Core Viewpoint - The recent surge in the power sector, particularly in green electricity direct connection projects, is driven by a new policy aimed at enhancing the consumption of renewable energy and reducing costs for users [1][2]. Group 1: Market Reaction - On June 5, multiple sectors within the power industry experienced significant gains, with South Grid-related stocks rising by 4.52% and virtual power plant stocks increasing by 3.26% [1]. - Notable individual stock performances included South Grid Energy (003035.SZ) hitting the daily limit and Xiexin Energy Technology (002015.SZ) rising by 3.86% [1]. Group 2: Policy Implications - The "Notice" issued by the National Development and Reform Commission and the National Energy Administration on May 30 promotes green electricity direct connection, allowing renewable energy sources to supply electricity directly to users without going through the public grid [1][2]. - This policy shifts the responsibility of green electricity consumption from the grid to the energy users, encouraging enterprises to take on social responsibilities and economic costs associated with green energy [2]. Group 3: Project Specifications - The "Notice" outlines that for grid-connected projects, at least 60% of the annual self-generated electricity must be used by the project, with a minimum of 30% of total electricity consumption coming from self-generated sources [3]. - By 2030, the self-generated electricity ratio is expected to increase to no less than 35%, while the proportion of electricity fed back into the grid should not exceed 20% [3]. Group 4: Industry Adaptation - Companies like Jinko Technology (601778.SH) are focusing on integrated solutions for renewable energy stations and exploring new models for green electricity direct connection, particularly in high-load areas such as industrial parks and data centers [3]. - Jiuzhou Group (300040.SZ) indicated that green electricity trading positively impacts the revenue of grid-parity renewable energy projects, reflecting a broader industry trend towards adapting to the new policy [3].

| 证券代码：300040 | 证券简称：九洲集团 公告编号：2025-059 | | --- | --- | | 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 减持股份预披露的公告 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"）于 2025 年 5 月 9 日在巨 潮资讯网（www.cninfo.com.cn）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。 | 1．基本情况 | 上海牧鑫私募基金管理有限公司－牧鑫天泽汇 | 3 | 号 | | --- | ...

Group 1: Company Overview - Fengyan Investment Management Co., Ltd. was established on May 18, 2015, and registered as a private securities investment fund manager in August 2015, with a registration number of P1021448 [2] - As of the end of December 2020, the company had established and registered 16 private funds, with 14 funds currently under management, and a total management scale exceeding 4 billion yuan [2] - The company focuses on investment opportunities in convertible bonds, exchangeable bonds, and other hybrid securities, aiming to provide clients with stable and high-cost performance investment returns [2] Group 2: Core Business and Investment Strategy - The company has two main core businesses: convertible bond/exchangeable bond investment and stock investment, with a comprehensive research system covering primary and secondary markets [2] - Since 2017, the company has deeply engaged in convertible and exchangeable bond investments, completing investments exceeding several billion yuan, with annualized returns exceeding 20% for certain products [2] - The stock investment team has collaborated with shareholders to complete numerous equity issuance projects, investing nearly 30 billion yuan in stock investments, generating considerable returns for investors [2] Group 3: Recent Company Activities - Fengyan Investment recently conducted research on Jiuzhou Group, which reported an order amount exceeding 800 million yuan for its smart distribution network business, with a year-on-year growth of over 30% [1] - Jiuzhou Group has approximately 1 billion yuan in overdue national subsidies, with a low likelihood of not receiving these subsidies, and has a power generation asset capacity of 1.5-2 GW [1] - The company plans to build an overseas market team starting in Q3 2024, focusing on markets in the Far East, ASEAN, the Belt and Road Initiative, and BRICS countries [1]

