证券代码：000966 证券简称：长源电力 编号：2025-02 国家能源集团长源电力股份有限公司 投资者关系活动记录表 | 投资者关系 | □特定对象调研 □分析师会议 □媒体采访  业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观  其他 | | 活动 | 投资者：通过网络参加的投资者 | | | 长源电力：郑峰（董事、总经理） | | | 胡 谦（副总经理） | | | 潘承亮（董事会秘书） | | 参与人员 | 规划发展部、财务部、安全环保部、生产管理部 | | | 工程建设部、市场营销部、燃料采购部、证券与企业管理部 | | | 有关人员 | | 时间 | 年 月 2025 6 12 日（星期四）14:30~16:50 | | 地点 形式 | 武汉市洪山区徐东大街 63 号国家能源大厦 206 会议室 网络互动 | | | 1. 请问公司 2025 资产重组工作进展到哪一步了？ | | | 您好！目前公司没有应披露而未披露的信息，涉及公司生产经营、 | | | 战略发展等方面的信息，请以公司在指定媒体披露的信息为准！感谢您 | | | 的关注！ ...

Core Insights - The SNEC International Photovoltaic and Energy Storage Exhibition showcased the innovative "charging network, microgrid, and energy storage network" integration by the company, highlighting its role in building a new power system and demonstrating the strength and forward-looking layout of Chinese enterprises in the renewable energy sector [1] Group 1: Technology and Innovation - The company's megawatt-level intelligent charging system supports a maximum power pool of 4000 kW, allowing flexible adjustment of grid capacity and charging demand [1] - The liquid-cooled charging terminal provides up to 1000 kW power for passenger vehicles, enabling an 80 kWh charge in 5 minutes, which increases the range by approximately 600 kilometers [1] - Charging solutions for buses and logistics vehicles achieve megawatt-level charging capabilities of 1000 kW and 1600 kW, respectively [1] Group 2: Microgrid Solutions - The integrated microgrid solution showcased includes charging and discharging terminals, photovoltaic canopies, and tiered battery storage systems [1] - The company's self-developed microgrid controller and energy cloud platform efficiently aggregate resources from electric vehicle charging and photovoltaic generation, significantly enhancing renewable energy consumption capacity and reducing storage costs [1] - By the end of 2024, the company plans to deploy over 800 new energy microgrid stations across more than 140 cities in China [1] Group 3: Virtual Power Plant and Market Participation - The company's virtual power plant platform innovatively aggregates distributed resources, participating deeply in grid demand response, peak regulation, and electricity trading [2] - Practical implementations in cities like Changchun and Handan have validated the platform's efficient scheduling capabilities, providing flexible resources to the grid while generating substantial returns for participants [2] - The company aims to continue deepening technological innovation and collaborating with global partners to promote large-scale applications of renewable energy, contributing to the establishment of a clean and low-carbon global energy system [2]

在寸金寸土的苏州工业园区核心区，一座"会思考"的变电站正在改写城市供电格局。昨天（6月11 日），苏州工业园区110千伏苏茜变电站正式投运。作为江苏电网现代智能建造升级重点项目——新型 电力系统最小占地示范站，该站以"最小占地、最小体积、免巡视、免维护"的建设理念，成为目前江苏 电网占地最小的110千伏变电站，堪称"电力魔方"。 苏茜变电站地处苏州工业园区城市中心，与印象中庞大的变电站不同，该站更像一座精致的科技 馆。"我们像玩俄罗斯方块一样，把每一寸空间都用到了极致。"国网苏州供电公司建设部设计管理专职 项琰介绍。针对土地资源稀缺、环境评价要求高的难题，项目设计团队运用集约化思维，创新采用"子 母变"建设模式，与邻近220千伏新葑门变电站共用道路、围墙、消防水池等设施，实现资源的高效整合 利用。这种模式就像让两个邻居共用车库和花园，仅此一项就节省了15%的建设成本。 绿色低碳方面也可圈可点。该站采用预制装配式建筑工艺，使用一体化集成墙板等绿色建材，可减 少施工污染，兼具出色的节能性能。站内还配置31.5千瓦屋顶光伏系统，年发电量约3.1万度，相当于减 排31吨二氧化碳。预留的综合能源站空间未来可拓展交直流微 ...

