瑞财经 刘治颖 6月26日，麦田能源股份有限公司（以下简称：麦田能源）创业板IPO获受理，保荐机构 为国泰海通证券股份有限公司，保荐代表人为杜惠东、顾培培，会计师事务所为天健会计师事务所(特 殊普通合伙)。 麦田能源系一家以电力电子技术为核心的新能源电力设备研发、生产、销售及服务的高新技术企业，自 设立以来专注于分布式能源相关的能量转换、存储与管理领域。 业绩方面，2022年至2024年，麦田能源营业收入分别为24.86亿元、29亿元、33.92亿元，净利润分别为 1.99亿元、1.49亿元、2.67亿元，主营业务毛利率分别为26.60%、28.05%、28.93%。 | 项目 | 2024年12月31 | 2023 年 12 月 31 | 2022 年 12月 31 | | --- | --- | --- | --- | | | 日/2024 年度 | 日/2023 年度 | 日/2022 年度 | | 资产总额(万元) | 518,360.43 | 418,624.97 | 413,187.20 | | 归属于母公司所有者权益(万元) | 275.846.90 | 247,651.30 | 81.599. ...

Core Viewpoint - Maitian Energy Co., Ltd. has received approval for its IPO on the ChiNext board, focusing on the development, production, and sales of new energy power equipment based on power electronics technology [1] Financial Performance - Projected revenues for Maitian Energy from 2022 to 2024 are 2.486 billion, 2.9 billion, and 3.392 billion yuan respectively, with net profits of 199 million, 149 million, and 267 million yuan [1] - The gross profit margins for the main business are expected to be 26.60%, 28.05%, and 28.93% for the same years [1] - Total assets as of December 31, 2024, are projected to be 5.183 billion yuan, with total liabilities at 2.418 billion yuan, resulting in an asset-liability ratio of 35.70% [2] - Net profit for 2024 is projected at 267.49 million yuan, with a basic earnings per share of 0.74 yuan [2] - Research and development expenses are expected to account for 7.16% of operating revenue in 2024 [2] Ownership Structure - Zhu Jingcheng is the actual controller of Maitian Energy, holding a 47.50% stake through various entities [2][3] - Gao Yueqiao, a significant stakeholder and Zhu Jingcheng's mother, also has a substantial indirect stake in the company [3][5] - The board of directors includes family members, indicating a closely-knit management structure [5][6]

Core Insights - The article provides an analysis of the investment landscape in Guangdong Province for May 2025, highlighting a decrease in financing events but a significant increase in total disclosed financing amounts compared to the previous year [3][11]. Financing Events Overview - In May 2025, Guangdong Province experienced 94 financing events, a decrease of 8 events (8%) from the previous month and a decrease of 46 events (33%) year-on-year [3][11]. - The total disclosed financing amount reached 56.38 billion RMB, an increase of 11.49 billion RMB (26%) from the previous month and an increase of 40.80 billion RMB (262%) year-on-year [3][11]. Industry Analysis - The most active financing sectors included Intelligent Manufacturing (26 events), Healthcare (14 events), and Artificial Intelligence (12 events), with Intelligent Manufacturing seeing a significant decline of 41% from the previous month [4][13]. - The top five industries accounted for 65 financing events, representing 69% of all events, and involved a total disclosed amount of 19.28 billion RMB, which is 34% of the total [13][15]. Investment Stages - The distribution of financing events by stage showed 69 early-stage events (73.4%), 19 growth-stage events (20.21%), and 6 late-stage events (6.39%) [5][22]. - In terms of disclosed financing amounts, early-stage financing totaled 17.70 billion RMB (39.07%), growth-stage 4.60 billion RMB (10.15%), and late-stage 23.01 billion RMB (50.78%) [22]. Major Financing Events - Guangdong Province added 3 large financing events in May 2025, accounting for 60% of the national total, with a disclosed amount of 41.23 billion RMB, representing 56% of the total financing amount for the month [26][27]. IPO Market - Two companies from Guangdong Province completed IPOs in May 2025, a decrease of 33% from the previous month, with a total fundraising amount of 5.04 million RMB, down 44% from the previous month [8][40]. - The companies included one listed on A-shares and one on Hong Kong stocks, with 100% of the IPOs supported by VC/PE [8][41]. M&A Activity - There was one merger and acquisition event in May 2025, a domestic transaction, marking a decrease of 67% from the previous month and 86% year-on-year [9]. Investment Institutions - A total of 108 VC/PE institutions participated in investments in May 2025, a decrease of 22% from the previous month and 13% year-on-year [32]. - The top five VC/PE institutions by the number of investment events were Shenzhen Capital Group (5 events), Donghai Investment Holdings (4 events), Zhuhai Science and Technology Investment (4 events), Tsinghua Alumni Seed Fund (3 events), and Meihua Venture Capital (2 events) [33].

