证券代码：000598 证券简称：兴蓉环境 成都市兴蓉环境股份有限公司 2025 年 6 月 26 日投资者关系活动记录表 编号：2025-19 投资者关系活动 类别 ★特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 长江证券-徐科 富国基金-武云泽、蒲世林、毛一凡、刘莉莉、方昊 时间 2025 年 6 月 26 日 地点 线上交流 上市公司接待人 员姓名 刘杰、梁一谷 投资者关系活动 主要内容介绍 问题 1：请介绍公司运营及在建的供排水项目产能情况。 答：目前，公司运营及在建的供水项目规模约 430 万吨/日、污 水处理项目规模逾 480 万吨/日。在建的供排水项目大多在 2025 年-2026 年内投运。 问题 2：请问公司应收账款情况。 答：随着公司近年来加强市场拓展，业务规模不断扩大，应收 账款相应有所增加。公司高度重视应收账款管理，积极开展回 款催收工作。 问题 3：请问公司在建垃圾焚烧发电项目情况。 | | 答：公司目前正在推进成都万兴环保发电厂（三期）项目建设， | | --- | --- | | | 该项目生活垃圾处 ...

浮空风电技术创新领跑企业北京临一云川能源技术有限公司（以下简称"临一云川"），近日完成本轮融资，由中金资本旗下基金独家投资。这是继华强新能 源、中科创星之后一年内获得的第三笔融资，临一云川本轮融资将用于在浙江舟山建立蒙皮材料生产基地，以及浮空风电领域的技术研发、设备采购、产能 提升以及团队扩充等。 临一云川的浮空风力发电技术装备，对比现有发电设备，具有发电时间稳定、全寿命周期零碳排、投资回报周期短等优势，有望打破长期以来困扰能源行业 发展的"不可能三角"。与此同时，设备兼具并网和分布式两种发电场景所需能力，使其不但可以完成为电网提供绿色且稳定电能的能力，同时具有解决孤岛 用电、零碳园区用电等特殊场景的潜力。 为提升技术创新能力和市场竞争力，临一云川积极与清华大学、中国科学院空天院等多家顶级科研机构开展合作，优势互补，协同创新。迄今已完成了初始 验证样机、工艺验证样机、万米浮空样机和原理测试样机的研制工作，形成了应急抢险型号（S500）与发电高度3000米的初级电网型号两大产品系列，多 个商业化示范项目正在落地实施中。 临一云川首席执行官顿天瑞表示，"本轮中金资本旗下基金独家投资，充分体现了其对浮空风电技术发展 ...

Group 1 - The core viewpoint of the report indicates that the infrastructure project is the Hangzhou Huadian Jiangdong Natural Gas Combined Heat and Power Project, which has no active competition in the region, and its profitability is limited by fuel costs [2][3] - The REIT is expected to be listed on June 27, 2025, with an inquiry range of 2.532-3.796 CNY per share, corresponding to an initial P/FFO of 7.89-11.83 times, which is lower than the average of comparable REITs at 19.91 times [2][3] - The projected net cash distribution rates for 2025 and 2026 are 6.78% and 6.43%, respectively, with the 2025 forecast being lower than the average of comparable REITs at 11.33% [2][3] Group 2 - The underlying project is a natural gas combined heat and power project controlled by Huadian International Power Co., Ltd., featuring two sets of combined heat and power units with dual functions of power generation and heating [2][3] - The project is located in Hangzhou and aligns with local peak regulation plans, with significant growth in both power generation and heating sales [9][28] - The project has a stable natural gas procurement arrangement, but prices are significantly affected by high import dependence and geopolitical factors [29][33] Group 3 - The operational performance analysis shows that the project experienced a rebound in power generation in 2024, with a market transaction volume higher than the average of comparable REITs [3][42] - Revenue from power generation is the main source of income, with a significant increase in 2024 due to high temperatures and peak regulation demand [13][49] - The project’s profitability is relatively weak, with higher per-unit costs compared to comparable projects, primarily due to short-term procurement agreements for natural gas [54][57] Group 4 - The valuation comparison indicates that the discount rate is at a lower level compared to comparable REITs, and the asset appreciation rate is below the average [4][62] - The initial P/NAV is higher than the average of comparable REITs, with the estimated fundraising amount ranging from 1.266 to 1.898 billion CNY [2][4] - The project is backed by one of China's largest energy companies, Huadian International, which has a significant operational scale and a steady increase in profits [34][39]

