能源互联网业务盈利能力提升，AI 赋能平台交易与产业升级。2025 年上半年，公司能源互联网业务实 现收入8.64 亿元，同比增长10.46%，毛利率54.44%，比上年同期增加3.32pct。生活缴费平台的交易量 同比增长超过8%，新电途聚合充电平台注册用户数突破2,300 万，连接充电桩运营商合作伙伴超过 4,300 家、接入充电设备数量超过200 万，上半年新电途平台累计充电量近30 亿度。上半年，公司在虚 拟电厂领域的分布式光伏累计接入已近50GW。 事件：公司发布2025 年半年度报告，2025 年上半年实现营业收入15.42 亿元（-0.39%），归母净利润 0.29 亿元（-23.02%），扣非归母净利润0.14 亿元（+199.94%）。2025Q2 实现营业收入8.76 亿元 （-0.60%），归母净利润0.25 亿元（-55.22%），扣非归母净利润0.18 亿元（-64.63%）。 业绩符合预期，核心业务稳步推进。2025 年上半年，公司能源数智化业务实现收入4.72 亿元，同比增 长0.73%；能源互联网业务收入8.64 亿元，同比增长10.46%；互联网电视业务收入2.07 亿元，同 ...

证券代码：300682 证券简称：朗新集团 朗新科技集团股份有限公司 投资者关系活动记录表 | 投资者关系 | 特定对象调研 电话会议 | | --- | --- | | 活动类别 | | | 参与单位名 | 鹏华基金、诺德基金、朱雀基金、中金公司、中信建投、华泰 | | 称及人员姓 | 证券、天风证券、民生证券、长江证券、开源证券、国金证 | | | 券、华西证券等多家券商及投资机构人员参加了本次沟通交流 | | 名 | 会，参会人员共计 90 余人。 | | 时间 | 年 月 日 2025 8 21 20:30~21:30 | | 地点 | 电话会议 | | 上市公司接 | 董事会秘书王慎勇 | | 待人员姓名 | 投资者关系总监王彬彬 | | | 证券事务代表王利 | | | 会议主要交流内容： | | | 董秘王慎勇先生首先对公司 2025 年半年度业绩情况及业务 进展向投资者做了总体介绍： | | | 朗新科技集团聚焦能源数智化、能源互联网双轮发展战 | | 投资者关系 | 略，致力于成为一家 AI 驱动、Web3.0 赋能的领先的能源科技 | | 活动主要内 | 企业，通过构建链接海量电力负荷用户 ...