Core Viewpoint - The article discusses the construction and integration of new energy storage projects in Guangdong Province for the year 2025, highlighting the significant increase in project applications and the need for careful planning and management to address potential issues in capacity and integration [1][3][4]. New Energy Storage Demand Analysis - The demand for frequency regulation in Guangdong is limited, with a total market size of approximately 100-150 thousand kilowatts, accounting for 1% of the total load. The frequency regulation market is expected to gradually saturate as independent storage integration increases [2]. - Peak shaving demand is projected to be the primary focus for new energy storage, with an immediate total demand of about 5 million kilowatts and a long-term demand of 8-10 million kilowatts by 2030 [2]. Project Evaluation Results - A total of 209 projects have applied for inclusion in the 2025 construction plan, with a total scale of 41.81 GW/84.59 GWh, representing a 147.6% increase compared to the 2024 application scale of 16.93 GW/34.17 GWh [3]. - Among these, 5 projects are on the power side with a total scale of 65 MW/180 MWh, while 204 projects on the grid side have a total scale of 41.745 GW/84.41 GWh [3]. Existing Issues - The large number of applications and total scale of projects face limitations due to factors such as power generation capacity, grid structure, and load development, leading to localized access issues. Some regions have applications that exceed local load capacities [4]. - There are instances of multiple projects clustered in the same supply area, exceeding the system's allowable integration capacity [4]. Recommendations - Strengthen planning guidance by clarifying the overall demand scale for the province, estimated at 8-10 million kilowatts, and specifying demand scales for each city [5]. - Optimize the annual construction plan management mechanism, suggesting an annual construction scale of 2-3 million kilowatts [6]. - Encourage local governments to coordinate projects effectively and guide reasonable investment decisions based on system integration capabilities [7]. - Conduct a cleanup of existing projects to release valuable system integration resources, as many approved projects have not commenced as scheduled [8].

文 | 中关村储能产业技术联盟 近日，广东电网公司发布《关于做好我省2025年度新型储能电站项目建设论证及并网接入有关工作的复函》。 新型储能需求分析 结合广东电力系统发展情况，以满足系统调节需求为导向，分析2025-2027调频、调峰等需求。 调频需求： 广东调频市场总规模需求空间有限（ 约100-150万千瓦，占统调负荷的1%）， 系统调频能力相对 充足。未来随着独立储能并网规模的不断增加，调频市场将逐步饱和。 调峰需求： 经测算，广东新型储能主要为调峰需求， 应重点引导在新能源富集区域和负荷中心区域建设独立储 能电站，近期总需求规模约为 500万千瓦， 远期至2030年总需求规模约为 800-1000万千瓦。 评估论证结果 项目申报情况： 2025年共有209个项目申请纳入年度建设计划，总规模41.81GW/84.59GWh， 相比较2024 年 申 报 总 规 模 16.93GW/34.17GWh ， 增 长 147.6% （ 以 GWh 计 算 ） 。 其 中 ， 电 源 侧 储 能 5 项 ， 总 规 模 65MW/180MWh； 电网侧储能204项，总规模41.745GW/84.41GWh。 项 ...

