证券代码：600481 证券简称：双良节能 公告编号：2025-054 转债代码：110095 转债简称：双良转债 双良节能系统股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 09 月 15 日（星期一）09:30-10:30 ?会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频录播和网络互动 ? 投资者可于 2025 年 09 月 08 日（星期一）至 09 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 的问题进行回答。 双良节能系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发 布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公司计划于 2025 年 09 月 15 日（星期一） 一、 ...

| 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 09 月 08 日（星期一）至 09 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600481@shuangliang.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 双良节能系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发 布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公司计划于 2025 年 09 月 15 日（星期一） 09:30-10:30 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 （一 ...

Group 1 - The core viewpoint of the news is the performance and business structure of Shuangliang Energy, highlighting its stock price increase and market capitalization [1] - As of September 4, Shuangliang Energy's stock rose by 5.69%, reaching 6.13 CNY per share, with a trading volume of 532 million CNY and a turnover rate of 4.71%, resulting in a total market value of 11.486 billion CNY [1] - Shuangliang Energy's main business segments include energy-saving and water-saving systems (67.97% of revenue), photovoltaic new energy systems (23.03%), and other equipment (1.74%) [1] Group 2 - Among the top ten circulating shareholders of Shuangliang Energy, Huatai-PB Fund holds a position, with the Photovoltaic ETF (515790) reducing its holdings by 36,100 shares in the second quarter, now holding 13.1051 million shares, which is 0.7% of the circulating shares [2] - The Photovoltaic ETF (515790) was established on December 7, 2020, with a current scale of 9.984 billion CNY, yielding 10.99% this year, ranking 3433 out of 4222 in its category, and 27.52% over the past year, ranking 3151 out of 3789 [2]

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, but managed to narrow its losses compared to the previous year, indicating some operational improvements despite challenging market conditions [1][6]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 4.39 billion, a year-on-year decrease of 37.1%, and a net profit attributable to shareholders of -600 million, an improvement from -1.26 billion in the same period last year [1]. - The gross profit margin improved to 1.5%, up 7.5 percentage points year-on-year, and the net cash flow from operating activities turned positive at 690 million [1]. - In Q2 2025, the company reported operating revenue of 2.31 billion, a year-on-year decrease of 15.5%, but a quarter-on-quarter increase of 11.1%, with a net profit of -440 million, compared to -960 million in the same period last year [1]. Group 2: Business Segments - The energy-saving and water-saving equipment business generated revenue of 920 million in H1 2025, down 46.5% year-on-year, but with a gross margin of 32.9%, up 8.3 percentage points [2]. - The company’s air cooling business saw a significant increase in orders, with a year-on-year growth rate close to 140%, driven by the ongoing demand for energy-saving and carbon reduction initiatives in coal and electricity sectors [2]. - The photovoltaic silicon wafer sales contracted significantly, with market prices for N-type silicon wafers dropping by approximately 33%-43% year-on-year, leading to compressed profit margins [4]. Group 3: Strategic Initiatives - The company is focusing on expanding its green hydrogen production business and has initiated international strategies, including establishing a direct sales network in key domestic markets and developing sales channels in Europe, the Middle East, and South Asia [3]. - A collaboration with ACME for a green ammonia project in Oman, aiming for an annual production of 100,000 tons, has been launched with plans for delivery within 2025 [3]. - The company continues to pursue a major client strategy, maintaining long-term stable partnerships with leading enterprises across both supply and sales channels [5]. Group 4: Future Outlook - The company anticipates significant challenges in its photovoltaic product and new energy equipment businesses due to intensified competition, projecting revenues of 9.85 billion, 11.93 billion, and 14.12 billion for 2025-2027, with year-on-year growth rates of -24.5%, 21.2%, and 18.3% respectively [6]. - The net profit forecast for the same period is expected to be -860 million, 220 million, and 780 million, indicating a trend of narrowing losses and eventual profitability [6]. - The demand in the air cooling and green hydrogen sectors is expected to support stable growth in the company’s equipment business [6].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 6.62 [7][8]. Core Views - The company is expected to see a recovery in silicon wafer profitability as it continues to optimize its processes and reduce costs. The equipment business is also progressing well, potentially creating a second growth curve for the company [2][4]. - The company has experienced a significant reduction in losses compared to the previous year, primarily due to a decrease in asset impairment losses [2][3]. - The report highlights the company's strong cash flow generation, with operating cash flow remaining positive for four consecutive quarters [3]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenues of RMB 4.39 billion, a year-on-year decline of 37.1%. The net loss attributable to the parent company was RMB 600 million, a significant reduction from RMB 1.26 billion in the same period last year [2]. - In Q2 2025, the company recorded a net loss of RMB 440 million, with a gross margin decrease of 1.3% and an increase in asset impairment losses to RMB 170 million [3]. Silicon Wafer Business - The company has equipped its entire production line with 1600 furnaces, capable of producing M10, G12, and customized rectangular silicon wafers. It is also advancing the construction of smart factories to enhance efficiency [4]. - The company aims to improve yield rates and production efficiency through better material quality control and process management [4]. Equipment Business - The company is expanding its new energy equipment orders, particularly in hydrogen energy, and has established a direct sales network across multiple provinces in China. It has signed a sales contract worth RMB 450 million for green hydrogen systems [5]. - In the data center cooling segment, the company is actively participating in several high-profile projects, which may lead to significant benefits as the data center market continues to grow [5]. Profit Forecast and Valuation - Due to a decline in demand following the end of the domestic photovoltaic installation rush, the company has adjusted its revenue and gross margin assumptions downward for its photovoltaic business. The expected net profits for 2025-2027 are projected to be RMB -665 million, RMB 420 million, and RMB 1.006 billion, respectively [6][13]. - The report assigns a PE valuation of 30.09x for 2026, leading to a target price of RMB 6.62, reflecting an increase from the previous target of RMB 4.94 [6][15].

