Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.64 CNY for the next 12 months [6][11][18]. Core Views - The company is a leader in waste heat boilers and is positioned for long-term growth in both traditional and renewable energy sectors, including nuclear power and solid oxide fuel cells (SOFC) [2][3]. - The company has a strong order backlog, with total orders amounting to 61.19 billion CNY as of June 30, 2025, which supports future revenue growth [4][13]. - The company is expanding its international market presence, achieving 3.86 billion CNY in exports in the first half of 2025, a year-on-year increase of 48.79% [10]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 2.794 billion CNY, a decrease of 6.49% year-on-year, and a net profit of 148 million CNY, down 56.81% year-on-year [1]. - The company achieved a non-recurring net profit of 129 million CNY, an increase of 37.58% year-on-year [1]. Business Segments - The company operates in two main segments: traditional energy (waste heat boilers) and renewable energy (clean energy equipment and solutions) [2]. - Revenue from waste heat boilers was 530 million CNY, a decrease of 52.66%, while clean energy equipment revenue increased by 38.65% to 475 million CNY [4]. Order Backlog and Growth - The company secured new orders worth 2.784 billion CNY in the first half of 2025, with significant contributions from solutions and services [4]. - The company is transitioning from a single product manufacturer to a comprehensive energy solutions provider, enhancing its market position [2][13]. Future Projections - Revenue projections for 2025-2027 are 6.731 billion CNY, 7.726 billion CNY, and 8.766 billion CNY, with corresponding net profits of 453 million CNY, 510 million CNY, and 578 million CNY [11][12][18]. - The company anticipates a growth rate of 4.6% in 2025, followed by 14.8% in 2026 and 13.5% in 2027 [11][12]. Market Position and Competitiveness - The company is recognized as the largest and most comprehensive waste heat boiler manufacturer in China, with a leading market share [2][13]. - The company has established strategic partnerships with major players in the nuclear sector, enhancing its competitive edge [3].

Core Viewpoint - Xizi Clean Energy reported a decline in revenue and net profit for the first half of 2025, indicating challenges in financial performance despite some improvements in gross margin and cash flow metrics [1]. Financial Performance - Total revenue for the first half of 2025 was 2.794 billion yuan, a decrease of 6.49% year-on-year [1]. - Net profit attributable to shareholders was 148 million yuan, down 56.81% compared to the previous year [1]. - In Q2 2025, total revenue was 1.581 billion yuan, a year-on-year decline of 13.9%, while net profit increased by 11.37% to 94.12 million yuan [1]. - Gross margin improved to 20.55%, up 5.97% year-on-year, while net margin fell to 6.43%, down 47.84% [1]. - Total expenses (selling, administrative, and financial) amounted to 211 million yuan, representing 7.55% of revenue, an increase of 18.48% year-on-year [1]. Cash Flow and Assets - Operating cash flow per share was 0.24 yuan, a significant increase of 700.49% year-on-year [1]. - The company reported a healthy cash position with monetary funds of 3.413 billion yuan, up 7.02% year-on-year [1]. - Accounts receivable were 1.597 billion yuan, down 26.59% year-on-year, but still represented 363.23% of net profit [1][8]. Investment and Financing - Long-term equity investments decreased by 35.64% due to cash sales of stakes in Hepu Co. and other investment recoveries [1]. - The company experienced a significant increase in construction in progress by 1260.20% due to investments in new manufacturing facilities and equipment [2]. - Short-term borrowings decreased by 55.55% as the company repaid bank loans [2]. Business Overview - Xizi Clean Energy focuses on the production and sale of waste heat boilers and clean energy equipment, providing comprehensive solutions for energy utilization [9][10]. - The company operates in sectors such as power generation, steel, and cement, catering to high-energy-consuming industries [10]. Future Outlook - Analysts expect the company's performance in 2025 to improve, with projected net profit of 425 million yuan and earnings per share of 0.58 yuan [8].

