11月13日，南网能源盘中上涨2.13%，截至13:18，报5.28元/股，成交8780.30万元，换手率0.45%，总市 值200.00亿元。 资金流向方面，主力资金净流出136.67万元，特大单买入574.07万元，占比6.54%，卖出831.67万元，占 比9.47%；大单买入1389.97万元，占比15.83%，卖出1269.05万元，占比14.45%。 分红方面，南网能源A股上市后累计派现2.01亿元。近三年，累计派现1.13亿元。 机构持仓方面，截止2025年9月30日，南网能源十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1876.05万股，相比上期增加507.89万股。南方中证500ETF（510500）位居第八大流通股 东，持股1664.97万股，相比上期减少41.96万股。光伏ETF（515790）位居第九大流通股东，持股 1292.95万股，相比上期减少30.98万股。 责任编辑：小浪快报 南网能源今年以来股价涨26.50%，近5个交易日涨2.92%，近20日涨7.98%，近60日涨11.16%。 资料显示，南方电网综合能源股份有限公司位于广东省广州市天河区华穗路6号，成 ...

Core Viewpoint - Nanfang Electric Power's stock has shown a positive trend with a year-to-date increase of 19.55%, reflecting strong financial performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Nanfang Electric Power achieved a revenue of 2.629 billion yuan, representing a year-on-year growth of 15.37% [2]. - The net profit attributable to shareholders for the same period was 342 million yuan, marking a significant increase of 125.08% year-on-year [2]. Stock Market Activity - As of November 5, the stock price of Nanfang Electric Power was 4.99 yuan per share, with a trading volume of 50.91 million yuan and a turnover rate of 0.27% [1]. - The company experienced a net inflow of 6.05 million yuan from main funds, with large orders contributing to a total buy of 6.48 million yuan [1]. Business Overview - Nanfang Electric Power, established on December 29, 2010, and listed on January 19, 2021, specializes in energy-saving services, providing comprehensive energy solutions including diagnosis, design, renovation, and project investment [1]. - The revenue composition of the company includes industrial energy-saving services (54.92%), building energy-saving services (26.92%), comprehensive resource utilization (14.70%), urban lighting energy-saving services (2.95%), energy-saving consulting (0.38%), energy-saving renovation projects (0.11%), and other services (0.03%) [1]. Shareholder Information - As of October 31, the number of shareholders for Nanfang Electric Power was 104,000, a decrease of 2.61% from the previous period [2]. - The average circulating shares per person increased by 2.68% to 36,433 shares [2]. Dividend Distribution - Since its A-share listing, Nanfang Electric Power has distributed a total of 201 million yuan in dividends, with 113 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 18.76 million shares, an increase of 5.08 million shares from the previous period [3]. - Other notable shareholders include the Southern CSI 500 ETF and the Photovoltaic ETF, with slight changes in their holdings [3].

Core Viewpoint - The company plans to raise up to 2 billion yuan through a private placement of A-shares to fund energy-saving and carbon reduction projects, as well as to supplement working capital and repay interest-bearing debts [1][2]. Fund Allocation - The total amount to be raised is 200 million yuan, with 160 million yuan allocated for energy-saving and carbon reduction projects and 40 million yuan for working capital and debt repayment [2]. - The estimated costs for the energy-saving and carbon reduction projects include 147.8 million yuan for engineering costs, 5.5 million yuan for supporting engineering costs, and 6.7 million yuan for other construction expenses [1]. Shareholder Participation - The controlling shareholder, Southern Power Grid, has agreed to subscribe for at least 41.26% of the total shares issued in this private placement, with a maximum investment of 1 billion yuan [2]. Financial Performance - The company reported total revenue of 2.629 billion yuan for the first three quarters of the year, representing a year-on-year increase of 15.37% [6]. - The net profit attributable to shareholders for the same period was 342 million yuan, a significant increase of 125.08% year-on-year [6]. - The company has experienced a steady rise in financial expenses over the past few years, with figures of 231 million yuan, 255 million yuan, 273 million yuan, and 234 million yuan for the years 2022 to 2025 [3]. Debt and Asset Management - The company's debt-to-asset ratio has been increasing, reaching 54.11% at the end of 2022 and projected to rise to 66.29% by September 2025 [2]. - The company plans to sell its 51% stake in the Hezhou Wind Power Project for no less than 160 million yuan as part of its strategic adjustment to optimize core business layout [3]. Regional Focus - The company's operations are primarily concentrated in the South China region, with revenue distribution in this area accounting for 70.11%, 68.81%, and 71.11% over the last three years [4].

Core Insights - Nanfang Energy is a leading energy-saving service provider in China, focusing on comprehensive energy-saving services with a strong technical foundation and significant investment value [1] Group 1: Business Performance - For Q3 2025, Nanfang Energy reported revenue of 2.629 billion yuan, ranking 9th among 15 companies in the industry, with the industry leader, Guangdong Construction, generating 43.388 billion yuan [2] - The net profit for the same period was 397 million yuan, placing the company 6th in the industry, while the top performer, Hubei Energy, achieved a net profit of 2.524 billion yuan [2] - The company experienced a year-on-year revenue growth of 15.37% and a net profit increase of 125.07% for the first three quarters of 2025 [6] Group 2: Financial Ratios - As of Q3 2025, Nanfang Energy's debt-to-asset ratio was 66.29%, higher than the industry average of 57.35% [3] - The gross profit margin for Q3 2025 was 35.11%, which is above the industry average of 22.95% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.06% to 108,100, while the average number of circulating A-shares held per shareholder decreased by 0.06% to 35,000 [5] - The top circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [5] Group 4: Management Compensation - The chairman, Song Xinming, received a salary of 837,500 yuan in 2024, while the general manager, Ye Gangjian, earned 598,100 yuan [4]