Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2025, the company achieved a revenue of 3.3 billion yuan, a year-on-year increase of 13.4%, and a net profit attributable to the parent company of 830 million yuan, up 32.9% year-on-year. In Q2 2025, revenue was 1.74 billion yuan, with a net profit of 460 million yuan, reflecting a year-on-year increase of 34.5% [4][7] - The increase in revenue is attributed to higher generation from peak-shaving hydropower plants due to increased water inflow, and a rise in revenue from the spot market for pumped storage [7] - The company is progressing with 10 pumped storage projects, with plans for the second phase of Meixu and the Nanning project to be operational in 2025 [7] Summary by Sections Financial Performance - H1 2025 revenue breakdown: Peak-shaving hydropower revenue was 880 million yuan (+23.05% YoY), pumped storage revenue was 2.17 billion yuan (+6.3% YoY), and new energy storage revenue was 180 million yuan (+28.9% YoY) [7] - The net profit margin improved to 30.6%, up 3.7 percentage points YoY, driven by a gross margin increase of 2.5 percentage points to 52.7% and a reduction in management expenses by 6.7% [7] Future Outlook - The company expects revenue for 2025-2027 to be 6.64 billion, 8.02 billion, and 9.28 billion yuan respectively, with net profits of 1.24 billion, 1.52 billion, and 1.77 billion yuan, corresponding to P/E ratios of 27, 22, and 19 times [7][10] - The entry of pumped storage units into production is anticipated to contribute to growth, maintaining the "Buy" rating [7]

Core Viewpoint - The article discusses the performance of three listed companies under China Southern Power Grid, highlighting their growth in the context of the "dual carbon" goals and the embrace of AI technology in their operations [2][3][10]. Group 1: Company Performance - In the first half of 2025, South Network Energy's revenue increased by 21.13% to 1.603 billion yuan, while net profit rose by 4.48% to 214 million yuan [8][9]. - South Network Storage achieved a revenue growth of 13.38% to 3.301 billion yuan, with net profit increasing by 32.93% to 832 million yuan [4][5][6]. - South Network Technology reported a slight decline in both revenue and net profit compared to the previous year [2]. Group 2: Embracing AI - All three listed companies are actively integrating AI into their operations, with South Network Storage developing significant innovations in "AI + pumped storage" [11]. - South Network Energy has established an AI team to enhance industrial upgrades and accelerate the application of AI in comprehensive energy solutions [11]. - South Network Technology is focusing on building AI capabilities in safety supervision, aiming to create a comprehensive smart safety solution for the new power system [12][13]. Group 3: IPO Progress - South Network Digital is progressing with its IPO application on the ChiNext board, aiming to raise 2.554 billion yuan for projects related to advanced AI platforms and smart production [15][16]. - The company has built the largest AI sample library in the power sector and aims to become a leading enterprise in the digitalization of power energy driven by AI [15][16].

Core Insights - The three listed companies under China Southern Power Grid have reported their performance for the first half of 2025, highlighting their growth amidst the "dual carbon" goals and the integration of AI technologies [1][3][4]. Group 1: Company Performance - In the first half of 2025, South Power Storage achieved a revenue increase of 13.38% to 3.301 billion yuan and a net profit growth of 32.93% to 832 million yuan [5][6]. - South Power Energy reported a revenue increase of 21.13% to 1.603 billion yuan and a net profit increase of 4.48% to 214 million yuan [10][11]. - South Power Technology experienced a slight decline in both revenue and net profit compared to the previous year [2][3]. Group 2: Strategic Initiatives - The companies are focusing on capitalizing on the "dual carbon" opportunities, with South Power Storage emphasizing its strategic advancements in pumped storage and new energy storage [8][9]. - South Power Energy is actively expanding its energy-saving services, contributing to the reduction of carbon emissions and enhancing its market presence [9][10]. Group 3: AI Integration - All three companies are embracing AI technologies to enhance their operations, with South Power Storage developing proprietary innovations in "AI + pumped storage" [13]. - South Power Energy has established an AI team to drive industry upgrades and implement AI applications in comprehensive energy solutions [14]. - South Power Technology is advancing its AI capabilities in safety monitoring and has developed algorithms for various operational scenarios [17]. Group 4: IPO Developments - South Power Digital is progressing with its IPO application for the ChiNext board, aiming to raise 2.554 billion yuan for projects focused on advanced AI platforms and smart production applications [19][20]. - The company has built the largest AI sample library in the power sector and aims to become a leading enterprise in the digital energy field [19][21].

