朗新集团（300682.SZ）2025 年三季报点评 聚焦 AI+能源业务，通证经济构建数字资产新生态 2025 年 11 月 02 日 ➢ 事件：近日，朗新集团发布 2025 年三季度报告。2025 年前三季度，公司 实现营业收入 24.46 亿元，同比下滑 9.38%；归母净利润 1.06 亿元，同比下滑 33.95%；2025Q3，公司实现营业收入 9.04 亿元，归母净利润 0.77 亿元。 ➢ 剥离非核心业务轻装上阵，双轮战略聚焦核心赛道。自 2024 年起，公司坚 定战略聚焦的决心，对电视机顶盒、数字城市、数字外贸、工业互联网等非核心 业务进行了全面的剥离和重组。受终端业务剥离影响，2025 年前三季度互联网 电视业务收入同比下降约 30%，导致公司财务指标发生波动。非核心业务全面完 成剥离后，将不再对公司业绩造成拖累。未来，朗新集团将以"能源数智化+能 源互联网" 双轮战略为核心，聚焦智慧电网、聚合充电、电力交易等具有高成长 性的核心赛道，从而迎来全新的收入及利润拐点。 ➢ AI＋能源战略初现峥嵘，聚合充电、电力交易、电网信息化多维共振。1） 能源数智化领域，公司继续强化全国市场布局、加大研发投 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.446 billion CNY, a decrease of 9.38% year-on-year [2] - The net profit attributable to shareholders was 106 million CNY, down 33.95% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 83.376 million CNY, a decline of 30.62% year-on-year [2] - The gross profit margin for the first three quarters was 47%, showing a significant improvement compared to the previous year [3] Group 2: Business Development and Strategy - The company focuses on dual development strategies in energy digitization and energy internet, aiming to become a leading energy technology enterprise driven by AI and empowered by Web 3.0 [2] - The energy digitization business experienced a slight decline in revenue due to the impact of non-grid business divestiture and faster revenue recognition from major projects last year [3] - The company plans to strengthen its market layout in new power system fields and increase R&D investment to establish a technological advantage in AI applications [3] Group 3: Energy Internet Progress - The energy internet business saw a slight year-on-year increase in revenue, with significant growth in AI technology applications for service scenarios and electricity trading [3] - The transaction volume on the life payment platform increased by over 8% year-on-year, and the user base for the new charging aggregation platform exceeded 25 million [3] - The company engaged in electricity market transactions across more than ten provinces, with total trading volume exceeding 4 billion kWh in the first three quarters [3] Group 4: International Business Expansion - The company collaborates with Ant International for digital service operations in over ten countries and regions, including Southeast Asia, the Middle East, and Africa [4] - It exports digital software services for electricity marketing and collection, with operations extending to Southeast Asia, Africa, and South America [4] Group 5: AI Integration in Energy Sector - The company is deeply integrating AI with the energy sector, focusing on core technologies such as time-series prediction and large language models [5] - The self-developed AI energy model, "Langxin Jiugong," is positioned as a powerful engine for business innovation and scenario expansion [5] - The company is building an AI application ecosystem to address industry pain points, enhancing platforms for charging management, smart microgrid management, and electricity trading decision-making [5]

Core Viewpoint - The construction of zero-carbon parks is gaining momentum across various regions, driven by policy support and market demand, and is seen as a crucial strategy for industrial green transformation [2][3]. Policy and Market Drivers - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice in July to accelerate the energy structure transformation of parks and promote energy conservation and carbon reduction [3]. - Zero-carbon parks can receive funding support of 20% of the approved total investment amount as part of the "low-carbon, zero-carbon, negative-carbon demonstration projects" [3]. - Local governments have set ambitious targets for zero-carbon park construction, such as Sichuan aiming to establish 20 near-zero carbon parks by 2025 and Shandong targeting 15 provincial-level zero-carbon parks by 2027 [3]. Energy Structure Transformation - Energy structure transformation is key to carbon reduction in parks, with local resource endowments influencing energy supply methods [7][8]. - The establishment of a green electricity supply system in parks can significantly reduce product carbon footprints and help small and medium-sized enterprises (SMEs) cope with international green trade barriers [4]. Technological Innovations - AI and digital technologies are becoming critical supports for zero-carbon parks, enabling complex energy dispatch and management [10]. - Digital management platforms are emerging as essential tools for precise management of energy consumption and carbon emissions in parks [11]. Challenges and Solutions - SMEs face high costs for zero-carbon transformation, which poses a significant challenge for park construction [9]. - To lower transformation costs for SMEs, park management can provide centralized energy operation platforms and financial institutions can offer low-interest green loans based on overall park credit [9]. Examples of Successful Implementation - Companies like Kangfen Biotech are implementing zero-carbon standards in their facilities, utilizing solar energy and waste recycling to reduce carbon footprints [2]. - The Ordos zero-carbon industrial park serves as a model for transforming coal-dependent areas into industrial decarbonization examples, leveraging local wind and solar resources [4].