Core Viewpoint - Jiuzhou Group is a leading provider of new power and energy infrastructure, focusing on smart distribution networks and network energy, with a strong emphasis on the new energy industry chain [1] Group 1: Business Overview - Jiuzhou Group has three main business segments: smart equipment manufacturing, new energy generation, and comprehensive smart energy, forming a dual-engine business model of wind and solar energy plus smart equipment manufacturing [1] - The company has over 200 patents and its products are distributed in more than 70 countries and regions, showcasing a strong integration advantage across the industry chain [1] Group 2: New Energy Generation Capacity - As of the end of 2024, Jiuzhou Group's wind power capacity is 246 MW, a year-on-year increase of 100 MW, while solar power capacity remains at 298.6 MW [2] - The company expects to achieve over 1 billion kWh of electricity generation from its controlled wind and solar power stations in 2024, with high grid connection rates of 90%-95% for wind and 95%-97% for solar [2] Group 3: Strategic Focus and Growth Plans - The management aims to enhance the performance of the smart equipment manufacturing segment by increasing capacity utilization and investing in R&D and market expansion [2] - For 2024, the smart distribution network business is projected to have an order volume exceeding 800 million yuan, a year-on-year growth of over 30% [2] - Jiuzhou Group plans to maintain its equity capacity between 1.5 GW and 2 GW, focusing on long-term holdings of new projects while gradually selling older projects [3] Group 4: Project Development and Future Outlook - The company has over 1 GW of projects under construction or with secured indicators, and an additional 2 GW to 3 GW in the development phase, ensuring sustained growth for the new energy generation segment over the next 3 to 5 years [3] - Jiuzhou Group's revenue growth targets for 2025 are set at 30% for the smart distribution network business, 10% for the new energy generation business, and 10% for the comprehensive smart energy business [4]

Company Overview - Jiuzhou Group was founded in 1993, focusing on smart distribution networks and energy sectors, and is a leading provider of new power and energy infrastructure [1] - The company is a national key high-tech enterprise and was successfully listed on the ChiNext in 2010 (stock code: 300040) [1] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services [2] Business Performance - The company has over 40 subsidiaries across various provinces and regions in China, with a marketing service network covering 30 provinces and autonomous regions [2] - Jiuzhou Group's products and solutions are applied in multiple industries, including power, energy, metallurgy, petrochemicals, coal, ports, rail transit, data centers, and urban renovation projects [2] - The company has received numerous accolades, including being listed among the top 100 private technology companies in China and the top 500 energy companies [2] Smart Distribution Network Orders - The order amount for smart distribution network equipment in 2024 is expected to exceed 800 million yuan, representing a year-on-year growth of over 30% [4] - As of Q1 2025, the company has won bids totaling over 260 million yuan, marking a historical high for the same period [4] Accounts Receivable - The company has approximately 1 billion yuan in accounts receivable from national subsidies, with a typical delay of 2-3 years [5] - The likelihood of not receiving these subsidies is low, as all wind and solar projects have passed compliance checks [5] Asset Management Strategy - Jiuzhou Group plans to maintain its total equity capacity between 1.5GW and 2GW, focusing on long-term holdings for new projects while gradually selling older projects [6] - The company aims to sell 100% equity of new energy stations as products to realize resource premiums and equipment value [6] Market Trends and Challenges - The company anticipates that market reforms in electricity pricing will not adversely affect existing projects, as they can continue to use guaranteed pricing [8] - New projects may see a price drop of 0.03-0.05 yuan per kWh, but the industry can maintain reasonable profit margins through cost reductions [8] New Energy Development - As of the end of 2024, Jiuzhou Group has constructed and controlled new energy stations with a total installed capacity exceeding 2.7GW, with an additional 1GW in projects under construction [3] - The company has secured five heating asset concessions in rural areas and is in the process of obtaining necessary approvals for project connections [9] Future Growth Projections - The company has set ambitious growth targets for 2025: a 30% revenue increase in smart distribution networks, a 10% increase in new energy generation, and a 10% increase in comprehensive energy services [15] - The potential market for distributed wind and clean energy heating is vast, with nearly 3,000 towns in Northeast China, positioning Jiuzhou Group as a pioneer in this sector [14]

Group 1 - The A-share power sector showed strong performance at the beginning of trading, with notable gains in stocks such as South Network Energy and Guangdong Power A reaching the daily limit [1] - Companies like Xiexin Energy Technology, Jiangsu New Energy, Shenzhen Nanshan A, and Jiuzhou Group also experienced significant increases in their stock prices [1]

