Group 1: Financial Performance and Projections - The company's market value is expected to exceed 20 billion in 2025, with a focus on improving management to enhance market value [2] - In 2024, the company reported a significant loss, with a negative income of -5.375 billion, primarily due to internal transaction offsets of -6.757 billion [11] - The company aims to achieve profitability in 2024 and has outlined measures to improve profitability, including increasing power generation and optimizing coal supply channels [4][29] Group 2: Related Party Transactions - The 6.757 billion in related party transactions primarily involves internal transactions between subsidiaries, including fuel sales and maintenance services [6] - The company has confirmed that all related party transactions have followed necessary review procedures and disclosure obligations [2] Group 3: Operational Strategies - The company plans to increase R&D investment in 2025 to enhance the flexibility and safety of coal power generation [9] - Strategies to improve operational efficiency include optimizing coal supply channels, reducing procurement costs, and expanding the thermal market [7][29] Group 4: Investor Relations and Communication - The company has committed to improving communication with investors and will hold performance briefings after quarterly reports [37] - There is a recognition of the need to enhance investor confidence through transparent communication and effective management practices [4][36] Group 5: Market Conditions and Challenges - The company faces challenges due to fluctuating performance, with periods of significant losses and minimal profits [4] - The management acknowledges the need to adapt to market conditions, including coal price fluctuations and electricity demand [7]

证券代码：000155 证券简称：川能动力 四川省新能源动力股份有限公司 投资者关系活动记录表 编号：20250520 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | 投资者关系活 | ☐媒体采访 业绩说明会 | | 动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 时间 | 2025年5月20日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待 | 副董事长、总经理万鹏先生 | | 人员姓名 | 财务总监王大海先生 | | | 董事会秘书欧健成先生 | | 投资者关系活 | 1.川能动力收购能投风电30%股权资产评估， 请对比一下过去川投能源收购雅砻江水电48%股权资 | | | 14.5亿的净资产竟然能评估到65亿，增值高达349%！ | | | 产评估，53亿的净资产只评估到68亿，增值28%。能 | | 动主要内容介 | 投风电的资产已 ...

Core Viewpoint - Jiuzhou Group is focusing on the smart distribution network and network energy sectors, positioning itself as a leading provider of new power and energy infrastructure, with a dual-engine business model combining renewable energy and smart equipment manufacturing [1][2]. Group 1: Business Overview - Jiuzhou Group has established three main business segments: smart equipment manufacturing, renewable energy generation, and comprehensive smart energy [1]. - The company has a significant global presence, with products covering over 70 countries and regions, and has a strong integration advantage across the supply chain [1]. - As of December 2024, Jiuzhou Group will have a cumulative installed capacity of over 2.7 GW in renewable energy power stations, with an additional 1 GW in projects under construction and over 2 GW in development [1]. Group 2: Strategic Initiatives - The management views enhancing the performance of the smart equipment manufacturing segment as a key focus for future growth, aiming to improve capacity utilization and gross margins through scale effects [2]. - A new sales team targeting large clients is being established in Beijing, with plans for an overseas sales team starting in Q3 2024 [2]. - Jiuzhou Group is leveraging partnerships within the energy sector to expand its equipment sales market and drive growth in the transmission and distribution equipment business [2]. Group 3: Market Performance - The order value for the smart distribution network business exceeded 800 million yuan in 2024, representing a year-on-year increase of over 30% [3]. - The company has achieved a historical high in bid amounts, exceeding 260 million yuan in Q1 2025 [3]. - Jiuzhou Group's wind power assets reached an installed capacity of 246 MW by the end of 2024, a year-on-year increase of 100 MW, while solar power assets remained stable at 298.6 MW [3]. Group 4: Project Development - Jiuzhou Group is engaging in equity cooperation for wind and solar power projects with state-owned enterprises, with plans to sell 100% equity of newly connected projects to realize resource and equipment value [4]. - The expected internal rate of return for the decentralized wind + clean energy heating projects is over 10%, benefiting from the advantages of decentralized wind power and decreasing construction costs [4]. Group 5: Market Potential - The potential market for decentralized wind + clean energy heating in Northeast China is substantial, with nearly 300 county-level administrative units and over 3,000 towns [5]. - Jiuzhou Group aims to optimize and adjust its business model based on operational results after launching its first project in Heilongjiang Province, with plans to replicate this model across Northeast and North China [5].

5月16日21时35分，省气象局与省农业农村厅继续联合发布冬小麦干热风风险预警。 预警指出：预计5月19日至21日，关中大部、陕南东北部部分地方日最高气温将普遍超过35℃，局 地可达37℃以上，午后相对湿度将低于25%、风速在3米/秒以上，冬小麦干热风风险高（橙色预警）。 其中，渭南大部、铜川南部、咸阳南部、宝鸡东部、西安北部干热风风险很高（红色预警）。干热风天 气易导致小麦灌浆受阻，甚至造成小麦早衰。 预计5月17日至21日全省大部以晴间多云天气为主，中北部有6至7级阵风，局地可达8级以上。18日 至21日陕北局地、关中大部和陕南大部有35℃以上高温天气，局地可达37℃以上。22日至23日以阴天天 气为主，大部有阵雨或雷阵雨，中北部和商洛有6至7级偏北风。这是记者5月17日从省气象局召开的新 闻发布会上获悉的。 省气象服务中心高级工程师沈姣姣介绍，预计18日至21日，我省大部森林火险等级为4级（高危 险）至5级（极高危险），22日至25日为3级（较高危险）至4级（高危险），森林草原防灭火形势严 峻。建议加强管护和巡查，开展隐患排查，做好火源管控，增强群众防火意识，严禁火源进入林区，防 范森林草原火灾。 此外 ...

