Core Viewpoint - Lin Yang Energy (601222.SH) reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company's operating revenue for the third quarter was 1.192 billion yuan, representing a year-on-year decrease of 29.96% [1] - The net profit attributable to shareholders of the listed company was 34.974 million yuan, down 88.77% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 70.674 million yuan, reflecting a year-on-year decline of 75.95% [1]

Core Insights - LinYong Energy reported a revenue of 3.674 billion yuan and a net profit of 359 million yuan for the first three quarters of 2025, with a proposed cash dividend of 0.088 yuan per share, totaling approximately 180 million yuan, which represents 50.04% of the net profit [2][6] Smart Metering - LinYong Energy has maintained a strong domestic market share through stable bidding success, product innovation, and deepened research cooperation, achieving a bid amount of 551 million yuan in major state grid projects [3] - The company has expanded its global footprint, signing a supply contract worth 383 million yuan for smart meters in Australia and achieving over 30% market share in Poland and the Middle East [3] New Energy - The company's subsidiary, LinYong Zhiwei, has seen its operation and maintenance capacity exceed 25 GW, marking a 40% increase since the beginning of the year, positioning it among the top tier in the industry [4] - LinYong is actively developing value-added services and has recently been approved as a distributed energy aggregator in Jiangsu, enhancing its capabilities in the energy market [4] Energy Storage - The energy storage business is focused on both domestic and international markets, achieving significant milestones such as a large-scale project in Mongolia and a 40 MW storage project in Mauritius [5] - The company emphasizes technological innovation, recently obtaining a patent for a battery pack thermal runaway protection method, showcasing its strong technical capabilities [5] Overall Business Strategy - Despite short-term performance fluctuations, LinYong Energy's long-term development logic remains intact, with steady progress in global expansion across its three core business areas, continuous technological innovation, and an optimized business structure [6]

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-62 江苏林洋能源股份有限公司 2025 年第三季度主要经营数据公告 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"）2025年第三季度新能源电 站发电业务主要经营数据如下： 注：上述部分数据可能存在尾差，系计算时四舍五入造成。 三、经营数据相关说明 1、平均上网电价由脱硫标杆电价和可再生能源补贴价格组成。部分参与电 力市场化交易的平均上网电价，由电力市场化交易规则形成的结算电价和可再生 能源补贴价格组成。 二、截至2025年9月底新能源电站累计发电情况 | 地区 | 电站类型 | 装机容量 | 发电量 | 上网电量 | 结算电量 | 平均上网电价 （元/千瓦时，含 | | --- | --- | --- | --- | --- | --- | --- | | | | （MW） | （万千瓦时） | （万千瓦时） | （万千瓦时） | | | | | | | | | 税） | 地区 电站类型 装机容量 （MW） 发电 ...

