中国国际金融股份有限公司关于 南方电网储能股份有限公司重大资产置换及发行股份购买资产 并募集配套资金暨关联交易 之限售股解禁上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"独立财务顾问"）作 为南方电网储能股份有限公司（以下简称"南网储能"、"公司"）重大资产置换 及发行股份购买资产并募集配套资金暨关联交易的独立财务顾问，根据《上市公公 司重大资产重组管理办法》《上市公公司并购重组财务顾问务务管理办法》《上市证 券交易所股票市公规则》和上市证 券交易所市公公司自律监管指引第 11 号- 持续督导》等有关法律法规的规定，对南网储能本次重组非公开发行股票限售股 解禁并市公流通事项进行了核查，具体核查情况如下： 一、本次限售股市公类型 本次限售股市公流通类型为非公开发行限售股，具体情况如下： （一）本次非公开发行限售股核准情况 本次非公开发行新增股份已于 2022 年 9 月 8 日在中国 券登记结算有限责 任公司市证分公司办理完毕股份登记手续。 （四）本次非公开发行限售股锁定期安排 公司于 2022 年 8 月 26 日收到中国 券监督管理委员会（以下简称"中国 监会"）出具的上关于核准云南 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 13.4% year-on-year increase in revenue for the first half of 2025, reaching 3.301 billion yuan, and a 32.9% increase in net profit attributable to shareholders, amounting to 832 million yuan, which aligns with market expectations [7] - The increase in revenue and profit is attributed to several factors: improved water supply for peak-shaving hydropower, increased income from the first phase of Meizhou pumped storage entering the spot market, and the commissioning of the Yunnan Qiubei energy storage station [7] - The company has a total installed capacity of 12.9642 million kilowatts as of the first half of 2025, including 10.28 million kilowatts of pumped storage and 654,200 kilowatts of new energy storage [7] - The entry of Meizhou into the spot market is expected to enhance the profitability of pumped storage plants, as the new policy broadens the development space for energy storage [7] - The company maintains profit forecasts of 1.235 billion yuan, 1.394 billion yuan, and 1.517 billion yuan for 2025-2027, with corresponding P/E ratios of 27x, 24x, and 22x [7] Financial Summary - Total revenue forecast for 2023A is 5.63 billion yuan, with a projected increase to 6.67 billion yuan in 2025E, reflecting an 8.08% year-on-year growth [1][8] - Net profit attributable to shareholders is expected to grow from 1.014 billion yuan in 2023A to 1.235 billion yuan in 2025E, representing a 9.61% increase [1][8] - The latest diluted EPS is projected to rise from 0.32 yuan in 2023A to 0.39 yuan in 2025E [1][8] - The company's total assets are forecasted to increase from 50.467 billion yuan in 2024A to 57.814 billion yuan in 2025E [8]

Summary of Key Points Core Viewpoint - In September 2025, a total of 179 companies in the A-share market will face the unlocking of restricted shares, amounting to approximately 16.228 billion shares with a total market value of 303.398 billion yuan, reflecting a month-on-month decrease of about 53.88% and a year-on-year increase of about 3.16% [1][9]. Company-Specific Summaries - **Times Electric**: The largest unlocking value, with 590 million shares set to be released on September 8, amounting to approximately 28.713 billion yuan, which represents 43.42% of its total share capital [4][9]. - **South Network Energy Storage**: Will have 2.087 billion shares unlocked on September 8, with a market value of about 21.474 billion yuan, accounting for 65.3% of its total share capital [9]. - **Wondfo Medical**: The third largest unlocking value, with 407 million shares, representing 69.83% of its total share capital, and a market value of approximately 17.025 billion yuan [9]. Industry Distribution - The industries with the highest unlocking market values are: - **Machinery Equipment**: Led by Times Electric and Xizhuang Co., with significant unlocking volumes [9]. - **Computer**: Notable companies include Softcom Power and Hehe Information, which have substantial unlocking values [9]. - **Electronics**: This sector also features prominently in the unlocking market value [9]. Anniversary Unlocking - In September, 10 companies will celebrate their listing anniversary, resulting in the unlocking of approximately 480 million shares with a total market value of about 30.255 billion yuan [12].

