Group 1 - The company Igor (002922) announced on September 5 that it has acquired a new company, Jinan Yiyuan, which specializes in the research and production of natural ester insulating oil [1] - The natural ester insulating oil can be applied in the company's oil-immersed transformers, primarily serving the functions of insulation and heat dissipation [1]

Group 1 - The core viewpoint of the article highlights that Igor (002922) is engaged in the production of natural ester insulating oil, which is superior to mineral oil in terms of environmental protection, safety, lifespan, and sustainability [1] - The natural ester insulating oil produced by the company can be applied in oil-immersed transformers, aligning with the global energy transition trend [1]

Group 1: Product Development and Innovation - In 2024, the company successfully developed two innovative products in collaboration with China Three Gorges Construction Group and China Electric Power Research Institute, achieving national-level technical certification for 750kV cable accessories, marking a significant technological breakthrough in ultra-high voltage cable technology [2] - Double River Energy has established advantages in the natural ester insulating oil sector, which is characterized by high flash points, high ignition points, biodegradability, and strong overload capacity, making it an ideal environmentally friendly insulating oil for transformers [2][3] Group 2: Market Expansion and International Business - In 2024, the company successfully entered international markets including Italy, the United States, Uruguay, Oman, and Algeria, achieving export sales of its full product range [3] Group 3: Marketing Strategy and Channel Development - The company is implementing a comprehensive marketing strategy supported by continuous investment in marketing system construction, focusing on a multi-level marketing network covering provincial, municipal, and county markets [3] - The marketing model emphasizes a customer-centric approach, establishing a four-in-one incentive system that includes pricing strategy, tiered authorization, cost control, and mechanism innovation, enhancing market share and brand influence [3] - Strategic adjustments and continuous optimization of the marketing system have improved market response speed and service quality, providing a strong guarantee for sustained business growth [3]

Group 1: Company Performance and Strategy - The company adheres to an "innovation-driven development strategy," focusing on continuous technological breakthroughs to promote high-quality growth [2] - Significant investments in R&D have been made, particularly in advanced materials, product molding processes, high voltage products, and smart cable accessories [2] - A joint research center with Xi'an Jiaotong University has been established to enhance R&D capabilities and foster talent development [2] Group 2: Product and Market Advantages - Double River Energy has established advantages in the natural ester insulating oil sector, characterized by high flash and fire points, biodegradability, and strong overload capacity [3] - Natural ester insulating oil has been successfully applied in major projects, including the world's first natural ester transformer and a 110kV offshore photovoltaic project [3] - The company plans to accelerate the development and market expansion of natural and synthetic ester insulating oils in response to global energy transition demands [3] Group 3: Industry Competition Landscape - The cable accessory industry exhibits a "pyramid" structure, with intense competition in the low and medium voltage markets due to low technical barriers [3] - In the high voltage cable accessory sector, higher technical barriers lead to increased industry concentration, with key competitors including Longyuan Group, Hancable, and foreign firms like Sumitomo and Prysmian [3] - The company is among the few globally capable of independently developing and producing ultra-high voltage cable accessories, achieving a technical level comparable to leading international firms [3] Group 4: R&D Progress - In 2024, the company collaborated with China Three Gorges Construction Group and China Electric Power Research Institute to develop innovative 750kV cable accessories, achieving national-level product certification [3] - This technological breakthrough fills a domestic gap and signifies that the company has reached an internationally leading level in ultra-high voltage cable accessory technology [3]

Group 1: Product Development and Innovation - The company has made significant progress in the development of 750kV cable accessories, achieving a major technological breakthrough with two innovative products that have passed national-level technical certification, marking a leading position in ultra-high voltage cable accessory technology [2] - The 290/500kV cross-linked polyethylene insulated power cable accessories and ±525kV direct current cable accessories have been successfully applied in key projects, indicating a successful transition to higher voltage levels [3] - The company has established a complete technical system for cable accessories, focusing on high voltage product development and smart cable accessories [3] Group 2: Environmental and Safety Advantages - Double River Energy has developed natural ester insulating oil, which is biodegradable, non-toxic, and has high flash and fire points, making it an ideal environmentally friendly insulating oil for transformers [3] - The natural ester insulating oil has been successfully applied in various projects, including the world's first natural ester three-dimensional core transformer [3] Group 3: Market Expansion and Performance Drivers - The company has successfully entered international markets, including Italy, the USA, Uruguay, Oman, and Algeria, achieving export sales of its full range of products [3] - The company emphasizes an "innovation-driven development strategy," continuously increasing R&D investment to maintain its technological leadership and core competitiveness [3] - A joint research center has been established with Xi'an Jiaotong University to enhance R&D capabilities and foster talent development [3]

