Core Viewpoint - Kesheng Technology Co., Ltd. has submitted its prospectus for an initial public offering on the Hong Kong Stock Exchange, indicating its intention to raise capital for growth and expansion in the solar energy sector [1][7]. Company Overview - Kesheng Technology was established in May 2010, with a registered capital of approximately 360 million RMB. The main shareholders include Huzhou Yuri, Xizi Clean Energy, and others [3][4]. - The company is primarily engaged in providing tower solar thermal power and molten salt energy storage solutions, focusing on technology research, equipment sales, and engineering applications [7]. Financial Performance - Kesheng Technology's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 20.85 million RMB, 858 million RMB, 2.189 billion RMB, and 981 million RMB, respectively. The net profits for the same periods were -91.26 million RMB, 248.33 million RMB, 540.06 million RMB, and 205.81 million RMB [7][8]. - The company has a history of cash dividends, distributing a total of approximately 300 million RMB before its IPO [5]. Revenue Sources - The majority of Kesheng Technology's revenue comes from molten salt tower solar power solutions, particularly from the sales of heat collection systems and other core subsystems. In 2023 and 2024, this segment contributed approximately 845 million RMB and 2.073 billion RMB, accounting for 98.5% and 94.7% of total revenue, respectively [8][10]. Customer Concentration - Kesheng Technology has a high customer concentration, with revenue from its top five customers amounting to approximately 19.5 million RMB, 727 million RMB, 1.937 billion RMB, and 980 million RMB over the respective years [10].

Group 1 - The core viewpoint of the news is that Xizi Clean Energy has seen a stock price increase of 5.34%, reaching 15.99 CNY per share, with a trading volume of 656 million CNY and a turnover rate of 5.33%, resulting in a total market capitalization of 13.367 billion CNY [1] - Xizi Clean Energy Equipment Manufacturing Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on January 10, 2011. The company's main business includes the consulting, research and development, production, sales, installation, and engineering contracting of waste heat boilers, power station boilers, power station auxiliary machines, and industrial boilers [1] - The revenue composition of Xizi Clean Energy is as follows: solutions account for 50.21%, waste heat boilers 18.98%, clean and environmentally friendly energy equipment 17.00%, spare parts and services 10.14%, and others 3.67% [1] Group 2 - From the perspective of the top ten circulating shareholders of Xizi Clean Energy, a fund under GF Fund ranks among the top shareholders. The GF CSI 1000 ETF (560010) entered the top ten circulating shareholders in the second quarter, holding 974,700 shares, which is 0.13% of the circulating shares. The estimated floating profit today is approximately 789,500 CNY [2] - The GF CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 30.718 billion CNY. Year-to-date, it has achieved a return of 27.72%, ranking 1967 out of 4220 in its category; over the past year, it has returned 63.86%, ranking 1327 out of 3820; and since inception, it has returned 9.24% [2]

Group 1 - The core viewpoint of the news is that Xizi Clean Energy has seen a stock price increase of 5.34%, reaching 15.99 CNY per share, with a trading volume of 652 million CNY and a turnover rate of 5.30%, resulting in a total market capitalization of 13.367 billion CNY [1] - Xizi Clean Energy Equipment Manufacturing Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on January 10, 2011. The company's main business includes the consulting, research and development, production, sales, installation, and engineering contracting of waste heat boilers, power station boilers, power station auxiliary machines, and industrial boilers [1] - The revenue composition of Xizi Clean Energy is as follows: solutions account for 50.21%, waste heat boilers 18.98%, clean and environmentally friendly energy equipment 17.00%, spare parts and services 10.14%, and others 3.67% [1] Group 2 - From the perspective of the top ten circulating shareholders of Xizi Clean Energy, a fund under Southern Fund has increased its holdings in Xizi Clean Energy by 414,600 shares, bringing its total holdings to 2.0683 million shares, which represents 0.28% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a current scale of 64.953 billion CNY and has achieved a return of 27.85% this year, ranking 1954 out of 4220 in its category. Over the past year, it has returned 63.96%, ranking 1325 out of 3820 [2]