基于公司长期稳健经营及业务长远发展的信心，兼顾公司的财务状况和对股 东合理回报的需求，公司 2025 年前三季度拟以实施权益分派股权登记日登记的 总股本扣减公司回购专用证券账户中的股份数量为基数，向全体股东每股派发现 金红利 0.088 元（含税）。截至 2025 年 9 月 30 日，公司总股本 2,060,169,156 股， 扣除公司回购专用账户中的 18,949,000 股，以此计算合计拟派发现金红利 179,627,373.73 元（含税），占公司 2025 年前三季度合并报表归属于上市公司股 东净利润的比例为 50.04%。 证券代码：601222 证券简称：林洋能源 公告编号：临 2025-60 江苏林洋能源股份有限公司 第六届董事会第三次会议决议公告 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于2025年10月 30日在江苏省启东市林洋路666 号公司会议室，以现场结合通讯表决方式召开第六届董事会第三次会议。本次会 议通知于 2025 年 10 月 20 日以电话、电子邮件等方式送 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,192,414,972.30, a decrease of 29.96% compared to the same period last year[4]. - The total profit for the third quarter was CNY 45,215,648.74, down 88.65% year-on-year[4]. - The net profit attributable to shareholders was CNY 34,973,869.11, reflecting an 88.77% decline compared to the previous year[4]. - The net profit after deducting non-recurring gains and losses was CNY 70,673,694.34, a decrease of 75.95% year-on-year[4]. - The basic earnings per share for the third quarter was CNY 0.02, down 87.50% from the same period last year[5]. - Total operating revenue for the first three quarters of 2025 was approximately ¥3.67 billion, a decrease of 29% compared to ¥5.17 billion in the same period of 2024[19]. - Operating profit for the first three quarters of 2025 was approximately ¥421 million, a decline of 62.5% compared to ¥1.12 billion in 2024[20]. - Net profit for the first three quarters of 2025 was approximately ¥344 million, a decrease of 62.5% from ¥916 million in 2024[20]. - Earnings per share for the first three quarters of 2025 were ¥0.18, down from ¥0.45 in the same period of 2024[20]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -307,883,313.32, a decrease of 149.30%[4]. - In the first three quarters of 2025, the cash inflow from operating activities was CNY 4,681,682,480.70, a decrease of 18.5% compared to CNY 5,741,072,487.39 in the same period of 2024[21]. - The net cash flow from operating activities was negative at CNY -307,883,313.32, contrasting with a positive CNY 624,510,223.85 in the first three quarters of 2024[21]. - Cash inflow from investment activities totaled CNY 5,527,209,273.43, down 23% from CNY 7,177,016,613.54 year-on-year[22]. - The net cash flow from investment activities improved to CNY 210,398,321.30, compared to a negative CNY -893,541,157.92 in the same period last year[22]. - Cash inflow from financing activities was CNY 2,347,675,580.86, an increase from CNY 1,331,793,916.97 in the previous year[22]. - The net cash flow from financing activities was CNY 651,958,445.65, recovering from a negative CNY -233,946,922.66 in the first three quarters of 2024[22]. - The total cash and cash equivalents at the end of the period reached CNY 4,579,777,499.27, up from CNY 3,605,593,980.88 at the end of the same period last year[22]. - The company received CNY 91,917,600.31 in tax refunds, an increase of 26% from CNY 72,846,500.02 in the previous year[21]. - The cash outflow for purchasing goods and services was CNY 3,687,735,767.81, slightly higher than CNY 3,614,412,353.85 in the same period of 2024[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,896,363,729.57, an increase of 0.84% from the end of the previous year[5]. - Total current assets as of September 30, 2025, amount to RMB 15,271,210,208.15, an increase from RMB 14,276,032,768.66 at the end of 2024[15]. - Total assets as of September 30, 2025, are RMB 24,896,363,729.57, compared to RMB 24,688,896,362.27 at the end of 2024[16]. - Total current liabilities decreased to RMB 4,935,904,054.58 from RMB 5,736,140,221.35[16]. - Total liabilities increased to approximately ¥9.31 billion in 2025 from ¥8.95 billion in 2024, reflecting a growth of 4.1%[17]. - Total non-current liabilities rose to approximately ¥4.38 billion in 2025, up from ¥3.21 billion in 2024, marking an increase of 36.3%[17]. - Shareholders' equity decreased to approximately ¥15.58 billion in 2025 from ¥15.74 billion in 2024, a decline of 1%[17]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 74,169[12]. - The largest shareholder, Qidong Huahong Electronics Co., Ltd., holds 723,127,427 shares, accounting for 35.10% of total shares[12]. - The company has a share repurchase account holding 18,949,000 shares, representing 0.92% of total share capital[13]. - The company has not reported any changes in the participation of major shareholders in securities lending or borrowing activities[14]. Other Financial Metrics - The weighted average return on equity decreased by 3.45 percentage points to 2.34%[5]. - The company reported non-recurring gains and losses totaling CNY -35,699,825.23 for the current period[8]. - The company reported a significant increase in other comprehensive income, which rose to approximately ¥8.51 million in 2025 from ¥3.71 million in 2024[20]. - The company’s financial expenses decreased significantly to approximately ¥8.73 million in 2025 from ¥31.42 million in 2024, a reduction of 72.2%[19]. - The company did not apply new accounting standards for the first time in 2025[23].

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-61 江苏林洋能源股份有限公司 关于 2025 年前三季度利润分配方案的公告 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股、 回购股份、股权激励授予股份回购注销、重大资产重组股份回购注销等致使公司 总股本发生变动的，公司拟维持每股分配比例不变，相应调整分配总额。如后续 总股本发生变化，将另行公告具体调整情况。 根据公司2024年年度股东大会对2025年中期现金分红计划的相关授权，本 次利润分配方案无需提交股东会审议。 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、利润分配方案内容 截至2025年9月30日，公司母公司报表中期末未分配利润为人民币 2,008,142,614.33元（未经审计）。经董事会决议，公司2025年前三季度拟以实施 权益分派股权登记日登记的总股本扣减公司回购专用证券账户中的股份数量为 基数分配利润。本次利润分配方案如下： 基于公司长期稳健经营及业务长远发展的信心，兼顾公司的财务状况和对 股东合理回报 ...

Core Viewpoint - The report by Zhiyan Consulting highlights a significant decline in the production of electrical instruments and meters in China, with a projected decrease in output for 2025 compared to previous years [1]. Industry Summary - According to data from the National Bureau of Statistics, the production of electrical instruments and meters in China for August 2025 is expected to be 21.77 million units, representing a year-on-year decrease of 12.2% [1]. - From January to August 2025, the cumulative production of electrical instruments and meters in China is reported to be 178.886 million units, showing a cumulative decline of 8.2% [1]. - The report provides a comprehensive analysis of the supply and demand forecast for the Chinese instrument and meter market from 2025 to 2031, indicating potential challenges in the industry [1]. Company Summary - Listed companies mentioned in the report include Weisheng Information (688100), Linyang Energy (601222), Samsung Medical (601567), Haixing Electric (603556), XJ Electric (000400), Pinggao Electric (600312), Guodian Nanzi (600268), *ST Huayi (600290), Dongfang Electronics (000682), and Kelon Electronics (002121) [1].

