Core Viewpoint - Xizi Clean Energy experienced a 1.72% increase in stock price on October 23, with a trading volume of 226 million yuan, indicating strong market interest and activity in the stock [1]. Financing Summary - On October 23, Xizi Clean Energy had a financing buy-in amount of 21.14 million yuan and a net financing buy of 5.56 million yuan, with a total financing balance of 235 million yuan, accounting for 1.70% of its market capitalization [1]. - The financing balance is above the 90th percentile level over the past year, indicating a high level of investor engagement [1]. Securities Lending Summary - On the same day, Xizi Clean Energy had 2,400 shares sold short and 1,700 shares repaid, with a total short selling amount of 39,600 yuan [1]. - The current short balance is 82,430 yuan, also exceeding the 90th percentile level over the past year, suggesting significant short interest [1]. Business Performance Summary - 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]. - The company has cumulatively distributed 1.923 billion yuan in dividends since its A-share listing, with 295 million yuan distributed over the past three years [3]. Shareholder Structure Summary - As of September 30, the number of shareholders increased by 6.31% to 31,800, while the average number of circulating shares per person decreased by 5.93% to 25,909 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 292,400 shares, and several ETFs that have also increased their positions [3].

Core Viewpoint - The company is actively exploring comprehensive energy management solutions in the data center and computing power center sectors, focusing on waste heat recovery and cooling energy needs [1] Group 1: Company Developments - The company reported that the domestic power grid is well-developed and electricity supply is sufficient [1] - The company is involved in providing waste heat boiler products, which are essential equipment for gas-fired power plants under 100MW in the U.S. and Europe [1] - The company is also actively participating in the provision of distributed power plant solutions [1]

Company Overview - Xizi Clean Energy Equipment Manufacturing Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in 2011, rebranded in 2022 [3][4] - The company specializes in waste heat boilers, clean energy power generation equipment, and provides comprehensive solutions for energy utilization [3][4] Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts/services [4] - Key products include various types of waste heat boilers and clean energy equipment such as biomass boilers and nuclear power equipment [4] Solar Thermal Market Participation - The company participates in the solar thermal power generation industry, focusing on heat absorption, heat exchange, and heat storage systems [5] - It has been involved in 17 solar thermal demonstration projects since 2010, including the Qinghai Delingha 50MW project, which is the first commercial molten salt solar thermal power plant in China [5][6] Industry Development and Future Plans - The solar thermal power technology is becoming a crucial support for low-carbon development in China, with new projects like the 350MW independent solar thermal power stations in Qinghai [6][7] - The company aims to secure orders for three 350MW projects, leveraging its market and technological advantages [7] Growth Markets - The company is targeting the renewable energy and energy storage markets, particularly through molten salt storage technology [8] - It is also focusing on the nuclear power market, enhancing its manufacturing capabilities and establishing a joint venture for nuclear energy opportunities [9][10] - The overseas market is a priority, with plans to expand its international presence, particularly in Southeast Asia [13][14] Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, providing numerous pressure vessels and heat exchangers for various nuclear power plants [9][10] - It is actively pursuing opportunities in advanced nuclear technologies and fusion energy projects [10] Coal Chemical Industry in Xinjiang - The company plans to participate in the coal chemical sector in Xinjiang, focusing on mature products like heat exchangers and condensers [11] Data Center Solutions - The company is exploring energy management solutions for data centers, particularly in the U.S. market, where gas turbine power plants are seen as a key interim solution [12] Investment in New Technologies - The company holds a 6.2281% stake in Hangzhou Zhongneng Optoelectronics, which is advancing in perovskite solar cell technology [14]

Core Insights - Xizi Clean Energy (西子洁能) is actively engaging with institutional investors to discuss its business operations and market opportunities [1] Business Overview - Xizi Clean Energy has a long history since its establishment in 1955 and was listed on the Shenzhen Stock Exchange in 2011. The company operates in multiple sectors, including waste heat boilers, clean energy equipment, solutions, spare parts, and services [2] Development Plans - In the solar thermal industry, the company aims to secure orders for three 350 MW solar thermal power plants in Qinghai Province, leveraging its strengths to transition into the solar thermal 4.0 model [3] - The company is exploring green electricity direct connection mechanisms and has established a zero-carbon factory and large-scale user-side molten salt energy storage projects to support low-carbon transformations in industrial parks [4] - With over 20 years of experience in the nuclear power sector, Xizi Clean Energy plans to enhance its layout by upgrading manufacturing workshops and establishing joint ventures focused on nuclear island equipment R&D and controllable nuclear fusion projects by 2025 [5] Market Expansion - The company is pursuing growth in the new energy and energy storage markets by expanding application scenarios based on molten salt storage technology, while also enhancing its manufacturing capabilities in the nuclear power sector and increasing its international market share [6] - Xizi Clean Energy is focusing on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas market expansion. The recognition of domestic brands is increasing, leading to a rise in overseas orders since 2024, which has become a significant part of the company's performance growth [7]

