Group 1 - The article highlights the efforts of the State Grid Rushan Power Supply Company in organizing a service team to conduct inspections of distributed photovoltaic systems in Zhuwang Town [1] - The focus of the inspections includes a comprehensive safety check of photovoltaic equipment components, inverters, and distribution boxes to ensure the safe and stable operation of solar power generation systems [1] - The initiative aims to support photovoltaic customers in achieving maximum power generation efficiency [1]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [7]. Core Views - The company is positioned as a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on water, solid waste, and new energy sectors, with water services providing stable revenue [6][13]. - The company is expected to enter a growth phase, driven by strategic expansions in its core businesses, particularly in water supply and solid waste management, alongside new energy initiatives [6][36]. - The company holds a 10.55% stake in GF Securities, which is a significant asset contributing to its profits, and the valuation of this stake is anticipated to increase [6][16]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 5,678 million yuan, with a year-on-year growth rate of 9.2% [2]. - The net profit attributable to shareholders is expected to reach 1,199 million yuan in 2024, reflecting a 24% increase compared to the previous year [2]. - Earnings per share (EPS) is forecasted to be 0.82 yuan for 2024, with a projected increase to 1.40 yuan by 2027 [2]. Business Segments Water Services - The company has a water supply capacity of 265,000 tons per day, capturing 94% of the market share in Zhongshan, with potential price adjustments expected to increase net profits by 120 to 180 million yuan [6][42]. - The wastewater treatment capacity is currently 126,000 tons per day, with ongoing projects aimed at enhancing infrastructure and service quality [6][43]. Solid Waste Management - The company is actively pursuing acquisitions in the solid waste sector, with a projected capacity of 6,120 tons per day by 2025 following recent acquisitions [6][43]. New Energy - The company is establishing joint ventures and funds to develop distributed photovoltaic and energy storage projects, with approximately 500 MWp currently under construction or connected to the grid [6][43]. Shareholder Returns - The company has announced a special dividend of 5.14 billion yuan for 2024, resulting in a dividend payout ratio of 53% [32]. - A three-year shareholder return plan is expected to be implemented, focusing on enhancing shareholder value through dividends and potential stock incentives [34].

股票简称：上能电气 股票代码：300827 贵所于 2025 年 7 月 29 日出具的《关于上能电气股份有限公司申请向特定对 象发行股票的第二轮审核问询函》（审核函〔2025〕020034 号）（以下简称"《审 核问询函》"）已收悉。上能电气股份有限公司（以下简称"发行人"、"公司"、 "上能电气"）与兴业证券股份有限公司（以下简称"保荐机构"或"保荐人"）、 北京国枫律师事务所（以下简称"律师"）、公证天业会计师事务所（特殊普通 合伙）（以下简称"会计师"）等相关方对《审核问询函》所列问题进行了逐项 核查，现回复如下，请予审核。 注： 稿）》中的释义相同。 黑体（加粗） 审核问询函所列问题 关于上能电气股份有限公司 申请向特定对象发行股票的 第二轮审核问询函的回复 保荐机构（主承销商） （福州市湖东路 268 号） 公告日期：二零二五年八月 深圳证券交易所： 宋体 审核问询函所列问题的回复 楷体（加粗） 涉及审核问询函回复、募集说明书等申报文件的修改或补充披露 微小差异，系为四舍五入所致。 一致。 问题一 评、能评将于 2025 年 8 月到期?，同时，针对前述即将到期事项，问询回复称 募集说明书已补充相 ...

Core Viewpoint - Jinlang Technology, a leading inverter manufacturer, has made significant progress in its fundraising efforts, with plans to raise up to 1.677 billion yuan through convertible bonds to enhance its presence in the photovoltaic and energy storage industries [1][2]. Group 1: Fundraising and Investment Plans - The company plans to use the raised funds for five specific projects, including 355 million yuan for a distributed photovoltaic power station project, which will provide stable electricity sales revenue [2]. - Additional investments include 333 million yuan for a high-voltage, high-power grid-connected inverter project and 291 million yuan for a medium and large power hybrid energy storage inverter project, which will increase production capacity significantly [2]. - The company also emphasizes R&D and digital upgrades, allocating 248 million yuan for the Shanghai R&D center and 9.855 million yuan for digital enhancement projects [2]. Group 2: Financial Performance - Jinlang Technology has shown strong growth, with net profit and non-recurring net profit increasing by 859.78% and 1024.38% year-on-year, respectively, in Q1 2025 [1][3]. - The company’s total assets grew from 1.284 billion yuan in 2019 to 20.53 billion yuan by Q1 2025, reflecting a significant expansion [1][5]. - Despite a temporary decline in 2024 due to industry destocking, the company’s revenue and net profit rebounded in 2025, achieving 1.518 billion yuan in revenue, a year-on-year increase of 8.65% [3][5]. Group 3: R&D and Technological Advancements - Jinlang Technology has consistently increased its R&D investment, totaling 1.264 billion yuan over five years, with R&D expenses accounting for 5.88% of total revenue in 2024 [4][5]. - The company has developed a range of core patented technologies and has advanced its product technology platform to include smart energy management systems [4].