Company Overview - Jiuzhou Group was founded in 1993, focusing on smart distribution networks and energy sectors, and is a leading provider of new power and energy infrastructure [1] - The company is a national key high-tech enterprise and was successfully listed on the Chinese Growth Enterprise Market in 2010 (stock code: 300040) [1] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services, supported by over 40 subsidiaries across various provinces [2] Business Performance - In 2024, the order amount for smart distribution network equipment exceeded 800 million CNY, a year-on-year increase of over 30% [4] - As of Q1 2025, the company has won bids totaling over 260 million CNY, marking a historical high for the same period [11] - The company has accumulated over 10 billion CNY in national subsidy receivables, with a low risk of not receiving subsidies due to compliance checks [5][7] New Energy Development - As of December 2024, Jiuzhou Group has constructed, controlled, and held new energy power station capacity exceeding 2.7 GW, with an additional 1 GW in projects under construction [3] - The company has a dual-engine business structure combining wind and solar energy with smart equipment manufacturing [2] - The company has secured five heating asset concessions in rural areas, with projects expected to be operational between Q4 2025 and mid-2026 [9] Strategic Goals - The company aims for a 30% revenue growth in the smart distribution network segment, 10% in new energy generation, and 10% in comprehensive energy services for 2025 [17] - The company plans to maintain its total equity capacity of new energy assets between 1.5 GW and 2 GW, focusing on long-term holdings while gradually selling older projects [6] Market Position and Future Outlook - The company has a strong market presence, with products applied in thousands of domestic and international infrastructure projects across various industries [2] - The management is optimistic about future growth, driven by increased investment in the power grid and the transition of clean energy projects from development to construction phases [11] - The company is actively expanding its overseas market presence, particularly in regions aligned with national strategies, such as the Belt and Road Initiative [12]

Core Viewpoint - Harbin Jiuzhou Group Co., Ltd. has decided not to exercise the early redemption rights for its convertible bond "Jiuzhou Zhuan 2" based on current stock performance and conversion conditions [1][2]. Group 1 - The company held its first temporary board meeting of 2025 on May 22, 2025, with all 9 participating directors present [1]. - The board approved the proposal to temporarily refrain from redeeming "Jiuzhou Zhuan 2" early, as the stock price has met the conditions for conditional redemption [1][2]. - The stock price has been above 130% of the conversion price for 15 out of the last 30 trading days, triggering the conditional redemption clause [1]. Group 2 - The decision not to redeem the bond will be reassessed in three months, starting from May 23, 2025, with a potential reevaluation on the first trading day after August 22, 2025 [2]. - The proposal received unanimous approval from the board, with 9 votes in favor and no opposition or abstentions [2].

Group 1 - The company has decided not to exercise the early redemption rights for the convertible bond "JiuZhou Zuan 2" as the stock price has met the conditional redemption criteria [1][4] - From April 25, 2025, to May 22, 2025, the company's stock price closed above 130% of the current conversion price for 15 out of 30 trading days, triggering the conditional redemption clause [1][4] - The board of directors will reassess the situation after August 22, 2025, if the redemption conditions are met again [1][4] Group 2 - The company issued 5 million convertible bonds with a total value of 500 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [2] - The initial conversion price was set at 8.00 yuan per share, which has been adjusted to 5.50 yuan per share due to dividend distributions and capital increases [2] - The conversion period for "JiuZhou Zuan 2" runs from June 25, 2021, to December 20, 2026 [2][3] Group 3 - The conditional redemption terms state that the company can redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days within any 30-day period or if the total unconverted bond amount falls below 30 million yuan [3][4] - The company has confirmed that there were no transactions involving "JiuZhou Zuan 2" by major shareholders or executives in the six months prior to the redemption conditions being met [5]

北京浩天（哈尔滨）律师事务所接受哈尔滨九洲集团股份有限公司（以 下简称"九洲集团"或"公司"）的委托，指派兰显珍律师、王宝林律师参加 九洲集团2024年度股东大会，并出具法律意见书。 本次会议采取现场投票与网络投票相结合的方式召开。根据会议通知， 本次现场会议召开的时间为2025年5月22日（星期四）下午13：30，召开地点为 黑龙江省哈尔滨市松北区九洲路609号公司会议室。通过深圳证券交易所交易系 统进行网络投票的时间为：通过深圳证券交易所交易系统进行网络投票的具体 时间为：2025年5月22日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为：2025年5月22日上午9:15至 下午15:00期间的任意时间。 北京浩天（哈尔滨）律师事务所认为，本次股东大会的召集和召开程序、 出席会议人员资格、股东大会召集人资格、股东大会的表决程序及表决结果均符合 《公司法》、《股东大会规则》等法律、法规、规范性文件和《公司章程》的相 关规定，本次股东大会的决议合法有效。 法律意见书内容详见附件。 | 证券代码：300040 | 证券简称：九洲集团 ...