证券日报网讯 2月27日，三维化学在互动平台回答投资者提问时表示，公司在巩固硫磺回收龙头地位的 同时，通过项目实践在氢能、熔盐储能、压缩空气储能等新能源工程领域积累了较为丰富的技术储备和 项目设计、建设、运行全流程的工程化经验，公司通过综合研判政策导向、行业发展趋势、客户资质、 成本收益等要素参与项目建设。后续公司将充分发挥自身优势，支持新能源领域的技术创新、模式创 新，并积极承揽新能源、新材料订单，为相关客户提供优质服务。 （文章来源：证券日报） ...

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 （2026-02-26） 证券代码： 002534 证券简称：西子洁能 编号：2026-005 | 投资者关系活 | ☑特定对象调研 □ | 分析师会议 | | --- | --- | --- | | 动类别 | □媒体采访 □ | 业绩说明会 | | | □新闻发布会 □ | 路演活动 | | | ☑现场参观 | | | | □其他 | | | 参与单位名称 | 浙商证券：李思扬、李晗玥； | | | 及人员姓名 | 鑫元基金：汪壑； | | | | 准锦投资：戴德舜； | | | | 浙商资管：周文超； | | | | 兆顺基金：钱之皓； | | | | 金恩投资：林仁兴； | | | | 壁虎投资：张小东； | | | 时间 | 年 月 日 2026 02 26 | | | 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：马颖妮； | | 1 | | 1、 公司基本情况及主要业务介绍？ | | --- | --- | | | 公司于 年建厂， ...

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]

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。 ...

Group 1: Company Performance - The company's operating performance in 2025 declined mainly due to credit impairment provisions and reduced investment income [2] - The current operating environment for the thermal power industry is influenced by the accelerated transition to a clean and low-carbon energy structure [2][3] Group 2: Industry Trends and Challenges - The implementation of the notice on market-oriented pricing for renewable energy has intensified competition in the electricity market, requiring thermal power to adapt to the new energy structure [2][3] - The transformation of thermal power units has progressed from initial "three modifications" to the application of "next-generation coal power technology," focusing on low-carbon technology and efficiency improvements [3] Group 3: Market Expansion and Future Growth - In 2025, the company signed contracts for plasma and micro-oil demonstration projects with South Africa's national power company, and the South African subsidiary has completed local registration [3] - Future growth drivers will focus on "technological innovation, market expansion, and emerging sector layout," including accelerated development in energy storage and heat storage businesses [3] - The company aims to strengthen its competitive advantage through innovation in core technologies and maintain its leading position in biomass and hydrogen co-firing fields [3]

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 has signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to enhance AIDC construction and promote comprehensive collaboration in computing power and energy solutions [1] Group 1: Strategic Cooperation - The partnership aims to develop a customized zero-carbon energy solution centered around molten salt energy storage [1] - The collaboration will ensure stable and economical power supply for computing centers while providing efficient and precise temperature control solutions for high-density computing clusters [1] Group 2: Technological Expertise - The company has over ten years of experience in the molten salt energy storage field, with established technologies in solar thermal power generation, user-side energy storage, and flexible transformation of thermal power [1] - The molten salt thermal storage technology offers several advantages, including large storage capacity, long lifespan, small footprint, high safety, low storage costs, environmental friendliness, and wide applicability [1] Group 3: Industry Application - The technology is particularly suited for the high energy consumption and heat dissipation characteristics of AIDC, enabling efficient and stable clean energy supply and thermal management for data centers [1]

