证券代码：000151 证券简称：中成股份 中成进出口股份有限公司 投资者关系活动记录表 编号：2025-02 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 活动参与人员 | 公司董事长朱震敏先生，财务总监、董事会秘书王毅先生，独 | | | 立董事牛天祥先生，证券事务代表于泱博先生 | | 时间 | 2025 年 9 月 15 日下午 15:00-16:00 | | 地点 | "中证网"之"中证路演" | | | (https://www.cs.com.cn/roadshow/yjsmh/) | | 形式 | 网络远程方式 | | 关于本次活动是 | 不涉及 | | 否涉及应披露重 | | | 大信息的说明 | | | 交流内容及具体 | 本次业绩说明会交流内容及具体问答记录详见中成进出口股 | | 问答记录 | 份有限公司《2025 年半年度业绩说明会记录表》（附件 1） | | 活动过程中所使 | 不涉及 | | 用的演示文稿、提 | | | 供的 ...

Core Viewpoint - The company is actively working on resuming production, managing debt, and optimizing asset disposal to improve its financial situation and operational efficiency [2][3]. Group 1: Production and Operations - The company has five major production bases: Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin. Currently, the Shouguang base is fully operational, while the Huanggang base and Jiangxi second factory are producing normally. However, the Jiangxi first factory, Jilin base, and Zhanjiang base are still under maintenance [2]. - The company aims to resume production at the halted bases as soon as possible [2]. Group 2: Financial Support and Debt Management - A capital injection of 1 billion yuan from the government platform has been fully received, along with a 2.31 billion yuan syndicated loan that has been approved, with the first tranche already disbursed [2]. - The company has implemented measures to address its debt issues, including extending loan terms and reducing interest rates, which has lowered financial costs by approximately 700 million yuan [3]. Group 3: Asset Disposal and Efficiency - The company is focusing on revitalizing and disposing of existing assets, particularly non-core assets, and has established an asset management center to enhance disposal efficiency [2]. - The disposal of property assets located in key cities such as Shanghai, Jinan, and Shenzhen is being accelerated [2]. Group 4: Industry Outlook - The paper industry has seen concentrated new capacity additions, leading to supply-demand imbalances. However, the long-term outlook is positive due to the "dual carbon" strategy and improved domestic market conditions, which are expected to enhance industry profitability and market concentration [3].

Core Viewpoint - China Electric Power Construction New Energy Group Co., Ltd. (referred to as "Electric Power New Energy") has received acceptance for its main board IPO application, which, if successful, will provide a key target for global capital in China's "dual carbon" strategy [1] Industry Position - As of March 2025, Electric Power New Energy's installed capacity reached 21.2461 million kilowatts, accounting for 1.43% of the national market share, ranking among the industry leaders [2] - The company has 9.8909 million kilowatts of wind power installed capacity, with a market share of 1.85%, and 11.3552 million kilowatts of solar power installed capacity, with a market share of 1.20% [2] - The company's assets cover 28 provinces (autonomous regions and municipalities) in China, with a focus on large wind and solar bases in the "Three North" regions and distributed energy projects in load centers like the Yangtze River Delta and Pearl River Delta, forming a "base + distributed" network [2] Financial Profile - Electric Power New Energy's revenue for 2022, 2023, and 2024 was 8.382 billion, 8.728 billion, and 9.810 billion yuan respectively, with a compound annual growth rate of 8.2% [3] - The net profit attributable to the parent company increased from 1.768 billion yuan to 2.589 billion yuan [3] - In the first half of 2025, the company achieved revenue of 5.472 billion yuan and a net profit of 1.127 billion yuan [3] - The company's receivables from renewable energy subsidies have been rising, reaching 10.8 billion yuan as of March 2025, accounting for over 50% of current assets [3] Fundraising Purpose - Electric Power New Energy plans to raise 9 billion yuan, focusing on four strategic areas: 1. Large clean energy base projects, emphasizing the construction of large-scale wind and solar projects 2. Green ecological civilization projects, implementing eco-friendly initiatives such as agricultural-solar, pastoral-solar, and fishery-solar complementary projects 3. Local load center projects, constructing supporting renewable energy power stations in concentrated power load areas 4. Industrial integration development projects, collaborating with local governments to enhance project efficiency through infrastructure development [4]

