证券代码：601222 证券简称：林洋能源 公告编号：临 2025-30 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。 本次预中标公示媒体是国家电网有限公司电子商务平台（ECP），招标人是国 家电网有限公司，其他详细内容请查看具体网址： https://ecp.sgcc.com.cn/ecp2.0/portal/#/doc/doci-win/2505277528192947_2018060501171107 二、预中标项目对公司业绩的影响 国家电网有限公司于 2025 年 5 月 27 日在国家电网有限公司电子商务平台 （ECP）公告了"国家电网有限公司 2025 年第三十一批采购（营销项目第一次计 量设备招标采购）推荐的中标候选人公示"，江苏林洋能源股份有限公司（以下简 称"公司"）为国家电网有限公司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： 一、预中标项目的主要内容 公司本次预中标项目为国家电网有限公司 2025 年第三十一批采购（营销项目 第 ...

Core Viewpoint - Linyang Energy's performance in 2024 has declined due to increased bad debt losses from accounts receivable and decreased fair value changes in other non-current financial assets [1][2] Financial Performance - In 2024, Linyang Energy achieved operating revenue of 6.742 billion yuan, a year-on-year decrease of 1.89%, and a net profit attributable to shareholders of 753 million yuan, down 27% year-on-year [2] - Accounts receivable at the end of 2024 amounted to 4.308 billion yuan, a decrease of 214 million yuan year-on-year, with approximately 45% attributed to photovoltaic subsidies [3] Business Segments - The overall gross margin of the new energy segment decreased by 2.88 percentage points year-on-year, primarily due to a 5.39 percentage point decline in the gross margin of photovoltaic power generation business [2] - The gross margin of the power station sales business increased by 14.46 percentage points year-on-year, attributed to the quality of the developed power station projects [2] Future Outlook - The company expects to achieve large-scale overseas sales of energy storage products in 2025, with a focus on markets in Europe, the Middle East, and Southeast Asia [3] - Linyang Energy has established a sales market and support center in Warsaw, Poland, and is planning to build an energy storage factory there [3] Production Capacity - The first phase of the high-efficiency N-type TOPCon photovoltaic cell production base has commenced production with a capacity of 6GW [4] - The company plans to adjust production based on market conditions and is actively pursuing overseas collaborations to meet local production demands [4] Shareholder Returns - The company has implemented a share repurchase plan using approximately 560 million yuan, repurchasing 82,870,581 shares [4] - A cash dividend of no less than 50% of the net profit attributable to shareholders is planned for mid-2025 [5]

Core Viewpoint - Linyang Energy has shown steady growth in its electric meter sales, despite facing challenges from credit impairment and fair value changes impacting profits, leading to a maintained buy rating from analysts [1][2]. Financial Performance Summary - In 2024, Linyang Energy reported a revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27.00% year-on-year. The adjusted net profit was 763 million yuan, reflecting a 12.00% decline [3]. - The fourth quarter of 2024 saw a significant loss of 157 million yuan, a decrease of 187.19% year-on-year and 150.48% quarter-on-quarter. The overall gross margin for 2024 was 29.54%, an increase of 1.11 percentage points, while the net margin was 11.42%, down 3.84 percentage points [3]. - For the first quarter of 2025, the company reported a revenue of 1.124 billion yuan, a decrease of 27.69% year-on-year, and a net profit of 124 million yuan, down 43.26% year-on-year, but showing a recovery from a loss in the previous quarter. The adjusted net profit was 122 million yuan, down 38.62% year-on-year [3]. - The gross margin for Q1 2025 was 27.58%, a decrease of 2.43 percentage points year-on-year, but an increase of 7.66 percentage points quarter-on-quarter. The net margin was 10.67%, down 3.21 percentage points year-on-year [3]. Business Segment Performance - The electric meter business achieved a revenue of 2.704 billion yuan in 2024, representing an 18.94% year-on-year growth, with a corresponding gross margin of 36.12%, up 1.19 percentage points [4]. - The demand for smart electric meters is expected to remain strong, driven by the upgrade of aging equipment in North America and the replacement and technological iteration in mature markets [4]. Valuation and Forecast - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.41, 0.47, and 0.53 yuan, respectively, with corresponding price-to-earnings ratios of 13.6, 12.1, and 10.6 times. The buy rating is maintained due to the stability of the electric meter business [5].

公用事业 | 证券研究报告 — 调整盈利预测 2025 年 5 月 19 日 601222.SH 买入 原评级：买入 市场价格:人民币 5.61 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (18.6) (8.5) (16.6) (16.8) 相对上证综指 (22.2) (11.9) (17.7) (25.1) (13%) (7%) 0% 7% 14% 21% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 林洋能源 上证综指 | 发行股数 (百万) | 2,060.17 | | --- | --- | | 流通股 (百万) | 2,060.17 | | 总市值 (人民币 百万) | 11,557.55 | | 3 个月日均交易额 (人民币 百万) | 153.81 | | 主要股东 | | | 启东市华虹电子有限公司 | 35.10% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 15 日收市价为标准 相关研究报告 《 ...

