Core Viewpoint - Xizi Clean Energy (002534.SZ) expects a decline in net profit attributable to shareholders for 2025, while the net profit excluding non-recurring gains is projected to increase significantly [1] Financial Performance - The estimated net profit for 2025 is between 40 million and 43.9 million yuan, representing a year-on-year decrease of 9.05% to 0.18% [1] - The net profit excluding non-recurring gains is projected to be between 22 million and 28 million yuan, indicating a year-on-year growth of 53.3% to 95.11% [1] Non-Recurring Gains - The primary non-recurring gain for 2025 is a one-time compensation from the government for the relocation of Hangzhou Hangguo Industrial Boiler Co., which is lower than the one-time gain from the transfer of shares in Zhejiang Kesheng Technology Co. in 2024, leading to a slight decline in net profit attributable to shareholders [1] Operational Improvements - The company is enhancing the quality control of sales orders, which is expected to result in an increase in the gross profit margin for its main business in 2025 compared to the previous year [1] - Improved management of accounts receivable and inventory has led to a decrease in total working capital requirements, significantly increasing net cash inflow from operating activities for 2025 [1] Credit Losses and Share Count - The company has reduced the expected credit losses and asset impairment losses compared to the previous year, contributing to a substantial increase in net profit excluding non-recurring gains [1] - The completion of the conversion of convertible bonds in 2025 has resulted in an increase in the weighted average number of shares, leading to a slight decrease in the calculated basic earnings per share compared to the previous year [1]

1、公司2025年度非经常损益主要为杭州杭锅工业锅炉有限公司取得政府征迁一次性补偿净收益，较 2024年度公司转让浙江可胜技术股份有限公司股权形成的一次性收益有所减少，影响公司2025年归属于 上市公司净利润较上年同期略有下降；2、公司加强销售订单质量管控，2025年度主营业务销售毛利率 水平较上年同期继续提高；3、公司加强应收账款及存货管理，营运资金占用总额有所下降，2025年度 经营活动现金净流入明显提升，计提的预期信用损失及资产减值损失较上年同期减少，公司归属于上市 公司扣除非经常性损益后的净利润大幅增加。4、2025年度内完成净流入转股，公司本年度加权平均股 份数量较上年同期增加，计算的基本每股收益较上年同期略有下降。 格隆汇1月14日丨西子洁能(002534.SZ)公布，预计2025年归属于上市公司股东的净利润40,000万元– 43,900万元，比上年同期下降9.05%-0.18%，扣除非经常性损益后的净利润22,000万元–28,000万元，比 上年同期增长53.3%-95.11%。 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 西子清洁能源装备制造股份有限公司（以下简称"公司"）2025年度订单数 据如下： 一、2025年度订单情况 单位：人民币（万元，不含税） | 按产品分类 | 第四季度新增订单 本年累计新增订单 | 截至2025年12月31日 | | | --- | --- | --- | --- | | | | 在手订单 | | | 余热锅炉 | 77,146 | 196,714 | 218,332 | | 清洁环保能源装备 | 20,514 | 63,162 | 93,801 | | 解决方案 | 74,796 | 268,797 | 251,605 | | 备件及服务 | 21,911 | 71,085 | 27,909 | | 合计 | 194,368 | 599,758 | 591,647 | 证券代码：002534 证券简称：西子洁能 编号：2026－001 西子清洁能源装备制造股份有限公司 关于 2025 年度订单数据的自愿性信息披露公告 二、相关说明及风险提示 以上数据源自公司内部统计数据，未经审计，不能直接推算营 ...