Group 1: Overseas Business Development - In 2024, the company successfully entered international markets including Italy, the USA, Uruguay, Oman, and Algeria, achieving export sales of its entire product range [2]. Group 2: Technological Advantages in Natural Ester Insulating Oil - Double River Energy has established technological and customer advantages in the natural ester insulating oil sector, which is characterized by high flash points, high ignition points, biodegradability, low carbon emissions, and strong overload capacity [2]. - In 2024, Double River Energy increased R&D investment and participated in a national key technology project for plant-based insulating oil for ultra-high voltage transformers [2]. Group 3: R&D Achievements and Commercialization - The company has demonstrated strong capabilities in the industrial application of R&D achievements, successfully developing cross-linked polyethylene insulating power cable accessories for 290/500kV and ±525kV (±535kV) [3]. - In 2022, the company made significant breakthroughs in the 330kV-500kV product series, marking its entry into the commercial application phase within urban power transmission networks [3]. - In 2024, the company collaborated with China Three Gorges Construction Group and China Electric Power Research Institute to develop innovative products for 750kV cross-linked polyethylene insulating power cables, achieving national-level new product technology certification [3]. Group 4: Marketing Channel Advantages - The company has implemented a comprehensive marketing strategy, focusing on building a three-tiered marketing network covering provinces, cities, and counties [3]. - The establishment of 50 specialized sales teams has enhanced market coverage precision and maximized collaborative efficiency [3]. - The company has adopted a customer-centric business transformation, creating a four-in-one incentive system that includes pricing strategy, tiered authorization, cost control, and mechanism innovation [3].

Core Viewpoint - The company aims to achieve dual business growth in traditional cable accessories and the new energy sector through a comprehensive strategy focusing on five new dimensions: new opportunities, new products, new technologies, new markets, and new systems [1] Financial Performance - In 2024, the company reported a revenue of 1.242 billion yuan, representing a year-on-year increase of 19.18% - The net profit attributable to shareholders reached 74.68 million yuan, up 3.53% year-on-year [1] Business Development - The company achieved a sales revenue of 937 million yuan from cable accessories in 2024, benefiting from the investment pace of the State Grid [1] - The growth in traditional business is attributed to the resonance of new opportunities, new products, and new technologies, which are expected to lay the foundation for performance growth in 2025 [1] New Opportunities - The National Energy Administration reported that the total investment in power grid projects for 2024 reached 608.3 billion yuan, a year-on-year increase of 15.3% - The investment in the power grid continues to present new opportunities, with the State Grid's investment increasing by 27.7% year-on-year as of the end of March [1] New Products - The company’s 500kV AC/DC series products have been applied on a large scale in offshore wind power, pumped storage, and urban grid renovation, contributing to revenue and profit growth in 2024 [2] - The company collaborated with China Three Gorges Construction Group and China Electric Power Research Institute to develop innovative products that passed national-level technical appraisal [2] Strategic Acquisition - In 2024, the company acquired a 55% stake in Jiangsu Shuangjiang Energy Technology Co., Ltd., entering the transformer insulating oil sector, which is expected to create a second growth curve [2] - Shuangjiang Energy is one of the few companies in China with mass production technology for natural ester insulating oil, which has superior environmental performance compared to traditional mineral oil [2] Competitive Advantage - The collaboration with Shuangjiang Energy is enhancing the company's competitive edge by enriching its product matrix and entering the new materials market for electrical insulation [3] - The company plans to implement a robust marketing system reform in 2025, consolidating subsidiaries into six regional companies and forming 50 specialized sales teams to achieve market coverage [3] Market Outlook - The revenue and profit growth in 2024 reflects the company's strong market position in cable accessories and the strategic foresight of acquiring Shuangjiang Energy, which opens new growth avenues [3]