should be treated with caution. The margin-financing and securities-lending balance was RMB 415 million, equal to 6.33% of free-float shares, compared with a market average of 4.37%. The margin-financing balance was RMB 416 million, equal to 6.08% of free-float market capitalization and below the 30th percentile of the past year, according to Sina Finance. Participation by leveraged funds was therefore at a medium-to-low level. Shareholder structure (important note: the following are lagging data from Huaxi Securities F10, with the page updated on 2026-08-08, more than one month after the data date; the structure may have changed): controlling shareholder Shenzhen Sanrui Technology Development Co., Ltd. held 32.3%, while actual controller Zhang Huanong held 5.1%, indicating clear family-control characteristics. Among the top 10 shareholders, the only institutional position identified was the National Social Security Fund 107 Portfolio, holding 0.76% and reducing its position. The research notes ended at this point; data on other institutions, including public funds and QFII, was unavailable, so it could not be confirmed whether mainstream institutional investors were present. Overall, the shareholder structure is dominated by the controlling family, while institutional participation appears limited, based on incomplete data.

Volume-confirmation signal: if daily turnover value remains above RMB 250 million, compared with the stock’s RMB 268 million volume spike on September 7 and more than 1.5 times the recent normal range of RMB 150–170 million, this may be regarded as a sign of capital inflow. Conversely, if turnover value remains below RMB 150 million, the low-volume pattern is likely to continue.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the share price can effectively move above the RMB 18.07–18.48 moving-average cluster (MA5/MA10/MA20), as well as its performance near the RMB 18.76 “tweezer top” resistance price. This is a key reference zone for a short-term shift between bulls and bears.
• Observe whether the two support levels—RMB 17.10, the intraday low, and RMB 16.18, the 52-week low and range-support level—hold. An effective break below RMB 16.18 would open downside room.
• Observe whether daily turnover value rises above RMB 250 million and whether major-fund flows turn from net outflow to net inflow, as confirmation of improving fund-flow conditions.
• Observe changes in the margin-financing balance and the overall direction of the hydrogen-energy, energy-storage, sodium-ion battery and battery sectors, as well as the impact of these factors on the stock. Also remain aware of the limitations arising from the single-source basis of the moving-average and pattern signals. These are observation guidelines only, not trading instructions.

The above scenario analysis is based on the 2026-09-11 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, fund flows, broad-market conditions and other factors. Technical indicators themselves have lagging characteristics and limitations. The analysis does not guarantee future actual performance and does not constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Conditions

Shenzhen Center Power operates in the battery and power-supply industry, with products covering lead-acid batteries, lithium batteries and hydrogen fuel cells. The research notes show that the company recorded 2025 net profit of RMB 79.7073 million and that data-center backup power became its core earnings pillar. However, the company experienced revenue growth without profit growth, a nearly 20% decline in net profit and a 37% sharp reduction in operating cash flow. Hydrogen fuel-cell revenue accounted for less than 1% of revenue in 2025, and the company plans to terminate certain hydrogen-energy investment projects. The research notes do not provide detailed data on the overall industry size or competitive landscape.

6.2 Competitive Landscape

• The company’s product lines cover lead-acid batteries, lithium batteries and hydrogen fuel cells, making it a battery manufacturer pursuing multiple technology routes in parallel.
• Data-center backup power became the company’s core earnings pillar in 2025 (source: an April 2026 report by Tonghuashun).
• Hydrogen fuel-cell revenue accounted for less than 1% of revenue in 2025, and the company also plans to terminate certain hydrogen-energy investment projects. The business has not yet made an effective revenue contribution (source: an April 2026 report by the National Business Daily).
• In 2025, the company experienced revenue growth without profit growth, with net profit falling by nearly 20% and operating cash flow declining sharply by 37% (source: Financial Report Express).
• The research notes do not provide data on the overall industry competitive landscape, market size or growth rate. This information is unavailable.

