Core Viewpoint - Jiangsu Guoxin (002608) reported a significant increase in both revenue and net profit for the year 2024, indicating strong operational performance and effective cost management [1] Financial Performance - The company's operating revenue for 2024 reached 36.933 billion yuan, representing a year-on-year growth of 6.83% [1] - The net profit attributable to shareholders was 3.227 billion yuan, showing a substantial year-on-year increase of 72.55% [1] - Basic earnings per share were reported at 0.85 yuan [1] Business Segments - In the energy sector, the company benefited from the commissioning of new units, leading to increased electricity generation; a decline in coal market prices also contributed to revenue enhancement [1] - The company maintained strict cost control and continued to improve efficiency, resulting in significant performance growth [1] - In the financial sector, the company's operations remained stable, with an increased stake in Jiangsu Bank further enhancing profit contributions during the reporting period [1]

Financial Performance - Total operating revenue for 2024 reached CNY 3,693,262.09 million, an increase of 6.83% compared to CNY 3,457,218.60 million in the previous year[5] - Operating profit rose to CNY 492,562.81 million, marking a significant increase of 38.78% from CNY 354,924.52 million year-on-year[5] - Net profit attributable to shareholders was CNY 322,740.79 million, reflecting a substantial growth of 72.55% compared to CNY 187,036.85 million in the prior year[5] - Basic earnings per share increased to CNY 0.8542, up 72.53% from CNY 0.4951 in the previous year[5] - The weighted average return on equity improved to 10.61%, an increase of 3.97 percentage points from 6.64% year-on-year[5] - Shareholders' equity attributable to the parent company increased to CNY 3,258,135.87 million, a rise of 13.82% from CNY 2,862,625.55 million[5] Asset Management - Total assets at the end of the reporting period were CNY 9,636,032.17 million, an 8.43% increase from CNY 8,887,235.16 million at the beginning of the period[5] Sector Performance - The energy sector's performance improved due to new units coming online and increased electricity generation, alongside a decline in coal market prices[6] - The financial sector remained stable, with increased holdings in Jiangsu Bank contributing positively to profits during the reporting period[6] Forecast Accuracy - The company’s performance results are within the previously disclosed forecast range, indicating no discrepancies[7]

1. 案件所处的诉讼阶段：一审判决 2. 上市公司所处的当事人地位：原告 3. 涉案金额：受特定机构投资者委托设立的信托计划项下信托 贷款本金 2,500,000,000元及相应利息、逾期付款违约金和其他费用。 4. 对上市公司损益产生的影响：本次公告诉讼涉及的贷款事项， 为江苏信托受特定机构投资者委托设立的信托计划项下信托贷款，该 信托贷款的风险由委托人交付资金形成的信托财产承担。诉讼结果预 计不会对公司本期及期后利润产生影响。 证券代码：002608 证券简称：江苏国信 公告编号：2025-004 江苏国信股份有限公司 关于子公司诉讼事项的进展公告 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。 特别提示： 近日，公司收到南京市中级人民法院于 2025 年 2 月 7 日出具的 （2024）苏 01 民初 1710 号《民事判决书》。判决如下： （一）佳穗置业于本判决生效之日起十日内返还江苏信托借款本 金 25 亿元并支付截至 2024 年 3 月 29 日的利息 75,900 万元、逾期利 息（以本金 25 亿元为基数，自 2024 年 3 月 30 日 ...

