Summary of Junxin Co., Ltd. Conference Call Company Overview - **Company**: Junxin Co., Ltd. - **Industry**: Solid waste management and green energy - **Key Facility**: Changsha Comprehensive Environmental Park, the largest single-unit park in China with a design capacity of 10,000 tons per day and a utilization rate of 90% [2][3] Core Insights and Arguments - **Operational Efficiency**: - The Changsha incineration project has a daily processing capacity of 5,000 tons and has been the national leader since its launch in 2018 [2][3] - In the first three quarters, the company generated 479 million kWh of electricity from waste, with an oil recovery rate of 7.1%, a gross margin of 60%, and a net profit margin close to 40% [2][3] - **Dividend Policy**: - Average dividend yield over the past three years is 5.4%, with a projected payout ratio of 95% for 2024 and a commitment to maintain a payout ratio of no less than 50% in the future [2][3][6] - Expected payout ratio for 2025 is between 60% and 70% [6] - **International Expansion**: - The company is actively expanding into overseas markets, with ongoing projects in East Asia capable of processing 9,000 tons per day [2][3] - The Bishkek project in Kyrgyzstan is expected to commence operations by the end of next month, contributing profits starting in 2026 [6] - The Almaty project is in discussions with local government regarding pricing and revenue agreements, with an expected internal rate of return (IRR) of approximately 8% [2][8] Additional Important Insights - **Future Projects**: - The Changsha Phase III project is anticipated to be operational around 2030, with stable revenue expected from waste processing fees and electricity sales [4][12] - The company is also considering expanding its capacity in Changsha to 4,000 tons per day [6] - **Financial Performance**: - The company expects to generate approximately 2.2 to 2.3 billion yuan in net profit for the year, with a projected single-digit growth for the following year [4][22] - The company’s operational cash flow for the first three quarters was 1.16 billion yuan, with an annual forecast of 1.4 to 1.5 billion yuan [6] - **Accounts Receivable**: - Major clients include the Changsha Municipal Urban Management Bureau and the State Grid, with a significant portion of accounts receivable expected to be settled by the end of the year [23][24] - **Market Competition**: - The company faces intense competition in the East Asian market but holds a competitive advantage in Central Asia due to its early entry and successful project implementations [26][27] - **Investment Costs**: - The estimated total investment for a 1,000-ton project is around 100 million yuan, with specific costs for equipment and construction detailed [11] - **Future Growth Potential**: - Internal growth potential includes maintaining a 90% capacity utilization rate and increasing electricity generation, alongside rising processing fees [15] This summary encapsulates the key points discussed in the conference call, highlighting Junxin Co., Ltd.'s operational strengths, financial outlook, and strategic initiatives in both domestic and international markets.

华能水电 20251126 摘要 Q&A 请简要介绍一下华能水电近期的经营情况和未来发展规划。 华能水电作为华能集团水电资产的唯一整合平台，始终立足双碳战略目标，深 耕水电和新能源领域。过去五年是公司高质量发展的黄金期，以水电与新能源 并重为战略核心，实现了规模和效益的双重跃升。截至 2025 年 10 月底，总 装机规模达到 3,414 万千瓦，其中水电 2,811 万千瓦，新能源 603 万千瓦。 十四五期间新增装机 1,096 万千瓦，资产总额达到 2,251 亿元。公司营业收入 与净利润稳步提升，每股分红不断增强，自上市以来累计派发现金红利 223 亿 元，市值最高突破 2,250 亿元。 未来，公司将继续发挥资源禀赋优势、调节能 力优势和技术创新优势。在资源方面，公司作为澜沧江干流唯一开发主体，流 域可开发规模达 3,200 万千瓦，目前已建成 2,275 万千瓦，并在建设配套新能 今年（2025 年）机组折旧到期释放的利润相对较少，大约在几千万元 左右。主要集中在后年（2026 年），届时会有大批量机组折旧到期， 带来显著利润释放。公司财务成本逐步下降，高息贷款逐步替换。 未来五年，华能水电将维持 ...

