Core Viewpoint - Jiangsu Linyang Energy Co., Ltd. has won a bid for a significant energy storage project in Mauritius, marking a transition from pilot cooperation to large-scale delivery in its overseas energy storage business [2][3]. Group 1: Project Details - The project involves the design, manufacture, supply, installation, testing, and commissioning of two 20MW/60MWh battery storage systems, totaling 40MW/120MWh [2]. - The total bid amount is approximately $2,498.89 million, equivalent to about RMB 179.43 million [3]. - The project aims to support Mauritius' goal of achieving 60% renewable energy by 2030 and will enhance the stability of the local energy grid [4]. Group 2: Technical Capabilities - The energy storage system will provide various functionalities, including frequency regulation, voltage adjustment, and black start capabilities, ensuring rapid response to grid frequency changes [4]. - The project will utilize an EPC (Engineering, Procurement, and Construction) model, designed to withstand extreme environmental conditions such as high salinity and humidity [4]. - Linyang Energy has achieved international certifications for its products, ensuring long-term stable operation in harsh environments [4]. Group 3: Global Expansion Strategy - Linyang Energy is focusing on a "5+2" development model targeting Europe, the Middle East, Asia-Pacific, Africa, and niche markets, with local operations established in Poland, Indonesia, and Saudi Arabia [6]. - The company has secured strategic partnerships for significant energy storage projects in Europe, including a 300MWh system for Sweden and Finland, and a 560MWh project in Italy [6]. - The Mauritius project enhances Linyang's global business matrix, connecting Europe, Africa, and Asia-Pacific [6]. Group 4: Market Outlook - The global energy storage market is projected to grow at a compound annual growth rate of 17.1% by 2035, with annual additions reaching 228GW/965GWh [7]. - Linyang Energy aims to leverage its technological innovations and market strategies to capture a significant share of the burgeoning energy storage market [7]. - The successful bid in Mauritius is seen as a milestone in Linyang's globalization strategy, establishing a foundation for future expansion in the African market [7].

1 关系。 证券代码：601222 证券简称：林洋能源 公告编号：临 2025-42 江苏林洋能源股份有限公司 关于子公司经营合同中标的公告 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。 江苏林洋能源股份有限公司（以下简称"公司"）全资下属子公司江苏林洋电 力服务有限公司（以下简称"林洋电力服务"）于近日确认中标毛里求斯政府性公 开招标电网侧储能项目，相关情况具体如下： 一、中标的基本情况 林洋电力服务与中国水利电力对外有限公司组成联合体参与了毛里求斯政府 性公开招标电网侧储能项目（项目编号：CPB/24/2024(IFB8194)），项目内容为 设计、制造、供应、安装、测试和调试两个20MW/60MWh电池储能系统，合计 40MW/120MWh电池储能系统。近日，联合体收到招标人毛里求斯中央电力局的中标 通知函，被确认为此项目的中标人，中标金额为8,341.29万毛里求斯卢布（按 USD1=MUR46.8564的固定汇率换算为美元）加2,320.87万美元合计2,498.89万美元 （不含税），按最新美元汇率折算预估中标总 ...

Core Viewpoint - LinYuan Energy (601222) announced that its wholly-owned subsidiary, LinYuan Power Services, has won a bid for a government public tender for a grid-side energy storage project in Mauritius, indicating a significant expansion opportunity for the company in international markets [1] Summary by Categories Company Announcement - LinYuan Power Services, in partnership with China Water Resources and Electric Power Foreign Engineering Co., has secured a bid amounting to 83.41 million Mauritian Rupees plus 2.32 million USD, totaling approximately 24.99 million USD (excluding tax) [1] - The estimated total bid amount, when converted at the latest USD exchange rate, is about 179 million RMB, which represents 2.66% of the company's audited operating revenue for the fiscal year 2024 [1] Future Impact - The successful bid is expected to have a positive impact on the company's operational performance and business results starting from 2025 and beyond [1]

