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 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 ...

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 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：2024-060 江苏国信股份有限公司 第六届董事会第二十三次会议决议公告 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。 江苏国信股份有限公司（以下简称"公司"）第六届董事会第二十 三次会议通知于 2024 年 12 月 18 日，以书面、通讯方式发给公司董 事，会议于 2024 年 12 月 30 日以通讯方式召开。本次会议应出席董 事七名，实际出席董事七名。公司监事、高级管理人员列席了会议。 本次会议的召开符合《公司法》和《公司章程》的规定。本次会议由 董事长徐文进先生召集。与会董事经过认真审议，做出如下决议： 一、审议通过《关于公司董事会向经理层授权事项的议案》 （一）授权清单 1.与关联自然人发生的交易金额在 30 万元以内的交易事项； 2.与关联法人发生的金额占最近一期经审计净资产绝对值 0.5% 以下的交易事项； 3.不可抗力、重大突发事件或紧急情况的处置权（经理层行使权 第 1 页 共 3 页 力时，应符合法律法规、维护公司利益，并在事后及时向董事会报告）。 （二）授权期限 自 2025 年 ...

证券代码：002608 证券简称：江苏国信 公告编号：2024-062 江苏国信股份有限公司 关于淮阴发电接受永续债权信托投资暨关联交易的公告 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。 一、关联交易概述 江苏国信股份有限公司（以下简称"公司"）控股子公司江苏淮 阴发电有限责任公司（以下简称"淮阴发电"）为改善财务状况，降 低财务费用，拟与公司控股子公司江苏省国际信托有限责任公司（以 下简称"江苏信托"）开展"江苏信托-淮阴发电服务信托（第一期）" 项下永续债权合作事宜，接受江苏省国信集团有限公司（以下简称"国 信集团"）永续债权投资，金额不超过 4.5 亿元，无固定存续期限， 初始投资期限 60 个月，初始投资期限投资利率设定为 2.55%/年。 国信集团为公司的控股股东，根据《深圳证券交易所股票上市规 则》相关规定，淮阴发电接受国信集团永续债权投资，构成关联交易。 江苏信托为国信集团提供信托服务，也构成关联交易，但属于江苏信 托日常关联交易范畴，相关额度已经公司 2023 年第二次临时股东大 会及 2024 年第一次临时股东大会审议通过。 2024 年 ...

江苏华信资产评估有限公司 二〇二四年十二月二十日 江苏淮阴发电有限责任公司 拟接受永续债权投资涉及的投资利率 咨询报告 苏华咨报字[2024]第160号 江苏淮阴发电有限责任公司拟接受永续债权投资涉及的投资利率咨询报告 | ll | 景 | | --- | --- | | 一、咨询对象 . | | | 二、被投资单位概况………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 1 | | | 三、咨询目的 . | | | 四、价值类型 | | | 五、咨询时点日. | | | 六、宏观经济环境、行业分析 | | | 七、咨询假设 | | | 八、 咨询方法 . | | | 九、投资利率测算 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | | 十、咨询结论 . | | | 十一、 咨询报告使用限制说 ...