事件：公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 296.19 亿元，同比增长 1.64%，实现归母净利润 39.44 亿元，同比增长 14.04%； 2025Q1 实现营业收入 73.37 亿元，同比降低 9.09%，实现归母净利润 10.11 亿元，同比降低 12.82%。 公司报告 | 年报点评报告 申能股份（600642） 证券研究报告 多业务板块支撑业绩，新能源装机增速有望提高 煤价快速下滑，煤电板块盈利显著修复 2024 年公司煤电板块完成控股发电量 416.05 亿千瓦时，同比增长 3.5%， 秦皇岛港 Q5500 煤炭均价约 855 元/吨，同比降低约 110 元/吨，煤价下滑 带动公司板块盈利显著改善，2024 年煤电板块实现营业收入 134.28 亿元， 同比增长 2.57%，实现毛利 20.91 亿元，同比增长 49.58%。2025Q1 煤电板 块电量承压，单季度完成控股发电量 99.02 亿千瓦时，同比降低 12.5%，但 煤价仍处于下行通道，秦皇岛港 Q5500 煤炭一季度均价约 721 元/吨，同 比降低约 181 元/吨，截至 5 月 12 日，其 ...

公司报告 | 年报点评报告 申能股份（600642） 证券研究报告 多业务板块支撑业绩，新能源装机增速有望提高 事件：公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 296.19 亿元，同比增长 1.64%，实现归母净利润 39.44 亿元，同比增长 14.04%； 2025Q1 实现营业收入 73.37 亿元，同比降低 9.09%，实现归母净利润 10.11 亿元，同比降低 12.82%。 煤价快速下滑，煤电板块盈利显著修复 2024 年公司煤电板块完成控股发电量 416.05 亿千瓦时，同比增长 3.5%， 秦皇岛港 Q5500 煤炭均价约 855 元/吨，同比降低约 110 元/吨，煤价下滑 带动公司板块盈利显著改善，2024 年煤电板块实现营业收入 134.28 亿元， 同比增长 2.57%，实现毛利 20.91 亿元，同比增长 49.58%。2025Q1 煤电板 块电量承压，单季度完成控股发电量 99.02 亿千瓦时，同比降低 12.5%，但 煤价仍处于下行通道，秦皇岛港 Q5500 煤炭一季度均价约 721 元/吨，同 比降低约 181 元/吨，截至 5 月 12 日，其 ...

Core Insights - By the end of 2024, China's installed capacity of renewable energy, primarily wind and solar, is expected to reach 1.45 billion kilowatts, surpassing thermal power for the first time [1] - The retail penetration rate of new energy passenger vehicles in China is projected to reach 57.6% in 2024 [1] - The energy sector is anticipated to undergo significant transformations, with key catalysts expected in 2025 [1] Group 1: Future Energy Landscape - Wind and solar energy will continue to be the mainstay of clean energy, with steady growth expected due to mature technology and economic viability [2] - Energy storage is set to become a crucial regulator for renewable energy, addressing issues like grid absorption and the intermittency of renewable generation [2] - Controlled nuclear fusion is emerging as an ideal future energy source, with advancements in technology accelerating its commercialization timeline to potentially 2030-2035 [2][6] Group 2: 2025 Significance - The year 2025 marks a pivotal transition for renewable energy, where it is expected to officially surpass traditional energy sources in installed capacity [4] - The penetration rate of new energy vehicles is projected to exceed 50% in 2025, indicating a shift towards mainstream adoption [4] - 2025 will also see the full market entry of renewable energy, with energy prices determined by supply and demand, enhancing the role of energy storage in profitability [5] Group 3: China's Leadership in Energy Revolution - China's energy transformation is supported by robust policy frameworks, with a comprehensive "1+N" policy system guiding carbon neutrality efforts [8] - The country is a global leader in solar energy, accounting for approximately 40% of global installed capacity and 90% of production capacity [8] - The manufacturing capabilities of China are crucial for the energy revolution, showcasing the integration of high-end manufacturing and technological innovation [10] Group 4: Investment Opportunities in Future Energy - Future energy-related ETFs can be categorized into three levels: carbon neutrality, the entire renewable energy supply chain, and specific segments [10] - ETFs such as E Fund (562990) cover deep decarbonization fields, while others like E Fund (516090) encompass a broad range of renewable sectors including lithium batteries, solar, wind, and nuclear power [10][11] - Investors can select suitable ETFs based on personal circumstances to engage in future energy investments [11]

