2023年，因目标公司运营的盱眙项目存在用地瑕疵，为顺利推进A股发行上市，公司将盱眙项目暂时剥 离至特变电工，截至本公告日期，用地瑕疵已整改完毕。目标公司主营业务属于公司新能源电站运营板 块业务范畴。收购事项完成后，盱眙高传的财务业绩将于集团的财务报表内综合入账，有助于进一步扩 大集团新能源电站运营业务规模，提升整体竞争力与盈利能力。 于本公告日期，新疆新能源为该公司的非全资附属公司，公司持有其91.26%的权益。新疆新能源主要 从事风能和光伏资源开发、建设和运营;逆变器、柔性直流换流阀及静态无功补偿装置等产品的研发、 制造及销售。盱眙高传主要从事风力发电、风力发电设备、电气及电控设备销售。 智通财经APP讯，新特能源(01799)公布，于2025年9月26日，新疆新能源与公司控股股东特变电工签署 股权转让协议。据此，特变电工同意将盱眙高传100%股权转让给新疆新能源，代价为人民币1.368亿 元。 ...

于本公告日期，新疆新能源为该公司的非全资附属公司，公司持有其91.26%的权益。新疆新能源主要 从事风能和光伏资源开发、建设和运营;逆变器、柔性直流换流阀及静态无功补偿装置等产品的研发、 制造及销售。盱眙高传主要从事风力发电、风力发电设备、电气及电控设备销售。 2023年，因目标公司运营的盱眙项目存在用地瑕疵，为顺利推进A股发行上市，公司将盱眙项目暂时剥 离至特变电工，截至本公告日期，用地瑕疵已整改完毕。目标公司主营业务属于公司新能源电站运营板 块业务范畴。收购事项完成后，盱眙高传的财务业绩将于集团的财务报表内综合入账，有助于进一步扩 大集团新能源电站运营业务规模，提升整体竞争力与盈利能力。 新特能源(01799)公布，于2025年9月26日，新疆新能源与公司控股股东特变电工（600089）签署股权转 让协议。据此，特变电工同意将盱眙高传100%股权转让给新疆新能源，代价为人民币1.368亿元。 ...

当云南的风掠过山脊，当峡谷的光穿透云层，昆柳龙直流工程将西部源源不断的能量跨 越1452公里山河湖海，送入粤港澳大湾区的繁华都市。今年，世界首个±800千伏特高压多 端柔性直流输电工程——昆柳龙直流工程，迎来安全运行五周年的重要节点。作为中国电力 工业发展史上的重要里程碑，昆柳龙工程在世界上首次采用特高压柔性直流输电技术，引领 全球输电技术进入特高压柔性直流时代。 柔性直流技术具备独特的"应急救场"能力，依托有功无功协同的主动支撑技术，系统可 在电网正常运行时传输有功功率，而在电网发生故障的20毫秒内快速切换至紧急无功支援模 式，为受端电网提供强力电压支撑，如同一位"电力急救员"，守护电网安全。不仅如此，特 高压柔性直流输电技术还是新能源发电基地的"稳定器"，通过构网控制技术，昆柳龙工程成 功解决了风电、光伏等波动性电源的并网难题，为沙戈荒等大型新能源基地的电力外送提供 了关键技术保障，助力规模化开发可再生能源。 ■■迈向"世界引领"彰显中国创造力量 五年来，昆柳龙直流工程持续稳定运行，累计输送清洁电能超过1135亿千瓦时，相当于 减排二氧化碳8700万吨，为中国乃至全球低碳发展注入了强劲动力。该工程共创造了 ...

Core Viewpoint - The company, TBEA Co., Ltd., reported a steady performance in the first half of 2025, achieving revenue of 48.401 billion yuan, a year-on-year increase of 1.12%, and a net profit of 3.184 billion yuan, reflecting a growth of 5% despite challenges in the industry cycle and resource price declines [1] Group 1: Financial Performance - The company achieved a total profit of 4.423 billion yuan, marking a year-on-year increase of 15.62% [1] - The revenue growth was driven by strategic focus on core businesses and high-potential sectors [1] Group 2: Market Demand and Growth - The demand for power equipment is steadily increasing both domestically and internationally, driven by global carbon neutrality goals and rising electricity needs from emerging industries [2] - Domestic signed contracts for power transmission and transformation reached 27.3 billion yuan, a year-on-year increase of 14.08%, while international contracts exceeded 900 million USD, growing by 88.10% [2] Group 3: Technological Innovation and Product Development - The company launched 22 new products, with 16 achieving international leading standards, contributing to its competitive edge in the market [8] - The company has successfully developed key equipment such as inverters and flexible direct current converters, with inverter shipments increasing by 40% year-on-year [6][8] Group 4: Sustainable Development and ESG Efforts - The company invested over 400 million yuan in energy management and climate change initiatives, achieving annual energy savings equivalent to 14.48 million tons of standard coal, which reduced carbon emissions by 37.66 million tons [9] - The company has integrated sustainable development into its corporate strategy, enhancing its ESG ratings and establishing a zero-carbon operation center recognized as a best practice case [9] Group 5: Industry Position and Future Outlook - The company is well-positioned to benefit from the ongoing construction of high-voltage transmission lines and the increasing electricity demand projected to grow by 5%-6% annually until 2025 [4] - The company aims to leverage its full industry chain capabilities to capture long-term growth opportunities in both domestic and international markets [4][5]