Core Viewpoint - LinYuan Energy's subsidiary has won a significant contract for a grid-side energy storage project in Mauritius, indicating growth potential and international expansion for the company [1] Summary by Relevant Sections Project Details - LinYuan Energy's wholly-owned subsidiary, LinYuan Power Services, formed a consortium with China Water Resources and Electric Power Foreign Engineering Co., Ltd. to win the bid for the Mauritian government’s public tender for a grid-side energy storage project [1] - The total bid amount is approximately 83.41 million Mauritian Rupees and 2.32 million USD, totaling around 2.5 million USD (excluding tax) [1] Financial Impact - The estimated total bid amount converts to approximately 179.43 million RMB based on the latest USD exchange rate [1] - This project represents 2.66% of the company's audited operating revenue for the fiscal year 2024, suggesting a modest but positive contribution to revenue [1] - The project is expected to have a positive impact on the company's operational performance and results starting from 2025 and beyond [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing short-term pressure on performance but is deepening its overseas layout [10] - The smart meter business is developing steadily, with a focus on local overseas markets [19] - The power station business is progressing steadily, with an expanding scale of intelligent operation and maintenance [20] - The energy storage delivery scale is steadily improving, with gross margins above the industry average [21] - Profit forecasts have been adjusted downward for 2025-2026, but the company is expected to achieve stable growth in its smart meter and energy storage businesses, maintaining the "Buy" rating [23] Summary by Sections 1. Company Overview - The company was established in 1995, initially focusing on smart meter research and production. It has expanded into solar energy and has developed a significant presence in the smart meter market across over 30 countries [13][14] 2. Business Segments - The company operates four main business segments: electronic energy meters, power station development and transfer, energy storage, and photovoltaic power generation. In 2024, these segments contributed 40.11%, 17.59%, 13.63%, and 13.07% to total revenue, respectively [14] 3. Financial Performance - In 2024, the company reported total revenue of 67.4 billion yuan, a decrease of 1.9% year-on-year, and a net profit of 7.5 billion yuan, down 27% year-on-year. The gross margin was 29.5%, an increase of 1.1 percentage points [16] 4. Smart Meter Business - The company secured a stable market share in the domestic market, with a total bidding amount of 1.232 billion yuan in 2024, up 30% year-on-year. Overseas revenue reached 1.13 billion yuan, an increase of 34.22% [19] 5. Power Station Business - The renewable energy segment achieved revenue of 29.01 billion yuan in 2024, with a gross margin of 27.93%. The company has over 1,245 MW of projects under construction and has signed contracts for over 18 GW of power station projects [20] 6. Energy Storage Business - The energy storage segment generated revenue of 9.2 billion yuan in 2024, with a gross margin of 17.64%. The company has delivered over 4.5 GWh of energy storage systems and has a project reserve exceeding 10 GWh [21] 7. Profit Forecasts - The company has adjusted its net profit forecasts for 2025-2026 to 8.4 billion yuan and 9.6 billion yuan, respectively, with expected growth rates of 12% and 13% year-on-year [23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is deepening its overseas layout [10] - The smart meter business is developing steadily, with a focus on local overseas markets [19] - The power station business is progressing steadily, with an expanding scale of intelligent operation and maintenance [20] - The energy storage delivery scale is steadily improving, with gross margins above the industry average [21] - Profit forecasts have been adjusted downward for 2025-2026 due to industry policy changes and increased competition, but the company is expected to maintain growth in smart meters and energy storage businesses [23] Summary by Sections 1. Company Overview - The company was established in 1995, initially focusing on smart meter research and production. It has expanded into solar energy and has developed a significant presence in the smart meter market across over 30 countries [13][14] 2. Main Business Segments - The company operates four main business segments: electronic energy meters, power station development and transfer, energy storage, and photovoltaic power generation. In 2024, these segments contributed 40.11%, 17.59%, 13.63%, and 13.07% to total revenue, respectively [14] 3. Recent Financial Performance - In 2024, the company reported total revenue of 67.4 billion yuan, a decrease of 1.9% year-on-year, and a net profit of 7.5 billion yuan, down 27% year-on-year. The gross margin was 29.5%, up 1.1 percentage points year-on-year [16] 4. Smart Meter Business - The company secured a total bidding amount of 1.232 billion yuan in 2024, a 30% increase year-on-year. Overseas revenue reached 1.13 billion yuan, a 34.22% increase year-on-year, with significant orders in the Polish market [19] 5. Power Station Business - The renewable energy segment achieved revenue of 29.01 billion yuan in 2024, with a gross margin of 27.93%. The company has over 1,245 MW of projects under construction and has signed contracts for over 18 GW of power station projects [20] 6. Energy Storage Business - The energy storage segment generated revenue of 9.2 billion yuan in 2024, with a gross margin of 17.64%. The company has delivered over 4.5 GWh of energy storage systems and has a project reserve exceeding 10 GWh [21] 7. Profit Forecasts - The company has adjusted its net profit forecasts for 2025-2026 to 8.4 billion yuan and 9.6 billion yuan, respectively, with expected growth rates of 12% and 13% year-on-year. The net profit for 2027 is projected to be 11.0 billion yuan, reflecting a 15% increase year-on-year [23]

