Market Overview - On September 15, the other power equipment sector rose by 1.21%, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the other power equipment sector showed significant price movements: - Hailan Sichuang (688411) closed at 198.29, up 8.65% with a trading volume of 72,600 shares and a turnover of 1.496 billion [1] - Zhongheng Electric (002364) closed at 30.86, up 7.34% with a trading volume of 845,400 shares and a turnover of 2.539 billion [1] - Rongfa Nuclear Power (002366) closed at 8.08, up 5.21% with a trading volume of 2,317,900 shares and a turnover of 1.831 billion [1] - Other notable performers include ST Huaxi (002630) and Maigemi Te (002851), with increases of 4.35% and 4.25% respectively [1] Fund Flow Analysis - The other power equipment sector experienced a net outflow of 9.9061 million from institutional investors, while retail investors saw a net outflow of 14.7 million [2] - Conversely, speculative funds recorded a net inflow of 157 million [2] Individual Stock Fund Flow - Maigemi Te (002851) had a net inflow of 1.60 million from institutional investors but a net outflow of 44.4606 million from speculative funds [3] - Zhongheng Electric (002364) saw a net inflow of 15.9 million from institutional investors, with a net outflow of 1.54 billion from retail investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 12.4 million from institutional investors but faced significant outflows from both speculative and retail investors [3]

Company Overview - The company, established in 1955 and listed in 2011, focuses on the manufacturing of waste heat boilers and clean energy generation equipment, providing comprehensive solutions for energy utilization and environmental protection [2] - Its main business segments include waste heat boilers, clean energy equipment, solutions, and spare parts and services [2] Key Projects in Thermal Power Flexibility Transformation - The company participated in the first national "steam extraction and energy storage" molten salt thermal peak-shaving technology demonstration project, which began operation in April 2025 [3][4] - The project enhances the unit's load reduction capability by 100 MW and increases peak capacity by 47 MW, with a thermal exchange efficiency of no less than 98% [3][4] Downstream Enterprises - Major downstream clients include high-energy-consuming industries such as steel, building materials, petrochemicals, cement, and engineering companies [5] Future Market Directions - The company aims to expand into the renewable energy market, focusing on molten salt energy storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [6] - It is also targeting the nuclear power market by upgrading its manufacturing capabilities and establishing a joint venture for nuclear technology [8] Overseas Market Development - The company is increasing its presence in Southeast Asia, South America, and regions along the Belt and Road, with a growing share of overseas orders contributing to its revenue [7] Nuclear Power Sector Development - With over 20 years in the nuclear power sector, the company is enhancing its manufacturing capabilities and actively participating in the supply of nuclear power station equipment [8] Solar Thermal Industry Development - The company has been involved in solar thermal power since 2010 and has participated in 17 demonstration projects, establishing a strong market presence [10] - It aims to secure orders for three 350 MW solar thermal projects, leveraging its early market entry advantages [9][10] User-side Energy Storage Policies and Opportunities - Recent government policies encourage the development of green electricity direct connection projects and zero-carbon parks, which align with the company's initiatives in energy solutions [11][12] Financial Performance - In the first half of 2025, the company reported a revenue of 2.794 billion yuan, a year-on-year decrease of 6.49%, with a net profit of 148 million yuan, down 56.81% [13]

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－095 | | --- | --- | --- | | 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交易的 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、最后交易日：2025年9月16日 2025年9月16日是"西子转债"最后一个交易日，当日"西子转债"简称为 "Z 子转债"；2025年9月16日收市后"西子转债"将停止交易。 2、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。 3、截至2025年9月12日收市后，距离"西子转债"停止交易仅剩2个交易日， 距离"西子转债"停止转股并赎回仅剩5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：101.1 ...

