证券代码：301046 证券简称：能辉科技 上海能辉科技股份有限公司投资者关系活动记录表 编号：2025-010 | ☐ 投资者关系活动类 | 特定对象调研 | 分析师会议 ☐ | | --- | --- | --- | | ☐ 别 | 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） | | | 参与单位名称及人 | 投资者网上提问 | | | 员姓名 | | | | 时间 | 2025年9月19日 (周五) | 下午 15:00~17:00 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 地点 | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人员姓 | 董事长 罗传奎 | | | 名 | 董事、财务总监 | 宋月月 | | | 副总经理、董事会秘书 | 罗联明 | | 投资者关系活动主 | 投资者提出的问题及公司回复情况 1、对比近年数据，今年光伏与储能业务的协同效应 | | | | 公司就投资者在本次说明会中提出的问题进行了回 | | ...

Macro Summary - As of the end of August, the total number of electric vehicle charging infrastructure in China reached 17.348 million, representing a year-on-year growth of 53.5% [4] - The "China-ASEAN" AI Ministerial Roundtable Conference was held, proposing the establishment of a cooperation mechanism and releasing significant collaborative outcomes [4] Industry Dynamics - The integration of "Energy + AI" is emerging as a new trend, with policy guidance and technological innovation being the main driving forces. Related stocks include Sunshine Power (300274) and Shenzhen Energy (000027) [6] - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in automotive manufacturing, logistics handling, and power inspection. Related stocks include Changying Precision (300115) and Lingyun Optics (688400) [6] - China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project utilizes multiple domestic chip brands. Related stocks include SMIC (688981) and Northern Huachuang (002371) [6] Company Focus - Wanrun Co., Ltd. (002643): The company has produced pilot products of polyether ether ketone (PEEK) materials, with a pilot line capacity of approximately 100 tons [8] - Lege Co., Ltd. (300729): Warehouse assistance robots and other products have been put into use, with potential for future external sales [8] - Junsheng Electronics (600699): The revenue share of the robot components business is less than 0.1%, and the controlling shareholder increased holdings by 700,000 shares during stock price fluctuations [8] - Best (300580): The wholly-owned subsidiary Zihua Precision Machine is fully laying out the linear motion components field, targeting the mid-to-high-end equipment industry, automation industry, humanoid robot industry, and intelligent connected vehicles [8] Market Review and Outlook - On September 18, the three major indices experienced a volatile rise in the morning but quickly fell in the afternoon. The Shanghai Composite Index closed down 1.15%, the Shenzhen Component Index down 1.06%, and the ChiNext Index down 1.64%. Over 4,300 stocks in the market declined [10] - The overall market is in a phase of differentiation and consolidation. Some stocks, such as Tianpu Co., Ltd., achieved a 12-day consecutive rise, indicating active capital seeking breakout opportunities [10] - The semiconductor, CPO concept, and tourism hotel sectors showed resilience, with notable performances from stocks like SMIC and Yunnan Tourism [10] - The technical analysis indicates that the Shanghai Composite Index is in a critical oscillation range between 3,800 and 3,900 points, with potential technical selling pressure as it approaches the 3,900-point mark [11]

Group 1: Company Overview - The main business of the company is the research, design, system integration, and investment operation of new energy photovoltaic power plants. In the first half of 2025, the revenue from photovoltaic power plant system integration grew by 44.80%, and the operating cash flow turned positive, increasing by 179.26% year-on-year [2][3]. Group 2: Strategic Opportunities - Following the issuance of the National Energy Administration and Development and Reform Commission Document No. 136, the company sees a strategic opportunity in transitioning to virtual power plants and zero-carbon industrial parks, which presents a differentiated advantage [3]. - The company has completed the development of its energy storage products and commercial vehicle charging and swapping systems, with successful applications in Europe and the Middle East [3]. Group 3: Team and Management - The founding team has nearly 30 years of industry experience, with backgrounds in conventional and renewable energy, providing deep insights into the industry [4]. - The company has implemented organizational changes and refined management practices to enhance operational performance, focusing on revenue, profit, and accounts receivable [4]. Group 4: Strategic Transformation - The company is focusing on several strategic directions, including: 1. **Energy + AI**: Collaborating with Ant Group to develop AI applications in energy management and design [6]. 2. **Energy + Robotics**: Developing intelligent charging and swapping robots and exploring humanoid robots for service applications [6]. 3. **New Energy + Computing Power**: Addressing energy needs for small and medium AIDC and MEC through distributed energy and storage solutions [6]. 4. **New Energy + New Materials**: Seeking developments in new materials related to energy storage and generation [6]. Group 5: Q&A Insights - The company has developed the first domestically owned trackless intelligent charging and swapping robot, currently used in heavy truck charging scenarios [7]. - The collaboration with Ant Group focuses on asset management and electricity trading, with expectations for long-term benefits rather than immediate revenue [7]. - The company plans to enhance the profitability of its distributed photovoltaic power plants in Guangdong by leveraging AI technology from Ant Group [7]. - The company emphasizes value management within legal compliance, aiming to integrate industry and capital for enhanced market value [7].