Group 1: Financial Performance - R&D expenses decreased by 29.25% year-on-year, raising concerns about the impact on technology reserves and project competitiveness in the new energy sector [2] - Revenue from the environmental governance infrastructure sector dropped by 36.93%, attributed to project acceptance delays and insufficient new orders [2] - Operating revenue and net profit (excluding non-recurring items) increased in the first half of 2025, but operating cash flow net amount fell sharply by 78.46% [4] Group 2: Project Developments - The Zabuye Salt Lake Phase II project has achieved lithium content standards in trial production, but stable mass production and revenue confirmation are still pending [3] - The company is actively promoting the Zabuye project, which faces challenges due to high-altitude construction and complex technical adjustments [3] Group 3: Strategic Initiatives - The company is focusing on "R&D + Engineering + Operations" in new energy, new materials, and new environmental protection, maintaining its status as a "National Technology Innovation Demonstration Enterprise" [2] - Significant growth in overseas revenue by 2941.38% and in the northwest region by 148.50%, primarily driven by major projects in Indonesia and various provinces [4] - The company is enhancing its green energy initiatives, including projects in hydrogen production and green methanol, with a dedicated team of over 50 technical personnel [5] Group 4: Shareholder Relations - The lock-up period for shares held by Shaanxi Coal and Chemical Group will expire on December 5, 2025, with no current information on potential share reductions [3] - The change in major shareholders does not create a competitive issue with Sinochem International, as the two companies operate in different sectors [5]

报告内容概要： 在"双碳"战略与移动源污染攻坚的双重驱动下，中国机动车尾气治理行业正步入政策与技术双轮驱动的快速发展期。作为大气污染的首要移动源，当前机动 车NOx排放占全国总量的34%，重型货车占比超80%，城市中心区PM2.5贡献率普遍突破40%，推动治理需求持续升温。法规层面，从国六标准实现燃料中 性监管、颗粒物数量监测等三大技术跨越，到国七标准加速预研并聚焦氢内燃机、碳化硅电驱等新能源路径适配，我国已构建起全球最严苛的排放管控体 系，强制驱动催化剂材料、多传感器集成等核心技术突破，2024年行业规模达328亿元，预计2025年将增至380亿元。市场层面，国七标准升级预计释放超 2000亿元增量空间，其中汽油车后处理将在2027-2030年通过双催化系统升级、传感器集成方案扩展等释放1644亿元，柴油车领域则聚焦重卡系统换新带来 450亿元需求，形成"阶梯式"分区域落地节奏。产业端，全生命周期需求持续释放——4.6亿辆机动车保有量构成存量替代市场，每年千万辆新车销量提供前 端增量，叠加"黄改绿"、I/M制度等政策深化，推动行业向技术深度迭代、市场分层扩容、产业链生态重构方向演进，构建起覆盖传统内燃机深度 ...

Core Insights - Epoint Cloud has secured 280 million yuan in sustainable financing from eight banks, led by Fubon Bank, marking a significant step in its sustainable finance collaboration [1][3] - The financing amount represents a notable increase from the previous 220 million yuan syndicated loan, with the number of participating banks rising from five to eight, indicating broader financial support and recognition of Epoint Cloud's business model [3] Financing Details - The financing will primarily focus on enhancing Epoint Cloud's self-owned brand and technology research and development, strengthening its core competitiveness [4] - Epoint Cloud has already launched self-developed products like the AI01 integrated machine and AH21 workstation, which cater to the IT needs of small and medium-sized enterprises (SMEs) [4][6] Service Expansion - Epoint Cloud's core business direction is to serve SMEs, addressing their challenges with IT equipment costs, maintenance difficulties, and slow iterations through a subscription model and one-stop IT services [7] - The company has served over 52,000 SMEs and managed over 1.48 million devices, aiming to expand its service range and improve response efficiency with the new financing [7] Environmental Impact - Epoint Cloud's IT equipment recycling model has led to a cumulative carbon reduction of 254,000 tons, equivalent to planting 13.91 million trees, aligning with national carbon neutrality goals [7] - The company plans to explore "green supply chain cooperation" with its banking partners to enhance its recycling efforts across more industry segments [7] Market Position - The office IT comprehensive solution market has reached a scale of over 100 billion yuan and continues to grow steadily, with the new financing serving as a crucial support for Epoint Cloud's market expansion and technological advancement [9]

Core Viewpoint - The article highlights the successful completion of the 150MW/600MWh independent energy storage project in Inner Mongolia, which serves as a benchmark for the industry and addresses the challenges of renewable energy integration in the region [1][11]. Group 1: Product Strength - The project is located in the Keshiketeng Banner of Inner Mongolia, facing extreme weather conditions, including temperatures ranging from -30.7℃ to 35℃, necessitating high standards for product design and construction [2]. - The project utilizes Haibo Sichuang's flagship energy storage products, which are characterized by safety, low Levelized Cost of Storage (LCOS), high integration, long lifespan, and strong environmental adaptability [2]. Group 2: Technology, Speed, and Cost - The project employs advanced grid-forming energy storage technology, which simulates synchronous generator characteristics to enhance grid stability and resilience under complex conditions [4]. - The project was completed in just 30 days, showcasing the efficiency of Haibo Sichuang's integrated solution capabilities and the effective collaboration among various departments [6]. Group 3: Addressing Energy Challenges - The region experiences significant intermittency and volatility in renewable energy generation, leading to challenges in grid peak regulation and frequent curtailment of wind and solar power [8]. - The Haibo AI Cloud platform serves as the core intelligent control hub, enabling proactive fault warnings and precise diagnostics, thereby reducing operational costs and enhancing lifecycle management efficiency [9]. Group 4: Future Outlook - The energy storage station is a key hub for the region's energy transition, improving the flexibility of the grid and providing various services such as peak shaving, frequency regulation, and black start capabilities [11]. - Haibo Sichuang aims to drive the reconstruction of energy ecosystems through "Energy Storage + X" initiatives, accelerating the industrialization of new energy storage projects and contributing to the achievement of carbon neutrality goals [11].

