9月24日，浙江可胜技术股份有限公司（以下简称"可胜技术"）向港交所主板递交上市申请。虽然该公 司过去三年收入和利润逐年快速增长，但今年上半年业绩增速大幅放缓。同时，公司还存在产品结构极 为单一、客户集中度畸高、毛利率持续下滑等风险。截至2025年6月30日，公司应收账款及合同资产占 总资产的比重超过三成，减值风险较严峻。 可胜技术成立于2010年，是一家熔盐储能光热发电解决方案提供商，专注于塔式光热发电与熔盐储能的 技术研究、装备研制与工程化应用，深度聚焦光热发电及多能互补发电业务，并布局以熔盐储能为核心 的综合能源应用领域。 此外，可胜技术2023年出售多家联营公司的收益占当期净利润的六成左右，反映盈利能力有一定"水 分"。 客户集中度接近100%，应收账款显著增长 值得注意的是，可胜技术的客户集中度极高，对主要客户存在重大依赖风险。报告期内，公司来自五大 客户的收入分别约占总收入的99.9%、99.9%、88.5%及99.9%，除2024年外均高度逼近100%，其中来自 单一最大客户的收入分别约占93.3%、84.8%、22.3%及28.5%。 可胜技术已掌握从聚光、集热、储热到发电的全流程塔式光热发电 ...

全球首个"双塔一机"光热储能电站投入运行，光热发电技术持续突破。 2）绿氢、绿氨、绿醇制备：在风光氢氨醇一体化模式中，公司可参与熔盐储能设备及余热炉、换热器 的设备供应。公司已在远景赤峰零碳氢氨项目熔盐产汽撬块供货，将不断扩展在绿氨、绿醇产业的应 用；3）热化学储热：利用高温烟气余热、低谷电加热进行高温储热，用于工业供热或发电等场景； 4）电池储能：投资SOFC 企业臻泰能源和锂电企业博时新能源、参股全钒液流电池企业德海艾科，同 时公司崇贤基地可建设全钒液流储能电站。 盈利预测与估值：不考虑潜在的十五五光热发电以及核电超额增量的情况下，综合预计公司2025-2027 年归母净利润4.23/5.50/7.00 亿元，对应当前33.5x/25.8x/20.3xPE，公司24/23 年经营性现金流净额分别 为5.68/3.08 亿元，在手货币现金34.13 亿元（非募投募集资金，截至25 中报），公司财务基本面优秀， 主业盈利能力不断改善，我们预判随着十五五期间光热电站建设、核电建设、新型储能建设相关订单落 地，公司盈利能力有望实现超预期的表现，提高评级至"强烈推荐"评级。 风险提示：业务拓展不及预期、订单不及预期 ...

会议由IEC 62862-2-2标准项目组长章颢缤女士主持。她向与会各国专家表示欢迎，并充分肯定了项目组前期的工作成果。 会议聚焦熔融盐作为光热发电站传热储热介质的关键性能指标，收集了来自比利时、智利、德国等国的139条评审意见，经多国专家充分研讨，最终形成 共识，为推进标准进入下一阶段奠定基础。通过与国际同行的交流，中国进一步吸收了各国标准化经验，为完善国内光热发电标准体系、推动产业高质量 发展注入新动力。 9月30日，由浙江绿储科技有限公司全资子公司浙江高晟能源新技术研究有限公司牵头编制的IEC 62862-2-2《太阳能光热发电站储热传热用工作介质技术 要求：熔融盐》标准在西班牙马德里CIEMAT会议中心召开了第六次工作组会议。 本次会议是国际电工委员会（IEC/TC117）在西班牙召开的系列标准工作组联席会议之一，以"现场+视频"形式召开，汇集了来自中国、葡萄牙、法国、 西班牙、德国等多国专家。 ...

Group 1 - Central enterprises are actively promoting projects and investments during the National Day holiday to stabilize the economy, with significant engineering projects continuing without interruption [1] - The world's first "dual-tower one machine" solar thermal energy storage power station has entered full system trial operation, marking a breakthrough in tower solar power generation technology [2] - The successful installation of the last wind turbine in the 200,000-kilowatt wind-storage project in Hegang, Heilongjiang, signifies the completion of the main engineering work [3] Group 2 - The G228 Binhai section's Tauer River Bridge has been completed and opened to traffic, significantly reducing travel time between the two banks [4] - The construction of the Zhongsha Gule Ethylene project is progressing rapidly, with over 4,000 workers on-site, achieving 82.5% overall progress [5] - The world's highest high-proportion co-firing high-alkali coal 660 MW ultra-supercritical thermal power unit has been put into operation, expected to generate 8 billion kilowatt-hours annually [6] Group 3 - The first batch of dam sections for the highest hyperbolic arch dam under construction in the domestic plateau has been successfully poured to the top, marking a significant milestone [7] - The National Development and Reform Commission is accelerating fund disbursement for the fourth quarter, with a new policy financial tool scale of 500 billion yuan aimed at supplementing project capital [8]

