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 ...

| 证券代码：300040 | 证券简称：九洲集团 公告编号：2025-055 | | --- | --- | | 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 2024年度股东大会决议公告 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。 特别提示： （2）网络投票时间：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。 2、现场会议召开地点：哈尔滨市松北区九洲路 609 号九洲电气科技产业园 一楼会议室。 3、会议召集人：公司董事会。 4、会议方式：本次股东大会采取现场投票和网络投票相结合的方式。 5、会议主持人：公司董事长李寅先生。 1．本次股东大会无增加、变更、否决提案的情况； 2．本次股东大会以现场表决与网络投票相结合的方式召开。 一、会议召开情况 1、会议召开时间： （1） ...

一、审议通过《关于暂不提前赎回"九洲转 2"的议案》 根据公司《向不特定对象发行可转换公司债券募集说明书》规定："在转股 期内，当下述情形的任意一种出现时，公司有权决定按照以债券面值加当期应计 利息的价格赎回全部或部分未转股的可转债： 1）在转股期内，如果公司股票在 任意连续三十个交易日中至少十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%）； 2）当本次发行的可转债未转股余额不足 3,000 万元时。" | 证券代码：300040 | 证券简称：九洲集团 公告编号：2025-057 | | --- | --- | | 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 2025年第一次临时董事会决议公告 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（以下简称"公司"或"股份公司"）于 2025 年 5 月 19 日以电子邮件和传真方式向全体董事发出召开 2025 年第一次临时董 事会的通知。会议于 2025 年 5 月 22 日在公司会议室以现场及通讯表决方式召 开，会议应参与表决董 ...

| 证券代码：300040 | 证券简称：九洲集团 | 公告编号：2025-058 | | --- | --- | --- | | 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 关于暂不提前赎回九洲转2的公告 一、可转换公司债券基本情况 （一）可转债发行上市概况 经中国证券监督管理委员会"证监许可[2020]3311 号"文同意注册，哈尔滨 九洲集团股份有限公司（以下简称"公司"或"九洲集团"）于 2020 年 12 月 21 日向不特定对象发行了 500 万张可转换公司债券（以下简称"可转债"），每张 面值 100 元，发行总额 5.00 亿元。 本次公开发行的可转债向公司在股权登记日（即 2020 年 12 月 18 日，T-1 日）收市后登记在册的原股东优先配售，原股东优先配售后余额部分（含原股东 放弃优先配售部分）通过深交所交易系统网上向社会公众投资者发行，认购金额 不足 5.00 亿元的部分由主承销商余额包销。 经深交所同意，公司 5.00 亿元可转换公司债券于 2021 年 1 月 8 日起在深交 1 所挂牌交易，债券简称"九洲转 2"，债券代码 123089 ...

Group 1 - The Central Meteorological Administration issued a yellow high-temperature warning, predicting temperatures of 35-36°C in various regions including Inner Mongolia, Gansu, Ningxia, and parts of Shaanxi, Shanxi, Hebei, and others, with some areas reaching 37-39°C and localized spots exceeding 40°C [1] - The Shandong Provincial Meteorological Administration also issued an orange high-temperature warning, forecasting temperatures above 35°C in several regions, with specific areas expected to reach 40-42°C [1] - In Henan, temperatures surged to 40°C and above, with Linzhou hitting a record 43.2°C, and surface temperatures exceeding 70°C in some locations [2] Group 2 - The power sector saw significant stock movements, with companies like Leshan Electric hitting the daily limit, and others such as Hunan Development and Xichang Electric also experiencing gains [2] - According to Minsheng Securities, the decline in coal prices and steady growth in thermal power performance in Q1 2023 suggest that the upcoming peak electricity usage season in Q2 and Q3 could lead to continued performance improvements for companies, especially those investing in wind power and cogeneration [2] - Huayuan Securities noted that while thermal power operators are expected to see improved performance in Q1 2025, there is a growing disparity in profitability, with northern units performing better than those in the Yangtze River Delta region [3]