Core Viewpoint - Kesheng Technology is preparing for an IPO on the Hong Kong Stock Exchange, following unsuccessful attempts to list on the A-share market, highlighting a trend of companies shifting to Hong Kong for capital raising opportunities [2][19]. Company Overview - Kesheng Technology specializes in tower solar thermal power generation and molten salt energy storage solutions, providing comprehensive services from project development to operational support [3][5]. - The company has established itself as a leader in the solar thermal power sector, with a market share of 47.2% in the supply of solar collection systems in China from 2021 to 2024, significantly ahead of its closest competitor [5]. Financial Performance - The company's revenue skyrocketed from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, marking a 104-fold increase [11]. - Kesheng Technology turned a profit in 2023 with a net income of 248.3 million RMB, which is expected to grow to 540.1 million RMB in 2024 [11]. - The company has shown strong revenue growth in the first half of 2025, although the growth rate is slowing [11]. Market Dynamics - The solar thermal power industry is experiencing rapid growth, with the levelized cost of electricity expected to decrease from 1.15 RMB/kWh in 2016 to 0.55 RMB/kWh in 2024, and further to 0.38 RMB/kWh by 2035 [7]. - The cumulative installed capacity of solar thermal power in China is projected to reach 17.7 GW by 2030, with a compound annual growth rate of 52.6% from 2025 to 2030 [9]. Customer Concentration - Kesheng Technology's revenue is highly concentrated, with 99.9% of its income in the first half of 2025 coming from state-owned enterprises [12][13]. - The company acknowledges the risks associated with customer concentration, as the loss of a major client could severely impact its financial stability [13]. Future Growth Drivers - Future growth for Kesheng Technology may depend on the pace of new project approvals, cost control capabilities, and the expansion into new business areas, particularly in molten salt energy storage [15][20]. - The company has implemented significant dividends prior to its IPO, distributing nearly 300 million RMB within a year, raising questions about the necessity of its upcoming capital raise [16][18].

Core Viewpoint - Kesheng Technology Co., Ltd. has submitted its prospectus for an initial public offering on the Hong Kong Stock Exchange, indicating its intention to raise capital for growth and expansion in the solar energy sector [1][7]. Company Overview - Kesheng Technology was established in May 2010, with a registered capital of approximately 360 million RMB. The main shareholders include Huzhou Yuri, Xizi Clean Energy, and others [3][4]. - The company is primarily engaged in providing tower solar thermal power and molten salt energy storage solutions, focusing on technology research, equipment sales, and engineering applications [7]. Financial Performance - Kesheng Technology's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 20.85 million RMB, 858 million RMB, 2.189 billion RMB, and 981 million RMB, respectively. The net profits for the same periods were -91.26 million RMB, 248.33 million RMB, 540.06 million RMB, and 205.81 million RMB [7][8]. - The company has a history of cash dividends, distributing a total of approximately 300 million RMB before its IPO [5]. Revenue Sources - The majority of Kesheng Technology's revenue comes from molten salt tower solar power solutions, particularly from the sales of heat collection systems and other core subsystems. In 2023 and 2024, this segment contributed approximately 845 million RMB and 2.073 billion RMB, accounting for 98.5% and 94.7% of total revenue, respectively [8][10]. Customer Concentration - Kesheng Technology has a high customer concentration, with revenue from its top five customers amounting to approximately 19.5 million RMB, 727 million RMB, 1.937 billion RMB, and 980 million RMB over the respective years [10].

Core Viewpoint - Kesheng Technology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor [1] Group 1: Company Overview - The company provides full lifecycle services from project development, construction consulting to operational support, focusing on technology research, equipment sales, and engineering applications [1] - Kesheng Technology is the only company globally with experience in over 1GW molten salt tower solar thermal power projects, according to a Frost & Sullivan report [1] Group 2: Market Position - In the Chinese tower solar thermal project market, Kesheng Technology holds a leading position, with a market share of 57.9% in installed capacity and 55.0% in project numbers from 2021 to 2024 [1] - The company has independently developed and is part of the Qinghai Province 2024 solar thermal power demonstration project, specifically the 350MW solar thermal project in Golmud, which is the largest single-unit design capacity solar thermal power station globally, further solidifying its market position [1]

