威胜信息分析师会议 调研日期：2025年09月23日 调研行业：通信设备 参与调研的机构：汇添富、融通基金、Fountain Cap、 Point72、Willing Capital等 / 机构调研pro小程序 DJvanbao.com | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 洞见研报 出品 : ...

Group 1: Core Strategy and Business Model - The company focuses on the national "dual carbon" strategy, driving business transformation through "energy assets" and "energy services" [2] - It aims to enhance energy service capabilities, particularly in energy efficiency and trading services, while maintaining a solid foundation in electricity and heat sales [2][3] Group 2: Financial Performance - In the first half of 2025, the company's energy service revenue reached 10.79 billion CNY, a year-on-year increase of 378.81% [11] - The revenue from energy efficiency and technology services grew by 474.49%, accounting for 16.26% of total revenue, up from 3.26% in the previous year [3][11] - The decline in gross margin is attributed to the rapid growth of energy efficiency services, which have lower margins [3] Group 3: Digital Transformation and AI Integration - The company is advancing its digital transformation by integrating AI into its operations, particularly in energy trading and asset management [6][8] - It is developing a four-dimensional business system centered on electricity trading, energy asset management, carbon neutrality services, and an AI digital platform [6] Group 4: ESG Contributions - The company contributes to the national "dual carbon" goals by providing clean energy and efficient services, ensuring stable energy supply for industrial parks and enterprises [9][10] - It has improved its ESG management, achieving a Wind ESG rating upgrade from BB to A and a 商道融绿 rating upgrade from B+ to A- [10] Group 5: Virtual Power Plant Development - The company has expanded its virtual power plant business from Jiangsu to regions like Shanghai, Zhejiang, Sichuan, and Shenzhen, with an adjustable load capacity of approximately 690 MW as of June 30, 2025 [11] - It holds a national "Demand Side Management Service Agency" level one qualification, managing over 20 GW of user capacity [11]

Group 1 - The stock price of Guangha Communication on August 11 was 23.30 yuan, down 0.18 yuan or 0.77% from the previous trading day [1] - The company specializes in the research, development, production, and sales of digital and multimedia command and dispatch systems, primarily serving the electric power and defense sectors [1] - In the first half of 2025, the company plans to expand its business into power grid equipment monitoring through the acquisition of Saikang Intelligent, making progress in energy digitalization [1] Group 2 - According to the latest semi-annual report, Guangha Communication achieved operating revenue of 194 million yuan in the first half of the year, a year-on-year increase of 27.8%, and a net profit attributable to shareholders of 24.44 million yuan, up 69.51% [1] - In the second quarter, the revenue was 140 million yuan, reflecting a year-on-year growth of 43.7% [1] - The company has made breakthroughs in areas such as intelligent operation and maintenance in the electric power sector and digitalization of hydropower, while successfully expanding into new businesses like emergency communication network construction [1] Group 3 - On August 11, the net outflow of main funds was 15.37 million yuan, with a cumulative net outflow of 29.44 million yuan over the past five days [1]