6.3 Major Competitors

The research notes do not provide the specific names, financial data or market positioning of comparable companies in the same industry, making an effective peer comparison impossible. Based solely on the company’s own data, Shenzhen Center Power experienced revenue growth without profit growth in 2025. Data-center backup power was its core earnings pillar, while hydrogen fuel cells had not yet generated meaningful revenue and related investment projects were proposed for termination. The overall business structure is transitioning from traditional lead-acid batteries toward lithium batteries and data-center backup power. Data required to assess its precise competitive position and conduct peer comparisons is unavailable; the latest annual report and industry research should be consulted.

7. Risk Factors

• Risk of continued earnings decline: In the first half of 2026, operating revenue rose 13.58% year on year, but net profit attributable to the parent fell 46.64% and non-GAAP net profit attributable to the parent fell 39.88%. If revenue growth still cannot translate into profit growth, earnings recovery may be delayed further.
• Risk of declining gross margin and return on capital: Gross margin was 16.34% in the first half of 2026, down approximately 2.36 percentage points from the same period, while ROE fell to 1.79%. If margins remain under pressure as the lithium-battery business expands, the improvement in shareholder returns generated by scale growth will be limited.
• Concentration risk in data-center backup power: Data-center backup power was identified as the core earnings pillar in 2025, while the AIDC lithium-battery business grew rapidly in the first half of 2026. If orders, deliveries or customer demand for this business fall short of expectations, the company lacks other clearly disclosed, scaled earnings pillars to offset the impact.
• Execution risk in hydrogen energy: Hydrogen-energy revenue was only RMB 8.69 million in 2025, accounting for less than 1% of revenue. The company has terminated certain hydrogen-energy investment projects, and hydrogen fuel cells remain at an early stage of commercialization. The related theme is unlikely to generate meaningful revenue or profit in the short term.
• Risk of thematic speculation and misinterpretation of cooperation: The company has clearly stated that it has no business cooperation with Huawei, ByteDance, NVIDIA or Microsoft and is not a core supplier of AI computing-power infrastructure. If the market continues to trade on unverified cooperation rumors, related expectations may be corrected rapidly.
• R&D and commercialization risk for new technologies: Solid-state batteries remain at the R&D stage and have not entered mass production or generated revenue. Wuxi Pangu New Energy, in which the company holds an equity stake, recorded 2025 sales revenue of RMB 40.42 million and a net loss of RMB 39.28 million. The sodium-ion battery investment has not yet provided clear earnings support.
• Risk of valuation-earnings mismatch: As of September 11, 2026, the company’s static P/E was approximately 84.64x and its trailing P/E approximately 178.99x, while net profit attributable to the parent fell 46.64% year on year in the first half of 2026. If earnings do not recover substantially, the high valuation may face further compression.
• Share-price and liquidity risk: The share price of RMB 17.56 was below the MA5, MA10 and MA20, and the stock had fallen approximately 50.30% over the past 60 trading days. Major-fund flows were net negative over both the past five and 10 trading days. The daily volume ratio was only 0.76 and the turnover rate was 2.61%. If RMB 17.10 is breached and RMB 16.18 subsequently fails, short-term weakness may continue. In a low-volume environment, large transactions may also cause more significant price impact.
• Insufficient cash-flow and working-capital information: The company disclosed that operating cash flow fell sharply by 37% in 2025, but data on accounts-receivable turnover, customer concentration, supplier concentration and specific working-capital requirements was not provided in the research materials. The specific causes and sustainability of the deterioration in cash flow still require verification through subsequent annual and periodic reports.

8. Conclusion and Outlook

The main growth drivers for Shenzhen Center Power are data-center backup power and AIDC lithium batteries, together with the structural substitution of traditional lead-acid batteries by lithium batteries. Growth in the lithium-battery business and the overall recovery in revenue during the first half of 2026 indicate that these businesses still have expansion potential. Through the employee stock-ownership plan, share repurchases and continued development of data-center backup power, the company is seeking to strengthen organizational incentives and its ability to capture business opportunities. The key issues to monitor are whether the expansion of the AIDC lithium-battery business can continue, whether revenue growth can improve gross margin and cash flow, and whether the lithium-battery business can drive an overall earnings recovery.