Summary of Jiangsu Guoxin Conference Call Company and Industry Overview - The conference call pertains to Jiangsu Guoxin, a company operating in the power generation sector, particularly focusing on thermal and renewable energy in Jiangsu Province, China. Key Points and Arguments - **Electricity Price Negotiation**: The electricity price for 2025 in Jiangsu has decreased compared to the previous year, raising concerns about its impact on the profitability of the thermal power sector. However, the relationship between electricity prices and profits is complex, influenced by regional differences and coal prices, which account for 60% to 70% of costs [3][4][5]. - **Coal Price Influence**: The anticipated decline in coal prices may offset the profit reduction caused by lower electricity prices. The company has implemented new technologies that significantly reduce coal consumption, enhancing its competitive edge [3][4][5]. - **Long-term Pricing Contracts**: A lack of long-term pricing contracts may lead to more electricity entering the spot market, potentially causing annual electricity prices to decline. Companies need to optimize management and technology to maintain profitability [4][6]. - **New Thermal Power Projects**: Jiangsu's new thermal power projects are expected to alleviate supply constraints and improve energy supply stability while phasing out high-energy-consuming small units [4][8]. - **Renewable Energy Competition**: The trend towards marketization of renewable energy may intensify competition with thermal power, leading to lower overall electricity prices. However, renewable energy's contribution to total electricity supply remains limited due to regional and weather-related factors [4][9][13]. - **Electricity Pricing Forecast**: The actual settlement price for electricity in Jiangsu is projected to be around 0.417 yuan per kWh in 2025, a decrease of approximately 0.03 yuan from the previous year [4][14]. - **Future Expansion Plans**: The company plans to expand into the renewable energy sector, including energy storage technologies, aiming to become a comprehensive energy service provider. It anticipates commissioning 7 to 8 new million-kilowatt power generation units between 2023 and 2025 [4][22][34]. - **Financial Stability and Dividends**: The company has shown a commitment to dividends since 2020, with expectations for future distributions if profitability remains strong. The financial segment has provided stability during periods of high coal prices [4][23][29]. Additional Important Insights - **Impact of Coal Price Decline**: A significant decline in coal prices could create profit opportunities, but regional supply and demand dynamics and increased environmental costs must be considered [4][12]. - **External Electricity Supply**: The proportion of external electricity supply in Jiangsu is expected to remain stable at around 20%, with limited impact on local companies [4][18]. - **Small Unit Energy Consumption**: High energy consumption from small units may lead to impairment issues, but the company has managed to mitigate these risks through strategic capacity management [4][19]. - **Market Valuation Concerns**: The market's perception of the company's valuation is low, typically ranging from 0.05 to 0.7, which the company aims to improve through better communication with investors [4][33]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning and market dynamics in the energy sector.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [16]. Core Insights - The company forecasts a significant increase in net profit for 2024, with an expected growth of approximately 63.07% to 76.44%, resulting in a projected net profit of 30.5 to 33.0 billion yuan [2][3]. - The anticipated growth in profit is attributed to the commissioning of new power generation units, a decrease in fuel costs, increased holdings in Jiangsu Bank, and ongoing efficiency improvements [3]. - The company's financial performance is expected to remain stable, with a projected revenue of 349.89 billion yuan for 2024, increasing to 432.48 billion yuan by 2026 [4]. Financial Performance Summary - The projected revenue for 2024 is 34,989 million yuan, with a growth rate of 4% compared to 2023 [6]. - The net profit for 2024 is estimated at 3,109 million yuan, reflecting a growth rate of 66% from the previous year [6]. - Earnings per share (EPS) is expected to be 0.82 yuan in 2024, with a price-to-earnings (P/E) ratio of 9.1 [6]. Operational Highlights - The commissioning of a new 1GW supercritical coal-fired power generation unit is expected to enhance operational capacity and profitability [3]. - The average coal price at Qinhuangdao Port is projected to decrease by 11.4% to 854.92 yuan per ton in 2024, contributing to lower fuel costs for the company [3]. - The company’s subsidiary, Jiangsu Trust, has increased its stake in Jiangsu Bank, which is expected to contribute an additional investment income of approximately 140 million yuan [4].

Core Viewpoint - Jiangsu Guoxin (002608) expects a significant increase in net profit for 2024, projecting a range of 3.05 billion to 3.3 billion yuan, representing a year-on-year growth of 63.07% to 76.44% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 3.05 billion to 3.3 billion yuan for 2024, indicating a strong growth trajectory [1] - The increase in profit is attributed to the commissioning of new units in the thermal power sector, leading to higher electricity generation, alongside a decrease in fuel costs [1] Group 2: Business Segments - The financial segment of the company has shown stable operational development, with continued growth in earnings from increased holdings in Jiangsu Bank [1] - The company has implemented strict cost control measures and is striving to enhance auxiliary service revenues, contributing to overall efficiency improvements [1]

