Core Viewpoint - Xizi Clean Energy (002534.SZ) has achieved an A rating in the latest ESG assessment by Huazheng Index, highlighting its excellence in environmental, social, and governance practices [2] Governance Upgrade - The company has established a robust governance structure comprising a shareholders' meeting, board of directors, supervisory board, and management team, along with a strategic investment and ESG committee that integrates ESG metrics into executive assessments [3] - Xizi Clean Energy has disclosed 142 announcements and related documents in 2024, ensuring investor transparency, and has conducted 25 routine audits and 6 special audits without any major compliance incidents [3] Green and Low-Carbon Initiatives - The company is actively pursuing green development across its entire industry chain, transitioning from a leader in waste heat utilization to a clean energy manufacturer, participating in the construction of 16 solar thermal power plants by the end of 2024 [4] - Xizi Clean Energy's Qinghai Zhongkong Delingha 50MW solar thermal power plant is expected to reduce CO2 emissions by approximately 121,000 tons annually [4] - The company has invested 28.24 million yuan in environmental protection in 2024, achieving a 100% compliance rate for waste gas and wastewater discharge [4] Quality and Innovation - Xizi Clean Energy has implemented a three-tier quality management system covering design, manufacturing, and inspection, with over 250 system documents to ensure standardized control [6] - The company has established a national-level postdoctoral workstation and a joint research institute with Zhejiang University to accelerate breakthroughs in clean energy technology [7] Employee-Centric Approach - The company emphasizes employee rights and diverse development, achieving a 93.5% employee satisfaction rate through various welfare initiatives and training programs [8] - Xizi Clean Energy has conducted 246 hazard inspections and 83 emergency drills in 2024, achieving a 100% rectification rate [8] Social Responsibility - The company actively engages in social responsibility initiatives, supporting youth development and community assistance, and has created over 1,000 job opportunities through its "Xizi Spring Plowing Society" platform [9] - Xizi Clean Energy has been recognized in the "2024 Global Zhejiang Business ESG Classic 100" list for its impactful social contributions [9] Future Outlook - Xizi Clean Energy aims to continue driving green and low-carbon initiatives alongside technological innovation, focusing on molten salt energy storage, solar thermal power generation, and flexible transformation of thermal power [10]

Core Viewpoint - The company, Xizi Clean Energy Equipment Manufacturing Co., Ltd., is expected to trigger the conditional redemption clause of its convertible bonds, "Xizi Convertible Bonds," due to its stock price consistently exceeding 130% of the conversion price during a specified period [1][8]. Summary by Sections Convertible Bond Issuance - The company issued 11.10 billion RMB worth of convertible bonds on December 24, 2021, with a face value of 100 RMB per bond, totaling 11.10 million bonds [1][2]. Listing and Trading - The convertible bonds were listed on the Shenzhen Stock Exchange on January 24, 2022, under the name "Xizi Convertible Bonds" with the code "127052" [2]. Conversion Period and Price Adjustments - The conversion period for the bonds started on June 30, 2022, and will end on December 23, 2027 [2]. - The conversion price was adjusted from 28.08 RMB to 27.89 RMB on May 20, 2022, and further adjusted to 18.80 RMB on October 11, 2022 [2][3]. - The conversion price was subsequently adjusted to 18.70 RMB on June 15, 2023, and to 18.60 RMB on May 23, 2024 [3][4]. Conditional Redemption Clause - The company has a conditional redemption clause that allows it to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 trading days or if the total amount of unconverted bonds falls below 30 million RMB [6][8]. Current Stock Performance - From July 23, 2025, to August 20, 2025, the company's stock price has closed above 14.29 RMB (130% of the current conversion price of 10.99 RMB) for 9 trading days, indicating a potential trigger for the redemption clause [1][8]. Future Actions - The company will monitor the redemption conditions and will disclose any decisions regarding the exercise of the redemption right in a timely manner [7][8].

