投资者关系 活动类别 特定对象调研 □ 分析师会议 □ 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 国信证券 刘汉轩 崔佳诚 广发基金 姚绪增 重要提示：线上调研的参会人员为电话或网络接入，上市公司无 法保证参会单位名称的完整性和准确性，敬请投资者注意。 时间 2026 年 1 月 27 日下午 地点 腾讯会议 上市公司接 待人员姓名 副总裁、董事会秘书：何骏 先生 证券事务代表：苏慧仪 女士 投资者关系 活动主要内 容介绍 一、业绩回顾：2025 年前三季度营收 27.23 亿元，同比略降， 主要是工业园区燃煤集中供热项目蒸汽售价因燃煤价格下调而同 步下调使供热收入有所减少；扣非净利润 2.28 亿元，同比增长 128.42%，主要是燃料成本下降及取得资源综合利用增值税优惠政 策的生物质项目数量增加；资产负债率 71.72%，同比下降 2.31%， 因第四季度提前完成了可转债转股，预计资产负债率将进一步下 降。 | | 二、互动交流：在信息披露规定允许的范围内，就投资者关 | | --- | --- | | | 心的问题进行了回答（同类问题已作汇总整理，近 ...

Group 1: Company Support and Business Model - Southern Power Grid provides strong brand image and customer resources, facilitating market entry and trust [2] - The company’s building energy-saving services include comprehensive energy-saving solutions for existing buildings and efficient energy systems for new constructions, generating revenue through energy cost reductions and operational efficiencies [3] - In 2024, the building energy-saving business achieved approximately CNY 949 million in revenue, maintaining steady growth [3] Group 2: Market Potential and Policy Support - The building energy-saving industry has significant market potential due to government policies promoting energy efficiency and carbon reduction in existing buildings [4] - Statistics indicate that only a small fraction of existing buildings have adopted advanced energy efficiency measures, highlighting the vast potential for growth in the sector [4] - Recent policies have been introduced to enforce energy consumption reductions and promote sustainable development, further driving market opportunities [4] Group 3: Client Segmentation and Regional Focus - The company’s industrial energy-saving services target commercial users across various sectors, including automotive, electronics, and pharmaceuticals, with notable clients like Nissan and Coca-Cola [5] - In the building energy-saving sector, the company focuses on hospitals, schools, telecommunications, and rail transit, with ongoing projects in major hospitals and educational institutions [5] - The business primarily operates in South China, with projects also in East, North, Central, and Southwest China, expanding its reach through partnerships with government agencies [5] Group 4: Financial Strategy and Project Funding - The company finances its projects with approximately 30% self-funding and 70% bank loans [7] - A strategic shift from "investment holding" to "investment holding + high-end services" aims to enhance service offerings and meet diverse market needs [7] - Plans include improving service product systems, enhancing full-chain service capabilities, and optimizing digital service platforms to better serve distributed energy and commercial clients [7]