Group 1 - The company, Xizi Clean Energy, has a diversified business model covering multiple sectors, including waste heat boilers, clean energy equipment, and service solutions [1] - Xizi Clean Energy has been involved in the development of flexible transformation projects for thermal power, with significant results demonstrated in the Hebei Longshan 600MW project, enhancing load capacity and efficiency [2] - The company targets various downstream industries, including steel and building materials, with a clear market direction towards renewable energy, nuclear power, and international expansion [3] Group 2 - Xizi Clean Energy has established a strong presence in the solar thermal power sector, participating in numerous demonstration projects and achieving significant operational milestones [4] - The company is exploring new market opportunities in zero-carbon factories and green electricity connections, aligning with national policies for low-carbon development [4] - The company's diversified interests extend to other sectors, including aviation, where it has secured contracts related to the C919 aircraft, marking its position as a unique private supplier in the industry [4]

Group 1: Company Overview - Xizi Clean Energy Equipment Manufacturing Co., Ltd. was established in 1955 and listed on the Shenzhen Stock Exchange in 2011, focusing on waste heat boilers and clean energy equipment [3][4] - The company operates four main business segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [3][4] Group 2: Key Projects and Innovations - The company participated in the first "steam extraction and storage" molten salt energy storage project in China, which enhances load flexibility and can reduce the load to 51 MW (8.5% of Pe) for at least 4 hours [5] - The molten salt storage system achieves an internal heat exchange efficiency of no less than 98% and an electrical conversion efficiency of no less than 70% [5] Group 3: Market Opportunities - Future growth areas include the renewable energy market, nuclear power market, and international markets, leveraging molten salt storage technology and expanding into overseas markets [7][8][9] - The company aims to capture opportunities in the nuclear power sector by upgrading its manufacturing capabilities and establishing a joint venture for nuclear technology [10] Group 4: Competitive Advantages - The company has been involved in 17 solar thermal power demonstration projects since 2010, establishing a strong market presence and technical advantage [12] - The Qinghai Delingha 50 MW solar thermal project is recognized as a benchmark for solar thermal power generation, achieving a record annual output of 146.4 million kWh in 2022 [12] Group 5: Policy and Strategic Initiatives - Recent government policies encourage the development of green electricity projects and zero-carbon parks, which align with the company's initiatives in energy solutions [13] - The company has established China's first zero-carbon factory and is exploring market opportunities under the green electricity direct connection mechanism [13]

Core Viewpoint - The release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by three government departments is a significant positive development for the industry, aiming to ensure steady growth and quality improvement in the power equipment sector [1][7]. Summary by Sections Overall Requirements - The plan emphasizes the need to adhere to the new development philosophy, promote high-quality development, and support the green and low-carbon transition in the energy sector [8]. Main Goals - The primary objectives for 2025-2026 include maintaining an average revenue growth rate of around 6% for traditional power equipment, ensuring stable revenue growth for new energy equipment, and achieving a 10% average revenue growth rate for leading enterprises [5][9]. Work Measures - **Improving Equipment Supply Quality**: Focus on enhancing the supply level of power equipment through technological breakthroughs and innovation in key components [10]. - **Expanding Domestic Effective Demand**: Leverage major energy projects to stabilize demand for power equipment and promote the development of wind and solar energy projects [10]. - **International Market Expansion**: Strengthen cooperation with emerging market countries in the wind, solar, and energy storage sectors, encouraging enterprises to explore overseas markets [11]. - **Accelerating Equipment Promotion and Application**: Implement policies to support the promotion of innovative products in the power equipment sector [12]. - **Optimizing Industry Development Environment**: Foster a competitive environment and establish industry standards to enhance quality and service [12]. - **Strengthening Standard Support**: Improve the standard system in the power equipment sector to drive quality enhancement and equipment updates [13]. - **Promoting Green and Intelligent Transformation**: Integrate new information technologies with power equipment to enhance efficiency and sustainability [13]. - **Enhancing Industry Chain Collaboration**: Support advanced manufacturing clusters in the power equipment sector to stabilize industry growth [14]. Guarantee Measures - **Strengthening Organizational Support**: Encourage collaboration between departments and local governments to stabilize growth in the power equipment industry [15]. - **Enhancing Monitoring and Analysis**: Establish mechanisms for monitoring industry data and addressing growth challenges [15]. - **Reinforcing Financial and Tax Support**: Implement tax incentives and financial services to support the high-quality development of the power equipment sector [16].

