Company Overview - Jiuzhou Group was founded in 1993, focusing on smart distribution networks and network energy, and is a leading provider of new power and energy infrastructure [2][3] - The company is a national key high-tech enterprise and was successfully listed on the ChiNext in 2010 (stock code: 300040) [2][3] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services, managed by three business groups with over 40 subsidiaries across multiple provinces [3][4] Financial Performance - In the first half of 2025, Jiuzhou Group achieved a revenue of CNY 685 million and a net profit of CNY 42.815 million, marking a 65.6% increase year-on-year [5] - The comprehensive smart energy segment turned profitable due to optimized management of biomass cogeneration assets [5] - The company received over CNY 200 million in national subsidies this year, with more than CNY 1 billion in outstanding receivables [6] Business Development - The company has over 2.7 GW of installed capacity in renewable energy projects as of June 2025, with an additional 1 GW in construction and development [4][13] - The smart distribution network segment's orders are distributed approximately 1/3 from the grid and 2/3 from outside the grid, with a gross margin of about 20% and a net margin of about 3% [9] - The company aims for a 20% revenue growth in the smart distribution network segment and a 10% growth in both the new energy and comprehensive smart energy segments for 2025 [14] Strategic Initiatives - Jiuzhou Group is focusing on enhancing its manufacturing capabilities and market presence, including establishing a new R&D center and forming a dedicated sales team for large clients [7][10] - The company is actively pursuing new business models, such as decentralized wind power combined with heating solutions, particularly in northeastern China [10][12] - Plans are in place to explore overseas business opportunities, particularly in Belt and Road Initiative countries and ASEAN nations [16] Market Outlook - The management holds an optimistic view on the future of the power distribution industry, anticipating a new growth cycle driven by increased investment in the national grid and rising demand for electricity [7][8] - The company is preparing for potential new bond issuances in 2026 to fund project developments, depending on market conditions [15]

Core Viewpoint - Jiuzhou Group (300040.SZ) has not yet entered the robotics energy storage sector and will disclose any new development plans in accordance with regulations [1] Company Summary - Jiuzhou Group has stated that it currently does not have any plans to venture into the robotics energy storage field [1] - The company emphasizes its commitment to timely information disclosure should there be any new developments in its strategic planning [1] Industry Summary - The robotics energy storage sector remains an area of interest, but Jiuzhou Group has not made any moves to participate in this market as of now [1] - The company's current focus does not include advancements or investments in robotics energy storage technology [1]

南财智讯9月3日电，九洲集团公告，上海牧鑫私募基金管理有限公司一牧鑫天泽汇3号私募证券投资基 金、李斌、卢志国完成了减持计划。减持期间为2025年6月3日至2025年9月3日，分别通过集中竞价和大 宗交易方式减持了总计1063.9181万股、3.2万股和6.2995万股。减持完成后，上海牧鑫私募基金管理有 限公司一牧鑫天泽汇3号私募证券投资基金不再持有公司股份，李斌和卢志国的持股比例分别为 0.0360%和0.0309%。此次减持符合相关法律法规及承诺，不会导致公司控制权变更，也不会对公司治 理结构和持续经营产生影响。 ...

每经AI快讯，九洲集团9月3日晚间发布公告称，2025年9月2日，公司收到股东上海牧鑫私募基金管理 有限公司－牧鑫天泽汇3号私募证券投资基金、李斌先生、卢志国先生出具的《关于股份减持计划实施 完成的告知函》。公司股东上海牧鑫私募基金管理有限、公司－牧鑫天泽汇3号私募证券投资基金、李 斌、卢志国减持计划实施完毕，共减持公司股份约1073万股，减持股份占公司总股份为1.7545%。减持 计划实施完成。 （记者 曾健辉） 每经头条（nbdtoutiao）——人口流失、土地闲置的城市要不要撤并？专访国家发改委专家高国力：未 来不排除，目前没到这阶段 ...

哈尔滨九洲集团股份有限公司 本公司及监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。 哈尔滨九洲集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 5 月 9 日披露了《关于股东减持计划的预披露公告》（公告编号：2025-051）， 公司控股股东一致行动人上海牧鑫私募基金管理有限公司－牧鑫天泽汇 3 号私 募证券投资基金计划在本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 6 月 3 日至 2025 年 9 月 3 日）以集中竞价方式，或者在本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 6 月 3 日至 2025 年 9 月 3 日）以大宗交易方 式减持本公司股份 10,639,181 股（占本公司总股本比例 1.7644%）；股东李斌先 生计划在本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 6 月 3 日至 2025 年 9 月 3 日）以集中竞价方式减持本公司股份 62,995 股（占本公司总股本 比例 0.0104%）；股东卢志国先生计划在本公告披露之日起 15 个交易日后的 3 个 月 ...