Core Viewpoint - Xizi Clean Energy (002534.SZ) reported a steady performance in the first half of 2025, achieving revenue of 2.794 billion yuan and a net profit of 148 million yuan, with a year-on-year increase in net profit of 37.58%, driven by its focus on clean energy equipment and core sectors such as waste heat boilers, clean energy equipment, energy storage, and nuclear power [1][2]. Group 1: Business Strategy and Performance - The company focuses on expanding its core business in waste heat boilers, clean energy equipment, and energy storage, with a total order backlog of 6.119 billion yuan as of June 30, 2025, ensuring solid support for future growth [2][3]. - Clean energy equipment revenue reached 475 million yuan, a year-on-year increase of 38.65%, while waste heat boiler orders amounted to 703 million yuan, reinforcing the company's leading position in the industry [2][3]. Group 2: Financial Health and Management - The company improved its gross margin to 20.42%, an increase of 1.82 percentage points from the previous year, and reported a significant increase in operating cash flow, which reached 177 million yuan, up 700.49% year-on-year [3]. - Accounts receivable as a percentage of total assets decreased by 1.33%, indicating enhanced financial stability and effective cost control measures [3]. Group 3: Nuclear Power Business Development - The nuclear power sector is rapidly developing in China, with a record investment of 146.9 billion yuan in 2024, and the company has established long-term strategic partnerships with major players in the industry [4][5]. - Xizi Clean Energy has supplied 186 conventional island pressure vessels and heat exchangers, as well as 435 nuclear safety pressure vessels and tanks to various nuclear power plants across the country [4][5]. Group 4: International Market Expansion - The company achieved a 48.79% year-on-year increase in overseas sales, exporting products to over 100 countries, including notable projects in Pakistan and Belarus [6][7]. - By implementing an "innovation cooperation strategy," the company is transitioning from a single equipment manufacturer to a comprehensive energy solution provider, enhancing its global market competitiveness [7]. Group 5: Future Outlook - The company aims to focus on key equipment research and production in the nuclear island sector, aligning with national development goals and expanding international cooperation in nuclear power [5]. - Xizi Clean Energy is positioned as a third growth curve following its success in solar thermal energy, attracting significant market attention and potential investment opportunities [5].

Group 1 - Xizi Clean Energy (002534.SZ) reported its semi-annual results for 2025, revealing that as of August 25, 2025, eight institutional investors held a total of 581 million shares, accounting for 78.56% of the company's total equity [1] - The institutional investors include Xizi Elevator Group Co., Ltd., Jinrun (Hong Kong) Co., Ltd., Hangzhou Industrial Investment Group Co., Ltd., and several funds managed by major banks, with a slight decrease of 0.33 percentage points in institutional holding compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings compared to the previous period, namely Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, with a slight rise in the proportion of increased holdings [2] - One new public fund was disclosed during this period, which is the GF CSI 1000 ETF, while three funds were not disclosed in the previous quarter, including the Huitianfu CSI Environmental Governance Index (LOF) A, the Jiao Yin CSI Environmental Governance Index (LOF) A, and the Qianhai Kaiyuan CSI Health Index [2] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings compared to the previous period, with a slight rise in the proportion of increased holdings [2]

每经AI快讯，西子洁能（SZ 002534，收盘价：15.45元）8月25日晚间发布公告称，公司第六届第六次 董事会会议于2025年8月22日以现场及通讯表决方式召开。会议审议了《2025年半年度报告及摘要》等 文件。 2025年1至6月份，西子洁能的营业收入构成为：锅炉及原动机制造业占比96.05%，贸易服务及其他占 比3.95%。 截至发稿，西子洁能市值为114亿元。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 胡玲） ...

Core Viewpoint - Xizi Clean Energy (002534.SZ) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 2.794 billion yuan, a year-on-year decrease of 6.49% [1] - The net profit attributable to shareholders of the listed company was 148 million yuan, down 56.81% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 129 million yuan, showing a year-on-year increase of 37.58% [1] - Basic earnings per share were 0.2 yuan [1]

