Financial Performance - In 2024, the company achieved a net profit of 440 million CNY, a significant increase of 705.74% compared to the previous year [3] - The non-recurring net profit reached 144 million CNY, marking a growth of 1436.69% year-on-year [3] - Total revenue for 2024 was 6.437 billion CNY, a decrease of 20.33% from the previous year [3] Order and Market Strategy - In Q1 2025, the company secured new orders totaling approximately 1.57 billion CNY, reflecting a year-on-year growth of 16.8% [13] - The company plans to focus on "internationalization, new energy, and new services" as its three strategic pillars [3] - The company aims to transition from single equipment exports to integrated services including "equipment + engineering + operation and maintenance" [3] Stock Buyback and Market Management - As of March 31, 2025, the company repurchased 2,817,300 shares, accounting for 0.38% of the total share capital [3] - The total amount spent on the buyback was approximately 34.99 million CNY [3] - The company emphasizes value management through operational efficiency, annual cash dividends, and enhanced investor relations [19] Inventory and Cost Management - The company's inventory at the end of 2024 was 1.55 billion CNY, an increase from 1.399 billion CNY at the beginning of the year [6] - Cost control measures have led to an improvement in gross margin and a reduction in selling and administrative expenses [21] Research and Development - R&D expenses increased by 19.39% in 2024, totaling 392 million CNY, focusing on traditional energy efficiency and new energy technology [7] - The company aims to enhance its technological capabilities in energy utilization and renewable energy generation [7] Industry Outlook - The company anticipates growth opportunities in the international market and service sectors, despite a slowdown in traditional business growth [14] - The dual carbon policy is expected to encourage demand for the company's products, such as waste heat boilers and molten salt energy storage [5] Debt and Financial Health - The company's debt-to-asset ratio for 2024 was 68.62%, a decrease of 4.1% from the previous year, indicating improved financial health [18]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, listed on Shenzhen Stock Exchange in 2011, and renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [2] - Main business includes waste heat boilers, clean energy power generation equipment, and overall solutions for environmental equipment and energy utilization [2][3] Business Segments - Four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts & services [3] - Waste heat boilers include products for power, steel, building materials, and cement industries [3] 2024 Performance Highlights - Net profit attributable to shareholders reached CNY 440 million, a year-on-year increase of 705.74% [4] - Non-recurring net profit was CNY 144 million, up 1436.69% year-on-year [4] - Operating cash flow net amount was CNY 568 million, an increase of 84.59% [4] - Basic earnings per share were CNY 0.6, a growth of 757.14% [4] Order Situation - New orders in 2024 totaled CNY 5.852 billion, with waste heat boilers at CNY 1.684 billion, clean energy equipment at CNY 901 million, solutions at CNY 2.668 billion, and spare parts & services at CNY 599 million [10] - Total orders on hand by the end of 2024 amounted to CNY 6.157 billion [10] International Market and Tariff Impact - Major overseas markets include Southeast Asia, the Middle East, Africa, and countries along the Belt and Road [5] - Minimal direct impact from U.S. tariffs due to low import/export volume with the U.S. [5] Key Projects - The "steam extraction energy storage" project for the 600MW thermal power unit in Hebei began trial operation on December 28, 2024, featuring innovative energy storage technology [6][8] - Project performance indicators include a load reduction capability of 100 MW and peak load increase of 47 MW [7][8] Future Strategic Directions - Focus on expanding overseas market share, particularly for gas turbine waste heat boilers [11] - Development in the renewable energy sector, leveraging molten salt energy storage technology for various applications [11] - Attention to spare parts and retrofitting market opportunities following national equipment upgrade policies [12]

Core Viewpoint - The equity transfer of Hangzhou Turbine Power Group Co., Ltd. (Hangzhou Turbine B) represents a significant restructuring of its shareholding, enhancing its future development potential through the introduction of strong state-owned investors [1][2]. Group 1: Equity Transfer Details - Hangzhou Qitong Equity Investment Partnership (Limited Partnership) transferred 58,810,799 shares of Hangzhou Turbine B, accounting for 5.0054% of the total share capital, to Zhejiang Provincial Investment Group Co., Ltd. and Zhejiang Provincial Development Asset Management Co., Ltd. [1] - The transfer price was set at 8.35 yuan per share, totaling approximately 491.07 million yuan [1]. Group 2: Impact on Shareholding Structure - The introduction of Zhejiang Provincial Investment and Zhejiang Development as major shareholders will diversify and stabilize Hangzhou Turbine B's shareholding structure [2]. - This diversified structure is expected to enhance corporate governance and risk resilience, laying a solid foundation for long-term stable development [2]. Group 3: Future Opportunities - The state-owned shareholders are anticipated to provide financial support for technology research and market expansion, leveraging their resources and industry networks to facilitate business growth [2]. - The entry of state-owned shareholders signals confidence in Hangzhou Turbine B's future, potentially increasing market recognition and investment value [2]. Group 4: Company Positioning - Hangzhou Turbine B, focused on turbine research, production, and sales, maintains a strong market position and technological advantage [3]. - The optimized shareholding structure is expected to enhance the company's core competitiveness, driving breakthroughs in technology innovation, market expansion, and industrial upgrading [3].