Core Viewpoint - The intelligent distribution equipment industry is entering a golden development period driven by the dual goals of "dual carbon" and the construction of a new power system [1][2] Group 1: Company Overview - Beijing Haochuang Ruitong Electric Equipment Co., Ltd. (referred to as "Haochuang Ruitong") is a high-tech enterprise focused on intelligent distribution equipment and digital solutions for distribution networks [1] - The company plans to raise 477 million yuan for projects including the production of intelligent ring main units, intelligent pole-mounted switches, and the establishment of an intelligent distribution research center [1] - Haochuang Ruitong has received several accolades, including being recognized as a national "little giant" enterprise and a national green factory [1] Group 2: Market Demand and Financial Performance - The demand for intelligent distribution equipment is closely linked to the expansion of China's smart grid investment, which is expected to exceed 600 billion yuan in 2024 and 650 billion yuan in 2025 [2] - Financial data shows that Haochuang Ruitong's revenue is projected to grow from 560 million yuan in 2022 to 867 million yuan in 2024, with net profits increasing from 69 million yuan to 111 million yuan over the same period [2] - The company's R&D investment is also on the rise, with expenditures increasing from 17.30 million yuan in 2022 to 32.32 million yuan in 2024 [2] Group 3: Competitive Advantages and Future Outlook - Haochuang Ruitong has established a strong market position and influence in the intelligent distribution equipment sector, focusing on products like intelligent ring main units and pole-mounted switches [3] - The company aims to leverage national strategic deployments in smart grids and new power systems to enhance its core business and pursue moderate external development [3] - Future strategies include increasing investment in R&D, innovation, and smart production to strengthen the company's competitive edge and market position, aspiring to become a leader in China's smart distribution field [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **new energy sector**, focusing on wind and solar power installations and market dynamics in China. Core Insights and Arguments 1. **Projected Installations for 2025**: It is expected that new wind and solar installations will reach approximately **300 GW**, with **200 GW** from solar and **80-90 GW** from wind. The mechanism electricity ratio is projected to be around **50%** [3][4][6]. 2. **Investment Expectations**: Despite a decrease from **370 GW** in 2024 to **300 GW** in 2025, the investment outlook remains stable for both existing and new projects due to the anticipated increase in industrial and commercial electricity consumption [3][4][6]. 3. **Market Risks Post-2026**: After 2026, the scale of centralized electricity generation is expected to shrink, leading to increased competition and potential downward pressure on mechanism electricity prices. This could result in a significant reduction in new energy installations [4][8]. 4. **Internal Rate of Return (IRR) Decline**: New energy project electricity prices are expected to decrease by **3-5 cents**, leading to a **1.5-2 percentage point** drop in internal rates of return. The average IRR in the northern regions is around **6.5%**, while the central and eastern regions may stabilize around **7-8%** [5][6]. 5. **Grid Investment Surge**: The grid investment is projected to reach a record high, with an **8%** increase in the budget, totaling over **660 billion** yuan, reflecting a **10%** growth rate [1][18]. Additional Important Insights 1. **Electricity Supply and Demand Balance**: The electricity supply gap is expected to ease this summer, with an addition of **60 million kW** in capacity, leading to a generally balanced supply-demand situation [2][32]. 2. **Solar Installation Progress**: As of April 2025, solar installations reached approximately **100 GW**, with expectations to hit **140 GW** by the end of May. However, new installations may decline in the latter half of the year due to project completions [7][16]. 3. **Market Entry of New Energy**: The proportion of new energy entering the market is set to reach **100%** in 2025, with all projects required to participate in market transactions, albeit with a minimum guaranteed price [10][11]. 4. **Utilization Rates**: The utilization rates for solar and wind power are declining due to increased installation capacity. Solar utilization is expected to drop to around **90%**, while wind utilization remains relatively stable [14][15]. 5. **Future of High Voltage Transmission**: The development of high voltage transmission projects is optimistic, with plans for **11 new lines** in 2025, although challenges remain regarding project approvals and environmental assessments [22][24][25]. This summary encapsulates the critical points discussed in the conference call, providing insights into the current state and future outlook of the new energy sector in China.

