（文章来源：证券日报） 证券日报网讯 12月16日，中山公用在互动平台回答投资者提问时表示，公司参与投资的新能源产业基 金，遵循会计准则将按标的项目估值变动确认损益并反映于基金报表，公司依据基金报表确认投资收 益。 ...

Core Viewpoint - Shenzhen Energy has announced the establishment of a new energy industry fund with a total scale of RMB 1 billion, in collaboration with several investment companies [1] Group 1: Fund Details - The fund will be jointly initiated with Shenzhen Investment Holdings Donghai Investment Co., Ltd., Shenzhen Guidance Fund Investment Co., Ltd., Shenzhen Futian Guidance Fund Investment Co., Ltd., and Shenzhen Xinjiyuan Asset Management Co., Ltd. [1] - Shenzhen Energy will contribute RMB 10 million as a limited partner in the fund [1] Group 2: Investment Focus - The fund will primarily invest in the new energy sector, including digital grids, charging and swapping facilities, wind, solar, hydroelectric power, natural gas, hydrogen energy, energy conservation, and environmental protection [1] - Investments will target core materials and components, key parts and products, comprehensive solutions, and infrastructure construction within these fields [1]

Core Viewpoint - Shenzhen Energy has announced the establishment of a private equity investment fund focused on the new energy industry, with a total scale of 1 billion yuan [1] Group 1 - The company signed a partnership agreement with several investment firms to jointly launch the Shenzhen Deep Investment Control Donghai New Energy Industry Private Equity Investment Fund [1] - The fund's total size is set at 1 billion yuan, with Shenzhen Energy committing to contribute 10 million yuan as a limited partner [1]

Core Viewpoint - Shenzhen Energy has signed a partnership agreement to establish a private equity investment fund focused on the renewable energy sector, with a total fund size of RMB 1 billion [1] Group 1: Fund Establishment - The fund, named Shenzhen Deep Investment Control East Sea New Energy Industry Private Equity Investment Fund Partnership (Limited Partnership), will be managed by Shenzhen Investment Control East Sea [1] - The company will contribute RMB 10 million as a limited partner in the fund [1] Group 2: Investment Focus - The fund will invest 100% of its available capital in the renewable energy sector, including areas such as digital grids, charging and swapping facilities, wind, solar, hydroelectric power, natural gas, hydrogen energy, energy conservation, and environmental protection [1] - The investment will cover core materials and components, key parts and products, comprehensive solutions, and infrastructure construction within the renewable energy field [1]

Group 1 - The core point of the news is that Beijing Jiasilongbo Investment Management Co., Ltd. has pledged 175 million shares of Jiazhe New Energy, accounting for 7.2% of the total share capital, indicating significant shareholder activity and potential liquidity concerns [1] - As of the announcement date, the total pledged shares by Beijing Jiasilongbo Investment Management Co., Ltd. amount to 175 million shares, which is 44.57% of its total holdings, while another shareholder, GLP Renewable Energy Investment I Limited, has pledged 195 million shares, representing 77.45% of its holdings [1] - The cumulative pledged shares of the top ten shareholders of Jiazhe New Energy are significant, reflecting a trend of increasing leverage among major stakeholders [1] Group 2 - Jiazhe New Energy reported a revenue of 1.31 billion yuan for the first half of 2025, a year-on-year increase of 5.87%, and a net profit attributable to shareholders of 460 million yuan, up 11.59% year-on-year [3] - In Q2 2025, the company achieved a quarterly revenue of 650 million yuan, which is a 1.14% increase year-on-year, and a net profit of 220 million yuan, reflecting a 2.44% year-on-year growth [3] - The company has a debt ratio of 70.5%, with investment income of 6.1977 million yuan and financial expenses of 233 million yuan, while maintaining a gross profit margin of 59.97% [3] Group 3 - Jiazhe New Energy's main business includes the development, construction, operation, and sale of renewable energy power stations, as well as operation and maintenance management services for these stations, distributed photovoltaic systems, renewable energy industry funds, and the construction of renewable energy equipment manufacturing industrial parks [4]

Core Viewpoint - The company is transitioning from a "Northern Wind Power Merchant" to a "National Energy Solution Provider," emphasizing its innovative business model and strong operational capabilities to become a comprehensive renewable energy supplier [1][2]. Group 1: Business Model and Strategy - The company adopts a unique business model of "rolling development + core holding," focusing on asset liquidity, national business expansion, and value chain extension to reshape its development trajectory [1][2]. - The company has established five synergistic business segments: renewable power station development, operation and sale, operation management services, rooftop distributed photovoltaic systems, and renewable energy equipment manufacturing [3][4]. Group 2: Operational Efficiency - The company boasts a wind turbine utilization rate of 98%-99%, exceeding the industry average by over 3 percentage points, attributed to a refined operational management system [2][3]. - The operational management business has become a significant growth point, managing nearly 1GW of third-party power stations, enhancing both internal efficiency and external service offerings [4]. Group 3: Growth and Financial Performance - Since its listing, the company has seen substantial growth, with installed capacity increasing from less than 1GW to 2.28GW, revenue rising from 800 million to 2.4 billion, and net profit climbing from 165 million to 630 million [4][5]. - The company has a pipeline of 2GW of wind power projects under construction, expected to support continued growth over the next three years [5]. Group 4: Future Outlook - The company is exploring the "New Energy +" strategy, focusing on green fuel sectors like green methanol, driven by increasing international demand for green fuels [5]. - The company aims to integrate green electricity with chemical processes, leveraging its operational advantages to meet the green fuel demand and promote sustainable low-carbon development [5].

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