浙江金道律师事务所 关于西子清洁能源装备制造股份有限公司 "西子转债"2025年第一次债券持有人会议之法律意见书 浙江金道律师事务所 ZHEJIANG BRIGHTEOUS LAW FIRM 浙江金道律师事务所 关于西子清洁能源装备制造股份有限公司 "西子转债"2025年第一次债券持有人会议 之 法律意见书 关于西子清洁能源装备制造股份有限公司 "西子转债"2025年第一次债券持有人会议之法律意见书 浙江 金道律师事务所 浙江金道律师事务所 关于西子清洁能源装备制造股份有限公司 "西子转债"2025年第一次债券持有人会议之 法律意见书 (2025) 法意书第 254 号 致:西子清洁能源装备制造股份有限公司 二〇二五年八月八日 浙江省杭州市文二路 391 号西湖国际科技大厦 A 座 9-12 楼 邮政编码:310012 总机: 0571-87006666 传真: 0571-87006661 网址: www.zjblf.com 浙江金道律师事务所接受西子清洁能源装备制造股份有限公司(以下简称 "公司")委托,指派本所律师见证公司向不特定对象发行可转换公司债券(以 下简称"本期债券"或"西子转债")2025年第一 ...

Core Viewpoint - The company, a supplier of equipment with nuclear manufacturing qualifications, is actively expanding its order opportunities in the nuclear power market, with a focus on new energy, nuclear power, and overseas markets as future growth directions [2][3][4]. Group 1: Company Overview - The company has over 20 years of experience in the nuclear power sector and holds nuclear manufacturing licenses for levels II and III, participating in the supply of various nuclear power station equipment [4][5]. - The company has upgraded its manufacturing base to include a dedicated clean workshop for nuclear power equipment, enhancing its manufacturing capabilities [5]. Group 2: Order and Market Opportunities - As of June, the company has over 61 billion yuan in hand orders, with new orders totaling approximately 27.84 billion yuan in the first half of the year, including 7.03 billion yuan for waste heat boilers and 2.81 billion yuan for clean energy equipment [7][8]. - The company is focusing on three main growth areas: new energy, nuclear power, and overseas markets, leveraging its core technologies and products to expand internationally [8][9]. Group 3: Technological and Market Advantages - The company has participated in 17 solar thermal power demonstration projects, establishing a strong market and technological lead in this field [10]. - The Qinghai Delingha 50MW solar thermal project, which the company contributed to, is recognized as a benchmark for solar thermal power generation, achieving significant operational milestones [10]. Group 4: Future Directions - The company aims to deepen its involvement in the "new energy + energy storage" sector, focusing on the industrial application of molten salt energy storage technology to support the development of a clean, low-carbon energy system [11][12].

Core Viewpoint - Xizi Clean Energy (002534) announced on August 7 that it achieved new orders of 2.784 billion yuan in the first half of 2025, indicating a strong order intake and a focus on high-quality business development [1] Summary by Categories New Orders - The company secured new orders totaling 2.784 billion yuan in the first half of 2025, broken down as follows: - Waste heat boilers: 703 million yuan - Clean and environmental energy equipment: 281 million yuan - Solutions: 1.477 billion yuan - Spare parts and services: 323 million yuan [1] Order Backlog - As of June 30, 2025, the company reported an order backlog of 6.119 billion yuan, reflecting effective management of order quality and structure [1] Business Development Strategy - The company is focusing on enhancing order quality control and optimizing order structure to promote high-quality business growth. It has identified growth opportunities in four business segments and is allocating resources accordingly to improve overall order intake capacity [1]

Group 1 - The company, Xizi Clean Energy, announced on August 7 that it holds a leading position in the waste heat boiler segment of the industry [1] - The company mentioned that it has similar business operations with three major domestic boiler manufacturers, including Huaguang Huaneng and Hailu Heavy Industry [1]

Group 1 - The company Xizi Clean Energy (002534) announced on August 7 that its boiler products are non-standard and customized according to customer requirements [1] - The domestic project delivery cycle is generally 6-12 months, while overseas projects may take slightly longer [1] - Spare parts maintenance is provided based on customer needs and is immediate [1]

