Core Viewpoint - LinYuan Energy experienced a decline of 2.76% on September 2, with a trading volume of 164 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On September 2, LinYuan Energy had a financing buy-in amount of 21.49 million yuan and a financing repayment of 17.87 million yuan, resulting in a net financing buy of 3.61 million yuan [1] - The total financing and securities balance for LinYuan Energy reached 570 million yuan, with the financing balance at 568 million yuan, accounting for 4.61% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1] - In terms of securities lending, LinYuan Energy repaid 700 shares and sold 53,200 shares on September 2, with a selling amount of 318,100 yuan, while the securities lending balance stood at 2.52 million yuan, exceeding the 80th percentile level over the past year, indicating a high level of securities lending [1] Company Performance - As of June 30, LinYuan Energy reported a total of 78,900 shareholders, an increase of 3.16% from the previous period, with an average of 26,108 circulating shares per person, a decrease of 3.07% [1] - For the first half of 2025, LinYuan Energy achieved an operating income of 2.48 billion yuan, a year-on-year decrease of 28.35%, and a net profit attributable to shareholders of 324 million yuan, down 45.88% year-on-year [1] Dividend Information - Since its A-share listing, LinYuan Energy has distributed a total of 3.32 billion yuan in dividends, with 1.53 billion yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of LinYuan Energy included Hong Kong Central Clearing Limited, which held 20.08 million shares, a decrease of 10.99 million shares from the previous period [2] - The Guangfu ETF (515790) held 16.81 million shares, a decrease of 75,300 shares, while the Southern CSI 1000 ETF (512100) increased its holdings by 2.55 million shares to 13.35 million shares [2] - Other notable shareholders included Invesco Great Wall CSI Dividend Low Volatility 100 ETF (515100) and Tianhong CSI Photovoltaic A (011102), with increases in their holdings [2]

Core Viewpoint - Jiangsu Linyang Energy Co., Ltd. has been recommended as a candidate for the bid in the first batch of metering equipment framework tender project by China Southern Power Grid Co., Ltd. [1][2] Group 1: Project Details - The project involves the first batch of metering equipment framework tender for 2025, with a total of 14 categories, 27 items, and 110 packages [2] - The company is pre-awarded in 6 categories, including A-level single-phase smart energy meters and broadband dual-mode communication modules [2] Group 2: Financial Impact - The estimated total bid amount for the company is approximately 244.08 million yuan, which is expected to positively impact the company's operating performance in 2025 and 2026 [2]

Core Viewpoint - LinYuan Energy (601222.SH) has been recommended as a candidate for the first batch of framework bidding projects for metering equipment by China Southern Power Grid, with an estimated winning bid amount of approximately 244 million yuan [1] Group 1 - The company is expected to have a positive impact on its operating performance for 2025 and 2026 due to this winning bid [1] - The execution of the contract will not affect the company's operational independence [1]

Core Viewpoint - LinYong Energy (601222) has announced a preliminary bid win for the first batch of metering equipment framework tender projects from Southern Power Grid Company for 2025, with an estimated total bid amount of approximately 244 million yuan [1] Company Summary - The company is expected to secure a total bid amount of around 244 million yuan based on the preliminary bid pricing [1]

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-52 江苏林洋能源股份有限公司 关于重大经营合同预中标的提示性公告 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。 中国南方电网有限责任公司于 2025 年 9 月 1 日在中国南方电网供应链统一服 务平台公告了"南方电网公司 2025 年计量设备第一批框架招标项目中标公示"， 江苏林洋能源股份有限公司（以下简称"公司"）为本次评标委员会推荐的中标候 选人，现将相关预中标情况提示如下： 1 二、预中标项目对公司业绩的影响 根据预中标报价测算，预计公司此次合计中标金额约24,407.76万元。本次中 标预计对公司2025年及2026年经营业绩有积极影响，其合同的履行不影响公司经 营的独立性。 三、预中标项目风险提示 一、预中标项目的主要内容 公司本次预中标项目为南方电网公司 2025 年计量设备第一批框架招标项目 （招标编号：CG2700022002051852），该项目由中国南方电网有限责任公司委托 南方电网供应链集团有限公司作为招标代理机构采用公开招标方式进 ...

Group 1 - The company Lin Yang Energy (601222.SH) announced a pre-bid win for the first batch of metering equipment framework tender project for 2025 by China Southern Power Grid [1] - The project includes six categories of products: A-level single-phase smart electric meters, B-level three-phase smart electric meters, A-level single-phase smart gateway electric meters, smart measurement terminals (public transformer type), broadband dual-mode communication modules, and smart distribution area terminals [1] - Based on the pre-bid pricing estimates, the project is expected to contribute significantly to the company's revenue [1]

智通财经APP讯，林洋能源(601222.SH)发布公告，中国南方电网有限责任公司于2025年9月1日在中国 南方电网供应链统一服务平台公告了"南方电网公司2025年计量设备第一批框架招标项目中标公示"，公 司为本次评标委员会推荐的中标候选人，根据预中标报价测算，预计公司此次合计中标金额约2.44亿 元。本次中标预计对公司2025年及2026年经营业绩有积极影响，其合同的履行不影响公司经营的独立 性。 ...

