南网储能2025年半年度业绩说明会问答实录

Core Insights - The company held a successful half-year performance briefing on September 5, 2025, with full interaction with investors, answering all 16 questions posed [1] Group 1: Hydropower and Energy Storage - The company's pumped storage power station capacity has reached 10 million kilowatts, comparable to leading hydropower companies, with a unique profit model based on a two-part electricity price system [2] - The company plans to invest 9.9 billion yuan in fixed assets in 2025, primarily for pumped storage and electrochemical energy storage project development [2] - The company is actively expanding its pumped storage capacity, with projections indicating that installed capacity will reach 120 million kilowatts by 2030 and 400 million kilowatts by 2035 [2] Group 2: Business Coordination and Growth Engines - Both pumped storage and new energy storage are seen as important resources for the power system, with the company planning to coordinate their development based on system needs [3] - The company has invested in Tianjin Lishen, which has shown good performance and growth, contributing positively to the company's new energy storage segment [3] Group 3: Financial Performance and Market Dynamics - The net profit of the Meizhou pumped storage power station increased to 118 million yuan in the first half of the year, attributed to market conditions and cost changes [4] - The company is adjusting its new energy storage construction plans due to the current inadequacies in pricing mechanisms and business models [9] Group 4: International Projects and Future Plans - The company is collaborating with international platforms to develop overseas pumped storage projects, with ongoing preliminary work in Uzbekistan, Cambodia, and Georgia [6] - The company is preparing its "14th Five-Year Plan," which will outline specific construction scales for pumped storage projects [10] Group 5: Market Performance and Shareholder Concerns - The company acknowledges the challenges in stock performance and is committed to improving its fundamentals and exploring market value management tools to enhance shareholder value [11][12]