Summary of Zhenjiang Co. Conference Call Company Overview - **Company**: Zhenjiang Co. - **Industry**: Wind Power, Exoskeleton Technology, Gas Turbines, and Photovoltaic Support Structures Key Points Wind Power Business - Wind power revenue is expected to account for 70% of total revenue by 2025, with over 70% of this from overseas markets [2][5] - The transition to Siemens' 14 MW turbine model is anticipated to enhance value and gross margins [2][5] - The Nantong factory has secured 70% of the 14 MW hub assembly share from Siemens and is expected to contribute over 1.5 billion RMB in revenue [2][5] - The traditional rotor business is closely tied to the growth of the European offshore wind market, projected to grow at a CAGR of 15%-20% over the next five years [2][7] Exoskeleton Business - The exoskeleton business is segmented into four application channels: cultural tourism, rehabilitation medical, military, and industrial [2][6] - Products have been implemented in scenic areas like Songshan and plans are in place to collaborate with brain-computer interface companies to expand into the rehabilitation market [2][6] - Sales of 20,000 units are expected by 2026, with ongoing efforts to penetrate military and industrial markets [2][6][23] Traditional Rotor Business - The traditional rotor business has a strong customer base including Siemens and Anritsu, with a projected CAGR of 15%-20% [3][7] - The decline in raw material prices is expected to further enhance gross margins, which are currently at historical highs [3][7] New Energy Sector - In 2024, the new energy sector generated 3.74 billion RMB, with expectations to maintain this level in 2025 [8] - The domestic wind power market is relatively small, with most clients being overseas, aligning with the company's technical route [8] Assembly Business Growth - Significant growth in assembly business is expected in 2026, with an incremental revenue of approximately 1.5 billion RMB [9] - The shift of the European supply chain to China is a key driver, leveraging China's advantages in labor and costs [9] Financial Projections - The company anticipates a profit of 320 million RMB and revenue of approximately 7 billion RMB in 2026 [19] - The assembly orders are expected to contribute significantly, with traditional businesses benefiting from the growth in the European offshore wind sector [19] Gas Turbine Business - The gas turbine segment is projected to double its revenue in 2026, with ongoing plans to develop associated assembly and integration services [14] Photovoltaic Support Structures - The company has signed an exclusive agreement for photovoltaic support structures in the Saudi market, with 2.3 GW of orders expected to be fully delivered by 2026 [17][18] Exoskeleton Product Pricing and Margins - The exoskeleton products have a gross margin exceeding 50%, with sales prices expected between 7,500-8,000 RMB [24] Overall Market Outlook - The company is optimistic about its performance in 2026, driven by strategic partnerships, new product launches, and market expansions across various sectors [20][21]

