Summary of Langxin Group Conference Call Company Overview - **Company**: Langxin Group - **Industry**: Energy Internet and New Energy Key Points and Arguments Energy Internet Platform - The Energy Internet platform has been operational for 12 years, connecting numerous new energy assets such as charging piles and photovoltaics, enhancing asset utilization efficiency and value returns for clients, with an expected annual transaction volume exceeding 100 billion kWh within three years [2][4][5] - The platform has connected over 500 million end users, including 15 million commercial users, who will have future needs to participate in electricity market transactions [2][6] Charging Business Development - The aggregation charging business has nearly 22 million users, collaborating with over 3,000 operators and more than 30 leading automotive companies, covering over 390 cities [2][7] - By 2027, the expected number of new energy vehicles in China will exceed 80 million, with annual public charging market demand reaching 110 billion kWh, targeting a market share of over 25% [2][7][8] Future Growth Strategy - Post-2025, the company will focus on the main track of electric energy, entering a new growth cycle with stable growth in existing digital grid and life payment businesses, and rapid scaling of the charging aggregation platform [3][4] - The company aims to achieve profitability in the charging ecosystem by 2026, with projected charging volumes of 7 billion kWh in 2025, 11 billion kWh in 2026, and a market share exceeding 25% by the end of 2027 [9][10] Market Dynamics and Trading - Langxin has advantages in electricity market trading through scenarios, data, and technology, with a self-developed energy model driven by AI to maximize the value of data and technology [4][10] - The company plans to achieve over 130 billion kWh in transaction volume over the next three years, with specific targets of 6 billion kWh in 2025, 31 billion kWh in 2026, and 110 billion kWh in 2027 [4][13] RWA Model and Financial Innovation - The RWA (Real World Asset) model, in collaboration with Ant Group, provides value-added opportunities through financial innovation, connecting over 500 million end users, with 80% being electricity meter users [6][14] - The choice of the new energy sector for RWA tokenization is due to its large scale and alignment with national energy development strategies, providing a solid foundation for RWA tokens [15][16] Distributed Photovoltaics - Distributed photovoltaics have seen rapid growth, with a connection volume of 25 GW by the end of 2024, expected to reach 50 GW in 2025, providing essential resources for effective electricity trading [12] Challenges and Regulatory Environment - The company faces challenges in policy and regulatory aspects during the RWA issuance process, requiring collaboration with various regulatory bodies [22][24] - The introduction of the Hong Kong stablecoin regulation is expected to stimulate market activity and provide a framework for future transactions [25] Future Directions - The Energy Internet platform is expected to continue growing, reflecting the value of the electricity market and driving further innovation and optimization [27] - The company aims to leverage its extensive experience in asset management, electricity trading, and innovative financial services to create more value for investors [32] Additional Important Insights - The electricity market is projected to reach a scale of 61 billion kWh in 2025, with a focus on converting small and micro-enterprises into electricity trading agents [29][31] - The company has accumulated over 20 years of experience in the energy sector, positioning itself to capitalize on opportunities arising from the national push for electricity marketization [32]

近年来，新能源汽车产业蓬勃发展，充电桩作为重要配套设施，数量不断攀升。然而，一些早期安 装的充电桩由于种种原因，也陆续迎来"退役潮"。记者调查发现，部分"僵尸"充电桩已长期处于废弃或 闲置状态，但并未及时拆除清理，存在资源浪费等问题。 SOHO 现代城停车楼三层废弃充电桩。 现状 公桩报废以后 多年无人理会 SOHO现代城立体停车楼三层入口处，安装有一排公共充电桩。记者到访时，均处于无法使用状 态。 "有一个应该是能用的，前两天还有人来充电，其他几个早就坏了，已经很多年了。"停车场的保安 告诉记者，快充桩的充电枪本身是可以使用的，但最近几天出现故障，需要报修。慢充桩最早由小区业 主要求安装，没多久就不再使用，几把充电枪都报废许久。 记者在现场看到，有一个慢充桩显示屏上出现"故障"字样，另一个慢充桩上贴着"已停止使用"的通 知。因年代久远，通知和充电桩都落满了灰尘，充电枪被随意丢弃在地面上。 充电桩上的品牌显示为"特锐德"，记者拨打客服电话，语音播报是其子公司"特来电"。接线人员表 示将对故障登记报修："这个停车场只有我们4把充电枪，查询到3个显示故障，1个是离线。" 根据导航信息，记者又在朝阳路附近一处停车场 ...