新华财经北京9月1日电 2025年9月，A股有179家公司的限售股面临解禁，合计解禁量约为162.28亿股，解禁规模3033.98亿元，环比下降约53.88%，同比上 升约3.16%。其中，时代电气解禁规模居首，解禁市值超200亿元。 从行业分布来看，机械设备、计算机、电子行业解禁市值分别位列前三。 此外，共有10家公司、4.8亿限售股于9月迎上市周年解禁，解禁市值为302.55亿元，包括合合信息、无线传媒、富特科技等企业。 逾3000亿元限售股9月解禁时代电气、南网储能解禁规模居前 截至2025年8月28日的数据显示，9月有179只股票面临解禁，合计解禁量为162.28亿股，以2025年8月28日收盘价计算，合计解禁市值3033.98亿元，环比下降 约53.88%，同比上升约3.16%。 图1：2024年9月至2025年9月限售股解禁规模 | 排名 | 证券简称 | 证券代码 | 解禁数量(万股) | 解禁市值(亿元) | | --- | --- | --- | --- | --- | | 1 | 时代电气 | 688187.5H | 58,958.57 | 287.13 | | 2 | 南网储能 | 60 ...

Core Viewpoint - The report highlights the financial performance and operational status of China Southern Power Grid Energy Storage Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit, alongside strategic developments in energy storage and hydropower sectors [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately CNY 3.30 billion, representing a year-on-year increase of 13.38% [2][14]. - Total profit amounted to approximately CNY 1.27 billion, reflecting a 24.92% increase compared to the same period last year [2]. - Net profit attributable to shareholders was approximately CNY 832.44 million, up 32.93% year-on-year [2][14]. - The company's total assets increased by 7.54% to approximately CNY 54.27 billion, while net assets rose by 2.94% to approximately CNY 21.97 billion [2]. Industry Overview - National electricity consumption in the first half of 2025 was approximately 4.84 trillion kWh, a growth of 3.7% year-on-year, with total installed power generation capacity reaching 3.65 billion kW, up 18.7% [3][4]. - The new energy storage sector is experiencing rapid growth, with installed capacity exceeding 80 million kW by June 2025, driven by policy shifts towards market-driven development [3][4]. Business Operations - The company operates a total installed capacity of 12.96 million kW, including 10.28 million kW from pumped storage, 654.2 MW from new energy storage, and 2.03 million kW from peak-shaving hydropower [4][5]. - Three new electrochemical storage projects were commissioned, contributing to the new energy storage capacity [5][6]. - The company is actively pursuing ten ongoing pumped storage projects, with plans for completion and commissioning within the year [6][7]. Strategic Initiatives - The company is focusing on enhancing operational efficiency and cost management, with a goal to improve key performance indicators such as profit margins and asset turnover [7][8]. - Emphasis is placed on technological innovation, with significant investments in research and development, leading to a 95.34% increase in R&D expenses [15][11]. - The company is also enhancing its ESG (Environmental, Social, and Governance) initiatives, achieving high ratings in sustainability assessments [12][13].

Core Viewpoint - The report highlights the financial performance and operational changes of Southern Power Grid Energy Co., Ltd. for the first half of 2025, indicating growth in revenue and profit metrics compared to the previous year [1]. Financial Performance - Total assets at the end of the reporting period reached approximately 54.27 billion RMB, an increase of 7.54% from the previous year [1]. - Operating revenue for the period was approximately 3.30 billion RMB, reflecting a year-on-year increase of 13.38% [1]. - Total profit amounted to approximately 1.27 billion RMB, representing a 24.92% increase compared to the same period last year [1]. - Net profit attributable to shareholders was approximately 838.17 million RMB, up 32.19% from the previous year [1]. Shareholder Information - The total number of shareholders as of the reporting period was 43,020 [2]. - The largest shareholder, China Southern Power Grid Co., Ltd., holds 65.30% of the shares, amounting to approximately 2.09 billion shares [2]. Operational Changes - The company plans to gradually expand the participation of pumped storage power stations in the spot market trading, which will affect revenue and cost structures [5]. - The revenue from electricity sales and costs of electricity purchases for pumped storage stations will increase due to participation in the spot market, with earnings being influenced by market price differences and operational duration [5].

