2025.07. 21 以2004年"西气东输"全线贯通为发端，中国城市燃气行业经历了跑马圈地的黄金十年，到"十三五"末 形成以五大城燃、省燃气公司为龙头，数千家中小企业分散的格局。但随着"十四五"国内天然气市场 化改革加快、老旧管网改造安全监管力度加大，以及终端电气化激烈竞争，城燃行业进入深度调整 期，企业发展面临更多挑战。 不过国内"双碳"目标下正催生出新的机会，城燃企业也从此前的"卖气郎"悄然蜕变为综合能源服务 商，新一轮跑马圈地大幕徐徐拉开。 新业态下，早前城市燃气特许经营权的牌照限制被打破，企业在这一轮角逐中拼的将是什么？"双 碳"目标下，综合能源市场前景几何，企业如何评估项目投资收益，又将给行业转型带来哪些启示？ 城燃角色生变 在广东省肇庆市四会市一家纺织染整厂内，一条条彩色棉布从染缸中拉出，传输到足有两人高的定型 机中，导布辊滚动间烘干后的布匹便规整地堆叠在手推车上。整个印染过程鲜有人工干预，唯二常见 的是在厂房间运输布匹的染整厂工人，以及身穿黄色工服、操作智能一体机控制柜的新奥员工。 这家年产能3万多吨的墩煌纺织染整公司主要从事服装印花、加工、销售针织衣服务，是当地规模较 大的民企。由于印染行 ...

综合能源业态下，燃气特许经营权牌照限制被打破，行业预计这一轮跑马圈地将更加激烈，拼的是从资源驱动转为服务能力输出。 "转型综合能源、拥抱智能化、探索出海路径成为城市燃气行业当前统一共识。"近日在接受第一财经记者采访时，新奥能源（02688.HK）副总裁、泛能业 务负责人程路这样表示。 以2004年"西气东输"全线贯通为发端，中国城市燃气行业经历了跑马圈地的黄金十年，到"十三五"末形成以五大城燃、省燃气公司为龙头，数千家中小企业 分散的格局。但随着"十四五"国内天然气市场化改革加快、老旧管网改造安全监管力度加大，以及终端电气化激烈竞争，城燃行业进入深度调整期，企业发 展面临更多挑战。 不过国内"双碳"目标下正催生出新的机会，城燃企业也从此前的"卖气郎"悄然蜕变为综合能源服务商，新一轮跑马圈地大幕徐徐拉开。 新业态下，早前城市燃气特许经营权的牌照限制被打破，企业在这一轮角逐中拼的将是什么？"双碳"目标下，综合能源市场前景几何，企业如何评估项目投 资收益，又将给行业转型带来哪些启示？ 城燃角色生变 在广东省肇庆市四会市一家纺织染整厂内，一条条彩色棉布从染缸中拉出，传输到足有两人高的定型机中，导布辊滚动间烘干后的布匹 ...

Investment Rating - The report assigns no rating to the company [5] Core Viewpoints - The company is a clean energy operator with over 20 years of experience, focusing on combined heat and power generation and energy services. The mid-year performance is expected to increase by 20-35% [1][3] - The company has achieved a total installed capacity of 5.9GW, with significant contributions from various energy sources including gas, coal, solar, wind, and storage [1][3] - The company has initiated the issuance of Real World Assets (RWA) in the renewable energy sector, marking a significant innovation in financing [2][3] - The energy services segment has shown remarkable growth, with revenues increasing by over 337% year-on-year [3][19] Summary by Sections Financial Performance - The company forecasts a revenue of 9.8 billion yuan in 2024, a decrease of 3.4% year-on-year, with a net profit of 489 million yuan, down 46% [1][19] - For the first half of 2025, the expected net profit ranges from 493 to 555 million yuan, reflecting a year-on-year increase of 20-35% [1][18] - The company anticipates achieving net profits of 900 million, 983 million, and 1.05 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 84%, 9%, and 7% [3][57] Revenue Breakdown - The revenue from gas-fired combined heat and power generation is projected to be 5.24 billion yuan in 2024, accounting for 53.4% of total revenue [1] - The energy services segment is expected to generate 1.19 billion yuan in 2024, contributing 12.2% to total revenue [1][19] - The company’s total revenue is projected to reach 10.9 billion yuan in 2025, with a growth rate of 11.3% [4][51] Market Position and Strategy - The company has established a joint venture with Ant Group to provide RWA issuance services for distributed energy assets, enhancing its market position [3][49] - The company is focusing on expanding its virtual power plant and energy trading businesses, with a demand response capacity of approximately 500MW [3][49] - The company’s energy service revenue is expected to grow significantly, driven by the increasing demand for virtual power plants and energy trading [3][50] Future Outlook - The company is expected to maintain a stable growth trajectory, with projected revenues of 11.5 billion yuan in 2026 and 11.9 billion yuan in 2027 [4][51] - The gross margin is anticipated to stabilize around 27% in the coming years, reflecting operational efficiency [51][52] - The company’s strategic initiatives in RWA and energy services are expected to drive future growth and profitability [2][3][49]