Group 1: Company Overview and Business Segments - The company was established in 2002 and became part of the Xizi Elevator Group, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3][4]. - The main business includes waste heat boilers, clean energy power generation equipment, solutions, and spare parts and services [3][4]. - Key products in waste heat boilers include gas turbine waste heat boilers, dry quenching waste heat boilers, and cement kiln waste heat boilers, serving high-energy-consuming industries such as power, steel, and cement [4][5]. Group 2: Industry Development and Company Plans - The company aims to leverage the advantages of "low-carbon power generation + flexible adjustment + grid-friendly" in the solar thermal power sector, with a focus on large-scale, low-cost independent installations [5]. - The "Qinghai Model" features three 350 MW independent solar thermal power plants, marking a significant advancement in the industry [5]. - The company plans to secure orders for three 350 MW projects, capitalizing on its market and technological advantages [5]. Group 3: Policy and Market Opportunities - Recent policies encourage the development of green electricity direct connection projects and zero-carbon parks, providing opportunities for the company to explore market potential [6][7]. - The company has established China's first zero-carbon factory and the largest user-side molten salt energy storage project in Zhejiang Province [7]. Group 4: Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, providing pressure vessels and heat exchangers for multiple nuclear power plants [8]. - In 2025, the company will enhance its nuclear power industry layout and has established a joint venture to expand its nuclear business opportunities [8]. Group 5: Future Market Directions - The company targets the renewable energy and storage market, focusing on molten salt storage technology for various applications [9][10]. - It aims to enhance its nuclear product manufacturing capabilities and expand into international markets, particularly in Southeast Asia and South America [10][11]. Group 6: Competitive Advantages in Solar Thermal - The company can participate in key stages of solar thermal power plant construction, including heat absorption, heat exchange, and heat storage [12]. - It has a strong market and technological advantage, having participated in 17 solar thermal demonstration projects since 2010 [12][13].

Meeting Overview - The second extraordinary general meeting of shareholders was held on October 14, 2025, with both on-site and online voting options available [1][2] - The meeting was convened by the board of directors, chaired by Chairman Wang Kefe [3] Attendance - A total of 232 shareholders and representatives attended the meeting, representing 568,974,949 shares, which is 68.0645% of the total shares [3][4] - Of those, 6 attended the on-site meeting, representing 553,725,556 shares (66.2403% of total shares), while 226 participated via online voting, representing 15,249,393 shares (1.8242% of total shares) [5][6] Proposal Review - The following proposals were approved during the meeting: 1. Proposal to change registered capital, business scope, cancel the supervisory board, and amend the articles of association, with 554,749,731 shares in favor (97.4999%) [7] 2. Proposal to amend certain management systems, including: - Shareholder meeting rules: 554,647,231 shares in favor (97.4818%) [8] - Board meeting rules: 554,638,231 shares in favor (97.4803%) [9] - Independent director work system: 554,636,131 shares in favor (97.4799%) [10] - External guarantee management system: 554,583,741 shares in favor (97.4707%) [11] - Accountant firm selection system: 554,642,131 shares in favor (97.4809%) [12] - Fund usage and management system: 554,643,031 shares in favor (97.4811%) [13] - Major operational and investment decision management system: 554,642,131 shares in favor (97.4809%) [14] 3. Proposal to conclude fundraising projects and permanently supplement working capital with surplus funds, with 568,926,849 shares in favor (99.9915%) [15] Legal Verification - The meeting was legally verified by Zhejiang Jindao Law Firm, confirming compliance with relevant laws and regulations [16] Board Meeting - The 29th temporary meeting of the sixth board of directors was held on October 14, 2025, where the following decisions were made: 1. Election of Wang Kefe as the representative director of the company, with unanimous approval [18][19] 2. Election of committee leaders and members, with unanimous approval [20] 3. Amendments to various management systems, all receiving unanimous approval [21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38] Director Resignation and Election - Directors Luo Shiquan and Xu Jianming resigned due to work adjustments, with their resignations effective immediately [41] - Two employee representative directors, Mao Yikai and Liu Shuhua, were elected to the board, ensuring compliance with legal requirements [42] Management System Amendments - The board approved amendments to various management systems to enhance corporate governance, effective immediately [47]

