Core Viewpoint - Kangjin Electric submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its competitive position in the integrated power equipment and smart energy management solutions market [1] Company Overview - Established in 2006, Kangjin Electric is a technology-driven integrated power equipment provider and smart energy management solutions provider [1] - The company has developed a competitive "source-network-load-storage" integrated platform and covers the entire lifecycle of power system products [1] - According to Frost & Sullivan, Kangjin Electric ranks third in the Chinese market for ring network cabinets with a market share of 4.4% in 2024 [1] - The company holds over ten invention patents in solid, environmentally friendly, and normal pressure ring network cabinets, making it one of the companies with the most patents in this market [1] Business Segments - Kangjin Electric's operations are divided into two main segments: smart distribution network equipment and smart renewable energy business solutions [1] - Smart distribution network equipment includes ring network cabinets, transformers, high and low voltage complete equipment, and pole-mounted switches [1] - Smart renewable energy business solutions encompass smart energy storage, smart charging systems, and integrated energy projects and management platforms [1] - The company's solutions are deployed across various sectors, including infrastructure development, energy, industrial, commercial, building management, and transportation [1] Financial Performance - Revenue for Kangjin Electric in 2022, 2023, and 2024 was RMB 637.9 million, RMB 823.7 million, and RMB 968.7 million, respectively, with a compound annual growth rate of 23.3% [2] - Gross profit for the same years was RMB 185.9 million, RMB 230.1 million, and RMB 245.7 million, with gross margins of 29.1%, 27.9%, and 25.4%, showing a declining trend [2] - Revenue from the core product, ring network cabinets, was RMB 364.2 million, RMB 438.3 million, and RMB 489.9 million from 2022 to 2024, accounting for 57.1%, 53.2%, and 50.6% of total revenue, respectively [2] - Despite a 17.6% year-on-year revenue growth in 2024, net profit decreased from RMB 56.2 million in 2023 to RMB 38.3 million in 2024, a decline of 31.9% [2] Market Position and Strategy - The competitive landscape of the Chinese ring network cabinet market is relatively fragmented, with the top five manufacturers holding 20.3% of the market share in 2024 [4] - Kangjin Electric plans to implement growth strategies, including becoming a core supplier for new power systems, increasing R&D investment, cautiously expanding production capacity, and continuously attracting technology innovation talent [4]

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.

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]

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]

【重点关注】 ·中美经贸磋商机制首次会议在英国伦敦举行中美就落实两国元首通话共识及日内瓦会谈共识达成框架 ·以色列伊朗发动新一轮袭击打击对方军事、能源设施 ·中办、国办发文进一步保障和改善民生提出全面取消就业地参保户籍限制、合理提高最低工资标准等 多项举措 ·国务院常务会议部署中国（上海）自由贸易试验区试点措施复制推广工作听取构建房地产发展新模式 和推进好房子建设有关情况汇报 ·5月份CPI环比下降0.2% PPI环比下降0.4% ·5月金融数据出炉："活钱"增多M1增速明显上升前五个月新增社融超18万亿元 ·多家车企宣布对供应商"60天付款" 共同促进供应链体系健康发展 ·市场监管总局发文加强直播电商监管强化直播间运营者责任不得作虚假或者引人误解的商业宣传 ·铸造铝合金期货上市交易 【国内要闻】 ·国务院总理李强6月13日主持召开国务院常务会议，部署中国（上海）自由贸易试验区试点措施复制推 广工作，听取构建房地产发展新模式和推进好房子建设有关情况汇报，审议通过《关于进一步完善信用 修复制度的实施方案》，研究优化药品和耗材集采有关举措。会议听取构建房地产发展新模式和推 进"好房子"建设有关情况汇报，并作出一系 ...

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]