全球首个"双塔一机"光热储能电站进入全系统试运行。 10月2日， 全球首个"双塔一机"光热储能电站——三峡恒基能脉瓜州70万千瓦"光热储能+"项目光热储能电站两座约2 0 0米高的吸热塔 同时点亮，进入全系统试运行 。这标志着塔式光热发电技术突破"单塔单机"传统范式，为我国大型风光新能源基地稳定供电提供新的 技术路径。 适配，热能收集更稳定， 在同等条件下可使镜场光学效率提升约2 4% 。 在储能发电环节，吸热塔将太阳能转化的热能储存在5 65℃的高温液态熔盐中，实现稳定储热。当电站接到电网调度指令后，高温熔盐 通过换热系统加热水产生蒸汽，驱动汽轮发电机组运行发电。该光热储能电站的熔盐储热系统，可储存满足10万千瓦机组6小时满负荷 发电的热能，具备储能时间长、响应速度快、输出功率稳定的优势，可实现24小时不间断供电。 "全系统试运行是在完成分系统调试后，对整个电站包括聚光集热、熔盐储能换热、蒸汽发电、电网适配等全流程环节协同运行的综合 检验。"项目经理杨旭亮说，项目双塔顺利联调，成功进入全系统试运行，是电站从建设阶段向运营阶段过渡的关键节点，意味着项目 已具备全链条安全稳定运行的技术条件，为项目顺利投产奠定了 ...

（文章来源：央视新闻） 随着我国新型能源体系建设逐渐加快，新能源占比越来越高，光热发电因其自带长时储能的特性，价值 日益凸显，正逐步从"补充电源"转向"支撑性电源"。 人民财讯10月2日电，今天（2日），位于甘肃酒泉瓜州的全球首个"双塔一机"光热 储能 电站，两座吸 热塔实现同时点亮，成功进入全系统试运行，标志着塔式光热发电技术突破了"单塔单机"的传统范式。 ...

Core Viewpoint - Kesheng Technology is preparing for an IPO on the Hong Kong Stock Exchange, having previously attempted to list on the A-share market without success. The company specializes in tower solar thermal power generation and molten salt energy storage solutions, positioning itself as a leader in the industry with significant market share and growth potential [1][2][4]. Company Overview - Kesheng Technology is a provider of tower solar thermal power generation and molten salt energy storage solutions, offering comprehensive services from project development to operational support [2][4]. - The company has supplied solar thermal power systems to 11 solar thermal power plants in China, with a total designed capacity of 1,250 MW, capturing a market share of 47.2% in the domestic sector [4]. Financial Performance - The company's revenue skyrocketed from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, marking a 104-fold increase. In 2023, Kesheng Technology achieved a net profit of 248.3 million RMB, which is expected to rise to 540.1 million RMB in 2024 [8][9]. - The company reported a revenue of 745.3 million RMB in the first half of 2025, indicating continued growth, although at a slower pace [9]. Market Trends - The solar thermal power generation industry is experiencing rapid growth, with the levelized cost of electricity expected to decrease from 1.15 RMB/kWh in 2016 to 0.55 RMB/kWh in 2024, and further to 0.38 RMB/kWh by 2035 [5][7]. - China's cumulative installed capacity for solar thermal power is projected to reach 17.7 GW by 2030, with a compound annual growth rate of 52.6% from 2025 to 2030 [7]. Customer Concentration - Kesheng Technology's revenue is highly concentrated, with 99.9% of its income in the first half of 2025 coming from state-owned enterprises. This concentration poses a risk to the company's financial stability [10][11]. - The company has experienced significant revenue fluctuations due to its reliance on a few major clients, which could impact its operational capacity and cash flow [11]. Future Growth Drivers - Future growth for Kesheng Technology may depend on the approval pace of new projects, cost control capabilities, and the expansion into new business areas, particularly in molten salt energy storage [13][14][15]. - The company has implemented substantial dividends prior to its IPO, distributing nearly 300 million RMB within a year, raising questions about the necessity of its upcoming financing [16][17].

