Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company achieved a 37% year-on-year growth in net profit attributable to shareholders in the first three quarters of 2025, driven by increased hydropower generation and new energy storage projects coming online [1][8]. - The company is nearing a period of intensive production with a total installed capacity of 10.58 million kilowatts in pumped storage and 10 ongoing projects, which are expected to contribute significantly to future revenue [2][19]. - The new energy storage sector is anticipated to grow rapidly, supported by national policies aiming for an installed capacity of over 180 million kilowatts by 2027, which will drive direct investments of approximately 250 billion yuan [2][24]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 5.32 billion yuan, a year-on-year increase of 17.72%, and a net profit of 1.433 billion yuan, up 37.13% [1][8]. - In Q3 2025 alone, revenue reached 2.019 billion yuan, reflecting a 25.59% year-on-year growth, while net profit was 601 million yuan, marking a 43.41% increase [1][8]. - The growth was primarily attributed to increased hydropower generation and contributions from new energy storage projects [1][8]. Project Development - As of September 2025, the company has a total installed capacity of 10.58 million kilowatts in pumped storage, with 10 projects under construction, including significant projects in Guangdong and Guangxi [2][19]. - The first unit of the Meizhou Phase II project was commissioned in August 2025, with plans for full production by the end of the year [2][19]. Market Outlook - The national plan for new energy storage aims for a significant increase in capacity by 2027, which is expected to enhance market mechanisms and encourage participation in energy markets [2][24]. - The company is positioned as a key player in the new energy storage sector, which is expected to see rapid growth due to supportive government policies [2][24]. Profitability and Valuation - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.591 billion yuan, 1.916 billion yuan, and 2.186 billion yuan respectively, with corresponding growth rates of 41%, 20%, and 14% [3][24]. - The projected price-to-earnings (PE) ratios for the upcoming years are 25, 21, and 18 times [3][24].

Core Viewpoint - The competition organized by South Network Energy Company highlights the importance of artificial intelligence in the hydropower sector, showcasing the skills of participants and promoting technological advancements in the industry [1][9]. Group 1: Competition Overview - The competition took place on October 31, hosted by South Network Energy Company, and was part of the Guangdong Provincial vocational skills competition, attracting 116 elite participants from 31 teams [1][4]. - The event included individual and team competitions focusing on the design, development, and testing of AI algorithms, with a dual assessment approach of theoretical knowledge and practical skills [6]. Group 2: Technical Focus - The individual competition assessed participants through a combination of theoretical questions and practical tasks, covering topics such as Python programming, machine learning, and deep learning [6]. - The team competition emphasized the application of AI technology in real-world scenarios, with teams presenting their projects based on business context, pain points, value, and technical implementation [6]. Group 3: Notable Achievements - The individual competition was won by Lin Zexin and You Jinpeng from South Network Energy, while the team competition was won by the AI application team from Lubuge Hydropower Plant with their project on water condition forecasting using time series models [1][6]. - The winning project addressed the limitations of traditional models in predicting complex hydrological systems, aiming to enhance water resource utilization and provide replicable solutions for hydropower station flood dispatching [6]. Group 4: Industry Impact - The successful execution of the competition is expected to accelerate the development of high-quality labor forces in Guangdong's hydropower industry and promote digital transformation [9]. - South Network Energy Company plans to leverage the experiences gained from this competition to enhance its service quality and explore more unique platforms for cultivating technical talent in the industry [9].