Company Overview - Xizi Clean Energy Equipment Manufacturing Co., Ltd. was listed on the Shenzhen Stock Exchange in 2022, originally established in 1955 and rebranded in 2011 [4] - The company specializes in waste heat boilers, clean energy power generation equipment, and provides comprehensive solutions for environmental equipment and energy utilization [4] Business Segments - The company operates in four main business areas: - Waste heat boilers - Clean energy equipment - Solutions - Spare parts and services [4] - Key products include gas turbine waste heat boilers, biomass boilers, and nuclear power equipment, serving high-energy-consuming industries such as power, steel, and cement [4] Market Expansion - Future growth areas include: - **Overseas Market**: Expanding international market share, particularly in gas turbine waste heat boilers [4] - **New Energy and Storage Market**: Utilizing molten salt storage technology for applications in solar thermal power and flexible transformation of thermal power [4] - **Nuclear Power Market**: Upgrading manufacturing capabilities to support nuclear power business growth [5] Order and Financial Performance - In 2025, the company secured 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 [6] - As of December 31, 2025, the total orders on hand amounted to CNY 5.916 billion, reflecting a focus on quality control and optimized order structure [6] Competitive Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, recognized for its efficiency and rapid response capabilities [7] - Internationally, the company has established a strong presence through technology transfer agreements and notable projects in countries like Pakistan and Nigeria [7] Profitability and Financial Health - As of mid-2025, the overall gross margin for waste heat boilers was 29.68%, with plans to enhance order quality and profitability [8][9] - The company reported a significant increase in net profit for 2025, with estimates ranging from CNY 220 million to CNY 280 million, marking a growth of 53.3% to 95.11% year-over-year [10] Product Delivery and Innovation - Delivery cycles for boiler products typically range from 6 to 12 months domestically, with longer timelines for international projects [11] - A strategic partnership with Beijing Qingwei Intelligent Technology Co., Ltd. aims to integrate energy and computing capabilities, focusing on green data centers and energy-efficient solutions [12][13] Export Channels and Strategies - The company utilizes two main export methods: international contractors and direct contracts with owners, enhancing its global market reach [13] - Continuous investment in overseas sales teams and collaboration with clients in the Belt and Road regions are key strategies for driving international business growth [13]

Group 1 - The company, Zhongyan Chemical (600328.SH), has stated that it is currently not involved in molten salt energy storage [1]

Group 1: JD (京东) Analysis - The revenue for Q4 2025 is projected to decline by 0.4% year-on-year to 345.5 billion yuan, with adjusted net profit expected to be 216 million yuan, resulting in a net profit margin of 0.1% [2][12] - JD's retail revenue is anticipated to decrease by 4.7% year-on-year to 292.6 billion yuan in Q4 2025, primarily due to a high base effect from the previous year driven by national subsidies [3][12] - The company is expected to face pressure on growth in the battery-powered category, while the daily necessities category is projected to maintain relatively stable growth [3][12] - JD is actively responding to market changes by increasing subsidies, which may lead to a decline in retail profit margins year-on-year [3][12] - The company is focusing on its food delivery and international business, with expectations of narrowing losses in the food delivery segment in Q4 [12] - JD has launched "JD Review" to innovate the local life service ecosystem, aiming to provide objective consumer references [12] Group 2: Deer Chemical (迪尔化工) Analysis - Deer Chemical is transitioning from a cyclical business model to a growth-oriented one by integrating its nitrate production with molten salt energy storage [4][11] - The company is expected to see a gradual increase in production capacity starting in 2025, which will enhance its sales and overall performance [4][11] - The traditional business is anticipated to recover as the chemical industry stabilizes, with nitrate prices supported by liquid ammonia [11][13] - The demand for molten salt is projected to grow significantly due to its applications in concentrated solar power and flexible coal power generation [13][16] - The company aims to establish a complete product matrix involving potassium nitrate and sodium nitrate, enhancing its competitive edge in the energy storage market [16] Group 3: Unisoc (紫光国微) Analysis - Unisoc is collaborating with Ningde Times to establish a leading platform for automotive-grade chips, enhancing its market competitiveness [15][16] - The establishment of Unisoc Tongxin aims to optimize capital structure and improve performance in the automotive domain [16] - The company is expected to benefit from the growing demand for special integrated circuits driven by national defense and commercial aerospace sectors [16] - Unisoc maintains its profit forecasts for 2025-2027, projecting net profits of 1.723 billion, 2.460 billion, and 3.495 billion yuan respectively, with a strong growth outlook [16]