Core Insights - The company is accelerating its development in the renewable energy sector driven by the "dual carbon" goals, leveraging a model of "independent research and development + equity collaboration" to enhance its competitive edge in the industry [1][8] - The focus on perovskite photovoltaic technology and solid oxide fuel cells (SOFC) represents two key pillars for the company's competitive positioning in the renewable energy landscape [1][8] Group 1: Perovskite Photovoltaic Technology - The company has made significant strides in the perovskite photovoltaic sector through its investment in Hangzhou Zhongneng Optoelectronics Technology Co., Ltd. (Zhongneng Optoelectronics), marking a strategic entry into the perovskite photovoltaic equipment and components market [2][3] - Zhongneng Optoelectronics successfully delivered its first fully automated 100MW perovskite photovoltaic module production line in Hangzhou in 2024, establishing its leading position in the large-scale production of perovskite technology [2][3] - The production line is capable of producing flexible and rigid components with high energy density, as well as specialized photovoltaic products, showcasing a dual competitive advantage of "technological diversification + intelligent production" [2][3] Group 2: Solid Oxide Fuel Cells (SOFC) - The company has entered the SOFC market by increasing its stake in Zhejiang Zhentai Energy Technology Co., Ltd. (Zhentai Energy), holding a 7.5% equity interest, aligning with its "zero-carbon park" strategy [4][5] - SOFC technology, with its high efficiency (over 60% power generation efficiency) and broad fuel adaptability, is ideal for distributed energy and industrial waste heat recovery applications [4][5] - The integration of SOFC with energy storage and photovoltaic/solar thermal generation creates a closed-loop system that significantly enhances energy utilization efficiency in zero-carbon parks [4][6] Group 3: Strategic Ecosystem and Future Outlook - The company's overall strategy integrates perovskite and SOFC technologies as critical components of its renewable energy ecosystem, enhancing its resilience and competitive barriers in the market [7][8] - The collaboration between Zhongneng Optoelectronics and Zhentai Energy allows the company to build a comprehensive capability system from core equipment to complete line solutions in the photovoltaic and fuel cell sectors [7][8] - As Zhongneng Optoelectronics advances towards GW-level production capacity and Zhentai Energy matures its SOFC technology, the company is well-positioned to capitalize on the next wave of industrialization in renewable energy technologies [7][8]

Group 1 - The latest stock price of Xizi Clean Energy is 16.13 yuan, up 0.75% from the previous trading day, with a trading range of 15.80 to 16.50 yuan and a trading volume of 132,400 hands, amounting to 213 million yuan [1] - Xizi Clean Energy is primarily engaged in the research, development, production, and sales of energy-saving and environmental protection equipment, including waste heat boilers and power station boilers, with applications in the power, metallurgy, and chemical industries [1] - The company announced that from July 23 to August 20, its stock has closed at or above 130% of the current conversion price of Xizi convertible bonds for nine trading days, indicating a potential trigger for conditional redemption clauses [1] Group 2 - On August 20, Xizi Clean Energy saw a net inflow of main funds amounting to 9.25 million yuan, with a cumulative net inflow of 54.38 million yuan over the past five days [2]

Group 1 - The company announced that from July 23, 2025, to August 20, 2025, its stock price has closed at or above 130% of the conversion price of "Xizi Convertible Bonds" for 9 trading days [1] - The conversion price is set at 10.99 yuan per share, making the threshold for triggering the conditional redemption clause 14.29 yuan per share [1] - The company's board of directors has the authority to decide whether to redeem all or part of the unconverted "Xizi Convertible Bonds" at face value plus accrued interest [1]

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－076 | | --- | --- | --- | | 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 关于西子转债预计触发赎回条件的提示性公告 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。 特别提示：自 2025 年 7 月 23 日至 2025 年 8 月 20 日，西子清洁能源装备制 造股份有限公司（以下简称"公司"）股票已有 9 个交易日的收盘价不低于"西 子转债"当期转股价格（即 10.99 元/股）的 130%（即 14.29 元/股），预计后续 可能触发"西子转债"有条件赎回条款。根据《公司公开发行可转换公司债券 募集说明书》（以下简称《募集说明书》）中有条件赎回条款的相关规定，届时 公司董事会有权决定是否按照债券面值加当期应计利息的价格赎回全部或部分 未转股的"西子转债"。敬请广大投资者详细了解可转换公司债券相关规定，并 及时关注公司后续公告，注意投资风险。 一、可转债发行上市的基本情况 （一）可转换公司债券发行情况 经中国证券监 ...