However, the current fundamentals remain in a phase of “improving revenue but declining profits.” Net profit attributable to the parent was nearly halved in the first half of 2026, while non-GAAP profit also declined significantly. Historically, net profit attributable to the parent fell from approximately RMB 159 million in 2022 to RMB 79.7073 million in 2025. Previous brokerage earnings forecasts for 2025–2027 have been substantially invalidated by actual performance, and effective consensus estimates are currently unavailable. Future earnings improvement therefore requires verification through actual financial reports rather than relying primarily on thematic expectations.

Overall, the company’s business-transition direction offers some growth elasticity, but themes involving hydrogen energy, solid-state batteries and being an alleged AI-computing-power supplier currently lack corresponding revenue or cooperation evidence. In the short term, the share price and fund-flow conditions remain weak, while the valuation sets a high bar for earnings recovery. Investors should focus on profit margins, non-GAAP net profit, operating cash flow, the scale of the AIDC lithium-battery business and progress in adjusting investment projects, while monitoring the technical performance around the RMB 17.10 and RMB 16.18 support levels and the RMB 18.07–18.48 resistance zone.

Data Sources

• Shenzhen Center Power (002733.SZ) Core Themes - PC_HSF10 Data - Core Themes
• Shenzhen Center Power Listed-Company Information
• Shenzhen Center Power (sz002733)
• Shenzhen Center Power (002733)_Company Overview_Stock Price_Real-Time Quotes_Charts_News_Research_Reports_FinScope-AI Makes Investing Simpler
• Deep F9: Shenzhen Center Power (002733)
• Shenzhen Center Power (002733) Weekly Review: Down 0.05% This Week, Main Funds’ Combined Net Inflow RMB 13.2766 Million
• Shenzhen Center Power Tech. (SHE:002733) Company Profile & Description
• Shenzhen Center Power Tech Co Ltd Class A (002733) - Shenzhen Center Power Tech Co Ltd Class A 002733
• Shenzhen Center Power (002733)_Stock Quotes, Market Overview_China Securities Net
• Shenzhen Center Power Tech Co. Ltd. Advanced Charts | 002733 | Barron's - Shenzhen Center Power Co. Ltd.
• Shenzhen Center Power 17.56 -0.24 (-1.35%) Latest Price_Quotes_Chart—Eastmoney
• Shenzhen Center Power (sz002733) Price Trend
• Shenzhen Center Power: Resolution Announcement of the Third Extraordinary General Meeting of Shareholders in 2026 _ Shenzhen Center Power (002733) _ Announcement Text
• Shenzhen Center Power: Resolution Announcement of the Third Extraordinary General Meeting of Shareholders in 2026
• Shenzhen Center Power (002733)_Company Overview_Stock Price_Real-Time Quotes_Charts_News_Research_Reports_FinScope-AI Makes Investing Simpler
• Shenzhen Center Power: Resolution Announcement of the Third Extraordinary General Meeting of Shareholders in 2026_Jiufang Intelligent Investment
• 002733 Stock Price | Shenzhen Center Power Tech Co. Ltd. Stock Quote (China: Shenzhen) | MarketWatch
• The “Hydrogen-Deficient” Hydrogen-Energy Concept Stock: Shenzhen Center Power’s Hydrogen-Energy Revenue Again Below 1% in 2025; It Also Plans to Terminate Related Hydrogen-Energy Investment Projects
• The “Hydrogen-Deficient” Hydrogen-Energy Concept Stock: Shenzhen Center Power’s Hydrogen-Energy Revenue Again Below 1% in 2025; It Also Plans to Terminate Related Hydrogen-Energy Investment Projects
• Financial Report Express | Shenzhen Center Power (002733) Recorded Revenue Growth Without Profit Growth in 2025; Net Profit Fell Nearly 20% and Operating Cash Flow Declined Sharply by 37%
• Shenzhen Center Power (002733.SZ) Operating Analysis-PC_HSF10 Data - Principal Business
• Shenzhen Center Power: 2025 Annual Audit Report_Jiufang Intelligent Investment - 79707318.4597102190.22
• https://finance.sina.com.cn/roll/2026-04-24/doc-inhvrhts4316039.shtml.md
• Shenzhen Center Power - Principal Business Composition - 2025-12-31