Core Insights - The company reported a total revenue of 48.401 billion yuan for the first half of 2025, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 3.184 billion yuan, up 5% year-on-year [1] - The company is focusing on core business areas and enhancing efficiency while actively exploring high-potential sectors to achieve high-quality development despite challenges such as price declines in polysilicon and coal [1] Group 1: Business Performance - The company achieved a total profit of 4.423 billion yuan, reflecting a year-on-year growth of 15.62% [1] - The domestic market for power transmission and transformation signed contracts worth 27.3 billion yuan, a year-on-year increase of nearly 14.08%, while international market contracts exceeded 900 million USD, up 88.10% [2] Group 2: Industry Trends - The global push for "carbon neutrality" and the increasing demand for electricity from emerging industries are driving steady growth in the demand for electrical equipment [2] - The company is leveraging strategic opportunities from the construction of new power systems and expanding international market demand [2] Group 3: Technological Innovation - The company has developed and implemented several innovative technologies, including high-voltage direct current transmission and new products that have achieved international leading standards [8] - The company has invested over 400 million yuan in energy management and climate change initiatives, achieving significant energy savings and reducing carbon emissions [9] Group 4: Sustainable Development - The company is deeply integrating sustainable development concepts into its corporate strategy and operations, enhancing governance effectiveness [9] - The company has established a comprehensive energy and carbon management system, increasing the proportion of green electricity used in production [9]

Core Viewpoint - The article emphasizes the importance of technological innovation in driving high-quality energy development during China's 14th Five-Year Plan, highlighting breakthroughs in clean energy, fossil energy cleaning, and integrated energy development, which collectively support energy security and the transition to a low-carbon economy [2][3][4]. Group 1: Clean Energy Development - During the 14th Five-Year Plan, the energy structure is rapidly adjusting, with non-fossil energy power generation capacity reaching 2.23 billion kilowatts by July 2025, accounting for 60.8% of total power generation capacity [3]. - The efficiency of N-type TOPCon solar cells has surpassed 27%, with the cost of electricity dropping to approximately 0.13 yuan/kWh, a reduction of about 50% compared to 2020 [3]. - The largest hydropower unit in the world, the Baihetan hydropower station, has been completed, and the pumped storage capacity exceeds 58 million kilowatts, maintaining the world's leading position for nine consecutive years [3]. Group 2: Fossil Energy Cleaning - Fossil energy continues to play a stabilizing role in energy security, with over 500 million kilowatts of coal-fired power units undergoing energy-saving, heating, and flexibility upgrades [4]. - Significant projects include the completion of Asia's first ultra-deep exploration well and the world's first 100,000-ton deep-water semi-submersible oil production platform [4]. - The CCUS demonstration project in Taizhou has been established with a capacity of 500,000 tons, marking a significant step in carbon capture technology [4]. Group 3: Integrated Energy Development - The smart grid is undergoing continuous upgrades, with the capacity for "West-to-East Power Transmission" increasing from 260 million kilowatts to 360 million kilowatts [4]. - The energy consumption of proton exchange membrane (PEM) electrolyzers has decreased to 4.2 kWh/Nm3, and key technologies for hydrogen refueling stations have achieved localization [4]. - The cost of lithium iron phosphate energy storage systems has dropped to around 0.4 yuan/Wh, with advancements in compressed air and vanadium flow battery storage technologies [4]. Group 4: Original Technological Innovation - The construction of a new power system aims to maximize the integration of renewable energy, with projections indicating that by 2060, wind and solar installations will exceed 900 million kilowatts, accounting for over 70% of power generation [5]. - The development of a new type of high-voltage direct current (HVDC) converter valve has been achieved, demonstrating 100% failure resistance in practical applications [6]. - The flexible HVDC technology has been successfully exported, with significant projects in the Middle East and a successful bid for the Dolwin6 offshore wind project in Germany [6]. Group 5: Strengthening National Strategic Technological Forces - The article highlights the need to address issues of fragmentation and homogeneity in energy technology innovation, advocating for a unified national strategy to enhance research capabilities [8]. - The establishment of national laboratories and innovation alliances in the energy sector aims to consolidate resources and focus on major national energy needs [8]. - Collaborative efforts among various stakeholders, including government, enterprises, and research institutions, are emphasized to drive technological advancements in flexible coal-fired power generation [9][10].