Core Viewpoint - Maitian Energy, a provider of integrated energy solutions focusing on solar storage and heating, has initiated its IPO process on the Shenzhen Stock Exchange, aiming to raise 1.661 billion yuan [1]. Company Overview - Maitian Energy Co., Ltd. is a high-tech enterprise specializing in the research, development, production, sales, and service of new energy power equipment, with a core focus on power electronics technology [2]. - The company has concentrated on the energy conversion, storage, and management fields related to distributed energy since its establishment [2]. Business Model and Product Offering - The company has developed a one-stop integrated energy solution centered around household energy ecosystems, utilizing energy storage systems and grid-connected inverters as key components [3]. - Maitian Energy has expanded its offerings to include charging piles and heat pumps, forming a comprehensive product system for distributed energy [3]. - The company aims to achieve digital and platform-based energy management through its smart energy management system, laying the groundwork for resource aggregation and information exchange in the new power system [3]. Market Position and Performance - Maitian Energy's revenue primarily comes from overseas markets, establishing a strong market position in high-value regions such as Germany and the UK, as well as high-growth markets in Asia, Africa, and Latin America [3]. - The company has seen rapid growth in shipment volumes and industry standing, with a projected global market share of approximately 6% in the household energy storage sector for 2024 [3]. - In Europe, Maitian Energy holds a market share of about 13%, with specific shares of 37% in the UK, 25% in Poland, and 13% in Germany [3]. - The company also has an 11% market share in the high-growth emerging market of South Africa [3]. Financial Performance - From 2022 to 2024, Maitian Energy's revenue is projected to grow from 2.486 billion yuan to 3.392 billion yuan, with net profits of 199 million yuan, 149 million yuan, and 267 million yuan respectively [4]. - The IPO proceeds of 1.661 billion yuan will be allocated to the construction of a production facility for 1 million sets of smart energy storage products, a research and development center, marketing and technical service system enhancements, and to supplement working capital [4][5]. Future Development Plans - The production facility project aims to enhance and expand the company's existing business, optimizing product structure based on market demand and industry development [5]. - The R&D center project is intended to strengthen the research team and improve the company's R&D capabilities, ensuring technological advancement and enhancing product competitiveness [5]. - The marketing and technical service system project will focus on key regional market layouts and business expansion, improving local service capabilities and brand influence [5].

文 | 新疆维吾尔自治区发展和改革委员会 6月25日， 新疆发展和改革委就 《自治区贯彻落实深化新能源上网电价市场化改革实施方案（试行）》 发表解读文件。 该实施方案被视作新疆136号文配套细则，根据解读 文件来看，文件明确了机制电量规模、机制电价水平、增量项目竞价、 机制电量差价结算等核心内 容。 主要任务： 推动新能源上网电价全面由市场形成 、 建立新能源可持续发展价格结算机制 、 确定机制电量规模 和 电价水平 、 明确差价结算方式 、明确 执 行期限和退出规则 等 五 项任务。 机制电价和机制电量： 增量项目竞价工作： 机制电量差价结算： 《方案》明确， 对纳入机制的电量 ，国网新疆电力有限公司 每月按机制电价 开展差价结算 ，将 同类型项目 市场交易均价与机制电价的差额 ， 纳入 系统运行费 " 新能源可持续发展价格结算机制差价结算费用 " 科目 。 国网新疆电力有限公司 具体编制 差价结算细则 ，负责 组织 签订差价协议、 开 展差价电费结算 、及时公布结算情况等工作 。 解读文件指出， 此次贯彻落实 136 号文件， 突出做好 新老政策衔接 ，《方案》在 机制电量规模上，补贴项目衔接原优先电量 ...

中金研究 "十四五"新能源装机高增，亦暴露消纳问题，"136号文"推动新能源全面入市，行业进入到竞争下半场，改变"大锅饭"模式，进入综合实力的比拼，我 们认为竞争中的企业alpha或将取决于成本管控能力、市场交易能力。 点击小程序查看报告原文 新能源全面入市重构行业生态，企业alpha有望在竞争中凸显。 "136号文"是绿电行业的划时代文件，引导新能源全面入市，未来的收入不确定性增加。 1）地方政府： 我们预计不同的地方政府将权衡招商引资与下游用能成本承受能力，根据区域资源禀赋科学制定机制电量规模，有望减少投资隐性成本， 带动行业健康发展。 2）电企： 投资趋于理性、优化投资结构，聚焦效益更佳的海风和消纳电价风险可控、资源佳的大基地，成本管控、运营交易、数智 创新能力突出的电企优势凸显。 3）新型经营主体： 储能、虚拟电厂匹配入市后的需求响应与交易组织需求，经济性有望显现。 另外，我们注意到三北地区更早开展市场化交易，部分地区入市比例超过80%，竞争较为充分，电价有企稳迹象，而刚开展现货交易的中东南部区域价格 下降风险可能更大，但我们相信经过2-3年充分交易后有望企稳。 消纳政策密集出台，"负荷为王"时代开启 ...