Core Insights - The company reported a revenue of 2.794 billion yuan for the first half of 2025, a year-on-year decrease of 6.49% [1] - The net profit attributable to shareholders was 148 million yuan, down 56.81% year-on-year, while the net profit excluding non-recurring items increased by 37.58% to 129 million yuan [1] - The basic earnings per share stood at 0.20 yuan, with a weighted average return on equity of 3.47% [1] Financial Performance - The gross margin for the first half of 2025 was 20.55%, an increase of 0.07 percentage points year-on-year, while the net margin was 6.43%, a decrease of 5.90 percentage points compared to the same period last year [1] - In Q2 2025, the gross margin was 20.20%, up 0.33 percentage points year-on-year but down 0.81 percentage points quarter-on-quarter; the net margin was 6.99%, an increase of 1.53 percentage points year-on-year and 1.29 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the first half of 2025 were 391 million yuan, a decrease of 36.17 million yuan year-on-year, with an expense ratio of 14.01%, down 0.30 percentage points from the previous year [2] - Sales expenses decreased by 31.60%, management expenses decreased by 6.90%, and R&D expenses decreased by 11.84%, while financial expenses increased significantly by 712.19% [2] Company Overview - The company, established in Hangzhou, Zhejiang Province, specializes in the manufacturing of clean energy equipment, including waste heat boilers, power station boilers, and industrial boilers [2] - The main business revenue breakdown includes: solutions (37.55%), waste heat boilers (34.62%), clean energy equipment (15.93%), spare parts and services (9.24%), and others (2.67%) [2] - The company is classified under the power equipment industry, specifically in the category of other power supply equipment, and is involved in sectors such as hydrogen energy, waste heat power generation, energy conservation and environmental protection, fuel cells, and solar energy [2]

西子清洁能源装备制造股份有限公司 2025 年半年度财务报告全文 西子清洁能源装备制造股份有限公司 2025 年半年度财务报告 二〇二五年八月二十六日 1 西子清洁能源装备制造股份有限公司 2025 年半年度财务报告全文 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：西子清洁能源装备制造股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 3,413,103,257.02 | 3,529,696,399.14 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | 234,536.32 | | | 应收票据 | 141,864,277.36 | 104,621,445.20 | | 应收账款 | 1,597,439,878.48 | 1,828,639,997.29 | | 应收款项融资 | 413,777,588.82 ...

债 表 并 伯 2: 会合01 表 | | 2025年6月30日 | | | | | 会合01 表 | | --- | --- | --- | --- | --- | --- | --- | | 应:西子清洁能源 备制造股份有限公司 | | | | | | 中位:人民中元 | | | | 期末尔额 | 年初余额 | 顶 | 期末余额 | 年初余额 | | | | 3, 413, 103, 257. 02 | 3, 529, 696, 399. 14 | 流动负责: 短期借款 | 72, 019, 440. 28 | 162, 035, 948. 88 | | | | | | 向中央银行借款 | | | | | | | | 拆入资金 | | | | 父易性金融资产 | | | | 交易性金融负债 | | | | 衍生金融资产 | | 234, 536. 32 | | 们生金融负债 | | | | 应收票据 | | 141, 864, 277. 36 | 104, 621, 445. 20 | 应付票据 | 1, 294, 235, 226. 73 | 1, 231, 316, 491. 79 | | 应收账款 ...

上市公司2025年半年度非经营性资金占用及其他关联资金往来 情况汇总表 编制单位：西子清洁能源装备制造股份有限公司 单位：人民币万元 法定代表人： 主管会计工作的负责人： 会计机构负责人： 第 2 页，共 2 页 上市公司的子公司及其 附属企业 合同资产 其他应收款 2.07 3.51 5.59 -0.00 代垫费用 经营性往来 | | | 往来方与上市公 | 上市公司核 | 2025年期初 | 2025年1-6月占用 | 2025年1-6月 占用资金的利 | 2025年1-6月偿 | 2025年6月期末占 | 往来形成原 | 往来性质（经营 性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金往来 | 资金往来方名称 | 司的关联关系 | 算的会计科 目 | 占用资金余额 | 累计发生金额 （不含利息） | 息 | 还累计发生金额 | 用资金余额 | 因 | 来、 非经营性 | | | | | | | | （如有） | | | | 往来 ） | | | 浙江杭锅江南国际贸易有限公司 | 孙公司 | ...