香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容所產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股份代號：2886） 自願性公告 與浙江泰能簽署戰略合作協議 本 公 告 乃 濱 海 投 資 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本 公 司 全 資 附 屬 公 司 濱 海 投 資（天 津） 有 限 公 司 與 浙 江 正 泰 電 器 股 份 有 限 公 司（上 海 證 券 交 易 所 上 市 公 司，股 票代號：601877.SH）之控股子公司浙江泰能智慧電力有限公司（「浙江泰能」） 訂 立《戰 略 合 作 協 議》，雙 方 同 意 在 全 國 範 圍 內 開 展 綜 合 能 源 業 務 合 作， 共 同 推 進 零 碳 園 區、智 能 微 電 網、儲 能、充 換 電 ...

Core Viewpoint - The company has undertaken several data center projects to support the development of key industries such as artificial intelligence, big data, and industrial internet in the region [2] Group 1 - The company has secured projects related to data centers in Zhuozhou Zhonglongyun, Zhonghanyun, and Sanhe, Hebei [2] - The company primarily provides comprehensive energy solutions including energy planning, renewable energy design, and energy efficiency management for data center projects [2]

Group 1 - The core viewpoint of the article highlights that Henghua Technology is leveraging the "East Data West Computing" initiative to undertake various data center projects, which support the development of key industries such as artificial intelligence, big data, and industrial internet [2] - The company is primarily providing comprehensive energy solutions for data center projects, including energy planning, renewable energy design, and energy efficiency management, facilitating the coordinated development of computing power and electricity [2]

Group 1 - The 2025 China International Fair for Trade in Services (CIFTIS) commenced in Beijing with the theme "Global Services, Mutual Benefit and Shared Development" [1] - BOE Technology Group showcased over ten globally launched perovskite photovoltaic products and various integrated energy solutions [1] - The "Zero Carbon House" was presented as a demonstration project for the comprehensive application of perovskite BIPV technology, integrating various perovskite components seamlessly into building structures [1] Group 2 - BOE exhibited the "NEW π Multimedia Charging Pile," which innovatively combines energy and media to redefine urban charging scenarios [2] - The charging pile features a flexible charging solution with a maximum output power of 250KW, emphasizing sustainable energy supply [2] - It includes two 55-inch high-definition screens and a 10.1-inch touchscreen, merging charging with outdoor digital advertising and interactive entertainment [2]

Financial Performance - Core profit increased by 1.4% year-over-year to RMB 2,736 million [3] - Operating cash flow increased by 15.7% year-over-year to RMB 5,573 million [3] - The company plans a cash dividend per share of not less than RMB 1.14 in 2025 [4] - The company plans an annual cash dividend payout ratio of not less than 50% of the core profit attributable to the parent company for the year from 2026 to 2028 [4] Natural Gas Business Expansion - Total gas sales volume increased by 6.4% to 20.33 billion cubic meters [2, 34] - Medium- and long-term demand locked in 3.4 billion cubic meters [2] - Zhoushan LNG Terminal unloading volume reached 1.137 million tons, with a year-over-year increase of 11.7% [3, 59] - Newly signed Long-Term Agreement (LTA) with ADNOC for 1 million tons per year [3, 56] Resource Acquisition and Optimization - China's LNG imports in 1H2025 decreased by 20.6% year-over-year to 30.11 million tons [54] - Executed 1.654 billion cubic meters of LTA with CNPC in 1H 2025, a year-over-year increase of 123 million cubic meters [56] - Unconventional resource supplies from various partners reached 1.1 billion cubic meters, a year-over-year increase of over 400 million cubic meters [56] Integrated Energy and Smart Home Business - Integrated Energy sales volume reached 324.5 MW [72] - Intelligent Product Contracts reached RMB 553 million, an 81% year-over-year increase [77]

Investment Rating - The report does not provide a specific investment rating for the company [5]. Core Insights - The company is a pioneer in HVDC solutions for data centers and is expected to benefit from the long-term opportunities presented by the AI computing wave [1][2]. - The global demand for AI data centers is projected to grow rapidly, with a CAGR of 20% from 2025 to 2030, leading to significant capital expenditures in the sector [2][48]. - The company has developed an 800V high-power rectifier module, which is expected to enhance its market position as the global AI data center HVDC market could reach 62 billion yuan by 2030 [3][48]. Summary by Sections Company Overview - Established in 1996, the company specializes in power supply solutions, serving major clients in telecommunications and power sectors [1][13]. - The company has two main business segments: power electronics manufacturing and energy internet, with a focus on data center power supplies, communication power, and electric vehicle charging solutions [23][24]. Market Trends - The demand for AI computing infrastructure is expected to drive the growth of data center power solutions, with significant capital investments anticipated in the coming years [2][48]. - The penetration rate of HVDC solutions is expected to increase as they offer advantages over traditional UPS systems, such as smaller footprint and higher efficiency [2][66]. Financial Projections - The company is projected to achieve a net profit of 1.59 billion yuan in 2025, with a year-on-year growth of 45.4%, and a PE ratio of 68 [3][4]. - Revenue is expected to grow from 1.96 billion yuan in 2024 to 3.93 billion yuan in 2027, reflecting a compound annual growth rate of approximately 29.1% [4]. Product Development - The company is actively developing its 800V product line, which is anticipated to be a key growth driver as the market for AI data center HVDC solutions expands [3][48]. - Solid-state transformers are highlighted as a potential solution for achieving higher voltage levels in HVDC applications, which could further enhance efficiency and reduce space requirements [66][74]. Competitive Landscape - The company has established strong partnerships with leading telecommunications and internet companies, positioning itself favorably within the competitive landscape [19][34]. - The report indicates that the company is well-positioned to benefit from the ongoing technological advancements and increasing demand for efficient power solutions in data centers [2][66].

