Core Viewpoint - LinYong Energy has signed a supply contract for smart meters with Landis & Gyr Pty Ltd, amounting to approximately $54 million, which represents 5.69% of the company's audited revenue for the fiscal year 2024 [2] Group 1 - The total contract value is approximately $54 million [2] - The equivalent amount in Chinese Yuan is about 383.4 million Yuan [2] - The contract accounts for 5.69% of the company's audited revenue for 2024 [2]

林洋能源（601222）(601222.SH)发布公告，近日，公司与Landis&Gyr PtyLtd(简称"澳洲兰吉尔")签署了 智能电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约5400万美元，约合 3.83亿元人民币。 本次签订的合同金额占公司2024年度经审计的营业总收入的5.69%。合同的履行预计将对公司2025年及 以后年度经营工作和经营业绩产生积极的影响，但对公司业务、经营的独立性不产生影响。 ...

本次签订的合同金额占公司2024年度经审计的营业总收入的5.69%。合同的履行预计将对公司2025年及 以后年度经营工作和经营业绩产生积极的影响，但对公司业务、经营的独立性不产生影响。 智通财经APP讯，林洋能源(601222.SH)发布公告，近日，公司与Landis&Gyr PtyLtd(简称"澳洲兰吉尔") 签署了智能电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约5400万美 元，约合3.83亿元人民币。 ...

人民财讯9月8日电，林洋能源（601222）9月8日晚间公告，近日，公司与Landis&GyrPty Ltd(简称"澳洲 兰吉尔")签署了智能电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约 5400万美元，约合3.83亿元人民币，占公司2024年度经审计的营业总收入的5.69%。合同的履行预计将 对公司2025年及以后年度经营工作和经营业绩产生积极的影响。 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-54 江苏林洋能源股份有限公司 关于签订海外经营合同的公告 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： 一、交易概述 近日，江苏林洋能源股份有限公司（以下简称"公司"）与 Landis&Gyr Pty Ltd （以下简称"澳洲兰吉尔"）签署了智能电表的供货合同，由公司提供智能电表产 品。根据合同报价测算，合同总金额约 5,400 万美元，约合 38,340 万元人民币。 二、合同对方情况介绍 1、公司名称：Landis&Gyr Pty Ltd 2、成立日期：2000 年 2 月 3、经营范围：智能电表、气表、水表等设备，配电自动化，AMI 解决方案等 4、兰吉尔是全球领先的综合能源管理解决方案提供商，通过测量和分析能源 使用情况，为智能电网和基础设施管理提供赋能分析，帮助公用事业公司和消费 者降低能耗，澳洲兰吉尔为其全资子公司。 5、是否与公司存在关联关系：公司及子公司与兰吉尔、澳洲兰吉尔不存在关 联关系。 合同类型：销售合同 合同金额：根 ...

