新疆天富能源股份有限公司2025 年半年度报告 公司代码：600509 公司简称：天富能源 新疆天富能源股份有限公司 新疆天富能源股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人刘伟、主管会计工作负责人刘伟及会计机构负责人（会计主管人员）张伟声明： 保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细描述可能存在的相关风险，敬请参阅"第三节 管 ...

新华财经北京8月11日电（李昕澎、安娜） 为助力"双碳"目标的推进，应如何健全完善体制机制、优化 治理体系、强化规划引领，加快电力系统低碳转型？在近日于北京举办的"2025电力低碳转型年会"上， 与会专家就此展开热议。 本次年会由中国能源研究会和中国电力企业联合会主办、自然资源保护协会（NRDC）支持，以"强化 规划引领，加快电力低碳转型"为主题。 中国能源研究会理事长史玉波在会上说，建立制度健全、科学规范、运行有效的能源电力规划体制，为 加快电力低碳转型、推进能源体系现代化提供有力支撑。回望"十四五"，迎来我国新能源装机总量超过 火电装机的历史节点，新型电力系统对高比例新能源的适应能力持续提升，市场机制与政策体系持续完 善。 展望"十五五"，史玉波认为，需重点着眼三个强化：一是强化规划的系统性与协同性，推动"源网荷 储"一体化发展，确保电力系统发挥整体效益；二是强化规划的科学性与灵活性，统筹好转型与安全的 关系，科学论证新能源的可靠替代能力，确保能源稳定供应和电力安全运行；三是强化规划的前瞻性与 创新性，引领新技术、新业态加速发展，布局前沿引领技术的研发与应用，大力培育新业态，激发全社 会节能降碳潜力。 " ...

Group 1 - The establishment of Shandong Iron Investment Energy Group marks a significant step in accelerating the development of the new energy industry by Shandong Iron Investment Group [1] - The new energy sector is a key component of the "353" industrial development strategy, focusing on an integrated model of "wind, solar, nuclear, and storage" [1][2] - The company aims to achieve a target of "100 billion assets, 10 billion revenue, leading in the province, and competitive nationally" while enhancing operational capabilities and accelerating power trading [1][2] Group 2 - Shandong Iron Investment Energy Group has a registered capital of 10 billion yuan and oversees several subsidiaries, with a total installed capacity of 1.8 GW and a grid-connected capacity of 1.7 GW across 41 renewable energy stations [2] - The company will focus on the entire chain of "generation-storage-consumption" and aims to be a benchmark operator in the clean energy sector, emphasizing market-oriented projects and innovative integration of "transportation + energy" [3] - The operational strategy includes enhancing resource development, collaborative innovation, and operational support while pursuing both independent development and cooperative mergers and acquisitions [3]

Core Viewpoint - The article highlights the recent bidding and winning projects in the energy storage sector, indicating a growing trend in the integration of energy sources and storage systems across various provinces in China [1][2]. Bidding Section - The largest project is the EPC general contracting framework for the integrated energy storage project by Huahuo Energy, with a total bidding scale of 3 GWh covering Hebei, Jiangsu, and Shandong provinces. Each province has a bidding segment that includes 1 GW of solar, 1 GW of wind, and 1 GWh of storage [2]. - The bidding requirements specify a maximum of five candidates per segment, with each candidate allocated 200 MW for solar, 200 MW for wind, and 200 MWh for storage. The maximum bidding prices are set at 3.8 yuan/W for wind, 2.5 yuan/W for solar, and 0.68 yuan/Wh for storage [2]. Winning Section - The lowest winning bid for the storage system was 0.415 yuan/Wh, submitted by Beijing Tiancheng Tongchuang for a shared storage project with a total scale of 100 MW/400 MWh, amounting to a total project price of 16.6 million yuan [3][6]. Project Statistics - A detailed table lists various bidding projects, including dates, categories, project types, investors, and installed capacities. Notable projects include: - Huahuo Energy's integrated energy project in Guangdong with a capacity of 3 GWh [4]. - Ningxia Zhongying Energy's shared storage project with a capacity of 200 MW/800 MWh [4]. - Xinjiang's independent storage projects with capacities of 100 MW/400 MWh [4]. Winning Project Statistics - A table summarizes winning projects, including: - A wind power project in Guangxi with a capacity of 150 MW, won by BYD with a bid price of 0.46 yuan/Wh [6]. - An independent storage project in Henan with a capacity of 100 MW/300 MWh, won with a bid price of 1.015 yuan/Wh [6]. - A shared storage project in Shandong with a capacity of 100 MW/400 MWh, won at a price of 0.415 yuan/Wh [6].

