Company Overview - Zhenjiang Co., Ltd. is located in Jiangyin City, Jiangsu Province, and was established on March 1, 2004. The company was listed on November 6, 2017. Its main business includes the design, processing, and sales of wind power equipment, photovoltaic equipment components, and fasteners, as well as offshore wind power installation and operation services [1][2]. Financial Performance - For the first half of 2025, Zhenjiang Co., Ltd. achieved operating revenue of 1.834 billion yuan, a year-on-year decrease of 6.27%. The net profit attributable to the parent company was 15.6935 million yuan, down 87.29% year-on-year [2]. - Since its A-share listing, Zhenjiang Co., Ltd. has distributed a total of 240 million yuan in dividends, with 138 million yuan distributed in the last three years [3]. Stock Performance - As of September 9, Zhenjiang Co., Ltd.'s stock price was 26.29 yuan per share, with a market capitalization of 4.845 billion yuan. The stock has increased by 10.72% year-to-date but has decreased by 2.12% in the last five trading days and 6.11% in the last 20 trading days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on May 6, where it recorded a net buy of -13.9975 million yuan [1]. Shareholder Information - As of June 30, 2025, Zhenjiang Co., Ltd. had 28,400 shareholders, an increase of 56.11% from the previous period. The average number of circulating shares per person was 6,487, a decrease of 35.94% [2]. - Among the top ten circulating shareholders, the fund "Jianxin New Energy Industry Stock A" ranked tenth with 1.2263 million shares, a decrease of 1.6827 million shares from the previous period [3].

Group 1 - The company primarily produces steel structural components such as generator bases and casings for gas turbines [1] - The introduction of state-owned capital into the Nantong casting project will enhance the financial strength of the casting subsidiary, promoting the company's healthy operation and sustainable development [1] - The company's exoskeleton robots are expected to be trialed in 2-3 scenic spots during the National Day holiday [1]

Core Insights - The article highlights the significant financial support provided by Hengfeng Bank to Jiangsu Zhenjiang Casting Technology Co., which is crucial for the development of a key wind power component manufacturing project in Jiangsu [1][5][6] - The project aims to produce 200,000 tons of core components for wind power annually, with a total investment of 806 million yuan, and is expected to enhance the local new energy industry [3][4] Financial Support - Hengfeng Bank has efficiently allocated 80 million yuan in credit to support the project, demonstrating its commitment to facilitating the advancement of high-end, intelligent, and green manufacturing [1][6] - The bank's rapid response included forming a dedicated team to assess the project and streamline the financing process, completing approvals in just three weeks instead of the usual two months [5][6] Project Details - The project, which is a benchmark for high-end equipment manufacturing in the Haimen Port Economic Development Zone, will have a construction area of 120,000 square meters and aims to produce 135,000 tons of large megawatt wind turbine castings annually, with 90% of the output targeted for the global market [3][4] - This facility will be the first in China to scale the application of 3D printing technology for manufacturing sand molds, significantly reducing labor dependency and ensuring high-quality standards [4] Industry Context - Jiangsu Zhenjiang New Energy Equipment Co., the parent company, is recognized as a national-level "specialized, refined, and innovative" enterprise, collaborating with global leaders like Siemens and General Electric in the renewable energy sector [3][4] - Hengfeng Bank's actions align with national "dual carbon" strategies, integrating ESG principles into its operations and focusing on green finance to support sustainable development [6][7]

Core Insights - The article highlights the significant financial support provided by Hengfeng Bank to Jiangsu Zhenjiang Casting Technology Co., which is developing a key project for wind power component manufacturing [1][5][6] - The project aims to produce 200,000 tons of wind power core components annually, with a total investment of 806 million yuan, and is expected to enhance the local new energy industry [3][4] Company Overview - Jiangsu Zhenjiang Casting Technology Co. is a subsidiary of Jiangsu Zhenjiang New Energy Equipment Co., a national-level "specialized and innovative" enterprise with strong technical capabilities in the wind and solar equipment manufacturing sector [3][4] - The company collaborates with global leaders such as Siemens and General Electric, leveraging its parent company's core technologies and resources [3] Project Details - The "Green Intelligent Casting Project" will be the first in China to scale the use of 3D printing technology for sand mold manufacturing, significantly reducing labor dependency and ensuring high-quality standards [4] - The project covers an area of 120,000 square meters and aims to achieve an annual production capacity of 135,000 tons of large megawatt wind turbine castings, with 90% of the output targeted for the global market [3][4] Financial Support - Hengfeng Bank provided 80 million yuan in credit to support the project, demonstrating its commitment to facilitating the high-end, intelligent, and green development of the manufacturing sector [6] - The bank's rapid response included forming a dedicated team to assess project needs and streamline financing processes, completing approvals in just three weeks instead of the usual two months [5][6] Industry Trends - The article emphasizes the shift towards green and intelligent manufacturing in the energy sector, aligning with national "dual carbon" strategies and the integration of ESG principles into financial services [6][7] - Hengfeng Bank reported a nearly 20% increase in green credit by mid-2023, reflecting its focus on supporting the green transformation of the economy [6][7]

