Financial Performance - The company's revenue for 2024 is expected to remain relatively stable, but the net profit is not ideal due to intensified industry competition and declining prices along the supply chain [1] - The asset-liability ratio is high, but excluding government construction assets, the overall financial condition is relatively stable [1] - In 2024, the gross margin for the photovoltaic business was -14.18%, indicating a loss [4] Strategic Plans - The company plans to control capital expenditures and improve financial conditions through measures such as releasing production capacity, seeking strategic support from supply chain partners, and introducing strategic investors [1] - To address losses in core subsidiaries, the company will implement cost control, business restructuring, and market expansion strategies [2] - The company aims to enhance its order acquisition capabilities and contract fulfillment rates by improving product competitiveness and expanding overseas market opportunities [3] Market and Product Development - The company is focusing on reducing costs through adjustments in silicon material ratios and developing new markets, particularly overseas [2] - The company has established a "photovoltaic manufacturing + application" development model, enhancing product quality and capacity utilization [3] - The company is actively pursuing a pilot project for integrated energy storage and grid management, with the first phase already operational [4] Research and Development - The company has maintained R&D investment at over 4% of revenue in recent years, with plans to continue focusing on innovation in photovoltaic manufacturing and robotics technology [3] - The company is exploring strategic investments and partnerships in the robotics sector to enhance its technological capabilities [5]

Group 1: Future Development Strategy - The company aims to leverage national policies and opportunities to optimize its industrial layout through the "East Introduction, West Advancement, and Going Abroad" strategy [3] - Collaboration with Ningde Times for energy storage projects enhances the company's capabilities in integrated energy solutions [3] - Plans to establish production bases in the western regions to reduce costs and strengthen supply chain resilience [3] Group 2: High-end Carbon Materials and New Energy Storage - The company has successfully acquired Shanxi Meishanhu Company to enhance its high-end carbon materials sector, reducing energy costs by over 30% compared to average levels in Henan [3] - The integration of all-vanadium flow battery technology with lithium iron phosphate battery systems aims to create a comprehensive energy storage solution [4] Group 3: Financing and Project Acceleration - The company utilizes diverse financing channels, including bond issuance and external capital, to support the rapid development of its source-network-load-storage projects [5] - Currently, the company has approximately 1 GW of wind and solar power stations, generating around 1 billion kWh annually [5] Group 4: "14th Five-Year" Development Plan - The plan focuses on cost reduction and efficiency improvement in high-end carbon materials while tapping into the trillion-yuan market for new energy storage technologies [6] - Emphasis on enhancing the influence of special asphalt, needle coke, and graphite electrode industries [6] Group 5: Cost Reduction and Efficiency Measures - The company has implemented a cost management system that covers all major subsidiaries, significantly aiding operational efficiency [7] Group 6: Synergy with China Pingmei Shenma Group - The collaboration with China Pingmei Shenma Group allows for integrated development from coal tar to needle coke and ultra-high power graphite materials, enhancing market competitiveness [9] Group 7: ESG Strategy and Green Production - The company is committed to energy conservation and green production, with plans to achieve 1 GW of grid-connected power stations by 2025, supplying over 1 billion kWh of green electricity annually [10] Group 8: Financial Management and Shareholder Returns - The company focuses on cost control and optimizing capital structure to ensure financial health and sustainable development [11] - A reasonable dividend policy will be established based on profitability and cash flow to ensure stable returns for shareholders [12] Group 9: Capital Operations and Mergers - The company seeks acquisition opportunities in the upstream and downstream of the industry chain, particularly in high-end carbon materials and new energy storage [12]