Meeting Information - The annual general meeting for 2024 will be held on June 6, 2025, at 14:30 [2] - The meeting will be conducted using a combination of on-site and online voting methods [2] - The physical location for the meeting is at the multifunctional conference room on the first floor of the company at 666 Linyang Road, Qidong City, Jiangsu [2][13] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [3] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [4] - All proposals will be subject to separate voting for small and medium investors [6] Meeting Agenda - The meeting will review proposals that have been previously approved by the board and supervisory committee [6] - Special resolutions include proposals 7 and 14.01 [6] - Related shareholders must abstain from voting on proposals 8 and 12 [6] Attendance and Registration - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting [9] - Registration can be done on-site or via fax, with specific documentation required for both individual and corporate shareholders [10][11] - Registration will take place on June 5, 2025, from 9:30 to 16:30 [12] Additional Services - The company will provide a reminder service for small and medium investors to ensure they can participate in the voting process [7] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [8]

证券代码：601222 证券简称：林洋能源 公告编号：2025-29 江苏林洋能源股份有限公司 关于召开2024年年度股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 6 月 6 日 14 点 30 分 召开地点：江苏启东市林洋路 666 号公司一楼多功能会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年6月6日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 6 日 至2025 年 6 月 6 日 无 二、 会议审议事项 | 本次股东大会审议议案及投票股东类型 | | --- | | 序号 | ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-28 江苏林洋能源股份有限公司 关于召开 2024 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： 江苏林洋能源股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发 布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经 营成果、财务状况，公司计划于 2025 年 5 月 23 日（星期五）15:00-16:00 举行 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 三、参加人员 董事长兼总经理：陆永华先生 四、投资者参加方式 （一）投资者可在 2025 年 5 月 23 日（星期五）15:00-16:00，通过互联网登 录上证路演中心（https://roadshow.sseinfo.com/），在线 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-28 江苏林洋能源股份有限公司 关于召开 2024 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： 江苏林洋能源股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发 布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经 营成果、财务状况，公司计划于 2025 年 5 月 23 日（星期五）15:00-16:00 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 1 会议召开时间：2025 年 5 月 23 日（星期五）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow. ...

Core Viewpoint - The article analyzes the 2024 annual reports of 15 companies involved in electrolysis water hydrogen production equipment, highlighting the performance and challenges faced by both traditional energy companies and those primarily focused on hydrogen energy [2][5]. Group 1: Traditional Energy Companies - 11 companies from traditional sectors such as energy equipment, photovoltaics, and automotive components have entered the hydrogen sector, leveraging their existing manufacturing capabilities and resources [2][4]. - Despite decent revenue figures, many of these companies reported their worst net profits in recent years due to industry supply-demand imbalances and declining prices in photovoltaic products [2][4]. - Notable companies include China CRRC, Sunshine Power, and Shanghai Electric, with China CRRC achieving a revenue of 2464.57 billion and a net profit of 123.88 billion, reflecting a year-on-year growth of 5.21% and 5.77% respectively [6][7]. Group 2: Hydrogen-Focused Companies - Four companies primarily focused on hydrogen energy—Guofu Hydrogen Energy, Guohong Hydrogen Energy, Yihua Tong, and Reshape Energy—reported losses in 2024 due to several factors, including immature market demand and high R&D costs [5][6]. - Guofu Hydrogen Energy reported a revenue of 4.59 billion with a net loss of 2.09 billion, while Guohong Hydrogen Energy had a revenue of 4.42 billion and a net loss of 4.072 billion [6][18]. - The hydrogen industry is still in its early commercial stage, with significant reliance on policy subsidies and a lack of robust market growth, making profitability challenging for pure hydrogen companies [5][6]. Group 3: Performance Summary of Key Companies - China CRRC: Revenue of 2464.57 billion, net profit of 123.88 billion, both showing positive growth [6][7]. - Sunshine Power: Revenue of approximately 778.57 billion, net profit of about 110.36 billion, with a year-on-year increase of 7.76% and 16.92% respectively [7][8]. - Shanghai Electric: Revenue of 1161.86 billion, net profit of 7.52 billion, with a slight decline in profit [10][11]. - Guofu Hydrogen Energy: Revenue of 4.59 billion, net loss of 2.09 billion, indicating a significant increase in losses compared to the previous year [18]. - Guohong Hydrogen Energy: Revenue of 4.42 billion, net loss of 4.072 billion, with losses slightly reduced year-on-year [18].

Core Viewpoint - The concept of "shared energy storage" was first proposed in Qinghai Province in 2018, representing a new commercial model for grid-side energy storage, which is increasingly recognized as a vital approach for renewable energy consumption and stability in the power grid [1][2][4][16]. Industry Overview - "Shared energy storage" refers to independent energy storage stations located at key nodes of the power grid, serving all market participants in the region. These stations are typically built by third-party investors and provide services to other renewable energy plants while participating in electricity trading [1][2]. - In 2023, approximately 54% of new installations in the new energy storage sector were grid-side independent storage, with this market share expected to increase in 2024 [1][16]. Market Status - As of the end of 2024, the cumulative installed capacity of new energy storage projects in China reached 73.76 GW/168 GWh, marking a 130% increase compared to the end of 2023 [7]. - Lithium-ion batteries dominate the market, accounting for 97.1% of the installed capacity, although the share has slightly decreased due to the introduction of several large-scale long-duration storage projects [9]. Policy Environment - The shared energy storage model was first recognized in national policy in 2021, encouraging its development and market participation [11][12]. - Local governments, including those in Guangdong, Qinghai, and Shandong, have implemented supportive policies to promote shared energy storage, with specific requirements for capacity leasing agreements [13][14]. Business Models - Shared energy storage operates through four main business models: leasing storage capacity to renewable energy plants, participating in auxiliary services, engaging in electricity spot market trading for profit, and capacity compensation. Leasing fees are currently the primary revenue source for most independent shared storage stations [20]. Development Trends - Shared energy storage is one of the most active business models in the storage sector, driven by the demand for energy storage and grid stability. The sector is transitioning from pilot projects to large-scale, systematic, and industrialized development [22]. - The integration of AI, big data, and IoT technologies is expected to enhance the intelligence and operational efficiency of shared energy storage stations [22].