Company and Industry Summary Company: Langxin Technology (朗新科技) Key Points 1. **2025 Performance Forecast** Langxin Technology expects a net profit attributable to shareholders of 100-150 million yuan in 2025, representing a year-on-year growth of 140%-160% compared to a loss of 250 million yuan in 2024 [1] 2. **Impact of Business Adjustments** The profit forecast considers a 120 million yuan impairment of receivables from previously divested businesses and approximately 100 million yuan in new investments related to AI. The traditional core business is projected to have a profitability range of 320-370 million yuan, although it is currently in a low point due to the investment cycle in smart grid technology [1] 3. **Operating Cash Flow** The company anticipates an operating cash flow of around 400 million yuan for 2025 [1] 4. **AI Strategy Commitment** Langxin Technology is firmly committed to deepening its AI strategy, with research and development fully transitioning towards AI applications. The company’s AI energy model, "Langxin Nine Functions AI Energy Model," is expected to facilitate electricity trading volumes exceeding 6 billion kilowatt-hours in 2025, marking a threefold increase year-on-year [1] 5. **Electricity Trading Growth** As of the reporting period, Langxin has signed contracts for electricity trading in 2026, with a projected scale that is four times higher than the previous year, aiming to exceed 30 billion kilowatt-hours. The existing customer demand for electricity trading is estimated at 400-600 billion kilowatt-hours, indicating a high growth ceiling for the business [2] 6. **Profitability Projections** Based on a profit margin of 0.01-0.02 yuan per kilowatt-hour, the company estimates a profit elasticity of 30-60 million yuan for this year, with projections of 100-200 million yuan for the next year [2] 7. **High Growth Outlook for 2026** The outlook for 2026 indicates a high certainty of growth, driven by AI electricity trading and aggregated charging services beginning to deliver results. The traditional business segments, including smart grid technology and payment services for water and electricity, remain stable, while historical businesses in industrial internet and digital cities have been completely divested [2] 8. **Low Base Effect** With a low base of 3 million yuan in net profit for Q1 2025, Langxin is positioned to potentially become one of the fastest companies to realize significant growth in AI applications in 2026 [2]

日前发布的《跨电网经营区常态化电力交易机制方案》迎来落地实践新样本。近日，全球领先的绿色科技企业远景科技集团（下称"远 景"）在"山西蒙西送上海浙江安徽月内省间绿色电力集中竞价交易"中实现全流程闭环，将来自内蒙古的绿色电力成功送到上海用户手中。 值得注意的是，该笔绿电交易是远景对"自营风电终端消纳模式"的积极探索。其中，上网侧申报来自远景位于蒙西的风电场项目，需 求侧申报方则为其旗下售电公司"景融绿色能源科技有限公司"，最终双方在集中竞价中完成撮合成交，不仅实现资源地与负荷中心的直接 供需匹配，也为绿电跨区配置、规模交易和用户直达提供了明确路径。 当前，国家层面正系统构建"跨电网、常态化、全场景"的交易规则体系，提出"构建涵盖各类交易场景的跨经营区常态化交易机制，协 同完善电力交易平台功能，实现交易平台互联互通"的要求。但受限于区域壁垒、电网割裂、交易机制复杂等因素，跨电网的绿电交易路径 一直难以打通。业内人士指出，该笔跨区绿电交易的达成，是全国统一电力市场建设创新试点的重要落地，也验证了未来打通全国绿电市 场的可行性。 "依托空间资源互济能力，远景具备从源头发电到跨区域运电的全链路能力，能助力企业高效零碳转 ...