Core Viewpoint - The installation of charging stations in residential areas is intended to benefit electric vehicle owners, but many face issues such as high costs, poor management, and safety concerns, leading to underutilization of these facilities [2][3][4]. Group 1: Charging Station Utilization Issues - Many charging stations in older residential complexes are underused due to limited parking spaces, with some areas having only 120 parking spots for 2048 households [4][6]. - High charging costs deter users, with some residents reporting prices as high as 2 yuan per kWh, which is significantly more than external charging stations [2][7]. - Maintenance issues are prevalent, with reports of broken charging guns and unresponsive screens, raising safety concerns for residents [7][8]. Group 2: Property Management Challenges - Property management companies often lack the expertise to maintain charging stations, leading to operational inefficiencies and safety hazards [10][12]. - Some property managers report that the financial returns from charging stations do not cover the costs of maintenance and management, resulting in a "loss-making" situation [10][12]. - The absence of clear regulations and responsibilities among stakeholders, including property managers and charging operators, complicates the management of charging stations [10][12][13]. Group 3: Recommendations for Improvement - There is a need for a clear management framework that designates property management as the primary responsible party for charging stations, with operators handling equipment maintenance [14][16]. - Implementing smart charging technology connected to the Internet of Things (IoT) could enhance monitoring and reduce management costs [16]. - Encouraging community engagement through the establishment of charging management agreements and promoting responsible behavior among residents can improve the overall charging environment [17].

Group 1: Core Innovation of Malu Grape RWA Financing Case - Malu Grape, a landmark agricultural brand in Shanghai, completed a 10 million yuan equity financing through a Real World Assets (RWA) project in 2024, becoming the first data asset securitization case in the agricultural sector [1] - The project combines data assetization with blockchain technology, ensuring transparency and immutability by recording environmental and economic data on the blockchain, thus addressing liquidity and financing challenges in traditional agriculture [2] - A multi-party collaboration involving Shanghai Data Exchange, Left Bank Xinhui, and law firms established a complete chain for data collection, verification, and trading, with smart contracts ensuring compliance throughout the process [3][4] Group 2: Economic Benefits and Industry Upgrade - The financing will be used for smart agricultural facility construction, such as intelligent irrigation and environmental monitoring, expected to generate an additional annual income of 3 million yuan and enhance brand premium [5] - The project promotes a shift from experience-based planting to data-driven precision management, optimizing the supply chain and enhancing product traceability [6] Group 3: RWA Model as a New Financing Paradigm - RWA transforms physical assets into on-chain tokens via blockchain technology, addressing traditional asset pain points such as enhanced liquidity and reduced investment thresholds [7] - The model improves transparency by ensuring asset authenticity and traceability through data on the blockchain, thereby reducing information asymmetry [8] Group 4: Diverse Application Scenarios - The Malu Grape case validates the feasibility of data assetization in agriculture [9] - In the renewable energy sector, Longxin Technology collaborates with Ant Group to provide low-cost financing for charging station operators through RWA [10] - Tokenization can release liquidity in real estate and support emerging asset classes like carbon credits [11] Group 5: Technology Integration and Compliance Pathways - The project integrates blockchain, AI, and IoT, utilizing smart hardware for real-time data collection and smart contracts for automated transactions [12] - A regulatory framework is necessary to balance innovation and risk, with Hong Kong exploring compliance pathways through sandbox mechanisms [12] Group 6: Comparison with Other Financing Methods - RWA offers more flexible asset segmentation and lower transaction costs compared to traditional asset-backed securities (ABS), which rely on credit and have lower liquidity [13] - RWA covers a broader range of asset types compared to security token offerings (STO), combining features of both [14] - The market for RWA assets is projected to reach trillions by 2030, covering sectors like real estate and green energy [15] Group 7: Insights and Challenges - RWA is suitable for enterprises with high-value non-standard assets needing improved liquidity, requiring data governance capabilities and compliance teams [18] - Regulatory uncertainty and technological security are challenges that need to be addressed, including the need for third-party audits to prevent data tampering and smart contract vulnerabilities [20][21]