Group 1 - The Chengdu government is actively promoting the new energy storage sector by organizing a supply-demand matching event, which showcases various products and services related to energy storage and distributed photovoltaics [1] - The event aims to bridge the information gap between supply and demand in the energy storage industry, facilitating collaboration and resource sharing among companies [1][2] - Chengdu has successfully implemented over 420,000 kW of operational new energy storage projects and has 228,000 kW of projects under construction as of June [1] Group 2 - Sichuan province benefits from abundant hydropower resources, providing a favorable environment for the application of energy storage technologies, particularly in addressing the intermittency of renewable energy [2] - Local companies, including Chengdu High-tech Development Co., Ltd., are actively engaging in partnerships to develop new electrochemical energy storage and virtual power plant projects in the region [2] - The collaboration among Chengdu High-tech Development, Sichuan Chuantou Energy Co., Ltd., and BOE Energy Technology Co., Ltd. aims to create a benchmark project for large-scale development of new energy storage in Sichuan [2]

Core Insights - Chengdu has launched a new energy storage project aimed at enhancing the provincial power grid by establishing a comprehensive supply chain for new energy storage [2] - The project includes a detailed supply list of 26 key enterprises in the new energy storage industry, covering technologies, products, and services [2] - The first independent energy storage project in Chengdu, a 100MW/200MWh electrochemical storage power station, has been successfully constructed and is operational [2] Industry Developments - The 100MW/200MWh energy storage station can store 200,000 kWh of electricity, theoretically meeting the peak demand of 50,000 households for 2 hours [2] - This project is expected to significantly improve grid regulation capabilities and enhance the consumption of renewable energy [2] - The project serves as a benchmark for the large-scale and commercial development of energy storage in the province [2] Project Achievements - The first phase of the project took only 3 months from construction to grid connection, marking it as the first operational commercial user-side energy storage project in the province [4] - The project utilizes a "two charge, two discharge" operation model and an intelligent energy management system, achieving an average daily flexible dispatch of 20,000 kWh [4] - It is projected that the annual charging and discharging volume will reach between 5.5 million to 6 million kWh, saving nearly 1 million yuan in electricity costs for enterprises each year [4] Business Collaborations - The event facilitated the signing of 6 user-side energy storage projects in Chengdu, involving 8 enterprises on both supply and demand sides, with a total investment of 150 million yuan [4] - Notably, the New Jin District has successfully fostered collaborations between supply-side enterprises and user-side companies, enhancing the efficiency of the energy storage supply chain [4]

Core Viewpoint - The clean energy sector has vast development potential as it needs to not only cover the continuously growing electricity demand but also replace a significant amount of fossil fuel power generation [1][2] Company Strategy - Zhengtai Aneng aims to become a global leader in comprehensive energy services, focusing on green and low-carbon energy solutions, utilizing integrated energy solutions and microgrid systems as the physical foundation, and employing virtual power plants (VPP) and energy as a service (EaaS) as service platforms [1][2] - The company has launched a new corporate strategy on its tenth anniversary, adapting to market changes and focusing on comprehensive energy service ecosystems [2] Market Position and Achievements - Zhengtai Aneng has built over 1.8 million power stations, providing 54 billion kWh of green electricity annually and reducing carbon emissions by 43.2 million tons [2] - The company operates in over 2,000 districts and counties, holding the largest market share in the industry [2] Regulatory Environment - The release of the "136 Document" by the National Development and Reform Commission and the National Energy Administration is seen as a key opportunity for restructuring the renewable energy market, recognizing the position of clean energy as a primary power source [2][3] Future Outlook - The total electricity consumption in China is projected to reach 9.85 trillion kWh in 2024, with a growth rate of 6.8%, and is expected to continue increasing significantly by 2030 and 2060 [3] - The integration of distributed energy projects into comprehensive energy services is essential for maximizing value and expanding development space [3] Technological Innovations - Virtual power plants will enable centralized management and coordination of dispersed energy and load resources, enhancing energy management and utilization [4] - The establishment of a comprehensive energy service alliance aims to create a collaborative platform across various sectors, promoting shared benefits and exploring new business models like smart microgrids and virtual power plants [4]

Core Viewpoint - The conference highlighted the importance of renewable energy, particularly solar power, in optimizing the global energy landscape, emphasizing safety, environmental benefits, cost-effectiveness, and convenience [1][3]. Group 1: Company Strategy and Vision - The company aims to align with the "dual carbon" goals, leveraging its strengths to innovate in technology and business models, and to create a collaborative ecosystem for comprehensive energy services [3]. - The vision is to become a global leader in comprehensive energy services, focusing on green and low-carbon energy solutions, supported by innovative models such as virtual power plants (VPP) and energy as a service (EaaS) [3][4]. Group 2: Achievements and Impact - Over the past ten years, the company has built more than 1.8 million power stations, providing 54 billion kWh of green electricity annually and reducing carbon emissions by 43.2 million tons [3]. - The company has generated nearly 5 billion yuan in revenue and created employment for over 200,000 people in rural areas [3]. Group 3: Future Initiatives - The company plans to continue its focus on rural household solar markets while also expanding into urban family energy solutions and providing off-grid systems for households in regions like Africa [4]. - The establishment of a comprehensive energy service alliance aims to create a collaborative platform across various sectors, exploring new business areas such as smart microgrids and virtual power plants [4].