Group 1: Research Overview - The research object is Nanwang Energy, belonging to the professional services industry, and the reception time was on July 25, 2025. The listed company's reception staff included Cheng Guohui and Ren Yanran from the Board of Directors' Work Department [17] - The institution involved in the research is Western Securities, and the reception object is Liu Ronghui [20] Group 2: Core Views - The company's overall business performance in 2025 is expected to be positive. The core industrial and building energy - saving businesses are expected to continue to grow steadily, the impact of biomass business on performance has significantly decreased, and the implementation of various plans and organizational adjustments will support the transformation and improve the company's operation level [33] Group 3: Company Business Details Business Transformation - The company released the 2025 annual key implementation plan for its strategic plan at the beginning of the year, shifting the business structure from "investment holding" to "investment holding + high - end services" and expanding the business type from "comprehensive energy" to "comprehensive energy+energy conservation and carbon reduction" [24] - To promote transformation, the company has optimized business layout, established a digital service company, and adjusted the organizational structure [24] Biomass Power Plants - The company applied to the court for the bankruptcy of Yangshan and Changling biomass project companies in December 2024, and the court has accepted the applications. The Tengxian and Chishui projects are in normal operation, with the Tengxian project achieving profitability in the first quarter of this year [27] Distributed Photovoltaic Projects - The company's operating distributed photovoltaic projects are mainly concentrated in the five - province region of China Southern Power Grid, accounting for about 70% of the project installed capacity. The main customers are industrial and commercial users from multiple industries, including many large - scale enterprises [28] Building Energy - Saving Projects - The company provides comprehensive energy - saving services for existing buildings and one - stop comprehensive energy - saving services for new buildings. The income sources include energy trusteeship, energy - saving benefit sharing, and charging based on supply volume [30] - In 2024, the gross profit margin of the building energy - saving business decreased due to factors such as reduced power savings in individual projects and increased transformation costs. In the future, the company will focus on key directions, regions, and industries, and extend to carbon - related businesses [31][32] Renewable Energy Subsidies - The company attaches great importance to project compliance and actively cooperates with the renewable energy power generation subsidy verification work. There is uncertainty in the payment speed and proportion of receivable renewable energy subsidies, and there may be a risk of subsidy income reduction [34]

Core Viewpoint - The implementation of distributed photovoltaic projects in public institutions across Jiangsu province is rapidly advancing, demonstrating significant energy savings and carbon reduction potential, with a focus on centralized and unified construction methods to overcome challenges in project execution [1][2][3]. Group 1: Project Implementation and Impact - The first public institution microgrid project in Nanjing has been launched, covering an area of approximately 3,810 square meters, generating 875,200 kWh of green electricity annually, and reducing carbon emissions by about 667.8 tons [1]. - Since the start of the initiative, 95 public institutions in Nanjing have engaged in distributed photovoltaic construction, achieving an annual electricity generation of approximately 34 million kWh, saving energy costs of about 1.15 million yuan, and reducing carbon emissions by around 23,000 tons [4]. - Jiangsu's public institutions have a potential rooftop area of approximately 55 million square meters for solar photovoltaic projects, but challenges such as limited rooftop space and complex procurement processes have hindered progress [2][3]. Group 2: Centralized Construction Approach - The centralized and unified bidding approach has been adopted to streamline the construction of photovoltaic projects, with 403 projects initiated in 2023 alone [3]. - The provincial government has led by example, completing 17 pilot projects with a total installed capacity of approximately 1.5 MW in 2022, while city-level agencies have completed 30 projects with a capacity of 8.21 MW [3]. - The strategy of bundling multiple buildings for unified bidding has attracted investment and facilitated project implementation [4]. Group 3: Regional Development and Collaboration - Nantong has emerged as a leader in the implementation of distributed photovoltaic projects, with 279 projects and a total installed capacity of 38 MW, benefiting from national pilot programs [6]. - The collaboration between public institutions and various departments has led to the addition of 22 new photovoltaic projects in provincial universities and 2 in healthcare institutions, with a total capacity nearing 23 MW [7]. - The approach of promoting photovoltaic installations in schools and hospitals has opened up significant energy-saving opportunities, with some regions achieving installation rates of over 70% [6]. Group 4: Market Mechanisms and Innovations - The introduction of contract energy management has facilitated market participation in the construction and operation of photovoltaic projects, reducing financial burdens on public institutions [8]. - Innovative models such as "photovoltaic + charging stations" are being explored to enhance energy consumption capabilities in public institutions, allowing for market-based electricity trading [9]. - The rapid advancement in photovoltaic technology, with conversion efficiencies reaching 25%, has shortened the payback period for projects to around five years, making them more economically viable [8].