2025 年度业绩预告 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。 一、 本期业绩预计情况 （一）业绩预告期间：2025年1月1日—2025年12月31日 （二）业绩预告情况：□亏损 □扭亏为盈 □同向上升 ☑ 同向下降 | 项 目 | 本报告期 | | | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东 的净利润 | 盈利： 万元 | 40,000 | – | 43,900 | 万元 | 盈利：43,978.76 | 万元 | | | 比上年同期下降：9.05% | | | - 0.18% | | | | | 扣除非经常性损益后 的净利润 | 盈利： 万元 | 22,000 | – | 28,000 | 万元 | 盈利：14,350.58 | 万元 | | | 比上年同期增长：53.3 | | | % - 95.11 | % | | | | 基本每股收益 | 盈利：0.52 | 元/股 | – 0.57 | 元/股 | | 盈利：0.60 | 元/股 | ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call centers on the gas turbine waste heat boiler industry, particularly in North America, highlighting the increasing demand for gas power generation due to electricity shortages in the U.S. [3][4][10] Core Insights and Arguments 1. **Electricity Demand Surge**: The U.S. is experiencing a significant electricity shortage, leading to a boom in gas power generation, which is seen as the optimal solution [3][4][10] 2. **Value of Waste Heat Boilers**: The demand for gas turbine waste heat boilers is rising, with overseas suppliers facing order backlogs due to increased demand [3][11][19] 3. **Market Growth Drivers**: The North American market is driven by AI advancements and grid upgrades, with the global waste heat recovery boiler market projected to reach $7.8 billion in 2024 [3][22] 4. **Key Players**: - **Xizi Clean Energy**: A leading domestic player in gas turbine waste heat boilers, with over 450 units supplied and a market share exceeding 50% in China [41][44] - **Boying Welding**: Recently expanded into the waste heat boiler sector, with a production base in Vietnam aimed at the North American market [45][48] Market Dynamics - **North American Market Size**: The waste heat boiler market in North America is expected to reach approximately $2.88 billion in 2024, with the U.S. accounting for 85.2% of this market [18][22] - **Supply Chain Challenges**: The supply of waste heat boilers is constrained as major manufacturers like GE Vernova, Siemens, and Mitsubishi have reached near full capacity [18][19] - **Competitive Landscape**: The market is highly concentrated, with Babcock & Wilcox and SPX Cooling together holding about 50% of the independent procurement market share in North America [21] Financial Projections - **Global Market Growth**: The global waste heat recovery boiler market is projected to grow to $12 billion by 2033, with a CAGR of 5.0% from 2025 to 2033 [22] - **Gas Turbine Waste Heat Boiler Market**: Expected to reach $1.4 billion in 2024, with significant growth anticipated in North America and the Asia-Pacific region [29] Risks and Challenges 1. **Certification Delays**: Companies may face delays in obtaining necessary certifications (e.g., ASME) for the North American market, which could hinder market entry [49] 2. **Raw Material Price Volatility**: The cost of raw materials, which constitutes 55% of total costs, is subject to fluctuations that could impact profit margins [49] 3. **Increased Competition**: A slowdown in grid construction or lower-than-expected demand for AI computing power could negatively affect the waste heat boiler market [49] Additional Important Insights - **Technological Advancements**: The design and manufacturing capabilities of domestic manufacturers are improving, but there remains a gap in experience with complex operational conditions compared to foreign competitors [39][40] - **Strategic Positioning**: Companies are focusing on enhancing their capabilities in design, production, and certification to better compete in the global market [38][39] This summary encapsulates the critical insights and projections regarding the gas turbine waste heat boiler industry, emphasizing the growth potential and associated risks within the North American market.

Core Viewpoint - Xizi Clean Energy experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in market performance and investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Xizi Clean Energy reported a revenue of 4.333 billion yuan, a year-on-year decrease of 11.20% [2]. - The net profit attributable to shareholders was 177 million yuan, reflecting a substantial year-on-year decline of 58.31% [2]. Stock Market Activity - As of January 9, Xizi Clean Energy's stock price was 16.53 yuan per share, with a market capitalization of 13.818 billion yuan [1]. - The stock has seen a year-to-date decline of 1.43%, with a 5-day decline of 1.43%, a 20-day increase of 3.38%, and a 60-day decline of 8.17% [1]. Shareholder Information - The number of shareholders decreased by 5.02% to 30,500, while the average number of circulating shares per person increased by 5.29% to 26,999 shares [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 18.2984 million shares, an increase of 5.8906 million shares from the previous period [3]. Dividend Distribution - Since its A-share listing, Xizi Clean Energy has distributed a total of 1.923 billion yuan in dividends, with 295 million yuan distributed over the past three years [3]. Business Overview - Xizi Clean Energy, established in Hangzhou, Zhejiang Province, specializes in the manufacturing of waste heat boilers, power station boilers, and related equipment, with a revenue composition of 50.21% from solutions, 18.98% from waste heat boilers, and 17.00% from clean energy equipment [1].