Core Viewpoint - The company is undergoing a change in control and is focusing on improving its performance in the industrial wastewater treatment and quality water supply sectors while addressing significant losses in 2024 [1][3][4]. Group 1: Company Control Change - The company is in the process of transferring control to a new shareholder, with relevant announcements made regarding the progress of this change [1]. - The company has disclosed multiple announcements related to the change in control, ensuring transparency with investors [1]. Group 2: Financial Performance and Losses - The company reported a significant loss in 2024, attributed to various factors including macroeconomic conditions, industry cyclicality, and project delays [3][4]. - The net profit attributable to shareholders for 2024 was impacted by a total of RMB 48.4 million in asset impairment losses and RMB 79.8 million in credit impairment losses due to delayed payments from clients [4]. - Management expenses increased due to restructuring and one-time employee compensation costs, further affecting financial performance [4]. Group 3: Strategic Measures for Improvement - The company plans to enhance its performance by focusing on industrial wastewater treatment and integrating various environmental protection services into a comprehensive solution [1][6]. - Strategies include leveraging existing customer resources, improving operational efficiency, and exploring new market opportunities [1][3]. - The company aims to utilize its technological and brand advantages to collaborate with state-owned enterprises for project development [1]. Group 4: Market and Business Development - The company is actively developing capabilities in marine wastewater treatment and is aligned with national initiatives for marine ecological protection [2]. - The company has established measures to manage accounts receivable and mitigate risks associated with delayed payments from local governments [5]. Group 5: Financial Metrics - In Q1 2025, the company reported a main revenue of RMB 77.16 million, a year-on-year decrease of 24.36%, while the net profit attributable to shareholders was RMB 10.21 million, a significant increase of 1218.7% [6]. - The company’s debt ratio stands at 69.16%, with investment income reported at RMB 25.08 million and financial expenses at RMB 5.75 million [6].

Group 1 - The basic electricity fee constitutes a significant portion of the electricity cost for enterprises, and changing the billing method has introduced many uncertainties [1] - The State Grid Lanzhou New Area Power Supply Company is providing tailored energy efficiency diagnostics and comprehensive energy services to enterprises in the region, aiming to reduce energy costs [1][3] - The current billing method based on capacity is not suitable for enterprises with significant load fluctuations, particularly during low-load periods, indicating a substantial optimization opportunity [3] Group 2 - A proposed change to billing based on actual maximum demand would significantly reduce basic electricity fees during low-load periods and improve equipment utilization rates for enterprises [3] - The energy efficiency service team has visited 73 enterprises, promoting optimized electricity usage plans and helping them save on electricity costs through strategic pricing adjustments and peak-valley electricity regulation [3] - The company plans to continue enhancing its service quality and support local economic development by implementing national policies aimed at reducing energy costs for the real economy [3]

《关于公司 2023 年度利润分 配预案》《关于公司 2024 年度经营计划的议案》《关于投资建设万州经开区九龙 园热电联产二期项目的议案》等 59 议案。 一、2024 年主要经营指标完成情况 比上年同期下降 16.44%；完成售电量 142.46 亿千瓦时，比上年同期增长 1.94%， 创历史新高。2024 年公司实现营业收入 103.22 亿元，比上年同期 111.77 亿元 下降 7.65%；营业成本 92.58 亿元，比上年同期 100.29 亿元下降 7.69%；截至 亿元，比年初上升 15.18%；归属于上市公司股东的净资产 110.30 亿元，比年初 下降 1.20%。资产负债率 55.37%，同比上升 3.90 个百分点。实现归属于上市公 司股东的净利润 3.10 亿元，同比下降 39.94%。 二、2024 年主要工作情况 （一）坚持战略引领，以聚焦主业提高经营发展质量 基础的一流综合能源上市公司"的战略发展目标，积极践行国家"以构建新型能 源体系为核心，分阶段实现从传统能源依赖向绿色低碳全面转型"的能源发展战 略，抢抓能源结构转型契机，稳固提升基本盘核心质量，持续释放新空间增长潜 力，不 ...