Core Viewpoint - Xizi Clean Energy experienced a decline of 6.70% in stock price on September 24, with a trading volume of 1.142 billion yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On September 24, Xizi Clean Energy had a financing buy-in amount of 145 million yuan and a financing repayment of 151 million yuan, resulting in a net financing outflow of 5.6694 million yuan [1] - The total financing and securities balance for Xizi Clean Energy as of September 24 was 228 million yuan, with the financing balance accounting for 1.79% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, 2,900 shares were repaid and 17,300 shares were sold on September 24, with a selling amount of 262,600 yuan, and the remaining securities lending balance was 55,500 shares, also at a high level compared to the past year [1] Business Performance - As of August 31, the number of shareholders for Xizi Clean Energy increased by 2.77% to 26,100, with an average of 28,703 circulating shares per person, reflecting a slight increase of 0.59% [2] - For the first half of 2025, Xizi Clean Energy reported a revenue of 2.794 billion yuan, a year-on-year decrease of 6.49%, and a net profit attributable to shareholders of 148 million yuan, down 56.81% year-on-year [2] Dividend and Shareholding Information - Since its A-share listing, Xizi Clean Energy has distributed a total of 1.923 billion yuan in dividends, with 295 million yuan distributed over the past three years [3] - As of June 30, 2025, among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 12.4078 million shares, an increase of 292,400 shares from the previous period, while several ETFs also increased their holdings [3]

Summary of Xi Zi Energy Conference Call Industry and Company Overview - **Company**: Xi Zi Energy - **Industry**: Solar Thermal Power Generation, Energy Storage, Nuclear Power Key Points and Arguments 1. **Cost Reduction and Policy Support**: Xi Zi Energy benefits from the decline in solar thermal power generation costs and supportive policies, with the cost per kilowatt-hour in Qinghai dropping to around 0.5 yuan, and a benchmark price of 0.55 yuan being established. By 2026, subsidies for capacity will increase to 330 yuan per kilowatt, enhancing the profitability of molten salt storage to over 7% [2][5][10] 2. **Market Potential in Solar Thermal Power**: The National Development and Reform Commission (NDRC) encourages the construction of 3GW of solar thermal power annually. Xi Zi Energy, as a major equipment supplier, focuses on heat collectors, thermal storage tanks, and heat exchangers, with an estimated market share of 20%, translating to approximately 3 billion yuan in net profit annually [2][6] 3. **Molten Salt Storage Advantages**: Molten salt storage technology shows significant advantages in deep peak shaving for thermal power, allowing load reductions to around 10%. The cost of 1GWh is approximately 340 million yuan, significantly lower than chemical storage costs, with a design life of 30 years, leading to an expected profit increase of 3-4 billion yuan from flexible thermal power renovations [2][7][8] 4. **Future of Thermal Power**: The NDRC mandates the renovation of 200-400 million kilowatts of thermal power capacity by 2027, with 600 million kilowatts already partially renovated, indicating substantial market potential for molten salt storage systems [9] 5. **International Market Demand**: Xi Zi Energy's main business includes waste heat boilers used in gas and coal power generation, with strong demand anticipated in international markets, particularly the U.S. and developing countries. Domestic thermal power construction is expected to remain stable [3] 6. **Nuclear Power Opportunities**: The company has obtained a manufacturing license for civil nuclear safety equipment, aiming for a 10% market share in nuclear power equipment, with projected orders of 2-3 billion yuan and profits of 300-400 million yuan by 2030 [4][11] 7. **Diversification in Energy Technologies**: Xi Zi Energy is diversifying into various cutting-edge energy technologies, including solid oxide fuel cells (SOFC) and pumped storage, with a projected market valuation of over 20 times, corresponding to 600 million yuan in profits by 2030 [4][12] Other Important Insights - **Industrial Heating Projects**: A specific project in Shaoxing involves an investment of 320 million yuan, generating annual profits of around 10 million yuan, potentially increasing to 60 million yuan with sufficient transformer capacity, indicating a five-year payback period [4][10] - **Technological Advancements**: The company is actively exploring advancements in energy technologies, including collaborations with research institutions for next-generation nuclear reactors, showcasing a commitment to innovation and long-term growth [11][12]

融资融券数据显示，该股最新（9月23日）两融余额为2.33亿元，其中，融资余额为2.33亿元，融券余额 为66.87万元。近5日融资余额合计减少1413.96万元，降幅为5.73%，融券余额合计减少13.29万元，降幅 16.58%。（数据宝） 西子洁能9月24日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 4966.53 | 9772.23 | | 买二 | 机构专用 | 2874.44 | 4695.42 | | 买三 | 中信证券股份有限公司北京北三环中路证券营业部 | 2433.07 | 50.75 | | 买四 | 东方财富证券股份有限公司拉萨团结路第二证券营业 部 | 1362.39 | 1501.01 | | 买五 | 机构专用 | 1228.94 | 1075.54 | | 卖一 | 深股通专用 | 4966.53 | 9772.23 | | 卖二 | 机构专用 | 2874.44 | 4695.42 | | 卖三 | 机构专用 | 969.45 | 3269.4 ...