Group 1 - The core viewpoint of the news is the implementation of market-oriented reforms for renewable energy pricing in Inner Mongolia and Xinjiang, aimed at promoting high-quality development of the renewable energy sector [8][24][32] - The reform includes a comprehensive market entry for renewable energy projects, with pricing determined through market transactions, ensuring fair participation of various renewable energy sources [10][12][24] - The pricing mechanism for renewable energy will be established, differentiating between existing projects and new projects, with specific pricing levels and mechanisms for each category [25][26][29] Group 2 - For renewable energy projects that began operation before June 1, 2025, the mechanism pricing will be linked to the existing preferential pricing, with a mechanism electricity price of 0.2829 yuan/kWh for subsidized projects and 0.262 yuan/kWh for parity projects [16][25] - New renewable energy projects starting after June 1, 2025, will have their pricing determined through competitive bidding, with a bidding range set between 0.15 yuan/kWh and 0.262 yuan/kWh [19][26] - The implementation of the pricing mechanism will be monitored and adjusted based on market conditions, ensuring that the renewable energy sector can adapt to changes in demand and supply [22][30]

证券代码：000591 证券简称：太阳能 1 | | 2、公司当前电站组件技术路线？ | | --- | --- | | | 答： | | | 公司运营的电站中，目前组件技术以 TOPCon 为主，个别项目 | | | 有试点 HJT 技术路线，后期也会计划按需试点应用一定比例 BC 及 | | | 钙钛矿组件。 | | | 3、补贴进展情况？ | | | 答： | | | 2024 年，公司共计收到电费补贴 13.66 亿，其中国补 12.33 | | | 亿。公司积极关注后续发放情况，积极配合相关工作。 | | | 4、分红比例是否会提高？ | | | 答： | | | 公司自上市以来高度重视对广大股东的投资回馈，始终保持 | | | 稳定的现金分红。过去三年，公司累计现金分红约 15.12 亿，分红 | | | 比例约占年均归母净利润的 36%，未来仍将在综合考虑盈利情况、 | | | 资本支出计划等事项的基础上，合理安排分红。 | | | 5、公司海外项目拓展情况及未来规划？ | | | 答： | | | 公司目前与斯里兰卡、印度尼西亚以及乌兹别克斯坦等国家 | | | 地区相关部门进行了洽谈，有的也 ...

Group 1 - The diesel generator sector is undergoing adjustments primarily due to the impact of chip bans, leading to lower-than-expected capex intensity and pace from domestic manufacturers [1] - Nvidia is developing a new chip, B30, specifically for the Chinese market, with plans to produce over 1 million units this year [1] - Despite slow progress in data center construction in Q2, overall demand remains strong, extending the industry's prosperity until at least the end of next year [2] Group 2 - Major manufacturers plan to initiate bidding for diesel generators for 2026 in advance, with both the bidding volume and prices expected to exceed previous expectations from April to May [3] - Weichai Power (02338) anticipates selling over 8,100 units of its M series large-bore engines in 2024, with overseas sales accounting for 62% and a 20% year-on-year revenue increase, driven by a 148% surge in data center product sales [4] - Chongqing Machinery and Electric (02722) projects a net profit of approximately 431 million yuan for 2024, reflecting a 42% increase, benefiting from the sustained high demand for high-end diesel generators due to ongoing AIDC and data center construction [4]

Summary of Key Points Core Viewpoint - The company, Zhejiang Chenfeng Technology Co., Ltd., is providing a guarantee for its wholly-owned subsidiary, Ke'erqin Left Wing Banner Hengshuo New Energy Co., Ltd., to support its financing for a wind power project, which is part of the company's strategic expansion in the renewable energy sector [1][2]. Group 1: Guarantee Details - The total amount of the guarantee provided by the company is up to RMB 115 million [1]. - The guarantee includes a joint liability guarantee and a pledge of future electricity revenue from the project [2]. - The subsidiary has a high debt-to-asset ratio of over 70%, specifically 81.59% [4][7]. Group 2: Financial Overview of the Subsidiary - As of the latest audited financials, the subsidiary has total assets of approximately RMB 116.42 million and total liabilities of about RMB 94.99 million [4]. - The subsidiary reported an operating income of RMB 1.53 million and a net profit of RMB 1.43 million for the audited year [4]. Group 3: Decision-Making Process - The guarantee was approved through a series of meetings, including the board of directors and the annual shareholders' meeting [2][6]. - The company emphasizes that the guarantee is necessary for the subsidiary's operational funding and aligns with its strategic goals in the renewable energy sector [6]. Group 4: Current Guarantee Status - As of the announcement date, the company has a total of RMB 867.6 million in external guarantees, which represents 73.98% of its latest audited net assets [7]. - There are no overdue guarantees or violations reported, ensuring compliance with regulations [7].