Core Viewpoint - The investment in key energy projects in China has significantly increased in the first half of the year, with a total investment exceeding 1.5 trillion RMB, marking a year-on-year growth of 21.6% across various regions [2]. Group 1: Investment Growth in Renewable Energy - The investment in new energy generation has maintained rapid growth, with land-based wind power investments in Guangxi and Xinjiang doubling compared to the same period last year [2]. - Offshore wind power investments in Guangdong, Fujian, and Shanghai have seen concentrated releases [2]. - Centralized photovoltaic investments have grown by 24.5% year-on-year, while distributed photovoltaic investments have surged over 70% [2]. - Solar thermal power investments have nearly doubled compared to last year [2]. Group 2: Emerging Energy Investment - Investment in hydrogen energy projects has also doubled, with multiple green hydrogen projects in Jilin Province advancing rapidly [2]. - Investment in charging and swapping infrastructure has increased by nearly 70%, with nine pilot cities accelerating the construction of intelligent charging and swapping facilities [2]. - New energy storage and integrated source-grid-load-storage investments have each grown by over 30% [2]. Group 3: Private Sector Investment - Investment from private enterprises in the energy sector has grown by 27.8% year-on-year [3]. - Private enterprises have accelerated investments in distributed photovoltaic and land-based wind power, with growth rates exceeding 40% [3]. - Investments in charging and swapping infrastructure and centralized photovoltaic projects have maintained a growth rate of around 15% [3].

Core Viewpoint - The company, China Yangtze Power (600900.SH), continues to experience growth in profitability, with significant increases in revenue and net profit for the first half of 2025, driven primarily by increased electricity generation from its six cascade hydropower stations [1][2][3]. Financial Performance - In the first half of 2025, the company achieved total operating revenue of 36.587 billion yuan, a year-on-year increase of 5.02% [1][2]. - The net profit attributable to shareholders reached 12.984 billion yuan, reflecting a year-on-year growth of 14.22% [1][2]. - The net profit growth rate significantly outpaced revenue growth, indicating improved operational efficiency and cost control [2][3]. Electricity Generation - The total electricity generation from the company's six hydropower stations was approximately 126.656 billion kWh, representing a year-on-year increase of 5.01% [3]. - In the second quarter of 2025, the total electricity generation was about 68.977 billion kWh, which is a 1.63% increase compared to the same period last year [3]. Dividend Policy - The company has maintained a generous dividend policy, distributing over 20 billion yuan in dividends for three consecutive years from 2022 to 2024 [4][5]. - Cumulatively, since its listing, the company has distributed a total of 207.27 billion yuan in dividends, with a dividend payout ratio of 64.94% [4][5]. Business Operations - The company is engaged in various sectors including hydropower generation, pumped storage, smart integrated energy, new energy, investment financing, and electricity distribution, with operations extending across multiple countries [2]. - The total installed hydropower capacity of the company is 71.795 million kW, accounting for 16.45% of the national hydropower capacity in China [2]. Investment and Cost Management - The company has made strategic investments in several energy companies, enhancing its resource acquisition capabilities and generating substantial investment returns [4]. - Financial expenses have shown improvement, with a reduction in financial costs from 11.131 billion yuan in 2024 to 2.481 billion yuan in the first quarter of 2025 [5]. - The company's debt ratio has improved over three consecutive quarters, with a reported asset-liability ratio of 59.65% by the end of the third quarter of 2025 [5].

