Group 1: Market Trends and Policies - Distributed photovoltaic (PV) capacity is expected to grow significantly, with the National Energy Administration's guidelines emphasizing the "four capabilities" management requirements for distributed energy sources [2][3] - As of Q1 2025, the company has seen a rapid increase in the number of distributed PV clients due to the new power forecasting requirements [2] - The total installed capacity of wind and solar power in China reached 74.33 million kW in Q1 2025, marking a year-on-year growth of over 20% [5] Group 2: Competitive Landscape - The distributed power forecasting market is characterized by a large number of small-scale projects, with lower project prices compared to centralized clients [4] - Major comprehensive group companies show low participation interest in the distributed power forecasting market, leaving it primarily to small and medium-sized forecasting firms [4] Group 3: Future Market Expectations - The company anticipates that the total installed capacity of wind and solar power will reach approximately 200 million kW in 2025, indicating a stable expansion of the new energy market [5] - The company plans to enhance its service quality and product pricing to improve its market share in the centralized forecasting market [5] Group 4: Electricity Trading Market Outlook - The new regulations aim to promote market-oriented pricing for renewable energy, which will increase the demand for power forecasting and trading products [6][7] - The company expects the electricity trading market to become increasingly reliant on big data and artificial intelligence for efficient management and improved trading outcomes [7] - Future characteristics of the electricity trading market include a rising proportion of market-based transactions and a growing importance of renewable energy generation [7] Group 5: Corporate Actions - The company has received approval from the China Securities Regulatory Commission for the issuance of A-shares to specific investors in 2024 and will proceed with the issuance process [7]