Core Viewpoint - The distributed photovoltaic (PV) industry is undergoing a policy adjustment period following the implementation of new regulations, which has led to a surge in installations but increased uncertainty regarding future project profitability and market dynamics [1][4][9]. Group 1: Policy Changes and Market Impact - The new regulations, including the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation" and the "Notice on Deepening the Market-oriented Reform of New Energy Grid Connection Prices," have significantly influenced the market, leading to a "rush to install" before the deadlines [1][2]. - In the first five months of the year, China saw nearly 200 GW of new PV installations, a 150% year-on-year increase, with May alone contributing 92.92 GW, marking a 388% increase [2]. - The shift from guaranteed pricing to market-based pricing for new projects post-June 1 introduces uncertainty in revenue, challenging the operational capabilities of companies in the sector [1][4]. Group 2: Industry Challenges and Adjustments - The rapid growth of distributed PV installations has led to issues such as grid connection and consumption management, prompting calls for regulatory standardization to ensure sustainable development [3]. - Companies are expected to adapt their business models to focus on high self-consumption ratios and minimize the burden on the grid, with many provinces implementing new regulations to enforce these requirements [3][5]. - The transition to uncertain pricing models is likely to create a temporary "window period" where market participants reassess their strategies and adapt to the new environment [4][5]. Group 3: Future Development and Innovations - Companies are increasingly focusing on integrated energy services, leveraging new technologies such as virtual power plants and microgrids to enhance project efficiency and profitability [7][8]. - The market is expected to see a shift towards high-load regions like Guangdong and Jiangsu, with increased competition among suppliers and contractors [5][8]. - Innovations in financial models and solutions are anticipated to emerge as companies seek to navigate the new pricing landscape and capitalize on the evolving market dynamics [5][6].

Company Overview - Zhejiang Sunoren Solar Technology Co., Ltd. (referred to as "the company") is a clean energy service provider focused on distributed photovoltaic systems, including investment and operation of distributed photovoltaic power plants, EPC services, photovoltaic product manufacturing and sales, energy storage, and charging station investment and operation [12][13]. Bond Issuance Details - The company issued 8.8 million convertible bonds with a face value of 100 RMB each, totaling 880 million RMB, approved by the China Securities Regulatory Commission on April 2023 [1][2]. - The net proceeds from the bond issuance, after deducting underwriting and other fees, amounted to 869.56 million RMB [1][2]. - The bonds will be listed on the Shanghai Stock Exchange starting November 24, 2023, under the name "芯能转债" and code "113679" [1][2]. Financial Performance - As of December 31, 2024, the company's total assets were approximately 4.3 billion RMB, with a slight decrease of 1.22% compared to the previous year [13]. - The company's operating revenue for 2024 was approximately 688.86 million RMB, reflecting a 0.39% increase year-on-year [13]. - The net profit attributable to shareholders decreased by 11.36% compared to the previous year, with basic earnings per share at 0.39 RMB [13][14]. Use of Proceeds - The proceeds from the bond issuance are allocated to various projects, including the construction of distributed photovoltaic power plants, with a total investment of approximately 104.25 million RMB [1][14]. - The company has adjusted the investment amounts for certain projects while maintaining the overall funding for the distributed photovoltaic power plant construction project [14]. Bond Terms and Conditions - The convertible bonds have a term of 6 years, with an interest rate that increases progressively from 0.30% in the first year to 2.50% in the sixth year [2][7]. - The initial conversion price is set at 13.10 RMB per share, with provisions for adjustments based on various corporate actions [2][3]. - The company has the right to redeem the bonds at 115% of the face value after maturity if they remain unconverted [7][8]. Credit Rating - The company's credit rating is AA- with a stable outlook, as assessed by Zhongjian Pengyuan Credit Rating Co., Ltd. [15][16].

