Core Viewpoint - The successful integration of the "Wind-Solar-Storage" green low-carbon energy supply project at Jiangjing Special Steel Company marks a significant step towards achieving China's dual carbon goals, showcasing a strong collaboration between CITIC Pacific Energy and CRRC Zhuzhou Institute [3][5][7]. Group 1: Project Overview - The project features a 120MW/240MWh grid-connected high-voltage direct storage system, which is the first near-zero carbon steelmaking demonstration factory in China [3][5]. - It is expected to provide 0.75 billion kWh of green electricity annually, reducing carbon emissions by 62,400 tons [7][8]. Group 2: Technical Highlights - The high-voltage direct storage system developed by CRRC Zhuzhou Institute achieves an efficiency of over 92%, which is a 6% improvement compared to conventional low-voltage storage systems [10]. - The system can respond within 20ms to stabilize voltage and frequency during high-load operations, ensuring continuous production [11][12]. Group 3: Economic Benefits - The project is projected to generate an additional revenue of approximately 48 million yuan over its lifecycle due to reduced construction and equipment investment [10]. - The integration of the storage system is expected to enhance green electricity consumption by 168 million kWh annually, providing both visible and hidden economic benefits [15]. Group 4: Future Prospects - CRRC Zhuzhou Institute aims to replicate the successful model of Jiangjing Special Steel in more industrial parks, enhancing the capabilities of "park autonomy + multi-energy collaboration + carbon accounting" [16]. - The company plans to deepen the innovation and application of grid-connected storage technology to contribute to energy structure transformation and industrial decarbonization [18].

Core Viewpoint - The company has over 30 years of experience in the power sector, with significant technical accumulation and expertise in generation, transformation, and distribution [1] Group 1 - The company has developed a comprehensive energy solution platform integrating source, grid, load, and storage [1] - The company offers various core hardware and software products, including multi-energy IoT coordinated controllers and commercial liquid cooling energy storage cabinets [1] - The company aims to provide one-stop comprehensive energy solutions for users [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Kangjin Electric, which is required to clarify its previous A-share listing arrangements [1] - Kangjin Electric submitted its listing application to the Hong Kong Stock Exchange on June 27, 2025, with Fosun International Capital and Chuangsheng Financing as joint sponsors [1] - The CSRC has requested Kangjin Electric to provide legal opinions regarding its business scope in relation to the "Negative List for Foreign Investment Access (2024 Edition)" and to explain any disciplinary actions from the National Equities Exchange and Quotations [1] Group 2 - Kangjin Electric is a leading company in the field of power equipment ring main units, ranking third in sales revenue in 2024 and holding a 4.4% market share in China [2] - Since 2016, the company has shifted its strategy towards smart renewable energy solutions, participating comprehensively in the "source-network-load-storage" integrated system through wind power, photovoltaics, energy storage, and charging infrastructure [2] - The company has developed a competitive "source-network-load-storage" integrated platform, leveraging decades of industry expertise to cover the entire lifecycle of power systems [1][2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Kangjin Electric, regarding their overseas listing applications [1][2] - Kangjin Electric submitted its listing application to the Hong Kong Stock Exchange on June 27, 2025, with Fosun International Capital and Chuangsheng Financing as joint sponsors [1] - The CSRC has requested Kangjin Electric to clarify its business scope in relation to the "Negative List of Foreign Investment Access (2024 Edition)" and to provide details on any disciplinary actions from the National Equities Exchange and Quotations [2] Group 2 - Kangjin Electric is a technology-driven integrated power equipment provider and smart energy management solutions provider, with a competitive "source-network-load-storage" integrated platform [2] - The company ranks third in the ring network cabinet sector in China, holding a 4.4% market share based on sales revenue in 2024, according to Frost & Sullivan [2] - Since 2016, Kangjin Electric has shifted its strategy towards smart renewable energy solutions, participating in the integrated "source-network-load-storage" system through wind power, photovoltaics, energy storage, and charging infrastructure [2]

Core Viewpoint - Recently, Zhuhai Kangjin Electric Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with Fosun International Capital and Chuangsheng Financing as joint sponsors. The company is a technology-driven integrated power equipment provider and smart energy management solution provider, focusing on the "source-network-load-storage" integrated platform, which covers the entire lifecycle of power systems [1][2]. Financial Performance - Kangjin Electric's revenue has shown a continuous growth trend, with projected revenues of approximately 638 million RMB, 824 million RMB, and 969 million RMB for the years 2022, 2023, and 2024 respectively. The net profits for the same years are expected to be 51.78 million RMB, 56.25 million RMB, and 38.34 million RMB [2][4]. - In 2024, the company anticipates a year-on-year revenue growth of 17.61%, with a gross profit of 246 million RMB, reflecting a 6.76% increase, and a gross margin of 25.36% [3][4]. Business Segments - The company's operations are divided into two main segments: smart distribution network equipment and smart renewable energy solutions. The smart distribution network equipment includes ring main units, transformers, and high/low voltage complete equipment, while the smart renewable energy solutions encompass smart storage, smart charging systems, and integrated energy projects [5]. - The smart distribution network equipment segment is the primary revenue contributor, accounting for 91% of the business revenue in 2024, with ring main unit sales making up 50.6% of this segment [5]. Market Trends - The Chinese power grid industry is accelerating its transition towards smart and low-carbon solutions, with significant investments planned by major state-owned grid companies. By 2025, the State Grid is expected to invest over 650 billion RMB, while the Southern Grid plans to invest 175 billion RMB [7]. - The investment in China's power grid is projected to reach 707.3 billion RMB in 2024, with a compound annual growth rate of 6.4%, expected to rise to 993.4 billion RMB by 2029 [7]. Innovation and Technology - Kangjin Electric has established a proprietary "source-network-load-storage" integrated platform, which enhances energy efficiency and optimizes supply-demand balance. The company has developed a technology ecosystem that includes AI energy management and distributed power IoT networks [11][12]. - The company has achieved significant breakthroughs in integrating AI technology with energy management, enabling real-time data analysis and operational support, which helps reduce maintenance costs and enhance safety [12][13]. International Expansion - Since entering the international market in 2012, Kangjin Electric has seen substantial growth in its overseas business, with revenue from international markets increasing from 0.7% in 2022 to 3.8% in 2024. The overseas revenue surged from 7.5 million RMB in 2023 to 36.5 million RMB in 2024, marking a growth of 386.7% [17]. - The global demand for power grid investment is expected to accelerate, with projections indicating that annual investments could reach 775 billion USD between 2031 and 2040, and exceed 1 trillion USD post-2035 under net-zero scenarios [15][17].