Core Viewpoint - The report highlights the financial performance and strategic initiatives of NARI Technology Co., Ltd. for the first half of 2025, showcasing significant revenue growth and a focus on innovation in the energy and industrial control sectors [1][3]. Financial Performance - The company's consolidated net profit attributable to shareholders for the first half of 2025 was approximately RMB 2.95 billion, with an undistributed profit of about RMB 31.51 billion as of June 30, 2025 [1]. - Total revenue for the first half of 2025 reached approximately RMB 24.24 billion, representing a year-on-year increase of 19.54% [3]. - The total profit for the period was approximately RMB 3.55 billion, an increase of 8.08% compared to the previous year [3]. - The basic earnings per share increased by 9.26% to RMB 0.37 [4]. Business Overview - NARI Technology is a leading enterprise in the energy and industrial control sectors, focusing on intelligent energy solutions and automation technologies [5][6]. - The company provides a wide range of products and solutions across various industries, including energy, municipal utilities, and environmental protection, serving over 100 countries [5][6]. Strategic Initiatives - The company is committed to advancing its technological capabilities, focusing on areas such as smart grids, digital transformation, and low-carbon energy solutions [5][10]. - NARI Technology aims to enhance its core competitiveness by integrating cutting-edge technologies like artificial intelligence, edge computing, and digital twins into its operations [5][8]. - The company has established a comprehensive industrial layout, emphasizing the development of four major industry clusters: smart grid, energy internet, industrial internet, and low-carbon energy [5][10]. Market Expansion - In the first half of 2025, NARI Technology signed contracts worth approximately RMB 35.43 billion, marking a year-on-year increase of 23.46% [19]. - The company has successfully expanded its international business, with significant growth in markets such as Saudi Arabia and South America, and has secured contracts for major projects [19].

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the ultra-high voltage (UHV) power transmission industry in China, discussing the current status, challenges, and future trends of UHV projects and technologies. Core Insights and Arguments 1. **Construction Progress and Challenges** UHV construction is experiencing delays due to multiple factors, including slow approval processes, low utilization rates of existing lines (generally below 50%), adjustments in energy transition policies, long technology iteration cycles, and economic considerations. Human resources have also been diverted to new energy infrastructure projects [1][2][3]. 2. **Demand for Cross-Regional Transmission** Despite short-term suppression of UHV demand due to declining photovoltaic (PV) station returns, the uneven distribution of energy resources and policy direction ensure a rigid demand for cross-regional transmission. The government will continue to promote UHV network interconnections, particularly transporting energy from the western and northern regions to central and eastern load centers [1][6]. 3. **Increased Proportion of Renewable Energy in New Projects** The proportion of renewable energy bundled in new UHV projects is expected to increase, with a greater reliance on hydropower and other renewable sources for bundled transmission. However, thermal power remains competitive due to its stability in large-capacity power supply [1][7]. 4. **Flexible DC Technology (FDC) Prospects** The application of flexible DC technology is anticipated to grow significantly, with projections indicating that 60%-70% of new DC line converter stations will adopt this technology by 2030. The penetration rate of new lines is expected to exceed 80% [1][12]. 5. **Cost Reduction in Key Components** The cost of flexible DC converter valves is expected to decrease from approximately 5 billion yuan to around 3.5 billion yuan by 2030, primarily due to advancements in domestic production of key components like IGBT and silicon carbide materials [2][13]. 6. **Supply Chain Bottlenecks** The production of UHV transformers faces significant bottlenecks due to a shortage of high-end imported insulation materials, particularly T4 grade paperboard. Domestic companies are expanding capacity but still rely on expensive imports [2][21][19]. 7. **Future UHV Project Plans** Several UHV lines are scheduled to commence construction between late 2025 and 2026, including routes from southeastern Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area and from Inner Mongolia to Beijing-Tianjin-Hebei [2][28][29]. 8. **Impact of PV Station Returns on UHV Projects** The decline in PV station returns has temporarily suppressed UHV external demand, particularly in regions like Qinghai and Gansu. However, long-term cross-regional transmission remains a necessity due to resource distribution and policy needs [6]. 9. **Market Growth for Renewable Energy** The renewable energy market is projected to reach a scale of 100 billion yuan by 2025, with a compound annual growth rate of 13%. Despite reductions in wind and solar power, hydropower and nuclear energy are expected to continue growing [7]. 10. **Domestic Production and Market Dynamics** Domestic brands currently supply about 5% of the UHV transformer market, with expectations for gradual increases in localization rates as new capacities come online by 2026-2027 [21][23]. Other Important but Potentially Overlooked Content - The internal rate of return for some projects has decreased due to market trading developments, leading to project delays. Local financial conditions and social resistance also impact project timelines [3]. - The competitive advantage of thermal power remains significant, especially in scenarios of water scarcity, highlighting the need for a balanced energy supply system [8]. - The development of large hydropower projects, such as the Yaxia Hydropower Station, is expected to significantly enhance China's overall power generation capacity [9]. This summary encapsulates the critical insights and projections regarding the UHV industry, emphasizing the interplay between technology, market dynamics, and policy influences.

