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]

证券日报网2月5日讯 ，西子洁能（002534）在接受调研者提问时表示，公司于1955年建厂，2002年加 入西子电梯集团，2011年深交所挂牌上市，2022年更名为西子清洁能源装备制造股份有限公司。公司主 要从事余热锅炉、清洁环保能源发电装备等产品咨询、研发、生产、销售、安装及工程总承包业务，为 客户提供环保设备和能源利用整体解决方案。目前公司主要包括四部分业务：余热锅炉、清洁环保能源 装备、解决方案、备件及服务业务。余热锅炉主要包括燃机余热锅炉、干熄焦余热锅炉、烧结机余热锅 炉、水泥窑余热锅炉、电站锅炉及电站辅机等产品，客户群体包括五大电力、钢铁、建材、水泥等高耗 能行业企业。清洁环保能源装备主要包括垃圾焚烧锅炉、生物质锅炉、废水废气废物（包括污泥）锅 炉、熔盐吸热器、换热器、储罐及核电设备等，主要用于垃圾废物处理厂、石化厂、核电站和光热项目 等新能源领域。解决方案主要包括但不限于以熔盐储能、导热油换热器、石化化工换热器、海水淡化装 置、气化炉（容器、热交换器）等其他换热器及压力容器为核心设备等综合解决方案项目。备件主要包 括过热器、省煤器等部件，服务包括技术服务、项目改造工程、维修维保等业务。 ...

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]

南财智讯1月30日电，西子洁能在投资者关系活动中表示，2025年公司实现新增订单59.98亿元，其中余 热锅炉新增订单19.67亿元，清洁环保能源装备新增订单6.32亿元，解决方案新增订单26.88亿元，备件 及服务新增订单7.11亿元；截至2025年12月31日，公司在手订单59.16亿元，通过加强订单质量管控和结 构优化推动业务高质量发展。 ...

西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2026-01-30） 证券代码： 002534 证券简称：西子洁能 编号：2026-003 | 投资者关系活 | ☑特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | 业绩说明会 □媒体采访 □ | | | □新闻发布会 路演活动 □ | | | ☑现场参观 | | | □其他 | | 参与单位名称 | 长江证券：李想； | | 及人员姓名 | 中加基金：苗超； | | | 申万宏源证券：李冲、胡书捷、田昕、刘建伟、姚远、 | | | 长江养老：杨胜、赵千里、王烨敏、刘杰、刘堃； | | 时间 | 2026 年 01 月 30 日 | | 地点 | 公司会议室 | | 上市公司接待 | 董事长助理：毛一恺； | | 人员姓名 | 董事会秘书：鲍瑾； | | | 投资者关系管理专员：孟雪瑶； | | | 1、 公司基本情况及主要业务介绍？ | | 投资者关系活 动主要内容介 | 公司于 年建厂，2002 年加入西子电梯集团，2011 年深交所挂牌上市， 1955 | | | 2022 年更名为西子清洁能源装备制造股份有限公司。 ...

西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2026-01-28） 证券代码： 002534 证券简称：西子洁能 编号：2026-002 | 投资者关系活 | ☑特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | 业绩说明会 □媒体采访 □ | | | □新闻发布会 路演活动 □ | | | ☑现场参观 | | | ☑其他 "百闻一见"中信证券客户走进"西子洁能"活动 | | 参与单位名称 | 钱向劲、沈桐琳、许梦橼、陈果、陈如伟、戴尧、程华、傅王正、郭益鸿、胡竞、 | | 及人员姓名 | 胡植、黄晓帆、计晓东、孔存杰、李苏恒、邵晨阳、徐轶群、杨波、姚军伟、余 | | | 满江、俞国平、俞会亮、张宇、周宁、邹俊、徐云青等多人参会； | | 时间 | 年 月 日 2026 01 28 | | 地点 | 公司会议室 | | 上市公司接待 | 董事会秘书：鲍瑾； | | 人员姓名 | 投资者关系管理专员：孟雪瑶； | | | 1、 公司基本情况及主要业务介绍？ | | | 公司于 1955 年建厂，2002 年加入西子电梯集团，2011 年深交所挂牌上市， | | 投资者关系 ...

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]