Summary of Conference Call for Anke Rui (2025) Industry and Company Focus - The company is focusing on the new energy and new power system market in 2025, with 80% of orders related to new energy [2][5] - Key products include EMS 2.0 and 3.0, which are crucial for order acquisition and market share enhancement [2][7] Core Insights and Arguments - The company aims to expand in sectors such as rail transit, petrochemicals, and data centers, achieving breakthroughs in the rail transit industry [2][7] - The integration of R&D and sales has improved market understanding and competitiveness, allowing access to central state-owned enterprise clients [9] - The zero-carbon park policy aligns with EMS 3.0 target customers, providing energy-saving and carbon reduction projects for large clients, schools, and hospitals [2][9] - The new energy industry is experiencing increased demand for photovoltaic installations, necessitating solutions for photovoltaic consumption, power quality, and safety [2][13] - The company expects significant revenue growth from recent breakthroughs to manifest in the next two years, with an accelerating trend anticipated [11] Financial Performance - For the first three quarters of 2025, revenue grew by 2.59% to 837 million yuan, with a net profit of 192 million yuan, up 21.31% year-on-year [4] - The overall gross margin is approximately 48%, with EMS 3.0 gross margin exceeding 60% and EMS 2.0 above 50% [3][18] Market Development and Strategy - The company is actively pursuing market opportunities in new energy and new power systems, with 80% of orders related to new energy projects [5] - The overseas market has shown promising growth, with a target revenue of 100 million yuan, representing a 30%-50% increase [6][21] - The company is focusing on upgrading solutions for new energy products, including virtual power plants and digital energy platforms [6][23] Product and Technology Development - EMS 2.0 and 3.0 products are crucial for meeting market demand and increasing market share [7][16] - AI technology is being integrated into product offerings for equipment monitoring and predictive functions, with plans to launch a 4.0 version in the future [24][25] Customer and Market Insights - Significant demand exists in downstream sectors such as petrochemicals, rail transit, and parks, with tailored solutions for private enterprises based on their electricity consumption [12] - The zero-carbon park policy presents substantial growth opportunities, with major clients exploring partnerships [10][29] Future Outlook - The company anticipates a positive revenue trajectory in the fourth quarter and aims to restore previous growth targets in 2026 [28] - The national energy policy is expected to favor the company, particularly with the development of microgrid policies and the potential for green electricity usage to increase significantly [29]

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **energy storage market** in China, particularly focusing on **Henan Province** and its new policies aimed at promoting energy storage development. The overall sentiment is optimistic about the growth of the energy storage sector driven by renewable energy projects, with companies like **CATL** and **Sungrow** highlighted as key players in this space [1][5]. Core Insights and Arguments - **High Growth Forecast**: The energy storage market is expected to maintain a high growth trajectory in the coming years, with a conservative estimate of a **30% to 40%** increase in new installations next year, potentially reaching over **200 GWh** [1][9]. - **New Policy Implementation**: Henan Province has introduced a new energy storage policy that guarantees a bottom-line revenue of **0.383 CNY** per kWh for independent storage operations, covering at least **350 discharges** annually [1][6]. - **Capacity Compensation**: The capacity compensation standard in Henan is set at **165 CNY** per kW per year, which is higher than most provinces in China, indicating a supportive regulatory environment for energy storage projects [4][16]. - **Supply Chain Challenges**: There is a significant supply constraint in battery cells, with leading manufacturers' production schedules extending into **February 2026**. This has led to increased costs and potential project delivery delays for energy storage integrators [4][22]. Additional Important Content - **Integration Projects**: Henan is implementing a **source-grid-load-storage integration project** with a capacity of **2.3 GW**, which corresponds to over **5 GWh** of storage capacity. This aims to address renewable energy consumption issues and enhance photovoltaic power absorption [1][10]. - **Investment Returns**: Green electricity direct connection projects are noted for their high investment returns, especially in the northwest regions where green electricity costs are lower than grid electricity prices [1][15]. - **Market Dynamics**: The overall global energy storage cycle is in a high growth phase, with Europe and emerging markets experiencing significant expansion. The U.S. market continues to perform well despite policy pressures [3]. - **Future Policy Adjustments**: The capacity pricing policy is expected to evolve, with a focus on establishing a more robust framework at the generation side and distributing costs among commercial users [4][16]. Conclusion - The energy storage market in Henan and across China is poised for substantial growth, supported by favorable policies and increasing demand for renewable energy solutions. However, challenges such as supply chain constraints and the need for effective integration of storage solutions remain critical factors to monitor in the coming years [1][22].

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. - The training is hosted by China Energy News and supported academically by the China Energy Economic Research Institute [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, power generation groups, local energy groups, and renewable energy enterprises such as wind, solar, and energy storage [4]. - It also targets energy-consuming enterprises, environmental protection companies, integrated energy service providers, equipment manufacturers, and research institutions [4]. Group 3: Course Modules - The training will cover various topics including the outlook for the 14th Five-Year Plan in electricity and renewable energy, discussions on green electricity direct connection policies, and differences in provincial policies [4]. - Other modules include applications of green electricity direct connection in zero-carbon parks, investment and construction models, and project approval processes [4]. - The course will also address the current status and prospects of non-electric utilization of renewable energy, along with case studies [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [4]. - Payment can be made via bank transfer, and on-site payment will not be accepted [4].

