Core Viewpoint - The solar thermal power industry in China is growing at a rate twice the global average, with a compound annual growth rate of 11.7% compared to the global rate of 4.24% [3][5]. Industry Growth and Capacity - As of September 2025, China has built 21 solar thermal power plants with a total installed capacity of 1.57 million kilowatts, ranking third globally [3]. - There are 30 ongoing projects with a combined capacity of 3.1 million kilowatts, making China a key player in new installations of solar thermal power [3]. Cost Reduction and Technological Advancements - The cost of solar thermal power has decreased significantly, with grid connection prices dropping from 1.15 yuan per kilowatt-hour to around 0.6 yuan per kilowatt-hour [3]. - The industry has achieved over 95% localization in technology and equipment, with advancements in various solar thermal technologies such as tower, trough, and Fresnel systems [3][4]. Role of Leading Enterprises - Leading companies like China General Nuclear Power Group (CGN) are crucial in driving technological independence, developing innovative products that fill domestic gaps [4]. - CGN is constructing a solar thermal molten salt trough test platform, recognized as a key project in the field [4]. Industry Scale and Composition - The solar thermal power industry chain in China comprises approximately 440,000 entities, including 14,000 state-owned enterprises and 421,000 private enterprises [5]. - In 2024, the total installed capacity of solar thermal power in operation surpassed 800,000 kilowatts, with an additional 3.94 million kilowatts planned [5]. Challenges and Future Outlook - Despite the promising outlook, the industry faces challenges such as higher costs compared to photovoltaic and wind power, and a limited number of projects [5]. - The global solar thermal power market is expected to grow significantly, with predictions of reaching 22.4 million kilowatts by 2030 and contributing about 10% to global electricity supply by 2050 [6].

Core Points - The successful installation of the generator rotor marks a significant milestone for the first linear Fresnel solar thermal power station of Longyuan Power in Gansu Dunhuang, with a capacity of 100 megawatts [1][4] - The project utilizes molten salt linear Fresnel technology and features a solar collection area of 1.1268 million square meters [4] - The rotor weighs 31.7 tons and is 10 meters long, requiring high precision during installation [4] Project Details - The project is located in Qili Town, Dunhuang City, Gansu Province, covering an area of over 4,000 acres [4] - The engineering team developed a detailed lifting plan to address the technical challenges and risks associated with the rotor installation [4] - The installation process took 3.5 hours, with all indicators meeting design standards, ensuring a successful rotor installation [4] Future Steps - Following the successful rotor installation, Longyuan Power Gansu Company will continue to advance the project, focusing on key milestones such as medium injection and power transmission [4]

Core Viewpoint - Kesheng Technology Co., Ltd. has submitted its prospectus for an initial public offering on the Hong Kong Stock Exchange, indicating its intention to raise capital for growth and expansion in the solar energy sector [1][7]. Company Overview - Kesheng Technology was established in May 2010, with a registered capital of approximately 360 million RMB. The main shareholders include Huzhou Yuri, Xizi Clean Energy, and others [3][4]. - The company is primarily engaged in providing tower solar thermal power and molten salt energy storage solutions, focusing on technology research, equipment sales, and engineering applications [7]. Financial Performance - Kesheng Technology's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 20.85 million RMB, 858 million RMB, 2.189 billion RMB, and 981 million RMB, respectively. The net profits for the same periods were -91.26 million RMB, 248.33 million RMB, 540.06 million RMB, and 205.81 million RMB [7][8]. - The company has a history of cash dividends, distributing a total of approximately 300 million RMB before its IPO [5]. Revenue Sources - The majority of Kesheng Technology's revenue comes from molten salt tower solar power solutions, particularly from the sales of heat collection systems and other core subsystems. In 2023 and 2024, this segment contributed approximately 845 million RMB and 2.073 billion RMB, accounting for 98.5% and 94.7% of total revenue, respectively [8][10]. Customer Concentration - Kesheng Technology has a high customer concentration, with revenue from its top five customers amounting to approximately 19.5 million RMB, 727 million RMB, 1.937 billion RMB, and 980 million RMB over the respective years [10].