Group 1: Company Overview - The report covers Huabao New Energy (301327.SZ), a global leader in portable energy storage, which has been growing rapidly since its establishment in 2011, focusing on consumer-grade green energy solutions [2][5] - As of H1 2025, the company's business has expanded to over 50 mainstream countries and regions, with a CAGR of 38.9% in revenue and 47.3% in net profit from 2014 to 2024 [2][5] - The portable energy storage industry is expected to maintain double-digit growth from 2024 to 2029, with trends towards larger capacity, higher safety, and lightweight products [2][5] Group 2: Market Position and Product Development - The company has regained the top market share in key channels such as Amazon in the US and Japan for the period from January to October 2025, thanks to its lightweight and cost-effective new products [2][5] - New product categories like mobile home storage and balcony solar storage are expected to drive a second growth curve, with the global home energy storage market showing significant potential [6][7] - The balcony solar storage product, HomePower2000Ultra, has demonstrated advantages in high power, plug-and-play functionality, and cost-effectiveness, contributing to a 106.4% year-on-year revenue growth in Europe for the first half of 2025 [6][7] Group 3: Financial Projections - The projected net profits for Huabao New Energy from 2025 to 2027 are 230 million, 500 million, and 790 million CNY, with year-on-year growth rates of -3.8%, +117.7%, and +57.2% respectively [7] - The price-to-earnings (PE) ratios corresponding to these profits are expected to be 43, 20, and 12 times [7] Group 4: Company Overview of Ruihua Technology - Ruihua Technology (920099.BJ) is recognized as a "small giant" in chemical process package technology, focusing on the domestic replacement of imported equipment [8][9] - The company is projected to achieve a revenue of 555 million CNY in 2024, reflecting a year-on-year growth of 40.74% [9][10] - The domestic production of styrene is expected to grow from 15.64 million tons in 2023 to 19.70 million tons by 2028, with a CAGR of 3.75% from 2024 to 2028 [8][9] Group 5: Competitive Advantages and Future Outlook - Ruihua Technology has successfully delivered overseas clients with styrene process packages and equipment, showcasing its core competitive advantage in self-developed complete technology [10][11] - The company has a solid patent portfolio with 72 authorized patents as of June 30, 2025, and is focusing on continuous innovation in its core technologies [10][11] - Future growth is anticipated as the company expands its overseas market presence and continues to innovate in technology and service offerings [11]

Core Viewpoint - Gree Electric Appliances has been actively developing solar photovoltaic air conditioning systems since 2012, integrating solar energy with air conditioning technology to create innovative products aimed at achieving zero carbon emissions [2]. Group 1: Product Development - The company has launched a series of solar storage air conditioning products, including over 10 categories such as solar storage direct drive centrifugal machines, screw machines, multi-split systems, split units, and chillers [2]. - The cooling capacity of these products ranges from 1.5P to 1100RT, making them suitable for various applications in factories, schools, shopping malls, venues, offices, hotels, residences, and cold storage [2]. Group 2: Market Reach - Gree's solar storage air conditioning systems have been deployed in over 35 countries and regions worldwide, catering to diverse climate scenarios and applications [2]. Group 3: Technological Innovation - The solar storage direct drive air conditioning system integrates photovoltaic energy, energy storage, and air conditioning, enabling intelligent energy management and flexible energy storage [2]. - The company has received the first Chinese patent gold award in the refrigeration industry for its "photovoltaic direct drive system and its control method," highlighting its innovative capabilities in the green energy sector [2].

证券代码：000155 证券简称：川能动力 四川省新能源动力股份有限公司 投资者关系活动记录表 编号：20251126 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 长城基金、正心谷、瓴仁投资、弘尚资产、格传投资、鹏华基 金、交银施罗德、Sage par、星石投资、青骊投资、瀚亚投资、 嘉实基金、新华基金、拾贝投资、天时股权、川恒集团、北京 金九瑞和、汐泰投资、海南川溪私募基金管理有限公司、中信 证券、东方财富 时间 2025 年 11 月 26 日 (周三) 上午 10:30-12:00 地点 公司 1622 会议室 上市公司接待 人员姓名 资本运营副总监、证券事务代表、董事会办公室 投资者关系活 动主要内容介 绍 一、问答交流环节 1、公司基本情况介绍 答：公司聚焦绿色能源核心产业，主营业务包括新能源发 电和锂电业务，其中：新能源发电业务主要为风力发电和光伏 发电项目开发、建设和运营，以及垃圾焚烧发电项目的投资运 营及环卫一体化；锂电业务主要为碳酸锂、氢氧化锂产品的生 产和销售，以及李家沟锂矿采选。 ...

中集集团A股涨超7.5%，最高触及9.14元；H股涨超6%，最高触及7.89港元。 相关事件 中集集团AH股齐涨！在手订单保持高位，海工今年业绩有望保持较强增长趋势 中集集团(02039.HK)11 月25日耗资4992万港元回购680万股 中集集团AH股齐涨！在手订单保持高位，海工今年业绩有望保持 较强增长趋势 中集集团(02039.HK)11月25日耗资4992万港元回购680万股 消息面上，中集集团近日在投资者关系活动中表示，截至2025年6月末，海工手持订单约55.5亿美元， 已排产至2027/2028年。得益于在手订单保持高位，在高效交付的前提下，2025年全年营收及利润有望 保持较强的增长趋势。 此外，11月24日，央视《朝闻天下》栏目报道我国首个焦炉煤气100%转化项目在辽宁凌源落地。该项 目由中集集团旗下中集安瑞科与鞍钢集团旗下鞍钢能源科技携手打造。钢铁厂尾气焦炉煤气转化成液化 天然气、液氨和氢气。项目推广后。每年可为钢铁行业减少二氧化碳排放约4500万吨。(格隆汇) ...