Core Viewpoint - Zhuhai Kangjin Electric Co., Ltd. is planning to go public in Hong Kong, aiming to leverage its position as a leading provider of integrated power equipment and smart energy management solutions in response to China's shift towards a renewable energy-driven power system [1] Company Overview - Established in 2006, Kangjin Electric focuses on technology-driven integrated power equipment and smart energy management solutions, developing a "source-network-load-storage" integrated platform [1] - The company ranks third in the ring network cabinet sales in China, holding a 4.4% market share according to Frost & Sullivan [1] Business Segments - The company operates in two main segments: smart distribution network equipment and smart renewable energy business solutions [2] - The smart distribution network equipment segment includes ring network cabinets, transformers, low and high voltage complete equipment, pole-mounted switches, and distribution automation terminal equipment [2] - The smart renewable energy business solutions segment encompasses smart energy storage, smart charging systems, and comprehensive energy projects with energy management platforms [2] Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be RMB 638 million, RMB 824 million, and RMB 969 million respectively [2] - Gross profit for the same years is expected to be RMB 186 million, RMB 230 million, and RMB 246 million, with corresponding gross margins of 29.1%, 27.9%, and 25.4%, indicating a declining trend [2] - Net profit for 2022 and 2023 is reported at RMB 517.8 million and RMB 562.5 million, with a significant drop to RMB 383.4 million in 2024, reflecting a decrease of 31.9% [2] Intellectual Property - The company has over 1,400 employees, with approximately 17.1% being R&D and technical engineers [2] - It has obtained 194 intellectual property certificates, including 111 patents in China, 6 trademarks, 73 software copyrights, and 1 patent in the Netherlands [2]

Group 1 - The core viewpoint of the news is that Zhuhai Kangjin Electric Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Fosun International Capital and Chuangsheng Financing as joint sponsors [1] Group 2 - Kangjin Electric is a technology-driven integrated power equipment provider and smart energy management solutions provider, having developed a competitive "source-network-load-storage" integrated platform [5] - The company is a leading enterprise in the ring network cabinet sector, ranking third in China with a market share of 4.4% based on sales revenue in 2024, according to a Frost & Sullivan report [5] - Since 2016, the company has shifted its strategy towards smart renewable energy solutions, participating in the integrated "source-network-load-storage" system through wind power, photovoltaics, energy storage, and charging infrastructure systems [5] - As of June 19, 2025, the company has three production facilities in Zhuhai and Ganzhou, equipped with high-quality manufacturing equipment and advanced manufacturing technology [5] Group 3 - Financially, Kangjin Electric achieved revenues of approximately 638 million RMB, 824 million RMB, and 969 million RMB for the years 2022, 2023, and 2024, respectively [6][7] - The net profits for the same years were 51.78 million RMB, 56.25 million RMB, and 38.34 million RMB, respectively [6][7] - The gross profit for 2022, 2023, and 2024 was 185.91 million RMB, 230.10 million RMB, and 245.66 million RMB, respectively [7]

Group 1: Financial Performance and Challenges - The company reported a loss of over 70 million in the first quarter due to declining gross margins and decreased revenue from long-term projects that could not be recognized yet [5][21]. - All subsidiaries of the company are currently operating at a loss, with the overall gross margin not covering operational costs [3][4]. - The company expressed confidence in turning around its financial performance in 2025 by focusing on core strengths and expanding into international markets [49][63]. Group 2: Strategic Focus and Market Position - The company remains committed to automation, information technology, and intelligent solutions for the renewable energy and environmental sectors [51]. - Plans to enhance product offerings include increasing the proportion of high-margin products and improving overall competitiveness in the market [25][49]. - The company is actively pursuing opportunities in the energy storage and lithium battery sectors, responding to the needs of leading manufacturers [12][63]. Group 3: Investor Relations and Communication - The company acknowledges the need for improved communication with investors and has committed to regular updates and transparency regarding its performance and strategies [7][21]. - There is a recognition of the importance of investor feedback and suggestions for enhancing company performance [3][7]. - The company has implemented a market value management system and is focused on maintaining investor trust despite current challenges [9][21]. Group 4: Operational Measures and Future Outlook - The company plans to increase research and development investments to enhance product value and competitiveness [55][63]. - Specific measures for 2025 include consolidating existing advantages in water conservancy and expanding into new markets, particularly in Africa and Southeast Asia [63][64]. - The company is optimistic about the impact of upcoming policy changes in the renewable energy sector, which may provide new market opportunities [26][31].