Core Viewpoint - Longi Green Energy Technology Co., Ltd. maintains a strong competitive position in the photovoltaic industry despite facing challenges such as supply-demand imbalance and significant price declines in products [3][4][5]. Company Overview - Longi Green Energy has established a vertically integrated industrial ecosystem from crystal pulling, slicing, battery cells to photovoltaic modules, ranking second globally in both monocrystalline silicon wafer and photovoltaic module shipments in 2024 [3][5][13]. - As of March 2025, the company has cash assets of 54.484 billion yuan, with a debt-to-asset ratio of 59.80%, indicating a solid financial position [5][15]. Financial Performance - The company reported a total profit loss of 10.206 billion yuan in 2024, with a significant cash outflow from operating activities amounting to 4.725 billion yuan [5][20]. - In the first quarter of 2025, the company continued to experience losses, with a total profit loss of 1.709 billion yuan and a cash outflow of 1.747 billion yuan from operating activities [5][20]. Industry Challenges - The photovoltaic manufacturing industry is experiencing intensified competition and rapid technological iterations, leading to severe profit losses for the company [4][5][20]. - The prices of photovoltaic products have dropped to historical lows due to a significant supply-demand imbalance, impacting the company's revenue and profitability [4][5][20]. Future Outlook - The company is focusing on developing BC battery technology and accelerating the upgrade of BC second-generation product capacity, while monitoring industry policies and technological advancements [4][5]. - The end of the domestic photovoltaic "rush installation" trend is expected to keep product prices low in the short term, further pressuring the operating performance of manufacturing enterprises [4][5]. Research and Development - Longi Green Energy has a strong R&D capability, holding over 3,342 authorized patents, including more than 400 patents for BC battery components [8][14]. - The company has been involved in setting over 300 solar photovoltaic standards, showcasing its leadership in technology and innovation within the industry [8][14]. Investment and Projects - As of March 2025, the company has ongoing projects with a total remaining investment of 12.466 billion yuan, focusing on upgrading existing production lines and new BC second-generation battery capacity [9][12]. - The company has faced risks related to investment returns and the effective release of capacity due to the current oversupply in the photovoltaic manufacturing industry [9][12].

尼泊尔上博迪克西水电站负责人Bikram在线上接受中新社记者采访时表示，重水公司产品的稳定性及性 能优越性强，水轮发电机组效率高，给水电站带来的发电收益超过预期。同时，重水公司售后服务及时 高效，解决了企业后顾之忧。 中新社重庆6月25日电(张旭安梓诚)从喜马拉雅山南麓的尼泊尔到红河中下游的越南，从非洲的刚果(金) 到中亚的哈萨克斯坦、乌兹别克斯坦……重庆水轮机厂有限责任公司(下称"重水公司")副总经理牟连娟 表示，他们造出的水轮发电机组，在这些地方已飞速转动多年，为民众输送电力。 6月17日，重庆水轮机厂有限责任公司的生产基地内，工作人员正在起吊水轮发电机组的转子。张旭摄 中新社记者近日到位于重庆江津的重水公司生产基地采访时看到，工作人员正在对水轮发电机组进行组 装，准备发往海外。据介绍，2025年以来，重水公司已收到国内外订单超3亿元人民币，其中七成订单 来自海外市场，涉尼泊尔、越南、哈萨克斯坦等国家。 牟连娟告诉记者，中亚、尼泊尔、越南都是重水公司重点布局的海外市场。在尼泊尔，逾30家水电站采 购重水公司的水轮发电机组；在越南，重水公司为40多家水电站提供水轮发电机组。 "在尼泊尔出差，以前酒店经常停电 ...

一、绿证核发情况 2025年5月，国家能源局核发绿证2.15亿个，环比下降0.59%，涉及可再生能源发电项目12.71万个，其中可交易绿证1.30 亿个，占比60.31% ； 本期核发 2025年4月 可再生能源 电量对应绿证 1.57亿个，占比73.20%。2025年1 - 5月，国家能 源局共计核发绿证10.93亿个，其中可交易绿证7.62亿个。 | 可再生能源发电类型 | 5月核发绿证数量 | 1-5月核发绿证数量 | | --- | --- | --- | | 风电 | 8232 | 46551 | | 大阳能发电 | 4055 | 20971 | | 常规水电 | 7448 | 33768 | | 生物质发电 | 1637 | 7505 | | 其他可再生能源发电 | 123 | 528 | | 总计 | 21495 | 109323 | 二、绿证交易情况 | 可再生能源发电类型 | 5月交易绿证数量 | 1-5月交易绿证数量 | | --- | --- | --- | | 风电 | 1543 | 14694 | | 大阳能发电 | 1091 | 12094 | | 生物质发电 | 242 | 13 ...