"移峰填谷"，储能示范项目加快推进。三门峡市以储能建设为战略抓手，加快打造新型电力系统枢纽， 全市共有34个源网荷储一体化项目获得省发改委批复，相关工作正有序推进。全省第三家、豫西地区首 家并网的集中式储能电站——湖滨区诺能50MW/100MWh共享储能电站投入运营，有效发挥"移峰填 谷"作用，显著缓解了区域电网调峰压力。全市首个用户侧储能项目——希格腾华储能电站示范项目进 入运营，在节能降耗、推动新能源就近消纳方面发挥至关重要作用，同时将助力实现企业内部源网荷储 一体化，为构建企业内部微电网系统发挥核心作用。 展望未来，三门峡市将持续深化能源革命，不断优化产业布局，加速技术应用创新，让绿色能源的澎湃 动力，更加有力地驱动三门峡在高质量发展的时代浪潮中乘风破浪、行稳致远，为碳中和、碳达峰贡献 三门峡力量！（三门峡市发改委赵贤达） 中国发展网讯 近年来，三门峡市认真贯彻落实国家"双碳"目标，立足资源禀赋，坚持政策引领、科学 布局，在全省率先发展新能源产业，积极拓展储能应用，稳步推进源网荷储一体化建设。目前，全市新 能源装机容量突破300万千瓦，占全市总发电量的45%，全市能源结构优化与产业升级迈出坚实步伐， 为 ...

Group 1: Market Outlook and Growth - The company anticipates a robust market for centralized power forecasting, with a projected addition of approximately 200 GW of new wind and solar installations in 2025, maintaining a favorable operational environment for the industry [2][8] - In the first four months of 2025, solar power installations reached 104.93 GW, a year-on-year increase of 74.6%, while April alone saw a record addition of 45.22 GW, up 214.7% from the previous year [2][8] - Wind power installations totaled 19.96 GW in the same period, reflecting an 18.53% year-on-year growth [2] Group 2: Distributed Power Forecasting Policies and Market Demand - The growth of distributed solar power has significantly impacted grid dynamics, leading to the implementation of the "Four Available" management requirements by the National Energy Administration [4] - Since January 2025, the company has seen a rapid increase in clients for its power forecasting services in the distributed solar sector, driven by new regulatory requirements [4] Group 3: Competitive Landscape in Distributed Power Forecasting - The distributed power forecasting market is characterized by a large number of small-scale projects with lower unit prices, contrasting with the centralized market [5] - Major comprehensive group companies show limited interest in the distributed power forecasting market, leaving opportunities for smaller firms to expand their market share [5] Group 4: Integration of AI Technology in Power Trading - The company integrates AI technology into energy management, utilizing its proprietary "Kongming" AI meteorological forecasting model for precise predictions [6][7] - The AI-driven power trading decision support platform enhances trading strategies by analyzing power forecasts, market prices, and user preferences, facilitating a shift from broad management to refined operations [6][7] Group 5: Business Progress in 2025 - The company reports that its business developments in the first half of 2025 align with operational expectations, supported by a favorable market environment for the renewable energy sector [8] - Financial data will be disclosed in subsequent reports as per regulatory requirements [8] Group 6: A-Share Issuance Progress - The company has received approval from the China Securities Regulatory Commission for its A-share issuance to specific investors, and is actively advancing this process [9]

Group 1: Industrial Development - Qinghai has positioned itself to build a "world-class" salt lake industry by implementing high-quality development regulations, focusing on increasing product variety, quality, and brand creation, thereby strengthening its domestic potassium fertilizer position and enhancing lithium resource extraction efficiency and quality [1] - The province aims to create a complete photovoltaic and lithium battery industrial chain while expanding the scale of clean energy projects, including the construction of clean energy transmission channels and a comprehensive clean energy consumption system [1] Group 2: Ecological Protection and Tourism - Qinghai is enhancing ecological protection and restoration in key areas while developing an ecological tourism planning system, creating demonstration zones like Qinghai Lake, and improving tourism product offerings and service quality [2] - The province is converting "green stock" into "economic increment" through coordinated efforts in tourism quality enhancement, transportation connectivity, and brand development [2] Group 3: Agricultural Development - Qinghai is focusing on modern agricultural development by establishing high-standard agricultural industrial parks, expanding organic grassland monitoring, and promoting the transformation of grassland animal husbandry [2] - The province aims to create an industrial alliance involving leading enterprises, cooperatives, bases, and farmers, while building a brand around "Clean Land Qinghai · Premium Plateau Products" [2] Group 4: Future Directions - Moving towards the "15th Five-Year Plan," Qinghai plans to enhance institutional design for industrial development, particularly in salt lake resource utilization and integrated clean energy construction [3] - The province will optimize policy support across multiple fields, ensuring effective implementation of ecological space control and precise support for industrial elements [3] - Establishing a comprehensive standard system for industrial development, including international and ecological perspectives, is a priority to ensure the sustainable progress of the "Four Places" initiative [3]

