电力改革释放机遇，AI+电力交易模式显稀缺性，益美国际有望成为最大受益者

Core Viewpoint - Yimei International Holdings (HK1870) reported an unaudited consolidated loss of approximately HKD 24.4 million for the first half of 2025, primarily due to a significant decline in sales and profitability of its permanent ship-lifting business, losses in its electricity trading operations in Shandong, and increased administrative expenses related to its green energy initiatives [3][4][5]. Group 1: Financial Performance and Business Transition - The loss was attributed to three main factors: a sharp decline in the permanent ship-lifting business due to a sluggish construction industry in Hong Kong, losses in electricity trading in Shandong due to market adjustments, and increased administrative expenses from the development of green energy [3]. - The company is actively transitioning to renewable energy, with green energy business revenue contributing approximately 36% of total revenue in the first half of 2025, up from 8% in the first half of 2024 [3][4]. - The electricity trading volume in Shandong increased significantly from approximately 131,000 MWh in the previous year to about 1,059,000 MWh, indicating successful market expansion [3][4]. Group 2: Market Trends and Regulatory Environment - The majority of companies in the electricity trading sector in Shandong reported losses in the first half of the year; however, the implementation of the "136 Document" is expected to improve the company's electricity trading business in the second half of 2025 [4][5]. - The "136 Document" reshapes the electricity pricing system, allowing prices to be determined by market supply and demand, which is expected to benefit Yimei International by reducing electricity purchase costs [5]. Group 3: AI and Technological Advancements - Yimei International has made significant investments in the digitalization and intelligence of its electricity trading business, establishing a technology subsidiary focused on AI applications in renewable energy [5][6]. - The company achieved notable success in the first AI electricity spot trading competition, securing second place among 124 teams, demonstrating its competitive advantage in AI algorithm applications [6]. Group 4: Global Expansion and Future Goals - The company is expanding its green energy business internationally, focusing on emerging markets in the Asia-Pacific region, including New Zealand, the Philippines, and Vietnam [7][8]. - Yimei International acquired Future Energy in New Zealand, which has shown significant revenue growth, contributing over HKD 26.58 million in the first half of 2025, a nearly 20% increase year-on-year [8]. - The management has set a target for renewable energy station capacity to reach 10-20 GW within the next five years, which could elevate the company from a small-cap to a mid or large-cap green energy enterprise [9]. Group 5: Strategic Vision and Conclusion - The company's transition from traditional ship-lifting to green energy reflects strategic foresight and decision-making capabilities [10]. - Yimei International is building a dual-driven business framework of electricity sales and generation, operating both domestically and internationally, positioning itself to benefit from the global energy transition [10].