ZENERGY (03677) surged over 14% during intraday trading. As of press time, the stock was up 5.67%, trading at HK$11.92 with a turnover of HK$259 million.

ZENERGY previously announced that its shares have been included in the list of eligible securities under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs, effective from September 8. The board believes that the inclusion in the Stock Connect programs will help accelerate the expansion of the company's shareholder base, enhance the trading liquidity of its shares, and further improve the company's reputation in the capital markets as well as its brand recognition.

CMB International issued a research report stating that as a rising player in the industry, ZENERGY carries significantly lighter historical burdens compared to most peers. Combined with management's strategy of improving manufacturing efficiency through standardized battery cells and platform-based battery pack solutions, this constitutes the company's core competitive advantage. The firm noted that despite high client concentration, ZENERGY achieved profitability in the last two reporting periods and maintained industry-leading gross margins, primarily attributable to high capacity utilization rates, advanced manufacturing lines, and excellent management capabilities.

From a client structure perspective, scale effects and high capacity utilization are expected to continue at least until the end of 2026, while improvements in client structure may further enhance profit margins. The report anticipates that GAC-Toyota will become ZENERGY's second-largest client this year, and with the supply to Volkswagen's extended-range vehicle models, foreign brands are expected to contribute approximately half of ZENERGY's revenue by 2027.