Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

| | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | ■其他 （电话会议） | | 参与单位名称 | 见附件 | | 时间 | 2025 年 10 月 22 日 、2025 年 10 月 23 日 | | 地点 | 电话会议 | | 上市公司接待人 | 朱芳（董事、副总经理）、罗叶兰（董事、副总经理、董事会秘书、财务总监）、 | | 员 | 朴蕾（证代） | | | 1. 问：2025 年三季度公司整体业绩表现如何？收入、利润及毛利分别呈现 | | | 怎样的情况？ | | | 答：公司整体业绩呈现稳步增长态势，得益于 EMS 2.0、3.0 及虚拟电厂平 | | | 台业务占比提升以及持续降本增效、优化管理，盈利能力有所提升，费用控制成 | | | 效显著。具体情况如下： | | | 营收与利润增长 ：前三季度营业收入为 8.37 亿元，同比增长 2.59%；归 | | | 母净利润为 1.92 亿元，同比增长 21.31%；扣非归母净利润为 1.7 ...

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Summary of Conference Call for Anke Rui (2025) Industry and Company Focus - The company is focusing on the new energy and new power system market in 2025, with 80% of orders related to new energy [2][5] - Key products include EMS 2.0 and 3.0, which are crucial for order acquisition and market share enhancement [2][7] Core Insights and Arguments - The company aims to expand in sectors such as rail transit, petrochemicals, and data centers, achieving breakthroughs in the rail transit industry [2][7] - The integration of R&D and sales has improved market understanding and competitiveness, allowing access to central state-owned enterprise clients [9] - The zero-carbon park policy aligns with EMS 3.0 target customers, providing energy-saving and carbon reduction projects for large clients, schools, and hospitals [2][9] - The new energy industry is experiencing increased demand for photovoltaic installations, necessitating solutions for photovoltaic consumption, power quality, and safety [2][13] - The company expects significant revenue growth from recent breakthroughs to manifest in the next two years, with an accelerating trend anticipated [11] Financial Performance - For the first three quarters of 2025, revenue grew by 2.59% to 837 million yuan, with a net profit of 192 million yuan, up 21.31% year-on-year [4] - The overall gross margin is approximately 48%, with EMS 3.0 gross margin exceeding 60% and EMS 2.0 above 50% [3][18] Market Development and Strategy - The company is actively pursuing market opportunities in new energy and new power systems, with 80% of orders related to new energy projects [5] - The overseas market has shown promising growth, with a target revenue of 100 million yuan, representing a 30%-50% increase [6][21] - The company is focusing on upgrading solutions for new energy products, including virtual power plants and digital energy platforms [6][23] Product and Technology Development - EMS 2.0 and 3.0 products are crucial for meeting market demand and increasing market share [7][16] - AI technology is being integrated into product offerings for equipment monitoring and predictive functions, with plans to launch a 4.0 version in the future [24][25] Customer and Market Insights - Significant demand exists in downstream sectors such as petrochemicals, rail transit, and parks, with tailored solutions for private enterprises based on their electricity consumption [12] - The zero-carbon park policy presents substantial growth opportunities, with major clients exploring partnerships [10][29] Future Outlook - The company anticipates a positive revenue trajectory in the fourth quarter and aims to restore previous growth targets in 2026 [28] - The national energy policy is expected to favor the company, particularly with the development of microgrid policies and the potential for green electricity usage to increase significantly [29]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 30.80 [1][5]. Core Views - The company has shown significant improvement in profitability, with a year-on-year increase in net profit of 21.31% for the first three quarters of 2025, reaching RMB 1.92 billion [2][5]. - The growth in revenue is expected to accelerate due to policy support and the increasing demand for energy efficiency management [4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved revenue of RMB 837 million, a year-on-year increase of 2.59%, and a net profit of RMB 192 million, up 21.31% [1][2]. - The net profit margin for the first three quarters of 2025 was 22.96%, reflecting a year-on-year increase of 3.55 percentage points [2]. Cost Management - The gross profit margin improved to 47.73%, an increase of 1.49 percentage points year-on-year, primarily due to the higher sales proportion of energy efficiency management software products [2]. - The company has optimized its expense ratios, with sales, management, and R&D expense ratios at 11.57%, 6.24%, and 9.46%, respectively [2]. Share Buyback and Strategic Initiatives - The company announced a share buyback plan using RMB 80 million to 150 million of its own funds, demonstrating confidence in its operations and aiming to enhance team motivation [3]. - The strategic focus on EMS 3.0 products aims to integrate management across various energy sectors, showcasing the company's technological strength and competitive advantage [3]. Market Outlook - The company is positioned for growth through a dual domestic and international strategy, with domestic demand expected to rise due to supportive policies and increased brand recognition overseas [4]. - Upcoming policies from the National Development and Reform Commission are anticipated to boost energy efficiency management demand [4]. Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted downwards to RMB 1.177 billion, RMB 1.440 billion, and RMB 1.833 billion, respectively, reflecting a decrease of 5.99%, 6.31%, and 6.67% [5]. - Corresponding net profit estimates have also been revised to RMB 280 million, RMB 351 million, and RMB 446 million for the same period [5].

