1月16日，广西能源（维权）（600310）发布2025年年度业绩预亏公告。 经财务部门初步测算，预计公司2025年年度实现归属于母公司所有者的净利润-17,000万元到-22,000万 元，比上年度减少23,298.80万元到28,298.80万元,同比减少369.89%到449.27%。 预计公司2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润-28,000万元到-34,000万 元。 （一）2025年，贺江、桂江流域来水同比减少超四成，公司贺州及梧州地区水电厂发电量同比减少；同 时受广西电力现货市场交易产生的并入广西电网的水电分摊非市场电源反向向市场供电不平衡资金影 响，公司并入广西电网的水电厂电费收入减少。水力发电板块归属于母公司所有者的净利润同比减少。 （二）广西电力交易市场电价下降，公司电网售电价下降；贺江、桂江流域来水偏枯发电量减少，电网 外购电增加，购电成本增加，毛利减少。供电板块归属于母公司所有者的净利润同比减少。 （三）年度计提各项减值同比增加。 1月16日，广西能源（维权）（600310）发布2025年年度业绩预亏公告。 上年同期经营业绩和财务状况 （一）利润总额：39,7 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Group 1 - The company, Guangxi Energy, announced an expected net profit attributable to the parent company for the year 2025 to be between -170 million to -220 million yuan, indicating a significant loss [1] - This projected loss represents a decrease of 232.988 million to 282.988 million yuan compared to the previous year, reflecting a year-on-year decline of 369.89% to 449.27% [1]

Core Viewpoint - Guangxi Energy is expected to face significant external challenges in 2025, with projected net profit attributable to shareholders ranging from -170 million to -220 million yuan, representing a year-on-year decrease of 369.89% to 449.27% [1] Group 1: Performance Challenges - The performance pressure in 2025 is attributed to multiple short-term external factors rather than a fundamental issue with the company's core operational capabilities [2] - Key short-term factors include adverse natural conditions leading to reduced hydropower generation and increased costs due to market rules affecting electricity pricing, which have negatively impacted revenue [2] - The decrease in hydropower generation has also resulted in higher electricity purchases, further squeezing profit margins in the supply segment [2] Group 2: Long-term Value and Support - Despite short-term fluctuations, Guangxi Energy's core investment value and competitive advantages remain intact, supported by regional energy strategies [3] - The "14th Five-Year" energy plan in Guangxi aims to increase the share of non-fossil energy consumption to over 35% by 2030, positioning Guangxi Energy to benefit from this policy [3] - The company has established a diversified energy business system, with a total installed capacity of 2.3571 million kilowatts as of September 2025, a 169% increase from the end of the "13th Five-Year" period, and approximately 70% of this capacity is from clean energy sources [3] Group 3: Growth Drivers - The gradual commissioning of new energy projects is expected to provide ongoing growth momentum, with the first offshore wind project contributing significant electricity generation and profits [4] - The company has made progress in various renewable energy projects, including onshore wind and solar, with a total installed capacity of 550,000 kilowatts for onshore wind [4] - The electricity grid construction has improved, with a total line length of 7,720 kilometers, an 18.5% increase from the end of the "13th Five-Year" period, enhancing service to nearly 400,000 users [4] Group 4: Strategic Outlook - Guangxi Energy's strategic planning aligns with the "14th Five-Year" energy development blueprint, presenting vast opportunities for growth [5] - The company aims to optimize its energy structure and increase the share of non-fossil energy, aligning with national carbon neutrality goals [5] - Guangxi's position as an energy cooperation hub with ASEAN countries offers potential for cross-border electricity trading and expansion into overseas markets [5][6]

Core Viewpoint - Guangxi Energy (600310.SH) expects to report a net profit attributable to shareholders of the parent company ranging from -170 million to -220 million yuan for the year 2025, a significant decline compared to the net profit of 62.98 million yuan in the same period last year [1] Financial Performance - The projected net profit for 2025 is estimated to be between -170 million yuan and -220 million yuan [1] - The previous year's net profit was 62.98 million yuan [1]

Core Viewpoint - Guangxi Energy (600310.SH) expects to report a net profit attributable to shareholders of the parent company ranging from -170 million to -220 million yuan for the year 2025, a significant decline compared to the net profit of 62.988 million yuan in the same period last year [1] Financial Performance - The projected net profit for 2025 is estimated to be between -170 million yuan and -220 million yuan [1] - The previous year's net profit was 62.988 million yuan [1]

