Company Overview - The company was established in 1955 and joined the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [4] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [4] Business Segments - The company operates in four main segments: - Waste heat boilers - Clean energy equipment - Solutions - Spare parts and services [4] - Key products include gas turbine waste heat boilers, biomass boilers, and various energy solutions targeting high-energy-consuming industries such as power, steel, and cement [4] Order and Financial Performance - In 2025, the company achieved new orders totaling CNY 59.98 billion, with specific contributions from: - Waste heat boilers: CNY 19.67 billion - Clean energy equipment: CNY 26.88 billion - Solutions: CNY 6.32 billion - Spare parts and services: CNY 7.11 billion [4] - As of December 31, 2025, the total orders on hand amounted to CNY 59.16 billion, reflecting a focus on quality control and optimized order structure [4] Market Position and Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, positioning itself as a leader in the industry [5] - Internationally, the company has established itself as a major technology transfer partner, with significant projects in Pakistan and Nigeria [5] Profitability and Financial Health - As of mid-2025, the comprehensive gross margin for waste heat boiler products was 29.68%, with plans to enhance order quality and improve margins [6] - The company reported a net profit attributable to shareholders of CNY 220 million to CNY 280 million for 2025, marking a substantial increase of 53.3% to 95.11% year-on-year [7] Strategic Partnerships and Innovations - In January 2026, the company signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to advance AI data center (AIDC) construction and energy solutions [8] - The collaboration aims to integrate energy and computing capabilities, focusing on green computing centers and energy storage solutions [9] Risk Management and Accounts Receivable - The company has enhanced its contract review and customer risk assessment processes to mitigate operational risks associated with accounts receivable [9] - A dedicated accounts receivable management team has been established to improve cash flow and manage credit risks effectively [9] International Expansion - The company employs two main export methods: international general contracting and direct contracts with owners, leveraging its brand and product quality to penetrate overseas markets [10] - Ongoing efforts to deepen cooperation with clients in Belt and Road regions are expected to drive international business growth [10]

Core Viewpoint - Xizi Clean Energy Equipment Manufacturing Co., Ltd. focuses on providing environmental equipment and energy utilization solutions, with a history dating back to 1955 and a listing on the Shenzhen Stock Exchange in 2011 [1] Business Overview - The company operates in four main business segments: waste heat boilers, clean environmental energy equipment, solutions, and spare parts and services [1] - Waste heat boilers include products such as gas turbine waste heat boilers, dry quenching waste heat boilers, sintering machine waste heat boilers, cement kiln waste heat boilers, power station boilers, and auxiliary equipment [1] - The clean environmental energy equipment segment features products like waste incineration boilers, biomass boilers, wastewater and gas treatment boilers, molten salt heat exchangers, heat exchangers, storage tanks, and nuclear power equipment [1] - The solutions segment offers comprehensive projects centered around core equipment such as molten salt energy storage, thermal oil heat exchangers, petrochemical heat exchangers, seawater desalination devices, and gasifiers [1] - The spare parts segment includes components like superheaters and economizers, while services encompass technical support, project renovation, and maintenance [1]