为发挥绿色能源优势、推动绿电就地转化，云南积极推进零碳园区建设，同步推进零碳能源供给，制 定"推动绿电直连建设实施方案"，开展绿电直连一体化项目摸底，推动绿电资源就近就地消纳，满足企 业绿色用能需求。 云南绿色能源资源丰富，电力总装机超过1.67亿千瓦，其中绿色电力装机超1.5亿千瓦，占比超九成；新 能源装机超6800万千瓦，是仅次于水电的第二大电源。 "绿色电力价值不断实现。"云南省能源局局长陈杰表示，云南做好绿证核发交易全覆盖工作，制定完善 绿色电力交易规则，绿电价值逐步体现。 陈杰介绍，自2022年起，云南省发电量跨越4000亿千瓦时大关，预计今年发电量将达4900亿千瓦时，绿 色发电量占比超85%。据统计，截至去年底，云南省可再生能源建档立卡项目近6000个，装机超1.3亿 千瓦，集中式可再生能源发电项目建档立卡容量居全国第一位。今年前8个月向云南核发绿证2.89亿 个，云南省企业购入绿证180.29万个。 "云南电力市场规模持续扩大，注册主体约9.8万家。"陈杰介绍说，去年省内市场交易电量超2000亿千 瓦时，实现交易规模十连增。云南向南方电网区域送电能力达4220万千瓦，"十四五"以来累计"西电东 ...

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including the outlook for the 14th Five-Year Plan in electricity and renewable energy, discussions on green electricity direct connection policies, and investment models for green electricity projects [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while travel and accommodation are self-managed [5].

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

Core Points - The article discusses the implementation of the "Green Electricity Direct Connection" model in Shandong Province, aimed at promoting the integration of renewable energy production and consumption, and meeting the green electricity needs of enterprises [1][2][3] - The Shandong Provincial Development and Reform Commission and the National Energy Administration have issued a plan to support four types of green electricity direct connection projects, focusing on both new and existing energy resources [1][3] Summary by Categories Green Electricity Direct Connection - The "Green Electricity Direct Connection" refers to a model where renewable energy sources like wind and solar power are directly connected to users without going through the public grid, allowing for clear physical tracing of the supplied electricity [1] - The plan emphasizes source-load matching, requiring that at least 60% of the total available electricity generated from renewable sources be used directly by the projects, with a maximum of 20% allowed to be fed back into the grid [1] Regional Context - Shandong is a major economic province in China, being the third largest in the country and a significant energy consumer and producer, with energy consumption and carbon emissions accounting for nearly 10% of the national total [2] - The province has been accelerating its efforts in the renewable energy sector, becoming a leading province in solar power installations, particularly in distributed solar energy [2] Project Support and Goals - The plan specifically supports projects that include new load-compatible renewable energy projects, existing coal and gas self-supplied power plants, export-oriented enterprises with carbon reduction needs, and renewable energy projects facing consumption constraints [1][3] - The Shandong Energy Bureau aims to lead in the large-scale development of clean energy and innovative energy technologies, addressing the challenges of effectively utilizing green electricity and meeting the needs of export-oriented enterprises [3]

Core Viewpoint - The implementation of the "Green Electricity Direct Connection" initiative in Shandong aims to promote the integration of renewable energy production and consumption, addressing the energy needs of enterprises while enhancing the utilization of green electricity [1][2][3]. Group 1: Policy and Implementation - The Shandong Provincial Development and Reform Commission, along with the National Energy Administration's Shandong Regulatory Office, has issued a plan to support the development of four types of green electricity direct connection projects, focusing on new load matching with renewable energy projects, existing coal and gas self-supplied power plants, export-oriented enterprises with carbon reduction needs, and constrained renewable energy projects [1][3]. - The plan emphasizes source-load matching, requiring that connected projects determine the type and scale of renewable energy sources based on load demands, with a minimum of 60% of the annual self-generated renewable electricity used on-site and no more than 20% of the total available electricity fed into the grid [1][3]. Group 2: Regional Context and Development - Shandong is a major economic province in northern China, accounting for nearly 10% of the country's total energy consumption and carbon emissions, with a historical reliance on coal [3]. - The province has accelerated its transition to renewable energy, becoming a leader in solar power, particularly in distributed photovoltaic installations, with a total installed capacity of 91.184 million kilowatts as of June this year, the highest in the country [3]. - The challenge for Shandong lies in effectively utilizing green electricity to meet the needs of enterprises, especially those involved in foreign trade, while minimizing resource waste [3]. Group 3: National Context - The national government has encouraged the development of the "Green Electricity Direct Connection" model as a significant measure for optimizing power resource allocation and promoting the efficient use of clean energy [2]. - Other provinces such as Jiangsu, Sichuan, Yunnan, and Qinghai have also initiated similar implementation plans, showcasing regional characteristics in their approaches to green electricity [2].

Core Viewpoint - The Shandong Provincial Development and Reform Commission, along with the National Energy Administration's Shandong Regulatory Office and the Provincial Energy Bureau, has issued a plan to promote the development of green electricity direct connection projects in Shandong Province, focusing on specific categories of projects [1] Group 1 - The implementation plan supports the construction of new energy projects that can match the newly added load [1] - It also targets existing coal and gas self-supplied power plants with stock loads [1] - The plan emphasizes support for export-oriented enterprises with rigid carbon reduction demands [1] - Additionally, it aims to facilitate the development of renewable energy projects that face consumption constraints [1]