Core Viewpoint - Xizi Clean Energy is actively expanding its business across multiple sectors, leveraging government policies and technological advancements to explore new market opportunities and enhance its competitive position in both domestic and international markets [1][3][4]. Group 1: Business Overview - Established in 1955 and listed in 2011, Xizi Clean Energy's main business areas include waste heat boilers, clean energy equipment, solutions, spare parts, and services [2]. - The company's waste heat boiler products serve high-energy-consuming industries such as power and steel, while its clean energy equipment focuses on waste incineration and biomass [2]. Group 2: Policy Support and Market Opportunities - Recent government policies encourage green electricity projects and zero-carbon park construction, which Xizi Clean Energy is capitalizing on by developing the first zero-carbon factory in China and the largest user-side molten salt energy storage project in Zhejiang [3]. - The company aims to explore market opportunities in the Shaoxing green electricity model, providing comprehensive energy solutions to clients [3]. Group 3: Future Market Directions - Xizi Clean Energy's future growth markets include the renewable energy sector, leveraging molten salt storage technology for various applications, and the nuclear power market, where it plans to establish a joint venture to seize business opportunities [4]. - The company is also focused on expanding its international market presence, particularly in Southeast Asia, South America, and countries along the Belt and Road Initiative, with an increasing share of overseas orders since 2024 [5]. Group 4: Industry Participation and Technological Advancements - The company has been involved in the solar thermal power sector since 2010 and aims to secure orders for three 350MW projects, benefiting from its early entry into the market [6]. - With over 20 years of experience in the nuclear power sector, Xizi Clean Energy is intensifying its efforts in this area and is also advancing the flexibility transformation of thermal power plants [7].

Company Overview - West Zhi Clean Energy Equipment Manufacturing Co., Ltd. was established in 1955 and listed on the Shenzhen Stock Exchange in 2002, later renamed in 2022 [3][4] - The company specializes in waste heat boilers, clean energy 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 [3][4] - Key products include various types of waste heat boilers and clean energy equipment such as biomass boilers and nuclear power equipment [4] Market Opportunities - In June 2025, policies were introduced to promote green electricity projects and zero-carbon parks, creating market opportunities for the company [5] - The company has established China's first zero-carbon factory and the largest user-side molten salt energy storage project in Zhejiang [5] Future Growth Directions - The company aims to expand in the renewable energy market, particularly in molten salt energy storage and zero-carbon parks [6] - Focus on nuclear power market growth through upgrades to manufacturing capabilities and partnerships [7] - Plans to increase international market presence, particularly in Southeast Asia and South America [8] Solar Thermal Industry Development - The solar thermal power sector is evolving, with significant projects like the 350 MW independent solar thermal power stations in Qinghai [9] - The company aims to secure orders for three 350 MW projects, leveraging its early market entry and technical advantages [10] Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and is enhancing its manufacturing capabilities for nuclear equipment [11] - A joint venture was established to strengthen its position in the nuclear market [11] Flexibility in Thermal Power Market - The company is involved in innovative projects like the 600 MW thermal power unit with molten salt energy storage technology [12][13] - This project enhances load adjustment capabilities and efficiency, positioning the company for future opportunities in thermal power flexibility [13] Waste Heat Boiler Market Position - The company is a leading player in the waste heat boiler industry, with a comprehensive product line and significant market share in key products [13]

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－099 | | --- | --- | --- | | 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"西子转债"即将停止转股暨赎回前最后一个交易日的 重要提示性公告 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。 重要内容提示： 1、最后转股日：2025年9月19日 因"西子转债"已停止交易，本公司特提醒投资者在期限内转股。2025年9 月19日是"西子转债"最后一个转股日，当日收市前，持有"西子转债"的投资 者仍可进行转股；2025年9月19日收市后，未转股的"西子转债"将停止转股。 2、截至2025年9月18日收市后，距离"西子转债"停止转股并赎回仅剩1个 交易日。本公司特提醒投资者仔细阅读本公告内容，关注相关风险，谨慎交易"西 子转债"。 特别提示： 1、"西子转债"赎回价格：101.12元/张（含息税，当期年利率1.50%），扣 税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中登 公司"）核准的价格为准。 10、 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][8][10]. Core Views - The company is positioned as a leading player in the waste heat boiler sector, with significant growth potential in solar thermal and energy storage markets, alongside active expansion in nuclear power and solid oxide fuel cells (SOFC) [5][6][10]. - The company has a robust order backlog of 6.119 billion yuan as of June 30, 2025, providing a solid foundation for future revenue [7][10]. - The projected net profits for 2025-2027 are estimated at 443 million, 510 million, and 604 million yuan respectively, with corresponding price-to-earnings ratios of 28, 24, and 20 times [10][11]. Summary by Sections 1. Company Overview - The company has transitioned from a focus on waste heat boilers to a diversified clean energy equipment and solutions provider, with a strong emphasis on energy efficiency and low-carbon development [17][20]. - It is recognized as the largest and most comprehensive manufacturer of waste heat boilers in China, with a market share exceeding 50% [5][20]. 2. Business Segments - The main business segments include waste heat boilers, clean energy equipment, and comprehensive energy solutions, with a notable increase in revenue from clean energy equipment, which reached 1.025 billion yuan in 2024, a 33% year-on-year increase [20][23]. - The solutions segment has shown strong growth, accounting for over 50% of revenue in the first half of 2025, reflecting robust demand in high-energy-consuming industries [20][23]. 3. Market Position and Growth Drivers - The company is actively expanding its overseas market presence, with overseas sales accounting for 13.82% of total revenue in the first half of 2025, a 48.79% increase year-on-year [5][6]. - The company has made significant advancements in molten salt energy storage technology, participating in various demonstration projects and positioning itself for growth in solar thermal power and flexible coal-fired power generation [6][12]. 4. Financial Performance - The company's revenue experienced fluctuations, with a decline to 6.437 billion yuan in 2024, but net profit surged to 440 million yuan, a 705.7% increase from the previous year [38][39]. - The financial outlook remains positive, with expectations of continued profit recovery driven by improved product mix and cost management [39][40].

