8月26日晚间，东北地区民营新能源投资建设运营龙头九洲集团（300040）发布2025年半年度业绩报 告。报告显示，2025年上半年，公司实现营业收入6.85亿元，归母净利润4281.50万元；扣非归母净利润 4308.90万元，较上年同期大幅增长65.60%，整体经营稳健。 资本运作的高效推进，为三大主业的协同突破提供了资金与资源支撑。2025 年上半年，智能配电网、 新能源、生物质能源三大核心领域同步发力，形成多轮驱动的增长格局。 多点突破，协同发展谱新篇 近年来，九洲集团坚定推进 "智能配电网+新能源+综合能源服务" 三大主业并进的战略，在新能源投资 运营、智能配电网装备制造和综合能源服务等关键领域持续深耕。2025年上半年，九洲集团在智能配电 网及网络能源、新能源装机、生物质业务技改等多个领域取得显著进展，展现出强劲的发展势头。 具体来看，在智能配电网及网络能源业务方面，扬州研发团队推动高压开关设备技术升级，成功获得中 国石油天然气集团有限公司高低压电器设备供应商资质，中标金额同比大幅提升，覆盖国网江苏省电力 有限公司配网物资协议库存招标及多个风电项目升压站设备供应。市场拓展上，九洲集团渗透央企市场 ...

Company Overview - Jiuzhou Group, founded in 1993, focuses on smart distribution networks and energy sectors, and is a leading provider of new power and energy infrastructure [1] - The company is a national key high-tech enterprise and was successfully listed on the Chinese Growth Enterprise Market in 2010 (stock code: 300040) [1] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services, supported by over 40 subsidiaries across various provinces [1][2] Business Development - Since 2015, the company has transitioned from a pure equipment supplier to a "manufacturing + service" model, forming a modern intelligent manufacturing pattern [2] - The company has over 200 patents and its products are distributed in more than 70 countries and regions [2] - As of December 2024, Jiuzhou Group has constructed, controlled, and held new energy power station capacity exceeding 2.7 GW, with an additional 1 GW in projects under construction [2] Financial Performance - The smart distribution network business is projected to exceed 800 million CNY in orders for 2024, with a year-on-year growth of over 30% [2] - The gross margin for self-branded products is approximately 20%, while the net margin is around 3% [2] New Energy Projects - The company plans to maintain its total equity capacity between 1.5 GW and 2 GW, focusing on long-term holdings while gradually selling older projects [3] - Current projects under construction and those with secured indicators exceed 1 GW, with an additional 2 GW to 3 GW in the development phase [4] Biomass Sector Challenges - The biomass power generation sector faced issues in 2024, including fuel shortages and cash flow problems, leading to a fixed asset impairment loss of 422 million CNY [5] - The company will not initiate new biomass projects but will optimize existing ones and seek buyers for current assets [5] Government Subsidies - The company has approximately 1 billion CNY in government subsidy receivables, with a typical delay of 2-3 years for payments [6] Financing and Shareholder Actions - The financing costs for new energy projects range from 2.8% to 3.5%, while working capital loans are between 3.0% and 3.5% [8] - The major shareholder's reduction in holdings is nearing completion, with minimal impact expected on the secondary market [8]