on the evening of March 27, linyang energy (601222.SH) issued a notice on the sale of shares in its subsidiaries. According to the announcement, the company’s wholly-owned subsidiary “Linyang New Energy” plans to transfer its 100 per cent stake in Qidong Huarsheng New Energy Technology Co., Ltd. to Shanghai Datun Energy Co., Ltd. at a price of 0.421 billion yuan, with a total transaction price of 2.071 billion yuan. The transaction is an asset structure optimization initiative of Linyang Energy based on strategic development, which demonstrates the company’s professional layout capability in the development and construction of photovoltaic projects and capital operation.
according to the announcement, the core of this transaction is the first phase of the beach fishing and light complementary photovoltaic power generation project in Lvsi sea area of Qidong city, with a total installed capacity of 400MW (533MW on the DC side). full capacity grid-connected power generation will be realized by the end of December 2025, which is an important landing achievement in the offshore and beach photovoltaic fields of linyang energy distribution. It is estimated that after the combined equity transfer profit and loss and project BT income profit accounting, the overall profit generated is expected to exceed 10% of the company’s audited net profit in 2024, which will become an important positive contribution to the company’s operating results in 2026.
looking back to 2025, due to factors such as a sharp decline in power station sales business year-on-year, the performance forecast of linyang energy dropped year-on-year. however, the landing of this equity transfer has become an important node in the transformation of the company’s power station business from project construction to value realization, and is also the strategic landing of the company to revitalize photovoltaic stock assets and focus on the incremental energy storage track. From the perspective of the company’s development dimension, this transaction has the dual value of short-term performance boost and long-term development empowerment. After the completion of the transaction, the target company will no longer be included in the scope of the company’s consolidated statements, and the project assets accounted for as inventory under the original BT model will be fully released, significantly reducing the size of the company’s inventory, effectively reducing the capital occupation and promoting the further optimization of the company’s asset and liability structure. At the same time, the cash inflow brought about by the equity transfer will directly supplement the company’s working capital, reduce the pressure of debt repayment, enhance the company’s financial stability and anti-risk ability, and inject core capital momentum into the national layout of the company’s energy storage business.
the strong strength and high performance ability of the trading partners provide a solid guarantee for the smooth progress of the 0.421 billion yuan equity transfer. According to the announcement, the counterparty of this transaction is Shanghai Datun Energy Co., Ltd., which is a listed company on the main board of the Shanghai Stock Exchange, and 62.78 of the + H-share listed company China Coal Energy Holdings. In 2024, Shanghai Datun Energy Co., Ltd. achieved operating income of 9.488 billion yuan and net profit of 0.665 billion yuan. In the first three quarters of 2025, the total assets reached 19.381 billion yuan. The governance structure was sound, the credit status was good, and there was no record of dishonesty, and it had sufficient contract performance ability. More importantly, the two sides reached in-depth industrial cooperation in the transaction. After the equity delivery of Shanghai Energy, the operation and maintenance and leasing energy storage business of the target project still cooperated with Linyang Energy or its affiliated units and re-signed relevant contracts. This arrangement not only enables the company to continuously obtain industrial operation income after the equity transfer, but also enriches the profit source, it also reflects the market’s high recognition of the professional ability of Linyang Energy’s intelligent operation and maintenance and energy storage related business, and realizes the win-win situation of capital withdrawal and industrial cooperation.
In the context of the cycle adjustment and track differentiation of the new energy industry, the activation of photovoltaic stocks and the increase of energy storage have become the clear development logic of Linyang Energy. According to the enterprise investigation information, since 2026, the company has intensively registered energy storage related companies in Gansu, Shanxi, Xinjiang, Henan, Ningxia, Hebei and other provinces, which is the embodiment of this strategy. The value of the 2.071 billion yuan photovoltaic BT project is cashed in, but also for the national layout of energy storage to press the “acceleration key”. According to the relevant person in charge of the company, the project transfer back to the follow-up cash flow, will focus on the energy storage business research and development and project layout, to help the company quickly promote the province energy storage company’s business development, to achieve the energy storage track of the national, large-scale layout.
The current energy storage industry is ushering in a golden development period driven by policy and market. The capacity electricity price mechanism has landed nationwide and subsidy policies have been introduced in various provinces. Overseas markets are also experiencing an outbreak. Europe’s 100 billion-level climate fund and the US AI computing power drive the expansion of energy storage demand. GW-level projects in emerging markets in Southeast Asia and the Middle East have landed. China’s energy storage industry has a stable global market share of more than 70%, with broad space for industry development. In this context, linyang Energy has seized the opportunity of industry development. By laying out energy storage companies in many provinces to build a national business layout, relying on the advantages of photovoltaic BT model fund cashing, it has continuously increased the research and development of energy storage business and project landing, realizing the two-way linkage and coordinated development of photovoltaic stock asset revitalization and energy storage incremental track expansion, and laying a solid foundation for the company’s long-term strategic landing. In the future, with the continuous revitalization of the company’s stock of new energy projects and the continuous optimization of asset structure, the technical deepening of the overlay energy storage business and the rapid advancement of the national layout, the company’s core competitiveness and profit quality are expected to steadily improve, creating a sustained and stable return on investment for shareholders.