行业深度报告 · 公用事业行业 火电、水电业绩增长,核电、绿电业绩承压 — 电力行业 2024 年年报和 2025 年一季报总结 推荐 维持评级 分析师 陶贻功 ☎： 010-8092-7673 新能源:短期业绩承压,136号文助力行业迈入高质量发展新阶段。2024 O 年、25Q1,我们选取的新能源发电样本企业实现归母净利润 178.0、56.2 亿 元,同比-7.8%、-7.8%。业绩下滑主要受风光资源条件不佳、上网电价下行、 以及减值计提影响。展望未来,136号文出台推动新能源加速入市,我们预计 行业投资将逐渐趋于克制。2025年5月8日,山东发布136号文承接方案的 征求意见稿,基于其对存量、增量项目机制电量、机制电价的设计,我们判断: 1）存量项目的收益预期更为明朗,其中机制电价锚定燃煤发电基准价,而在 机制电量比例的设计上,预计现行新能源市场化程度较低的省份将更具优势, 如广东、浙江、山东、江西等。2）对于需参与竞价的增量项目,一些绿电需 求旺盛(由电力需求和能耗双控政策或可再生能源消纳责任权重共同驱动)、 且本地新能源占比相对较低的省份,竟价的激烈程度预计更低,如福建、广东 2025 年 05 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1] Core Insights - The operating profit and profitability of the public utility sector have improved, with Q1 2025 revenue at 551.23 billion yuan, a year-on-year decrease of 4.04%, while net profit attributable to shareholders increased by 6.11% to 54.59 billion yuan [2][21] - The coal-fired power sector benefited from a decline in thermal coal prices, with Q1 2025 revenue at 307.92 billion yuan, down 7.67%, but net profit rose by 8.58% to 23.04 billion yuan [2][45] - The hydropower sector saw revenue increase by 8.66% to 41.80 billion yuan in Q1 2025, with net profit growing by 28.07% to 11.34 billion yuan, driven by increased hydropower generation [2][70] - The nuclear power sector experienced revenue growth of 8.42% to 40.30 billion yuan in Q1 2025, although profit performance varied among companies [2][28] - The investment strategy suggests maintaining an overweight rating for the sector, focusing on companies like Huadian International and Guodian Power in the coal power segment, and Xintian Gas and Xin'ao in the gas sector [2] Summary by Sections 1. Public Utility Sector Performance - The public utility sector includes 133 listed companies, with 102 in the power sector and 31 in the gas sector. In 2024, the sector's revenue was 23,085.51 billion yuan, a decrease of 1.24%, while net profit increased by 5.38% to 1,848.50 billion yuan [10] 2. Subsector Performance 2.1 Coal Power - The coal power sector's revenue in 2024 was 13,060.52 billion yuan, down 1.11%, with net profit rising by 24.06% to 676.91 billion yuan, benefiting from lower coal prices [28][32] 2.2 Hydropower - In 2024, hydropower revenue was 1,947.67 billion yuan, up 8.99%, with net profit increasing by 17.55% to 563.21 billion yuan, attributed to higher hydropower generation [62] 2.3 New Energy - In 2024, solar power generation was 419.08 billion kWh, up 28.2%, while wind power generation was 936.05 billion kWh, up 11.1% [79] 2.4 Nuclear Power - The nuclear power sector's revenue in Q1 2025 was 40.30 billion yuan, an increase of 8.42%, with varying profit performances among companies [2][28] 2.5 Gas - The gas sector's performance was impacted by rising costs, with specific companies recommended for investment [2] 3. Investment Strategy - The report recommends an overweight rating for the public utility sector, highlighting potential growth in coal and gas companies due to favorable market conditions [2]

在国际学术交流的舞台上，来自德国亚琛工业大学的教授提出了"氢能零碳载体"全球发展路线图，为氢 能产业的未来发展指明了方向。俄罗斯乌法科技大学团队围绕纳米金属材料、发电机磁场阻尼算法、磁 耦合无线充电线圈设计等前沿技术领域，进行了深入细致的技术成果分享。 第四届智慧能源与清洁能源发电技术国际学术会议(SECP2025)5月9日至5月11日在沈阳举行。 本次活动由沈阳工程学院主办，来自中国、德国、俄罗斯等国的近200名专家学者齐聚沈阳，围绕"智慧 能源与清洁能源发电技术"这一核心主题，深入探讨低碳转型的可行路径，积极交流前沿技术创新成 果，共同为全球能源变革贡献智慧与力量。 主会场内，13场高密度、高质量的主旨报告轮番上演。中、德、俄三国学者聚焦氢能、核能、储能、智 能电网等前沿领域，展开了一场场思想与智慧的碰撞。报告内容既有对纳米材料微观机制的深入剖析， 展现科学探索的深度与精度；又有对能源系统宏观布局的高瞻远瞩，彰显战略规划的广度与高度。 此外，东华理工大学刘义保教授深入论证了先进核能对"双碳"目标的核心支撑作用，中国科学院大连化 物所李昌志研究员及其团队成员杨华美副教授介绍了"木质素催化转化为含氮高值化学品 ...