Group 1: Market Trends and Policy Developments - The distributed photovoltaic (PV) capacity is expected to grow annually, impacting grid flow and power quality significantly. The National Energy Administration's policy emphasizes "observable, measurable, adjustable, and controllable" management requirements for distributed energy sources [2] - As of 2025, new policies regarding the "four capabilities" for distributed commercial power stations have been released across major provinces, with ongoing updates expected for existing stations [2] Group 2: Business Expansion and Performance Metrics - The company's power prediction service has seen a notable increase in demand due to the rapid growth of new energy installations and the release of management requirements. The service fee renewal rate has consistently remained above 95% [3] - By the end of Q3 2025, the company plans to update the number of serviced power station clients in its annual report, reflecting its proactive market engagement [3] Group 3: Strategic Initiatives in Power Trading - The company has strategically invested in power trading, enhancing its workforce with additional R&D and trading personnel, and establishing a dedicated marketing team for product promotion [4] - Utilizing its proprietary "Kuangming" new energy model 3.0, the company has integrated weather forecasting with energy generation predictions, creating a closed-loop capability for power trading processes [4] Group 4: Independent Energy Storage Operations - The company has launched an independent energy storage station management service, leveraging multi-dimensional data to optimize operational strategies and capture peak and valley electricity prices [5][6] - This service includes a full-cycle operation management fee and the sale of energy management systems and grid control products [6] Group 5: Cost Management and Future Outlook - The company reported a decrease in sales, management, and R&D expense ratios to 21.90%, 6.81%, and 13.62%, respectively, compared to the previous year [6] - Despite absolute increases in expenses, the growth rate of expenses is lower than the revenue growth of 36.97% in the first three quarters of 2025, indicating effective cost control measures [6]

Group 1 - The Future Industry Development Seminar and Chang Development Industry Ecosystem Partner Exchange Conference was held in Changping, where Tsinghua University's energy model innovation team officially settled in Changping [1] - Changping District has formed three trillion-level industrial clusters and initiated the construction of a future industry pilot zone, focusing on key areas such as future health, future manufacturing, and future energy [1] - The district aims to enhance its policy service mechanisms and create a more open and vibrant innovation environment to attract more scientists and promote breakthroughs in future industry development [1] Group 2 - Chang Development Group's General Manager Wang Ying released a report summarizing the core achievements over the past decade, emphasizing the importance of strengthening strategic technological support and international cooperation [2] - A collaboration was established between Chang Development Group and Tsinghua University's energy model innovation team to accelerate the construction of a comprehensive new energy cognitive-driven system [2] - The launch of the Tsinghua Alumni AI+ Scene Innovation Workshop aims to drive high-value industrial innovation through multi-dimensional cooperation in resource linking and ecosystem building [2]