Core Viewpoint - The company has demonstrated steady growth in revenue and net profit for the first half of 2025, but the significant increase in accounts receivable raises concerns about cash flow management [1][12]. Financial Performance - Total revenue for the first half of 2025 reached 1.368 billion yuan, an increase of 11.88% year-on-year - Net profit attributable to shareholders was 305 million yuan, up 12.24% year-on-year - Non-recurring net profit was 298 million yuan, reflecting a 12.67% increase year-on-year [1]. Quarterly Data - In the second quarter, total revenue was 813 million yuan, a year-on-year increase of 4.9% - Net profit attributable to shareholders was 166 million yuan, up 3.18% year-on-year - Non-recurring net profit was 161 million yuan, reflecting a 3.27% increase year-on-year [2]. Key Financial Indicators - Gross margin was 39.02%, an increase of 1.37 percentage points year-on-year - Net margin was 22.3%, up 0.22 percentage points year-on-year - Operating expenses accounted for 5.44% of revenue, an increase of 10.24% year-on-year - Earnings per share were 0.62 yuan, reflecting a 10.71% increase year-on-year [10]. Accounts Receivable - Accounts receivable rose significantly to 2.214 billion yuan, with a year-on-year increase of 45.38% - The accounts receivable to profit ratio reached 351.02%, indicating potential pressure on accounts receivable management [4]. Cash Flow and Debt Situation - The company has healthy cash assets, with interest-bearing debt reduced, indicating good debt repayment capability - Net cash flow from operating activities was 178 million yuan, optimized by 11.12% year-on-year [5][11]. Revenue Composition - Main revenue sources include communication gateways (32.56%), electric monitoring terminals (28.92%), and communication modules (19.41%) - The highest gross margin was from communication gateways at 46.90% [6]. Development Strategy and Market Performance - The company adheres to a development strategy focused on global energy digitalization solutions - It is a core supplier for major state-owned power grids and has made significant progress in smart city initiatives, particularly in ASEAN, the Middle East, and emerging markets in Africa [7]. R&D and Shareholder Returns - R&D investment reached 103 million yuan, accounting for 7.6% of revenue, with 38 new patents and 55 software copyrights - The company has completed cash dividends for 2024, distributing 5.2 yuan per 10 shares, totaling 250 million yuan in dividends [8].

Group 1 - The 18th SNEC 2025 International Solar Photovoltaic and Smart Energy & Storage and Battery Technology and Equipment Conference concluded in Shanghai, featuring over 3,000 exhibitors and covering an exhibition area of 380,000 square meters, highlighting the global energy transition [1] - Key technological focuses included higher efficiency photovoltaic technologies with TOPCon, HJT, and perovskite tandem cells achieving conversion efficiencies exceeding 26%, as well as advancements in smart energy storage systems and energy digitalization [1] - A memorandum of understanding was signed for a 1,000 MW floating solar project between the Sarawak government of Malaysia and Shanghai Electric, marking a significant step in Southeast Asia's renewable energy hub development [2] Group 2 - The Global Green Carbon Chain Alliance initiative was launched by nearly 20 authoritative organizations and leading companies, demonstrating strong confidence in the photovoltaic industry's transition to zero carbon [2] - Gao Jifan, Chairman and CEO of Trina Solar, emphasized the importance of innovation across four dimensions to navigate the current industry cycle, suggesting that the perovskite tandem cell technology may lead the industry into a new historical phase [2][3] - The conference featured over 20 parallel forums, including discussions on global green energy leadership and the integration of energy storage and photovoltaic technologies, indicating a new starting point for industry collaboration and innovation [3]

Group 1 - The core viewpoint of the articles highlights the transformation of resource-based cities in China, particularly Shanxi's Lüliang, from coal dependency to green energy, driven by the "dual carbon" goals [1][2][8] - Lüliang is transitioning from a coal-dominated economy to a diversified energy landscape, integrating renewable energy sources and innovative technologies [3][6] - The shift from coal to hydrogen energy is emphasized, with Lüliang aiming to become a significant hydrogen production base, leveraging its coal resources and existing industrial capabilities [7][8] Group 2 - The global trend of energy digitalization is noted, with Lüliang's coal mines adopting 5G technology to enhance operational efficiency and safety [4][6] - The integration of digital, clean, and material technologies is reshaping the coal industry, moving away from traditional practices towards more sustainable and efficient operations [6][8] - Other resource-based cities in China are also exploring similar green transitions, indicating a broader movement towards sustainable energy systems across the country [8]

Core Viewpoint - The article discusses the transformative shift in the energy sector driven by data and technology, highlighting the strategic upgrade of Gaote Electronics from a system expert to a data service leader [1]. Group 1: Data and Service Evolution - The evolution of data and service is described as a threefold process, focusing on making data flow, activating data assets, and leveraging data for future strategies [2][3]. - The company aims to release the value of GWh-level energy storage data through a cloud-edge collaborative network, utilizing a vast digital asset pool [4]. - A secure and trustworthy data service system is being developed to convert data assets into quantifiable commercial value [4]. Group 2: Strategic Transformation - Gaote Electronics is transitioning from a "system supplier" to a "data service provider," marking the beginning of its second growth curve [5]. - The company will publicly unveil five integrated solutions for the first time, aiming to construct a closed-loop data service chain [5]. Group 3: Product Launch - The global debut of Gaote's "Data Operation 2.0 Platform" is highlighted, indicating a significant advancement in their service offerings [6][7].