Core Viewpoint - Xizi Clean Energy (002534) announced on August 7 that its subsidiary, Hangzhou Hangguo General Equipment Co., Ltd., specializes in the design and manufacturing of boiler auxiliary machines and various specialized equipment, including five major product series [1] Group 1: Company Overview - The subsidiary has been involved in tunnel excavation since 2005 and has successfully produced various models of shield tunneling machines for domestic and international urban tunnel construction projects [1] - The first shield tunneling machine, "Xizi," was developed in 2008 and has been used in projects such as the Nanjing and Suzhou metro tunnels [1] - The products have been utilized in numerous projects, including the Singapore power tunnel, Singapore metro projects, Shanghai Line 17, and Hangzhou Line 5, among others [1] Group 2: Market Potential - The shield tunneling machine market is projected to exceed 100 billion [1] - The company is actively engaging with market demands to secure order opportunities as the Yaxia project is still in the early stages of construction [1]

Group 1: Company Overview - The company was established in 2002 and became part of the Xizi Elevator Group, listed on the Shenzhen Stock Exchange in 2011, and renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3][5]. - The main business includes waste heat boilers, clean energy power generation equipment, solutions, and spare parts and services [3][4]. Group 2: Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and holds Class 2 and 3 manufacturing licenses [5]. - It actively participates in supplying equipment for nuclear power plants, with increasing opportunities due to the growth in approved nuclear power installations [5]. Group 3: Future Market Directions - Focus on the renewable energy market, leveraging molten salt storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [6]. - Expansion in the nuclear power market through upgrades at the Chongxian manufacturing base to enhance production capabilities [6]. - Targeting overseas markets, particularly in Southeast Asia, South America, and regions along the Belt and Road Initiative [6][10]. Group 4: Order Situation in 2025 - In the first half of 2025, the company secured 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][8]. - As of June 30, 2025, the total orders on hand amounted to CNY 6.119 billion, with a focus on improving order quality and structure [8]. Group 5: Market Opportunities - The company is positioned to benefit from the explosive growth in equipment demand for the Yarlung Tsangpo River downstream hydropower project, with a market forecast exceeding CNY 10 billion [9]. - The subsidiary, Hangzhou Hangguo General Equipment Co., Ltd., specializes in various equipment, including shield machines, and has a strong track record in tunnel excavation projects [9]. Group 6: Product Delivery and Competitors - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [11]. - The company is a leader in the waste heat boiler sector, competing with major domestic boiler manufacturers [12]. Group 7: Market Management and Competitive Advantages - The company emphasizes market value management through operational efficiency, annual cash dividends, employee stock ownership plans, and transparent investor relations [13]. - In the solar thermal sector, the company has a competitive edge due to its early involvement and successful participation in significant projects, such as the Qinghai Delingha 50MW solar thermal power station [13].

Group 1 - The company primarily serves downstream industries such as steel, building materials, petrochemicals, cement, and chemical fibers, which are high energy-consuming sectors [1] - The company also caters to five major power companies and power plants that utilize clean energy, as well as engineering companies and design institutes [1]

Core Viewpoint - Xizi Clean Energy (002534.SZ) reported a significant increase in new orders for the first half of 2025, totaling 2.784 billion yuan, indicating a strong demand across its business segments [1] Summary by Categories New Orders - The company achieved new orders of 2.784 billion yuan in the first half of 2025, with specific contributions from various segments: - Waste heat boilers: 703 million yuan - Clean and environmental energy equipment: 281 million yuan - Solutions: 1.477 billion yuan - Spare parts and services: 323 million yuan [1] Backlog - As of June 30, 2025, the company reported a total backlog of 6.119 billion yuan, reflecting a robust order book and potential for future revenue [1] Business Strategy - The company is focusing on enhancing order quality management and optimizing order structure to promote high-quality business development. It has identified growth opportunities in four business segments and is allocating resources accordingly to improve overall order acquisition capabilities [1]

Core Viewpoint - Xizi Clean Energy (002534.SZ) has successfully developed its first shield machine, "Xizi," in 2008, which has been utilized in various domestic and international projects, indicating the company's strong market presence and technological capabilities [1] Company Summary - The first shield machine, "Xizi," was developed in 2008 and has been used in projects such as the Nanjing and Suzhou metro tunnels, Singapore's power tunnel, Singapore's metro projects, Shanghai Line 17, and Hangzhou Line 5 [1] - The company is actively engaging with market demands to secure orders as the shield machine market is projected to exceed 100 billion [1]