消息面上，央国企并购重组提速，近日，两大船舶央企——中国船舶工业股份有限公司与中国船舶重工 股份有限公司的合并取得实质性进展。根据中国船舶稍早之前披露的信息，此次双方合并，中国船舶为 吸收合并方，中国重工（维权）为被吸收合并方。中国船舶将以向中国重工全体换股股东发行A股股票 的方式换股吸收合并中国重工。从今年年初开始，淮河能源集团、国家电投集团、华电国际、上海电力 等多家能源电力国企央企纷纷启动重大资产重组，推动国有资本向能源安全核心领域、新型电力及新能 源前瞻性领域等关键领域集中。 东吴证券指出，近年国内利率中枢持续下行，国内各类资产的投资回报率预期也整体走弱，当前相比 A 股，港股红利的股息率更具吸引力。港股恒生高股息指数的股息率达 8.1%，中证红利指数股息率为 5.8%。即使扣除 20%的分红税，港股红利资产经税后的实际收益水平仍显著优于 A 股同类资产。 截至2025年6月23日 13:15，恒生央企ETF(513170)上涨0.89%，最新价报1.35元。截至6月20日，恒生央 企ETF近1年净值上涨18.78%。 流动性方面，恒生央企ETF盘中换手1.61%，成交848.99万元。拉长时间看，截 ...

中央企业重组整合工作一直是各界关注的热点。日前，东风汽车集团有限公司(以下简称"东风汽车集 团")与中国兵器装备集团有限公司(以下简称"兵器装备集团")未如市场预期般实现战略重组，引发业界 对一些央企及其子公司重组路径、资源整合、战略发展的关注与思考。 不同于上述两大汽车央企战略重组的暂缓，两大船舶央企——中国船舶工业股份有限公司(以下简称"中 国船舶")与中国船舶重工股份有限公司(以下简称"中国重工（601989）")的合并近期已取得实质性进 展。根据中国船舶稍早之前披露的信息，此次双方合并，中国船舶为吸收合并方，中国重工为被吸收合 并方。中国船舶将以向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工。 事实上，国企央企的合并重组、资源整合并非新鲜事。从今年年初开始，淮河能源（600575）集团、国 家电投集团、华电国际（600027）、上海电力（600021）等多家能源电力国企央企纷纷启动重大资产重 组，推动国有资本向能源安全核心领域、新型电力及新能源前瞻性领域等关键领域集中。 据华电国际6月14日发布的公告信息，华电国际拟通过发行普通股或支付现金的方式，购买华电江苏能 源有限公司、上海华电福新 ...

点击蓝字 关注我们 能源商用年周报 (总第0107期 2025年6月第2周) 企业园 ▌自录 CONTENTS 乘联分会&科瑞咨询联合发布 江淮商用车：江淮商用车价值中国行暨新能源轻卡全场景解决 方案登陆广州 行业数据 供应链 · 市场：市场：新能源中重卡延续高速增长 重庆市经济和信息化委员会关于印发《重庆市加快推进公共领 域车辆全面电动化工作方案》的通知 到2025年底,建成"特色鲜明、体系健全、创新发展"的公共 领域车辆全面电动化试点先行区。全市公共领域车辆电动化水 平大幅提升,累计推广新能源汽车18万辆以上。其中,2025年 新增和更新公务用车、城市公交、出租等领域车辆电动化比例 超过90%，新增和更新环卫、邮政等领域车辆电动化比例力争 达到80%，其他公共领域车辆电动化比例显著提升。 嘉兴市发展和改革委员会发布关于印发《嘉兴市 2025年碳达峰 砖中和工作要点》的通知 文件明确,进一步完善能源体系。全力推进能源项目建设,淘 汰更新各类重点用能设备3000台 (套) 左右，加快推动嘉兴电 厂四期等重大能源基础设施项目建设。大力发展非化石能源， 新增火电100万千瓦，光伏80万千瓦； 到2025年底，可再 ...

机构简介： 深圳汇智融达基金管理有限公司(简称汇融基金），中国私募基金管理人（登记编号：P1023796），成 立于2015年 8月，经深圳市场监督管理局批准成立，注册资本1千万元，是一家以私募基金管理，资产 配置的专业金融机构。汇融基金致力于证券期货二级市场投资交易和私募产品的发售运行，主打核心策 略期货（CTA量化中频策略+主观趋势策略）和期权量化中性策略；连续五年跑出优秀业绩。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及6月12日披露的机构调研信息，知名私募汇智融达近期对1家上市公司进行了调研， 相关名单如下： 1）文科股份 （深圳汇智融达基金管理有限公司参与公司现场参观&由佛山市上市公司协会组织的"零 距离约企业"走进上市公司佛山站系列活动） 调研纪要：文科股份表示，2024年公司清洁能源业务增长显著，未来将加大清洁能源及"双碳"事业的探 索与投入，将绿色能源投建运营和风光能源电力工程施工业务发展成为公司重要业务板块。生态环境业 务客户结构已优化，未来将专注优质集团客户及政府重点项目，并研究"企业出海" ...