Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.94 CNY based on a 39x PE ratio for 2025 [3][6]. Core Insights - The company is leveraging AI across its business operations to enhance competitiveness and efficiency, particularly in virtual power plant operations and electricity trading [2][9]. - The company is exploring new opportunities in Real World Assets (RWA) by launching a project in collaboration with Ant Group, focusing on financial services for renewable energy assets [9]. - Adjustments to revenue growth rates and expense ratios have led to revised earnings per share (EPS) forecasts of 0.46, 0.63, and 0.76 CNY for 2025-2027, down from previous estimates [3][10]. Financial Performance Summary - Revenue for 2023 is projected at 4,727 million CNY, with a year-on-year growth of 3.9%. However, a decline of 5.2% is expected in 2024 [5][12]. - The company anticipates a significant recovery in operating profit, with a forecast of 459 million CNY in 2025, representing a 226.3% increase from the previous year [5][12]. - The gross margin is expected to improve to 45.0% by 2025, up from 40.7% in 2023, driven by changes in revenue structure [5][9]. Market Performance - The company's stock price as of November 28, 2025, was 16.22 CNY, with a 52-week high of 27.64 CNY and a low of 9.91 CNY [6][10]. - The company has shown a relative performance of -0.83% over the past week and -36.99% over the past three months compared to the CSI 300 index [7].

Core Insights - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Award ceremony were held in Suzhou, where Longxin Technology was recognized as a benchmark representative for ESG practices in the energy sector [1][2]. Group 1: ESG Recognition - The "National New Cup ESG Golden Bull Award" is a prestigious award in the domestic ESG field, recognized for its rigorous evaluation system based on the China National New ESG evaluation methodology [2]. - Longxin Technology's inclusion in the "Top 100 ESG Golden Bull Award" reflects the high recognition of its ESG governance level by the evaluation committee [5]. Group 2: Company Strategy and Practices - Longxin Technology has established a sustainable development strategy framework centered on "1+5," integrating ESG concepts throughout its governance and business processes [5]. - The company leverages AI technology deeply integrated with energy business scenarios, enhancing its capabilities in key areas such as power trading and energy efficiency optimization [5][6]. Group 3: Industry Impact and Global Recognition - Longxin Technology empowers the green transformation of the industry chain through its digital intelligence platform, providing comprehensive carbon management services and enhancing renewable energy absorption capabilities [6]. - The company has received certification from S&P Global, ranking among the top ten in ESG performance within the global software industry, showcasing its international ESG governance capabilities [6].

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12,907.83 [2] Industry Insights - The report highlights significant developments in the non-bank financial sector, particularly in brokerage mergers and acquisitions, indicating a renewed focus on investment value within the sector [4][6] - The securities industry has seen a substantial increase in bond underwriting, with a total of 705.18 billion yuan in technology innovation bonds issued in the first three quarters of 2025, marking a year-on-year growth of 57.77% [6] Company Analysis: Longxin Group - Longxin Group recently launched the "Longxin Jiugong Power Trading Intelligent Agent," an AI-driven tool designed for power trading, which aims to simplify market decision-making and enhance trading efficiency [5][9] - The intelligent agent boasts four core capabilities: comprehensive situational awareness, deep strategy analysis, intelligent solution generation, and comprehensive risk control, achieving over 90% accuracy in price forecasting [9] - For the first three quarters of 2025, Longxin Group reported revenues of 2.45 billion yuan, a decline of 9.4% year-on-year, but anticipates a revenue increase in Q4 due to the traditional peak season for power grid-related business [9] - The company has seen significant growth in its new energy services, with over 25 million registered users on its charging platform and a projected total charging volume of 7 billion kWh for the year [9] Solar Industry Commentary - The report tracks price movements in the solar industry, noting that polysilicon prices remained stable at 52.0 yuan/kg, while silicon wafer prices have seen declines of 6.3% and 3.1% for different types [10] - The solar market is experiencing a downturn in demand, with domestic production expected to fall below 44.5 GW in November, and a 23.6% decrease in solar module exports in October [10] - The report recommends companies involved in new technology directions, supply-side initiatives, and energy storage, highlighting Longxin Group as a key player in the power market [10]