Core Viewpoint - Xizi Clean Energy experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in market performance and investor sentiment [1]. Financial Performance - For the period from January to September 2025, Xizi Clean Energy reported a revenue of 4.333 billion yuan, a year-on-year decrease of 11.20% [2]. - The net profit attributable to shareholders for the same period was 177 million yuan, reflecting a substantial year-on-year decline of 58.31% [2]. Stock Market Activity - As of January 6, Xizi Clean Energy's stock price was 16.36 yuan per share, with a market capitalization of 13.676 billion yuan [1]. - The stock has seen a year-to-date decline of 2.44%, an 8.09% drop over the last five trading days, and a 6.78% decrease over the last 60 days [1]. - The company experienced a net outflow of 17.3878 million yuan in principal funds, with significant selling pressure from large orders [1]. Shareholder Information - As of December 20, the number of shareholders for Xizi Clean Energy was 30,500, a decrease of 5.02% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.29% to 26,999 shares [2]. Dividend Distribution - Since its A-share listing, Xizi Clean Energy has distributed a total of 1.923 billion yuan in dividends, with 295 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 18.2984 million shares, an increase of 5.8906 million shares from the previous period [3]. - Notably, several ETFs have exited the list of the top ten circulating shareholders [3].

Group 1 - The core viewpoint of the article highlights the competitive landscape and market concentration in China's boiler manufacturing industry, indicating a high level of competition among numerous manufacturers with similar products [1][3][6] - The first tier of the competitive landscape includes major listed companies such as Xizi Clean Energy, Huaguang Huaneng, Chuanrun Co., Hailu Heavy Industry, and Huaxi Energy, while the second tier consists of larger non-listed companies like Dongfang Boiler and Wuhan Boiler [1][3] - The market concentration in the boiler manufacturing industry is relatively high, with leading companies gaining more market share as low-end capacities exit the market due to environmental policies [6][7] Group 2 - The number of large-scale boiler manufacturing enterprises in China is significant, but many lack scale production, with the largest companies having registered capital exceeding 500 million yuan [3][10] - The geographical concentration of industrial boiler manufacturers is primarily in Shandong, Jiangsu, and Hebei, which together account for 43% of the total number of manufacturers in the country [7] - The competitive state of the boiler manufacturing industry is characterized by strong bargaining power from suppliers of raw materials, while consumer bargaining power is relatively weak due to regulatory requirements for boiler updates [11][12]

证券代码：002534 证券简称：西子洁能 编号：2025－123 1 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。 一、本次搬迁补偿事项概述 西子清洁能源装备制造股份有限公司（以下简称"公司或西子洁能"）于2025 年3月28日召开公司第六届董事会第五次会议，审议并通过了《关于公司控股子 公司拟签订搬迁补偿协议的议案》，同意控股子公司杭州杭锅工业锅炉有限公司 （以下简称"杭锅工锅"）座落于杭州市良渚街道良运街123号、129号的部分土 地、房屋、附属物实施搬迁，并与余杭区人民政府良渚街道办事处签订《搬迁及 补偿协议书》，本次搬迁合法占有的土地面积总计43,703.8平方米，补偿补助金额 为人民币274,100,049元。以上事项详细内容见刊登在2025年3月31日《证券时报》 《 中 国 证 券 报 》《 证 券 日 报 》 和 公 司 指 定 信 息 披 露 网 站 巨 潮 资 讯 网 http://www.cninfo.com.cn上的《关于公司控股子公司拟签订搬迁补偿协议的公告》。 2025年5月14日，杭锅工锅收到余杭区人民政府良渚街道办事处支付的 ...