Group 1: Traditional Energy Business - The company achieved revenue of 2.228 billion in the waste heat boiler business in 2024, establishing itself as the largest and most comprehensive research, development, design, and manufacturing base for waste heat boilers in China [1] - In response to slowing domestic market growth, the company has partnered with international firms such as N/E, GE, FW, and ALSTOM to expand its overseas market presence, with products exported to over 100 countries and regions [1] - The company has successfully completed several overseas projects, including the first 9H level gas turbine waste heat boiler in Asia, built in Pakistan, thereby continuously broadening its international business scope [1] Group 2: New Energy Business - The company is diversifying into solar thermal, energy storage, and flexible transformation of thermal power, leveraging its experience in traditional energy and molten salt energy storage [2] - The Chinese solar thermal power market is projected to reach 29 GW by 2030, 88 GW by 2040, and 118 GW by 2050, highlighting the potential for solar thermal power as a safe and clean energy source with dual functions of peak shaving and energy storage [2] - The company has developed a large-capacity molten salt heat absorber and steam generation system, recognized by the National Energy Administration as a significant technological equipment project in 2021 [2] Group 3: Nuclear Power - The approval of nuclear power projects has accelerated, with 10 to 11 nuclear power units approved annually over the past three years, indicating a growing market demand [3] - The company has over 20 years of experience in the nuclear power sector and has obtained manufacturing licenses for civil nuclear equipment, actively participating in the supply of various nuclear power station equipment [3] - Profit forecasts estimate the company's net profit attributable to shareholders to be 423 million, 506 million, and 608 million for 2025-2027, corresponding to PE ratios of 26x, 22x, and 18x, respectively [3]

Group 1 - The latest LPR values for 1-year and 5-year loans will be announced on August 20, with the current rates at 3.0% and 3.5% respectively, unchanged from June [2] - A total of 711.8 billion yuan in reverse repos will mature next week, with specific maturities scheduled from Monday to Friday [3] - The Hang Seng Index Company will announce the results of the second quarter index review on August 22, with changes effective from September 8, 2025 [4] Group 2 - The Jackson Hole Global Central Bank Conference will take place from August 21 to 23, featuring a speech by Federal Reserve Chairman Jerome Powell on August 22 [5] - The Federal Reserve will release the minutes of its monetary policy meeting on August 21, amid a pause in interest rate cuts since early this year, with current rates between 4.25% and 4.5% [6] - Nearly 100 billion yuan in market value of restricted stocks will be unlocked next week, with 35 stocks facing unlocks, including 29.54 billion yuan from United Imaging Healthcare [7][8] Group 3 - One new stock, Balanshi, is set to be issued next week on August 19, with approximately 19 million shares expected to raise nearly 300 million yuan [11]

股票代码：002534 股票简称：西子洁能 债券代码：127052 债券简称：西子转债 二〇二五年八月 重要声明 浙商证券股份有限公司 关于 西子清洁能源装备制造股份有限公司 可转换公司债券下修转股价 的临时受托管理事务报告 债券受托管理人 （住所：浙江省杭州市上城区五星路 201 号） 本报告依据《可转换公司债券管理办法》、 《公司债券发行与交易管理办法》 （以下简称《管理办法》）、《公司债券受托管理人执业行为准则》（以下简称 《执业行为准则》）、《西子清洁能源装备制造股份有限公司可转换公司债券之 受托管理协议》（以下简称"《受托管理协议》"）等相关规定及其它相关信息披 露文件以及西子清洁能源装备制造股份有限公司（以下简称"西子洁能"、"发 行人"或"公司"）出具的相关说明文件以及提供的相关资料等，由受托管理人 浙商证券股份有限公司（以下简称"浙商证券"）编制。浙商证券编制本报告的 内容及信息均来源于西子洁能提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所做承诺或 声明。 一、受托管理债券的基本情况 发行人 ...

股票代码：002534 股票简称：西子洁能 债券代码：127052 债券简称：西子转债 浙商证券股份有限公司 关于 西子清洁能源装备制造股份有限公司 可转换公司债券下修转股价 的临时受托管理事务报告 债券受托管理人 （住所：浙江省杭州市上城区五星路 201 号） 二〇二五年八月 重要声明 本报告依据《可转换公司债券管理办法》、《公司债券发行与交易管理办法》 （以下简称《管理办法》）、《公司债券受托管理人执业行为准则》（以下简称 《执业行为准则》）、《西子清洁能源装备制造股份有限公司可转换公司债券之 受托管理协议》（以下简称"《受托管理协议》"）等相关规定及其它相关信息披 露文件以及西子清洁能源装备制造股份有限公司（以下简称"西子洁能"、"发 行人"或"公司"）出具的相关说明文件以及提供的相关资料等，由受托管理人 浙商证券股份有限公司（以下简称"浙商证券"）编制。浙商证券编制本报告的 内容及信息均来源于西子洁能提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所做承诺或 声明。 1 一、受托管理债券的基本情况 | ...