Summary of Anke Rui's Conference Call Company Overview - **Company**: Anke Rui - **Focus Areas**: Rail transportation, petrochemicals, education (universities), healthcare, and data centers in 2025 [2][8] Key Points and Arguments Industry Focus and Revenue Breakdown - Anke Rui is concentrating on five key industries: rail transportation, petrochemicals, education buildings (18% of total sales), healthcare (10%), and data centers (8%) [2][4][8] - Expected revenue from rail transportation is approximately 30 million yuan for the year [6] Financial Performance - In Q3 2025, Anke Rui reported a profit increase of 21.25% with a gross margin close to 48% [3] - New business segments now account for over half of total performance, contributing to a gross margin of 48.3% [2][9] Strategic Collaborations - Collaborations with major companies in the renewable energy sector, including Huaneng, Huadian, and BYD, to provide virtual power plant and microgrid solutions [7] - Partnerships with local investment companies for integrated solar-storage-charging solutions [2][7] Technological Advancements - Development of EMS 2.0 and 3.0 platforms to enhance industry applications and promote virtual power plants and renewable energy solutions [2][9] - Participation in drafting industry standards for rail transportation, indicating a strong market presence [3][8] International Expansion - Expected overseas revenue of 100 million yuan in 2025, focusing on Southeast Asia, the Middle East, and South America [5][13] - Achievements in Europe include obtaining necessary certifications for renewable energy products [14][17] Future Development Strategies - Continued focus on core advantages and strategic partnerships to enhance market share and scale [9][20] - Plans to deepen cooperation with leading enterprises and local government investment companies [9][20] Challenges and Solutions - Addressing cash flow issues with a focus on managing accounts receivable, particularly from large state-owned enterprises [16] - Anticipated recovery of cash flow by year-end, with minimal bad debts reported [16] Research and Development - R&D expenses decreased to 9.5% due to prior high investments and improved efficiency [26] - No plans to limit R&D spending in 2025; focus remains on market-driven projects [27][28] Market Trends and Customer Engagement - Emphasis on enhancing customer retention and sales efficiency through standardized solutions [22] - Significant contribution from large clients, with over 50% of revenue coming from 2.0 and 3.0 products [25] Additional Important Insights - Anke Rui's strategic shift towards platform solutions in the smart energy sector aims to position the company as a leading player in the industry [29] - The company is optimistic about future growth potential, particularly in the context of ongoing investments in rail and renewable energy sectors [30]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting potential investment opportunities and risks based on recent developments and financial performance. Group 1: Company Announcements - Tianpu Co., Ltd. warns that its stock price has significantly deviated from its fundamentals, with a cumulative increase of 246.02% from August 22 to October 22, indicating a potential for rapid decline [4] - Shenzhen Sanda A plans to sell stakes in several subsidiaries to focus on its core business, including 80% of Zhongdian Continental Environmental Technology [5][6] - Zhongchong Co., Ltd. received an administrative regulatory measure from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [7] - Construction Machinery has reported a net loss of 447 million yuan for the first half of 2025, marking three consecutive years of losses [8] - Junshi Biosciences announced that its subsidiary passed a recent FDA inspection, indicating compliance with CGMP standards [9] Group 2: Financial Performance - Duofuduo reported a net profit increase of 407.74% year-on-year for the first three quarters of 2025, with a revenue of 6.73 billion yuan [17] - Weihuaxincai achieved a net profit growth of 250.04% year-on-year in Q3, with revenues of 660 million yuan [18] - Guangdong Jianke reported a net profit increase of 190.62% year-on-year for the first three quarters, despite a revenue decline [19] - Xianggang Technology reported a net profit increase of 186.19% year-on-year for the first three quarters, with revenues of 742 million yuan [20] - Defu Technology reported a net profit increase of 132.63% year-on-year for the first three quarters, driven by increased copper foil sales [21] Group 3: Major Transactions and Investments - Tangrenshen plans to establish two investment funds with a total investment of 11.04 million yuan to focus on the agricultural sector [13] - Farsen intends to sell a 10% stake in Bekaert Steel Cord, constituting a major asset restructuring [14] - Shikong Technology plans to acquire 100% of Jiahe Jingwei, entering the storage sector [15] - Jiangsu New Energy's controlling shareholder is investing in offshore wind power projects and will manage the project companies [11][12] Group 4: Shareholder Actions - Qianyuan Pharmaceutical's shareholder plans to reduce its stake by up to 3% [42] - Zhengfan Technology's board members plan to collectively reduce their holdings by up to 1.88% [43]

