Company Overview - Shandong University Power Technology Co., Ltd. focuses on power monitoring and has a strategic plan aligned with the national energy transition goals [1]. - The company’s products are primarily utilized in the power grid sector, with approximately 90% of revenue derived from substation and transmission products [2]. Market Opportunities - The "14th Five-Year Plan" period marks a transition towards better electricity usage and green energy, while the "15th Five-Year Plan" is critical for achieving carbon peak goals, presenting significant market opportunities for the power monitoring industry [1]. - The investment in smart and digital technologies by State Grid and Southern Grid is expected to enhance the demand for power monitoring equipment [1]. Competitive Landscape - Key competitors include Wuhan Zhongyuan Huadian Technology Co., Ltd., Shandong Kehui Power Automation Co., Ltd., and others in specific segments [2]. - The company maintains a competitive edge through continuous innovation in R&D, ensuring products meet market demands [3]. Customer Base and Service - The company has established long-term relationships with major clients such as State Grid and Southern Grid, which underscores the reliability and quality of its products [3]. - A nationwide service network with 17 contact offices enables rapid local support, enhancing customer satisfaction [4]. New Energy and Storage Business - Future plans for the new energy sector focus on integrated solutions for energy storage and charging stations, with a stable order backlog supporting growth [5][6]. - The energy storage business targets large-scale enterprises and aims to develop products that meet the requirements of the new power system [6]. Financial Outlook - The company anticipates stable order conditions across its two main business segments: power monitoring and new energy, providing a solid foundation for future growth [6]. - The management is optimistic about future performance, with strategic planning in place to drive business expansion [6].

Company Overview - The company focuses on intelligent products and technology development related to power systems, forming two main business segments: intelligent grid monitoring and renewable energy [1][5]. - In 2024, the renewable energy segment generated revenue of 79.05 million CNY, accounting for 12.06% of the company's main business income [1]. Market Trends and Opportunities - The demand for fault recording devices and transmission line fault monitoring devices is expected to grow due to technological advancements, equipment upgrades, and the acceleration of domestic substitution [1][2]. - The new energy storage capacity in China is projected to reach over 180 million kW by 2027, with direct investment of approximately 250 billion CNY, indicating significant market potential [3][4]. Business Strategy - The company is strategically focusing on user-side energy storage, targeting commercial distributed storage, which has a clearer market structure and higher technical barriers compared to centralized storage [5][6]. - The charging pile business is aligned with national policies aiming to build 28 million charging facilities by 2027, providing over 300 million kW of public charging capacity [7][8]. Competitive Landscape - The industry competition is shifting from single product competition to comprehensive strength competition based on technology accumulation and R&D investment [3][6]. - The company has developed a range of new secondary products, emphasizing intelligent, integrated, and fully controllable technology trends [3]. Future Outlook - The company plans to maintain strategic investments in the charging pile business, leveraging policy support and market opportunities to ensure sustainable growth [7][8]. - The company emphasizes value management and aims to align its market value with intrinsic value through sound operations and governance [8].

Core Viewpoint - The construction of zero-carbon parks is a significant strategic initiative aimed at fostering green productivity, accelerating the establishment of a new energy system, and achieving carbon neutrality goals in China [1][2]. Group 1: Construction Standards and Guidelines - The establishment of a unified standard for zero-carbon park construction is essential, focusing on a core indicator of carbon emissions per unit energy consumption [2][3]. - Additional guiding indicators include the proportion of clean energy consumption, energy efficiency of products, industrial waste recycling rates, and water reuse rates, which are crucial for promoting comprehensive green transformation [2]. Group 2: Innovation and Green Vitality - Zero-carbon park construction requires innovation across multiple dimensions, including technology, systems, and business models, to stimulate green vitality [4]. - Technological innovations in renewable energy, energy storage, and low-carbon transportation are vital, providing application scenarios that encourage research and development [4]. - Institutional innovations, such as green electricity supply models, can enhance market vitality and support the development of new energy systems [5]. Group 3: Energy Supply and Consumption Transition - The transition to green energy supply and consumption must be integrated within the zero-carbon park construction framework, focusing on improving the efficiency and effectiveness of renewable energy utilization [6][7]. - There is a need to optimize industrial structures and explore "green production" models to promote the green upgrade of traditional industries [7]. Group 4: Implementation and Support Mechanisms - The construction of zero-carbon parks is a long-term strategic task that requires a phased approach, prioritizing areas with favorable conditions for renewable energy and technological innovation [8]. - A comprehensive planning and design strategy is necessary to ensure the feasibility and operability of projects, focusing on renewable energy integration and resource utilization [8]. - Strengthening collaboration among government, parks, and enterprises is crucial for effective implementation and evaluation of construction tasks [9].