• Shenzhen Center Power (002733) - Principal Revenue Composition - Stock Market Center
• Shenzhen Center Power - Q1 Report Scheduled for Disclosure on 2026-04-24
• Shenzhen Center Power Recorded 2025 Net Profit of RMB 79.7073 Million; Data-Center Backup Power Became the Core Earnings Pillar
• Shenzhen Center Power (002733)_Company File_China Securities Net
• Shenzhen Center Power
• Jiemian News - Serving Independent Thinkers-Jiemian.com
• Shenzhen Center Power Tech Co., Ltd.
• Member Details - Corporate Internal Control Association | Corporate Anti-Fraud Alliance Working Committee
• Shenzhen Center Power: 2025 Annual Report_Jiufang Intelligent Investment - The company relies on and leverages existing product, technology and market advantages, actively transforms, builds on the lead-acid battery market, rapidly expands the lithium-battery market and extends into hydrogen fuel cells to capture opportunities from the development of new energy and new materials
• China Stock Investor Relations Platform Q&A - Shenzhen Center Power Tech Co., Ltd. - November 9, 2022 - Tonghuashun
• Shenzhen Center Power (002733) Company Information
• Shenzhen Center Power (002733)
• Shenzhen Center Power Tech Co., Ltd. Official Website - Latest Recruitment - Battery Talent Network
• Shenzhen Center Power (002733)_Company Announcements_Shenzhen Center Power: 2021 Annual Report_Sina Finance - Wuhan Center Power Hydrogen Industry Co., Ltd. | Newly Established | August 4, 2021 | 20,000,000.00 | 100.00
• Shenzhen Center Power: 2021 Annual Report - Shenzhen Purui New Energy Materials Co., Ltd. Newly Established June 11, 2021 10,000,000.00 51.00
• Shenzhen Center Power: 2025 Annual Report_Jiufang Intelligent Investment - Statutory Surplus Reserve 90879202.846866107.3997745310.23
• Shenzhen Center Power - 1 | A | 284,813,799.76 | 8.19%
• Shenzhen Center Power: 2025 Annual Report_Jiufang Intelligent Investment - Global Indices
• Shenzhen Center Power Tech Co., Ltd. 2024 Annual Report Summary
• Shenzhen Center Power (002733) Principal Business Analysis Query | Chaguwang
• Shenzhen Center Power: 2025 Annual Report Summary _ Shenzhen Center Power (002733) _ Announcement Text
• Shanghai-Shenzhen Company Announcements - Shenzhen Center Power: 2025 Annual Report - April 24, 2026 - Tonghuashun
• Shenzhen Center Power (002733)_Company Announcements_Shenzhen Center Power: 2025 Annual Report_Sina Finance
• Shenzhen Center Power (002733) Principal Business
• Shenzhen Center Power (002733) Financials Overview - Shenzhen Center Power Tech
• Shenzhen Center Power (002733) Earnings Data_ Data Center_Eastmoney
• Bank of China (Hong Kong) Limited
• Shenzhen Center Power (002733) Key Indicators_Financial Indicators and Analysis_Securities Star
• Shenzhen Center Power Income Statement - Investing.com - Shenzhen Center Power Tech Co Ltd (002733)
• Shenzhen Center Power (002733) Financial Analysis
• Shenzhen Center Power (SZSE:002733) - Earnings and Revenue Performance - Simply Wall St - NOT FOR DISTRIBUTION
• Shenzhen Center Power Tech Co., Ltd. Publishes Results for the First Quarter Ended March 31, 2026
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares - China Securities Intelligent Finance Shenzhen Center Power (002733) Disclosed Its 2026 Interim Report on August 26
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Shenzhen Center Power (002733.SZ): First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Shenzhen Center Power (002733.SZ) 2026 Interim-Report Net Profit Was RMB 48.0637 Million, Down 46.64% Year on Year
• Shenzhen Center Power’s 2026H1 Net Profit Attributable to the Parent Was RMB 48.0637 Million, Down 46.64% Year on Year
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares - Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Shenzhen Center Power (002733.SZ) 2026 Interim-Report Net Profit Was RMB 48.0637 Million, Down 46.64% Year on Year