Steel Industry - The average daily crude steel output of key steel enterprises reached a four-month low in late May 2025, indicating a potential recovery in profitability to historical average levels due to the revised "Steel Industry Normative Conditions" by the Ministry of Industry and Information Technology [4] Copper Industry - COMEX copper inventory hit a new high since September 2018, while LME copper inventory reached a near 12-month low; trade conflicts have eased, leading to a rebound in copper prices, but demand risks remain as the market enters a seasonal lull [5] Basic Chemicals - The rise of the trendy toy industry is driving new consumer demand, with the market size of China's pan-entertainment toy market surpassing 100 billion yuan, expected to reach 212.1 billion yuan by 2029; this growth will benefit the color masterbatch and pigment industries [6] Public REITs - The total market value of public REITs surpassed 200 billion yuan for the first time, with a market value index of 113.91 as of June 6, 2025, reflecting a 19% increase since the end of 2024; the market is expected to continue growing steadily [8] New Energy and Environmental Protection - Recent policies related to the new power system are expected to lead to breakthrough developments, addressing renewable energy consumption issues through market-based pricing mechanisms and innovative supply models [9] Digital Currency and Web3 - The passage of the GENIUS Act in the U.S. Senate and the approval of the stablecoin regulation draft in Hong Kong are expected to catalyze the application of Real World Assets (RWA), creating new pathways for traditional finance to integrate into the digital economy [9] Sunac Services - Sunac Services is expected to experience stable growth as the impact from real estate associations diminishes, with a significant increase in sales amounting to 4.9 billion yuan in May 2025, a year-on-year increase of 128% [10]

Core Viewpoint - Recent policies related to the new power system have been intensively released, aiming to address the consumption issues of renewable energy through various mechanisms and technological innovations [3]. Group 1: Policy Developments - On May 30, the National Development and Reform Commission and the National Energy Administration issued a notice to promote green electricity direct connection, utilizing a "physical direct connection + marketization" model to facilitate point-to-point power supply [3]. - On June 4, the National Energy Administration announced the first batch of pilot projects for the new power system, focusing on various technological and system-friendly innovations [3]. - Provincial governments have also released detailed documents related to the "136 Document," which addresses pricing mechanisms, supply models, and technological innovations to tackle renewable energy consumption [3]. Group 2: Investment Opportunities - Virtual power plants are highlighted as a crucial component of demand-side response, effectively reducing peak power load through resource aggregation and digital technology [4]. - Wind power is expected to see a recovery in sales and profit margins due to the restructuring of new energy installation logic under the "136 Document," as wind power generation curves are more favorable [4]. - Storage and power equipment sectors should continue to be monitored, particularly in Europe, Southeast Asia, and Africa, where high growth is anticipated [4]. - Controlled nuclear fusion and solid-state batteries are expected to attract ongoing market interest, with a focus on domestic experimental pile tenders and technological advancements in solid-state batteries [4].

Financial Performance - The company has experienced continuous losses over the past three years, with accumulated impairment and credit losses amounting to approximately 600 million yuan [3] - The average gross margin has decreased by about 3% annually over the last three years [3] - The company aims to achieve a net profit target of 60 million yuan in 2026, with a low target for 2025 set to break even after excluding stock payment expenses related to ongoing incentive plans [3] Research and Development - The company invests over 7% of its revenue in R&D annually, totaling around 500 million yuan over the past three years [3] - The company has developed core products such as the HZ3000-EMS energy management system, achieving a leading market share in small and medium hydropower station automation control equipment globally [7] Overseas Business Expansion - The company has significantly increased its overseas business, with a focus on new energy systems in regions like Southeast Asia and Africa [4] - The company holds a leading global market share in small hydropower station automation control equipment and has a robust technical and customer foundation for ongoing project execution [4] Cost Reduction and Efficiency Improvement - The company is implementing optimization measures to reduce costs and enhance efficiency, including asset and business integration and focusing resources on high-value core businesses [8] - The company aims to transition from "scale expansion" to "high-quality development" by leveraging existing technology and market advantages [8] Future Outlook - Although domestic revenue from new energy is expected to decrease as overseas business scales up, the overall business volume in new energy is projected to remain stable due to ongoing market potential [6] - The company is confident in its ability to improve overall profitability as overseas projects, which typically have higher gross margins, are expected to contribute significantly to revenue [3]