Group 1 - Huazhong Securities has been approved to issue subordinate corporate bonds with a total face value of no more than 10 billion yuan [1] - Jinbei Automotive plans to invest 240 million yuan to establish an automotive industry investment fund focusing on electrification, intelligence, and low carbon [1] - Linyang Energy is expected to win a bid for a 244 million yuan metering equipment project from Southern Power Grid [1][2] Group 2 - Renfu Pharmaceutical's subsidiary has received drug registration certificates for two products, including a medication for acute hypotension [3][4] - Nanjing Steel plans to distribute a cash dividend of 0.1186 yuan per share [5][6] - Pairui Co. has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to develop power devices [7][8] Group 3 - Haixing Electric is expected to win a bid for a 214 million yuan metering equipment project from Southern Power Grid [9][10] - Kuangda Technology is planning a change in control, leading to a continued suspension of its stock [11][12] - Samsung Medical is expected to win a bid for a 274 million yuan metering equipment project from Southern Power Grid [13][14] Group 4 - Jiukang Bio has obtained a medical device registration certificate for a specific diagnostic kit [15][16] - Hechuan Technology's minority shareholder plans to transfer a 13% stake in a subsidiary [17][18] - DiAo Micro has launched a new eUSB2 repeater product for various electronic applications [19][20] Group 5 - David Medical's electric surgical table registration application has been accepted [21][22] - Hangxin Technology plans to apply for a total of 280 million yuan in bank credit [23][24] - Liyuan Technology's non-independent director has resigned [25][26] Group 6 - Ningbo Construction's subsidiary has won a construction project bid worth 729 million yuan [27][28] - Huaren Pharmaceutical's subsidiary has received approval for a raw material drug [29][30] - Suwen Electric plans to distribute a cash dividend of 1 yuan per 10 shares [31][32] Group 7 - Solar Energy has received 1.692 billion yuan in renewable energy subsidies [33][34] - Wangli Security has obtained a patent for a new lock structure [35][36] - Zhejiang Energy's vice chairman has resigned due to age reasons [37][38] Group 8 - Beilu Pharmaceutical's subsidiary has passed GMP certification in Brazil [39][40] - Zhejiang Communications has a subsidiary that is expected to win a highway project bid [41][42] - Xinzhi Group has received a government subsidy of 11.1978 million yuan [43][44] Group 9 - Dong'an Power's engine sales in August increased by 3.44% year-on-year [45][46] - Baiyun Mountain's subsidiary has passed the consistency evaluation for two generic drugs [47][48] - Yipin Hong's subsidiary has received a drug registration certificate for a specific injection [49][50] Group 10 - Far East Holdings' subsidiary has won multiple contracts totaling 1.689 billion yuan [51][52] - Good Housekeeping's shareholder plans to reduce holdings by up to 3.5 million shares [53][54] - Guanghong Technology's shareholders have set a transfer price of 23.33 yuan per share [55][56] Group 11 - Keli Sensor plans to acquire 45% of Huahong Technology's shares for 122 million yuan [57][58] - Jianmin Group's furosemide oral solution has been approved for market launch [59][60] - Jinghua Laser's directors plan to reduce their holdings by up to 143,420 shares [61][62] Group 12 - Zhuyue Group is planning a share transfer that will change its controlling shareholder [63][64] - Terid has pre-bid for two projects totaling approximately 698 million yuan [65][66] - Zhonghuan Hailu is planning a change in control, leading to a continued suspension of its stock and convertible bonds [67][68] Group 13 - Great Wall Motors reported August sales of 115,600 vehicles, a year-on-year increase of 22.33% [69][70] - Guizhou Tire's controlling shareholder has committed not to reduce holdings for 12 months [71][72] - San Da Membrane's shareholder plans to reduce holdings by up to 1% of the company's shares [73][74] Group 14 - Chint Electric has decided to terminate the spin-off of its subsidiary for listing [75][76] - Jusaylong's shareholder plans to reduce holdings by up to 1% of the company's shares [77][78]

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]

Core Viewpoint - LinYong Energy (601222.SH) has been recommended as a winning candidate for the first batch of framework bidding projects for metering equipment by China Southern Power Grid, with an estimated total 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 successful bid [1] - The execution of the contract will not affect the company's operational independence [1]

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].