Core Viewpoint - The State Council's Safety Committee Office issued an urgent notice to enhance safety production measures before and after the Spring Festival, emphasizing the need to prevent major safety accidents and risks [1][5]. Group 1: Safety Production Measures - The notice highlights the need for various production and business units to manage risks effectively, especially during the Spring Festival when production activities may vary significantly [1][5]. - It calls for a comprehensive assessment of safety risks, particularly in light of the high traffic during the Spring Festival and adverse weather conditions [1][5]. Group 2: Fire Safety - The notice stresses the importance of identifying and rectifying fire hazards, particularly in areas with high concentrations of elderly residents [2][6]. - Regular fire emergency drills are mandated, and a detailed management approach is required for high-rise buildings and mixed-use properties to mitigate fire risks [2][6]. Group 3: Hazardous Materials and Fireworks - There is a focus on enhancing safety regulations across the entire supply chain of fireworks and hazardous chemicals, including production, transportation, and usage [3][7]. - The notice mandates strict enforcement against illegal sales of fireworks and emphasizes the need for companies to adhere to safety measures during winter [3][7]. Group 4: Other Key Industries - The notice calls for heightened safety oversight in industries such as steel, construction, and transportation, particularly during the winter season [4][8]. - It emphasizes the need for emergency preparedness and rapid response capabilities in high-risk areas, ensuring public safety during large gatherings and events [4][8].

Core Viewpoint - The company is actively expanding its overseas market presence, with a significant increase in overseas order amounts and proportions, currently accounting for about one-fourth of total orders [2] Group 1: Overseas Market Expansion - The company has reported a continuous layout in overseas markets, with overseas orders now making up approximately 25% of total orders [2] - Sales product types include pulverized coal boilers, fluidized bed boilers, waste incineration boilers, and waste heat boilers [2] - Key sales regions are primarily in "Belt and Road" countries such as Central Asia, Southeast Asia, and Africa, with recent breakthroughs in North America, particularly Mexico [2] Group 2: Strategic Collaborations - The company is actively deepening collaboration with leading enterprises such as China Power Construction, Dongfang Electric, and Harbin Electric International [2] - Long-term partnerships are being established with benchmark enterprises in overseas project locations [2]

西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2026-01-30） 证券代码： 002534 证券简称：西子洁能 编号：2026-003 | 投资者关系活 | ☑特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | 业绩说明会 □媒体采访 □ | | | □新闻发布会 路演活动 □ | | | ☑现场参观 | | | □其他 | | 参与单位名称 | 长江证券：李想； | | 及人员姓名 | 中加基金：苗超； | | | 申万宏源证券：李冲、胡书捷、田昕、刘建伟、姚远、 | | | 长江养老：杨胜、赵千里、王烨敏、刘杰、刘堃； | | 时间 | 2026 年 01 月 30 日 | | 地点 | 公司会议室 | | 上市公司接待 | 董事长助理：毛一恺； | | 人员姓名 | 董事会秘书：鲍瑾； | | | 投资者关系管理专员：孟雪瑶； | | | 1、 公司基本情况及主要业务介绍？ | | 投资者关系活 动主要内容介 | 公司于 年建厂，2002 年加入西子电梯集团，2011 年深交所挂牌上市， 1955 | | | 2022 年更名为西子清洁能源装备制造股份有限公司。 ...

Industry Overview - The boiler manufacturing industry in China has a limited number of publicly listed companies, with key players including Xizi Clean Energy, Huaguang Huaneng, Chuanrun Co., Hailu Heavy Industry, Huaxi Energy, and Dongfang Boiler [1][8] - The industry has a large upstream and downstream supply chain, with the midstream boiler manufacturing segment being the focus of the listed companies [1] Company Performance - The leading companies in the boiler manufacturing sector, such as Xizi Clean Energy, Huaguang Huaneng, and Hailu Heavy Industry, have reported boiler business revenues exceeding 1 billion yuan [8] - Hailu Heavy Industry achieved the highest gross margin of 26.03% for its waste heat boilers and related products in 2024 [8] Financing Activity - The financing activity in the boiler manufacturing industry has shown a declining trend, with a total of 61 financing events occurring from 2014 to 2025 [9] - The financing activity significantly decreased after 2018, with no financing events reported in 2021 [9] - In 2024, there were 5 financing events disclosed, amounting to approximately 1.15 billion yuan, while 3 financing events occurred in 2025, totaling around 250 million yuan [9] Investment Focus - The financing rounds in the boiler manufacturing sector are primarily concentrated on strategic investments and post-listing financing, particularly in the New Third Board [10]