Core Viewpoint - Recently, Zhuhai Kangjin Electric Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with Fosun International Capital and Chuangsheng Financing as joint sponsors. The company is a technology-driven integrated power equipment provider and smart energy management solution provider, focusing on the "source-network-load-storage" integrated platform, which covers the entire lifecycle of power systems [1][2]. Financial Performance - Kangjin Electric's revenue has shown a continuous growth trend, with projected revenues of approximately 638 million RMB, 824 million RMB, and 969 million RMB for the years 2022, 2023, and 2024 respectively. The net profits for the same years are expected to be 51.78 million RMB, 56.25 million RMB, and 38.34 million RMB [2][4]. - In 2024, the company anticipates a year-on-year revenue growth of 17.61%, with a gross profit of 246 million RMB, reflecting a 6.76% increase, and a gross margin of 25.36% [3][4]. Business Segments - The company's operations are divided into two main segments: smart distribution network equipment and smart renewable energy solutions. The smart distribution network equipment includes ring main units, transformers, and high/low voltage complete equipment, while the smart renewable energy solutions encompass smart storage, smart charging systems, and integrated energy projects [5]. - The smart distribution network equipment segment is the primary revenue contributor, accounting for 91% of the business revenue in 2024, with ring main unit sales making up 50.6% of this segment [5]. Market Trends - The Chinese power grid industry is accelerating its transition towards smart and low-carbon solutions, with significant investments planned by major state-owned grid companies. By 2025, the State Grid is expected to invest over 650 billion RMB, while the Southern Grid plans to invest 175 billion RMB [7]. - The investment in China's power grid is projected to reach 707.3 billion RMB in 2024, with a compound annual growth rate of 6.4%, expected to rise to 993.4 billion RMB by 2029 [7]. Innovation and Technology - Kangjin Electric has established a proprietary "source-network-load-storage" integrated platform, which enhances energy efficiency and optimizes supply-demand balance. The company has developed a technology ecosystem that includes AI energy management and distributed power IoT networks [11][12]. - The company has achieved significant breakthroughs in integrating AI technology with energy management, enabling real-time data analysis and operational support, which helps reduce maintenance costs and enhance safety [12][13]. International Expansion - Since entering the international market in 2012, Kangjin Electric has seen substantial growth in its overseas business, with revenue from international markets increasing from 0.7% in 2022 to 3.8% in 2024. The overseas revenue surged from 7.5 million RMB in 2023 to 36.5 million RMB in 2024, marking a growth of 386.7% [17]. - The global demand for power grid investment is expected to accelerate, with projections indicating that annual investments could reach 775 billion USD between 2031 and 2040, and exceed 1 trillion USD post-2035 under net-zero scenarios [15][17].

Group 1 - The core viewpoint of the event emphasizes that "source-network-load-storage integration" is essential for building a new power system amid the accelerating global energy transition [1] - Wuxi is highlighted as a key hub for the new energy industry in the Yangtze River Delta, with a call for leveraging technology, capital, and market advantages to promote collaborative innovation in the industry chain [1] - The event serves as a significant platform for showcasing new technologies, products, and achievements in the renewable energy sector, facilitating communication and cooperation among industry players [1] Group 2 - Over 100 participants from upstream and downstream companies of the source-network-load-storage industry chain, industry associations, and media representatives attended the meeting to discuss high-quality development paths for the renewable energy industry [2] - Several companies, including GCL Group, Longxin Technology, and Far East Smart Energy, expressed confidence and expectations for the exhibition and the development of the renewable energy industry during the signing session [2] - The event featured the global launch of Longxin Technology's AI model for renewable energy, which garnered significant attention and discussion among attendees [1][2]

