Group 1: New Energy Storage Capacity - The new energy storage capacity in China has exceeded 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, and accounts for over 40% of the global total installed capacity, making China the world leader in this sector [3]. Group 2: Electric Vehicle Charging Infrastructure - As of the end of October 2025, the total number of electric vehicle charging infrastructure units in China has reached 18.645 million, showing a year-on-year growth of 54.0%. The charging service capacity is expected to double by the end of 2027 [4]. Group 3: Green Hydrogen Production - By the end of 2024, China's green hydrogen production capacity is projected to exceed 150,000 tons per year, accounting for over 50% of the global total. Additionally, 540 hydrogen refueling stations have been established, representing 40% of the global total [5]. Group 4: Renewable Energy Generation - In the first three quarters of 2025, China's renewable energy generation reached 2.89 trillion kilowatt-hours, marking a year-on-year increase of 15.5%. This amount constitutes approximately 40% of the total electricity generation and accounts for about 60% of the industrial electricity consumption during the same period [6].

Group 1: Clean Energy Industry - China has established the world's largest and most complete clean energy industry chain, with a total investment of $818 billion in energy transition in 2023, a 20% increase year-on-year, surpassing the combined investments of the US, UK, and EU [2] - In 2024, global CO2 emissions related to energy are projected to rise by 0.8% to a record high of 3.78 billion tons, highlighting the urgency for energy transition [2] - China exports wind power, photovoltaic, and new energy vehicle products to over 200 countries, providing 70% of global wind power equipment and 80% of photovoltaic components, significantly reducing global wind and solar power generation costs by over 60% and 80% respectively [2] Group 2: Electricity Consumption - In October, China's total electricity consumption reached 857.2 billion kWh, a year-on-year increase of 10.4%, with a cumulative total of 8,624.6 billion kWh from January to October, up 5.1% [3] - The southern five provinces achieved a double-digit growth in electricity consumption in October, with a total of 160.3 billion kWh, marking the first time since February that monthly consumption exceeded 10% growth [4] Group 3: Nuclear Energy Developments - The world's largest "Hualong One" nuclear power base in Fujian has successfully connected its second unit to the grid, marking significant progress in the batch construction of "Hualong One" [3] - China's nuclear energy utilization has entered a new phase with the Hainan nuclear power project beginning to supply industrial steam, expanding beyond electricity generation and residential heating [4] - Japan's Niigata Prefecture has approved the restart of the Kashiwazaki-Kariwa nuclear power plant, which is one of the largest nuclear power plants globally, after being shut down since the Fukushima disaster in 2011 [6] Group 4: Energy Infrastructure - China's longest crude oil pipeline, the Western Crude Oil Pipeline, has transported over 200 million tons of oil, enhancing national energy security [3] - The Gansu power grid's energy storage system achieved a record discharge power of 5.04 million kW, supporting electricity supply during peak demand [7]

Core Insights - China has established the world's largest and most complete clean energy industry chain, with a significant focus on energy transition and investment in renewable energy sources [1][5]. Group 1: Energy Transition and Investment - In 2024, global CO2 emissions related to energy are projected to increase by 0.8% year-on-year, reaching a historical high of 37.8 billion tons, highlighting the urgency for energy transition [1]. - China's energy transition investment reached $818 billion in 2022, a 20% increase year-on-year, surpassing the combined investments of the US, UK, and EU, making it the global leader [1]. - China exports wind power, photovoltaic, and new energy vehicles to over 200 countries, providing 70% of global wind power equipment and 80% of photovoltaic components, significantly reducing global wind and solar power generation costs by over 60% and 80%, respectively [1]. Group 2: Renewable Energy Capacity - As of September 2025, central enterprises in China have installed 840 million kilowatts of wind and solar capacity, accounting for approximately half of the national total [3]. - The share of coal-fired power generation in China's energy mix has decreased from 58.7% in 2015 to 33.1% in the first half of 2025, indicating a shift towards renewable energy [5]. - China is becoming a global leader in renewable hydrogen production, with a commitment of $33 billion in investments for clean hydrogen projects, leading the world [5][6]. Group 3: Future Goals and Commitments - By 2035, China aims for non-fossil energy consumption to account for over 30% of total energy consumption, with wind and solar power generation capacity expected to exceed six times that of 2020, targeting 360 million kilowatts [6].