Core Viewpoint - Jiangsu Linyang Energy Co., Ltd. announced the transfer of 100% equity of five subsidiaries to Guangdong Yue Water Electric Energy Investment Group for a total consideration of approximately 471 million yuan, involving a total installed capacity of 236.5 MW of photovoltaic power stations [2][3]. Transaction Details - The transaction was evaluated using the income method, with the net asset book value of the assets totaling 470.94 million yuan and an assessed value of 484.37 million yuan, resulting in an assessed appreciation of 13.43 million yuan, or an appreciation rate of approximately 2.85% [3]. - The transfer price was determined to be below the assessed value due to factors such as the long collection period for photovoltaic power generation subsidies [3]. - Since 2022, Linyang Energy has frequently transferred equity in subsidiaries, selling a total of 69 power stations for over 3.3 billion yuan [3]. Strategic Intent - The company aims to optimize its asset structure, reduce accounts receivable related to renewable energy subsidies, and improve capital efficiency through this transaction [5]. - Linyang Energy is transitioning its business model from resource-based to technology and platform-oriented, focusing on optimizing resource allocation and enhancing core strategic capabilities [6]. Financial Performance - In 2024, Linyang Energy reported a revenue of 6.742 billion yuan, a year-on-year decrease of 1.89%, and a net profit of 753 million yuan, down 27% [7]. - Domestic revenue decreased by 7.89% to 5.532 billion yuan, while overseas revenue increased by 34.22% to 1.126 billion yuan [8]. - The company's photovoltaic business saw a revenue increase of 3.48% to 2.901 billion yuan, but the gross margin decreased by 2.88 percentage points [8]. Storage Business Challenges - The storage business revenue significantly declined by 38.97% to 919 million yuan in 2024, with the lowest gross margin among the three business segments at 17.64% [8][9]. - The decline in storage revenue is attributed to intensified competition, price declines in the industry, and some internal projects not being recognized externally [9].

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2025 on June 18, 2025 [2][6] - The proposal to add a temporary agenda item was submitted by Qidong Huahong Electronics Co., Ltd., which holds 35.10% of the shares [3][4] - The temporary proposal involves submitting a resolution regarding guarantees provided by subsidiaries for their subsidiaries to the shareholders' meeting [3][5] Group 2 - The meeting will take place at the company's multifunctional conference room located at 666 Linyang Road, Qidong City, Jiangsu Province [6] - Network voting will be conducted through the Shanghai Stock Exchange's online voting system on the same day [7] - The original agenda items announced on June 3, 2025, remain unchanged [4] Group 3 - The company’s board of directors approved the proposal for subsidiaries to provide guarantees for financing leases amounting to RMB 150 million and RMB 190 million for two subsidiaries [38][46] - The guarantees are necessary to support the operational and project development needs of the subsidiaries [49][55] - The total amount of external guarantees provided by the company and its subsidiaries is RMB 120.63 billion, with no overdue guarantees reported [55]

一、担保情况概述 （一）担保基本情况 为满足下属公司运营及项目建设发展需要，江苏林洋能源股份有限公司（以 下简称"公司"）全资下属公司承德林邦新能源科技有限公司（以下简称"承德 林邦"）拟质押其持有的平泉洋盛 100%股权，为项目在招银金融租赁有限公司（以 下简称"招银金租"）申请的 150,000 万元融资租赁提供担保，期限 180 个月； 公司全资子公司江苏林洋新能源科技有限公司（以下简称"林洋新能源"）拟质 1 被担保人名称及是否为上市公司关联人：平泉洋盛新能源科技有限公司（以 下简称"平泉洋盛"），启东市华尔晟新能源科技有限公司（以下简称"启 东华尔晟"），均为上市公司下属全资子公司。 本次担保金额：为平泉洋盛担保人民币 150,000 万元，公司已实际为平泉洋 盛提供的担保余额为0元（不含本次担保）；为启东华尔晟担保人民币190,000 万元，已实际为启东华尔晟提供的担保余额为 0 元（不含本次担保），以上 均为新增担保，不包含在 2025 年度对外担保额度预计的范围内。 本次担保无反担保 对外担保逾期的累计数量：0 特别风险提示：本次被担保对象平泉洋盛为资产负债率超过 70%的子公司， 敬请投资者 ...

江苏林洋能源股份有限公司 2025 年第一次临时股东会会议材料 各位股东： 江苏林洋能源股份有限公司（以下简称"林洋能源"或"公司"）2025 年 第一次临时股东会将审议三项议案，具体事项如下： 议案一、《关于转让下属子公司股权涉及部分募投项目转让的议案》 基于业务发展和战略规划，为进一步优化电站资产结构，降低应收账款中的 可再生能源补贴，提高资金使用效率，加强与合作伙伴的合作关系，公司全资子 公司安徽林洋新能源科技有限公司和江苏林洋新能源科技有限公司拟分别将其 持有的 3 个子公司和 2 个子公司的 100%股权转让给广东粤水电能源投资集团有 限公司，上述股权转让对价合计为人民币 47,093.85 万元。本次交易涉及部分公 司第二次非公开发行股票和公开发行可转债募投项目。 具体内容详见公司于 2025 年 6 月 3 日在上海证券交易所网站发布的公告（临 2025-33）。 该议案已经 2025 年 5 月 30 日召开的公司第五届董事会第十九次会议审议通 过，现提交本次股东会审议。 议案二、《关于增加 2025 年度对外担保额度预计的议案》 为满足业务发展需要，公司拟新增林洋新能源为被担保方及 5 亿元 ...