Group 1 - Xizi Aviation is a significant business segment under the major shareholder Xizi Elevator, primarily engaged in the manufacturing of aircraft components, including airframe structural parts, composite parts, sheet metal parts, and new aviation fasteners [1] - Xizi Aviation is a first-tier supplier for the C919 large passenger aircraft and provides high-quality products and services to renowned aircraft manufacturers such as Airbus, Boeing, Bombardier, COMAC, and AVIC [1]

（编辑 任世碧） 证券日报网讯 12月25日，西子洁能在互动平台回答投资者提问时表示，公司作为我国最早从事光热发 电技术研发与工程推广应用的单位之一，自2010年开始进入光热太阳能发电领域，2018年参建了中国首 座、全球第三座商业化投运的塔式熔盐光热储能电站——青海德令哈50MW塔式熔盐储能光热项目。公 司在"十四五"期间成功参与大批量光热发电示范项目的供货与建设，如金塔中光100MW、中能建哈密 150MW光热、中广核德令哈200MW光热项目等，具备较强的市场和技术先发优势。目前光热行业发展 进入大容量、低成本、独立装机的阶段，"十五五"期间光热发电装机空间较大，公司会利用自身参与项 目的经验和市场技术先发优势，积极落地"十五五"期间光热领域订单机会，持续贡献光热板块的利润增 长。 ...

Core Viewpoint - Xizi Energy (002534.SZ) is significantly enhancing its position in the aviation manufacturing sector through its subsidiary, Xizi Aviation, which specializes in aircraft component manufacturing and has secured critical contracts for major aircraft projects like the C919 [1] Company Overview - Xizi Aviation is a key business segment under the major shareholder Xizi Elevator, focusing on manufacturing aircraft components such as structural parts, composite materials, sheet metal parts, and new aviation fasteners [1] - The company possesses advanced capabilities in CNC machining, composite structure forming, sheet metal forming, heat treatment, surface treatment, component assembly, digital measurement, and non-destructive testing [1] Certifications and Partnerships - Xizi Aviation has obtained 344 special process qualifications from leading global aircraft manufacturers including Airbus, Boeing, COMAC, and AVIC [1] - The company is the sole global supplier for several critical components, including the A320 wing small rib and large rib, as well as the A220 aircraft front landing gear compartment [1] Major Contracts and Projects - In 2024, Xizi Aviation won the bid for the C919 mid-fuselage section project, which is a crucial and complex part of the aircraft structure linking the front and rear fuselage with the wings [1] - This project marks a significant milestone for Xizi Aviation, showcasing its capability to manufacture large aircraft structures and highlighting the growing importance of private enterprises in the aviation manufacturing industry [1]

Summary of Key Points from the Conference Call Industry Overview - The electrochemical energy storage capacity in China is expected to increase by 130-140 GWh by 2025, representing a year-on-year growth of over 100% [2][4] - Global energy storage capacity is projected to grow from 500 GWh to nearly 800 GWh, indicating robust growth in both domestic and international markets [5] Core Insights and Arguments - The "14th Five-Year Plan" in China aims for a total installed capacity of 15 GW for solar thermal power by 2030, with the goal of achieving cost parity with coal power and ensuring technological independence and international leadership [2][6] - Key factors for developing solar thermal power include resource surveys, incentive mechanisms, fair market participation, capacity compensation, and establishing information-sharing platforms [2][8] - The target for solar thermal power is to reduce costs below that of coal power by 2023, necessitating advancements in high-parameter and large-capacity technologies [2][10] Company-Specific Insights - Xizi Energy holds a nearly 40% market share in the solar thermal absorber market and has the capacity to produce 580 sets of solar thermal absorbers, heat exchangers, and boilers annually [2][11] - The company is expected to achieve a net profit of approximately 400 million CNY in 2025, 600 million CNY in 2026, and 700 million CNY in 2027, benefiting from increased equipment shipments following the introduction of solar thermal policies [4][12] - Xizi Energy's reasonable stock price expectation is between 19-20 CNY, indicating potential upside from current levels [4][14] Additional Important Points - The importance of energy storage technology is underscored by the need for approximately 80 GW of storage power annually to support grid stability in China [3] - The shift in emerging markets from traditional coal and gas power to intermittent sources like wind and solar is driving demand for energy storage solutions [3] - Xizi Energy is diversifying its portfolio by expanding into nuclear energy, having established Xizi Nuclear and obtained relevant manufacturing licenses [2][11][13]