Group 1 - The core viewpoint of the news is that Xizi Clean Energy experienced a decline in stock price, dropping by 5.04% to 15.45 CNY per share, with a trading volume of 693 million CNY and a turnover rate of 5.03%, resulting in a total market capitalization of 12.915 billion CNY [1] - Xizi Clean Energy Equipment Manufacturing Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on January 10, 2011. The company's main business includes the consulting, research and development, production, sales, installation, and engineering contracting of products such as waste heat boilers, power station boilers, and industrial boilers [1] - The revenue composition of Xizi Clean Energy is as follows: solutions account for 50.21%, waste heat boilers 18.98%, clean and environmentally friendly energy equipment 17.00%, spare parts and services 10.14%, and others 3.67% [1] Group 2 - From the perspective of the top ten circulating shareholders of Xizi Clean Energy, a fund under GF Fund ranks among the top shareholders. The GF CSI 1000 ETF (560010) entered the top ten circulating shareholders in the second quarter, holding 974,700 shares, which represents 0.13% of the circulating shares. The estimated floating loss today is approximately 799,300 CNY [2] - The GF CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 30.718 billion CNY. Year-to-date, it has achieved a return of 25.55%, ranking 1960 out of 4220 in its category; over the past year, it has returned 67.33%, ranking 1300 out of 3814; and since inception, it has returned 7.39% [2]

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－100 | | --- | --- | --- | | 债券代码：127052 | 债券简称：西子转债 | | 西子清洁能源装备制造股份有限公司 关于控股股东、实际控制人及一致行动人持股比例被动稀释 触及 1%及 5%整数倍的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动系西子清洁能源装备制造股份有限公司（以下简称"公司"） 可转债转股导致公司总股本发生变化，致使控股股东西子电梯集团有限公司、实 际控制人王水福先生及其一致行动人金润（香港）有限公司合计权益比例由 60.73%被动稀释至55.18%。 2、本次权益变动不涉及要约收购，不会导致公司控股股东、实际控制人及 一致行动人发生变化，不会影响公司的治理结构和持续经营。 1 1．基本情况 信息披露义务人 西子电梯集团有限公司、金润（香港）有限公司、王水福先生 住所 浙江省杭州市上城区庆春东路1-1号西子联合大厦23楼; 浙江省杭州 市余杭区南苑街西子国际金座2号楼35楼; 浙江省杭州市上城区庆 春东路1 ...

西子清洁能源装备制造股份有限公司公告，2025年8月11日至9月19日，因公司可转债转股100,771,147 股，且此前公司回购注销股份4,149,500股，致使持股5%以上股东杭州市实业投资集团有限公司持股比 例由13.67%被动稀释至12.02%，触及1%整数倍，稀释比例为1.65%。本次权益变动不涉及要约收购， 不会导致公司控股股东、实际控制人及一致行动人变化，不影响公司治理结构和持续经营。 ...

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－101 | | --- | --- | --- | | 债券代码：127052 | 债券简称：西子转债 | | 西子清洁能源装备制造股份有限公司 1 关于持股 5%以上股东持股比例被动稀释触及 1%整数倍的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动系西子清洁能源装备制造股份有限公司（以下简称"公司"） 可转债转股导致公司总股本发生变化，致使持股5%以上股东杭州市实业投资集 团有限公司合计权益比例由13.67%被动稀释至12.02%。 2、本次权益变动不涉及要约收购，不会导致公司控股股东、实际控制人及 一致行动人发生变化，不会影响公司的治理结构和持续经营。 | 1．基本情况 | | | --- | --- | | 信息披露义务人 | 杭州市实业投资集团有限公司 | | 住所 | 浙江省杭州市西湖区保俶路宝石山下四弄19号 | | 权益变动时间 | 2025年8月11日——2025年9月19日 | | 权益变动过程 | 1、2025年8月11日，公司披 ...