• Shenzhen Center Power (002733.SZ): First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Shenzhen Center Power’s First-Half Revenue Was RMB 1.825 Billion, Up 13.58% Year on Year; Net Profit Attributable to the Parent Was RMB 48.0637 Million, Down 46.64% Year on Year; R&D Expenses Fell 25.51% Year on Year
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Institutional Initiation Coverage - Research Reports - Stock Channel - Securities Star
• Research-Report Metrics Express - Research Reports - Stock Channel - Securities Star
• Shenzhen Center Power (002733): Global LFP Lithium-Battery UPS Leader, Fully Benefiting from AI + Lead-to-Lithium Conversion
• Shenzhen Center Power (002733): AIDC Lithium-Battery Pioneer, Awaiting Earnings Ramp-Up
• China Renaissance Securities
• Shenzhen Center Power (002733) Analyst Consensus Estimates_Market Sentiment_Investing.com
• Tianfeng Securities: Initiating Coverage of Shenzhen Center Power with a Buy Rating
• Shenzhen Center Power (002733): Global LFP Lithium-Battery UPS Leader, Fully Benefiting from AI + Lead-to-Lithium Conversion_Jiufang Intelligent Investment
• Shenzhen Center Power - Institutional Ratings
• Shenzhen Center Power (002733)_Research Reports_China Securities Net
• 49 Companies Received Outperform Ratings - Updating
• 002733 Shenzhen Center Power
• Shenzhen Center Power Is a Rare Stock with Triple Resonance from AI Computing Power + Hydrogen Energy + Energy Storage: Global Lithium-Battery UPS Leader (Stable Earnings) + Domestic Leader in Hydrogen-Energy Membrane Electrodes (Strong Growth) + Advanced Battery Technology Reserves
• Shenzhen Center Power (002733): Hidden Champion of Data-Center UPS, North American Breakthrough Opens a RMB 10 Billion Growth Opportunity
• Shenzhen Center Power - Oracle Order + Solid-State Batteries
• Shenzhen Center Power: Legal Opinion of Guangdong Xinda Law Firm on the Third Extraordinary General Meeting of Shareholders in 2026 _ Shenzhen Center Power (002733) _ Announcement Text
• Shenzhen Center Power: Summary of the Resolution Announcement of the Third Extraordinary General Meeting of Shareholders in 2026
• Shenzhen Center Power: Resolution Announcement of the Third Extraordinary General Meeting of Shareholders in 2026
• Shenzhen Center Power: Summary of the Legal Opinion of Guangdong Xinda Law Firm on the Third Extraordinary General Meeting of Shareholders in 2026
• Shenzhen Center Power (002733): Resolution of the Second Meeting of the Sixth Board of Directors in 2026
• Shenzhen Center Power: Resolution Announcement of the Third Extraordinary General Meeting of Shareholders in 2026 - General Meeting of Shareholders - Listed-Company Announcements - Huibo Research Information
• Shenzhen Center Power: Resolution Announcement of the Third Extraordinary General Meeting of Shareholders in 2026
• https://finance.sina.com.cn/stock/relnews/cn/2026-09-10/doc-inirkcsv2486225.shtml.md
• Shenzhen Center Power (002733)_Full Announcements_China Securities Net
• Shenzhen Center Power: Announcement on Clarification of Market Rumors and Risk Warnings_Jiufang Intelligent Investment - Global Indices
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Shenzhen Center Power (002733) - F10 Data - Compass Quotes - Upon verification, the company’s directors, supervisors, senior executives, controlling shareholders and actual controllers did not buy or sell the company’s shares from the date of initial disclosure of the share-repurchase matter through the day before disclosure of the repurchase-results announcement
• Shenzhen Center Power: 2025 Annual Profit Distribution Implementation Announcement
• Shenzhen Center Power: 2025 Annual Profit Distribution Implementation Announcement_Jiufang Intelligent Investment - Global Indices
• Q&A
• Shenzhen Center Power: 2025 Annual Profit Distribution Implementation Announcement _ Shenzhen Center Power (002733) _ Announcement Text - View Original PDF