Summary of Xi Zi Energy Conference Call Industry and Company Overview - **Company**: Xi Zi Energy - **Industry**: Solar Thermal Power Generation, Energy Storage, Nuclear Power Key Points and Arguments 1. **Cost Reduction and Policy Support**: Xi Zi Energy benefits from the decline in solar thermal power generation costs and supportive policies, with the cost per kilowatt-hour in Qinghai dropping to around 0.5 yuan, and a benchmark price of 0.55 yuan being established. By 2026, subsidies for capacity will increase to 330 yuan per kilowatt, enhancing the profitability of molten salt storage to over 7% [2][5][10] 2. **Market Potential in Solar Thermal Power**: The National Development and Reform Commission (NDRC) encourages the construction of 3GW of solar thermal power annually. Xi Zi Energy, as a major equipment supplier, focuses on heat collectors, thermal storage tanks, and heat exchangers, with an estimated market share of 20%, translating to approximately 3 billion yuan in net profit annually [2][6] 3. **Molten Salt Storage Advantages**: Molten salt storage technology shows significant advantages in deep peak shaving for thermal power, allowing load reductions to around 10%. The cost of 1GWh is approximately 340 million yuan, significantly lower than chemical storage costs, with a design life of 30 years, leading to an expected profit increase of 3-4 billion yuan from flexible thermal power renovations [2][7][8] 4. **Future of Thermal Power**: The NDRC mandates the renovation of 200-400 million kilowatts of thermal power capacity by 2027, with 600 million kilowatts already partially renovated, indicating substantial market potential for molten salt storage systems [9] 5. **International Market Demand**: Xi Zi Energy's main business includes waste heat boilers used in gas and coal power generation, with strong demand anticipated in international markets, particularly the U.S. and developing countries. Domestic thermal power construction is expected to remain stable [3] 6. **Nuclear Power Opportunities**: The company has obtained a manufacturing license for civil nuclear safety equipment, aiming for a 10% market share in nuclear power equipment, with projected orders of 2-3 billion yuan and profits of 300-400 million yuan by 2030 [4][11] 7. **Diversification in Energy Technologies**: Xi Zi Energy is diversifying into various cutting-edge energy technologies, including solid oxide fuel cells (SOFC) and pumped storage, with a projected market valuation of over 20 times, corresponding to 600 million yuan in profits by 2030 [4][12] Other Important Insights - **Industrial Heating Projects**: A specific project in Shaoxing involves an investment of 320 million yuan, generating annual profits of around 10 million yuan, potentially increasing to 60 million yuan with sufficient transformer capacity, indicating a five-year payback period [4][10] - **Technological Advancements**: The company is actively exploring advancements in energy technologies, including collaborations with research institutions for next-generation nuclear reactors, showcasing a commitment to innovation and long-term growth [11][12]

Core Insights - The article highlights that Kesheng Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions globally, with a focus on technology research, equipment sales, and engineering applications [3][4]. Company Overview - Kesheng Technology is the only company globally with over 1GW of experience in molten salt tower solar thermal power projects as of September 16, 2025 [3]. - The company has maintained its market leadership in providing solar collector systems and thermal storage systems, which are core subsystems of solar thermal power plants [4]. Market Position - As of 2021-2024, Kesheng Technology has supplied solar collector systems for 11 out of 20 substantial tower solar projects in China, achieving a market share of 57.9% in installed capacity and 55.0% in project numbers [3]. - The company is expanding its service and product offerings to include software and AI-enabled operational tools [4]. Industry Context - The solar thermal power industry in China is entering a phase of large-scale commercialization, supported by government policies and market reforms [3]. - The National Development and Reform Commission and the National Energy Administration have outlined plans to establish a total installed capacity of approximately 455 million kilowatts for wind and solar bases by 2030, focusing on desert, Gobi, and barren areas [3]. Financial Performance - Kesheng Technology's revenue for the fiscal years ending June 30 is projected to be approximately 20.85 million RMB in 2022, 858 million RMB in 2023, 2.189 billion RMB in 2024, and 980.936 million RMB in the first half of 2025 [6]. - The company reported profits of approximately -91.26 million RMB in 2022, 24.83 million RMB in 2023, 54.01 million RMB in 2024, and 23.31 million RMB in the first half of 2025 [6].