证券日报网讯九洲集团（300040）9月1日在互动平台回答投资者提问时表示，2025年上半年签单量高于 同期，原收入确认时点不同，所以部分收入没在半年报中体现。 ...

Core Viewpoint - The announcement of a monthly payment mechanism for renewable energy subsidies marks the end of the funding shortage era for the renewable energy sector, providing stability and confidence for long-term development [1][2] Group 1: Policy Impact - The Ministry of Finance issued a notification on June 16, 2025, establishing a monthly payment mechanism for renewable energy subsidies, prioritizing wind and solar projects [1] - This policy is expected to accelerate subsidy payments, alleviating the financial pressure faced by renewable energy companies [1] Group 2: Company-Specific Developments - Harbin Jiuzhou Group received a total of 193.54 million yuan in renewable energy price subsidies for its projects in August 2025, significantly boosting cash flow and operational capacity [1][2] - The company confirmed that the subsidy amounts have been recognized in the corresponding annual electricity revenue, indicating minimal impact on current income and profit [2] - As of June 30, 2025, the company reported 1.203 billion yuan in receivables, with 1.167 billion yuan attributed to renewable energy subsidies, indicating a strong reliance on these funds for operational stability [2]

| 证券代码：300040 | 证券简称：九洲集团 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：123089 | 债券简称：九洲转2 | | 哈尔滨九洲集团股份有限公司 关于部分新能源电站收到可再生能源发电补贴的公告 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。 哈尔滨九洲集团股份有限公司持有的部分新能源电站于 2025 年 8 月份陆续 收到可再生能源发电补贴，详细情况如下表： | 项目名称 | 2025 年 8 月补贴回款金额 | | --- | --- | | | (万元) | | 大庆世纪锐能风力发电投资有限公司 | 5,493.03 | | 大庆时代汇能风力发电投资有限公司 | 5,298.51 | | 莫力达瓦达斡尔族自治旗九洲纳热光伏扶贫有限责任公司 | 1,268.33 | | 莫力达瓦达斡尔族自治旗九洲太阳能发电有限责任公司 | 4,382.64 | | 富裕九洲环境能源有限责任公司 | 1,142.39 | | 贵州关岭国风新能源有限公司 | 937.12 | | 泰来立志光伏发电有限公司 | ...

Core Viewpoint - Jiuzhou Group (300040) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 was 685 million yuan, a decrease of 7.6% year-on-year [1]. - Net profit attributable to shareholders was 42.82 million yuan, down 46.54% year-on-year [1]. - In Q2 2025, total revenue was 377 million yuan, a decline of 11.01% year-on-year, while net profit was 20.06 million yuan, down 64.19% year-on-year [1]. Key Financial Metrics - Gross margin was 28.62%, a decrease of 12.84% year-on-year [1]. - Net margin was 6.74%, down 40.47% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 165 million yuan, accounting for 24.09% of revenue, an increase of 12.71% year-on-year [1]. - Earnings per share (EPS) was 0.07 yuan, a decrease of 50% year-on-year [1]. - Cash flow per share was 0.04 yuan, down 36.61% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased to 1.465 billion yuan, up 17.8% year-on-year, representing 98.91% of total revenue [1]. - Interest-bearing liabilities rose to 4.008 billion yuan, an increase of 8.49% year-on-year [1]. - Net asset value per share was 3.89 yuan, down 20.96% year-on-year [1]. Business Evaluation - The company's historical financial performance has been weak, with a median ROIC of 3.68% over the past decade and a particularly poor ROIC of -6.81% in 2024 [3]. - The business model appears fragile, with two years of losses since its IPO and generally mediocre financial results [3]. Cash Flow and Debt Concerns - The cash flow situation is concerning, with cash and cash equivalents representing only 4.61% of total assets and 48.06% of current liabilities [3]. - The interest-bearing debt ratio has reached 34.7%, indicating potential financial strain [3].

Core Insights - On August 27, Jiuzhou Group executed a block trade of 660,000 shares, amounting to 4.6134 million yuan, which represented 0.93% of the total trading volume for the day, with a transaction price of 6.99 yuan, reflecting a discount of 9.22% compared to the market closing price of 7.7 yuan [1][2]. Summary by Categories - **Transaction Details** - Date of transaction: August 27, 2025 - Security Code: 300040 - Security Name: Jiuzhou Group - Transaction Price: 6.99 yuan - Transaction Volume: 660,000 shares - Transaction Amount: 4.6134 million yuan - Buyer Brokerage: Institutional Special Use - Seller Brokerage: Dongxing Securities Co., Ltd., Shanghai Zhaojia Bang Road Securities Business Department [2].