Shenzhen Nanshan Power Co Ltd

After market close on September 28, Shenzhen Nanshan Power A announced that Chairman Kong Guoliang had resigned due to work adjustments. The company elected Gao Xi as the new chairman on the same day, appointed Chen Huadong as general manager, and also elected Chen Huadong and Li Dan as non-independent directors. Kong Guoliang's original term was set to run until June 19, 2027. After resigning, he will no longer hold any position at the company and does not directly or indirectly hold company shares. Gao Xi was born in 1983 and has served as a company director since May 2026. Chen Huadong was born in 1977 and currently serves as a director of Shenzhen High-tech Investment Group. The election of the non-independent directors still needs to be submitted to the company's fourth extraordinary shareholders' meeting of 2026 for review. In the first half of the year, the company achieved operating revenue of 202 million yuan, up 21.29 percent year on year, and net profit attributable to the parent company of 19.83 million yuan, compared with a loss of 21.74 million yuan in the same period last year, turning losses into profits. This was mainly due to the performance release of the integrated energy services business segment, whose revenue reached 68.68 million yuan, up 153.46 percent year on year, with its share of total revenue rising to 34.03 percent.

Shennan Electric A released its 2026 interim report, with net profit attributable to the parent company of 19.8333 million yuan, turning a loss into profit year-on-year. The company's total operating revenue was 202 million yuan, up 21.29% from the same period last year. Net cash flow from operating activities was negative 114 million yuan, the latest asset-liability ratio was 22.26%, gross margin was 31.86%, and ROE was 1.18%.

The energy storage sub-fund invested by a wholly owned subsidiary of Shenzhen Nanshan Power A has completed filing, with committed capital of 26 million yuan. Shenzhen Nanshan Power Co., Ltd. announced on August 20 that the Shenzhen Yuanzhi Zhongkai Energy Storage Science and Technology Innovation Private Equity Fund Partnership, invested by its wholly owned subsidiary Shenzhen Nanshan Power Environmental Protection Co., Ltd., has completed filing with the Asset Management Association of China. The filing code is SCG486, and the filing date is August 18, 2026. The energy storage sub-fund has total committed capital of 180 million yuan and a target total commitment of 400 million yuan. Shenzhen Nanshan Power Environmental Protection, as a limited partner, committed 26 million yuan, accounting for 14.4444 percent. Other limited partners include the Shenzhen New Energy Storage Industry Equity Fund contributing 88.2 million yuan for 49 percent, the China Academy of Science and Technology Development contributing 30 million yuan, and Huizhou Huiyang District Science and Technology Innovation Investment contributing 20.88 million yuan. The company approved this investment at a board meeting on October 23, 2024, and will fulfill information disclosure obligations on the fund's subsequent progress in accordance with laws and regulations.

Shenzhen Nanshan Power Company Limited and Shandong Hi-Speed Shenzhen Investment Company Limited have completed industrial and commercial registration for their joint venture, Shennan Power Shandong Hi-Speed Smart Energy Shenzhen Company Limited, and obtained a business license. The registered capital is 200 million yuan. Shenzhen Nanshan Power subscribed 102 million yuan for a 51 percent stake, while Shandong Hi-Speed Shenzhen subscribed 98 million yuan for a 49 percent stake. The legal representative is Zhang Zongyi. The two parties signed a capital contribution cooperation agreement on June 30, 2026, to jointly develop businesses in the new energy and energy storage sectors. The company cautioned that actual operations may face risks such as policy changes, market competition, project operations, and macroeconomic fluctuations. As this is the first cooperation between the two parties, there are potential risks of divergence in business philosophy and operational synergy.

On the morning of July 17, the three major A-share indexes fell collectively. The Shanghai Composite Index dropped 1.64 percent to 3,818.59 points, the Shenzhen Component Index fell 3.7 percent, the ChiNext Index declined 4.71 percent, and the STAR Composite Index tumbled over 5 percent. More than 4,300 stocks across the market declined. The power sector bucked the trend, with Huayin Electric hitting the daily limit up in a straight line, with over 660,000 lots locked in. Leshan Electric, Guiguan Electric, Shennan Electric A, Hangzhou Thermal Power, Lixin Energy, and Ganneng also hit their daily limit up. Jiawei New Energy surged nearly 16 percent. On the news front, many regions continue to experience high temperatures. Shanghai's power grid reached a record high in maximum electricity load, and several cities in Jiangsu also set new records. Data from the National Energy Administration showed that total electricity consumption in June was 898.1 billion kilowatt-hours, up 3.7 percent year-on-year. The technology sector slumped heavily, with CPO concept stocks plunging. Demingli hit the daily limit down for three consecutive days. Dongshan Precision, Yangtze Optical Fibre, and Accelink Technologies, each with a market value of over 100 billion yuan, also hit the daily limit down. Zhongji Innolight fell over 10 percent, and Tianfu Communication dropped over 11 percent. The pharmaceutical sector also tumbled, with CRO concept stocks Zhaoyan New Drug and Asymchem hitting the daily limit down, and WuXi AppTec falling over 6 percent.