Core Viewpoint - The company, Xizi Clean Energy, anticipates achieving new orders totaling 5.998 billion yuan in 2025, indicating a strong growth trajectory in its business segments [1] Group 1: Order Breakdown - The new orders for 2025 include: - Waste heat boiler orders amounting to 1.967 billion yuan [1] - Clean and environmental energy equipment orders totaling 632 million yuan [1] - Solutions orders reaching 2.688 billion yuan [1] - Spare parts and services orders of 711 million yuan [1] Group 2: Current Order Status - As of December 31, 2025, the company has achieved an order backlog of 5.916 billion yuan [1] - The company emphasizes the importance of enhancing order quality management and optimizing order structure to drive high-quality business development [1] Group 3: Future Growth Strategy - The company has identified growth opportunities in four business segments and is allocating resources to enhance overall order acquisition capabilities [1]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, and listed on the Shenzhen Stock Exchange in 2011 [4] - Main business includes waste heat boilers, clean energy equipment, solutions, and spare parts/services [4] - Key clients are from high energy-consuming industries such as power, steel, and cement [4] Order and Financial Performance - In 2025, the company achieved new orders totaling CNY 5.998 billion, with breakdowns as follows: - Waste heat boilers: CNY 1.967 billion - Clean energy equipment: CNY 0.632 billion - Solutions: CNY 2.688 billion - Spare parts and services: CNY 0.711 billion [5] - As of December 31, 2025, the company had an order backlog of CNY 5.916 billion [5] - The gross margin for waste heat boilers was 29.68% as of mid-2025 [7] - The company reported a net profit of CNY 220 million to CNY 280 million for 2025, a significant increase of 53.3% to 95.11% year-on-year [9] Market Position and Competitive Advantages - Holds over 50% market share in the domestic waste heat boiler sector, recognized as a leader [6] - Key projects include those for the Beijing Olympics and major energy stations [6] - Established a strong presence in international markets, particularly in Southeast Asia and South America, with significant projects in Pakistan and Nigeria [6][10] Nuclear Power Sector - Over 20 years of experience in the nuclear power sector, with licenses for civil nuclear manufacturing [8] - Focus on key equipment for nuclear islands and partnerships with major players like China General Nuclear Power Group [8] - Aims to expand into third and fourth generation nuclear power projects [8] Strategic Collaborations - Signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to develop AI data centers and energy solutions [10][11] - The collaboration aims to integrate energy and computing capabilities, enhancing sustainability and efficiency [11] Future Outlook - Plans to enhance order quality and optimize order structure to drive high-quality business growth [5] - Focus on expanding global market presence and increasing competitiveness of "Xizi Manufacturing" in international markets [6]

Core Viewpoint - The company, Xizi Clean Energy, announced its projected new orders for 2025, totaling 5.998 billion yuan, indicating a focus on high-quality business development through improved order quality control and structural optimization [1] Group 1: New Orders Breakdown - The new orders for 2025 include: - Waste heat boiler orders amounting to 1.967 billion yuan - Clean and environmental energy equipment orders totaling 0.632 billion yuan - Solutions orders reaching 2.688 billion yuan - Spare parts and services orders of 0.711 billion yuan [1] Group 2: Backlog of Orders - As of December 31, 2025, the company has a backlog of orders valued at 5.916 billion yuan, reflecting the company's commitment to enhancing order quality and optimizing its structure for sustainable growth [1]

