Core Insights - The company emphasizes the importance of rolling development of wind and solar power stations as a key initiative in its "dual-drive" strategy [1] - The company is closely monitoring the resource planning for wind and solar energy across various provinces and is actively developing strategies for resource acquisition [1] - In the first half of 2025, the company aims to enhance its self-built wind farm construction capabilities and equipment technology, as well as improve power generation capacity [1] - The company plans to strategically transfer self-built wind and solar projects to ensure a continuous improvement in sustainable development capabilities through a "rolling development" operational model [1]

(i)集团持续提升电站智慧化运维水准，不断提高设备投入率及发电量，发电分部预期将为集团的整体业 绩带来正面影响，自主持有的电站预期产生持续增长的收益及溢利。截至2025年6月30日，集团在运维 电站合计117座，其中：风光电站103座，运营规模达2,030MW(按实际装机容量统计);及储能电站14座， 运营规模达551MWh; 此外，与去年同期相比，集团于截至2025年6月30日止六个月亦预期取得净利润率增加。董事会认为集 团的财务状况仍然稳健，且目前正继续寻求各种投资机会。 (ii)公司的间接全资附属公司持有的风光电站项目持续增加，上半年新增光伏装机112MW。集团在第一 大股东深圳市新南山控股(集团)股份有限公司(南山控股)的支持下，继续通过资源分享、业务协同等多 种方式推进与南山控股附属公司宝湾物流的合作。截至2025年6月30日，在宝湾物流物流园区的14个屋 顶分散式光伏项目开发建设并落地，合计全容量并网规模达65MW。此外，完成韶关定榕约24MW地面 分散式光伏项目的收购。上半年风光完成发电量11.4亿千瓦时，同比增长22.4%。相关业务分部于截止 2025年6月30日止期间预期取得纯利增加; 智通 ...

Core Viewpoint - Jiuzhou Group is a leading provider of new power and energy infrastructure, focusing on smart distribution networks and network energy, with a strong emphasis on the new energy industry chain [1] Group 1: Business Overview - Jiuzhou Group has three main business segments: smart equipment manufacturing, new energy generation, and comprehensive smart energy, forming a dual-engine business model of wind and solar energy plus smart equipment manufacturing [1] - The company has over 200 patents and its products are distributed in more than 70 countries and regions, showcasing a strong integration advantage across the industry chain [1] Group 2: New Energy Generation Capacity - As of the end of 2024, Jiuzhou Group's wind power capacity is 246 MW, a year-on-year increase of 100 MW, while solar power capacity remains at 298.6 MW [2] - The company expects to achieve over 1 billion kWh of electricity generation from its controlled wind and solar power stations in 2024, with high grid connection rates of 90%-95% for wind and 95%-97% for solar [2] Group 3: Strategic Focus and Growth Plans - The management aims to enhance the performance of the smart equipment manufacturing segment by increasing capacity utilization and investing in R&D and market expansion [2] - For 2024, the smart distribution network business is projected to have an order volume exceeding 800 million yuan, a year-on-year growth of over 30% [2] - Jiuzhou Group plans to maintain its equity capacity between 1.5 GW and 2 GW, focusing on long-term holdings of new projects while gradually selling older projects [3] Group 4: Project Development and Future Outlook - The company has over 1 GW of projects under construction or with secured indicators, and an additional 2 GW to 3 GW in the development phase, ensuring sustained growth for the new energy generation segment over the next 3 to 5 years [3] - Jiuzhou Group's revenue growth targets for 2025 are set at 30% for the smart distribution network business, 10% for the new energy generation business, and 10% for the comprehensive smart energy business [4]