Core Viewpoint - Company Gongda Keya (301197.SZ) has signed a contract for the East Ying District Smart Heating Renovation and Upgrade Project with Dongying Municipal Holding Group, marking a significant step in its energy management initiatives [1] Group 1: Contract Details - The contract is categorized as an Energy Management Contract (EMC) project, which will involve sharing energy-saving benefits with the client based on third-party audit results [1] - The energy-saving benefit sharing period will commence from the 2026-2027 heating season, indicating a future revenue stream for the company [1] Group 2: Financial Impact - The energy-saving benefits will not affect the company's operating revenue and operating profit for the fiscal year 2026, but will have implications for subsequent years [1]

（来源：百年恒顺） 2025年度徐州恒顺万通食品酿造有限公司（储能项目）招标 拟通过采用合同能源管理（EMC）方式选择合作方开展储能发电系统建设，即招标单位只需提供储能 电站场地，无需再做其他任何投资，由中标单位负责储能发电系统的申报、安全评价、投资、建设、设 计、后期运营及维护。招标单位配合完成项目前期工作，并于储能项目验收合格、投产发电后，最大程 度按签约年限及电费折扣消纳项目所发电量。 招标说明： 为了满足业务发展的需要，我公司决定近期对（ 储能 ）项目进行公开招标，欢迎各符合要求的供应商 参加投标。 资格需求： 投标人须为中华人民共和国境内合法注册，具有独立法人资格，以及有效期内的营业执照营业执照经营 范围至少包含下列其中一项：储能发电技术服务；项目投资管理；新能源投资；合同能源管理；储能电 站项目的投资、建设、设计、系统运行维护等；投标人 2023 年 1 月 1 日（以合同签订时间为准）以来 至少具有一项参与投资并建成并网运行的类似储能发电系统业绩且单个项目必须超过 1MW；在过往业 务中未发生被企业所在地电力主管部门、国家电网公司或者其下属分支机构严肃处理的情况；最近三年 内没有发生骗取中标、严 ...

Core Viewpoint - The company is focused on building a regional energy service ecosystem and leading innovations in smart grid development, with a strong emphasis on power grid operation and energy efficiency in distribution networks [1][2][3]. Group 1: Business Overview - The company primarily operates in the Fuling District of Chongqing, providing reliable power supply services and covering 20 provinces in energy efficiency management [1]. - The company’s revenue and net profit are projected to grow at CAGRs of 4.09% and 6.46% respectively from 2020 to 2024 [1]. - In 2024, the company expects to achieve revenue of 3.117 billion yuan, a decrease of 9.46% year-on-year, and a net profit of 514 million yuan, down 2.07% year-on-year [1]. Group 2: Sales Performance - The total electricity sales volume in 2024 reached 346,384 million kWh, reflecting a year-on-year increase of 7.71% [2]. - The average selling price of electricity was 643.65 yuan/MWh, a slight decrease of 0.81% year-on-year, indicating stable pricing [2]. - Direct sales accounted for 94.94% of total sales volume, with an increase of 8.05% year-on-year, while bulk sales decreased by 5.68% [2]. Group 3: Business Expansion and Projects - The company is expanding its energy efficiency business in distribution networks, tailoring solutions based on regional grid characteristics [3]. - Significant projects in Xinjiang and Shanxi have been completed, with a new strategic partnership in Anhui aimed at enhancing energy efficiency in 16 cities [3]. - The Anhui project is expected to generate approximately 790 million yuan in revenue over an 8-year operational period, with the company holding over 50% of the investment and revenue share [3]. Group 4: Financial Projections - The company anticipates net profits of 524 million, 555 million, and 603 million yuan for 2025-2027, with year-on-year growth rates of 1.9%, 5.8%, and 8.8% respectively [3].