2025 年 8 月 26 日 公司研究/公司快 报 公司近一年市场表现 事件描述 公司披露 2025 年中报。上半年，公司实现营业收入 93.0 亿元，同比 +8.7%；归母净利润 11.2 亿元，同比+11.4%。其中，25Q2 实现营业收入 48.0 亿元，同比+9.4%，环比+6.4%；实现归母净利润 6.8 亿元，同比+9.1%，环 比+57.0%。 事件点评 | 年 月 市场数据：2025 8 | 日 25 | | | --- | --- | --- | | 收盘价（元）： | | 22.60 | | 年内最高/最低（元）： | | 23.91/15.58 | | 流通A股/总股本（亿）： | | 13.10/13.10 | | 流通 A 股市值（亿）： | | 296.02 | | 总市值（亿）： | | 296.02 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.86 | | 摊薄每股收益(元)： | | | 0.86 | | 每股净资产(元)： | | | 8.83 | | 净资 ...

Policy - The Ministry of Ecology and Environment, along with six other departments, released the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)", aiming for a 40% completion rate of beautiful rivers and lakes by 2027, with significant results expected by 2030 and basic completion by 2035. The plan also emphasizes the promotion of new energy vessels such as green alcohol, green ammonia, and green hydrogen [2] - The National Energy Administration issued the "Interim Measures for the Management of Nuclear Power Engineering Quotas", establishing a Nuclear Power Engineering Quota Expert Committee to provide technical reviews and consulting for nuclear power engineering quota management [3] Events - Contemporary Amperex Technology Co., Ltd. (CATL) officially listed on the Hong Kong Stock Exchange on May 20, with an IPO price of HKD 263 per share, opening at HKD 296 and closing at HKD 306.2. The total fundraising reached HKD 41 billion, marking the largest IPO in Hong Kong in recent years and globally for the year, with 90% of the funds allocated for projects in Hungary [6] - China Huadian New Energy Group's IPO was approved by the China Securities Regulatory Commission, with plans to raise approximately CNY 18 billion for the construction of 15.17 GW of wind and solar power projects [7] Industry Trends - The U.S. is set to quadruple its nuclear power capacity over the next 25 years, as President Trump signed several executive orders to accelerate nuclear energy development, including reforms to the regulatory processes of the Nuclear Regulatory Commission [4] - Germany is signaling a potential shift in its nuclear policy, indicating it will no longer block nuclear energy from receiving equal treatment with renewable energy in EU legislation. This change comes as public support for nuclear energy in Germany has risen to 55%, a 23% increase from three years ago, driven by energy supply challenges and rising prices [5] - The U.S. Energy Information Administration (EIA) predicts that U.S. electricity consumption will reach historical highs in 2025 and 2026, driven by the expansion of emerging industries such as artificial intelligence and electric vehicle electrification, with expected demand of 4,205 billion kWh in 2025 and 4,252 billion kWh in 2026 [9]

Core Insights - Jiangsu's total electricity consumption from January to April reached 264.08 billion kWh, marking a year-on-year increase of 2.2% [1] - The manufacturing of biopharmaceuticals saw a significant electricity consumption increase of 22.3%, while internet data services surged by 42.4%, and wind energy equipment manufacturing skyrocketed by 52.5% [1] - State Grid Jiangsu Electric Power has implemented various measures to enhance service levels and optimize the business environment, contributing to Jiangsu's economic resilience [1] Group 1: Industry Development - Jiangsu Tianke Heda Semiconductor Co., a major global producer of silicon carbide chips, benefits from a tailored energy service strategy by State Grid Xuzhou Power Supply Company, enhancing power reliability and efficiency [2] - The "one industry, one policy" approach has been adopted in multiple cities, including Nanjing and Suzhou, to support industrial clusters with reliable and green electricity [2] - The implementation of smart management systems in companies like Enhua Pharmaceutical and Jiangsu Normal University has led to energy savings of over 25% [2] Group 2: Project Execution - The completion of a 110 kV capacity expansion project for Zhongjian Technology Co. demonstrates the effective "electric butler" service model, which includes personalized project plans and close collaboration with local governments [3] - State Grid Jiangsu Electric Power has supported 36 key provincial projects, successfully delivering electricity to 24 of them, while reducing connection times by over 30 working days [3] - The launch of Zhongbi's second-phase lithium battery project, with a planned capacity of 27 GWh, showcases the efficient service mechanisms in place for major projects [4] Group 3: Community and Infrastructure - The "open door charging pile" service model introduced by State Grid Nantong Power Supply Company addresses the charging difficulties in old residential areas, significantly reducing installation times [6] - The initiative allows residents to complete the charging pile installation process in just five days, streamlining the approval process through community collaboration [6] - Over 70 old residential communities in Nantong have completed upgrades, with the company aiming to enhance the city's status as a friendly environment for electric vehicles [7] Group 4: Overall Impact - State Grid Jiangsu Electric Power has constructed over 18,000 public charging piles, achieving full coverage in towns and highway service areas, facilitating green travel [7] - The company's efforts span from empowering industrial clusters to enhancing the business environment and improving public welfare, contributing significantly to Jiangsu's modernization efforts [7]