Core Insights - State Grid Jiangsu Electric Power Company has made significant achievements in the field of international standardization, leading to the successful publication and initiation of several standards at the ITU-T SG20 and SG21 meetings in Geneva [1][2] - The standards developed by State Grid Jiangsu include models for data interaction in power equipment, disaster warning systems, and intelligent monitoring platforms, which enhance the efficiency and safety of power systems [1] - The company has also initiated standards focusing on intelligent operation and maintenance of new power systems, including IoT-based substation monitoring and AI-based distribution network analysis, addressing the needs of global energy transition [2] Group 1 - State Grid Jiangsu Electric Power Company has taken a leading role in the ITU standardization process, showcasing its strength and position in the industry [1] - The published standards will help improve the international standard system in the power sector, providing important references for global industry development [1] - The successful establishment of standards for new power systems will guide the application of new technologies such as IoT, AI, and blockchain in the power industry, promoting digital transformation [2] Group 2 - The election of employee She Jun as the deputy rapporteur of SG20 Q6 is a milestone for State Grid Jiangsu, reflecting the company's overall strength and enhancing its influence in international standard-setting [2] - The breakthroughs in standard creation by State Grid Jiangsu represent a combination of technical strength, innovation capability, and international vision, contributing positively to the global power industry [2] - The company is expected to continue its leadership in international standards, driving the power industry towards greater intelligence, sustainability, and efficiency [2]

截至2024年底，我国可再生能源发电装机达18.89亿千瓦，同比增长24.6%，装机占比连续两年超过一 半。同时，一批重大水电项目核准建设，核电在运在建规模升至世界第一，新型电力系统加快构建，转 型变革继续保持全球领先。 中央经济工作会议提出，协同推进降碳减污扩绿增长，加紧经济社会发展全面绿色转型。今年的《政府 工作报告》提出，积极稳妥推进碳达峰碳中和。 能源是经济社会发展的重要物质基础和动力源泉，也是推进碳达峰碳中和的主战场。 "2025年和'十五五'时期是加快构建新型能源体系、推动能源高质量发展、高水平安全的关键时期。"王 宏志说，能源工作将坚持以科技创新为引领、体制改革为动力、安全充裕为前提、经济可行为基础，推 动贯彻落实能源安全新战略取得更大成果。 《 人民日报 》（ 2025年04月23日 01 版） 国家能源局局长王宏志介绍，坚持绿色低碳转型，持续推动能源结构优化调整，2025年将重点做好以下 工作： 大力推进风电光伏开发利用。积极推进第二批、第三批"沙戈荒"大型风电光伏基地项目建设。加快发展 海上风电。积极发展分布式光伏、分散式风电，推动光热发电规模化发展。抓好风电和光伏发电资源普 查试点，统筹 ...

Core Viewpoint - The company is a high-tech enterprise focused on smart metering, system integration, and renewable energy equipment, aiming to become a global leader in low-carbon energy technology innovation [2][3]. Company Overview - The company specializes in the research, production, and sales of smart metering systems, metering boxes, and renewable energy equipment [2]. - It is recognized as a "little giant" by the Ministry of Industry and Information Technology of China, emphasizing its commitment to sustainable development and customer trust [2]. Business Operations - The company maintains a stable business model with independent R&D, production, sales, and service systems, continuously expanding customer needs and adapting to market conditions [5]. - The main products include smart meters, information collection terminals, and renewable energy charging and storage systems [3][4]. Financial Performance - For the reporting period, the company achieved revenue of CNY 1,014,245,398.91, a year-on-year increase of 11.46%, and a net profit of CNY 193,069,268.30, up 25.49% [6]. - Key performance drivers include stable customer demand, ongoing technological innovation, and expansion into international markets [6]. Major Events - The company approved a capital increase for its subsidiary, Jiacheng New Energy, amounting to CNY 29.41 million, which will enhance its capital structure [9]. - Jiacheng New Energy successfully acquired land use rights for a green energy industrial park project, investing CNY 54.09 million [10]. - A wholly-owned subsidiary, Zhejiang Jiacheng Smart Electric Technology Co., Ltd., was established to focus on integrated energy solutions [11]. - The company completed the registration of stock options under its 2021 incentive plan, increasing its total share capital to 195,137,280 shares [12].