Core Viewpoint - The 2025 Shandong Clean Energy Industry Expo aims to promote the development of clean energy and facilitate low-carbon futures, showcasing cutting-edge technologies and high-end equipment from over 300 industry leaders [1][4]. Group 1: Event Overview - The expo is held from September 15 for three days at Yantai Bajiao Bay International Convention Center, featuring a theme of "Developing Clean Energy • Sharing a Low-Carbon Future" [1]. - It is co-hosted by Shandong Provincial Council for the Promotion of International Trade and Yantai Municipal Government, with support from various industry associations and organizations [4]. Group 2: Industry Participation - The event includes over 300 enterprises, including more than 60 leading companies such as China National Nuclear Corporation and China General Nuclear Power Group, showcasing technologies across the entire clean energy value chain [5]. - The expo has a total exhibition area of 50,000 square meters, making it one of the largest and most professional clean energy industry events in China [5]. Group 3: Forums and Conferences - The expo features 11 specialized conferences, including the "2025 Clean Energy Industry Conference" and forums on lithium battery storage and photovoltaic industry development, gathering experts from top universities and industry leaders [9]. - These forums focus on cutting-edge topics in the clean energy sector, sharing innovative research and practical experiences to support high-quality development in the industry [9]. Group 4: Strategic Importance - The event aims to create a platform for deep integration of government, industry, academia, and research, promoting collaborative innovation and high-end resource integration across the clean energy sector [9]. - It serves as a practical model for accelerating the green and low-carbon transition of the energy system in Shandong, contributing to the national "dual carbon" strategy [9].

1、二季度两项绿色金融指标居世界前列 9月11日，国新办举行国务院政策例行吹风会，会上，来自央行数据显示，截至2025年二季度末，碳减 排支持工具累计引导金融机构发放碳减排贷款超过1.38万亿元。通过绿色再贴现、金融机构绿色金融评 估等手段，强化对金融机构支持绿色发展的激励，截至2025年二季度末，绿色贷款余额约42.4万亿元， 绿色债券余额超过2.2万亿元，两个指标在全世界位于前列。 21碳中和课题组快评：上半年我国绿色金融发展持续领跑全球，超42万亿元绿色贷款与2.2万亿元绿色 债券的规模，叠加碳减排支持工具撬动的1.38万亿元精准投放，体现了金融体系深度支持"双碳"战略的 系统性布局与强大动能。 2、上周碳价最高66.14元/吨 9月12日，上海环交所发布上周（20250908-20250912）的全国碳市场每周综合价格行情及成交信息。 上周全国碳市场综合价格行情为：最高价66.14元/吨，最低价61.95元/吨，收盘价较上一周五下跌 6.21%。 南方财经记者郭晓洁 21世纪经济报道记者李德尚玉 实习生李宜馨 广州报道 挂牌协议交易成交量1,764,734吨，成交额107,671,879.69元；大宗 ...

Group 1 - The green finance market is rapidly developing, with increasing information and data available, providing decision-making references for participants in the field [1] - As of the end of Q2 2025, carbon reduction support tools have guided financial institutions to issue carbon reduction loans exceeding 1.38 trillion yuan, with green loan balances around 42.4 trillion yuan and green bond balances over 2.2 trillion yuan, placing these indicators among the top globally [2] - The carbon market saw a highest price of 66.14 yuan/ton last week, with total trading volume of carbon emission allowances reaching 5,328,085 tons and total transaction value of approximately 332.61 million yuan [3] Group 2 - Shenzhen successfully issued 1 billion yuan of offshore RMB local government bonds in Macau, with a subscription rate of 6.62 times, indicating strong investor confidence [4] - The Hong Kong Monetary Authority is conducting public consultations on the prototype of the Hong Kong Sustainable Finance Classification Directory, aiming to provide clear definitions for green and sustainable activities [5][6] - The updated classification directory includes multiple optimization measures to enhance clarity and prevent "greenwashing," expanding coverage to new industries and introducing climate adaptation goals [6]