证券日报网讯 9月1日晚间，南网储能发布关于非公开发行限售股上市流通的公告称，公司本次股票上 市类型为非公开发行股份；股票认购方式为网下，本次股票上市流通总数为2，086，904，162股。本次 股票上市流通日期为2025年9月8日。 （编辑 任世碧） ...

特别地，梅蓄项目正式进入现货市场交易，抽蓄电站盈利能力有望得到进一步改善。券商研报指出：电 力现货市场机制将推动储能从"计划调度"走向"市场竞价"，储能具有同时参与电能量市场、辅助服务市 场及容量市场的机会。 南网储能（600995）（600995）披露中报显示，今年上半年公司实现总营业收入33.01亿元，同比增长 13.38%；利润总额达到12.65亿元，同比增长24.92%；实现归母净利润8.32亿元，同比增长32.93%；公 司期间毛利率进一步提升至52.74%，一举创出历年同期新高。 全景网了解到，截至2025年6月底，公司在运抽水蓄能装机规模达1028万千瓦，在建项目共10座、总装 机容量1200万千瓦，其中梅蓄二期、南宁项目计划年内投产，韶关新丰项目完成可研审查，新增临沧云 县项目投资开发权，展现出公司在传统与新兴储能领域的强大布局能力和项目推进效率。 公司2025年半年度利润分配方案拟每10股派现0.52元（含税），中期分红诚意十足。 为便于广大投资者更全面深入了解公司经营情况，公司定于2025年9月5日(星期五)下午15:00-16:00召开 2025年半年度业绩说明会，就投资者关心的问题进行 ...

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《 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 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 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文山电力股份有限公司向中国南方电网有限责任 公司发行股份购买资产并募集配套资金的批复》（ 监许可〔2022〕1902 号）， 核准公司发行 2,086,904, ...

证券代码：600995 证券简称：南网储能 编号：2025-48 南方电网储能股份有限公司 关于非公开发行限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为非公开发行股份；股票认购方式为网下， 上市股数为2,086,904,162股。 本次股票上市流通总数为2,086,904,162股。 除上述情况外，截至本公告披露日，公司未发生其他导致股本数 量变化的情况。 三、本次上市流通的限售股的有关承诺 公司控股股东南方电网公司承诺：在本次非公开发行中认购取得 的公司股份，自股份发行结束之日起 36 个月内将不以任何方式转让； 在本次非公开发行前直接或间接持有的公司股份，自本次非公开发行 股份上市之日起 18 个月内不以任何方式转让。但是，在适用法律许可 前提下的转让不受此限；基于本次非公开发行而享有的公司送红股、 转增股本等新增股份，亦遵守上述限售期的约定。 截至本公告披露日，南方电网公司严格履行了上述承诺，不存在 相关承诺未履行而影响本次限售股上市流通的情况。 四、控股 ...

证券代码：600995 证券简称：南网储能 编号：2025-48 南方电网储能股份有限公司 关于非公开发行限售股上市流通的公告 1 所上市流通交易。本次非公开发行后，公司总股本由 478,526,400 股 增至 2,565,430,562 股。 二、本次限售股形成后至今公司股本数量变化情况 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下， 上市股数为2,086,904,162股。 本次股票上市流通总数为2,086,904,162股。 本次股票上市流通日期为2025 年 9 月 8 日。 一、本次限售股上市类型 南方电网储能股份有限公司（以下简称"公司"）本次限售股上 市类型为非公开发行的有限售条件流通股。 2022 年 8 月 26 日，公司收到中国证券监督管理委员会（以下简称 "中国证监会"）《关于核准云南文山电力股份有限公司向中国南方 电网有限责任公司发行股份购买资产并募集配套资金的批复》（证监 许可〔2022〕1902 号），核准公司向中国南方电 ...

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]