Investment Rating - The report indicates a balanced investment outlook for the power industry in 2025, with a focus on ensuring stable supply and promoting clean energy investments [3][31]. Core Insights - The power supply in China is expected to remain generally balanced in 2024, but localized shortages may occur during peak demand periods due to extreme weather and fuel shortages [3][31]. - Clean energy investments are rapidly increasing, with installed capacity of clean energy surpassing that of thermal power for the first time by the end of 2024 [5][8]. - The report highlights the importance of technological innovation in ensuring safe and stable power supply, establishing a market-oriented pricing system, and accelerating the construction of a new power system [31][32]. Summary by Sections 1. Industry Overview - Thermal power remains the primary source of electricity in China, but clean energy investments are growing rapidly, particularly in wind and solar power [5][8]. - In 2024, China's power grid construction investment reached 608.3 billion yuan, a year-on-year increase of 15.3% [5]. - The total installed power generation capacity in China reached 3.35 billion kilowatts by the end of 2024, with non-fossil energy accounting for 58.2% of the total [8][10]. 2. Power Generation and Demand - Total electricity consumption in China reached 9.85 trillion kilowatt-hours in 2024, a year-on-year increase of 6.8% [10]. - The utilization hours of power generation equipment decreased to 3,442 hours, with coal power still accounting for over 60% of total generation [10][12]. - The report notes that the marketization of electricity trading is progressing, with 63% of total electricity consumption coming from market transactions [10]. 3. Nuclear Power Overview - China's nuclear power capacity reached 59.43 million kilowatts by the end of 2024, with a utilization rate of 7,805 hours, reflecting a year-on-year increase [13][16]. - The report emphasizes the stability and efficiency of nuclear power operations, with new projects contributing to capacity growth [13][16]. 4. Hydropower Overview - Hydropower remains a major renewable energy source in China, with installed capacity reaching 436 million kilowatts by the end of 2024 [20]. - The report indicates that hydropower generation efficiency is influenced by water availability, with a significant increase in generation due to improved water conditions [20]. 5. Industry Focus and Policy Adjustments - The report discusses the volatility of coal prices and the government's measures to stabilize the market, including enhancing coal supply capabilities [21][23]. - It highlights the need for market-oriented reforms in renewable energy pricing to promote high-quality development in the sector [24][25]. - The establishment of new energy storage systems and virtual power plants is emphasized as crucial for supporting the new power system [26][29]. 6. Industry Outlook - The power supply-demand balance is expected to remain tight in 2025, particularly during peak periods, with continued growth in installed capacity [31][32]. - The report anticipates that coal prices will stabilize, but thermal power companies will still face cost pressures [31][32].

近年来，该公司与金川镍都实业有限公司常态化建立党建联建、团青联学良好交流的互 动机制。目前双方创新建立的"三联四互五单"运行管理模式已经在全市进行推广，并入选国 网公司新能源管理经验库典型经验。 双方重点聚焦四大领域合作：一是优化新能源场站服务机制，有效提升场站安全稳定运 行水平，积极助力清洁能源高效消纳；二是协同推进集中式与分布式光伏并网规划，统筹电 网承载力与项目落地时序，保障新能源项目有序接入；三是共建"网源荷储一体化"示范项 目，探索储能、电网、电源协同运行新模式，支撑新型电力系统建设；四是深化电源项目接 网工程回购合作，盘活存量资产资源，推动电网设备集约化、低碳化运维。双方表示，将建 立长效协作机制，细化合作路径，加速项目落地实施，共同服务金昌市能源结构绿色转型 及"双碳"目标实现。 4月18日，国网金昌供电公司与金川镍都实业有限公司围绕新能源产业发展、电网协同 发展等议题打破组织边界，实现资源共享、优势互补，构建深度融合的发展共同体，共同探 索市场新机遇。 国网金昌供电公司将全力开展自查自纠，举一反三抓排查，分类推进抓整改，标本兼治 建机制，做到全面排查、彻底整改，对于区域内企业，逐一拜访，逐一沟 ...