Core Viewpoint - The company will continue to deepen its collaboration with Ant Group in the area of RWA (Real World Assets) to enhance its financial services and support the development of the charging infrastructure industry [1] Group 1: Collaboration and Projects - The company completed its first domestic RWA project based on new energy physical assets in Hong Kong in August last year, which involved financing for 9,000 charging piles through RWA [1] - The new energy RWA project allows the company to identify quality assets on its digital platform, New Electric Path, and provide operational support to charging pile operators, thereby revitalizing existing assets and creating ongoing value [1] Group 2: Platform Development and Impact - As of the end of 2024, the New Electric Path platform has partnered with over 3,000 charging pile operators and connected more than 1.6 million charging devices, with a distributed photovoltaic cloud platform reaching a cumulative connection of 25 GW [1] - The company aims to benefit more entities in the real economy, including charging operators, through innovative financial services while ensuring reasonable returns and promoting the continuous development of its platform business [1]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, with a focus on energy digitalization and AI integration as part of its strategic transformation [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.48 billion yuan, a year-on-year decrease of 5.2% [1] - The net profit attributable to shareholders was -250 million yuan, a year-on-year decline of 141.4% [1] - The non-recurring net profit was -280 million yuan, a year-on-year decline of 152.1% [1] - For Q1 2025, the company reported revenue of 670 million yuan, a slight year-on-year decrease of 0.1% [1] - The net profit attributable to shareholders was 3.37 million yuan, indicating a turnaround from losses [1] - The non-recurring net profit was -4.28 million yuan, with losses narrowing by 90.7% [1] Business Strategy and Developments - The company is committed to energy digitalization and energy internet as dual driving forces, accelerating its AI initiatives [2] - In 2024, the company completed the restructuring of non-core businesses, resulting in a one-time financial impact of approximately 490 million yuan due to goodwill impairment and cost capitalization [2] - The company acquired a 10% minority stake in Bangdao Technology, making it a wholly-owned subsidiary, and increased market efforts in the new electric path business, with a sales expense ratio of 18.1%, up 5.6 percentage points year-on-year [2] - The energy digitalization business generated revenue of 2.15 billion yuan in 2024, down 7.5% year-on-year, primarily due to the restructuring of non-core businesses [2] Growth in Energy Internet and AI Applications - The energy internet business grew rapidly, achieving revenue of 1.8 billion yuan in 2024, a year-on-year increase of 17.6%, and continued to grow in Q1 2025 [3] - The company’s life payment platform for utilities surpassed 500 million users, with daily active users nearing 20 million [3] - The new electric path charging business recorded an annual charging volume of 5.2 billion kWh, and the distributed photovoltaic cloud platform connected 25 GW [3] - The company enhanced its competitive advantage in electricity market trading, with annual trading volume exceeding 1.9 billion kWh, a year-on-year increase of over five times [3] - In Q1 2025, the new electric path platform's operating losses significantly decreased, and the photovoltaic cloud platform added over 10 GW of distributed photovoltaic connections [3] Investment Outlook - The company aims to become a leading AI-driven technology energy enterprise, benefiting from the trends of electricity marketization, digitalization, and scenario-based electricity usage [4] - Following the restructuring of non-core businesses, the company is expected to improve its profitability, with projected net profits of 490 million yuan, 600 million yuan, and 740 million yuan for 2025-2027, representing year-on-year growth of 294.1%, 23.8%, and 22.3% respectively [4] - The company is assigned a target price of 15.74 yuan based on a 35x PE ratio for 2025, with a "recommended" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company has focused its strategy on core businesses, with new opportunities arising from AI and electricity trading [1]. - In 2024, the company reported total revenue of 4.479 billion yuan, a decrease of 5.24% year-on-year, and a net profit attributable to shareholders of -250 million yuan, compared to 604 million yuan in the previous year [1][2]. - The company has divested non-core businesses, leading to a significant one-time financial impact of approximately 488 million yuan due to goodwill and inventory impairment [1]. - The energy digitalization business generated revenue of 2.147 billion yuan, down 7.51% year-on-year, primarily due to the restructuring process [1]. - The energy internet business achieved revenue of 1.804 billion yuan, an increase of 17.63% year-on-year, driven by rapid growth in electricity market trading and AI applications [1]. Financial Summary - The company expects to see a recovery in net profit, projecting earnings per share (EPS) of 0.49, 0.61, and 0.73 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 29.24, 23.47, and 19.74 [2][3]. - The overall revenue is projected to grow to 5.113 billion yuan in 2025, reflecting a year-on-year growth rate of 14.1% [2]. - The gross profit margin is expected to improve from 41.3% in 2024 to 45.6% by 2027 [2]. Business Developments - The company has established an AI research institute to enhance its "AI + Energy" strategy, focusing on AI platform development and predictive modeling [1]. - The company has expanded its charging aggregation and utility payment services, with over 500 million users on its platform and daily active users nearing 20 million [1]. - The charging business has entered a high-quality growth phase, achieving an annual charging volume of 5.2 billion kWh, with over 1.8 million registered users [1].

Group 1 - The core viewpoint of the news is that Langxin Group reported stable revenue with significant profit growth in Q1, driven by its focus on energy digitization and the energy internet strategy [1] - In Q1, the company achieved total revenue of 667 million yuan, which is approximately flat year-on-year, while the net profit attributable to shareholders increased by 117.53% to 3.37 million yuan [1] - The energy digitization business showed steady growth, with the company actively deploying in areas such as AI, load control, new energy management, and electricity marketization [1] Group 2 - The energy internet business of Langxin Group continued to develop rapidly, with the "New Electric Path" charging platform expanding its network and user connections while significantly reducing operational losses year-on-year [1] - The virtual power plant business saw new access to distributed photovoltaic exceeding 10 GW, and breakthroughs in centralized power station agency trading [1] - The scale of the electricity trading business exceeded 700 million kWh, achieving more than double year-on-year growth due to the continuous application of AI trading models [1] Group 3 - Langxin Group's ESG report highlights its strategy of "Digital Technology Promoting Green Low-Carbon Development," showcasing progress in technology energy, innovation leadership, responsible management, employee benefits, and social contributions [2] - The company aims to continue driving AI technology innovation and expanding the energy internet platform to promote smarter and greener electricity services [2]