西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2026-01-28） 证券代码： 002534 证券简称：西子洁能 编号：2026-002 | 投资者关系活 | ☑特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | 业绩说明会 □媒体采访 □ | | | □新闻发布会 路演活动 □ | | | ☑现场参观 | | | ☑其他 "百闻一见"中信证券客户走进"西子洁能"活动 | | 参与单位名称 | 钱向劲、沈桐琳、许梦橼、陈果、陈如伟、戴尧、程华、傅王正、郭益鸿、胡竞、 | | 及人员姓名 | 胡植、黄晓帆、计晓东、孔存杰、李苏恒、邵晨阳、徐轶群、杨波、姚军伟、余 | | | 满江、俞国平、俞会亮、张宇、周宁、邹俊、徐云青等多人参会； | | 时间 | 年 月 日 2026 01 28 | | 地点 | 公司会议室 | | 上市公司接待 | 董事会秘书：鲍瑾； | | 人员姓名 | 投资者关系管理专员：孟雪瑶； | | | 1、 公司基本情况及主要业务介绍？ | | | 公司于 1955 年建厂，2002 年加入西子电梯集团，2011 年深交所挂牌上市， | | 投资者关系 ...

格隆汇1月23日丨西子洁能(002534.SZ)在投资者互动平台表示，公司燃气轮机余热锅炉（HRSG）业务 严格遵守国内外贸易法规，具备出口多国的资质与能力。不同国家、项目及客户的技术标准与采购要求 存在差异，公司均会据此提供合规、适配的解决方案。公司自2002年与美国N/E公司签订燃机轮机余热 锅炉技术转让协议，是美国N/E公司全球最大的技术转让方。海外市场，公司凭借技术优势、品牌效 应、设备质量、交付服务多方面优势获得海外客户的认可，也拥有北美南美市场的项目供货经验。在全 球电力需求井喷的背景下，公司将紧抓天然气新增装机需求爆发的燃气轮机余热锅炉市场机会。 ...

Summary of Huaguang Huaneng Conference Call Company Overview - **Company**: Huaguang Huaneng - **Industry**: Hydrogen energy, boiler manufacturing, and power engineering Key Points Hydrogen Energy Business - The main products are 1,000 and 1,500 standard cubic meter alkaline water electrolysis cells, with 4 units delivered in 2024 and a new 500 MW production line established [2][5] - The company is collaborating with Dalian University of Technology to develop membrane technology, which may enhance future bidding advantages [2][5] - Current comprehensive energy consumption is approximately 4.0, which is at a leading level [2][5] - The company has not yet ventured into Proton Exchange Membrane (PEM) technology, preferring Anion Exchange Membrane (AEM) technology due to limited cost reduction potential for PEM [2][7] Boiler Manufacturing and Engineering - The business is divided into three segments: traditional boiler manufacturing, engineering (EPC for power plants and municipal projects), and operation (cogeneration operations) [3][4] - The traditional and environmental boiler segments each account for about 50% of revenue, with a focus on high-efficiency and environmentally friendly products [3][15] - The company is maintaining a micro-profit in the alkaline water electrolysis business through resource sharing with boiler production [2][6] Market Dynamics and Future Outlook - The coal-fired power flexibility transformation market is driven by various factors, including cost reduction, environmental protection, and flexible operation needs [2][10] - The company aims to achieve 500 million to 1 billion yuan in orders by 2026 for flexibility transformation projects [2][11] - The PACS (ionic liquid carbon capture) technology is currently not economically viable for large-scale promotion due to high costs (approximately 300 yuan per ton) [2][13] Financial Performance and Strategy - The company expects stable overall performance in 2025, with no impact from relocation subsidies, and a healthy cash flow with continuous positive net cash inflow [3][18] - The collection ratio has improved due to better management of accounts receivable and payment arrangements [19] - Capital expenditure is projected to remain around 1 billion yuan annually, with a stable dividend policy expected for 2025 [20] Strategic Partnerships - The introduction of strategic investors like the National Adjustment Fund and Zijin Insurance is aimed at leveraging their extensive investment resources in emerging industries [17] Challenges and Considerations - The engineering segment is facing a decline, and the company plans to abandon low-margin projects while focusing on profitable opportunities [16] - The domestic market for waste incineration boilers is contracting, while overseas markets, especially along the Belt and Road Initiative, show growth potential [15] Conclusion - Huaguang Huaneng is strategically positioned in the hydrogen energy and boiler manufacturing sectors, with a focus on innovation and cost efficiency. The company is navigating market challenges while aiming for stable growth and exploring new opportunities in emerging technologies and international markets.