Core Insights - The increasing contradiction between "U.S. power shortages" and explosive growth in computing power demand is driving a rigid demand for electricity from high-energy-consuming facilities like data centers, creating a historic opportunity for gas turbines as a rapid response and efficient power supply solution [1][19] - Major international gas turbine companies like General Electric (GE Vernova) and Siemens Energy are experiencing strong stock performance, reflecting market expectations for future growth, with GE Vernova's stock up over 115% this year and over 430% since its spin-off [20][1] - The strong demand wave from overseas is transmitting through the supply chain, providing unprecedented development opportunities for related A-share listed companies deeply integrated into the overseas power generation equipment supply chain, with expectations for a dual explosion in orders and performance by 2026 [20][1] Electricity Demand and Supply Gap - The electricity gap in the U.S. is continuously expanding, with the U.S. Energy Information Administration (EIA) predicting that electricity consumption will reach 4,267 billion kilowatt-hours by 2026, driven primarily by AI data centers and cryptocurrency mining [2][20] - Morgan Stanley estimates that the cumulative electricity gap for U.S. data centers from 2025 to 2028 will reach 47 gigawatts, equivalent to the total electricity consumption of nine Miami areas, with a shortfall of 6-16 gigawatts expected even after accounting for rapid power supply solutions [2][20] Gas Turbines as a Core Solution - In the context of electricity shortages, gas turbines are becoming the core choice for addressing the U.S. power gap due to their quick startup speed, strong peak-shaving capabilities, and low carbon emissions [21][20] - Compared to traditional coal power, gas turbines can start within hours and respond quickly to the intermittent power demands of data centers, while also providing stable power supply as a baseload source, unaffected by weather conditions [21][20] Global Energy Transition and Gas Turbines - The global energy transition is accelerating under the "dual carbon" goals, with gas turbines serving as a core equipment for transitional energy due to their lower carbon emissions compared to coal power [3][21] - Policies like the U.S. Inflation Reduction Act (IRA) support clean energy projects, including gas power generation, particularly for low-carbon modifications like hydrogen combustion in gas turbines [3][21] Performance and Capacity Expansion of Major Players - GE Vernova and Siemens Energy have provided strong performance guidance and capacity expansion plans, indicating high industry prosperity, with GE Vernova expecting revenues of $41-42 billion in 2026 and a significant increase in gas turbine orders [4][22] - GE Vernova's new gas turbine orders reached 18 gigawatts in Q4 2025, tripling year-on-year, with total orders expected to exceed 80 gigawatts, reflecting a doubling from the beginning of the year [22][25] - Siemens Energy's gas turbine orders reached 26 gigawatts, with a 94% year-on-year increase, and an order value of €23 billion, indicating strong demand from data centers [25][29] Supply Chain Opportunities for A-Share Companies - A-share gas turbine supply companies have achieved technological breakthroughs in various segments, with some becoming core suppliers to overseas giants [34][36] - Companies like Yingliu Technology and Zhenjiang Co. are positioned to benefit from the expansion of GE Vernova and Siemens Energy in North America, with substantial orders and production capacity [35][36] - The demand for key materials and components, such as high-temperature alloy materials and precision parts, is expected to grow significantly, with domestic companies like Sry New Materials leading in the production of high-purity chromium powder [36][34]

Market Overview - The Shanghai Composite Index is at 3979.82 points, above the annual line, with a change of 0.41% [1] - The total trading volume of A-shares is 11,702.17 million yuan [1] Stocks Breaking Annual Line - A total of 57 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Nova Star Cloud (4.63%) - Dong'an Power (4.51%) - Jida Communication (4.00%) [1] Detailed Stock Performance - Nova Star Cloud: Today's change is 6.74%, with a turnover rate of 3.75%, latest price at 166.51 yuan [1] - Dong'an Power: Today's change is 10.03%, with a turnover rate of 4.97%, latest price at 13.16 yuan [1] - Jida Communication: Today's change is 4.92%, with a turnover rate of 6.55%, latest price at 9.60 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuo Wei Information: Change of 4.23%, latest price at 32.00 yuan, deviation rate of 3.66% [1] - Jingke Energy: Change of 6.29%, latest price at 6.08 yuan, deviation rate of 3.51% [1] - Stocks with smaller deviation rates that have just crossed the annual line include: - Hada Technology: Change of 2.45%, latest price at 10.88 yuan, deviation rate of 2.01% [1] - Blue Sail Medical: Change of 2.38%, latest price at 5.60 yuan, deviation rate of 1.96% [1]

Group 1 - The company, Zhenjiang Co., Ltd. (603507.SH), has stated on its interactive platform that it has not yet supplied products to commercial aerospace enterprises [1]

Group 1 - The company is steadily advancing its exoskeleton robot project, with two to three scenic spots already implementing the cultural tourism leasing direction [1] - The wind power business in Nantong has begun mass shipments for the first phase of production; the second phase's casting capacity has been completed and is currently undergoing engineering acceptance and customer review, while other capacities in the second phase are still under construction [1] - The company's gas turbine business has seen significant year-on-year growth [1]

