投 资 者关 系 活 动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺、证券事 务代表简杰； 四川蜀道清洁能源集团有限公司：副总经理郑宇 参与机构：联储证券有限责任公司、成都市通用工程技术有限 公司 时间 2025 年 11 月 20 日（星期四）上午 9:30-11:30 地点 四川蜀道清洁能源集团有限公司 240 会议室 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"公司"） 副总经理、董事会秘书陈思遥简要介绍了公司历史沿革、产业 现状和本次重组背景，同时介绍了控股股东蜀道集团三大主业 板块（含清洁能源板块）、发展规划和产业协同。四川蜀道清 洁能源集团有限公司（以下简称"蜀道清洁能源集团"）副总 经理郑宇介绍了蜀道清洁能源集团发展历程、竞争优势及产业 布局等。 二、问答环节 问 1：介绍蜀道清洁能源集团目前资源储备情况以及获取 资源的优势。 答： 目前，蜀道清洁能源集团在手资源储备超 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [4] Core Viewpoints - The report highlights the continuous increase in wind power bidding in November, with expectations for wind turbine prices to stabilize and recover [3] - The integration of "wind power + supercomputing" and "coal power + wind power" is seen as a key driver for energy transition in Heilongjiang [4] - The establishment of the first "wind power + supercomputing" project in Northeast China aims to create a closed-loop system for green electricity supply and high-performance computing, significantly reducing carbon emissions from data centers [4] Summary by Sections Project Developments - On November 6, a framework agreement was signed for a green industry project in Tonghe County, with a total investment of approximately 2.228 billion yuan, focusing on the synergy between energy structure and digital infrastructure [4] - On November 7, Huadian Energy announced plans to invest 12.043 billion yuan in a new integrated coal and renewable energy project in Heilongjiang [4] Financial Projections - The report outlines expected investment returns for six wind power projects, with the Qiqihar Fularji wind power project leading at a 20.55% return rate, while others range from 9.01% to 19.76% [4] Investment Recommendations - The report suggests focusing on local wind power operator Jiuzhou Group and Huadian Energy, one of China's five major power groups [4]

本报记者 邬霁霞 在政策持续赋能下，新能源正加速渗透千行百业。 11月12日，国家能源局发布《关于促进新能源集成融合发展的指导意见》，其中提到大力推动新能源与 多产业协同发展，并就"加快推动新能源产业链'以绿制（造）绿'""统筹推进新能源与传统产业协同优化 升级""积极推动新能源与新兴产业融合互促发展"三方面提出了针对性建议。 而在此前的11月10日，国家发展改革委、国家能源局联合印发的《关于促进新能源消纳和调控的指导意 见》同样强调推动新能源与产业融合发展。其中提到"鼓励传统产业创新工艺流程，提升负荷灵活性， 在热力、供暖、制冷、动力等环节更多使用新能源。支持新能源资源富集地区实现信息技术、高端装备 制造、新材料等战略性新兴产业与新能源融合发展。加强新能源与算力设施协同规划布局及优化运行， 推动算力设施绿色发展。" 事实上，近年来国家高度重视新能源产业与其他产业的融合发展，已针对不同场景陆续出台了《加快油 气勘探开发与新能源融合发展行动方案（2023—2025年）》《数据中心绿色低碳发展专项行动计划》 《关于推动交通运输与能源融合发展的指导意见》《关于推进煤炭与新能源融合发展的指导意见》等一 系列政策。 地 ...