Core Viewpoint - The other power equipment sector experienced a significant increase of 3.7% on December 24, with Xinle Energy leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3940.95, up by 0.53%, while the Shenzhen Component Index closed at 13486.42, up by 0.88% [1]. - Notable stocks in the other power equipment sector included: - Xinfu Energy (300593) with a closing price of 30.24, up by 20.00% and a trading volume of 632,300 shares, totaling a transaction value of 1.83 billion [1]. - Zhongheng Electric (002364) closed at 27.67, up by 10.02% with a trading volume of 547,300 shares [1]. - Jinshi Technology (002951) closed at 15.29, up by 10.00% with a transaction value of 209 million [1]. Group 2: Capital Flow - The other power equipment sector saw a net inflow of 1.933 billion in main funds, while retail investors experienced a net outflow of 762 million [2]. - The capital flow for key stocks included: - Maigemit (002851) had a main fund net inflow of 460 million, but retail funds saw a net outflow of 189 million [3]. - Zhongheng Electric (002364) had a main fund net inflow of 401 million, with retail funds experiencing a net outflow of 210 million [3]. - Shanghai Electric (601727) recorded a main fund net inflow of 83.28 million, while retail funds had a net outflow of 21.53 million [3].

Group 1 - The core viewpoint of the news is that Xizi Clean Energy has experienced fluctuations in stock price and trading volume, with a notable increase in stock price over the year despite recent declines [1][2]. - As of December 23, Xizi Clean Energy's stock price was 17.01 yuan per share, with a market capitalization of 14.219 billion yuan and a year-to-date increase of 55.90% [1]. - The company has seen a net outflow of main funds amounting to 397,200 yuan, with significant trading activity reflected in the buying and selling of large orders [1]. Group 2 - Xizi Clean Energy, established in January 2011, specializes in the manufacturing of heat recovery boilers, power station boilers, and related equipment, with a revenue composition that includes 50.21% from solutions and 18.98% from heat recovery boilers [2]. - As of December 10, the number of shareholders decreased by 5.54% to 32,200, while the average circulating shares per person increased by 5.86% to 25,643 shares [2]. - For the period from January to September 2025, the company reported a revenue of 4.333 billion yuan, a year-on-year decrease of 11.20%, and a net profit attributable to shareholders of 177 million yuan, down 58.31% year-on-year [2]. Group 3 - Xizi Clean Energy has distributed a total of 1.923 billion yuan in dividends since its A-share listing, with 295 million yuan distributed over the past three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, increasing its holdings by 5.8906 million shares [3]. - Notably, several ETFs have exited the list of the top ten circulating shareholders, indicating changes in institutional holdings [3].

Core Viewpoint - The company, Xizi Clean Energy, is focusing on expanding its market presence in overseas markets, renewable energy and energy storage, and the nuclear power sector to drive future growth [1] Group 1: Overseas Market - The company aims to leverage its advantageous products, such as waste heat boilers, to penetrate international markets and increase its market share [1] - There is a specific focus on expanding the overseas OEM market [1] Group 2: Renewable Energy and Energy Storage Market - The company plans to utilize its core technology in molten salt energy storage to explore applications in various energy utilization scenarios, including concentrated solar power, user-side energy storage, flexible transformation of thermal power, and zero-carbon parks [1] - The user-side energy storage model is expected to become a significant solution for domestic industrial clients to meet steam demand, highlighting the advantages of molten salt storage technology, such as large storage capacity, long lifespan, high safety, low storage cost, environmental friendliness, and wide applicability [1] Group 3: Nuclear Power Market - The company is seizing opportunities in the nuclear power market by upgrading its manufacturing base in Chongxian to establish dedicated clean workshops for nuclear power products [1] - This upgrade aims to enhance the company's manufacturing capacity for nuclear power products, supporting rapid growth in its nuclear power business [1]

证券日报网12月18日讯西子洁能（002534）在2025年12月18日回答调研者提问时表示，就产业链而言， 按照光热电站的建设过程，可分为研发设计、系统集成、聚光、发电、吸热、储换热五大环节。公司主 要可以参与吸热、换热、储热环节，提供吸热、换热、储热系统核心设备。 ...

Core Viewpoint - Xizi Clean Energy aims to enhance the quality of orders and improve gross margin levels while maintaining its current market share in traditional boiler business by the end of 2025 [2] Group 1 - As of the first half of 2025, the comprehensive gross margin of the company's waste heat boiler products is 29.68% [2] - The company is focused on solidifying its existing market share in the traditional boiler sector [2] - Future efforts will be directed towards increasing the quality of orders to boost gross margin [2]

Group 1 - The company, Xizi Clean Energy, holds a market share of over 50% in the domestic market, making it a leader in the waste heat boiler industry for gas turbines [2] - Notable projects include the Sun Palace 2×9F level project for the Beijing Olympics, the Guangdong Energy Group's Huizhou Daya Bay Petrochemical Zone Comprehensive Energy Station project, and the Dongguan Ningzhou site replacement power source 9H level HRSG [2]