1月30日，碧澄能源与英国最大 电力供应商章鱼能源正式宣布战略合资，计划在华设立聚焦电力交易业 务的合资公司——碧桐能源。 ...

证券日报网讯 1月29日，林洋能源在互动平台回答投资者提问时表示，目前公司电力交易业务已拓展至 江苏、山东、安徽、湖南、蒙西等省份，其中江苏、安徽地区的售电业务、虚拟电厂运营及分布式能源 聚合体系初步建成，正稳步推进"发售一体化综合能源服务商"战略目标。在储能业务上，公司采用"集 中式共享储能+分布式用户侧储能"双轮驱动模式。针对集中式共享储能，通过将碎片化的新能源配套 储能系统进行集中建设、统一运营、大容量单并网点接入电网，既能增强新能源电站的调节能力，又可 使储能电站接受电网统一调度，参与电力市场，通过为电网提供调峰、调频等辅助服务获取增值收益， 这种模式可有效提高储能设备利用效率、降低运营成本、进而增加资产投资收益；在分布式用户侧储能 方面，重点为工商业用户为主的分布式储能及光储微电网场景提供全价值链服务，涵盖设备销售、融资 租赁、合同能源管理、智慧运维及云平台服务等全生命周期增值服务，以获取收益。 （编辑 姚尧） ...

Core Insights - The company, Guoneng Rixin Technology Co., Ltd., is actively engaging with institutional investors to discuss its business progress, particularly in power forecasting and independent energy storage operations [1] Group 1: Power Forecasting Business - The company is experiencing significant growth in its power forecasting business, driven by the rapid increase in new energy installations and the introduction of management requirements for distributed power plants [2] - As of mid-2025, the company is servicing 5,461 new energy power plants, and the overall expansion is expected to meet projections, with specific customer numbers to be disclosed in the 2025 annual report [2] Group 2: Independent Energy Storage Operations - The independent energy storage power trading model is evolving, with multiple revenue streams such as power trading, ancillary services, and capacity price compensation becoming viable [3] - The company is developing a core data-driven power market forecasting system to support energy storage operations, providing critical information for peak and valley price capture and price trend predictions [3] Group 3: Core Advantages in Energy Storage Trading - The company emphasizes its competitive edge in energy storage trading through three main aspects: decision-making support using extensive market data, precise intelligent control with proprietary energy management systems, and comprehensive operational support for client revenue [4] Group 4: Challenges for Electricity Retail Companies - The company identifies three major challenges faced by electricity retail companies in a market-oriented environment: increased price volatility, stricter policy requirements, and intensified competition leading to reduced profit margins [5] - To address these challenges, the company is transitioning from traditional manual analysis to a scientific quantitative analysis model, providing comprehensive technical support to retail companies [5] Group 5: Policy Impact on the Storage Industry - Recent policy changes, such as the cancellation of fixed time-of-use pricing, are reshaping the energy storage industry, increasing the demand for third-party management services as profitability shifts to market-driven pricing [6] - The company plans to leverage its predictive capabilities and AI algorithms to offer trading forecasts, strategy recommendations, and asset management services in response to these policy changes [6] Group 6: Future of Electricity Trading Business - The company anticipates significant growth in its electricity trading business as market reforms deepen, creating diverse demands for decision-making support and management services [7] - Compared to traditional business models, the electricity trading sector offers a broader user base and higher service value, indicating substantial market potential [7][8]

Core Viewpoint - The company expects a significant turnaround in its financial performance, projecting a net profit of 100 million to 150 million yuan for 2025, compared to a loss of 250 million yuan in the same period last year, indicating a substantial improvement in profitability [1] Group 1: Financial Performance - The company anticipates a net profit of 100 million to 150 million yuan for 2025, a recovery from a loss of 250 million yuan in the previous year [1] - The improvement in profitability is attributed to the substantial recovery in the energy digitalization business, which has seen significant progress following the divestiture of non-core operations and large impairment provisions in 2024 [1] Group 2: Business Segments - The energy internet business has shown notable improvement, primarily due to a reduction in losses from the new electric path and growth in the scale of the electricity trading business contributing positively to performance [1]