Core Viewpoint - The establishment of Qinghai Turing Town marks a significant step in the national strategy of "East Data West Calculation," focusing on AI and green future development [1][3]. Group 1: Project Overview - Qinghai Turing Town is positioned as a key player in the AI era, aiming to address the challenges of energy consumption, efficiency, and application in the computing power industry through a green and innovative approach [3]. - The project is expected to achieve a computing power scale of 20,000 PetaFLOPS by 2026, making it the largest green computing power project in Qinghai Province [3]. - The initiative aims to create a replicable model for a national integrated computing power system, showcasing Qinghai's advantages in energy resources and policies [3][6]. Group 2: Sustainable Business Model - Turing Town is designed as a cluster ecosystem that integrates services, research, innovation, education, and incubation, transitioning from "capacity supply" to "ecological empowerment" [3][4]. - The project emphasizes a collaborative approach involving government, enterprises, and innovation partners to address technical, application, talent, and industry coordination challenges [3][4]. Group 3: Economic Impact - The project is projected to contribute billions to Qinghai's GDP and attract AI industry chain enterprises, fostering a long-term economic growth environment [6][8]. - Turing Town aims to become a center for AI product quality inspection and application incubation, integrating mature AI applications with local industry development [6][8]. Group 4: Green Computing and Energy Integration - The project focuses on large-scale, low-cost intelligent computing infrastructure, leveraging Qinghai's clean energy resources to achieve a PUE value below 1.2, promoting sustainable development [7][10]. - By integrating power systems with computing power scheduling, Turing Town aims to create a new paradigm of "computing power and electricity integration" [7][10]. Group 5: Talent Development and Local Empowerment - The initiative includes plans for educational upgrades and AI talent cultivation, establishing a training base to support digital transformation and high-tech job creation in Qinghai [9][10]. - Turing Town will provide accessible AI solutions for local enterprises, addressing common challenges of technology adoption and cost barriers [10][11]. Group 6: Collaborative Ecosystem - The launch of Turing Town represents a collaborative effort among multiple stakeholders, including strategic partnerships with 12 organizations to promote green computing and AI integration [11]. - Qinghai's unique climate and energy advantages position it as a leader in the coordinated development of computing power and electricity, with Turing Town exemplifying this strategic direction [11].

Core Insights - The core competitive advantage of Kangding City is highlighted by its status as the first county-level city in Sichuan's Tibetan region, leading in economic output among Tibetan counties and having the best air quality index in the province [1][5][7] Ecological Priority - Kangding prioritizes ecological protection as a crucial aspect of its development, implementing various environmental management systems and strict regulations to safeguard its natural resources [5][6] Economic Development - The economic growth of Kangding is attributed to a diversified industrial system focusing on cultural tourism, quality industrial development, and enhanced agricultural productivity, with significant investments in renewable energy [7][10] Social Welfare - The city has made substantial improvements in transportation, education, and healthcare, ensuring better living standards and access to services for its residents [8][9] Rural Revitalization - Kangding is focusing on developing characteristic industries tailored to local conditions, promoting organic agriculture, and enhancing rural economies to benefit all communities [9][10] Energy and Digital Integration - The city aims to enhance its energy infrastructure and explore synergies between green energy and digital economy initiatives, positioning itself as a leader in sustainable industrial growth [10][11]