Group 1: Company Overview - The company was established in 1955, joined the Xizi Elevator Group in 2002, and was listed on the Shenzhen Stock Exchange in 2011, rebranding as Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3] - The main business includes waste heat boilers, clean energy equipment, solutions, spare parts, and service operations, providing comprehensive solutions for environmental equipment and energy utilization [4] Group 2: Order and Financial Performance - In 2025, the company achieved new orders totaling CNY 5.998 billion, with waste heat boilers accounting for CNY 1.967 billion, clean energy equipment for CNY 0.632 billion, solutions for CNY 2.688 billion, and spare parts and services for CNY 0.711 billion [5] - As of December 31, 2025, the company had a backlog of orders amounting to CNY 5.916 billion, focusing on enhancing order quality and optimizing order structure for high-quality business development [5] - The gross margin for waste heat boiler products was 29.68% as of mid-2025, with plans to improve order quality and increase margin levels [8] - The company reported a net profit attributable to shareholders of CNY 220 million to CNY 280 million for 2025, representing a significant increase of 53.3% to 95.11% compared to the previous year [9] Group 3: Market Position and Competitive Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, being a leader in the industry with notable projects including the Beijing Olympic Games and Guangdong Energy Group [6] - Internationally, the company has established itself as the largest technology transfer partner for N/E Company in the U.S., with significant projects in Pakistan and Nigeria, capitalizing on the growing global demand for natural gas power generation [7] Group 4: Strategic Partnerships and Innovations - On January 16, 2026, the company signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to promote collaboration in AI data center (AIDC) construction, focusing on energy and computing power integration [10] - The partnership aims to develop a green intelligent computing center and energy storage facilities, leveraging the company's molten salt energy storage technology for sustainable development [12] Group 5: Investment and Expansion Plans - The company plans to invest CNY 100 million as a limited partner in the Zhejiang Xijun Xijie Equity Investment Fund, focusing on AI, embodied intelligence, and AIDC energy technology solutions [13] - The overseas market strategy targets Southeast Asia, South America, and countries along the Belt and Road Initiative, with increasing recognition of domestic brands and a growing share of overseas orders [14][15]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, and listed on the Shenzhen Stock Exchange in 2011, renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. [3] - Main business includes waste heat boilers, clean energy power generation equipment, and comprehensive solutions for energy utilization [3][4]. 2025 Order Situation - In 2025, the company achieved new orders totaling CNY 5.998 billion, with breakdowns as follows: - Waste heat boilers: CNY 1.967 billion - Clean energy equipment: CNY 0.632 billion - Solutions: CNY 2.688 billion - Spare parts and services: CNY 0.711 billion - As of December 31, 2025, the total orders on hand amounted to CNY 5.916 billion [5]. Market Position and Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, recognized as a leader in the industry [6]. - Key projects include significant installations for the Beijing Olympics and various energy stations [6]. - Internationally, the company has established a strong presence, particularly in the North American market, leveraging its technology transfer agreements [7]. Financial Performance - In 2025, the company reported a net profit attributable to shareholders of CNY 220 million to CNY 280 million, marking a substantial increase of 53.3% to 95.11% year-on-year [8]. Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, holding various manufacturing licenses and collaborating with major industry players [10]. - Focus on developing key equipment for nuclear islands and expanding into third and fourth-generation nuclear power projects [10]. AIDC Developments - A strategic partnership was formed with Beijing Qingwei Intelligent Technology Co., Ltd. to enhance collaboration in artificial intelligence data center (AIDC) construction [11]. - The partnership aims to integrate energy and computing capabilities, focusing on green energy solutions [12]. Accounts Receivable Management - The company has strengthened its contract review and customer risk assessment processes to mitigate operational risks associated with accounts receivable [13]. Competitive Landscape - The main competitors in the overseas market include domestic boiler manufacturers, with the company maintaining a technological edge and market recognition [14].

Core Viewpoint - The company, Xizi Clean Energy, forecasts a significant increase in net profit for the year 2025, driven by improved management of accounts receivable and inventory, leading to enhanced cash flow and profitability [1] Financial Performance - The company expects a non-net profit attributable to shareholders between 220 million to 280 million yuan, representing a substantial year-on-year growth of 53.3% to 95.11% [1] - There is a notable decrease in total working capital usage, credit loss provisions, and asset impairment losses, contributing to a marked improvement in net cash inflow from operating activities [1] Sales and Orders - The company has strengthened the quality control of sales orders, resulting in an increase in the gross profit margin of its main business for 2025 compared to the previous year [1] - The total new orders received for the year amounted to 5.998 billion yuan, with a year-end backlog of orders reaching 5.916 billion yuan, laying a solid foundation for performance in 2025 and 2026 [1]