"1+8"架构全覆盖，精准破解行业核心痛点 为使AI赋能能源的讨论兼具广度与深度，大会创新性地采用"1+8"总体架构，涵盖一场高瞻远瞩的全体 会议，以及八场精准聚焦的平行论坛，全方位覆盖能源绿色发展的关键领域。 届时，多位院士将围绕新能源电力系统建设、清洁高效能源生态、AI重塑能源行业模式等主题发表主 旨演讲，深入剖析行业核心议题。同时，将开展以"AI赋能能源技术变革"为主题的圆桌对话，围绕AI助 力能源供需适配、绿色智慧用能场景落地、构建新型能源体系等关键方向展开思辨，交流前沿观点，碰 撞思想火花。 八场平行论坛如同专业攻坚阵地，精准对接行业痛点："深化AI与能源双向赋能"论坛探索AI在电网负荷 预测、新能源消纳中的应用；"聚焦储能新突破"论坛直击储能安全与成本难题，推动新型储能技术商业 化；"城市用能系统低碳规划"论坛结合深圳实践，为超大城市能源转型提供方案；9月16日提前开启 的"AI赋能智汇冷暖"论坛，还将聚焦建筑节能领域，探讨AI优化制冷系统能耗的路径，为大会预热。 (文穗) 9月17日，2025能源绿色发展大会将在深圳正式召开。本次大会以"能源+AI引领绿色发展"为主题，汇 聚政、产、学、研、用多 ...

Core Insights - The company reported a revenue of 5.422 billion yuan for the first half of 2025, representing a year-over-year increase of 15.29%, and a net profit attributable to shareholders of 519 million yuan, with a year-over-year growth of 26.42% (67.91% excluding non-recurring items) [1][2] Financial Performance - The company's net cash flow was 906 million yuan, showing a slight decline of 1.01% year-over-year [2] - The weighted return on equity (ROE) was 4.34%, an increase of 0.84 percentage points year-over-year [2] - The gross profit margin for the reporting period was 26.93%, up by 1.57 percentage points year-over-year, while the expense ratio decreased by 2.98 percentage points to 13.46% [2] - The net profit margin improved by 0.90 percentage points to 11.24% [2] - The asset-liability ratio stood at 66.72%, an increase of 1.63 percentage points year-over-year, while the interest-bearing debt ratio rose by 4.71 percentage points to 42.13% [2] - The cash flow situation remained strong, with a cash collection ratio of 100.75% and a net cash ratio of 1.49 [2] Business Growth Drivers - The company's performance growth was driven by both energy assets and energy services [3] - The total installed capacity of the company's grid-connected energy assets reached 6,479.19 MW, including various energy sources such as gas, coal, solar, wind, and waste-to-energy [3] - The company is actively developing distributed photovoltaic projects and expanding into virtual power plants, electricity sales, green electricity, and green certificate trading services, leading to significant revenue and profit growth in energy services [3] Strategic Partnerships - The company partnered with Ant Group to explore new growth opportunities in energy and AI [4] - A joint venture, Ant Xin Energy, was established to integrate advanced digital technologies with energy industry expertise, focusing on intelligent operation and maintenance of power stations, optimization of electricity trading strategies, and collaborative control of virtual power plants [4] - This strategic move is seen as a proactive reshaping of future energy forms and is expected to become a core growth engine for the company [4] Future Outlook - The company is projected to achieve net profits attributable to shareholders of 1.117 billion yuan, 1.337 billion yuan, and 1.580 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 18.31x, 15.30x, and 12.95x [4]

Core Insights - The integration of energy and AI represents a deep fusion of the real economy and digital technology, driven by policies aimed at enhancing efficiency and controlling carbon emissions [1][4] - The concept of a "closed-loop" system in energy digitalization is essential for creating incremental value, emphasizing the importance of perception, cognition, and decision-making [2][3] - The energy sector is undergoing a transformation towards digitalization, with New Hope Energy's initiatives leading to significant energy savings and carbon reduction [3][5] Energy and AI Integration - The development of "Energy + AI" is characterized by a closed-loop system that enables intelligent decision-making, which is crucial for adding value to clients [2][3] - New Hope Energy has implemented a comprehensive energy system that integrates various energy sources, aiming to provide deep energy and carbon digital services to over 9,500 enterprises and 200 parks by 2025 [3] Challenges and Future Outlook - The current stage of "Energy + AI" is likened to a youthful phase, with various factors influencing its maturity, including policy guidance and industry recognition [4][6] - The energy sector faces challenges in adopting AI due to the complexity and real-time nature of industry data, necessitating a shift from single-point product optimization to comprehensive energy solutions [5] - The future of energy digital services will depend on the ability to create standardized solutions and modules that can be adapted to different industry needs, fostering a platform for innovation [5][6]