Core Viewpoint - The company, LinYong Energy, is expanding its electricity trading business across several provinces in China and is progressing towards its strategic goal of becoming a comprehensive energy service provider [2] Group 1: Business Expansion - The electricity trading business has been extended to provinces including Jiangsu, Shandong, Anhui, Hunan, and Inner Mongolia [2] - In Jiangsu and Anhui, the company has established preliminary operations for electricity sales, virtual power plant operations, and distributed energy aggregation systems [2] Group 2: Strategic Goals - The company is steadily advancing its strategy to become an integrated energy service provider [2] - Future business decisions and planning will be aligned with actual business conditions [2] Group 3: Investor Communication - The company will maintain communication with investors to promote high-quality and stable development [2]

Core Viewpoint - Yimei International Holdings (01870) has successfully completed a placement of 30 million shares, representing approximately 3.04% of the company's issued share capital prior to the placement, at a price of HKD 0.55 per share, raising a total of HKD 16.5 million [1] Group 1: Placement Details - The placement was completed on December 19, 2025, with all conditions of the placement agreement met [1] - The net proceeds from the placement, after deducting related costs, are approximately HKD 16.1 million [1] - The placement involved at least six independent subscribers [1] Group 2: Use of Proceeds - Approximately HKD 6.4 million, or 40% of the net proceeds, will be used to develop power trading business and other potential green power energy projects in China [1] - Approximately HKD 9.7 million, or about 60% of the net proceeds, will be allocated for general working capital, including professional fees, employee salaries, office rent, utilities, and other expenses [1]

Group 1 - The company, Yimei International Holdings (01870), has completed a placement agreement, fulfilling all conditions, with the placement of 30 million shares, representing approximately 3.04% of the company's issued share capital prior to the placement [1] - The placement shares were successfully issued at a price of HKD 0.55 per share, with a total gross proceeds of HKD 16.5 million, and a net proceeds of approximately HKD 16.1 million after deducting related costs [1] - The board plans to utilize the net proceeds from the placement, with approximately HKD 6.4 million (40%) allocated for the development of power trading business and other potential green power energy projects in China, and about HKD 9.7 million (60%) for general working capital [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.00 CNY based on a 54x PE for 2025 [3][5]. Core Insights - The company reported a revenue of 500 million CNY for the first nine months of 2025, representing a year-over-year growth of 37.0%, and a net profit attributable to the parent company of 75.43 million CNY, up 41.8% year-over-year [2]. - In Q3 2025, the company achieved a revenue of 179 million CNY, a 27.1% increase, and a net profit of 29.46 million CNY, reflecting a 59.1% rise [2]. - The report highlights a significant improvement in operating cash flow, with a cash inflow of 50.38 million CNY in Q3, compared to an outflow of 13.02 million CNY in the same period last year [2]. Financial Performance Summary - The company’s revenue is projected to grow from 456 million CNY in 2023 to 1.333 billion CNY in 2027, with year-over-year growth rates of 26.9%, 20.5%, 37.1%, 43.9%, and 22.9% respectively [4][10]. - Net profit attributable to the parent company is expected to increase from 84 million CNY in 2023 to 322 million CNY in 2027, with growth rates of 25.6%, 11.1%, 62.6%, 65.5%, and 27.8% [4][10]. - The gross margin is projected to decline from 67.6% in 2023 to 59.7% in 2027, while the net margin is expected to improve from 18.5% to 24.2% over the same period [4][10]. Business Outlook - The report anticipates a rebound in revenue growth and gross margin in Q4 2025, driven by increased demand for distributed photovoltaic power stations [9]. - The company is expected to maintain a downward trend in expense ratios due to improved management efficiency, with total expenses growing at a slower rate than revenue [9]. - The introduction of supportive policies for distributed photovoltaic power and the acceleration of the electricity spot market are expected to create growth opportunities for the company's innovative businesses [9].

Core Viewpoint - The company has initiated the development of its first batch of robotic joint precision transmission products, involving six products for two clients [2] Group 1: Company Developments - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the R&D and industrialization of robotic joint precision transmission products [2] - The product platform planning has been preliminarily completed, including categories such as harmonic reducers, planetary reducers, brushless motors, and controllers [2] - Standardization and platform design have been achieved for various product categories, including platform models, diameters, gear ratios, and controller types [2] Group 2: Business Segments - The company's business includes automotive parts and new energy storage [2] - The automotive parts segment focuses on the R&D, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [2] - The company is also developing non-road transmission/drive system products, including electric drive systems for construction machinery and various tractor systems [2] - The company is expanding its export business for components such as gears, shafts, housings, aluminum die-cast parts, cast iron parts, and forgings [2] - The new energy storage business encompasses power generation side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [2]