Lifted by AI? JPMorgan: Global gas turbine orders hit a record high in Q2
① Driven by the AI boom-fueled rapid expansion of data centers and the ongoing electrification across society, orders for gas turbines have surged in recent years; ② According to JPMorgan, global gas turbine orders reached a record high in the second quarter of this year, propelled by soaring electricity demand.
Kaiyuan Securities: AI Computing Power Industrialization Continues to Accelerate, Creating Golden Opportunities for Gas Turbines and Diesel Generators
The bank expects the supply-demand imbalance to persist beyond 2031.
Xizi Clean Energy Terminates Hepu Energy Stake Sale
Xizi Clean Energy Equipment Manufacturing (SHE:002534) terminated the sale of a 16.4195% stake in Hepu Energy Environmental Technology to Shenghui Intelligent Technology, according to a Tuesday
Target company's wind power revenue fell short of expectations; Xizi Clean Energy and Shenghui Technology terminated the transaction | Quick Read Announcement
① After lasting more than a year, the equity transfer transaction between Xizi Clean Energy and Shenghui Technology has been terminated; ② Following the termination of the original transaction plan, the parties are now formulating a new transaction structure, with changes to the transaction size, payment method, and selling parties, though Shenghui Technology will still acquire control of the target company.
Xizi Clean Energy (002534.SZ): Signed the 'Termination Agreement of the Framework Agreement for Issuance of Shares to Purchase Assets'
Gelonghui, August 3 — Xizi Clean Energy (002534.SZ) announced that on April 29, 2025, it disclosed the "Announcement on Signing the Framework Agreement for Issuance of Shares to Purchase Assets" (Announcement No.: 2025-049), pursuant to which the company entered into a Framework Agreement for Issuance of Shares to Purchase Assets with Shenghui Technology and other parties. Shenghui Technology intends to acquire, through the issuance of shares, the 16.4195% equity interest in Hepu Energy & Environment Technology Co., Ltd. ("Hepu Energy") held by the company. The transaction price has not yet been finalized, and the specific terms will be further determined by the parties based on audit and valuation results.
Express News | Xizi Clean Energy: RMB 1.414 billion in new orders received in Q2 2026
Xizi Clean Energy announced that it received RMB 1.414 billion in new orders in the second quarter of 2026, bringing its year-to-date total new orders to RMB 2.482 billion. As of June 30, 2026, the company’s order backlog stood at RMB 6.032 billion. By product category, new orders comprised RMB 435 million for waste heat boilers, RMB 166 million for clean and environmentally friendly energy equipment, RMB 459 million for solutions, and RMB 353 million for spare parts and services.
Xizi Clean Energy (002534.SZ): The Deqing facility commenced operations in 2025 and is currently in the ramp-up phase.
Gelonghui, July 23 — In an investor relations communication, Xizi Clean Energy (002534.SZ) was asked: "What impact will centralized procurement have on the company's core products?" The company responded: "Currently, the company operates four major manufacturing bases: Chongxian, Deqing, Zhuji, and Gongguo Gouzhuang. These include a global ODM manufacturing center, a nuclear power equipment workshop, a heavy-duty machining center, and a spare parts and components center. Among these, the Deqing base was newly commissioned in 2025 and is currently in the ramp-up phase. Its launch has further enhanced the company’s overall production capacity reserve, enabling it to meet future incremental order demand."
Express News | At the opening of trading on the A-share market, the perovskite battery sector strengthened, with Tuori New Energy hitting its daily trading limit, Guosheng Technology rising more than 3%, and other stocks such as Innolas Laser, Xizi Clean Energy, Longhua Technology, Jolywood (Suzhou) Sunwatt, and Polystone Chemical following with gains. The 15th Five-Year Plan for Renewable Energy Development proposes accelerating research into manufacturing and industrial-scale production technologies for high-efficiency photovoltaic cells, including perovskite tandem cells; studying space-based solar power generation technologies; and advancing key technology validation.
Xizi Clean Energy (002534): We are optimistic about the accelerated execution of the company's HRSG overseas orders.
Brief Commentary on the Event: According to the company's official WeChat account, recently, South Korean firm BHI visited the company and signed a pre‑award agreement for the HRSG module of the Eshkol Phase II combined‑cycle power plant in Israel. The project has a generating capacity of 850 MW, with a total investment of approximately USD 1.5 billion.