Company Overview - Xizi Clean Energy was founded in 1955 and became part of Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed in 2022 [1] - The company's main business includes waste heat boilers, clean energy equipment, solutions, and spare parts and services [1] Business Segments - Waste heat boilers serve high-energy-consuming industries such as power and steel [1] - Clean energy equipment is applied in the renewable energy sector [1] - Solutions focus on various heat exchangers and pressure vessels [1] - Spare parts and services include components like superheaters and technical services [1] Solar Thermal Industry - Solar thermal power technology is becoming a crucial support for low-carbon development in China's wind and solar energy bases [1] - The "Qinghai Model" signifies the entry of solar thermal power into its 3.0 era [1] - The company aims to secure three 350MW project orders to increase market share in the solar thermal sector [1] - Since entering the solar thermal field in 2010, the company has participated in 17 demonstration projects, with the Qinghai Delingha 50MW solar thermal project being a notable example [1] Order Situation - In the first half of 2025, the company achieved new orders totaling 2.784 billion yuan, with waste heat boilers at 703 million yuan, clean energy equipment at 281 million yuan, solutions at 1.477 billion yuan, and spare parts and services at 323 million yuan [2] - As of June 30, the company had a backlog of orders amounting to 6.119 billion yuan [2] Future Market Directions - The company targets three growth markets: renewable energy, nuclear power, and overseas markets [2] - The renewable energy market will leverage molten salt energy storage technology to expand application scenarios [2] - The nuclear power market will enhance capacity through upgrades at the Chongxian manufacturing base [2] - The overseas market focuses on Southeast Asia, South America, and countries along the Belt and Road, with an increasing proportion of new orders since 2024 [2] Product Delivery Cycle - Boiler products are customized and have a delivery cycle of 6 to 12 months domestically, with slightly longer times for overseas orders [2] - Spare parts are maintained on-demand [2] - The company has over 20 years of experience in the nuclear power sector and plans to establish a joint venture to promote long-term development in this area in 2025 [2]

Core Viewpoint - The company, Xizi Clean Energy, is focusing on expanding its nuclear power industry as a key strategic initiative by 2025, emphasizing the development of critical nuclear island equipment and international cooperation in nuclear power equipment [1] Group 1: Strategic Focus - The company plans to intensify its nuclear power industry layout and prioritize nuclear power development as a strategic focus [1] - Future efforts will include research, production, and manufacturing of key nuclear island equipment [1] Group 2: Technological Advancements - The company aims to accelerate its involvement in third-generation and fourth-generation nuclear power technologies, as well as controllable nuclear fusion [1] - There will be a focus on the physical protection of nuclear facilities as part of the strategic direction [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]

Group 1: Company Overview - The company was established in 1955 and became part of 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 [3][4] - The main business includes waste heat boilers, clean energy equipment, solutions, spare parts, and services, providing comprehensive solutions for environmental equipment and energy utilization [4] Group 2: Market and Development Plans - The company aims to leverage its market and technological advantages to secure orders for three 350 MW projects in the solar thermal sector, enhancing its market share [5] - The solar thermal power technology is becoming a key support for low-carbon development in China, with a focus on large-scale, low-cost independent installations [5] Group 3: Order Situation - In the first half of 2025, the company achieved new orders totaling CNY 2.784 billion, with specific segments: waste heat boilers (CNY 703 million), clean energy equipment (CNY 281 million), solutions (CNY 1.477 billion), and spare parts and services (CNY 323 million) [7] - As of June 30, 2025, the company had a total order backlog of CNY 6.119 billion, emphasizing quality control and optimized order structure for high-quality business development [7] Group 4: Future Market Directions - The company plans to expand into the renewable energy market, focusing on molten salt energy storage technology for various applications, including user-side energy storage and zero-carbon parks [8] - In the nuclear power market, the company is enhancing its manufacturing capabilities and establishing a joint venture to seize opportunities in nuclear power equipment supply [9][12] Group 5: International Expansion - The company is targeting Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas market expansion, with increasing recognition of domestic brands [10] - Since 2024, the proportion of new orders from overseas markets has been rising, making it a significant component of the company's growth [10] Group 6: Product Delivery and Manufacturing - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for international projects [11] - The company has over 20 years of experience in the nuclear power sector and is upgrading its manufacturing capabilities to support nuclear power business growth [12][13]