Core Viewpoint - The urban gas industry is undergoing a transformation towards comprehensive energy services, embracing smart technologies and exploring international expansion opportunities, driven by the dual carbon goals and market reforms in China [1][5][9]. Industry Overview - The urban gas industry in China has evolved significantly since the "West-East Gas Pipeline" project in 2004, transitioning from a phase of rapid expansion to a period of deep adjustment due to market reforms and increased competition [1][7]. - The industry is now characterized by a fragmented structure with major players and numerous small enterprises, facing challenges such as aging infrastructure and intensified competition from electrification [1][7]. Transition to Comprehensive Energy Services - Urban gas companies are shifting from traditional gas sales to becoming comprehensive energy service providers, integrating electricity, gas, heat, and renewable energy sources [4][5]. - New opportunities are emerging under the dual carbon goals, prompting companies to innovate and adapt their business models to include energy efficiency and carbon reduction strategies [3][9]. Case Study: Dunhuang Textile - Dunhuang Textile has successfully reduced energy costs by 14% through energy efficiency upgrades and the implementation of a comprehensive energy management system, showcasing the potential benefits of transitioning to a comprehensive energy model [3][12]. - The company’s experience reflects a broader trend in the industry where traditional high-energy-consuming sectors are seeking to lower costs and improve competitiveness through integrated energy solutions [3][12]. Market Dynamics and Challenges - The demand for natural gas is declining, with a reported 1.3% year-on-year decrease in consumption from January to May, leading to financial pressures on urban gas companies [7][8]. - Companies are facing challenges from price fluctuations and regulatory constraints, which complicate their ability to maintain profitability in the face of rising operational costs [7][8]. Policy and Technological Support - Government policies are increasingly focused on establishing zero-carbon parks and promoting renewable energy integration, which is expected to drive the growth of comprehensive energy services [9][10]. - Technological advancements in renewable energy and energy management systems are reducing costs and enhancing the economic viability of comprehensive energy solutions [10][16]. Business Model Innovation - Urban gas companies are exploring different business models, including fixed-price and sharing models, to enhance profitability and align interests with customers [15][16]. - The shift towards a service-oriented approach requires companies to rethink their operational strategies, focusing on customer needs and collaborative value creation [15][16]. Future Outlook - The comprehensive energy market presents significant growth potential, particularly in energy efficiency retrofits and carbon reduction investments, estimated to be in the range of $0.7 trillion to $2.7 trillion for industrial sectors [14]. - As the market evolves, urban gas companies will need to enhance their operational and trading capabilities to remain competitive in the integrated energy landscape [16].

Core Insights - The urban gas industry is undergoing a transformation from resource-driven to service-oriented, driven by the breaking of licensing restrictions on gas franchise operations and the push towards comprehensive energy services under the "dual carbon" goals [1][2][7] Industry Overview - The urban gas sector in China has evolved significantly since the "West-to-East Gas Transmission" project in 2004, leading to a fragmented market dominated by a few large companies and thousands of smaller firms [1] - The industry is currently facing challenges due to market reforms, increased safety regulations, and competition from electrification [1][2] Transition to Comprehensive Energy Services - Urban gas companies are shifting from traditional gas sales to becoming comprehensive energy service providers, integrating electricity, gas, heat, and renewable energy systems [6][12] - New opportunities are emerging as companies adapt to the "dual carbon" goals, with a focus on energy efficiency and carbon reduction [2][5] Case Study: New Energy Solutions - New Energy has implemented energy-saving measures for clients, such as converting steam supply methods and installing rooftop solar panels, resulting in a 14% reduction in energy costs for a textile company [5][12] - The company plans to expand its energy efficiency initiatives to other industrial areas, emphasizing the importance of low-carbon energy solutions [5][12] Market Dynamics and Challenges - The demand for natural gas is declining, with a reported 1.3% decrease in consumption in early 2023, prompting companies to adjust their business models [8][10] - Urban gas companies are experiencing pressure from rising operational costs and market competition, leading to a decline in profit margins [10][11] Policy and Technological Support - Government policies are increasingly focused on zero-carbon initiatives, with a push for renewable energy integration and energy efficiency improvements [11][12] - Technological advancements in energy management, such as AI and big data, are being leveraged to optimize energy supply and demand [16][17] Business Model Innovations - Urban gas companies are exploring new business models, including fixed-price and sharing models, to enhance profitability and customer engagement [15][16] - The shift towards electricity as a core service is becoming a consensus in the industry, with companies developing integrated energy solutions [16][17]