Group 1 - Su Dawei Ge's wholly-owned subsidiary plans to invest in a fund focusing on semiconductor, new energy, AI, and aerospace sectors, contributing 20 million yuan for a 10.2302% stake [2] - Shimao Energy terminates plans for a change in control after failing to reach consensus on key terms, with stock resuming trading on January 19 [3] - Huatian Hotel's controlling shareholder is planning a merger and restructuring, potentially changing the actual controller to the Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission [4] Group 2 - Jinpu Titanium's subsidiary Xuzhou Titanium will cease production due to intensified market competition, which is expected to significantly impact revenue in 2026 [5] - Dingxin Communications' deputy general manager is under investigation by the CSRC for suspected short-term trading of company stock, but it will not affect the company's operations [6] - Xinhang New Materials plans to acquire 51% of Hairete for 12.8826 million yuan to explore new growth points [7] Group 3 - Hualan Co.'s controlling shareholder raises the upper limit of its share buyback plan from 58.08 yuan to 86.66 yuan per share [8] - Wanhua Chemical's MDI Phase II facility has resumed normal production after maintenance [9] - Junsheng Electronics introduces a strategic investor, with a 1 billion yuan investment aimed at reducing overall debt [10] Group 4 - Jiangbolong announces five shareholders plan to transfer 3% of the company's shares through a pricing inquiry [11] - Haitai Technology expects a net profit increase of 226.86% to 323.97% in 2025, driven by high industry demand and increased orders [13] - Northern Rare Earth anticipates a net profit increase of 116.67% to 134.6% in 2025 due to successful market expansion [14] Group 5 - Lanke Technology forecasts a net profit increase of 52.29% to 66.46% in 2025, benefiting from the AI industry trend [15] - Keda expects a net profit increase of 52.21% to 67.43% in 2025, driven by growth in data center and new energy sectors [16] - Cambridge Technology predicts a net profit increase of 51% to 67% in 2025, supported by strong demand in core business areas [17] Group 6 - China Electric Research anticipates a net profit of 533 million yuan in 2025, a 14.04% increase year-on-year [18] - China Automotive Research expects a net profit of 1.06 billion yuan in 2025, a 17.85% increase year-on-year [19] - Zhongcheng Co. forecasts a net profit of 276 million to 414 million yuan in 2025, recovering from a previous loss [20] Group 7 - Junda Co. expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, worsening from a previous loss of 591 million yuan [21] - Guangdian Network anticipates a net loss of 1.29 billion to 1.55 billion yuan in 2025, attributed to declining traditional business revenue [22] - Jiugang Hongxing predicts a net loss of approximately 1.879 billion yuan in 2025, an improvement from a previous loss of 2.617 billion yuan [23] Group 8 - Jinbo Co. expects a net loss of around 1.4 billion yuan in 2025, worsening from a previous loss of 815 million yuan [24] - Dongjiang Environmental anticipates a net loss of 1.05 billion to 1.35 billion yuan in 2025, due to ongoing industry adjustments [25] - Daqing Energy forecasts a net loss of 1 billion to 1.3 billion yuan in 2025, despite improvements in production costs [26] Group 9 - Dongzhu Ecology expects a net loss of 935 million to 1.135 billion yuan in 2025, impacted by macroeconomic factors [27] - Weiyuan Co. anticipates a net loss of 950 million to 1.05 billion yuan in 2025, turning from profit to loss [28] - Huanghe Xuanfeng predicts a net loss of 850 million yuan in 2025, an improvement from a previous loss of 983 million yuan [29] Group 10 - Fushun Special Steel expects a net loss of 770 million to 870 million yuan in 2025, turning from profit to loss [30] - China First Heavy Industries anticipates a net loss of 310 million to 460 million yuan in 2025, significantly reducing losses compared to the previous year [31] - Jishi Media forecasts a net loss of 364 million to 455 million yuan in 2025, with overall revenue expected to remain stable [33] Group 11 - Guangxi Energy expects a net loss of 170 million to 220 million yuan in 2025, turning from profit to loss [34] - Baike Bio anticipates a net loss of 220 million to 280 million yuan in 2025, turning from profit to loss due to declining vaccine sales [35] - Zhongtai Auto expects to remain in a loss position for 2025, with a projected positive net asset value by year-end [36] Group 12 - Nasda anticipates a loss for 2025 due to significant asset sales and industry policy adjustments [37] - Rongsheng Development expects to report a loss for 2025, with the amount not exceeding the previous year's audited net assets [38] Group 13 - China National Materials signs a contract worth 299 million Canadian dollars for engineering services in Canada [40] - Dayu Water-saving's subsidiary wins a project worth 133 million yuan for water source guarantee engineering [41] - Hailu Heavy Industry reports new orders totaling 1.941 billion yuan for 2025 [42]

Core Viewpoint - Guangxi Energy (600310.SH) expects a significant decline in net profit for the year 2025, projecting a loss between 170 million to 220 million yuan, which represents a decrease of 232.99 million to 282.99 million yuan compared to the previous year, indicating a year-on-year decline of 369.89% to 449.27% [1] Financial Projections - The company anticipates a net profit attributable to the parent company, excluding non-recurring gains and losses, to be between -280 million to -340 million yuan for the year 2025 [1]

Financial Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -170 million and -220 million CNY, a decrease of 232.99 million to 282.99 million CNY compared to the previous year, representing a year-on-year decline of 369.89% to 449.27%[5] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -280 million and -340 million CNY[5] - In the previous year, the total profit was 397.55 million CNY, with a net profit attributable to shareholders of the parent company of 62.99 million CNY, and a net profit of -70.98 million CNY after deducting non-recurring gains and losses[8] Factors Affecting Performance - The decrease in performance is primarily due to a more than 40% year-on-year reduction in water inflow in the Hejiang and Guijiang river basins, leading to a decrease in hydropower generation in the Hezhou and Wuzhou regions[10] - The decline in electricity prices in the Guangxi electricity trading market has resulted in reduced sales prices for the company's power grid, increased electricity purchase costs, and decreased gross profit[10] - The company has increased its annual impairment provisions compared to the previous year[11] Audit and Investment Risks - The performance forecast is based on preliminary calculations by the company's financial department and has not been audited by a registered accountant[12] - Investors are advised to pay attention to investment risks as the forecast data is preliminary and the final audited financial data will be disclosed in the official 2025 annual report[13]

Core Viewpoint - Guangxi Energy (600310) is expected to report a net loss attributable to shareholders of the parent company ranging from 170 million to 220 million yuan for the fiscal year 2025, marking a shift from profit to loss year-on-year [1] Group 1: Financial Performance - The company anticipates a net profit loss of 170 million to 220 million yuan for 2025, indicating a significant decline compared to previous years [1] - The reduction in water inflow in the Hejiang and Guijiang river basins is over 40% year-on-year, leading to decreased electricity generation from the company's hydropower plants in Hezhou and Wuzhou [1] Group 2: Market Conditions - The electricity price in the Guangxi power trading market has decreased, contributing to a decline in the company's grid electricity selling price [1]