景业智能拟开展SMR业务 提示风险称“短期内难以实现盈利”

Core Viewpoint - Jingye Intelligent (688290) is advancing its Small Modular Reactor (SMR) business by establishing a holding subsidiary focused on the research, design, and manufacturing of advanced nuclear energy systems and key equipment [1][2]. Group 1: Company Developments - The newly established subsidiary is tentatively named Hangzhou Jinghan Energy Technology Co., Ltd. (referred to as "Jinghan Energy") and will be controlled 51% by Jingye Intelligent [1]. - Key personnel involved in this project include Jingye Intelligent's Chairman Lai Jianliang, Professor Yang Xingtuan from Tsinghua University, and Dr. Wan Li from Zhejiang University, all of whom have extensive experience in relevant fields [1]. - Jingye Intelligent aims to integrate Jinghan Energy into its consolidated financial statements, holding 35% directly and an additional 16% indirectly through a wholly-owned subsidiary [1]. Group 2: Industry Context - SMR has gained popularity this year due to the explosive growth in energy demand from global data centers, with advantages such as power adaptability and near-zero emissions [2]. - China is recognized as one of the leading countries in the research and demonstration of SMR and micro-reactor technologies, with the "Linglong No. 1" project being the first globally to pass the International Atomic Energy Agency's safety review and is expected to commence commercial operations by 2026 [2]. - Jingye Intelligent has identified nuclear fusion and SMR as key strategic directions for its development, actively collaborating with nuclear industry clients and institutions like Zhejiang University to establish joint research centers and laboratories [2]. Group 3: Technical and Market Considerations - Jingye Intelligent has developed a complete product system in the nuclear industrial intelligent equipment and special robotics sector, which supports the R&D and manufacturing of SMR-related equipment [3]. - The company has accumulated trust and resources from serving leading clients in the nuclear industry, which will facilitate market alignment and project collaboration for the new SMR business [3]. - Jinghan Energy is currently in a critical phase of assembling its technical team and developing core technologies, facing high technical challenges across all stages of design, manufacturing, system integration, and safety verification [3].