Company Overview - The company was established in 1955 and joined the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [4] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [4] Business Segments - The company operates in four main segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [4] - Waste heat boilers include products for power generation, steel, cement, and other high-energy-consuming industries [4] - Clean energy equipment encompasses waste incineration boilers, biomass boilers, and nuclear power equipment, primarily serving waste treatment plants and nuclear power stations [4] Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, holding licenses for civil nuclear manufacturing [4][5] - It has supplied 186 conventional island pressure vessels and heat exchangers to multiple nuclear power stations [4] - A joint venture, Hangzhou Xizi Nuclear Technology Co., Ltd., was established in August 2025 to expand into the nuclear power market [5] International Expansion - The company focuses on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas markets [6] - Since 2024, the proportion of new orders from overseas markets has been increasing, contributing significantly to the company's performance [6] Order Status - In the first three quarters of 2025, the company achieved new orders totaling CNY 4.054 billion, with specific segments as follows: - Waste heat boilers: CNY 1.196 billion - Clean energy equipment: CNY 426 million - Solutions: CNY 1.94 billion - Spare parts & services: CNY 492 million [7] - As of September 30, 2025, the total orders on hand amounted to CNY 5.884 billion [7] Product Delivery and Market Position - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [8] - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, recognized as a leader in the industry [9] Collaboration with Kexin Technology - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions, with significant market shares in recent projects [10] - The company collaborates closely with Kexin Technology, supplying critical components for solar thermal projects and holding a 3.25% equity stake in Kexin Technology [10]

证券代码：002534 证券简称：西子洁能 编号：2025－121 西子清洁能源装备制造股份有限公司 关于部分募集资金专用账户完成销户的公告 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。 一、募集资金基本情况 1 | 开户主体 | 募集资金专户开户行 | 账号 | 存款方式 | 备注 | | --- | --- | --- | --- | --- | | 西子洁能 | 农行新城支行 | 19015401040031638 | 活期 | 本次注销 | | 西子新能源 | 农行新城支行 | 19015401040031646 | 活期 | 本次注销 | | 西子新能源 | 农行新城支行（1646 子 | 19015401040031646 | 定期 | 本次注销 | | | 账户） | | | | | 西子新能源 | 杭州银行江城支行 | 3301040160019281511 | 活期 | 存续 | | 西子新能源 | 杭州银行江城支行 | 3301041060001571284 | 定期 | 存续 | 三、本次注销的募集资金专户情况 公司于2025年9月26 ...

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]

Group 1: Power Sector - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the thermal power sector, the transition to a regulatory power source is accelerating, with rising coal prices expected to support long-term contract prices. The profitability of thermal power is anticipated to stabilize due to increased capacity prices and auxiliary service revenues [2][10] - The hydropower sector is experiencing widening interest margins, with strong cash flow and stable performance supporting high dividends. The integration of wind, solar, and storage development is a core growth point for hydropower performance [3][10] Group 2: Renewable Energy - The green electricity sector is showing signs of recovery as the negative impact of electricity prices diminishes. The dual-track pricing mechanism provides a basic income guarantee for renewable energy projects, indicating a shift from policy-driven to market-driven growth [2][10] - The wind and solar power installed capacity is expected to increase significantly, with an average annual increase of 20 million kilowatts over the next decade. By 2035, the total installed capacity of wind and solar power is projected to reach six times that of 2020 [36][40] Group 3: Natural Gas and Green Methanol - The domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption in early 2025. The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4][10] - Green methanol is anticipated to grow due to the promotion of green electricity consumption and its potential as a shipping fuel alternative. The domestic green methanol projects have rapidly increased, with a total capacity of 53.46 million tons per year [9][10] Group 4: Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. The decline in risk-free returns is leading to a shift in investor expectations and risk preferences, highlighting investment opportunities in the environmental sector [9][10] - The Chinese scientific instrument market is projected to exceed $9 billion, with substantial room for domestic substitution. Companies in the environmental monitoring instrument sector are expected to benefit from this trend [9][10]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

Group 1 - The core viewpoint of the news is that Xizi Clean Energy has seen a 5% increase in stock price, reaching 17.22 CNY per share, with a trading volume of 192 million CNY and a turnover rate of 1.37%, resulting in a total market capitalization of 14.395 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 specializes in 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 main business revenue composition of Xizi Clean Energy includes: solutions (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 major holdings in funds, Yongying Fund has one fund heavily invested in Xizi Clean Energy. The Yongying Manufacturing Upgrade Smart Selection Mixed Fund A (024202) held 757,800 shares in the third quarter, accounting for 4.84% of the fund's net value, making it the eighth largest holding [2] - The Yongying Manufacturing Upgrade Smart Selection Mixed Fund A (024202) was established on June 11, 2025, with a latest scale of 59.3587 million CNY and has achieved a return of 15.02% since inception [2] - The fund manager of Yongying Manufacturing Upgrade Smart Selection Mixed Fund A is Hu Ze, who has been in the position for 2 years and 163 days, managing total assets of 3.428 billion CNY, with the best fund return during his tenure being 126.96% and the worst being -2.15% [2]