Core Viewpoint - LinYong Energy reported significant growth in both revenue and net profit for the first half of 2025, with a strategic focus on expanding its overseas market presence and enhancing its core business areas of intelligence, energy storage, and renewable energy [1] Group 1: Financial Performance - In the first half of 2025, LinYong Energy achieved revenue of 2.481 billion yuan and a net profit of 324 million yuan, with the second quarter showing a revenue of 1.357 billion yuan, a quarter-on-quarter increase of 20.73%, and a net profit of 200 million yuan, a quarter-on-quarter increase of 61.29% [1] - The company's overseas revenue reached 693 million yuan in the first half of 2025, marking a substantial year-on-year growth of 61.73% [1] Group 2: Smart Sector - The smart sector maintained steady domestic growth while significantly enhancing its overseas localization efforts, with overseas sales revenue increasing by nearly 50% year-on-year [3] - The company secured contracts worth approximately 165 million yuan in the 2025 State Grid electric meter procurement and 35 million yuan in the 2025 Mengxi power grid equipment procurement [2] Group 3: Renewable Energy Sector - LinYong Energy focused on developing renewable energy projects domestically while gradually expanding into overseas markets, holding over 1.3 GW of various renewable energy projects and more than 1,225 MW under construction by the end of the reporting period [4] - The company rebranded its operation and maintenance business to "LinYong Zhiwei," enhancing service offerings to include intelligent operation and maintenance across wind, solar, and storage stations [5] Group 4: Energy Storage Business - The energy storage business made significant strides in international markets, with new contracts exceeding 50 million yuan and a total bid amount of over 229 million yuan [7] - By the end of June 2025, LinYong's energy storage systems had delivered and connected over 5 GWh, with a project reserve scale of 10 GWh [8]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 7.46 CNY for the next six months [5][10][18]. Core Insights - The company reported a total revenue of 2.481 billion CNY for H1 2025, a year-on-year decrease of 28.35%, and a net profit of 324 million CNY, down 45.88% year-on-year. However, overseas revenue increased significantly by 61.73% to 693 million CNY [1]. - The smart meter segment achieved revenue of 1.427 billion CNY in H1 2025, reflecting a growth of 24.15% year-on-year, with substantial domestic and international market wins [2]. - The company is expanding its operations in the renewable energy sector, particularly in smart operation and maintenance services, with a signed operational capacity exceeding 20 GW and a 40% year-on-year growth in operational capacity [3]. - The energy storage segment has delivered over 5 GWh and has a project reserve of 10 GWh, with significant progress in both domestic and international markets [9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 7.345 billion CNY, 8.115 billion CNY, and 8.971 billion CNY, respectively, with growth rates of 8.94%, 10.48%, and 10.55% [10][13][18]. - Net profit estimates for the same years are 768 million CNY, 861 million CNY, and 959 million CNY, with growth rates of 2.1%, 12.1%, and 11.3% [10][13][18]. - The gross margin is expected to improve from 28.19% in 2025 to 30.02% in 2027 [15]. Business Segments - The smart energy meter and system products are projected to generate revenues of 3.245 billion CNY, 3.894 billion CNY, and 4.478 billion CNY from 2025 to 2027, with a gross margin of around 35% [13][14]. - The energy storage and energy-saving business is expected to achieve revenues of 1.057 billion CNY, 1.216 billion CNY, and 1.337 billion CNY, maintaining a gross margin of 17% [14]. - The photovoltaic power generation segment is projected to generate revenues of 925 million CNY, 972 million CNY, and 1.020 billion CNY, with a gross margin of approximately 62% [14].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.8 billion, 9.0 billion, and 10.8 billion respectively, corresponding to PE ratios of 16, 14, and 12 [4]. Core Insights - The company reported a revenue of 2.48 billion yuan for the first half of 2025, a year-on-year decline of 28.4%, and a net profit attributable to shareholders of 320 million yuan, down 45.9% year-on-year [2]. - The electric meter business showed steady growth with a revenue of 1.43 billion yuan, up 24.2% year-on-year, although the gross margin decreased by 4.00 percentage points to 34.9% [3]. - The sales of power stations experienced a significant decline, with revenue dropping 91.3% to 83 million yuan, primarily due to the slowdown in project transfers following the implementation of policy "136" [4]. - The company is accelerating its storage planning and development, with a total planned capacity exceeding 3.7 GWh, and has made significant progress in overseas markets, achieving contract amounts exceeding 500 million yuan [4]. Summary by Sections Performance Review - In Q2, the company achieved a revenue of 1.36 billion yuan, a year-on-year decline of 28.9%, but a quarter-on-quarter increase of 20.8% [2]. - The net profit for Q2 was 200 million yuan, down 47.4% year-on-year, but up 62.1% quarter-on-quarter [2]. Operational Analysis - The electric meter segment's overseas sales increased significantly, with a nearly 50% year-on-year growth, driven by partnerships with leading global companies [3]. - The company is expanding its market share in Western Europe and the Asia-Pacific region, with a focus on emerging markets like Romania [3]. Sales and Project Development - The company has over 1,225 MW of projects under construction and has initiated projects exceeding 495 MW, with a grid-connected capacity of over 200 MW [4]. - The company expects a gradual recovery in power station transfer business in the second half of the year as policy details are implemented [4]. Profit Forecast and Valuation - The projected net profits for the company are expected to grow from 7.8 billion in 2025 to 10.8 billion in 2027, with corresponding PE ratios decreasing over the years [4].