• Shenzhen Center Power - Repurchasing the Company’s Shares with RMB 80.00 Million (Inclusive) to RMB 160.00 Million (Inclusive) of Its Own Funds through Public Centralized Bidding on the Secondary Market; the Repurchased Shares Will Be Used for Equity Incentives or an Employee Stock-Ownership Plan
• Shenzhen Center Power - On the Day, the Seventh Meeting of the Fifth Board of Directors in 2023 and the Sixth Meeting of the Fifth Board of Supervisors in 2023 Reviewed and Approved the Proposal on Repurchasing Shares through Centralized Bidding; the Company Planned to Use Its Own Funds of Not Less Than RMB 80.00 Million (Inclusive) and Not More Than RMB 160.00 Million (Inclusive) to Repurchase Company Shares through Public Centralized Bidding on the Secondary Market
• Shenzhen Center Power: Announcement on Completion of Share Repurchase and Changes in Shares _ Shenzhen Center Power (002733) _ Announcement Text - View Original PDF
• Shenzhen Center Power: 2025 Annual Profit Distribution Implementation Announcement - Securities Star
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares - Securities Star
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Shenzhen Center Power: First-Half Net Profit Fell 46.64% Year on Year; Proposed Cash Dividend of RMB 0.5 per 10 Shares
• Shenzhen Center Power (002733) - Company Overview
• Shenzhen Center Power: 30.25 10.00% +2.75 002733 Sohu Securities
• Shenzhen Center Power: 27.83 1.27% +0.35 002733 Sohu Securities - Recently Viewed
• Shenzhen Center Power 17.56 -1.35%_Stock Quotes_Jiufang Intelligent Investment
• Shenzhen Center Power (002733.SZ) - Quick Quote
• Shenzhen Center Power (sz002733) Price Trend - Shenzhen Center Power (sz002733) 2026-09-02 05:14:02 (Beijing Time)
• Shenzhen Center Power (sz002733) Stock Price_Real-Time Quotes_Chart - Sina Finance
• Shenzhen Center Power Tech Co., Ltd. 002733.SZ Stock Price Today on Shenzhen China USD | Share Quote Live Chart
• Shenzhen Center Power Tech Co., Ltd. Stock Report — 002733.SZ | Roic AI
• Shenzhen Center Power Fell 2.02%, Turnover Value RMB 37.596 Million, Main-Fund Net Outflow RMB 953,400
• Shenzhen Center Power (002733) Fund Flows _ Data Center _ Eastmoney
• Market News Flash: Shenzhen Center Power (002733) Main Funds’ Net Purchase of RMB 5.8733 Million on September 7
• Market News Flash: Shenzhen Center Power (002733) Main Funds’ Net Sale of RMB 7.4047 Million on September 1
• Shenzhen Center Power Rose 2.01%, Turnover Value RMB 46.7789 Million, Main-Fund Net Outflow RMB 2.4231 Million
• Shenzhen Center Power (002733.SZ)
• Shenzhen Center Power 18.17 -0.06%_Latest Price_Quotes_Chart—Eastmoney - Shenzhen Center Power 002733 Name Change
• Shenzhen Center Power (002733) Qian Gu Qian Ping _ Data Center _ Eastmoney
• Shenzhen Center Power (002733)_Latest Price_Quotes_Chart—Eastmoney
• Shenzhen Center Power (002733) Technical Analysis_Future Forecast_Trading Suggestions_Investing.com
• Shenzhen Center Power (002733) Technical Analysis
• Shenzhen Center Power (002733) Candlestick Chart_Trend Analysis_Investing.com - Breaking News
• Shenzhen Center Power (002733.SZ) - -0.01
• Shenzhen Center Power Stock_Data_Information - Recently Accessed
• Future Looks Promising! Shenzhen Center Power Stock Technical Analysis Reveals Signals of a Sharp Rise; Investors Should Seize the Opportunity
• Shenzhen Center Power (SZ:002733)
• Shenzhen Center Power Tech. Co., Ltd. Class A Actuals & Estimates (SZSE:002733) — TradingView
• Shenzhen Center Power 002733.SZ Shanghai-Shenzhen
• The Pain of Shenzhen Center Power

This report was automatically researched, compiled and generated by AI based on publicly available sources. The information is current through the September 11, 2026 close (Friday) and may be subject to timing differences. Specific data should be verified against the company’s official announcements and authoritative data terminals. This report is for information compilation and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.