Group 1: Company Performance - China Unicom reported a 1.0% increase in revenue to 292.985 billion yuan for the first three quarters of 2025, with a net profit of 8.772 billion yuan, up 5.2% year-on-year [1] - Tonghuashun's third-quarter revenue reached 1.481 billion yuan, a 56.72% increase, with a net profit of 704 million yuan, up 144.5% year-on-year [2] - Duofu Du achieved a net profit of 78.054 million yuan for the first three quarters, a significant increase of 407.74% compared to the previous year [11] - Wehua New Materials reported a third-quarter net profit of 25.384 million yuan, a 250.04% increase year-on-year [12] - Xianggang Technology's net profit for the first three quarters grew by 186.19% to 95.471 million yuan [13] Group 2: Stock and Market Activity - Tianpu Co. warned of potential rapid declines in stock price due to a 246.02% increase since August 22, indicating a significant deviation from the company's fundamentals [3] - Deep Sanda A announced plans to sell stakes in several subsidiaries to focus on core business operations [4] - Jiangsu New Energy's controlling shareholder plans to invest in offshore wind power projects and will manage the projects through the company [10] Group 3: Regulatory and Compliance Issues - Zhongchong Co. received an administrative regulatory decision from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [5] - Two consecutive years of losses were reported by Lianban Construction Machinery, prompting a risk warning for investors [6] Group 4: Corporate Developments - Junshi Biosciences' subsidiary passed a CGMP inspection by the FDA, marking its second successful inspection [8] - Xinguang Optoelectronics announced the lifting of restrictions on its chairman, allowing him to resume normal duties [9] - Defu Technology plans to invest an additional 1 billion yuan in special copper foil production facilities [30]

Group 1 - Tianpu Co., Ltd. warns that its stock price has significantly deviated from its fundamentals, with a potential for rapid decline after a 246.02% increase from August 22 to October 22 [3] - Shenzhen Sanda A plans to sell stakes in several subsidiaries to focus on its core business, including 80% of Zhongdian Intercontinental Environmental Technology [4] - Zhongchong Co., Ltd. received an administrative regulatory measure from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [5] Group 2 - Construction Machinery has reported a net loss for three consecutive years, with a net profit of -447 million yuan for the first half of 2025 [6] - Junshi Biosciences' subsidiary passed a CGMP inspection by the FDA, indicating compliance with manufacturing standards [7] - Xinguang Optoelectronics announced the lifting of detention measures against its chairman, indicating normal operations [8] Group 3 - Jiangsu New Energy's controlling shareholder plans to invest in offshore wind power projects and will manage the project companies through the listed company [10] - Duofluorid's net profit for the first three quarters increased by 407.74%, with a revenue of 6.729 billion yuan [12] - Weihuaxin Materials reported a 250.04% increase in net profit for the third quarter, with revenue of 223 million yuan [13] Group 4 - Xianggang Technology's net profit for the first three quarters increased by 186.19%, with a revenue of 742 million yuan [14] - Defu Technology's net profit increased by 132.63% in the first three quarters, with a revenue of 8.5 billion yuan [15] - Taishan Petroleum reported a 112.32% increase in net profit for the first three quarters, with a revenue of 2.395 billion yuan [16] Group 5 - Kaisheng New Materials reported a 121.56% increase in net profit for the first three quarters, with a revenue of 774 million yuan [17] - Guangku Technology's net profit increased by 106.61% in the first three quarters, with a revenue of 998 million yuan [18] - Xinong Co., Ltd. reported a 105.68% increase in net profit for the third quarter, with a revenue of 837 million yuan [19] Group 6 - Mairande's net profit increased by 36.71% in the third quarter, with a revenue of 103 million yuan [20] - ST Nuotai reported a 26.92% increase in net profit for the first three quarters, with a revenue of 1.527 billion yuan [21] - Anke Rui's net profit increased by 21.31% in the first three quarters, with a revenue of 837 million yuan [22] Group 7 - Weisheng Information reported a 12.24% increase in net profit for the first three quarters, with a revenue of 2.112 billion yuan [23] - Action Education plans to distribute a cash dividend of 5 yuan per 10 shares, with a net profit increase of 10.39% [24] - Henghui Security reported a 12.85% decrease in net profit for the first three quarters, with a revenue of 880 million yuan [25] Group 8 - China Shipbuilding Han Guang reported a 9.44% decrease in net profit for the first three quarters, with a revenue of 875 million yuan [26] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract worth up to 100 million yuan [28][29] - Yuegui Co., Ltd.'s subsidiary signed a mining rights transfer contract for a quartz rock mine with a reserve of 18.163 million cubic meters [30]