Fixed Income - Economic pressure is expected to rise in the second half of the year, with a focus on the bond market as a favorable investment opportunity. The current economic recovery is influenced by price adjustments, and the "anti-involution" policy has become a priority. The overall CPI and PPI improvements were below expectations in July, indicating a potential shift in economic growth momentum and income distribution structure [2][7][10] - The 10Y government bond yield is projected to fluctuate between 1.6% and 1.8% in the second half of the year, with current yields around 1.75%, presenting a favorable price-performance ratio. The report suggests a bullish outlook on long-duration municipal and capital bonds, as well as specific bank perpetual bonds [10][14] Nutritional Functional Food Industry - The nutritional functional food market in China is rapidly developing, with a market size projected to grow from CNY 233.1 billion in 2024 to CNY 349.9 billion by 2029, representing a compound annual growth rate (CAGR) of 8.5%. The overall market for nutritional health foods is expected to reach CNY 522.3 billion in 2024 and CNY 720.3 billion by 2029, with a CAGR of 6.6% [16][17] - Key players in the nutritional functional food sector include Kangbiter (brand operator), Wuxi Jinghai (raw material supplier), and Hengmei Health (contract manufacturer), indicating a well-structured industry chain [17] Pharmaceutical Industry - The pharmaceutical index increased by 3.08%, outperforming the CSI 300 index by 0.7%. Companies such as Sino Medical, Innovation Medical, and Guangsheng Tang saw significant stock price increases, indicating a broadening market trend in the pharmaceutical sector [26][27] - The report highlights the potential of tri-antibody therapies in cancer immunotherapy, with specific attention on Shanghai Yizhong's YXC-001 and other combinations, suggesting a promising future for these treatments [28][29] Metals and New Materials - The rare earth market is experiencing price increases, particularly for praseodymium and neodymium oxides, driven by improved export volumes. The price of tungsten concentrate has also surpassed CNY 200,000 per ton due to supply constraints and rising demand [21][22] - The report notes that the controlled nuclear fusion industry is accelerating towards commercialization, with significant opportunities for upstream materials suppliers [24] Public Utilities and Environmental Protection - The demand for Solid Oxide Fuel Cells (SOFC) is expected to rise, particularly in data center applications, presenting opportunities for domestic companies to expand internationally. The report emphasizes the importance of companies that supply upstream equipment and materials for SOFC [20][21] - Shaan Energy's new project in Guangdong aims to integrate power generation and data center operations, which is expected to enhance the company's growth prospects in the context of increasing green energy demand [5][6]

Core Viewpoint - Company experienced a decline in overall operating performance in the first half of 2025 due to reduced rainfall affecting hydropower operations and changes in foreign trade policies impacting the paper tableware business [2][3] Business Performance - In the first half of 2025, the company reported a year-on-year decline in overall operating performance due to significant decreases in rainfall and water inflow, as well as a drop in sales volume of paper tableware [2] - From July to mid-August, there was an improvement in business performance, particularly in hydropower and ecological paper tableware sectors, with notable increases in rainfall and water inflow compared to the first half of the year [2] - The company plans to focus on "brand building, market expansion, and internationalization" in the second half of the year to improve operational performance and increase sales revenue [2][3] Revenue and Profitability - The company reported a total revenue of 2.335 billion yuan in the first half of 2025, a year-on-year increase of 6.95%, while net profit attributable to shareholders decreased by 42.43% to 95.903 million yuan [6] - The second quarter of 2025 saw a slight decline in revenue to 1.227 billion yuan, with a net profit of 77.740 million yuan, reflecting a year-on-year decrease of 45.45% [6] New Business Initiatives - The company established a wholly-owned subsidiary, Guangdong Shaoneng Suandian Integration Investment Co., Ltd., with a registered capital of 300 million yuan to engage in integrated power and data center projects [4][5] - The new subsidiary aims to explore the construction of a data center cluster with integrated power supply, focusing on clean renewable energy to enhance profitability and support the development of the computing power industry in Shaoguan [5] Accounts Receivable Management - The company reported a 31.56% decrease in accounts receivable for biomass power generation by the end of 2024 compared to the end of 2023, indicating improved cash flow management [4] - In early August 2025, the company received over 60 million yuan in accounts receivable from previous years, further enhancing cash flow [4] Market Position and Future Outlook - The company is positioned as a key player in the clean renewable energy sector, with a focus on expanding its ecological plant fiber products and precision manufacturing [6] - The company is optimistic about overcoming challenges related to the new business initiatives and aims to ensure timely project implementation to create new profit growth points [6]