Core Viewpoint - Tianfu Energy has signed multiple guarantee contracts with banks to provide joint liability guarantees for its indirect controlling shareholder, Tianfu Group, totaling 450 million yuan [1][2] Group 1: Company Financials - Tianfu Energy's revenue for 2024 is projected to be 9.271 billion yuan, a decrease of 2.49% year-on-year, with a net profit attributable to shareholders of 248 million yuan [1] - As of the end of Q1 2025, Tianfu Group reported total assets of 87.4 billion yuan and net assets of 23.2 billion yuan [2] - Tianfu Group achieved a revenue of 40.2 billion yuan and a net profit of 6.48 million yuan in 2024, with Q1 2025 revenue reaching 7.1 billion yuan and net profit of 81.98 million yuan [2] Group 2: Debt and Guarantees - Tianfu Energy's total interest-bearing liabilities exceed 13 billion yuan, while cash on hand is only 2 billion yuan, indicating significant debt pressure [1] - The cumulative external guarantee amount provided by Tianfu Energy is 6.962 billion yuan, which accounts for 93.43% of the net assets as of December 31, 2024 [2] - The guarantees provided to Tianfu Group and its affiliates amount to 5.92 billion yuan, including the recent guarantees [2] Group 3: Risk Management - Tianfu Energy has stated that all guarantees are used for bank loans and financing leases, with no overdue loans reported, suggesting a relatively low risk [2] - The company has implemented counter-guarantee measures and has followed appropriate review procedures and information disclosure for all guarantee matters [2]

为深入贯彻落实中央金融工作会议精神以及新"国九条"有关要求，更好地搭建上市公 司和投资者沟通交流平台，引导投资者理性认识沪市上市公司投资价值、树立积极行权 意识，上交所持续组织开展"我是股东"投资者走进上市公司活动。2025年，"我是股 东"活动主题持续开展中。 为推动投资者树立股东意识，增进投资者对沪市优质上市公司及相关行业的了解，协助 构建投资者与上市公司面对面交流机制，提升金融服务实体经济效率和水平，促进上市 公司高质量发展，2025年5月27日，上海证券交易所（简称"上交所"）联合申万宏源 证券组织开展"我是股东"走进沪市上市公司活动，带领投资者走进广州发展集团股份 有限公司（证券简称：广州发展，证券代码：600098）。 本次活动由上交所和申万宏源证券投教基地主办，申万宏源证券广州珠江西路营业部和 广州发展承办，共吸引广州、深圳、东莞地区20余名机构投资者和高净值客户积极参 与，以创新形式为投资者提供投教新体验，推动走进上市公司活动走深走实。 活动现场，投资者在投资者关系部总经理、证券事务代表姜云女士的陪同下，参观了属 下燃气集团调度中心和新能源生产运营中心 燃气集团工作人员向投资者介绍广州发展燃气 ...

Core Viewpoint - The report outlines the acquisition of Yuanda Environmental Protection Co., Ltd. by China Power International Development Limited, emphasizing the strategic integration of hydropower assets and the enhancement of core competitiveness within the clean energy sector [1][5]. Group 1: Acquisition Details - The acquisition involves China Power purchasing 63% of Wuling Power and 64.93% of Changzhou Hydropower from Yuanda Environmental Protection, with the aim of establishing a hydropower asset integration platform [4][19]. - Post-acquisition, China Power will become the controlling shareholder of Yuanda Environmental Protection, while the actual controller remains the State Power Investment Corporation [19][25]. Group 2: Financial Overview - China Power's total assets as of December 31, 2024, are reported at approximately RMB 34.05 billion, with total liabilities of about RMB 23.29 billion, resulting in an equity of around RMB 10.75 billion [8]. - The financial performance for China Power shows a revenue increase to RMB 5.42 billion in 2024, up from RMB 4.43 billion in 2023, indicating a growth rate of approximately 22.5% [8][12]. Group 3: Strategic Intent - The acquisition is part of a broader strategy to enhance the competitiveness of the State Power Investment Corporation, which is recognized as the largest clean energy company globally [5][12]. - The transaction aims to integrate hydropower and renewable energy operations, thereby expanding Yuanda Environmental Protection's business scope to include comprehensive development and operation of hydropower stations [5][22]. Group 4: Management and Governance - China Power's management team possesses extensive experience in corporate governance and is well-versed in the regulatory environment of the securities market, ensuring compliance and effective management post-acquisition [9][18]. - The State Power Investment Corporation, as a controlling entity, has committed to maintaining the independence of Yuanda Environmental Protection in terms of operations and governance [25][27]. Group 5: Future Plans - Following the acquisition, there are no immediate plans for significant changes to the operational structure or management of Yuanda Environmental Protection, ensuring stability during the transition [21][22]. - The acquisition is expected to enhance shareholder value, with plans to increase the dividend payout ratio to no less than 50% post-transaction [22][27].