9月17日，西子洁能大宗交易成交37.87万股，成交额570.32万元，占当日总成交额的1.12%，成交价 15.06元，较市场收盘价15.06元持平。 | 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-09-17 | 002534 | 西子洁能 | 15.06 | 37.87 | 570.32 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司泉州温陵北路 | | | | | | | | | 证券营业部 | ...

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－098 | | --- | --- | --- | | 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 关于提前赎回西子转债实施暨即将停止转股的重要提示性公告 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。 重要内容提示： 1、最后转股日：2025年9月19日 2025年9月19日是"西子转债"最后一个转股日，当日收市前，持有"西子 转债"的投资者仍可进行转股；2025年9月19日收市后，未转股的"西子转债" 将停止转股。 2、截至2025年9月17日收市后，距离"西子转债"停止转股并赎回仅剩2个 交易日。本公司特提醒投资者仔细阅读本公告内容，关注相关风险，谨慎交易"西 子转债"。 特别提示： 1、"西子转债"赎回价格：101.12元/张（含息税，当期年利率1.50%），扣 税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中登 公司"）核准的价格为准。 2、有条件赎回条款触发日：2025年8月28日 3、赎回登记日：2025年9月 ...

Core Points - Xizi Clean Energy Equipment Manufacturing Co., Ltd. announced the early redemption of "Xizi Convertible Bonds" and the upcoming cessation of conversion rights [1] - The last conversion date for the bonds is September 19, 2025, after which unconverted bonds will be forcibly redeemed at a price of 101.12 CNY per bond (including interest and tax) on September 22 [1] - As of the market close on September 17, there are only 2 trading days left for investors to convert their bonds [1] - The company issued these convertible bonds in December 2021, and the conversion price has been adjusted multiple times due to the stock price triggering the redemption clause [1] - Investors are advised to be aware of the potential difference between the redemption price and the market price, and to convert in a timely manner to avoid losses [1]

Core Points - Xizi Clean Energy announced that the "Xizi Convertible Bonds" will be forcibly redeemed if not converted by the close of trading on September 19, 2025 [2] - Following the redemption, the "Xizi Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Investors holding "Xizi Convertible Bonds" that are pledged or frozen are advised to解除质押或冻结 before the conversion deadline to avoid forced redemption [2]

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－097 | | --- | --- | --- | | 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 关于提前赎回西子转债实施暨即将停止转股的重要提示性公告 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。 重要内容提示： 1、最后转股日：2025年9月19日 2025年9月19日是"西子转债"最后一个转股日，当日收市前，持有"西子 转债"的投资者仍可进行转股；2025年9月19日收市后，未转股的"西子转债" 将停止转股。 2、截至2025年9月16日收市后，距离"西子转债"停止转股并赎回仅剩3个 交易日。本公司特提醒投资者仔细阅读本公告内容，关注相关风险，谨慎交易"西 子转债"。 特别提示： 1、"西子转债"赎回价格：101.12元/张（含息税，当期年利率1.50%），扣 税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中登 公司"）核准的价格为准。 2、有条件赎回条款触发日：2025年8月28日 3、赎回登记日：2025年9月 ...

Core Insights - The renewable energy industry is experiencing unprecedented development opportunities against the backdrop of "dual carbon" goals, with a focus on photovoltaic technology as a key driver for future energy structure transformation [1][2] - Xizi Clean Energy Equipment Manufacturing Co., Ltd. (Xizi Clean Energy) has strategically entered the perovskite photovoltaic sector by investing in Hangzhou Zhongneng Photovoltaic Technology Co., Ltd. (Zhongneng Photovoltaic) in 2021, marking a significant step in the exploration of renewable energy technology [1] - Perovskite photovoltaic technology is recognized for its high efficiency, low cost, and flexibility, positioning it as the core direction for next-generation photovoltaic technology [1] Company Developments - Zhongneng Photovoltaic has achieved significant milestones in technology research and industrialization, including the successful delivery of Hangzhou's first 100MW fully automated perovskite photovoltaic module production line in 2024, which enhances its capabilities in large-scale production [1][2] - The new production line not only automates the manufacturing process but also supports the production of large-area, high-energy-density flexible and rigid components, alongside the development of diversified products such as color-changing and specialty photovoltaic components [1] - The collaboration between Xizi Clean Energy and Zhongneng Photovoltaic is expected to drive the industrialization of perovskite photovoltaic technology and inject new vitality into the renewable energy sector [2] Strategic Outlook - Zhongneng Photovoltaic aims to achieve GW-level perovskite production line delivery, leveraging Xizi Clean Energy's engineering capabilities and large-scale production experience for deep synergy [2] - Xizi Clean Energy's market expansion experience and lean manufacturing capabilities provide robust support for Zhongneng Photovoltaic's strategic positioning in the perovskite production equipment sector [2] - The synergy between thermal power generation and perovskite equipment allows Xizi Clean Energy to offer a more comprehensive and efficient renewable energy solution [2]