Group 1: Business Performance Overview - In the first half of the year, the company's overall performance declined due to reduced rainfall affecting hydropower and changes in foreign trade policies impacting paper tableware sales [2] - From July to mid-August, there was an improvement in business performance, particularly in hydropower and ecological paper tableware sectors, with significant revenue growth compared to June [2][3] - The biomass power generation segment achieved a revenue increase of 114.11% year-on-year in the first half of the year [3] Group 2: Future Plans and Strategies - The company plans to focus on three major initiatives: brand building, market expansion, and internationalization, while also working on cost reduction and efficiency improvement [2] - A new wholly-owned subsidiary, Guangdong Shaoneng Calculation and Electricity Integration Investment Co., Ltd., was established with a registered capital of 300 million yuan to engage in calculation and electricity integration business [5] - The company aims to develop a data center cluster project in Shaoguan, leveraging its experience in clean renewable energy to enhance profitability and support the growth of the computing power industry [5][6] Group 3: Accounts Receivable and Financial Management - By the end of 2024, the balance of accounts receivable from biomass power generation decreased by 31.56% compared to the end of 2023, with over 60 million yuan collected in early August 2025 [4] - The company is actively following up on accounts receivable to improve cash flow [4] Group 4: Project Development and Challenges - The calculation and electricity integration project is set to begin construction in 2026, with the first phase expected to be operational by the end of 2027, although specific timelines remain uncertain [6] - The project requires support from energy regulatory authorities and the power grid company, with some supportive documents already obtained [6]

Core Viewpoint - The integration of computing power and energy is progressing, which is expected to open up growth opportunities for Shaoneng Co., Ltd. [1] Industry Summary - Shaoguan, as the only hub node in the Guangdong-Hong Kong-Macao Greater Bay Area, is experiencing a surge in green electricity demand, with integrated projects for data center clusters expected to be implemented rapidly [1] - The four major telecom operators, along with companies like Huashao and Yingshuo, have established 120,000 standard racks, while projects from Tencent, Global Switch, and China Unicom are also under construction, indicating a significant increase in electricity demand in Shaoguan [1] - The city plans to reach a photovoltaic installed capacity of 8 GW and wind power installed capacity of 4 GW by 2035, focusing on integrated projects to reduce operational costs for data centers and ensure stable power supply [1] Company Summary - The company, as a clean energy listed enterprise located in Shaoguan, is actively developing new energy projects and is well-positioned to accelerate the implementation of integrated power projects in the context of local energy and computing power planning [1] - Recently, the company announced a private placement plan and a dividend commitment, with the completion of the private placement leading to a change in the controlling shareholder to the Shaoguan State-owned Assets Supervision and Administration Commission, which is expected to improve corporate governance and usher in a new phase for the company [1] - The company maintains an "Accumulate" rating [1]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [6] Core Views - The ongoing integration of computing and electricity is expected to open up growth opportunities for the company [6] - The establishment of a wholly-owned subsidiary for computing and electricity integration is a strategic move to enhance operational capabilities and project acquisition in the region [8] - The company is positioned to benefit from the increasing demand for green electricity in the Guangdong-Hong Kong-Macao Greater Bay Area, particularly with the development of data center clusters [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 4,107 million RMB - 2024: 4,442 million RMB (growth of 8.15%) - 2025E: 4,925 million RMB (growth of 10.87%) - 2026E: 5,155 million RMB (growth of 4.67%) - 2027E: 5,408 million RMB (growth of 4.91%) [7] - Expected net profit for the company is projected to improve significantly: - 2023: -266 million RMB - 2024: 77 million RMB - 2025E: 116 million RMB (growth of 51.07%) - 2026E: 136 million RMB (growth of 17.54%) - 2027E: 170 million RMB (growth of 25.06%) [7] - Earnings per share (EPS) forecast: - 2023: -0.25 RMB - 2024: 0.07 RMB - 2025E: 0.11 RMB - 2026E: 0.13 RMB - 2027E: 0.16 RMB [7] Market Performance - The company is actively developing new energy projects in response to the increasing electricity demand driven by data center developments in the region [8] - The company has announced a plan for a private placement and dividend commitment, which is expected to improve corporate governance and project acquisition capabilities [8] - The company aims for significant growth in net profit over the next three years, with targets set for 2025-2027 [8]