Group 1 - The report indicates that China has established the world's largest and most complete clean energy industry chain, with fossil energy activities being the largest source of global carbon emissions [1] - In 2024, global CO2 emissions related to energy are projected to increase by 0.8% year-on-year, reaching a historical high of 37.8 billion tons, highlighting the urgency of energy transition [1] - China's energy transition investment reached $818 billion in the previous year, a 20% increase year-on-year, surpassing the combined investments of the US, UK, and EU, ranking first globally [1] Group 2 - As of September 2025, central enterprises in China have installed 840 million kilowatts of wind and solar power capacity, accounting for about half of the total national capacity [3] - Significant technological achievements in clean and efficient coal utilization, ultra-high voltage transmission, and advanced nuclear energy have been made, playing a key role in China's green and low-carbon energy transition [3] Group 3 - China's coal-fired power generation share has been declining, from 58.7% in 2015 to 33.1% in the first half of 2025, indicating a shift towards renewable energy [5] - China is becoming a global leader in renewable hydrogen production, with a committed investment of $33 billion in clean hydrogen projects, the highest in the world [5] - As of September 2025, China's green hydrogen production capacity exceeds 150,000 tons per year, accounting for over 50% of the global total [5] Group 4 - In the new round of national contributions, China aims for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach more than six times that of 2020, targeting 360 million kilowatts [7]

Core Viewpoint - Jiufeng Energy (605090.SH) is steadily enhancing its business scale and pricing power through the synergistic development of its three main business segments: clean energy, energy services, and specialty gases [1][3]. Financial Performance - In 2024, Jiufeng Energy achieved operating revenue of 22.047 billion yuan, a year-on-year decrease of 17.01%. However, net profit attributable to shareholders increased by 28.93% to 1.684 billion yuan, and net profit excluding non-recurring gains and losses rose by 1.12% to 1.35 billion yuan [1][3]. - The decline in revenue is attributed to a decrease in the sales price of clean energy products compared to the previous year, while the growth in net profit is due to stable pricing power in the clean energy business and increased profitability in energy services and specialty gases [3][9]. Business Segments - Jiufeng Energy operates under a "one main, two wings" business development structure, with clean energy as the core business, supported by energy services and specialty gases [1][8]. - In 2024, the clean energy segment generated revenue of 19.657 billion yuan, down 19.98% year-on-year, but with a gross margin of 7.64%, an increase of 1.04 percentage points [9]. - The energy services segment saw revenue of 2.153 billion yuan, up 17.04% year-on-year, with a gross margin of 22.63%, an increase of 1.39 percentage points [9]. - The specialty gases segment achieved revenue of 235 million yuan, a significant increase of 46.62%, although its gross margin decreased by 12.04 percentage points to 28.81% [9]. Dividend and Share Buyback Plans - Jiufeng Energy has implemented a cash dividend and share buyback strategy, with a total dividend amount of 780 million yuan for 2024, representing 46.33% of the net profit [5][4]. - The company plans to repurchase shares worth 200 million to 300 million yuan at a price not exceeding 38.13 yuan per share, with all repurchased shares to be canceled [2][7]. Resource Management - Jiufeng Energy has established a "sea gas + land gas" dual resource pool to enhance resource security and improve cost competitiveness, maintaining stable gross margins despite international price fluctuations [8][9]. - The company has a strong presence in the clean energy market in South China, with significant LNG and LPG storage and receiving capabilities [8][9].

广州环投永兴集团股份有限公司 Grandtop Yongxing Group Co.,Ltd （广州市白云区广州民营科技园科泰二路13-19号高新区产业创新园 1栋4层401-199房） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年二月 保荐人（主承销商） 广州环投永兴集团股份有限公司 招股说明书（申报稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广州环投永兴集团股份有限公司 招股说明书（申报稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股数 ...