Peicheng Technology R&D Personnel Compensation Analysis Report

Based on the obtained information, let me provide you with a systematic and comprehensive analysis.

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Peicheng Technology (Shenzhen Peicheng Electronic Technology Co., Ltd., Stock Code: 874553) is applying for an IPO on the Beijing Stock Exchange. According to data disclosed in its prospectus, there is a significant gap between the company’s R&D personnel compensation level and that of peer companies in the same industry**[1]**.

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Company	Per Capita R&D Personnel Compensation	Remarks
Peicheng Technology	RMB 211,800	Planned R&D center construction project
Kelei Technology	RMB 428,600	Also located in Nanshan District, Shenzhen

[1].

Company	Number of R&D Personnel	Percentage of Total Employees
Peicheng Technology	198 people	32.41%
Kelei Technology	148 people	-
Huasu Technology	88 people	-

The number of R&D personnel at Peicheng Technology is not only 30% more than that of Kelei Technology, but also 2.25 times that of Huasu Technology**[1]**.

Company	Cumulative Authorized Patents	Invention Patents	Year of Establishment
Peicheng Technology	24 patents	17 patents	2004
Kelei Technology	89 patents	38 patents	2010
Huasu Technology	54 patents	42 patents	2005

Although Peicheng Technology was established the earliest and has the largest number of R&D personnel, its patent output lags far behind that of comparable companies established later with fewer personnel**[1]**.

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• Serious Lack of Compensation Competitiveness
  : Among peer companies also located in Nanshan District, Shenzhen, the R&D personnel compensation is only half of that of the other company. For technical talents, this gap is highly attractive for them to switch to competitors
• Limited Shareholding by Core Technical Personnel
  : Although Ning Rongbin (7%) and Gong Weigang (2.4%) hold company shares, the total shareholding ratio of 9.4% may be difficult to form a long-term binding effect**[2]**
• Risk of Losing Technical Backbones
  : In the technology-intensive industry of BMS (Battery Management System), core R&D personnel are the company’s most valuable assets. Low compensation may cause key technical personnel to flow to competitors with higher salaries

• Sustained Restriction on Innovation Capability
  : If the current situation of R&D personnel “having a large number but low output” continues, it reflects that there may be problems with team vitality and enthusiasm
• Lag in New Product Development
  : Insufficient compensation competitiveness will affect the recruitment of high-end talents and the speed of product technology iteration
• Decline in Industry Status
  : Against the background of the rapid development of BMS application fields such as energy storage and new energy vehicles, technological backwardness may lead to loss of market share

• Improving Company Performance
  : In the first three quarters of 2025, revenue increased by 76.49% and net profit attributable to shareholders increased by 114.83%
  [1]
  . The performance improvement may provide room for future salary adjustments
• Increased Resources After IPO
  : After a successful listing, it is expected to enhance talent attraction through equity incentives, salary reforms and other methods
• Strong Industry Demand
  : The new energy industry is developing rapidly, and the demand for BMS talents is high. The company can take advantage of the industry development dividends to attract talents

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Risk Dimension	Risk Level	Explanation
Loss of Core Technical Backbones	High	Excessive compensation gap, high risk of poaching by competitors
Difficulty in Recruiting New Talents	Medium-High	Lack of compensation competitiveness, insufficient attraction to outstanding graduates
R&D Team Stability	Medium	The existing team may be temporarily stable due to inertia, but there are hidden dangers in the long term
Technological Innovation Capability	Medium	The gap in patent output has reflected certain problems

1. Compensation Structure Reform
   : It is recommended that the company prioritize the adjustment of the R&D personnel compensation system after the IPO
2. Expansion of Equity Incentives
   : Moderately increase the shareholding ratio of core technical personnel from the current 9.4%
3. Improvement of R&D Efficiency
   : Shift from the “mass manpower strategy” to the “elite talent strategy”
4. Talent Echelon Construction
   : Establish a sound career development channel and non-material incentive mechanism

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The fact that Peicheng Technology’s R&D personnel compensation is only half that of its peers

, which is mainly reflected in the following aspects:

1. Short-term
   : Core technical backbones face a high risk of loss, especially senior engineers with 3-5 years of experience
2. Medium-term
   : Affects the company’s technological innovation capability and product competitiveness
3. Long-term
   : If not adjusted in a timely manner, it may evolve from a state of “large number of personnel, low salary, few achievements” to a vicious circle of “personnel loss, few achievements, weak competitiveness”

: It is recommended that investors focus on the adjustment of the company’s talent incentive policies after the IPO, as well as the changing trends of R&D team size and patent output from 2026 to 2027, which will directly reflect whether the company can solve the current talent incentive dilemma.

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Sina Finance - “Peicheng Technology IPO: Large Number of R&D Personnel, Low Salary, Few Achievements” (https://finance.sina.com.cn/stock/marketresearch/2026-01-09/doc-inhfsfzt4664407.shtml)

Public Transfer Instructions of Shenzhen Peicheng Electronic Technology Co., Ltd. (https://pdf.dfcfw.com/pdf/H2_AN202408261639450153_1.pdf)