Core Insights - The construction of zero-carbon parks is gaining momentum across various regions, driven by policy support and market demand, becoming a crucial tool for industrial green transformation [2][3] - The transition of energy structure in zero-carbon parks faces multiple challenges, including resource endowment differences and varying energy management levels among enterprises [1][4] - "Smart" solutions are identified as a key pathway to overcome the challenges in energy structure transformation within zero-carbon parks [1][5] Policy and Market Drivers - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice in July to accelerate the transition of energy structures in parks, outlining eight key tasks [3] - Zero-carbon parks can receive funding support of 20% of the approved total investment under the central budget management measures for energy conservation and carbon reduction [3] - Local governments are setting ambitious targets for zero-carbon park construction, such as Sichuan aiming for 20 near-zero carbon parks by 2025 and Shandong targeting around 15 provincial-level zero-carbon parks by 2027 [3] Economic Benefits - The construction of zero-carbon parks is expected to reduce operational costs for enterprises, with solar power prices in certain parks being significantly lower than industrial electricity prices [3][4] - The integration of a traceable green power system in zero-carbon parks helps reduce product carbon footprints, aiding small and medium-sized enterprises in meeting international green trade barriers [3][4] Energy Structure Transformation - The core evaluation metric for zero-carbon parks is "unit energy consumption carbon emissions," with specific targets set for different energy consumption levels [4] - Current national average carbon emissions per unit energy consumption in parks are around 2.1 tons per ton of standard coal, indicating a need for a 90% reduction to achieve zero-carbon status [4] Pathways for Emission Reduction - Three main pathways for reducing carbon emissions in parks include increasing renewable energy supply, enhancing energy efficiency on the consumption side, and establishing resource recycling systems [5][6] - The establishment of zero-carbon parks is seen as a critical step in transitioning coal-dependent regions to industrial decarbonization models [3][6] Smart Management and Digitalization - The management capabilities of energy systems are becoming increasingly important for the construction of zero-carbon parks, with a focus on enhancing energy management levels [7] - The application of AI and digital technologies is emerging as a key support for zero-carbon parks, enabling efficient energy dispatch and management [8] - Digital management platforms are being developed to facilitate precise management of energy consumption and carbon emissions within parks [8]

Core Insights - Longxin Group has developed the Longxin Nine Function AI Energy Model, integrating "time series prediction" and "AI agent" technologies to address key pain points in the energy sector [1] - The company leverages AI technology to enhance various scenarios including electric vehicle charging aggregation, market-based electricity trading, virtual power plants, photovoltaic cloud, and microgrids, promoting supply-demand interaction and resource optimization [1] Company Developments - The Longxin aggregation charging platform, New Electric Path, serves over 24 million new energy vehicle owners across 440 cities in China [1] - AI-driven market-based electricity trading has achieved a 100% contract fulfillment rate, helping energy-consuming enterprises reduce electricity costs [1] - The Longxin photovoltaic cloud platform has connected over 800,000 photovoltaic power stations with a total installed capacity exceeding 50 GW, generating over 70 billion kWh of green electricity [1] International Expansion - As one of the earliest companies to expand into the overseas electricity sector, Longxin has supported the digital transformation of power sectors in countries like Nepal, Zimbabwe, and Nigeria, benefiting 12 million users [1] - In the public utility platform operation sector, Longxin has partnered with Ant International to replicate its domestic experience overseas, creating the UBP payment platform in Bangladesh, which serves over 30% of the local population [1]

Group 1 - The core viewpoint of the news is the collaboration between Langxin Technology Group and Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [1][2] - The partnership aims to address the challenges in traditional green asset management, such as data silos and the inability to reflect real-time operational data and policy risks, by creating a comprehensive service platform covering the entire lifecycle of renewable energy assets [2][3] - The launch of the first domestic report on token economy by Ant Group highlights the importance of real-world asset tokenization (RWA) and tokenized payment systems as key pillars for ecological development, emphasizing the need for verifiable, programmable, and quantifiable asset conditions for successful RWA scaling [2][3] Group 2 - Langxin showcased its AI energy model applications in various business scenarios, including power marketing and virtual power plants, providing comprehensive evaluation and management services for renewable energy assets [3][4] - The RWA model, which transforms future revenue rights of renewable energy assets into tradable digital assets, is expected to accelerate capital turnover and enhance the financial viability of charging station operators and distributed energy enterprises in China [4][5] - The company is projected to achieve revenues of 5.173 billion, 6.122 billion, and 7.260 billion yuan from 2025 to 2027, with net profits of 531 million, 673 million, and 811 million yuan respectively, maintaining a buy rating with a target price of 24.58 yuan [6]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 24.58 CNY over the next six months, indicating a potential upside from the current price of 22.07 CNY [5]. Core Insights - The company has partnered with Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [1][2]. - The collaboration aims to address the challenges in traditional green asset management, such as data silos and the inability to reflect real-time operational data and policy risks [2]. - The company is leveraging AI and Web3 technologies to enhance the lifecycle management of renewable energy assets, positioning itself as a core infrastructure provider in this sector [2][9]. - The report highlights the importance of real-world asset tokenization (RWA) as a growing category in the crypto market, with the company successfully completing the first RWA project based on renewable energy assets in China [3][9]. Financial Projections - The company is expected to achieve revenues of 51.73 billion CNY, 61.22 billion CNY, and 72.60 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 5.31 billion CNY, 6.73 billion CNY, and 8.11 billion CNY for the same years [10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.49 CNY, 0.62 CNY, and 0.75 CNY respectively, with a dynamic price-to-earnings ratio of 50 times for 2025 [12][10].