Market Overview - The other power equipment sector declined by 2.35% on November 12, with Haili Heavy Industry leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Key stocks in the other power equipment sector showed mixed performance, with Hailan Island Creative closing at 315.13, up 5.17%, and Jinshi Technology down 0.35% at 14.36 [1] - The trading volume and turnover for notable stocks included Hailan Island Creative with 66,200 shares traded and a turnover of 2.004 billion yuan [1] Capital Flow - The other power equipment sector experienced a net outflow of 1.524 billion yuan from institutional investors, while retail investors saw a net inflow of 1.3 billion yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [2] Individual Stock Capital Flow - Hailan Island Creative had a net inflow of 72.69 million yuan from institutional investors, while it faced a net outflow of 67.15 million yuan from speculative funds [3] - Other stocks like Yingke Rui and Yoyo Green Energy also showed varying levels of net inflow and outflow from different investor types [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][22][5] Core Views - The company's performance has been under pressure due to delayed order deliveries, with a reported revenue of 4.333 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.20%. The net profit attributable to shareholders was 177 million yuan, down 58.31% year-on-year [1][6] - The new chairman's significant share purchase reflects confidence in the company's future stability and growth, having acquired 2.9 million shares, amounting to 50 million yuan, within a day of announcing the buyback plan [2][21] - The company maintains its profit forecast despite the order delays, projecting net profits of 426 million yuan, 591 million yuan, and 704 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33.6, 24.2, and 20.3 [3][22] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.333 billion yuan, a decrease of 11.20% year-on-year, and a net profit of 177 million yuan, down 58.31% year-on-year. The third quarter alone saw a revenue of 1.539 billion yuan, a decline of 18.64% year-on-year [1][6][10] - The gross margin for the first three quarters was 19.34%, a decrease of 0.26 percentage points year-on-year, while the net profit margin was 5.21%, down 4.22 percentage points year-on-year [10][11] - The return on equity (ROE) for the first three quarters was 4.14%, significantly lower by 6.30 percentage points year-on-year, indicating a decline in profitability [11][10] Financial Forecasts - The company forecasts revenues of 8.079 billion yuan in 2023, 6.437 billion yuan in 2024, and 7.162 billion yuan in 2025, with a projected growth rate of -20.3% in 2024 followed by a recovery of 11.3% in 2025 [4][24] - The projected net profits for 2025, 2026, and 2027 are 426 million yuan, 591 million yuan, and 704 million yuan respectively, with expected growth rates of -3%, 39%, and 19% [3][22][4]

Group 1 - The Tianjin Quality Conference was held to convey the spirit of the China Quality (Nanjing) Conference and award the sixth "Tianjin Quality Award" to organizations [1] - Five organizations received the sixth "Tianjin Quality Award" for advanced quality management models, including China Electronics Technology Group Corporation No. 53 Research Institute and Tianjin Port and Shipping Engineering Co., Ltd. [1] - Five organizations received the nomination award for the sixth "Tianjin Quality Award," including China Shipbuilding (Tianjin) Co., Ltd. and Tianjin Yulong Prestressed Materials Co., Ltd. [1] Group 2 - In 2024, Tianjin's manufacturing quality competitiveness index is 89.77, exceeding the national manufacturing competitiveness index by 3.91 [2] - The public service quality index for Tianjin is 78.12, which is 1.21 higher than the national average [2] - Tianjin has established five new national and municipal industrial metrology testing centers and 27 national quality inspection centers [2] - The city has built 30 comprehensive service platforms for quality infrastructure, serving 30,900 enterprises and solving 2,970 technical problems, saving enterprises 210 million yuan [2] - Tianjin has cultivated 528 smart factories and 243 national-level green manufacturing demonstration units [2]

Core Viewpoint - Xizi Clean Energy has established itself as a leader in the domestic gas turbine waste heat boiler market, holding over 50% market share, and is expanding its presence in overseas markets due to increasing demand for natural gas installations [1] Group 1: Domestic Market Position - The company signed a technology transfer agreement with the US N/E company in 2002, which is the largest technology transfer entity globally [1] - Gas turbine waste heat boilers are critical equipment for addressing the slow start-up of traditional thermal power and the instability of renewable energy, thanks to their low carbon efficiency and rapid peak response capabilities [1] - The company has a domestic market share exceeding 50%, making it the leader in the gas turbine waste heat boiler industry in China [1] Group 2: International Expansion - The company has gained recognition from overseas clients due to its brand effect, equipment quality, and delivery service, particularly in the context of expanding natural gas installation demands [1] - Notable projects include the first set of 9H gas turbine waste heat boilers in Pakistan, marking significant achievements in international markets [1] - In the last two years, the company has secured multiple overseas project orders, capitalizing on the surge in global electricity demand [1] Group 3: Product Supply and Compatibility - The company has supplied over 450 sets of gas turbine waste heat boilers, covering a full range of products [1] - Its products are compatible with major global gas turbine brands such as GE, Siemens, and Mitsubishi [1]