Group 1: Tencent's 2026 Qianyun Plan - Tencent officially launched the 2026 "Qianyun Plan" on June 12, aiming to recruit top technical students globally by providing industry-leading faculty, ample computing resources, and competitive compensation [1] - The new phase of the "Qianyun Plan" introduces a new model of school-enterprise cooperation, opening up a resource library for Qianyun projects and offering a green channel for outstanding talent recruitment [1] - Tencent encourages university teams to collaborate with its technical experts to tackle core business issues, allowing students to experience the intersection of research and industry [1] Group 2: Baidu's AI Toy Industry Conference - The 2025 AI Toy Industry Innovation and Development Conference commenced on June 12 in Chenghai, co-hosted by Baidu Smart Cloud and the Chenghai District Government [2] - Baidu Smart Cloud's General Manager introduced the provision of comprehensive support for the toy industry, including computing power, algorithms, models, and applications [2] - Baidu aims to help Chenghai build a trillion-level toy creative industry cluster by integrating commercial landing and strategic investment resources [2] Group 3: Luo Yonghao's Digital Human Debut - Luo Yonghao announced that his digital human will debut on Baidu E-commerce on June 15, following a successful initial live stream that generated over 500 million yuan in GMV and attracted over 10 million viewers [3] - Luo is the first top-tier anchor to use a digital human for live commerce, leveraging Baidu's advancements in digital human technology [3] - Analysts suggest that the "AI + Top IP" model in e-commerce will enhance user interaction and accelerate the industry's evolution towards intelligence, efficiency, and cost-effectiveness [3] Group 4: iFlytek's Smart Interaction Solutions - iFlytek held a product upgrade launch event on June 12, announcing that its ecosystem of partners has surpassed 11.52 million, with developers located in Japan, South Korea, Singapore, the Middle East, and Europe [4] - The company unveiled an upgraded AIUI open platform during the event [4] Group 5: Feishu's Adoption by Top New Energy Vehicle Companies - Feishu's CEO revealed that over 75% of the top 30 new energy vehicle companies are currently using Feishu [5] - In addition to complete vehicle manufacturers, numerous top 100 parts companies have also adopted Feishu [5] - The integration of "AI + Collaboration" is identified as a key tool for enhancing competitiveness in the automotive industry [5] Group 6: ByteDance's AI IDE "TRAE" - ByteDance's Technical Vice President announced that the self-developed AI IDE "TRAE" has surpassed 1 million monthly active users [6] - TRAE, launched in January, is the first Chinese AI IDE, offering features like intelligent code completion and natural language programming to developers [6] Group 7: Ant Group's Energy Service AI - Ant Group introduced the "Energy Service AI" at the SNEC PV+ conference, capable of accurately predicting power generation and market supply-demand changes [7] - The AI can generate analysis reports and strategies for investment, operations, trading, and financing, achieving over 60 times efficiency improvement in investment decision-making compared to manual processes [7] Group 8: Other Noteworthy News - The establishment of the National Aerospace Specialized Measurement and Testing Technology Committee was approved, aiming to enhance measurement technology in the aerospace sector [8] - China's Ministry of Commerce urged the U.S. to adhere to WTO rules to promote stable and sustainable development of Sino-U.S. economic relations [8] - South Korea and Vietnam leaders discussed enhancing cooperation in high-speed rail and nuclear power [8] - A domestic trade credit insurance consortium was formed, providing an initial insurance guarantee of 10 billion yuan to support enterprises in expanding domestic demand [8] - Nanjing aims to become a "Robot City," targeting a core industry scale exceeding 10 billion yuan by 2027 [8]