Summary of Conference Call Notes Company and Industry Overview - **Company**: Guoneng Rixin - **Industry**: New Energy, specifically focusing on power prediction and electricity trading systems Key Points and Arguments 1. **Demand for Power Prediction**: The issuance of Document No. 136 mandates that all new energy electricity must enter the power market, significantly increasing the demand for power prediction accuracy and driving the need for power prediction and electricity trading products at the power station level [2][4] 2. **Distributed Photovoltaic "Four Capabilities" Transformation**: Various provinces are implementing policies requiring existing distributed photovoltaic systems to complete the "Four Capabilities" transformation, which will enhance the company's power prediction business [2][14] 3. **Deepening Market Reform**: By 2024, the proportion of market-based electricity transactions is expected to reach 62.72%, with a notable increase in non-long-term trading volumes, benefiting the company's electricity trading decision support systems [2][4] 4. **Market Share and Customer Retention**: The company leads the new energy power prediction market with an average market share of approximately 20% in 2019, serving 4,345 new energy stations, and maintaining a renewal rate of over 95% for its power prediction services [2][19] 5. **Technological Advantages**: The company has demonstrated high power prediction accuracy, ranking among the top in national assessments, particularly excelling in wind power prediction [2][19] Additional Important Content 1. **Revenue and Profit Trends**: The company's revenue has steadily increased from 151 million in 2018 to 550 million in 2024, with a net profit of 94 million in 2024, reflecting a net profit margin increase from 13.62% in 2018 to 17.21% in 2024 [7] 2. **Future Revenue Projections**: Expected revenues for 2025 to 2027 are projected to be 702 million, 915 million, and 1.2 billion respectively, with net profits of 129 million, 177 million, and 230 million [4][31] 3. **Regulatory Requirements for Power Prediction**: The national regulatory framework has established specific accuracy and reporting requirements for power prediction in wind and solar energy, emphasizing the need for improved reliability in energy supply [11] 4. **Distributed Photovoltaic Growth**: From 2016 to 2024, distributed photovoltaic capacity in China has grown at a compound annual growth rate of 56.68%, with significant increases in new installations [12] 5. **Challenges in Grid Integration**: Many regions are facing limitations in grid capacity for distributed photovoltaic systems, leading to a slowdown in new installations [13] 6. **Investment in Integrated Energy Solutions**: The company is investing 750 million to enhance its integrated energy solutions, with 43 projects already implemented and over 100 in negotiation [20] 7. **Model Development**: The company has released and upgraded its "Kuangming" model, which significantly improves the accuracy of power predictions for wind and solar energy [21][22] 8. **Risks**: Key risks include rapid growth in accounts receivable, potential delays in policy implementation affecting market transactions, and increased competition impacting profitability [36] This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning within the new energy sector and its proactive measures to adapt to regulatory changes and market demands.

Core Insights - The distributed photovoltaic (PV) industry is experiencing intense competition as various sectors, including home appliances and real estate, enter the market, disrupting previous business models and profit margins [1][3][4] Industry Overview - The distributed PV sector has seen a surge in participants, with companies like Skyworth, Haier, and TCL joining the fray, leading to a more competitive landscape [1][3] - The net profit margin for distributed PV stations is currently around 20%, with some companies like Xinneng Technology reporting as high as 29.54% due to rising industrial electricity prices [4][6] - However, the market is expected to become increasingly saturated, potentially leading to a "red ocean" scenario for competition [4][6] Market Dynamics - The competition is characterized by aggressive marketing strategies and flexible partnership models, as seen during the recent Jinan International Solar Exhibition [6][18] - The acquisition of "roof resources" has become a critical competitive factor, with companies needing to invest in channels to reach rural and lower-tier markets [6][11] Company Performance - Skyworth Group reported a revenue of 53.491 billion yuan in 2022, with a significant growth of 191% in its renewable energy segment, despite an overall decline in net profit [9][14] - The distributed PV segment of Skyworth has become a key growth area, with over 200,000 installed units across more than ten provinces [9][14] - The company's profit margin in the distributed PV sector is projected to be around 3%, significantly lower than other segments [16] Competitive Landscape - Major players in the distributed PV market include Zhengtai Aneng, Trina Solar, and Skyworth, with Zhengtai leading in user numbers and development scale [12][14] - The entry of home appliance companies into the PV market has changed traditional business models, with a focus on leveraging existing distribution channels and customer relationships [11][14] - The market is witnessing a shift towards rental models and financing solutions, which are impacting traditional EPC (Engineering, Procurement, and Construction) businesses negatively [17][18] Future Outlook - The distributed PV market is expected to double in size, with significant growth projected for 2023, despite challenges faced by traditional players [17][18] - The industry is still in its early stages, and the long-term viability of new business models and management practices remains to be seen [19]