Core Perspective - The article discusses how companies can transform ESG investments from a compliance cost into a core capital that attracts investment, drives innovation, and builds competitive advantages, ultimately reshaping corporate value [1]. Value Transformation - Companies need to establish a quantifiable ESG assessment system to clearly present the relationship between input and output, avoiding the mindset of only calculating costs without considering value [2]. - ESG investments should be viewed as both costs and benefits, with potential for cost reduction and efficiency gains, such as installing solar panels, and attracting new investors through green financing [2]. - Long-term institutional investors are likely to increase as ESG practices improve, optimizing shareholder structure [2]. - ESG can drive business and product innovation, creating new growth points, especially for products with a lower carbon footprint [2]. Active Practice - The chemical industry is undergoing a green transformation, with companies like Changhua Chemical innovating through catalyst technology to utilize CO2 as a raw material, achieving significant production milestones [3]. - Yabao Chemical has invested over 10 million in sustainable development, responding to industry compliance and enhancing operational efficiency, becoming one of the early adopters of ESG reporting among private enterprises [3][4]. - Ctrip is addressing carbon emission challenges in the travel industry by integrating carbon data from airlines and establishing low-carbon standards for hotels, aligning with the preferences of environmentally conscious consumers [4]. Digital Empowerment - The integration of AI and ESG is becoming a key driver for sustainable development, with companies like Longxin Group leveraging technology to facilitate industry-wide transitions [5][6]. - Longxin Group has developed a distributed photovoltaic management platform covering 50GW of resources and a charging platform with 26 million registered users, significantly enhancing operational efficiency and reducing costs for businesses [6].

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Insights - The company has launched the "Jiugong Power Trading AI Agent," which is designed to provide intelligent and reliable power trading solutions, enhancing the efficiency of market decision-making [2][3] - The AI agent features four core capabilities: comprehensive situational awareness, deep strategy analysis, intelligent solution generation, and comprehensive risk control [3] - The company is expected to see revenue growth in 2025, with a projected net profit of 4.3 billion yuan, increasing to 10.6 billion yuan by 2027, reflecting a dynamic P/E ratio of 30 times in 2026 [6] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 2.45 billion yuan, a year-on-year decline of 9.4%, but expects growth in Q4 due to seasonal revenue recognition [4] - The gross margin for Q3 2025 was 48.2%, an increase of 3.9 percentage points from the previous quarter [4] - The company has seen significant growth in its new business areas, with over 25 million registered users for its new electric charging platform and a trading volume of over 4 billion kWh, a year-on-year increase of 200% [4] Market Data - As of November 24, 2025, the closing price of the company's stock was 16.96 yuan, with a market capitalization of 18.287 billion yuan [5] - The company’s basic earnings per share (EPS) for 2025 is projected at 0.40 yuan, with a net asset return rate of 6.3% [8] Financial Projections - Revenue projections for the company are as follows: 4.87 billion yuan in 2025, 6.1 billion yuan in 2026, and 7.979 billion yuan in 2027, with corresponding year-on-year growth rates of 8.6%, 25.4%, and 30.8% respectively [8] - The net profit is expected to recover from a loss of 250 million yuan in 2024 to 427 million yuan in 2025, and further increase to 1.061 billion yuan by 2027 [8]

Core Viewpoint - Longxin Group's stock price has shown a year-to-date increase of 37.49%, but has recently experienced declines over various time frames, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Longxin Group reported revenue of 2.446 billion yuan, a year-on-year decrease of 9.38%, and a net profit attributable to shareholders of 106 million yuan, down 33.95% year-on-year [2]. - The company has distributed a total of 1.028 billion yuan in dividends since its A-share listing, with 658 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 24, Longxin Group's stock price was 16.43 yuan per share, with a market capitalization of 17.715 billion yuan. The stock has seen a trading volume of 1.29 billion yuan and a turnover rate of 0.78% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 52.537 million yuan on June 16, accounting for 13.66% of total trading volume [1]. Shareholder Information - As of November 10, the number of shareholders for Longxin Group was 36,500, a slight decrease of 0.01% from the previous period, with an average of 28,274 circulating shares per shareholder, down 0.18% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 27.5241 million shares, an increase of 7.5563 million shares compared to the previous period [3].