文 | 中关村储能产业技术联盟 近日 ，河南省发展改革委发布《关于实施第十批源网荷储一体化项目的通知》，本次共63个项目纳入 实施范围，其中，工业企业类35个、增量配电网类1个、农村地区类8个、其他类19个。总规模 360.65MW，其中风电项目120MW、光伏240.65MW。 河南 发展 新能源主要 通过 源网荷储一体化 来做 ， 同时 源网荷储一体化项目推动 了 新型储能的发 展。河南 率先 在全国推出三个类型的源网荷储一体化项目。 包括 工业 企业 、 农村地区 、 增量配 网 等场景，现在已 进一步拓展 至 基础设施、公共机构、学校、医院、算力等 应用 。 在这些源网荷储一体化 项目 当中， 对储能的规模给予了一定的规定 。 工业企业类项目（含基础设 施、公共机构等）新能源自发自用，不向大电网反送电，可按照自建新能源的规模，灵活配置储能，不 做具体要求。农村地区类项目，根据自发自用比例、建设成本等因素测算，农村生产类企业配储不低于 新能源规模的 20%，整村开发类不低于50%。增量配电网类项目，网内自平衡供电能力应不少于两小 时，自建新能源消纳比例达到全省平均水平， 据此测算，储能配置比例原则上不低 ...

Group 1: Near-Zero Carbon Demonstration Zone - The Southern Power Grid's Guizhou Electric Power Company has established a near-zero carbon demonstration zone in Duyun City, featuring a peak installed capacity of 940 kW and an annual power generation of approximately 1 million kWh from photovoltaic equipment, which is expected to reduce carbon emissions by 267 tons annually [1] - The demonstration zone includes a smart warehouse management system that enhances energy efficiency and promotes a green grid development path, aligning with the dual carbon goals [1] Group 2: Intelligent Warehouse Operations - The Duyun near-zero carbon demonstration zone spans 31,000 square meters and includes various storage facilities, with automated and intelligent operations achieving a 100% accuracy rate in material positioning and handling, doubling operational efficiency while reducing the workforce by 50% [3] - The warehouse utilizes integrated "source-network-load-storage" technology for local photovoltaic power consumption and optimized control, contributing to its near-zero carbon effect [3] Group 3: Green Construction Practices - In the construction of the 500 kV Jinhai Lake Substation, the Guizhou Electric Power Company emphasizes noise control, waste management, and pollution reduction, achieving a 100% compliance rate with environmental standards [5] - The company implements a green construction system characterized by "three phases, four savings, and one environmental protection," ensuring that construction activities align with environmental protection efforts [5] Group 4: Charging Infrastructure Development - Guizhou Electric Power Company is enhancing its charging infrastructure to support the growing demand for electric vehicles, with a significant increase in the number of charging stations from 1,200 to over 5,000 in a residential area by May 2025 [8] - The company has achieved full coverage of charging stations in rural areas, with a 134.45% year-on-year increase in charging electricity consumption from January to April 2023, reaching 0.6 billion kWh [8]