Group 1 - Sanwang Communication plans to repurchase shares worth 20-40 million yuan for employee stock incentive plans [1] - Ankrui reported a net profit of 192 million yuan for the first three quarters, a year-on-year increase of 21.31% [1] - Taishan Petroleum's net profit for the first three quarters reached 113 million yuan, up 112.32% year-on-year [1] - Zhejiang Xiantong achieved a net profit of 152 million yuan for the first three quarters, a 17.4% increase year-on-year [1] Group 2 - Xuanji Information reported a net loss of 173 million yuan for the first three quarters [1] - Mailande's net profit slightly decreased by 0.07% to 96 million yuan for the first three quarters [1] - Tengjing Technology's subsidiary received a sales order worth 87.61 million yuan [1] Group 3 - Hotgen Biotech's affiliate achieved positive results in Phase Ib clinical trials for the innovative drug SGC001 [1] - Zhongyan Dadi won a bid for a sports project in Beijing worth 74.04 million yuan [1] - Henghui Security's net profit decreased by 12.85% to 81.98 million yuan for the first three quarters [1] Group 4 - Xiongdi Technology's net profit increased by 71.16% to 18.38 million yuan for the first three quarters [1] - Meilixin reported a net loss of 215 million yuan for the first three quarters [1] - Haichen Pharmaceutical's net profit grew by 16.22% to 32.68 million yuan for the first three quarters [1] Group 5 - Qiaoyuan Co. reported a net profit of 181 million yuan for the first three quarters, a 40.54% increase year-on-year [1] - Fuda Co. achieved a net profit of 221 million yuan for the first three quarters, up 83.27% year-on-year [1] - Xianggang Technology's net profit surged by 186.19% to 95.47 million yuan for the first three quarters [1] Group 6 - ST Nanchuan received a restriction order from the court due to a financial dispute [1] - Changyou Technology announced the dismissal of two vice presidents [1] - Haoyuan Automotive received a project confirmation for an automatic parking system worth 576 million yuan [1] Group 7 - Jiuzhou Biotech obtained a medical device registration certificate for a diagnostic kit [1] - Shihua Machinery signed an investment intention letter for a subsidiary's capital increase [1] - Zhuhai Mian Group plans to transfer 100% equity of Gree Real Estate [1] Group 8 - Dalian Heavy Industry reported a net profit of 490 million yuan for the first three quarters, a 23.97% increase year-on-year [1] - Haimeng Data reported a net loss of 75.43 million yuan for the first three quarters [1] - Feilong Co. achieved a net profit of 287 million yuan for the first three quarters, a 7.54% increase year-on-year [1] Group 9 - Kaipu Testing reported a net profit of 57.84 million yuan for the first three quarters, a 3.34% increase year-on-year [1] - Ganyue Express signed a strategic cooperation agreement with a major energy company [1] - Tuoshan Heavy Industry's controlling shareholder plans to reduce its stake by 2.82% [1] Group 10 - Yiatong's shareholder plans to reduce its stake by 1% [1] - Weishi Electronics reported a net profit of 24.29 million yuan for the first three quarters, a 22.59% decrease year-on-year [1] - Shensi Electronics won a bid for a data space construction project worth 161 million yuan [1] Group 11 - Xiechuang Data plans to purchase server assets worth up to 4 billion yuan [1] - Shandong Express's controlling shareholder plans to transfer 7% of its shares [1] - ST Huapeng's subsidiary received a government subsidy of 4.65 million yuan [1] Group 12 - Jieqiang Equipment's shareholder plans to reduce its stake by 1% [1] - China Jushi reported a net profit of 2.568 billion yuan for the first three quarters, a 67.51% increase year-on-year [1] - ST Fanli reported a net loss of 44.78 million yuan for the first three quarters [1] Group 13 - Xiyu Tourism reported a net profit of 98.58 million yuan for the first three quarters, a 14.51% decrease year-on-year [1] - Abison reported a net profit of 185 million yuan for the first three quarters, a 57.33% increase year-on-year [1] - Huayan Precision reported a net profit of 70.76 million yuan for the first three quarters, a 31.07% increase year-on-year [1] Group 14 - Jiangling Motors reported a net profit of 74.9 million yuan for the first three quarters, a 35.76% decrease year-on-year [1]