Core Points - The company announced the convening of the 35th meeting of the fourth board of directors on November 20, 2025, to discuss the election of non-independent and independent director candidates [2] - The board approved the nomination of Xu Changjun, Peng Zhiping, Weng Chaowei, and Zhu Chao as candidates for non-independent directors of the fifth board [2] - The board also approved the nomination of Yao Lijie, Li Xiao, and Deng Yilu as candidates for independent directors of the fifth board [2] - The number of directors who are also senior management or employee representatives does not exceed half of the total number of directors, and the proportion of independent directors meets relevant legal requirements [2]

朗新科技集团股份有限公司董事会战略委员会工作细则 朗新科技集团股份有限公司 董事会战略委员会工作细则 第一章 总 则 第一条 为了完善朗新科技集团股份有限公司（以下简称"公司"）的治理 结构，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《朗新科技集团股份有限公司章程》（以下简称"公司章程"）及其他 有关规定，公司董事会设立专门委员会董事会战略委员会（以下简称"战略委员 会"），并制定本工作细则。 第二条 战略委员会是董事会根据公司章程设立的专门工作机构，主要负责 对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由 3-5 名董事组成，其中应至少包括 1 名独立董事。 第四条 战略委员会委员由董事长、1/2 以上独立董事或者全体董事的 1/3 以上提名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）1 名，由公司董事长担任，负责 召集委员会会议并主持委员会工作。 第六条 战略委员会委员任期与其在董事会任期一致，均为 3 年，委员任期 届满，连选可以连任。期间如有委员不再担任公司董事职务，自动失去委员资格， 并由董事会根据上 ...

朗新科技集团股份有限公司 信息披露管理办法 第一章 总则 第一条 为加强对朗新科技集团股份有限公司（以下简称"公司"）信息披 露工作的管理，规范公司信息披露行为，保证公司真实、准确、完整地披露信息， 维护公司股东特别是社会公众股东的合法权益，依据《中华人民共和国公司法》 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司信息披露管理办法》 （以下简称《信息披露管理办法》）《深圳证券交易所创业板股票上市规则》（以 下简称《上市规则》）和《朗新科技集团股份有限公司章程》（以下简称"公司章 程"）的规定，特制订本办法。 第二条 本办法所称应披露的信息是指所有可能对公司股票及其衍生品种 交易价格可能或已经产生较大影响而投资者尚未得知的信息以及证券监管部门 要求披露的信息，包括但不限于： (一) 与公司业绩、利润等事项有关的信息，如财务业绩、盈利预测和利润 分配及公积金转增股本等； (二) 与公司收购兼并、重组、重大投资、对外担保等事项有关的信息； (三) 与公司股票发行、股票回购、股权激励计划等事项有关的信息； (四) 与公司经营事项有关的信息，如开发新产品、新发明、新的顾客群和 新的供应商，订立未来重大经营 ...

朗新科技集团股份有限公司 对外投资管理制度 第一章 总则 第一条 为了加强朗新科技集团股份有限公司（以下简称"公司"）对外投资 管理，保障公司对外投资的保值、增值，维护公司整体形象和投资人的利益，根 据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司信息披露管理办 法》（以下简称《信息披露管理办法》）、《深圳证券交易所创业板股票上市规则》 （以下简称《上市规则》）等法律、法规和规范性文件，以及《朗新科技集团股 份有限公司章程》（以下简称"公司章程"）有关规定，结合公司的实际情况，特 制定本制度。 第二条 本制度所称的对外投资是指公司为实施发展战略，延伸和完善产业 链条，增强公司竞争力，货币资金、有价证券、以及各种国家法律允许的实物资 产、无形资产或其他资产形式作价出资，所进行的各种投资行为。对于股权投资 事项，由公司在本制度的基础上进一步制定相关的股权投资业务管理办法。 第三条 本制度旨在建立有效的控制机制，对公司以及公司所属全资子公司、 控股子公司（以下统称"子公司"）在组织资源、资产、投资等经营运作过程中进 行效益促进和风险控制，保障资金运营的安全性和收益性，提高公司的盈利能力 和抗风险能力。 ...