Core Points - Jiangsu Linyang Energy Co., Ltd. is set to hold its 2024 Annual General Meeting on June 6, 2025, focusing on profit distribution and project funding [1][2] - The company aims to enhance its strategic positioning in the global smart grid, renewable energy, and energy storage sectors, with a commitment to becoming a leading provider of products and services in these fields [4][12] - The company reported a revenue of 6.742 billion yuan for the reporting period, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [4][5] Financial Performance - The company achieved a net cash flow from operating activities of 973 million yuan, an increase of 185.19% year-on-year [4] - As of the end of the reporting period, the company's net assets amounted to 15.665 billion yuan, a growth of 1.15%, while total assets reached 24.689 billion yuan, up 6.48% [4] - The company’s smart meter segment secured contracts worth approximately 631 million yuan from the State Grid and 601 million yuan from the Southern Grid [5] Strategic Initiatives - The company is focusing on expanding its overseas market presence, particularly in Europe, the Middle East, and Southeast Asia, while also enhancing its domestic market strategies [10][17] - The company is actively involved in the development of new energy projects, with over 1,245 MW under construction and 545 MW newly initiated projects [7] - The company is leveraging technology and innovation to improve product competitiveness, including advancements in AI applications within power systems [6][11] Research and Development - The company is increasing its R&D investments to enhance product safety, reliability, and cost-effectiveness in the energy storage sector [11] - The company is also focusing on the development of hydrogen production equipment through a joint venture, aiming to capitalize on the growing hydrogen energy market [12] Governance and Compliance - The company has established a robust internal control system, ensuring compliance with relevant laws and regulations, and has received a standard unqualified opinion from its auditing firm [27][22] - The board of directors has conducted multiple meetings to review and approve various operational and financial reports, ensuring transparency and accountability [19][21]

江苏林洋能源股份有限公司 2024年年度股东大会 会议资料 江苏林洋能源股份有限公司 2024 年年度股东大会会议资料 二〇二五年六月 | 024 年年度股东大会会议议程 . | | --- | | 024 年年度股东大会会议须知 . | | 024 年年度股东大会议案 . | | 议案一： 公司 2024 年度董事会工作报告 . | | 议案二: 公司 2024 年度监事会工作报告 . | | 议案三: 公司 2024 年度财务决算报告 | | 议案四: 公司 2024 年年度报告及其摘要 . | | 议案五:关于公司 2024 年度利润分配方案及 2025 年中期现金分红计划的议案 31 | | 议案六:公司 2025 年度向银行申请综合授信额度的议案 . | | 议案七:关于 2025年度对外担保额度预计的议案 . | | 议案八:关于 2025 年度预计日常关联交易的议案 | | 议案九:关于部分募投项目结项、终止并将剩余募集资金永久性补充流动资金的议案 | | …… | | 议案十：关于购买董监高责任险的议案 | | 议案十一:关于续聘公司 2025 年度审计机构的议案 . | | 议案十二: 关于 ...

Core Viewpoint - Linyang Energy has secured a significant contract with State Grid Corporation of China, marking a total bid amount of approximately 165 million yuan for the 2025 procurement project, reflecting the company's strong position in the smart meter market [1][2][3] Group 1: Contract Wins and Financial Performance - The company has pre-won a total of 7 packages in the latest bid, amounting to 688,200 units of various smart meters, with an expected total bid amount of about 165 million yuan [2][3] - Cumulatively, Linyang Energy has won contracts worth 443 million yuan from State Grid and Southern Power Grid since the beginning of 2025, including a previous bid of approximately 278 million yuan [3][4] - In 2024, the company achieved a total revenue of 27.04 billion yuan from electric meters and related products, marking an 18.94% year-on-year growth [6][7] Group 2: International Expansion and Market Strategy - Linyang Energy is actively expanding its overseas market presence, focusing on Europe, the Middle East, Asia-Pacific, and Africa, with international revenue reaching 1.126 billion yuan in 2024, a 34.22% increase year-on-year [1][4] - The company has formed partnerships with established meter manufacturers to enhance its market share in Western Europe and Asia-Pacific, achieving over 800 million yuan in orders in Poland alone [4][6] Group 3: Research and Development Investment - The company has significantly increased its investment in research and development, with total R&D expenses reaching 905 million yuan from 2020 to 2024 [5][7] - R&D expenditures have shown a steady increase over the years, with 2024 alone accounting for 269 million yuan [7] Group 4: Financial Health and Asset Management - As of the first quarter of 2025, Linyang Energy reported a total of 5.623 billion yuan in cash and financial assets, with a low debt-to-asset ratio maintained over the years [6][7] - The company's debt-to-asset ratio has remained stable, recorded at 36.22% in the first quarter of 2025 [7]

Group 1 - China Energy Construction won a major coal-fired power project with a bid amount of approximately 14.586 billion yuan, involving six 660 MW supercritical coal-fired generating units and supporting environmental facilities, with a total construction period of about 36.5 months [1] - Taiji Industry plans to repurchase company shares with a total amount not less than 1 billion yuan and not exceeding 1.2 billion yuan, with a maximum repurchase price of 10.38 yuan per share [1] - Youxun Technology won a project from State Grid with a bid amount of approximately 176 million yuan, accounting for 17.44% of the company's audited revenue for 2024 [2] Group 2 - Daili New Materials established an investment fund with a total subscribed capital of 163.3 million yuan, with Daili contributing 10 million yuan, accounting for 6.12% of the fund [4] - Wanyi Technology received a government subsidy of 2.3475 million yuan, which has been confirmed and classified according to relevant accounting standards [6] - Anke Biotech received a drug registration certificate for Acetate Atosiban Injection, which is used for treating preterm labor [7] Group 3 - Renfu Pharmaceutical received a drug registration certificate for Progesterone Soft Capsules, which are used to treat functional disorders caused by progesterone deficiency [9] - Linyang Energy is a recommended candidate for a major contract with State Grid, with a total expected bid amount of approximately 165 million yuan [11] - Hongtian Technology plans to invest 200 million to 300 million yuan to establish a wholly-owned subsidiary in Gansu Province [28] Group 4 - Hunan Xiang Electric received a total of 40 million yuan in government subsidies, which accounts for 16.07% of the company's audited net profit for 2024 [44] - Nengke Technology plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 20 million yuan, with a maximum repurchase price of 43.00 yuan per share [46] - Xiamen XGMA received 10 million yuan in historical debt repayment, which is expected to increase the company's net profit for 2025 by 3.186 million yuan [48]

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 | ...