Core Viewpoint - The financial performance of Zhenjiang Co., Ltd. (振江股份) for the first half of 2025 shows significant declines in revenue and net profit, indicating increased short-term debt pressure and a need for careful monitoring of cash flow and debt levels [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.834 billion yuan, a decrease of 6.27% compared to 2024 [1]. - Net profit attributable to shareholders was 15.6935 million yuan, down 87.29% year-on-year [1]. - The gross profit margin was 20.26%, a decline of 7.62% from the previous year [1]. - The net profit margin fell to 0.98%, a decrease of 84.69% [1]. - Total expenses (selling, administrative, and financial) amounted to 157 million yuan, accounting for 8.58% of revenue, an increase of 2.17% [1]. - Earnings per share dropped to 0.09 yuan, down 86.57% year-on-year [1]. Cash Flow and Debt Analysis - The liquidity ratio reached 0.98, indicating rising short-term debt pressure [1]. - Cash and cash equivalents increased by 65.53% to 1.096 billion yuan [1]. - The ratio of interest-bearing liabilities to total assets reached 45.66%, with total interest-bearing liabilities increasing by 68.21% to 4.041 billion yuan [4]. Business Model and Investment Returns - The company's return on invested capital (ROIC) was 6.22%, indicating average capital returns [3]. - Historical data shows a median ROIC of 7.26% since the company went public, with the lowest ROIC recorded at 3.26% in 2019 [3]. - The company's performance is heavily reliant on capital expenditures, necessitating scrutiny of the effectiveness of these investments [3]. Market Expectations - Analysts project that the company's performance for 2025 will yield a net profit of 281 million yuan, with an average earnings per share forecast of 1.52 yuan [5]. Fund Holdings - The largest fund holding Zhenjiang Co., Ltd. shares is the Fortune Insight Value Stock A fund, which has reduced its holdings to 1.1802 million shares [6].

Group 1 - The meeting of the Supervisory Board of Jiangsu Zhenjiang New Energy Equipment Co., Ltd. was held on August 27, 2025, with all three supervisors present, and the meeting was conducted legally and effectively [1][2] - All resolutions proposed during the meeting were approved unanimously, with no votes against or abstentions [2] - The Supervisory Board confirmed that the company's 2025 semi-annual report was prepared in accordance with legal and regulatory requirements, accurately reflecting the company's actual situation without any false statements or omissions [1][2] Group 2 - The Supervisory Board decided to cancel the Supervisory Board and amend the Articles of Association and related rules, which is a necessary adjustment based on the latest revisions of the Company Law and other relevant regulations [2] - The decision to cancel the Supervisory Board will allow the Audit Committee of the Board of Directors to exercise the powers of the Supervisory Board as stipulated by the Company Law, ensuring no harm to the company and shareholders' interests [2]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on September 16, 2025, at 13:30 [1] - The meeting will take place at the conference room of Jiangsu Zhenjiang New Energy Equipment Co., Ltd., located at No. 2608, Zhencheng Road, Jiangyin City [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1][2] Voting Procedures - Online voting will be available on the day of the meeting from 9:15 to 15:00, with specific trading time slots for the voting platform [2] - Shareholders can vote via the trading system or the internet voting platform, with identity verification required for first-time users [3][4] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4] Meeting Agenda - The meeting will review proposals that have already been approved by the company's board and supervisory board [3] - There are no related shareholders that need to abstain from voting on the proposals [3] Attendance Requirements - Shareholders registered by the close of trading on September 9, 2025, are eligible to attend the meeting [6] - Various parties, including company directors, senior management, and appointed lawyers, may also attend [6] Registration Process - Shareholders are encouraged to register for the meeting, with specific documentation required for both individual and corporate shareholders [6] - Registration can be done on-site or via mail/fax, with contact information required [6]