1Q2025 Operational Data Company Presentation 25 April 2025 1Q Operational Highlights Retail gas sales volume increased by 0.3% to 7,258 mil m3 , and developed 2.5 mil m3 installed daily capacity to expand the scale of gas volume Sales volume of IE increased by 9.9% to 10,039 mil kWh Penetration rate of value added business reached 3.7% among existing customers, and 49.8% among newly acquired customers Acquired 12 new projects (including 1 city gas project), added 287 thousand new residential customers to ex ...

Core Viewpoint - Zeyu Intelligent reported strong financial performance for 2024, with a revenue of 1.348 billion yuan, a year-on-year increase of 26.98%, and a net profit of 218 million yuan, reflecting the company's confidence in future growth and commitment to shareholder returns through dividends and stock bonuses [1][2]. Financial Performance - The company achieved a total revenue of 1.348 billion yuan in 2024, representing a 26.98% increase compared to the previous year [1]. - The net profit attributable to shareholders was 218 million yuan [1]. - Zeyu Intelligent plans to distribute a cash dividend of 3.30 yuan per 10 shares (tax included) and to issue 2 additional shares for every 10 shares held from capital reserves [1]. Industry Outlook - The company is optimistic about the long-term development opportunities in the power information industry, driven by technological integration, emerging business growth, and policy synergies [2]. - Zeyu Intelligent aims to focus on the digitalization and intelligence of power grids, leveraging technological innovation to support the achievement of "dual carbon" goals and the construction of new power systems [2]. Business Development - The company is actively developing its robotics business, particularly in power inspection, with products such as wheeled robots, quadruped robots, and drones [2]. - Zeyu Intelligent's new generation substation inspection algorithm has achieved international advanced levels, addressing key industry challenges [2]. Research and Development - Zeyu Intelligent has consistently increased its R&D investment over the past three years, with expenditures of 32.96 million yuan, 49.64 million yuan, and 70.20 million yuan [3]. - Current R&D projects include communication board cards and digital twin systems for optical distribution robots, with some products already in mass production [3]. Future Plans - The company plans to deepen its focus on power information and intelligence, increase R&D investment, and expand its market presence outside Jiangsu province [4]. - Zeyu Intelligent aims to enhance its profitability by improving product technology and value, while also optimizing its national business layout [4].

股票代码：688100 2024年度 环境、社会 及治理(ESG)报告 报告说明 本报告是威胜信息技术股份有限公司（以下简称 "威胜信息""公司""我们"）发布的第四份环境、 社会及治理（ESG）报告，旨在向各利益相关方展 示威胜信息在ESG方面的实践与绩效。 联系方式 报告范围 报告组织范围：本报告内容覆盖威胜信息及子公司， 与公司《2024年年度报告》一致。 报告时间范围：2024年1月1日至2024年12月31日（以 下简称 "报告期"），为增强报告可比性，部分内容追溯 历史信息。 编制依据 《上海证券交易所上市公司自律监管指引第14号⸺ 可持续发展报告（试行）》 全球报告倡议组织《可持续发展报告标准》（GRI Standards） 联合国可持续发展目标 （SDGs） 《中国企业可持续发展报告指南 （CASS-ESG 6.0）》 数据说明 报告中的数据与信息均来自公司内部文件、统计报告 等。如无特殊说明，本报告所涉及财务数据的计价币 种为人民币。 可靠性声明 本报告经战略与ESG委员会确认后，于2025年2月27 日获董事会通过。公司承诺本报告不存在任何虚假记 载、误导性陈述。为进一步保证报告的真实性和 ...