Group 1 - The company Longyuan Technology (300105) reported a revenue of 362 million yuan for the first half of 2025, representing a year-on-year growth of 1.48% [1] - The net profit attributable to shareholders of the listed company was 28.28 million yuan, showing a significant year-on-year increase of 135.6% [1] - The company is leveraging policies supporting flexible coal power transformation and low-carbon transformation to promote new comprehensive energy-saving technologies, facilitating the efficient implementation of the "three transformations" [1] Group 2 - Longyuan Technology is accelerating the research and application of advanced technologies such as molten salt energy storage and ammonia co-firing, aiming to cultivate new growth momentum for future performance [1]

Core Viewpoint - The report highlights the company's performance in the first half of 2025, showcasing a slight increase in revenue and a significant rise in net profit, while also addressing the competitive pressures and strategic initiatives in response to industry changes [2][8]. Financial Performance - The company achieved operating revenue of 362.34 million yuan, a year-on-year increase of 1.48% [11]. - The net profit attributable to shareholders was 28.28 million yuan, reflecting a 135.60% increase compared to the previous year [11]. - The net profit after deducting non-recurring gains and losses was 26.92 million yuan, up 272.32% year-on-year [11]. - The basic earnings per share increased by 145.74% to 0.0548 yuan [11]. Business Strategy and Market Position - The company maintains advanced technical capabilities and project quality but faces increasing competition in the industry [2]. - The introduction of new policies aimed at promoting high-quality development in the renewable energy sector is expected to reshape customer profit models and drive the industry towards low-carbon technology upgrades [2]. - The company is focusing on developing cutting-edge technologies such as new energy storage systems and biomass co-firing to differentiate its service offerings [2][3]. - The company plans to expand its overseas market presence, particularly in countries along the "Belt and Road" initiative, targeting coal power unit upgrades [2]. Technological Advancements - The company has made significant investments in R&D, with a focus on low-carbon and intelligent combustion technologies, resulting in several internationally recognized innovations [3][10]. - The company holds 146 valid invention patents and has established a robust patent and standard protection strategy [3][10]. - Collaborations with leading universities for talent development in the "dual carbon" field are underway, enhancing the company's technological capabilities [3][12]. Operational Challenges - The company is experiencing pressure on accounts receivable recovery, prompting the implementation of targeted collection strategies [4]. - Despite efforts to enhance collection, there remains a risk of not fully recovering accounts receivable [4]. - The company has a significant reliance on related party transactions, with 69.09% of sales attributed to transactions with a major client, the State Energy Group [4]. Industry Context - The energy sector is undergoing a transformation towards low-carbon solutions, driven by national policies and market demands [2][8]. - The company is positioned to leverage these changes by enhancing its service offerings and expanding into new markets [2][8].

Group 1 - The Shanghai Stock Exchange has decided to terminate the review of Ziqi Energy Technology Co., Ltd.'s initial public offering and listing on the Sci-Tech Innovation Board [1] - Ziqi Energy submitted an application to withdraw its IPO application on February 18, 2021, which led to the termination of the review process [1] - The company is a comprehensive service provider in the power technology sector, focusing on power design services and offering solutions across various sectors including new energy, petrochemicals, and real estate [1] Group 2 - Ziqi Energy planned to issue up to 27.95 million shares and aimed to raise 388 million yuan, with specific allocations for various projects including 124 million yuan for the construction of a comprehensive service operation center [1] - The underwriting institution for this issuance was Anxin Securities Co., Ltd., with representatives Liu Guiheng and Zhang Yilin [2]

Performance Forecast - The company expects a net profit attributable to shareholders of 26 million to 31 million RMB, representing a year-on-year increase of 116.61% to 158.26% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 24.64 million and 29.64 million RMB, indicating a year-on-year growth of 240.80% to 309.95% [1] Revenue and Expense Analysis - The company's operating income increased by approximately 5.2964 million RMB compared to the same period last year [1] - Selling, administrative, and R&D expenses rose by about 8.0178 million RMB year-on-year, reflecting an increase of 82.21% [1] Investment Income and Other Factors - The investment income from the associated subsidiary, Guoneng Kehuan Wangkui New Energy Co., Ltd., is approximately 1.6190 million RMB, which is a decrease of 83.37% compared to the previous year [1] - The company reported an increase in deductible losses for the year 2025, impacting the net profit attributable to shareholders by approximately 1.36 million RMB, mainly due to asset disposal gains and government subsidies [1]

Group 1: Business Operations and Revenue - The company engages in various project types with power plants, including direct supply, EP, and EPC contracts [2] - The plasma ignition business has seen growth in recent years due to accelerated infrastructure project approvals, although revenue recognition is delayed due to long construction cycles [3] - In Q1 2025, the deferred tax assets increased by 717.43 thousand yuan, a growth of 50.62%, attributed to the recognition of deductible temporary differences from previous losses [4] Group 2: Financial Performance and Projections - The company achieved approximately 45.5 thousand yuan in revenue from overseas projects in 2024, with plans to establish a foreign subsidiary in South Africa to expand its market presence [5] - The spare parts business has shown a steady increase in orders, with a significant portion related to plasma ignition [6] Group 3: Policy Impact and Technological Advancements - The implementation of new policies for coal power upgrades is expected to necessitate more personalized and complex technical modifications to meet modern requirements [7][8] - The company is promoting the concept of transparent boilers, utilizing online monitoring and data analysis to enhance boiler operation efficiency [8]

