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]

西子洁能 20250923 摘要 西子节能受益于光热发电成本下降及政策支持，青海地区度电成本已降 至五毛钱左右，并获得标杆电价五毛五，同时，2026 年每千瓦容量补 贴将增加到 330 元，使得熔岩储能收益率超过 7%，经济性显著提升， 预计光热发电领域将带来约 3 亿元利润增长。 发改委鼓励每年建设 3GW 光热发电，西子节能作为主要设备供应商， 专注于吸热器、储热罐和换热器，每吉瓦价值量约 30 亿，公司市占率 保守估计为 20%，预计每年可转化约 3 亿净利润。 熔岩储能技术在火电深度调峰中具有显著优势，通过降低负荷至 10%左 右，实现价差收入和容量补贴收入，一吉瓦时造价约 3.4 亿元，远低于 化学储能成本，且设计寿命长达 30 年，预计火电灵活性改造将带来 3~4 亿元利润增长。 国家发改委要求到 2027 年改造 2~4 亿千瓦的火电容量，已完成初步改 造的 6 亿千瓦火电容量也可以进一步改造成熔盐储能系统，以实现深度 调峰，市场潜力巨大。 Q&A 西子节能的主要业务及其未来发展前景如何？ 西子节能的主要业务是余热锅炉，应用于燃气发电、煤电和工业领域。预计未 来五年内，国外市场尤其是美国和一些发 ...

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]

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 ...

晒 可阳光是散的，普通的晒，温度只能让人觉得烫。所以，我们要让光尽可能晒在同一个地方。当我们用更多的反射镜，把分散的阳光集中加热同一片区域 时，就完成了聚光发热。 烘烤 9月18日，全国最大的"线性菲涅尔"光热综合能源示范项目——三峡集团哈密百万千瓦"光热+光伏"项目实现全容量并网发电。这个全国最大的"线性菲涅 尔"光热电站正像一位高超的大厨，用反射镜作灶、熔盐作料，将阳光"烹煮"成可持续的清洁电能。即便太阳下山，它仍能持续供电，有效缓解风电和光伏 的波动问题，成为电网稳定运行的新支柱。 接收反射后阳光的叫集热管，里面的熔盐需要被阳光"精准暴晒"至550℃，才算到了火候。这些经过烘烤的熔盐，最后会被送入高温熔盐储罐，它就像一个 超级"保温瓶"，让熔盐持续维持超高热度。这些高温熔盐接下来会到达一个叫"蒸汽发生系统"的地方——蒸。 "高端"的能源，往往只需要最"朴素"的烹饪方式，亿度"电"的加工，只需要一点盐！ 虽然不是同一种盐，可它是能扛住高温、堪称"能源烹饪专用"的熔盐！ 熔盐已经有了，加上线性，加上菲涅尔透镜，这个光热发电的"烹饪"方式名字就叫——熔盐"线性菲涅尔"光热发电。和烹饪一样，光热发电也有一套固定 ...

组织形式：课堂教学+实地观摩 为支持光热发电项目发展，2 02 3年1 0月，生态环境部优先制定发布并网光热发电温室气 体自愿减排项目方法学。2 0 2 5年3月，敦煌首航节能10兆瓦和100兆瓦两个熔盐塔式光热 发电项目首批5 0万吨减排量成功登记并在北京绿色交易所实现交易，这是以市场化机制改 善光热发电项目收益，推动光热项目规模化发展的成功案例。 为帮助各能源企业进一步了解光热发电项目知识和CCER市场机遇，《中国能源报》社、 北京绿色交易所特联合举办"光热发电项目投资建设与CCER交易"专题培训，将邀请业内 专家授业解惑，并亲临光热发电项目现场观摩学习。具体安排如下： 一、时间及形式 关于举办"光热发电项目投资建设与CCER交易"专题培训的通知 各企事业单位： 光热发电兼具调峰电源和储能的双重功能，可以实现用新能源调节、支撑新能源，可以为 电力系统提供更好的长周期调峰能力和转动惯量，具备在部分区域作为调峰和基础性电源 的潜力，是新能源安全可靠替代传统能源的有效手段，是加快规划建设新型能源体系的有 效支撑，对推动实现碳达峰碳中和目标具有积极作用。"十四五"期间，全国光热发电每年 新增开工规模达到300万千 ...

Core Insights - The Akesai Huidong New Energy Solar Thermal Project in Gansu, surrounded by thousands of "super mirrors," represents a significant advancement in renewable energy technology, showcasing the successful integration of solar thermal and photovoltaic systems [1][2] Investment and Environmental Impact - The total investment for the project is 5.06 billion yuan, with an annual electricity generation capacity of approximately 1.7 billion kilowatt-hours, sufficient to meet the annual electricity needs of 570,000 households [2] - The project is expected to reduce carbon dioxide emissions by about 1.47 million tons annually, equivalent to afforestation efforts covering 1.2 million acres [2] Technological Advancements - The project validates the superiority of the "solar thermal + photovoltaic" intelligent coupling power generation model, effectively addressing the intermittency and volatility issues associated with pure photovoltaic power generation [2] - The project enhances the grid's ability to accept renewable energy and improves stability, contributing to the development of a safe, efficient, and green new power system [2] Team and Operational Excellence - A team of technicians from Hunan played a crucial role in the project's commissioning, overcoming harsh conditions to ensure the stable operation of the solar thermal system and its integration into the power grid [1][2] - The project manager emphasized the team's commitment not only to technical expertise but also to advancing clean energy development, reflecting a broader mission to support national strategic goals and achieve carbon neutrality [2]