Xizi Clean Energy: 2026 Semi-Annual Performance Forecast
Xizi Clean Energy (002534.SZ): Wang Yejiang, Head of Internal Audit, Resigns
Gelonghui, June 2 — Xizi Clean Energy (002534.SZ) announced that the company's board of directors has received a written resignation letter from Mr. Wang Yejiang, Head of Internal Audit, citing personal reasons. Following his resignation, Mr. Wang will no longer hold any position within the company, and his resignation takes effect immediately upon delivery to the board. This resignation will not affect the company’s normal operations and production, and the company will appoint a new Head of Internal Audit as soon as possible.
Xizi Clean Energy (002534): Significant Growth in Non-IFRS Net Profit Attributable to Owners; Steady Improvement in Profitability
Event: The company released its 2025 annual report and its Q1 2026 earnings report. In 2025, the company recorded operating revenue of RMB 6.241 billion, a year-on-year decrease of 3.03%; net profit attributable to shareholders was RMB 437 million, down 0.7% year on year.
Xizi Clean Energy (002534.SZ): The company is currently actively exploring integrated energy management solutions in the data center sector.
On May 7, Glodon News reported that Xizi Clean Energy (002534.SZ) stated on the investor interaction platform that the company is actively exploring integrated energy management solutions in the data center sector, leveraging its competitive advantages to secure order opportunities.
Xizi Clean Energy: First Quarter Report for 2026
Founder Securities: Distributed power plants become new infrastructure in the AI era, with domestic aviation, marine, and diesel-to-gas conversions presenting excellent overseas expansion opportunities.
The 'Taihang' series and 'QD series' of aero-derivative gas turbines developed by China's Aero Engine Corporation are expected to gain opportunities for international expansion.
Xizi Clean Energy (002534): Year-on-Year Improvement in Gross Margin and Significant Enhancement in Cash Flow
Performance Briefing: On April 27, the company released its Q1 2026 earnings report. In Q1 2026, the company recorded revenue of RMB 1.096 billion, down 9.65% year on year, and net profit attributable to shareholders of RMB 60 million, up 12.15% year on year. After
Xizi Clean Energy (002534) Review: Strong Non-IFRS Earnings Growth Driven by Solar Thermal, Nuclear Power, and Overseas Expansion
Investment Highlights: Event: The company disclosed its 2025 annual report, reporting operating revenue of RMB 6.241 billion for the year, down 3.03% year on year, and net profit attributable to shareholders of RMB 437 million, down 0.7% year on year.
Research Report Insights | Founder Securities: Reiterates 'Strong Buy' Rating for Xizi Clean Energy, driven by future growth in molten salt energy storage, boilers, and nuclear energy.
The research report from Founder Securities pointed out that the adjusted net profit of Xizi Clean Energy has significantly increased, driven by multiple growth engines such as molten salt energy storage, boilers, and nuclear power. In 2025, the company achieved revenue of 6.241 billion yuan, a year-on-year decrease of 3.03%, and an attributable net profit excluding non-recurring gains and losses to shareholders of listed companies of 256 million yuan, a year-on-year increase of 78.52%. As of the end of 2025, the company had secured orders worth 5.916 billion yuan, with notable growth in new orders for waste heat boilers. By comprehensively strengthening order quality control and optimizing the order structure, the company is promoting high-quality business development. Currently, the company has developed capabilities in the third-level cooling water system for nuclear fusion devices.
Xizi Clean Energy (002534): Non-GAAP Earnings Grow by 78.5%, Poised to Unlock Growth Potential in the Overseas Gas-Turbine Supporting Equipment Market
Fourth-quarter results were strong, with full-year non-GAAP earnings up 78.5%. In 2025, the company reported revenue of RMB 6.241 billion, down 3.03% year on year, and net profit attributable to shareholders of RMB 437 million, a decrease of 0.73% year on year.
Xizi Clean Energy (002534): Substantial Increase in Non-IFRS Net Profit; Molten-Salt Energy Storage, Boilers, and Nuclear Power Provide Multi-Pronged Drivers for Future Growth
Event: Xizi Clean Energy released its 2025 annual report, reporting operating revenue of RMB 6.241 billion, down 3.03%; net profit attributable to shareholders of the listed company of RMB 437 million, down 0.73%; and net profit attributable to