Summary of Conference Call for Nanning Meixu Pumped Storage Project Industry Overview - The conference call discusses the pumped storage and new energy storage industry, focusing on the Nanning Meixu pumped storage project and other related projects by the company. Key Points and Arguments 1. **Project Timeline and Capacity** - The Nanning Meixu pumped storage project is expected to be fully operational by the end of 2025 with a capacity of 2.4 million kilowatts. Two units are already operational, and the remaining two are expected to be operational by the end of the year, entering commercial operation in January 2026 [2][6][4]. 2. **Future Projects** - Other projects, including Zhaoqing Langjiang and Huizhou Zhongdong, are planned to have their first units operational by the end of 2026, with full operation expected in the first half of 2027. Additional projects in Maoming, Guilin, and other locations are scheduled for completion between 2027 and 2029 [2][6]. 3. **Revenue Composition** - For the first three quarters, the company's pumped storage business generated revenue of 3.083 billion yuan, accounting for 62% of total revenue. Peak regulation hydropower contributed 1.65 billion yuan (31%), while new energy storage contributed 267 million yuan (5.02%) [2][9]. 4. **Profit Contribution** - Pumped storage and new energy storage businesses contribute over 90% of the company's total profit. However, due to centralized management costs, it is challenging to break down the specific profitability of each business segment [2][10]. 5. **Pricing Mechanism** - The pricing mechanism for new energy storage is expected to reference pumped storage, including capacity compensation and market transaction income. The National Development and Reform Commission is working on a unified pricing policy [4][15]. 6. **Cost of Projects** - The comprehensive cost of the Ningxia project is approximately less than 0.8 yuan per watt. The construction cost for the Lijiang Huaping all-vanadium flow battery project is estimated at 1.7-1.8 yuan per watt [4][17]. 7. **Market Entry and Profitability** - The Meixu project has entered the spot market, but the contribution to overall profit is limited due to low price differentials in the Guangdong spot market. The revenue from the spot market is around ten million yuan, which is relatively small compared to capacity fees [2][7]. 8. **Future Capacity Goals** - The company aims to achieve a total installed capacity of 3.6 billion kilowatts by 2035, with plans to add 2 million kilowatts during the 14th Five-Year Plan and 3 million kilowatts during the 15th Five-Year Plan [4][14]. 9. **Technological Advancements** - The company is exploring various energy storage technologies, including sodium-ion batteries and emerging technologies like gravity storage and compressed air storage, to enhance its portfolio [4][18]. 10. **Regulatory Environment** - The company is closely monitoring the regulatory environment as provinces are developing specific policies regarding capacity compensation and participation in the spot market [4][15]. Additional Important Information - The company is currently in the first pricing cycle, and the reduction of capacity and energy fees will be spread over three years to mitigate profit impacts [2][12]. - The internal rate of return for completed projects is set at 6.5%, influenced by capital input, loan rates, and operational costs [3][16]. - The company emphasizes that it will not pursue unprofitable projects, adhering to a conservative approach in project development [4][19].

Core Viewpoint - The stock of Southern Power Grid Energy has experienced fluctuations, with a current price of 12.83 CNY per share, reflecting a year-to-date increase of 28.29% and a recent decline of 2.14% on October 30 [1] Financial Performance - For the period from January to September 2025, Southern Power Grid Energy reported a revenue of 5.32 billion CNY, marking a year-on-year growth of 17.72%, and a net profit attributable to shareholders of 1.433 billion CNY, which is a 37.13% increase compared to the previous year [2] Shareholder Information - As of October 20, the number of shareholders for Southern Power Grid Energy stands at 46,700, a decrease of 3.36% from the previous period, while the average circulating shares per person increased by 3.47% to 68,371 shares [2] Dividend Distribution - Since its A-share listing, Southern Power Grid Energy has distributed a total of 1.622 billion CNY in dividends, with 930 million CNY distributed over the past three years [3]

Core Viewpoint - The company, Southern Power Grid Energy Co., Ltd., has disclosed its third-quarter financial report for 2025, highlighting significant growth in revenue from peak-shaving hydropower and new energy storage projects [20][21]. Financial Data - The third-quarter report indicates that the installed capacity of the company's pumped storage power station has increased to 10.58 million kilowatts following the commissioning of the first unit of the Meizhou pumped storage power station [21]. - Revenue from peak-shaving hydropower increased by 37.62% year-on-year, attributed to higher water inflow and increased power generation [21]. - Revenue from new energy storage grew by 27.42% year-on-year, primarily due to the commissioning of the Yunnan Qiubei energy storage power station with a capacity of 200 MW/400 MWh [21]. Shareholder Information - The company announced that its controlling shareholder, China Southern Power Grid Co., Ltd., through its wholly-owned subsidiary, has increased its stake in the company by acquiring 20,068,001 shares, representing 0.63% of the total issued shares, with a total investment of approximately RMB 201.1 million [6]. Board Meeting - The eighth board of directors held its 35th meeting on October 28, 2025, where the proposal to change the accounting firm was approved unanimously [10][11][12]. - The board also approved the third-quarter report for 2025, which will be submitted for shareholder approval [15][17]. Upcoming Events - The company will hold a performance briefing on November 7, 2025, to discuss the third-quarter results and future plans, allowing investors to engage through an online platform [22][23].