Core Viewpoint - CIMC's stock prices have seen significant increases, with A-shares rising over 7.5% and H-shares over 6%, indicating strong market confidence in the company's future performance [1] Company Performance - As of June 2025, CIMC's marine engineering segment holds approximately $5.55 billion in orders, with production scheduled through 2027/2028, suggesting robust revenue and profit growth potential for the year 2025 [1] - The company anticipates maintaining a strong growth trend in revenue and profit due to high order backlog and efficient delivery [1] Industry Impact - A recent project in Liaoning, China, marks the country's first 100% conversion of coke oven gas, developed by CIMC's subsidiary CIMC Anrui and Ansteel Group's Ansteel Energy Technology [1] - This project aims to convert steel plant waste gas into liquefied natural gas, liquid ammonia, and hydrogen, potentially reducing carbon dioxide emissions by approximately 45 million tons annually for the steel industry [1]

央视网消息：寒潮来袭的这几天，山西北部最低气温将降至零下18℃。为应对气温骤降，山西省朔州市的一些热电联产电厂增加 发电，满足"煤改电"取暖需求，减少环境污染。 相关部门工作人员称，截至2025年10月底，朔州全市新能源运煤电动重卡保有量突破1277辆，市区周边4座大型燃煤电厂电煤运 输车辆全部实现新能源化，全市重点行业清洁运输比率达到76%，清洁运输转型成效显著。 在朔州市郊区一座热电联产电厂，这几天，两台100万千瓦的机组正在全力运行，这个电厂承担着京津唐区域的电力供应任务和 朔州市约600万平方米的供热任务。 朔州是山西省重要的煤炭和电力生产基地，每年的供暖季由于煤炭消耗量较大，都会对当地空气质量提出挑战。为了尽可能减少 污染物排放，当地今年提前要求市内不具备"公转铁"的煤矿和燃煤电厂等重点行业企业实现物料运输新能源重卡替代，并加强重卡充 电桩、换电站等配套设施建设，形成覆盖主要运输通道的绿色能源补给网络。 ...

Core Viewpoint - Zhuhai Water Control Group is transforming from a traditional water supply company to a comprehensive public service provider, focusing on ecological collaboration and enhancing urban living experiences through strategic partnerships and innovative services [2][5][7]. Strategic Transformation - The collaboration involves major companies like China Petroleum, China Mobile, China Post, and Zhuhai Agricultural Control, along with six banks, resulting in a 31 billion yuan credit agreement [2]. - The partnership aims to upgrade public services from a single-function model to an ecological collaborative approach, enhancing convenience for citizens [2][3]. - Zhuhai Water Control is developing a smart water service platform, integrating AI monitoring and intelligent alert systems to improve operational efficiency and customer experience [3][5]. Financial Empowerment - The 31 billion yuan credit will support various projects, including the establishment of new energy charging stations and upgrades to smart water systems [5][6]. - The financial backing is based on the group's AAA credit rating and its transition to a technology-driven enterprise, which is expected to create sustainable value [5][6]. - The bank's strategy includes innovative financial products linked to ESG performance, ensuring funds are directed towards essential public service projects [6]. Reform and Strategic Leap - The company faces competition in water treatment and pipeline operations, necessitating continuous transformation to maintain its market position [7]. - The pressure to ensure public safety and environmental compliance drives the company to enhance management and leverage technology for efficiency [7][8]. - The goal is to elevate Zhuhai Water Control to the forefront of the water service sector in the Greater Bay Area through refined management and information technology applications [8].

西班牙工业与旅游部特派代表哈伊梅·培里思表示，在清洁能源领域，西班牙和中国有着共同的发展理 念，本次论坛的举行体现了在全球经济关键期，两国进一步加强务实合作，用好互补优势，深挖合作潜 力，对未来全球能源转型做出的坚定承诺。 （文章来源：人民日报） 由西班牙中国商会主办、绿色能源委员会牵头组织的首届中西绿色能源论坛25日在马德里举行。本次论 坛汇聚了来自两国政府机构、行业组织及能源领域企业的300位嘉宾，共同探讨绿色能源发展的未来方 向与合作机遇。 中国驻西班牙大使姚敬表示，中西在包括储能、电动汽车、氢能源的转化和相关基础设施建设等领域的 交流与合作，都取得了长足的发展。希望更多中国企业到西班牙开展投资合作，也欢迎西班牙企业去中 国开拓商机。 ...