格隆汇9月8日丨林洋能源(601222.SH)公布，公司与Landis&GyrPtyLtd（简称"澳洲兰吉尔"）签署了智能 电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约5,400万美元，约合 38,340万元人民币。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for H1 2025 was 2.481 billion yuan, a year-on-year decrease of 28.35%, with a net profit of 324 million yuan, down 45.88% [1] - The smart meter business showed stable growth with a revenue of 1.427 billion yuan in H1 2025, up 24.15% year-on-year, despite a decline in gross margin [2] - The energy storage business faced challenges with a revenue drop of 72.01% to 207 million yuan in H1 2025, but significant progress was made in overseas markets [2] - The renewable energy business experienced a substantial revenue decline of 91.27% to 83 million yuan in H1 2025, although operational capacity in renewable energy maintenance increased [3] - The company is expected to achieve net profits of 787 million yuan, 860 million yuan, and 974 million yuan for 2025, 2026, and 2027 respectively, with a downward adjustment in profit forecasts for 2025-2026 [3] Summary by Sections Financial Performance - H1 2025 revenue was 2.481 billion yuan, down 28.35% year-on-year; net profit was 324 million yuan, down 45.88% [1] - Q2 2025 revenue was 1.358 billion yuan, down 28.89%; net profit was 200 million yuan, down 47.37% [1] Smart Meter Business - Revenue for smart meters in H1 2025 was 1.427 billion yuan, up 24.15% year-on-year; gross margin was 34.90%, down 4 percentage points [2] - The company won contracts worth approximately 165 million yuan in domestic tenders [2] - The overseas market expansion is ongoing, with significant partnerships and market share growth in regions like Poland [2] Energy Storage Business - Revenue for energy storage in H1 2025 was 207 million yuan, down 72.01%; gross margin was 8.99%, down 11.08 percentage points [2] - The company is developing multiple projects in China with a planned capacity of over 3.7 GWh for the second half of 2025 [2] - Breakthroughs in overseas markets include contracts exceeding 50 million yuan and significant equipment deliveries [2] Renewable Energy Business - Revenue from renewable energy sales in H1 2025 was 83 million yuan, down 91.27%; gross margin increased to 54.53%, up 38.15 percentage points [3] - The company has over 1,225 MW of projects under construction and has successfully connected wind projects to the grid [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 787 million yuan, 860 million yuan, and 974 million yuan respectively, reflecting a downward adjustment of 43% and 47% for 2025 and 2026 [3] - The current stock price corresponds to a PE ratio of 16, 15, and 13 for 2025, 2026, and 2027 respectively [3]

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Core Insights - The photovoltaic operation and maintenance (O&M) sector is crucial in the solar energy industry, directly impacting the safety and profitability of power plants [1][10] - The rapid growth of the photovoltaic industry has led to an increasing demand for O&M services, resulting in a steady market expansion [1][10] Photovoltaic O&M Industry Overview - Photovoltaic O&M refers to the daily monitoring, maintenance, and management of solar power systems to ensure optimal energy output [2] - Key tasks in O&M include daily inspections, fault handling, data monitoring, and equipment maintenance and upgrades [2][10] Market Size and Growth - The Chinese photovoltaic O&M market is projected to reach approximately 36.65 billion yuan in 2024, representing a year-on-year growth of 42% [1][10] - The centralized O&M market is expected to be 19.41 billion yuan, while the distributed O&M market is estimated at 17.24 billion yuan [1][10] O&M Cost Trends - The O&M costs for distributed photovoltaic systems are projected to be 0.046 yuan/(W·year), while centralized ground stations are expected to be 0.038 yuan/(W·year) in 2024 [10][11] O&M Operational Models - The main operational models for photovoltaic O&M include asset entrustment, full-service O&M entrustment, and labor entrustment for O&M [10] Market Competition and Landscape - The O&M service market is characterized by a highly fragmented landscape, with numerous players competing for market share [1][12] - Leading companies in the industry include Yangguang Zhihui, Linyang O&M, Xianlin Smart O&M, and Zhengtai Zhihui, among others [1][12] Bidding and Tendering Situation - The demand for photovoltaic O&M services is robust, with an estimated bidding scale of approximately 116.47 GW in 2024, reflecting a year-on-year increase of around 76% [12] - Over 70% of the bids are for routine maintenance, with component cleaning services accounting for 18.74% and weeding services for 5.3% [12] Technological Trends in O&M - Future trends in photovoltaic O&M include the establishment of a full lifecycle data loop, interconnected maintenance devices, and the integration of AI for predictive maintenance and self-healing capabilities [12][14]

Group 1 - The company received renewable energy subsidy funds totaling 203 million yuan in August 2025 [2] - From January 1 to August 31, 2025, the company received a total of 306 million yuan in renewable energy subsidy funds, representing a 210.10% increase compared to the same period last year, and accounting for 177.09% of the total subsidies received in 2024 [2] - The recovery of these subsidy funds will improve the company's cash flow from its power plants and positively impact future operations, although it will not significantly affect the company's profit and loss for 2025 [3]