Group 1 - The company, Three Gorges Energy (600905.SH), has stated on its interactive platform that it has not engaged in the charging pile business [1]

Group 1 - The company, Three Gorges Energy (600905.SH), has stated on its interactive platform that it has not engaged in the charging pile business [1]

1. Report Basic Information - Research Object: Heshun Petroleum [17] - Industry: Petroleum industry [2] - Reception Time: September 15, 2025 [17] - Company Reception Staff: Chairman and General Manager Zhao Zhong, Independent Director Xu Liping, Financial Controller Yu Meiling, and Board Secretary Ma Wenjing [17] 2. Core Viewpoints - As of June 30, 2025, the company's registered members exceeded 4.76 million, a year - on - year increase of 9.43%, showing strong customer attraction and brand cohesion [24] - As of the end of June 2025, the national new energy vehicle ownership reached 36.89 million, accounting for 10.27% of the total vehicle volume. The new energy vehicle development has an impact on the overall refined oil retail industry, and the company launched the charging pile business in late 2023 [24] - In the first half of 2025, the company's operating income was 1.456 billion yuan, a year - on - year increase of 5.97%. The attributable net profit was 14.05 million yuan, a year - on - year decrease of 48.75% due to oil price fluctuations and narrowing price spreads [24][25] - The company's new energy business is expanding steadily. The investment team's market research is not limited by cooperation models and partners, and it does not rule out cooperation with new - force brands [26] - The company is actively looking for and negotiating potential targets for expanding charging pile layouts, and specific situations will be announced in company announcements or regular reports [26] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Heshun Petroleum in the petroleum industry, and the reception time is September 15, 2025. The reception staff includes the chairman, general manager, independent director, financial controller, and board secretary [17] 3.2 Detailed Research Institutions - The reception objects include investors and others [20] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Data - As of June 30, 2025, the company's registered members exceeded 4.76 million, up 9.43% year - on - year. Members can enjoy preferential activities and value - added services [24] - As of the end of June 2025, the national new energy vehicle ownership was 36.89 million, accounting for 10.27% of the total vehicle volume. The company launched the charging pile business in late 2023 to embrace the development opportunities of new energy vehicles [24] - In the first half of 2025, the company's operating income was 1.456 billion yuan, up 5.97% year - on - year, mainly due to the growth of wholesale revenue. The attributable net profit was 14.05 million yuan, down 48.75% year - on - year, mainly due to oil price fluctuations and narrowing price spreads [24][25] - The company's new energy business is expanding steadily, and it does not rule out cooperation with new - force brands in the future [26] - The company is actively looking for and negotiating potential targets for expanding charging pile layouts, and specific situations will be announced in company announcements or regular reports [26]

Core Viewpoint - The company, Li New Energy, reported a revenue of 217 million yuan for Q1 2025, reflecting a year-on-year growth of 5.23%, despite a net profit loss due to credit impairment losses [1][2] Financial Performance - The company achieved a gross profit margin of 43.76%, an increase of 1.14 percentage points year-on-year [1] - Total assets reached 15.685 billion yuan [1] - The company reported a net profit loss of 9.364 million yuan due to credit impairment losses of 41.9812 million yuan [1] Shareholder Information - The top ten institutional investors hold a stake of 73.32% in the company, indicating strong confidence from the capital market [1] Operational Highlights - The total installed capacity of Li New Energy reached 2.234 million kilowatts, including independent energy storage of 160,000 kilowatts [1] - The company announced the acquisition of a 200,000 kilowatt/800,000 kilowatt-hour independent energy storage project in Kuitun City [1] - The receivables turnover days decreased by 12 days year-on-year, indicating improved operational efficiency [1] Strategic Development - The company is transitioning towards a "power generation + comprehensive energy services" model, with significant progress in its energy storage projects and expansion of charging station coverage [2] - As the only local state-owned new energy listed company in Xinjiang, the company benefits from the construction of the "Xinjiang electricity export" channel [2] - The company emphasizes compliance and transparency in financial reporting, having completed adjustments according to new accounting standards [2] - The company aims to accelerate towards the "dual carbon" goals through strategic transformation and expansion of installed capacity [2]