Core Insights - Linyang Energy's stock increased by 1.64% on October 15, with a trading volume of 165 million yuan [1] - The company reported a financing net purchase of 4.34 million yuan on the same day, with a total financing and securities balance of 581 million yuan [1][2] - The company's revenue for the first half of 2025 was 2.481 billion yuan, a year-on-year decrease of 28.35%, and the net profit attributable to shareholders was 324 million yuan, down 45.88% year-on-year [2] Financing and Securities - On October 15, Linyang Energy had a financing buy amount of 19.2834 million yuan, with a current financing balance of 579 million yuan, accounting for 4.53% of the circulating market value [1] - The financing balance is below the 10% percentile level of the past year, indicating a low position [1] - The company had a securities lending repayment of 16,000 shares and a securities lending sell amount of 58,700 shares, with a lending balance of 1.8276 million yuan, which is above the 60% percentile level of the past year, indicating a high position [1] Shareholder Information - As of June 30, 2025, Linyang Energy had 78,900 shareholders, an increase of 3.16% from the previous period [2] - The average circulating shares per person decreased by 3.07% to 26,108 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among various ETFs [3]

Core Insights - Chinese energy storage companies are experiencing a surge in international contracts, marking a significant breakthrough in global markets [2] - Major players like Trina Storage, Hicharge, and others are securing large-scale orders ranging from hundreds of MWh to several GWh, indicating strong product capabilities and delivery performance [2] Group 1: Trina Storage - Trina Storage signed a strategic cooperation agreement with Japan's Tohoku Electric Power, committing to supply 500 MWh of large-scale storage systems starting in 2025 [3] - The company is also developing a 500 MW/2000 MWh battery storage project in Victoria, Australia, with an investment of approximately 2.18 billion RMB, expected to be completed by the end of 2027 [3] - Trina Storage has secured contracts totaling 2.48 GWh for energy storage products across China, Latin America, and the Asia-Pacific region [3][4] Group 2: Hicharge - Hicharge has signed a supply agreement for 2 GWh of storage systems with Solarpro, a leading European solar EPC [5] - The company is also collaborating with FRV to deploy a 500 MWh storage system in Victoria, Australia, which includes long-term service support [5] - A partnership with BOS Power aims to deploy 3 GWh of storage systems in Denmark, Sweden, Finland, and Norway by 2027 [6] Group 3: EVE Energy - EVE Energy has reached a strategic cooperation with TSL Assembly to deploy 1 GWh of storage systems in Central and Eastern Europe between 2026 and 2030 [7] - The company also signed a 500 MWh agreement with CommVOLT to enhance grid stability and renewable energy integration in the region [7] Group 4: Ruipu Lanjun - Ruipu Lanjun signed a supply agreement with Energy Vault for 3 GWh of storage systems to be delivered in 2026, focusing on markets in Australia, the US, and Europe [8][9] Group 5: Other Companies - Zhongqi New Energy received a 2 GWh order from ACME Solar Holdings for battery storage systems in India [10] - Jingkong Energy announced a 600 MWh project in Finland, marking a record for single supplier procurement in the local market [11] - Yuanxin Storage signed agreements for over 5 GWh of projects in Poland, showcasing its technical and product support capabilities [12] - Xixing Charging entered the Indian market with a nearly 1 GWh storage order [13] - Kubo Energy is set to collaborate with Paneco Group for approximately 2.5 GWh of storage systems in Europe [14] - Tianneng signed a strategic cooperation agreement for 2 GW of storage equipment in Africa [15][16] - Linyang Energy will provide 275 MWh of storage solutions for a project in Poland [17] Conclusion - The recent surge in international contracts signifies a comprehensive global market penetration by Chinese energy storage companies, evolving from simple product supply to collaborative development and full lifecycle services [17]

证券代码：601222 证券简称：林洋能源 公告编号：2025-59 江苏林洋能源股份有限公司 关于对外担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | | "新加坡林洋"） | 新加坡林洋能源科技有限公司（以下简称 | | --- | --- | --- | --- | --- | | 担保对 | | | | | | | 本次担保金额 1,550 | | 万美元 | | | 象一 | 实际为其提供的担保余额 | 13,539 | 万元 | | | | 是否在前期预计额度内 是 | | □否 | □不适用：_________ | | | 本次担保是否有反担保 □是 | | 否 | □不适用：_________ | | 担保对 象二 | 被担保人名称 | | | 江苏林洋新能源科技有限公司（以下简称 | | | | | "林洋新能源"） | | | | 本次担保金额 | 11,200 | 万元 | | | | 实际为其提供的担保余额 0 元 | | ...