证券代码：600995 证券简称：南网储能 编号：2025-46 南方电网储能股份有限公司 重要内容提示： ? 每股分配比例：每股派发现金红利 0.052 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数， 股权登记日具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前南方电网储能股份有限公司 （以下简称"公司"）总股本发生变动的，拟维持分配总额不 变，相应调整每股分配比例，并将在相关公告中披露。 一、利润分配方案内容 截至2025年6月30日，公司母公司报表中期末未分配利润为人民 币1,024,803,417.67元。经董事会决议，公司2025年半年度拟以实施 权益分派股权登记日登记的总股本为基数分配利润。本次利润分配方 案如下： 关于 2025 年半年度利润分配方案的公告 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。 派发现金红利166,192,301.86元（含税），占2025年半年度归属于上 市公司股东净利润的20%。 持分配总额不变，相应调整每股分配比例，并将在相关公告中披 ...

Meeting Overview - The eighth board meeting of Southern Power Grid Energy Co., Ltd. was held on August 29, 2025, in Guangzhou, with all 9 directors present [1] - The meeting was chaired by Chairman Liu Guogang, and some senior management personnel attended [1] Resolutions Passed - The board approved the revision of the "Board Authorization Decision Plan" with a unanimous vote of 9 in favor [2] - The board approved the revision of the "Corporate Governance Responsibilities and Authorization List" with a unanimous vote of 9 in favor [2] - The board approved the leasing of properties in Panyu Power Technology Park, with 3 votes in favor, while related directors abstained from voting [2] - The board approved the investment in the Ningxia Zhongwei battery energy storage project, with a unanimous vote of 9 in favor. The project has a scale of 720MW/1440MWh and a total investment of approximately 1.43 billion yuan, with an expected internal rate of return of no less than 4.31% [2][3] - The board approved the revision of the "Related Party Transaction Management Measures" with a unanimous vote of 9 in favor [3] - The board approved the revision of the "Management Regulations on the Use of Raised Funds" with a unanimous vote of 9 in favor [3] - The board approved the "Special Report on the Storage and Actual Use of Raised Funds in the First Half of 2025" with a unanimous vote of 9 in favor [6] - The board approved the "Risk Continuous Assessment Report on Southern Power Grid Financial Co., Ltd." with 3 votes in favor, while related directors abstained from voting [6] - The board approved the "Profit Distribution Plan for the First Half of 2025" with a unanimous vote of 9 in favor, which does not require submission to the shareholders' meeting [6] - The board approved the "Evaluation Report on the Implementation of the 'Quality Improvement, Efficiency Enhancement, and Return to Shareholders' Action Plan" with a unanimous vote of 9 in favor [7] - The board approved the "2025 Half-Year Report and its Summary" with a unanimous vote of 9 in favor, which was previously reviewed by the board's audit committee [7]

每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 （记者 王晓波） 截至发稿，南网储能市值为329亿元。 每经AI快讯，南网储能（SH 600995，收盘价：10.3元）8月29日晚间发布公告称，公司第八届第三十二 次董事会会议于2025年8月29日在广州以现场表决方式召开。会议审议了《关于公司2025年半年度报告 及其摘要的议案》等文件。 2024年1至12月份，南网储能的营业收入构成为：发电行业占比98.13%，其他业务占比1.45%，其他行 业占比0.42%。 ...

Core Viewpoint - Nanfang Energy Storage (600995.SH) reported a strong performance in its mid-year results for 2025, indicating growth in both revenue and net profit [1] Financial Performance - The company achieved an operating revenue of 3.301 billion yuan, representing a year-on-year increase of 13.38% [1] - The net profit attributable to shareholders reached 832 million yuan, marking a year-on-year growth of 32.93% [1] - Basic earnings per share were reported at 0.26 yuan [1] Dividend Distribution - The company proposed a cash dividend of 0.52 yuan (including tax) for every 10 shares to all shareholders [1]