Core Viewpoint - The establishment of the joint venture "Ant Chain Trust" between Langxin Technology and Ant Group aims to leverage their technological strengths to create a comprehensive service platform for asset tokenization, addressing the challenges of asset management, valuation, and risk management in a blockchain environment [1][2][3]. Group 1: Company Overview - Langxin Group has over 10 years of experience in serving the energy sector, focusing on energy digitalization and the energy internet strategy, providing solutions to major clients like State Grid and Southern Power Grid [5]. - The company reported a main revenue of 1.542 billion yuan in the first half of 2025, a year-on-year decrease of 0.39%, with a net profit attributable to shareholders of 28.638 million yuan, down 23.02% year-on-year [5]. Group 2: Joint Venture Purpose - The primary purpose of forming "Ant Chain Trust" is to facilitate the tokenization of real-world assets, which includes asset management, data aggregation, and automated pricing services, thereby enhancing the efficiency and cost-effectiveness of asset valuation [1][2]. - The joint venture aims to provide services traditionally offered by rating agencies like Moody's and S&P, focusing on financing needs in the real economy, particularly in the green asset sector [2][3]. Group 3: Market Opportunities - The market potential for "Ant Chain Trust" is significant, especially in the context of China's dual carbon goals, with the green finance sector expected to grow substantially, potentially reaching asset scales in the tens of trillions [4]. - The service offerings will target both asset owners and investors in Web2 and Web3, with a focus on distributed assets in sectors like renewable energy and manufacturing [4].

Group 1 - The core purpose of the joint venture "Ant Chain Trust" established by Longxin Technology and Ant Group is to create a full-chain service platform that provides automated, intelligent, and low-cost rating and pricing services for energy asset operations [1] - The joint venture aims to support the tokenization of real-world assets, focusing on green asset services, and is expected to become a "core infrastructure" in the energy and green asset sectors [1] - Longxin Technology has a long-standing partnership with Ant Group, with over ten years of collaboration, and their first joint venture, Bangdao Technology, has become the largest public utility payment platform in China [1] Group 2 - The market opportunity for Ant Chain Trust includes serving asset owners and both Web2 and Web3 investors, with AIoT technology addressing challenges in verifying the authenticity and status of off-chain assets [1] - The push for green finance in China, driven by the "dual carbon" goals, is expected to lead to a significant increase in the scale of green assets, potentially reaching tens of trillions, with strong financing demand [1] - Ant Chain Trust is positioned to cover both generation and load-side assets, enhancing its relevance in the growing green finance landscape [1]

Group 1: Company Overview and Collaboration - The joint venture "Ant Chain Trust" was established by Longxin Technology and Ant Group to leverage their technological strengths in asset management and tokenization [2][3]. - Longxin Technology has over ten years of collaborative history with Ant Group, including the establishment of the first joint venture, Bangdao Technology, which has become the largest public utility payment platform in China [3][4]. Group 2: Market Opportunities and Services - The market for asset rating and pricing is on the verge of explosive growth, driven by the green finance initiative and the increasing demand for financing in the green economy, with potential asset scales reaching several trillion [4]. - Ant Chain Trust aims to provide comprehensive services for various green assets, including management, rating, pricing, and oracle services, targeting both generation and load-side assets [4]. Group 3: Technological Integration and Benefits - The integration of AIoT (Artificial Intelligence of Things) will facilitate the real-time data linking of distributed assets, addressing challenges in verifying the authenticity and status of off-chain assets [3][4]. - The platform aims to automate and lower the costs of asset rating and pricing services through blockchain technology, enhancing the value of physical assets [3].

Group 1 - The core viewpoint of the news is the collaboration between Langxin Technology Group and Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [1][2] - The partnership aims to address the challenges in traditional green asset management, such as data silos and the inability to reflect real-time operational data and policy risks, by creating a comprehensive service platform covering the entire lifecycle of renewable energy assets [2][3] - The launch of the first domestic report on token economy by Ant Group highlights the importance of real-world asset tokenization (RWA) and tokenized payment systems as key pillars for ecological development, emphasizing the need for verifiable, programmable, and quantifiable asset conditions for successful RWA scaling [2][3] Group 2 - Langxin showcased its AI energy model applications in various business scenarios, including power marketing and virtual power plants, providing comprehensive evaluation and management services for renewable energy assets [3][4] - The RWA model, which transforms future revenue rights of renewable energy assets into tradable digital assets, is expected to accelerate capital turnover and enhance the financial viability of charging station operators and distributed energy enterprises in China [4][5] - The company is projected to achieve revenues of 5.173 billion, 6.122 billion, and 7.260 billion yuan from 2025 to 2027, with net profits of 531 million, 673 million, and 811 million yuan respectively, maintaining a buy rating with a target price of 24.58 yuan [6]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 24.58 CNY over the next six months, indicating a potential upside from the current price of 22.07 CNY [5]. Core Insights - The company has partnered with Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [1][2]. - The collaboration aims to address the challenges in traditional green asset management, such as data silos and the inability to reflect real-time operational data and policy risks [2]. - The company is leveraging AI and Web3 technologies to enhance the lifecycle management of renewable energy assets, positioning itself as a core infrastructure provider in this sector [2][9]. - The report highlights the importance of real-world asset tokenization (RWA) as a growing category in the crypto market, with the company successfully completing the first RWA project based on renewable energy assets in China [3][9]. Financial Projections - The company is expected to achieve revenues of 51.73 billion CNY, 61.22 billion CNY, and 72.60 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 5.31 billion CNY, 6.73 billion CNY, and 8.11 billion CNY for the same years [10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.49 CNY, 0.62 CNY, and 0.75 CNY respectively, with a dynamic price-to-earnings ratio of 50 times for 2025 [12][10].

Investment Rating - The report maintains a "Buy-B" investment rating for the company [1][9]. Core Viewpoints - The company has partnered with Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [2][3]. - The collaboration aims to create a comprehensive service platform for the entire lifecycle of renewable energy assets, transforming fragmented green assets into measurable and tradable digital assets [3]. - The company is enhancing its "AI + Energy" strategy by establishing an AI research institute and launching its self-developed "Langxin Jiugong AI Energy Model," which achieved top rankings in international evaluations [4]. - The energy internet business continues to grow, with significant revenue from energy digitalization and internet services, including a 10% year-on-year increase in energy internet revenue [5][9]. Financial Performance and Projections - For the first half of 2025, the energy digitalization business generated revenue of 470 million yuan, while the energy internet business achieved 860 million yuan, with a gross margin of 54.4% [5]. - The company expects net profits of 300 million yuan, 460 million yuan, and 930 million yuan for the years 2025, 2026, and 2027, respectively, indicating a dynamic P/E ratio of 78.5 for 2025 [9][11]. - The projected revenue for 2025 is 5.126 billion yuan, with a year-on-year growth of 14.4%, and is expected to reach 8.363 billion yuan by 2027 [11][13].

Core Viewpoint - Longxin Group and Ant Group announced the establishment of "Ant Chain Trust" at the New Energy Digital Asset Community Autumn Summit on September 10, leveraging their technological advantages to create a comprehensive service platform in the energy asset sector covering "asset on-chain, data aggregation, asset management, and rating pricing" [1] Group 1 - Longxin Group collaborates with Ant Group to enhance the energy asset field [1] - The new platform aims to provide a full-chain service for energy assets [1] - The initiative focuses on integrating technology to improve asset management and pricing [1]