Core Viewpoint - Mingyang Group has successfully launched its first 35kV 50MW/100MWh high-voltage cascade energy storage system, marking a significant advancement in large-scale energy storage applications [1][2]. Group 1: Product Features and Benefits - The high-voltage cascade energy storage system is designed for large energy storage stations, capable of operating in extreme temperature and humidity conditions [2]. - It boasts over 90% long-cycle efficiency, high safety, economic viability, and efficiency, making it a robust solution for modern energy needs [2]. - Key advantages include large single-unit capacity, high energy conversion efficiency, low cost, simple system coordination, long battery life, and strong grid support capabilities [2]. Group 2: Company Strategy and Future Plans - Mingyang Group aims to establish a leading energy storage industry cluster in Inner Mongolia and across the country, contributing significantly to the development of a new power system [2]. - The successful delivery of the energy storage system demonstrates the company's full-chain capabilities from technology research and development to intelligent manufacturing and engineering delivery [2].

Group 1: Hunan YN Energy - Hunan YN Energy has increased prices across all product lines, regardless of whether they are standard or high-end [1] - The impact of US tariff policy changes on phosphate cathode materials is limited [1] - New products CN-5, YN-9, and YN-13 are expected to account for approximately 22% of sales in 2024, with anticipated increases in shipment volumes [1] - The company is prepared to adjust production capacity based on market demand and is ready for potential expansions [1] - The construction of a factory in Spain is seen as advantageous, and the project is expected to accelerate [1] - The Huangjiapo phosphate mine is projected to commence production in the second half of this year, which will positively impact profits once fully operational [1] - Research and development of lithium manganese iron phosphate materials has been recognized by clients, and progress on lithium-rich manganese-based cathode materials is proceeding smoothly [1] Group 2: Weisheng Information - The development of new power systems presents new market opportunities for Weisheng Information, as the power structure shifts towards renewable energy [2] - The transition from traditional unidirectional power grids to complex distributed hybrid grids requires enhanced reliability and stability in power systems [2] - Weisheng Information has positioned itself to meet these demands with solutions for transparent distribution networks, renewable energy integration, load management, and orderly electricity usage [2] - National grid investments are projected to exceed 650 billion yuan in 2025, focusing on optimizing the main grid and strengthening distribution networks [2] - Weisheng Information has already established a presence in distribution networks and renewable energy sectors, leading to bulk applications [2] - The company is actively involved in the "Belt and Road" initiative, enhancing energy digital transformation in participating countries through localized operations and customized solutions [2] - MI2.0, the next generation advanced metering infrastructure, aims to improve grid reliability, promote decarbonization, and enhance customer experience [2] - The company has a stable supply chain, with most raw materials sourced domestically, minimizing the impact of international tariff policies [2] - Weisheng Information has invested an average of 9% of its revenue in R&D over the past three years, with over 51% of its workforce dedicated to research [2]

Core Viewpoint - The company, Zhongheng Electric, aims to become a leading digital energy company focused on zero-carbon intelligent social construction, emphasizing the development of cutting-edge digital energy technologies and internationally competitive products [4][5]. Company Overview - Zhongheng Electric is dedicated to mastering digital energy technologies and developing competitive products in key areas such as power electronics, digital power technologies, and energy cloud platform technologies [4]. - The company focuses on building a digital and energy twin system, providing comprehensive solutions for energy decarbonization [4]. Business Segments Power Electronics Manufacturing - The company provides intelligent power supply products for data centers, including HVDC power systems and prefabricated Panama power modules, which have been widely adopted in various sectors [5][6]. - The HVDC power system converts AC power to DC, ensuring uninterrupted power supply for data centers, achieving an overall efficiency of over 97.5% [6]. - The Panama power module integrates multiple components to optimize power supply efficiency and reduce energy consumption by 50% compared to previous solutions [6][7]. Site Energy - The company offers a full range of power supply products and solutions for communication operators, focusing on low-carbon energy network construction [8]. - It has maintained close cooperation with major operators, winning multiple procurement projects and developing innovative power supply solutions for 6G networks [8]. Power Supply - Zhongheng Electric specializes in low-voltage equipment and power supply solutions for traditional and renewable energy sectors, ensuring stable operation of power networks [9][10]. - The company has seen steady growth in its power supply product performance, securing key projects in the industry [10]. New Energy Vehicle Charging - The company is a leading manufacturer of electric vehicle charging stations, offering a range of products including fast charging and liquid-cooled charging systems [11][12]. - It has successfully partnered with major automotive companies to develop high-capacity charging systems [12]. Financial Performance - In 2024, the company achieved a revenue of approximately 1.96 billion yuan, a year-on-year increase of 26.13%, and a net profit of approximately 109.63 million yuan, up 178.52% [21]. - The proposed profit distribution plan includes a cash dividend of 1 yuan per 10 shares, with an expected total cash dividend of approximately 56.33 million yuan, accounting for 51.38% of the net profit [43][44]. Internal Control and Governance - The company has established a comprehensive internal control system, which has been effectively implemented [24]. - The board of directors has approved the renewal of the auditing firm for the 2025 fiscal year, ensuring continued compliance and oversight [48][56].