Core Insights - The company, Nanfang Energy Storage (600995), reported that as of October 20, 2025, the number of shareholders is 46,745 [1] Summary by Categories - **Company Information** - Nanfang Energy Storage has a total of 46,745 shareholders as of the specified date [1]

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the energy storage sector [1] Financial Performance - The company achieved total operating revenue of 5.32 billion yuan, representing a year-on-year growth of 17.72% [1] - The net profit attributable to shareholders reached 1.433 billion yuan, reflecting a year-on-year increase of 37.13% [1] - Basic earnings per share were reported at 0.45 yuan [1]

证券代码：600995 证券简称：南网储能 编号：2025-60 南方电网储能股份有限公司 2025年前三季度部分经营数据公告 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。 ②2025 年前三季度调峰水电收入同比增加 37.62%，主要原因是调峰水电站来水同 比增加，发电量同比增加。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》等有关规定，现将南方电网储能股份有限公司 2025 年前三 季度（1-9 月）部分经营数据公告如下： | 类型 | | 装机容量（万千瓦） | | | 发电行业主营业务收入（万元） | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 | | 2024 年 | 2025 年 | 2024 年 | 同比变动 | | | 三季度末 | | 三季度末 | 前三季度 | 前三季度 | | | 抽水蓄能 | 1058 | | 1028 | 330,551.21 | 308,362.34 | 7.20% | | 调峰水电 | ...

证券代码：600995 证券简称：南网储能 编号：2025-61 二、说明会召开的时间、地点及方式 （一）会议召开时间：2025 年 11 月 7 日（星期五）15:00-16:00 南方电网储能股份有限公司 关于召开2025年三季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： 一、说明会类型 南方电网储能股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日披露了 2025 年第三季度报告。为便于广大投资者更全面深入 地了解公司的经营成果、财务状况和未来发展规划等情况，公司计划 1 会议召开时间：2025 年 11 月 7 日（星期五）15:00-16:00 会 议 召 开 地 点 ： 全 景 网 " 投 资 者 关 系 互 动 平 台 " （http://ir.p5w.net） 会议召开方式：网络文字互动 投资者可于本公告披露日至 11 月 6 日（星期四）16:00 前通 过以下两种方式进行提问：一是扫描全景网问题预征集专题 页 面 二 维 码 （ 后 附 ） ； 二 是 ...

证券代码：600995 证券简称：南网储能 编号：2025-59 南方电网储能股份有限公司 关于变更会计师事务所的公告 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： 一、拟聘任会计师事务所的基本情况 （一）机构信息 2024 年度，立信会计师事务所为 693 家上市公司提供年报审计 服务，主要涉及行业：制造业，信息传输、软件和信息技术服务业， 科学研究和技术服务业，采矿业，批发和零售业，建筑业，房地产业， 电力、热力、燃气及水生产和供应业，审计收费总额 8.54 亿元。与 公司同行业上市公司审计客户 4 家。 2.投资者保护能力 截至 2024 年末，立信会计师事务所已提取职业风险基金 1.71 亿 元，购买的职业保险累计赔偿限额为 10.50 亿元，相关职业保险能够 覆盖因审计失败导致的民事赔偿责任。 立信会计师事务所近三年在执业行为相关民事诉讼中承担民事 责任的情况： 1.基本信息 立信会计师事务所于 1927 年在上海创建，1986 年复办，2010 年 1 拟聘任的会计师事务所名称：立信会计师事务所（ ...