Core Insights - Xizi Clean Energy (002534) engaged in discussions with eight institutions, including CITIC Securities, regarding its business operations, market positioning, and order status [1] Business and Market Layout - Established in 1955, Xizi Clean Energy's operations include waste heat boilers, clean energy equipment, solutions, spare parts, and services, targeting high-energy-consuming industries and the renewable energy sector [1] - Future growth areas include: - New energy and energy storage, leveraging molten salt storage technology for solar thermal power and user-side storage applications, with significant advantages and broad application potential [1] - Nuclear power market, enhancing capabilities at the Chongxian manufacturing base to support business growth [1] - International market expansion, focusing on increasing market share with gas turbine waste heat boilers and exploring overseas OEM opportunities [1] Order Situation - In the first three quarters of 2025, the company secured new orders totaling 4.054 billion yuan, with specific contributions from: - Waste heat boilers: 1.196 billion yuan - Clean energy equipment: 426 million yuan - Solutions: 1.94 billion yuan - Spare parts and services: 492 million yuan - As of September 30, 2025, the total order backlog stood at 5.884 billion yuan [2] - Developments in various sectors include: - Solar thermal industry, with Xizi Clean Energy aiming for three 350MW project orders [2] - User-side energy storage, with completed zero-carbon factories and molten salt storage projects [2] - Nuclear power, with over 20 years of experience and plans to upgrade workshops and establish joint ventures for key equipment R&D [2] Product Gross Margin - In the first half of 2025, gross margins were reported as follows: - Waste heat boilers: 29.68% - Clean energy equipment: 14.35% - Solutions: 15.97% - Spare parts and services: 31.61% - Compared to the same period last year, gross margins for waste heat boilers, solutions, and spare parts and services have increased, indicating a focus on improving order quality and profitability [3]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, and listed on the Shenzhen Stock Exchange in 2011, renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. [3][4] - Main business includes waste heat boilers, clean energy equipment, solutions, and spare parts & services [4]. Business Segments - **Waste Heat Boilers**: Includes gas turbine waste heat boilers, dry quenching waste heat boilers, sintering machine waste heat boilers, cement kiln waste heat boilers, and power station boilers [4]. - **Clean Energy Equipment**: Comprises waste incineration boilers, biomass boilers, wastewater and gas treatment boilers, molten salt heat exchangers, and nuclear power equipment [4]. - **Solutions**: Focuses on molten salt energy storage, heat exchangers, seawater desalination devices, and gasification furnaces [4]. - **Spare Parts & Services**: Offers technical services, project renovation, and maintenance [4]. Market Opportunities - **New Energy and Storage Market**: Expanding applications in solar thermal power, user-side storage, and zero-carbon parks leveraging molten salt storage technology [5]. - **Nuclear Power Market**: Upgrading manufacturing capabilities for nuclear products and establishing a joint venture for nuclear business opportunities [11]. - **Overseas Market**: Targeting international markets with core products like gas turbine waste heat boilers [5]. Order Status - In the first three quarters of 2025, the company secured new orders totaling CNY 4.054 billion, with waste heat boilers at CNY 1.196 billion, clean energy equipment at CNY 0.426 billion, solutions at CNY 1.94 billion, and spare parts & services at CNY 0.492 billion [6][7]. - As of September 30, 2025, total orders on hand reached CNY 5.884 billion [6]. Industry Development - The solar thermal power sector is evolving towards large-scale, low-cost independent installations, exemplified by Qinghai's 350 MW solar thermal power stations [8]. - The company aims to secure orders for three 350 MW projects in the solar thermal field [8]. Policy and Market Trends - Recent policies encourage green electricity projects and zero-carbon park developments, creating market opportunities for the company [9][10]. - The company has established China's first zero-carbon factory and a significant user-side molten salt storage project [10]. Profitability - As of mid-2025, profit margins for various products are as follows: waste heat boilers at 29.68%, clean energy equipment at 14.35%, solutions at 15.97%, and spare parts & services at 31.61% [12]. - Compared to the previous year, profit margins for waste heat boilers increased by 8.08% [12]. Shareholder Actions - Chairman Wang Kefe plans to increase his stake in the company by investing between CNY 30 million and CNY 50 million, having already acquired 2.9 million shares [13]. International Expansion - The company exports through general contractors and direct contracts, with products reaching over 100 countries [14]. - Focus on enhancing overseas sales teams and partnerships, particularly in Belt and Road regions [14]. Strategic Partnerships - Collaboration with Kexin Technology in solar thermal power and energy storage, holding a 3.25% stake in the company [15]. - Investment in Hangzhou Zhongneng Photovoltaic Technology Co., Ltd., with a 6.2281% stake, focusing on perovskite solar cell production [16].

Core Viewpoint - Xizi Clean Energy (002534) has completed the first phase of its nuclear power dedicated clean workshop at the Chongxian manufacturing base on schedule and is currently in the commissioning phase [1] Group 1 - The first phase of the clean workshop project has been completed as planned [1] - The project is now in the commissioning stage, indicating progress towards operational readiness [1]

（文章来源：证券日报） 证券日报网讯西子洁能10月15日在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东人 数为31832户。 ...