《商道创投网》创投生态圈·本轮投融观点是什么？ 《商道创投网》创业家会员·本轮融资用途是什么？ 清能互联创始人汪洋表示：本轮超2亿元战略融资资金将重点投入全景虚拟电厂平台建设。该平台将实 现全国范围覆盖，适配各类电力交易场景，具备接入海量异构资源的能力，可整合分布式电源、储能、 可控负荷等资源，通过智能调度与优化算法，提升能源资源利用效率。资金将主要用于产品开发与市场 拓展两大方向。在产品开发上，深化平台核心算法研发，完善软件功能，提升平台稳定性与兼容性；在 市场拓展方面，加快与各地能源企业、电网公司合作，推动平台在更多区域落地应用，助力能源行业实 现绿色低碳、高效协同发展。 《商道创投网》创投家会员·本轮投资原因是什么？ 恒旭资本董事长陆永涛表示：智能网联汽车产业的蓬勃发展，离不开更高效的能源电力网络支撑。在行 业变革浪潮下，电力、运力、算力深度融合形成的业务网络，正释放出巨大的战略价值。陆永涛表示， 清能互联团队凭借深厚的技术积累与丰富的行业经验，在新型电力系统领域持续深耕，构建起独特的竞 争优势。其在电力市场建设、电网调度优化等核心业务上的创新实践，高度契合能源产业智能化、低碳 化的发展趋势。基于此，恒 ...

Summary of Conference Call on Virtual Power Plants Industry Overview - The virtual power plant (VPP) concept emerged in China around 2023-2024, gaining attention and investment, with notable companies like Guoneng Rixing participating in this new market trend [1][2] Key Points and Arguments - The development of new power systems emphasizes the role of VPPs as resource aggregation entities, enhancing system flexibility and adaptability to new power system requirements [2] - A series of government actions, including the "Action Plan for Accelerating the Construction of New Power Systems" and the "Three-Year Implementation Plan for Optimizing Power System Regulation Capacity," highlight the importance of VPPs in market participation and system regulation [2][4] - The market potential for VPPs is projected to reach between 130 billion to 250 billion yuan by 2027, driven by operational revenue from demand response mechanisms [3] - Regional differences in resource conditions and load levels necessitate tailored development plans for VPPs, with provinces like Guangdong, Shandong, and Shanxi leading in VPP development [4] - The government encourages private investment in VPPs, recognizing their role in promoting the private economy, with regions like Shenzhen seeing private enterprises as key players in VPP operations [4] Additional Important Insights - The VPP market is currently transitioning from pilot demonstrations to large-scale development, with most VPPs relying on demand response for revenue generation [2][4] - The integration of innovative financing mechanisms, such as low-interest loans and green bonds, is expected to facilitate broader participation in VPP projects [6] - The increasing demand for services and improved user experiences on the demand side is enhancing participation in VPPs, making them integral to the new power system [8] - The operational complexity of VPPs requires advanced software and hardware solutions for effective power dispatch and resource management [9][10] - The combination of traditional power generation (like thermal and hydropower) with renewable energy sources provides a competitive advantage in VPP operations [10] Conclusion - The VPP sector is positioned as a critical component of China's evolving energy landscape, with significant growth potential and a need for innovative business models and regulatory support to thrive in the market [11]