Core Viewpoint - The company has implemented an action plan focused on enhancing quality, efficiency, and shareholder returns, demonstrating a commitment to sustainable development and innovation in its core business areas [1]. Group 1: Business Development - The company is focusing on its core business and has established strategic partnerships with over 100 major clients in the oil and gas sector, stabilizing its market share [2]. - The company is actively tracking new projects in coal chemical, fine chemical, new energy, and hydrogen sectors, with an estimated investment of nearly 700 billion yuan in the coal chemical industry from 2025 to 2028 [2]. - The company has expanded its traditional oil and gas explosion-proof business into smart safety system contracting, increasing revenue from new fields such as food, pharmaceuticals, and military applications [2]. Group 2: Innovation and Technology - The company has completed the layout of a "microgrid" system in the new energy sector, aligning with national green and energy-saving strategies, and is expected to generate revenue this year [3]. - The company has transformed from a manufacturer of explosion-proof equipment to a provider of intelligent system services, achieving 360 million yuan in revenue from safety intelligence business in 2024 [3]. - The company has developed 15 intelligent control subsystems, covering the entire technical chain solutions for "smart factories," and is exploring automation in the medical field [3][4]. Group 3: International Expansion - The company is advancing its global strategy by establishing international operation centers in the Middle East, Europe, and Southeast Asia, with plans to expand into Africa and South America [6]. - The company has initiated a new round of overseas market layout, enhancing local production capabilities and establishing a closed-loop service system for efficient delivery and response [5][6]. Group 4: Financial Performance and Shareholder Returns - The company has maintained a high dividend payout policy, distributing 1 yuan per share in cash dividends for 2024, totaling approximately 337.53 million yuan, with a cash dividend ratio of 73.01% [8]. - Cumulatively, the company has distributed around 1.937 billion yuan in cash dividends since its listing, reflecting its commitment to shareholder returns [8]. Group 5: Governance and Compliance - The company is enhancing its governance structure, ensuring clear responsibilities among the board, management, and committees, and has revised its governance documents to strengthen operational compliance [9]. - The company is focusing on training and enhancing the capabilities of its key personnel, including board members and senior management, to improve risk management and operational effectiveness [9][10].

Core Insights - The company is experiencing significant growth in its microgrid projects, with approximately 20 projects underway or about to start, leading to a production line operating at nearly 200% capacity [1][2] - The microgrid business was elevated to a core business in the second half of last year, which has opened new opportunities for the company [2] - The company is focusing on deep collaboration between its new energy and engineering machinery sectors, aiming to create a comprehensive low-carbon industrial development framework [2][9] Microgrid Projects - The first phase of the microgrid project in Guinea's Saint-Toumin mining area has been successfully launched, providing a full-load green electricity supply with a configuration of 7MWp solar and 7MW/21MWh storage [1] - The company has signed nearly 20 microgrid projects across seven African countries, with an investment of approximately 1.7 billion RMB, of which 11 projects are under construction and 3 are operational [8] - The microgrid solutions are designed to integrate solar, wind, storage, and diesel power, addressing the high costs and pollution associated with traditional diesel generators in African mining operations [6][7] Production and Technology - The company has established a highly automated production line for silicon wafers, capable of producing over 1.8 million wafers daily with a maximum efficiency of over 26.5% for TOPCon solar cells [4][10] - The production process includes multiple stages such as crystallization, slicing, and various treatments to convert silicon into solar cells, showcasing a vertically integrated supply chain [4][5] - The company is also developing advanced microgrid systems that combine solar, storage, and diesel power, achieving a green electricity ratio of over 95% in some projects [7] Global Expansion and Strategy - The company is expanding its global footprint, with products and services reaching over 180 countries, and aims for overseas business to contribute nearly half of its revenue by 2024 [11] - In Africa, the company has established a strong presence with 15 subsidiaries and over 23,000 units of equipment sold, positioning itself as a leader in the engineering machinery export market [11] - The company plans to enhance local manufacturing and talent development in Africa, transitioning from simple product exports to a more integrated industrial export strategy [11]

石家庄科林电气股份有限公司 审 计 报 告 大信审字[2025]第 37-00004 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 此 提路1 里 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing.China.100083 由话 Telephone· +86(10) 823 作自 Fay. +86 (10) 82327668 Rd Internet: www.daxincpa.com.cn 审计报告 大信审字[2025]第 37-00004 号 石家庄科林电气股份有限公司全体股东: 一、审计意见 我们审计了石家庄科林电气股份有限公司(以下简称"贵公司")的财务报表,包括 2024 年 12 月 31 日的合并及母公司资产负债表,2024 年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为 ...