Summary of XiZi Clean Energy Conference Call Company Overview - **Company**: XiZi Clean Energy - **Industry**: Clean Energy Equipment and Solutions Key Points Financial Performance - Revenue for the first three quarters of 2025 was 4.33 billion RMB, a slight decrease year-on-year due to delays in the Nigeria gas turbine project, impacting revenue by approximately 300 million RMB and gross profit by about 80 million RMB [3][3] - Net profit for the same period was 226 million RMB, with a non-recurring net profit of 180 million RMB, showing significant growth in non-recurring profit compared to the previous year [3][3] - Gross profit margin remained stable at around 19.33%, with a target to exceed 20% for the year [3][3] - Operating cash flow reached 348 million RMB, a year-on-year increase of 129% [4][4] Order Composition and Market Position - New orders totaled 4.054 billion RMB in the first three quarters, with significant contributions from: - Waste heat boilers: 1.2 billion RMB - Clean energy equipment: 1.426 billion RMB - Solutions: 1.94 billion RMB - Spare parts and services: 492 million RMB - Total backlog of orders reached 5.884 billion RMB, expected to exceed 6 billion RMB by year-end [2][5] - The company aims to capture 60-70% of the domestic market share in the gas-fired waste heat boiler sector [5][5] International Market Expansion - XiZi Clean Energy is actively expanding into overseas markets, particularly in Southeast Asia and countries along the Belt and Road Initiative, with overseas orders expected to reach approximately 1.4 billion RMB in 2024, accounting for 23-24% of total orders [2][6] - The company faced challenges during the pandemic but has seen a resurgence in overseas project opportunities since 2023 [6][6] North American Market Dynamics - The development of the North American computing power market has significantly increased equipment demand, with planned gas-fired power project capacity in the U.S. rising from 1.62 GW this year to 3 GW next year [8][8] - XiZi Clean Energy plans to collaborate with major companies like NE and GE, focusing on subcontracting due to increased tariffs from the U.S.-China trade war [9][9][10] - The company can cover 70-80% of the total cost of gas turbine waste heat boiler orders, with core pressure components making up 65-66% of total costs [11][11] Nuclear Power Business Development - Nuclear power has become a key growth area, with plans to achieve 300-500 million RMB in orders in 2026 through partnerships with major players like China National Nuclear Corporation and State Power Investment Corporation [15][16] - The company aims to enhance its supply chain capabilities and expand its market share in the nuclear sector, which has a market size of approximately 5 billion RMB [20][20] Energy Storage Initiatives - XiZi Clean Energy is focusing on molten salt energy storage applications, participating in multiple projects and planning to commercialize new storage technologies in 2026 [22][24] - The company has been involved in various molten salt storage projects since 2018, generating approximately 500 million RMB in new orders annually [22][22] Market Outlook and Strategy - The domestic market for new gas installations is expected to decline, with a cautious outlook for 2026, while overseas markets are projected to grow by over 20% [14][14] - The company is developing new KPIs for the upcoming year to clarify order guidance for 2026 [14][14] Competitive Landscape - In the domestic waste heat boiler market, key competitors include Huaguang Huaneng, Hailu Heavy Industry, and Huagi Energy [7][7] - Globally, Chinese manufacturers are gaining market share, with Chinese waste heat boiler products accounting for about 20% of the global market [7][7] Conclusion - XiZi Clean Energy is strategically positioned to leverage growth opportunities in both domestic and international markets, particularly in the clean energy and nuclear sectors, while navigating challenges posed by trade tariffs and market competition. The focus on innovative energy storage solutions and partnerships will be crucial for future growth.

Company Overview - The company was established in 1955 and joined the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [4] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [4] Business Segments - The company operates in four main segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [4] - Waste heat boilers include products for power generation, steel, cement, and other high-energy-consuming industries [4] - Clean energy equipment encompasses waste incineration boilers, biomass boilers, and nuclear power equipment, primarily serving waste treatment plants and nuclear power stations [4] Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, holding licenses for civil nuclear manufacturing [4][5] - It has supplied 186 conventional island pressure vessels and heat exchangers to multiple nuclear power stations [4] - A joint venture, Hangzhou Xizi Nuclear Technology Co., Ltd., was established in August 2025 to expand into the nuclear power market [5] International Expansion - The company focuses on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas markets [6] - Since 2024, the proportion of new orders from overseas markets has been increasing, contributing significantly to the company's performance [6] Order Status - In the first three quarters of 2025, the company achieved new orders totaling CNY 4.054 billion, with specific segments as follows: - Waste heat boilers: CNY 1.196 billion - Clean energy equipment: CNY 426 million - Solutions: CNY 1.94 billion - Spare parts & services: CNY 492 million [7] - As of September 30, 2025, the total orders on hand amounted to CNY 5.884 billion [7] Product Delivery and Market Position - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [8] - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, recognized as a leader in the industry [9] Collaboration with Kexin Technology - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions, with significant market shares in recent projects [10] - The company collaborates closely with Kexin Technology, supplying critical components for solar thermal projects and holding a 3.25% equity stake in Kexin Technology [10]