Core Points - Jiangsu Zhenjiang New Energy Equipment Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with total revenue decreasing by 6.27% year-on-year to approximately 1.83 billion RMB [1] - The company's net profit attributable to shareholders fell by 87.29% to approximately 15.69 million RMB, indicating severe profitability challenges [1] - Total assets increased by 10.80% year-on-year, reaching approximately 7.67 billion RMB, suggesting growth in asset base despite declining revenues [1] Financial Summary - Total assets at the end of the reporting period were 7,672,548,161.62 RMB, up from 6,924,754,045.56 RMB, reflecting a 10.80% increase [1] - Operating revenue for the period was 1,834,295,550.60 RMB, down from 1,957,005,869.05 RMB, a decrease of 6.27% [1] - Total profit for the period was 23,579,171.26 RMB, a significant drop of 84.11% compared to 148,429,110.14 RMB in the previous year [1] - Net profit attributable to shareholders was 15,693,493.01 RMB, down 87.29% from 123,462,807.45 RMB [1] - Cash flow from operating activities showed a negative net amount of -122,276,005.45 RMB, a decline of 225.71% compared to 97,268,472.26 RMB in the previous year [1] - Basic and diluted earnings per share were both 0.09 RMB, down 86.57% from 0.67 RMB [1] Shareholder Information - The top shareholder, Hu Zhen, holds 22.36% of the shares, amounting to 41,206,155 shares [2] - Other significant shareholders include Jiangyin Zhenjiang Langwei Investment Enterprise (Limited Partnership) with 4.91% and the National Social Security Fund with 1.84% [2] - The report indicates that Hu Zhen, Bu Chunhua, and Jiangyin Zhenjiang Langwei Investment Enterprise (Limited Partnership) are considered acting in concert [2]

Core Viewpoint - Jiangsu Zhenjiang New Energy Equipment Co., Ltd. plans to abolish its supervisory board and amend its articles of association to enhance corporate governance and comply with updated legal regulations [1][2]. Summary by Sections Abolishment of Supervisory Board - The company intends to eliminate the supervisory board and its related rules, transferring the supervisory functions to the audit committee of the board of directors, in accordance with the latest revisions of the Company Law and other regulatory requirements [1][2]. Amendments to Articles of Association - The company will revise its articles of association and related rules, including the deletion of terms related to the supervisory board and the introduction of terms for the audit committee [2][3]. - Specific changes include replacing references to "supervisors" and "supervisory board meetings" with "audit committee members" and "audit committee meetings" [2][3]. - The amendments will also adjust the terminology from "shareholders' meeting" to "shareholders' assembly" and will not list every individual change due to the extensive nature of the revisions [2][3]. Governance Structure - The revised articles will continue to ensure the protection of the legal rights of shareholders and creditors, and will serve as a binding document for the company, shareholders, directors, and senior management [3][4]. - The company emphasizes the importance of maintaining a clear governance structure to uphold the rights and obligations among shareholders and the company [3][4]. Legal Compliance - The amendments are designed to align with the latest legal frameworks, including the Shanghai Stock Exchange's self-regulatory guidelines, ensuring that the company operates within the legal boundaries set forth by regulatory authorities [2][3].

Core Points - The article outlines the selection and appointment system for accounting firms at Jiangsu Zhenjiang New Energy Equipment Co., Ltd, aiming to ensure the quality of financial information and protect shareholder interests [1][2][3] Group 1: General Principles - The company establishes a system to regulate the selection of accounting firms, ensuring compliance with the China Securities Regulatory Commission's regulations [1] - The selection process requires approval from the board of directors and the shareholders' meeting, preventing any pre-approval engagement with accounting firms [1][2] Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must meet specific qualifications, including legal establishment, good reputation, and compliance with relevant laws and regulations [1][2] - The firms must have a solid internal management system and qualified registered accountants to ensure audit quality [1][2] Group 3: Selection Procedures - The audit committee, independent directors, or a third of the board can propose the selection of accounting firms, with the audit committee responsible for overseeing the process [2][3] - The selection can be conducted through public, invited, or single selection methods, requiring firms to provide relevant quality and integrity documentation [2][3] Group 4: Audit Committee Responsibilities - The audit committee must evaluate the qualifications of participating accounting firms and submit recommendations to the board [2][3] - Regular assessments of the appointed accounting firms' performance are required, with reports submitted to the board [2][3] Group 5: Special Provisions for Reappointment - The audit committee must evaluate the performance of the accounting firm before reappointment, ensuring a thorough assessment of audit quality [5][6] - If the committee finds the firm unsatisfactory, it must recommend a change [5][6] Group 6: Supervision and Penalties - The audit committee is responsible for monitoring the selection process and ensuring compliance with laws and regulations [7][8] - Serious violations by accounting firms can lead to disqualification from future appointments, and penalties may be imposed on responsible individuals [7][8]