Market Trends - The domestic textile and apparel export from January to August 2025 saw a 1.6% increase in yarn, fabric, and products, while clothing and accessories experienced a 1.7% decline [3] - Major Taiwanese textile manufacturers reported a general revenue decline in August 2025, with specific companies like Yuanyuan Group and Fengtai Enterprises showing declines of 9.7% and 3.66% respectively [3][4] Company Analysis - **博威合金 (601137.SH)**: In H1 2025, the company achieved a revenue of 10.22 billion yuan, a 15.2% increase year-on-year, with net profit reaching 680 million yuan, up 6.0% [7] - **蜜雪集团 (02097.HK)**: The company is projected to have EPS of 1.82, 1.94, and 2.38 for 2025-2027, with corresponding PE ratios of 13.5, 12.7, and 10.3, indicating a "Buy-A" rating [10][11] - **汉得信息 (300170.SZ)**: The company reported a revenue of 15.75 billion yuan in H1 2025, a 3.54% increase, with net profit slightly up by 1.90% [21][23] Industry Insights - The textile manufacturing sector is experiencing cautious order placements due to tariff disturbances, with companies like Shenzhou International and Kairun Co. showing strong performance certainty for the year [4][5] - The REITs market in China is expanding, with 68 listed REITs and a total market value of 205.5 billion yuan as of H1 2025, indicating significant growth potential [14][16] Investment Recommendations - For the apparel sector, brands like 361 Degrees and Anta Sports are recommended due to their strong online growth and effective cost management [4][5] - In the textile manufacturing sector, companies such as Shenzhou International and Kairun Co. are highlighted for their stable performance and low valuations [5] - In the gold and jewelry retail sector, companies like Laopuyin and Chaohongji are recommended due to the rising gold prices and upcoming consumption peaks [5]

Investment Rating - The report maintains a "Buy-B" investment rating for the company [1][9]. Core Viewpoints - The company has partnered with Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [2][3]. - The collaboration aims to create a comprehensive service platform for the entire lifecycle of renewable energy assets, transforming fragmented green assets into measurable and tradable digital assets [3]. - The company is enhancing its "AI + Energy" strategy by establishing an AI research institute and launching its self-developed "Langxin Jiugong AI Energy Model," which achieved top rankings in international evaluations [4]. - The energy internet business continues to grow, with significant revenue from energy digitalization and internet services, including a 10% year-on-year increase in energy internet revenue [5][9]. Financial Performance and Projections - For the first half of 2025, the energy digitalization business generated revenue of 470 million yuan, while the energy internet business achieved 860 million yuan, with a gross margin of 54.4% [5]. - The company expects net profits of 300 million yuan, 460 million yuan, and 930 million yuan for the years 2025, 2026, and 2027, respectively, indicating a dynamic P/E ratio of 78.5 for 2025 [9][11]. - The projected revenue for 2025 is 5.126 billion yuan, with a year-on-year growth of 14.4%, and is expected to reach 8.363 billion yuan by 2027 [11][13].

Core Viewpoint - The company reported its 2025 semi-annual results, showing a slight decline in revenue and net profit, but significant growth in non-recurring net profit, indicating stable core business performance and progress in AI applications [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.542 billion yuan, a decrease of 0.39%, and a net profit of 29 million yuan, down 23.02%. The non-recurring net profit was 14 million yuan, up 199.94% [1]. - For Q2 2025, revenue was 876 million yuan, down 0.60%, with a net profit of 25 million yuan, down 55.22%, and a non-recurring net profit of 18 million yuan, down 64.63% [1]. - The overall gross margin for the first half of 2025 was 46.05%, an increase of 2.23 percentage points, while the expense ratio decreased to 45.83%, down 1.50 percentage points [2]. Business Segments - The energy digitalization business generated revenue of 472 million yuan, a year-on-year increase of 0.73%. The energy internet business revenue was 864 million yuan, up 10.46%, while the internet TV business revenue fell to 207 million yuan, down 30.62% [1]. - The energy internet business's gross margin improved to 54.44%, an increase of 3.32 percentage points, with a transaction volume growth of over 8% in the life payment platform [3]. AI and Technological Advancements - The company has implemented multiple AI pilot projects, achieving positive progress in areas such as load control, new energy management, and electricity marketization [1]. - In July 2025, the company launched its self-developed "Langxin Jiugong AI Energy Model," which received global recognition for execution accuracy and query efficiency [4]. Market Expansion and Future Outlook - The company is actively engaged in electricity market transactions across multiple provinces, with a total trading volume of nearly 2 billion kWh, a year-on-year increase of approximately 2.5 times [4]. - The green electricity direct connection policy is expected to significantly boost electricity trading demand, leading to revised revenue forecasts for 2025-2027 [4].