Financial Performance - The estimated net profit for 2024 is projected to be between 305,000 and 330,000 thousand yuan, representing a year-on-year growth of 63.07% to 76.44% compared to 187,036.85 thousand yuan in the previous year[5]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 290,000 and 315,000 thousand yuan, indicating a growth of 61.50% to 75.43% from 179,561.76 thousand yuan in the previous year[5]. - The basic earnings per share is expected to be between 0.8073 and 0.8735 yuan per share, compared to 0.4951 yuan per share in the previous year[5]. Factors Influencing Profit - The increase in net profit is primarily attributed to the commissioning of new units in the thermal power sector, increased electricity generation, and a decrease in fuel costs, along with stable growth in the financial sector due to increased holdings in Jiangsu Bank[7]. - The company has implemented strict cost control measures and is striving to enhance auxiliary service revenues, contributing to continuous improvement in efficiency[7]. Financial Reporting - The financial data in the earnings forecast has not been audited by the accounting firm, and the specific financial figures will be detailed in the 2024 annual report[8]. - There are no significant uncertainties affecting the accuracy of this earnings forecast[8].

江苏国信股份有限公司 简式权益变动报告书 上市公司名称：江苏国信股份有限公司 股票上市地点：深圳证券交易所 股票简称：江苏国信 股票代码：002608 信息披露义务人：苏州苏新聚力科技发展有限公司 注册地址：苏州高新区长江路 211 号天都商业广场 3 幢 609 室 通讯地址：苏州高新区锦峰路 199 号锦峰国际商务广场 A 座 801 室 股份变动性质：股份增加（协议转让） 签署日期：2025 年 1 月 6 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信 息披露内容与格式准则第 15 号——权益变动报告书》等相关法律、 法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其 履行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之 相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》 的规定，本报告书已全面披露信息披露义务人在江苏国信股份有限公 司拥有权益的股份变动情况。截至本报告书签署之日，除本报告书披 露的信息外，信息披露义务人没有通过任何其他方式增 ...

证券代码：002608 证券简称：江苏国信 公告编号：2025-001 江苏国信股份有限公司 关于持股 5%以上股东协议转让公司部分股份的进展公告 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。 第 1 页 共 2 页 于参与认购江苏国信股份有限公司部分股份的议案》。同日，华侨城 资本《关于深圳华侨城资本投资管理有限公司公开征集转让江苏国信 股份有限公司 7.36%股份结果的请示》也获得华侨城集团有限公司的 批准。至此，《股份转让协议》的生效条件已全部达成。 后续华侨城资本与苏新聚力将尽快办理标的股份过户及交割手 续。公司将密切关注本次股份转让事项的进展情况，并严格按照相关 法律、法规的规定及时履行信息披露义务。敬请广大投资者谨慎决策， 注意投资风险。 特此公告。 江苏国信股份有限公司董事会 江苏国信股份有限公司（以下简称"公司"或"江苏国信"）分 别于 2024 年 11 月 9 日、12 月 4 日、12 月 20 日披露了《关于持股 5%以上股东拟通过公开征集转让方式转让公司部分股份的提示性公 告》（公告编号：2024-046）《关于持股 5%以上股东拟 ...

江苏国信股份有限公司 简式权益变动报告书 1 上市公司名称：江苏国信股份有限公司 股票上市地点：深圳证券交易所 股票简称：江苏国信 股票代码：002608 信息披露义务人声明 信息披露义务人：深圳华侨城资本投资管理有限公司 住所地址和通讯地址：深圳市前海深港合作区前湾一路 1 号 A 栋 201 室（入驻深圳市前海商务秘书有限公司） 股份变动性质：股份减少（协议转让） 签署日期：2025 年 1 月 7 日 四、本次权益变动的实施尚需取得深圳证券交易所对本次股份转 让的合规确认后，才能在中国证券登记结算有限责任公司深圳分公司 办理股份协议转让过户手续。上述确认是否可以通过尚存在一定的不 确定性。 五、本次权益变动系根据本报告书所载明的资料进行。信息披露 义务人没有委托或者授权任何其他人提供未在本报告书中列载的信 息和对本报告书做出任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律 责任。 2 | 第一节 | 释 义 4 | | --- | --- | | 第二节 | 信息披露义务人介绍 4 | | 第三节 | 权益变动目的 ...