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]

Core Viewpoint - The recent financial report of Shuangliang Energy (600481) indicates a significant decline in total revenue and a negative net profit, despite improvements in certain profitability metrics [1] Financial Performance - Total revenue for the first half of 2025 was 4.388 billion yuan, a decrease of 37.13% year-on-year [1] - The net profit attributable to shareholders was -597 million yuan, an increase of 52.54% year-on-year [1] - In Q2 2025, total revenue was 2.309 billion yuan, down 15.46% year-on-year, with a net profit of -435 million yuan, up 54.76% year-on-year [1] - The gross margin improved to 1.45%, a year-on-year increase of 124.09%, while the net margin was -13.66%, up 24.36% year-on-year [1] Expense Analysis - The combined expenses (selling, administrative, and financial) accounted for 10.31% of total revenue, an increase of 41.6% year-on-year, totaling 452 million yuan [1] - The company's financial expenses, selling expenses, and administrative expenses showed a significant rise, impacting overall profitability [1] Asset and Liability Management - Cash and cash equivalents decreased by 16.97% year-on-year to 5.612 billion yuan [1] - Accounts receivable increased by 27.22% year-on-year to 2.118 billion yuan [1] - Interest-bearing liabilities decreased by 8.66% year-on-year to 13.742 billion yuan [1] Shareholder Metrics - The net asset per share was 2.13 yuan, down 26.55% year-on-year [1] - Earnings per share were -0.32 yuan, an increase of 52.61% year-on-year [1] - Operating cash flow per share improved to 0.37 yuan, a year-on-year increase of 154.02% [1] Investment Interest - The largest fund holding Shuangliang Energy is the Environmental Governance LOF, which has recently increased its position [3] - The fund's current scale is 208 million yuan, with a recent net value of 0.5611, reflecting a 16.54% increase over the past year [3]

Core Viewpoint - The company held its eighth board meeting and approved several key resolutions, including the review of the 2025 semi-annual report and the proposal for asset impairment provisions [1][2][3] Group 1: Board Resolutions - The board approved the 2025 semi-annual report and its summary with unanimous support (8 votes in favor) [1] - The board approved the proposal for asset impairment provisions, also with unanimous support (8 votes in favor) [2] - The board approved changes to registered capital and the cancellation of the supervisory board, with unanimous support (8 votes in favor) [2] - The board approved the revision of the audit committee's working rules, with unanimous support (8 votes in favor) [2] - The board approved the election of a new board, with unanimous support (8 votes in favor) [2] - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Return" action plan, with unanimous support (8 votes in favor) [3] - The board approved the proposal to convene the fourth extraordinary general meeting of shareholders in 2025, with unanimous support (8 votes in favor) [3] Group 2: Disclosure and Further Actions - Details of the approved resolutions will be disclosed on the Shanghai Stock Exchange website and designated media [1][2][3] - Resolutions regarding changes to registered capital and the election of a new board will be submitted for review at the fourth extraordinary general meeting of shareholders in 2025 [3]

Core Points - The company held its 22nd meeting of the 8th Supervisory Board on August 22, 2025, where several key resolutions were passed [1][2] - The Supervisory Board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational and financial status [1][2] - The company decided to recognize asset impairment provisions in accordance with accounting standards, which is expected to provide a fair representation of the company's asset situation [2] - A resolution was passed to change the registered capital, abolish the Supervisory Board, and revise the company's articles of association [2] Summary by Category Meeting Resolutions - The meeting was convened in compliance with the Company Law and the company's articles of association, with all resolutions deemed valid [1] - The resolutions included the approval of the semi-annual report, asset impairment provisions, and changes to the registered capital and governance structure [1][2] Financial Reporting - The semi-annual report was reviewed and deemed to meet legal and regulatory requirements, accurately reflecting the company's performance [1] - The asset impairment provision was approved unanimously, indicating a proactive approach to financial management [2] Corporate Governance - The decision to abolish the Supervisory Board and amend the articles of association reflects a significant change in the company's governance structure [2]

Group 1 - The company will hold its fourth extraordinary general meeting of shareholders on September 19, 2025 [3] - The meeting will take place at the company's office located at 88 Xili Road, Jiangyin City, Jiangsu Province [3] - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [3][5] Group 2 - The meeting will include both on-site and online voting methods [3] - Shareholders must complete voting for all proposals before submission [5] - The company will provide a reminder service for small and medium investors to facilitate their participation [5] Group 3 - Shareholders registered by the close of trading on September 15, 2025, are eligible to attend the meeting [7] - The voting process allows shareholders with multiple accounts to aggregate their voting rights across all accounts [4][8] - The cumulative voting system will be used for electing directors, independent directors, and supervisors [6][10]