截至本公告披露日，控股股东胡震先生持有公司股份3567.71万股，占公司总股本的19.36%，卜春华女 士持有公司股份130万股，占公司总股本的0.71%，朗维投资持有公司股份905.41万股，占公司总股本的 4.91%，合计持有公司股份4603.12万股，占公司总股本的24.98%。 格隆汇12月18日丨振江股份(603507.SH)公布，基于对公司未来发展前景的信心以及对公司价值的认 可，为促进公司持续、稳定、健康发展，切实维护广大投资者利益，同时为增强广大投资者信心，公司 控股股东胡震、卜春华夫妇及一致行动人朗维投资自愿承诺：自2025年12月19日起的6个月内(即自2025 年12月19日至2026年6月18日)不以任何方式主动减持其持有的公司股份。在上述承诺期间内，如因发生 公积金转增股本、派送股票红利、配股等而增加的股份亦遵守前述不减持承诺。 ...

Core Viewpoint - The company, Zhenjiang Co., Ltd. (603507.SH), has announced a commitment from its controlling shareholders to not reduce their holdings in the company for a period of six months starting from December 19, 2025, to June 18, 2026, in order to promote stable and healthy development and enhance investor confidence [1] Shareholder Commitment - Controlling shareholders Hu Zhen and Bu Chunhua, along with their concerted party Langwei Investment, have voluntarily pledged to refrain from any active reduction of their shareholdings during the specified period [1] - The commitment also applies to any shares that may be increased due to capital reserves converting to share capital, stock dividends, or rights issues during the commitment period [1] Shareholding Structure - As of the announcement date, Hu Zhen holds 35.6771 million shares, accounting for 19.36% of the total share capital - Bu Chunhua holds 1.3 million shares, representing 0.71% of the total share capital - Langwei Investment holds 9.0541 million shares, which is 4.91% of the total share capital - Collectively, these shareholders own 46.0312 million shares, making up 24.98% of the total share capital [1]

江苏振江新能源装备股份有限公司 (以下简称"公司")于近日收到公司控 股股东胡震、卜春华夫妇及一致行动人江阴振江朗维投资企业（有限合伙）(以 下简称"朗维投资")出具的《关于不减持江苏振江新能源装备股份有限公司的 承诺函》，现将有关情况公告如下： 基于对公司未来发展前景的信心以及对公司价值的认可，为促进公司持续、 稳定、健康发展，切实维护广大投资者利益，同时为增强广大投资者信心，公司 控股股东胡震、卜春华夫妇及一致行动人朗维投资自愿承诺：自 2025 年 12 月 19 日起的 6 个月内(即自 2025 年 12 月 19 日至 2026 年 6 月 18 日)不以任何方式 主动减持其持有的公司股份。在上述承诺期间内，如因发生公积金转增股本、派 送股票红利、配股等而增加的股份亦遵守前述不减持承诺。 截至本公告披露日，控股股东胡震先生持有公司股份 35,677,129 股，占公司 总股本的 19.36%，卜春华女士持有公司股份 1,300,000 股，占公司总股本的 0.71%，朗维投资持有公司股份 9,054,107 股，占公司总股本的 4.91%，合计持有 公司股份 46,031,236 股，占公司总股本 ...

人民财讯12月18日电，振江股份（603507）12月18日公告，公司控股股东胡震、卜春华夫妇及一致行动 人江阴振江朗维投资企业(有限合伙)自愿承诺：自2025年12月19日起的6个月内(即自2025年12月19日至 2026年6月18日)不以任何方式主动减持其持有的公司股份。 ...

格隆汇12月18日｜振江股份公告，公司控股股东胡震、卜春华夫妇及一致行动人江阴振江朗维投资企业 承诺自2025年12月19日起6个月内不减持公司股份。截至公告披露日，胡震持有3567.71万股，占 19.36%；卜春华持有130万股，占0.71%；朗维投资持有905.41万股，占4.91%，合计持股4603.12万股， 占24.98%。 ...