Company Overview - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions globally, focusing on technology research, equipment sales, and engineering applications, offering full lifecycle services from project development to operational support [3] - As of September 16, 2025, Kexin Technology is the only company in the world with experience in over 1GW of molten salt tower solar thermal power projects [3] Market Position - Kexin Technology has maintained a leading market position in providing solar collector systems and thermal storage systems, being the supplier for 11 out of 20 substantial tower solar projects in China, achieving a market share of 57.9% in installed capacity and 55.0% in project count [3][4] - The company is expanding its service and product offerings to include software and AI-enabled operational tools [4] Industry Context - The solar thermal power industry in China has entered a phase of large-scale commercialization, supported by policies and market reforms, with plans to build a total installed capacity of approximately 455 million kilowatts by 2030 [3] Financial Performance - Kexin Technology's revenue for the fiscal years ending December 31 for 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025 were approximately RMB 20.85 million, RMB 858 million, RMB 2.189 billion, RMB 745.35 million, and RMB 980.94 million respectively [4][6] - The company reported profits of approximately RMB -91.26 million, RMB 248.33 million, RMB 540.06 million, RMB 205.81 million, and RMB 233.05 million for the same periods [4][6]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Cosin Solar Technology Co., Ltd. 浙 江 可 勝 技 術 股 份 有 限 公 司 （「本公司」） （ 於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版 本乃根據 香港聯合 交易所有 限公司（「聯 交所」）及證券 及期貨事 務監察委 員會 （「證監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申 請 版本 為草 擬 本， 其 內所 載資 訊 並不 完 整， 亦可 能 會作 出重 大 變動 。 閣 下閱 覽 本 文 件 ， 即 代表 閣 下 知悉 、 接 納 並 向 本 公 司 、 其獨 家 保 薦 人 、 整 體 協 調人 、 顧 問 及 包 銷 團成員表示同意： 倘於 適 當時 候向 香 港公 眾 人士 提出 要 約或 邀請 ， 準投 資 者務 請僅 依 據於 香港 公 司註 冊 處 處 長 註 冊 的 本 公 司 招 股 章 程 作 出 ...

近日，在由太阳能光热产业技术创新战略联盟、中国工程热物理学会、中国可再生能源学会、中国电机工程学会主办，中国电建集团西北勘测设计研究院有 限公司、浙江可胜技术股份有限公司联合主办的2025中国太阳能热发电大会上，西班牙EXERA ENERGÍA S.L.（简称：Exera）首席技术官Juan Manuel Medel（胡安马·梅德尔）作了《GEMA SOLAR: the worldwide first 24 hours the rmosolar plan》的报告。 报告介绍，EXERA是一家深度专注于光热发电领域、以实现发电为目标的企业。作为西班牙乃至全球光热运维市场领导者，独立于业主方运营和维护六座 光热电站，同时还为全球范围内非EXERA运维的电站业主客户提供咨询服务。在其运营和维护的光热电站中，包括了全球首座、于2011年开始商业运行 Gemasolar光热电站。 胡安马:梅德尔分享EXERA经过实践考虑的电站运营与维护的数字化工具，这些工具的使用，不但能够提升电站的可用率、监控电站状态，还可以查询电站 历史运行数据。通过使用这些工具，近年来，特别Gemasolar光热电站实现了超过98%的可用率，年等 ...

Core Insights - The largest linear Fresnel solar thermal integrated energy demonstration project in China, the Three Gorges Group's Hami 1 million kilowatt "solar thermal + photovoltaic" project, has achieved full-capacity grid-connected power generation [1] - This project utilizes mirrors and molten salt to convert sunlight into sustainable clean energy, providing stable power supply even after sunset, thus addressing the volatility issues of wind and photovoltaic power generation [1] Group 1 - The project employs a cooking method likened to culinary techniques, using molten salt as a key component to withstand high temperatures, referred to as molten salt linear Fresnel solar thermal power generation [3] - The process involves three main steps: concentrating sunlight ("晒"), heating the molten salt ("烘烤"), and generating steam to produce electricity ("蒸") [3][6][9] Group 2 - Sunlight is concentrated using multiple mirrors to achieve high temperatures, which is essential for effective energy conversion [5] - The heated molten salt is stored in high-temperature tanks, maintaining its heat for efficient energy production, and can provide stable electricity output even without sunlight, enabling continuous power generation for up to 24 hours [9]

Core Viewpoint - The article emphasizes the importance of solar thermal power generation as a dual-function energy source that can support renewable energy and provide long-term peak regulation capabilities, contributing positively to carbon neutrality goals and the development of a new energy system in China [1][2]. Group 1: Industry Development - Solar thermal power generation is expected to see an annual new construction scale of 3 million kilowatts during the 14th Five-Year Plan period [1]. - The National Energy Administration has outlined plans for the 15th Five-Year Plan, focusing on the layout of new energy bases and increasing the construction of solar thermal projects [1]. - The successful registration and trading of 500,000 tons of emission reductions from two solar thermal projects in Dunhuang demonstrate the potential for market mechanisms to enhance project profitability and promote large-scale development [1][2]. Group 2: Training Program Details - A specialized training program on "Investment and Construction of Solar Thermal Power Projects and CCER Trading" will be held from October 22 to 24, 2025, at the Dunhuang Solar Garden Hotel [2][4]. - The training will include classroom instruction and on-site observation, targeting personnel from various energy-related sectors, including power generation companies, research institutions, and carbon management professionals [2][4]. Group 3: Training Content - The training will cover several modules, including policy interpretation, current status and trends of solar thermal power, CCER project development and trading, and technical economic analysis of solar thermal power plants [3][5]. - Participants will also engage in practical learning through site visits to the Dunhuang solar thermal power project and the Dunhuang New Energy Exhibition Hall [5].