Group 1: Company Overview - The main business of the company includes manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [2] - The company also provides comprehensive environmental governance services for solid waste and wastewater treatment and recovery [2] Group 2: Waste Heat Boiler Business - The industrial special waste heat boilers designed and manufactured by the company are primarily used in industries such as steel, non-ferrous metals, coking, chemical, power, and papermaking [2][3] - The company maintains a leading market share in the domestic waste heat boiler market and is one of the drafting units for national standards for dry quenching waste heat boilers [3] Group 3: Pressure Vessel Business - The company produces large and special material pressure vessels mainly for coal chemical, petrochemical, and fine chemical industries [3] - Key products include heat exchangers, separators, reactors, storage tanks, towers, filters, and evaporators [3] Group 4: Nuclear Power Business - The company manufactures nuclear power equipment such as injection boxes, internal component lifting baskets, spent fuel coolers, and boric acid coolers [3] - The company actively participates in domestic and international nuclear power projects and is progressing with the investment in a fourth-generation nuclear power equipment project [3] Group 5: 2025 Operational Performance - The company's production and operational performance in 2025 met expectations, focusing on deepening existing markets and expanding new ones [3] Group 6: Future Strategic Planning - The company is committed to deepening its core business, increasing technological innovation and management efforts, and optimizing resource allocation to enhance profitability and market competitiveness [3]

Core Viewpoint - Xizi Clean Energy (002534.SZ) forecasts a net profit attributable to shareholders of 400 million to 439 million yuan for the fiscal year 2025, representing a year-on-year decline of 0.18% to 9.05% [1] Summary by Relevant Categories Performance Forecast - The company expects a net profit of 400 million to 439 million yuan for 2025, which is a slight decrease compared to the previous year [1] Reasons for Performance Change - The decrease in net profit is primarily due to a reduction in non-recurring gains, specifically from a one-time government compensation received by Hangzhou Hangguo Industrial Boiler Co., Ltd., which is lower than the one-time gain from the sale of shares in Zhejiang Kesheng Technology Co., Ltd. in 2024 [1] - The company has improved the quality control of sales orders, leading to an increase in the gross profit margin of its main business for 2025 compared to the previous year [1] - Enhanced management of accounts receivable and inventory has resulted in a decrease in total working capital, significantly improving net cash inflow from operating activities. The provisions for expected credit losses and asset impairment losses have decreased compared to the previous year, leading to a substantial increase in net profit attributable to shareholders after excluding non-recurring gains [1] - The completion of the conversion of convertible bonds has increased the weighted average number of shares for the year, resulting in a slight decrease in basic earnings per share compared to the previous year [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call centers on the gas turbine waste heat boiler industry, particularly in North America, highlighting the increasing demand for gas power generation due to electricity shortages in the U.S. [3][4][10] Core Insights and Arguments 1. **Electricity Demand Surge**: The U.S. is experiencing a significant electricity shortage, leading to a boom in gas power generation, which is seen as the optimal solution [3][4][10] 2. **Value of Waste Heat Boilers**: The demand for gas turbine waste heat boilers is rising, with overseas suppliers facing order backlogs due to increased demand [3][11][19] 3. **Market Growth Drivers**: The North American market is driven by AI advancements and grid upgrades, with the global waste heat recovery boiler market projected to reach $7.8 billion in 2024 [3][22] 4. **Key Players**: - **Xizi Clean Energy**: A leading domestic player in gas turbine waste heat boilers, with over 450 units supplied and a market share exceeding 50% in China [41][44] - **Boying Welding**: Recently expanded into the waste heat boiler sector, with a production base in Vietnam aimed at the North American market [45][48] Market Dynamics - **North American Market Size**: The waste heat boiler market in North America is expected to reach approximately $2.88 billion in 2024, with the U.S. accounting for 85.2% of this market [18][22] - **Supply Chain Challenges**: The supply of waste heat boilers is constrained as major manufacturers like GE Vernova, Siemens, and Mitsubishi have reached near full capacity [18][19] - **Competitive Landscape**: The market is highly concentrated, with Babcock & Wilcox and SPX Cooling together holding about 50% of the independent procurement market share in North America [21] Financial Projections - **Global Market Growth**: The global waste heat recovery boiler market is projected to grow to $12 billion by 2033, with a CAGR of 5.0% from 2025 to 2033 [22] - **Gas Turbine Waste Heat Boiler Market**: Expected to reach $1.4 billion in 2024, with significant growth anticipated in North America and the Asia-Pacific region [29] Risks and Challenges 1. **Certification Delays**: Companies may face delays in obtaining necessary certifications (e.g., ASME) for the North American market, which could hinder market entry [49] 2. **Raw Material Price Volatility**: The cost of raw materials, which constitutes 55% of total costs, is subject to fluctuations that could impact profit margins [49] 3. **Increased Competition**: A slowdown in grid construction or lower-than-expected demand for AI computing power could negatively affect the waste heat boiler market [49] Additional Important Insights - **Technological Advancements**: The design and manufacturing capabilities of domestic manufacturers are improving, but there remains a gap in experience with complex operational conditions compared to foreign competitors [39][40] - **Strategic Positioning**: Companies are focusing on enhancing their capabilities in design, production, and certification to better compete in the global market [38][39] This summary encapsulates the critical insights and projections regarding the gas turbine waste heat boiler industry, emphasizing the growth potential and associated risks within the North American market.