Economic and Trade Developments - The first meeting of the China-US economic and trade consultation mechanism was held in London, where both sides reached a framework agreement to implement the consensus from the recent phone call between the two countries' leaders and to consolidate the outcomes of the Geneva talks [2] - The State Council of China held a meeting to deploy pilot measures for the replication and promotion of the China (Shanghai) Free Trade Pilot Zone, focusing on stabilizing expectations and activating demand in the real estate market [1][2] Consumer and Producer Price Index - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and by 0.1% year-on-year, with the core CPI (excluding food and energy) rising by 0.6% year-on-year, an increase of 0.1 percentage points from the previous month [3] - The Producer Price Index (PPI) fell by 0.4% month-on-month and by 3.3% year-on-year, with the decline attributed to international input factors and a temporary decrease in domestic energy and raw material prices [3] Financial and Monetary Data - As of the end of May, the broad money supply (M2) stood at 325.78 trillion yuan, growing by 7.9% year-on-year, while the narrow money supply (M1) was 108.91 trillion yuan, up by 2.3% year-on-year [6] - The People's Bank of China reported a net cash injection of 306.4 billion yuan in the first five months of the year [6] Automotive Industry Developments - Several major automotive companies, including China FAW, Dongfeng, and Geely, announced a unified payment term of 60 days for suppliers, reflecting a commitment to maintaining a healthy supply chain [8] - The launch of aluminum alloy futures trading on June 10, with a base price set at 18,365 yuan per ton, indicates a new development in the commodities market [8] Regulatory Changes - The State Administration for Market Regulation released a draft for public consultation on the supervision of live e-commerce, emphasizing the responsibility of live stream operators to avoid false or misleading commercial promotions [5] - New regulations for individual business registration will take effect on July 15, clarifying the registration process for individual businesses operating online [5]

Group 1 - Guizhou Province is actively promoting the development of the new energy battery and materials industry, aiming to build a comprehensive "Electric Guizhou" ecosystem [1] - By 2024, Guizhou's new energy battery production capacity is expected to reach 38 GWh, with annual production of new energy vehicles at 144,000 units [1] - The industrial output value of the new energy battery and materials R&D production base and the new integrated energy base is projected to be 66.956 billion yuan and 308.65 billion yuan, respectively [1] Group 2 - The city of Bijie has made significant progress in the development of the new energy industry, successfully attracting 20 Fortune 500 companies and 31 investment projects [2] - A 30 billion yuan investment project for a vanadium flow energy storage full industry chain is being developed by Guizhou Zhixi Technology Co., Ltd., aiming to establish a leading production base [2] - Guizhou is implementing innovative strategies to attract related projects, including core component production and ternary precursor production, to enhance the scale and quality of the new energy industry [2] Group 3 - In Guiyang and Guian, the focus is on new energy batteries and materials, advanced equipment manufacturing, and electronic information manufacturing, with tailored strategies for industrial development [2] - The Qianxinan High-tech Zone is prioritizing the development of new energy power batteries and materials, with expectations for the new materials industry output to exceed 50 billion yuan by 2027 [2]

Core Viewpoint - The lithium battery industry is undergoing a significant transformation as leading companies like CATL and Ganfeng Lithium shift their focus towards virtual power plants, indicating a change in their business models from suppliers and manufacturers to energy platform service providers [1][2][4]. Group 1: CATL's Strategic Shift - CATL is deepening its strategic focus on the power system, collaborating with Hong Kong University to advance integrated energy solutions and virtual power plant applications [1][2]. - The company's commitment to "zero carbon" technology aligns with its research into virtual power plants and solid-state batteries, which are key areas of investment for this year [1][2]. Group 2: Market Demand and Policy Support - The need for effective management of distributed energy resources drives the demand for virtual power plants, which can aggregate and dispatch these resources [2]. - Recent policy changes in China have established the legal status of new operational entities like virtual power plants in the electricity market, facilitating their participation in power trading and ancillary services [2]. Group 3: Ganfeng Lithium's Developments - Ganfeng Lithium has integrated its subsidiary, Shenzhen Yichu Energy Technology, to focus on becoming a technology enterprise that combines virtual power plants and smart energy operations [3]. - The company has initiated the construction of 3.9 GWh of power station projects across seven locations in China and plans to expand its operational equipment to 10,000 units by 2025 [3]. Group 4: Competition from Tech Giants - The entry of internet giants into the virtual power plant sector introduces competition, with companies like Ant Group collaborating with various renewable energy firms to leverage AI and blockchain technologies [4]. - This competition is expected to accelerate the development of virtual power plant technologies and create a new dynamic between traditional energy companies and tech firms [4]. Group 5: Industry Transformation - The transition towards energy service platforms is becoming essential for companies like CATL and Ganfeng Lithium, as it is crucial for future growth opportunities [4]. - The competition surrounding virtual power plants represents a pivotal moment in the lithium battery industry's evolution, as it seeks to extend its value from manufacturing to service-oriented models [4].