Core Viewpoint - Beijing Yupont Electric Technology Co., Ltd. announced an adjustment to the conversion price of its convertible bonds "Yupont Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, reducing the conversion price from 10.07 yuan/share to 7.30 yuan/share, effective from June 23, 2025 [1][7]. Summary by Sections Securities Suspension and Resumption - The company's convertible bonds will suspend conversion from June 16, 2025, to June 20, 2025, and will resume conversion on June 23, 2025 [1]. Conversion Price Adjustment Basis - The adjustment of the conversion price is based on the resolutions passed during the board meetings and the annual shareholders' meeting, which approved a cash dividend of 1.53 yuan (tax included) for every 10 shares and a capital reserve increase of 4 shares for every 10 shares [1][2]. Adjustment Calculation - The adjusted conversion price is calculated using the formula considering the cash dividend and the stock increase ratio, resulting in a new conversion price of 7.30 yuan/share [5][7]. Total Share Capital and Dividend Distribution - As of the announcement date, the company has 24,706,195 shares in the repurchase account, and the total share capital has increased from 247,101,285 shares to 247,101,384 shares due to the conversion of 99 shares from the convertible bonds [3][6]. Other Information - Investors seeking detailed information about the "Yupont Convertible Bonds" can refer to the company's disclosures on the Shanghai Stock Exchange website [7].

Core Viewpoint - The company, Beijing Yubang Electric Technology Co., Ltd., has announced adjustments to its 2024 profit distribution plan and capital reserve increase, maintaining the cash dividend per share while adjusting the total amounts due to changes in share capital from convertible bonds [1][2][3][4] Summary by Sections Cash Dividend - The company plans to distribute a cash dividend of RMB 1.53 per 10 shares (including tax), with the total cash dividend amount adjusted from RMB 34,026,448.77 to RMB 34,026,463.92 [1][4] - This cash dividend represents 30.57% of the net profit attributable to shareholders in the consolidated financial statements for 2024 [4] Capital Reserve Increase - The company intends to increase its capital reserve by 4 shares for every 10 shares held, with the total number of shares to be increased adjusted from 88,958,036 to 88,958,076 [1][4] - Following this adjustment, the total share capital will increase to 336,059,460 shares [4] Reason for Adjustment - The adjustments are due to the conversion of 99 shares from the convertible bonds "Yubang Convertible Bonds" during the conversion period, which increased the total share capital from 247,101,285 shares to 247,101,384 shares [2][3] - The company will maintain the cash dividend amount per share and adjust the total cash dividend and capital increase amounts accordingly [2][3]

Group 1 - The company announced a suspension of the conversion of its convertible bonds ("煜邦转债") due to the implementation of the 2024 annual equity distribution plan [1][2] - The board of directors approved a cash dividend of 1.53 yuan (including tax) for every 10 shares and a capital reserve increase of 4 shares for every 10 shares, with no bonus shares distributed [1][2] - The suspension of the bond conversion will take effect from the trading day before the equity distribution announcement, with the resumption of conversion scheduled for the first trading day after the equity registration date [2] Group 2 - The company will adjust the conversion price of the convertible bonds in accordance with the terms outlined in the bond issuance prospectus following the equity distribution [1][2] - Investors interested in further details regarding the convertible bonds can refer to the company's bond issuance prospectus published in 2023 [2]

龙源技术（300105）公告，公司于2025年6月4日召开第六届董事会第十次会议，审议通过《关于设立龙 源技术南非分公司的议案》，同意公司设立龙源技术南非分公司，并批准授权管理层办理具体事宜。初 始运营资金为10万美元，注册地为南非比勒陀利亚，经营范围包括工程承包、本地采购、技术服务、跨 境贸易及市场开发等。成立南非分公司旨在增强海外项目竞争力，拓展南非市场业务，加快国际化发展 进程，提升综合竞争力。分公司设立不构成关联交易，亦不构成重大资产重组。 ...

Group 1: Business Performance - The company's oil-saving business revenue decreased by 12.71% in 2024, primarily due to stable demand for plasma ignition projects [2] - The environmental protection business declined significantly, influenced by low industry demand and limited investment capacity for environmental upgrades [2] Group 2: Policy Impact - The implementation of the "New Generation Coal Power Upgrade Special Action Implementation Plan" will affect coal power energy-saving renovations, promoting carbon reduction and flexibility improvements [3] - The plan encourages the expansion of coal power energy-saving renovations into smart and digital fields, providing broader business development opportunities for service providers [3] Group 3: Project Updates - The main revenue from the ammonia-mixed combustion business in 2024 came from the 600MW coal-fired boiler project at Guoneng Taishan Power Plant, which achieved partial acceptance [4] - The ammonia-mixed combustion technology is still in the research and engineering verification stage, requiring further optimization in technology, fuel costs, carbon reduction benefits, and national policies [5] Group 4: Growth Factors - The rapid growth of comprehensive energy-saving renovations is driven by the company's strategic alignment with the national goal of building a new power system and active involvement in energy-saving and flexibility renovation projects [6] - The company has implemented China's first large-capacity steam heating molten salt energy storage project, enhancing its position in new energy storage technologies [6] Group 5: Biomass Business - The biomass business is part of the company's strategy under the "dual carbon" goal, focusing on various technical applications, including straw and vine biomass production and co-firing [7]