Overview - The core point of the announcement is that TBEA Co., Ltd. has approved a capital increase of 1 billion RMB from Agricultural Bank of China Financial Asset Investment Co., Ltd. to its subsidiary, TBEA Xinjiang New Energy Co., Ltd. This capital injection aims to reduce the subsidiary's debt ratio and support its operational capital needs [2][4][14]. Transaction Summary - The capital increase of 1 billion RMB will primarily be used for repaying loans from financial institutions [2][9]. - The increase in registered capital will raise TBEA Xinjiang New Energy's capital from 522.84 million RMB to 570.01 million RMB, with the new share price set at 2.12 RMB per share [9][14]. - The decision was made during the sixth temporary board meeting of 2025, with unanimous approval from the board members [3][9]. Investor Profile - Agricultural Bank of China Financial Asset Investment Co., Ltd. was established on August 1, 2017, with a registered capital of 20 billion RMB. It focuses on debt-to-equity swaps and restructuring of bank debts [8][9]. - TBEA Xinjiang New Energy Co., Ltd. was founded on August 30, 2000, with a registered capital of 522.84 million RMB, specializing in wind and solar power projects [8][9]. Agreement Details - The agreement allows Agricultural Bank of China Financial Asset Investment to nominate one director to the board of TBEA Xinjiang New Energy [9][10]. - The expected annual distributable profit for TBEA Xinjiang New Energy during Agricultural Bank's holding period is set at no less than 863 million RMB, with a minimum dividend payout ratio of 70% [11][14]. - The exit strategy for Agricultural Bank includes a potential stock repurchase by TBEA Xinjiang New Energy or its parent company within 60 months of the investment [12][14]. Impact on the Company - The capital increase is expected to enhance TBEA Xinjiang New Energy's financial stability, reduce its debt ratio, and broaden its financing channels, thereby supporting the growth and optimization of TBEA's renewable energy business [14][15].

Core Viewpoint - The report highlights the stable profitability and rapid development of non-network businesses for Guodian NARI Technology Co., Ltd. (国电南瑞), with a recommendation to increase holdings in the company [1]. Financial Performance - In 2024, the company achieved revenue of 57.417 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.1% year-on-year [1]. - For Q4 2024, the company reported revenue of 25.104 billion yuan, a year-on-year increase of 8.9% and a quarter-on-quarter increase of 105.8% [1]. - In Q1 2025, the company generated revenue of 8.895 billion yuan, reflecting a year-on-year growth of 14.8% [1]. Profitability and Cost Structure - The gross profit margin and net profit margin for 2024 were 26.7% and 14.2%, respectively, with slight year-on-year declines of 0.1 percentage points and 0.6 percentage points [2]. - In Q1 2025, the gross profit margin and net profit margin were 24.2% and 7.8%, showing a year-on-year decrease of 0.5 percentage points for gross margin but no change for net margin [2]. - The company maintained high levels of R&D investment, with R&D expense ratio at 5.6% in 2024, an increase of 0.4 percentage points year-on-year [2]. Business Segments - The smart grid segment generated revenue of 28.47 billion yuan in 2024, a year-on-year increase of 11%, with a gross margin of 29.5% [2]. - The overseas revenue reached 3.279 billion yuan, marking a significant year-on-year growth of 135.14% [2]. - The digital energy integration business achieved revenue of 12.36 billion yuan in 2024, up 11% year-on-year, with a gross margin of 22.4% [3]. - The low-carbon energy business reported revenue of 12.19 billion yuan, a year-on-year increase of 26.4% [3]. Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 64.2 billion yuan, 71.98 billion yuan, and 78.98 billion yuan, respectively [3]. - The company is expected to benefit from ongoing expansion in both network and non-network businesses, leading to stable growth in performance [3].