Core Viewpoint - The news highlights the significant advancements and market position of Kesheng Technology in the concentrated solar power (CSP) sector, particularly through its successful projects and upcoming IPO, amidst a rapidly growing industry in China. Company Overview - Kesheng Technology has established itself as a leader in the CSP industry, with a total designed capacity of 1,250 MW, capturing a market share of 47.2% [2][15][16]. - The company has been involved in the development and operation of significant projects, including the first commercial CSP plant in China, demonstrating its strong technical capabilities [5][15]. Industry Growth - The CSP sector in China is experiencing rapid growth, with 26 projects expected to commence between 2021 and 2024, and Kesheng Technology is a key supplier for many of these projects [2][6]. - The market for CSP in China is projected to grow from 1.9 billion RMB in 2022 to 16 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 102.7% [12]. Technological Advantages - Tower-type CSP plants, which Kesheng Technology specializes in, have become the mainstream technology in China, accounting for 83.7% of CSP projects from 2022 to 2024 due to their superior heat storage capacity and lower generation costs [3][5]. - The cost of electricity generated from CSP is expected to decrease significantly as technology advances, making it more competitive compared to photovoltaic and wind energy systems [8][9]. Financial Performance - Kesheng Technology's revenue is projected to grow from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, with net profits turning from a loss of 91.25 million RMB in 2022 to a profit of 540 million RMB in 2024 [6][7]. - The company reported a revenue of 980.94 million RMB in the first half of 2025, marking a year-on-year growth of 31.54% [6]. Market Position and Competition - Kesheng Technology's leading position is bolstered by its extensive experience and successful project implementations, but it faces potential risks from reliance on government policies and competition from other firms in the industry [16][17]. - The company is currently the only supplier with a cumulative service performance exceeding 1 GW in molten salt tower CSP plants, highlighting its unique market position [2][15].

Core Viewpoint - The news highlights the significant advancements and market position of Kesheng Technology in the concentrated solar power (CSP) sector, particularly through its successful projects and upcoming IPO, amidst a rapidly growing industry driven by favorable policies and technological improvements [1][2][5]. Company Overview - Kesheng Technology has established itself as a leader in the CSP industry, with a total design capacity of 1,250 MW, capturing a market share of 47.2% [2][15]. - The company is the only global supplier with a cumulative service performance exceeding 1 GW in molten salt tower CSP systems [2]. - Kesheng Technology's projects include the Qinghai Zhongkong Delingha 50 MW CSP project, which has achieved an annual power generation of 146 million kWh, enough to power over 80,000 households [1]. Industry Growth - The CSP sector in China is experiencing rapid growth, with 26 projects having commenced construction from 2021 to 2024, and Kesheng Technology being involved in 11 of these projects [2][6]. - The market for CSP in China is projected to grow significantly, with the cumulative installed capacity expected to reach 17,713 MW by 2030, reflecting a compound annual growth rate (CAGR) of 52.6% from 2025 to 2030 [8][12]. - The revenue of the CSP market is anticipated to increase from 1.9 billion RMB in 2022 to 16 billion RMB by 2024, with a CAGR of 102.7% [12]. Technological Advantages - Tower CSP technology has become the mainstream in China's CSP market since 2016, accounting for 83.7% of projects from 2022 to 2024 due to its superior heat storage capacity and lower generation costs [3][5]. - The cost of electricity generated by CSP with molten salt storage is becoming increasingly competitive, with costs projected to drop below those of photovoltaic and other storage systems as technology advances [8][9]. Financial Performance - Kesheng Technology's revenue is projected to grow from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, with net profits turning from a loss of 91.25 million RMB in 2022 to a profit of 540 million RMB in 2024 [6][7]. - For the first half of 2025, the company reported a revenue of 980.94 million RMB, reflecting a year-on-year growth of 31.54% [6]. Market Position and Competition - Kesheng Technology holds a significant lead over competitors, with a design capacity of 1,250 MW compared to the second and third competitors, each at 400 MW [16]. - However, the company faces potential risks from reliance on government policies and fluctuations in raw material prices, which could impact profitability [16][17].

Core Viewpoint - Kesheng Technology Co., Ltd. has officially submitted its main board listing application to the Hong Kong Stock Exchange, marking a significant step for the company in the renewable energy sector, specifically in molten salt tower solar thermal power generation [1]. Company Overview - Founded in 2010, Kesheng Technology specializes in providing comprehensive solutions for molten salt tower solar thermal power generation [1]. - The company was established by Jin Jianxiang, who has a background in industrial control and previously co-founded a successful DCS (Distributed Control System) company [4][6]. Technology and Operations - The molten salt tower solar thermal power generation process involves a tall receiver tower with molten salt at the top, surrounded by movable heliostats that concentrate sunlight to heat the salt to temperatures between 500°C and 600°C [3]. - Kesheng Technology employs a light asset operation strategy, focusing on high-value core technology and equipment supply while outsourcing production to qualified suppliers [7]. Market Position and Performance - Kesheng Technology is the only company globally with experience in projects exceeding 1GW in molten salt tower solar thermal power generation [7]. - The company holds a leading market share in China's tower solar thermal project market, with a 57.9% share in installed capacity and a 55.0% share in project numbers from 2021 to 2024 [7]. - Revenue projections show significant growth, with expected revenues of 208.5 million yuan, 858 million yuan, and 2.189 billion yuan for 2022, 2023, and 2024 respectively, alongside a turnaround to profitability in 2023 [7]. Industry Insights - The solar thermal power generation sector is expected to grow, with China planning to add 4,750MW to 4,800MW of installed capacity by 2024, indicating a broad development space for the industry [8]. - Solar thermal power generation serves as both a peak-shaving power source and energy storage solution, positioning it as a stabilizing force within the renewable energy landscape [8].