1. Sifang Co., Ltd. (601126): A leading enterprise in China's power automation and energy digitalization sectors, its core business focuses on three major segments: grid automation, power generation automation, and integrated energy services. It possesses profound technological expertise and holds a leading industry position in power system control, energy dispatch, and digital operation and maintenance. The company's official website indicates that it conducts research on distributed resource access, aggregation capability assessment, optimized dispatch, and transaction support technologies. It has completed the development and application of a series of core proprietary products, including virtual power plant (VPP) data acquisition terminals, edge gateways, and VPP operation management and control systems. This provides distributed resource aggregators with a comprehensive, high-quality VPP solution covering acquisition, aggregation, forecasting, and trading. It assists resource aggregators in rapidly establishing new business models such as enterprise grid + VPP, incremental distribution network + VPP, microgrid + VPP, and energy storage + VPP to address energy challenges under the dual carbon goals.
2. Beyondsoft (300166): A leading enterprise in China's big data and industrial software sectors, its main business focuses on three major segments: big data platforms, industrial internet, and smart cities. It possesses strong capabilities in technology R&D and implementation in areas like data modeling, digital operations, and energy management. The company stated on an interactive platform that, as a pioneer in carbon neutrality and carbon emission business management platforms, it has accumulated significant technical expertise in VPPs, a power business that requires energy internet support and utilizes data, models, and business drivers to aggregate flexible power sources and load resources. It plans deeper involvement in the future. Currently, the company's digital twin smart power plant related products and solutions are part of the construction of smart power plant (non-VPP) business. Through digital modeling and graphical visualization, they achieve lean production and excellent operational management of equipment systems, providing power plants with high-value mining and control methods via new carriers. Leveraging years of big data mining capabilities and business expertise, the company has achieved breakthroughs and implementation in numerous scenarios. The overall smart power plant demonstration project is scheduled for completion in 2022.
3. Tianyu Digital Technology (002354): A comprehensive service provider in China's digital technology and smart energy sectors, its main business focuses on two major segments: the digital economy and smart energy. It possesses deep technological expertise and industry implementation capabilities in big data, AI large models, and energy digitalization. An announcement dated April 21, 2026, stated that based on its smart energy large model, the company is accelerating replication and promotion in key regions, key customers, and key scenarios, continuously improving capabilities in load forecasting, electricity price strategy, deviation control, and comprehensive energy usage analysis. Focusing on customer groups such as large industrial users, commercial complexes, data centers, and intelligent computing centers, it is gradually enhancing the comprehensive service system of "energy operations + data intelligence + collaborative optimization," actively advancing business layouts including green power trading, VPPs, and coordinated wind-solar-storage operations, aiming to create a key pillar for the company's medium to long-term growth.
4. Dongfang Electronics (000682): A leading enterprise in China's power and energy automation sector, its main business focuses on three major segments: grid dispatch, integrated energy services, and power digitalization. Having deep cultivation for over 40 years in power system control, energy management, and grid intelligence, it possesses full-industry-chain technical strength and a leading industry position. According to an interactive platform response on May 15, 2025, leveraging over 40 years of technical expertise in the power and energy sector, the company understands both the grid and energy resources, forming a full VPP construction and operation industry chain encompassing "adjustable resource retrofitting implementation + smart management and control platform + grid interconnection + electricity spot market + auxiliary services." Technologically, the company continues to develop core VPP technologies based on AI, such as spot price forecasting, adjustable capacity analysis, aggregation analysis, and secondary frequency regulation. The company's VPP technology was appraised by an expert panel led by academicians from the Chinese Society for Electrical Engineering as having "overall technology at an internationally leading level." Market-wise, the company has achieved practical VPP applications in multiple scenarios including State Grid, China Southern Power Grid, power generation groups, energy groups, electricity retail companies, city-level, and park-level projects. It has implemented dozens of VPPs across several provinces, including the largest-scale VPP in China Southern Power Grid and the first city-level digital VPP in Yantai. Combined with intensive industrial policies from various government levels supporting VPP development, the company will continue to increase innovation and R&D investment, expand market development efforts, and advance the VPP industry.
5. Shanghai Energy (600508): A key enterprise in China's coal and integrated energy sectors, its main business focuses on three major segments: coal production and sales, power generation and supply, and comprehensive energy services in mining areas. It possesses deep industry experience and scenario implementation capabilities in mining area energy operations, electricity load management, and energy system dispatch. According to an interactive platform response on September 24, 2025, the company utilizes a VPP platform to uniformly manage and dispatch adjustable loads, power sources, and energy storage within the Datun power grid, achieving a win-win situation for both the Datun grid and its users. This project was included in China National Coal Group's 2025 key science and technology construction projects. It is currently undergoing the bidding and procurement process and is expected to be operational by the end of June next year.
6. Zhongheng Electric (002364): A high-tech enterprise in China's power electronics and energy digitalization sectors, its main business focuses on three major segments: communication power supplies, power supplies, and energy storage systems. It possesses deep technological expertise and industry implementation capabilities in data center energy, grid intelligence, and VPPs. According to an interactive platform response on June 15, 2024, the company has undertaken several VPP technology development projects in recent years. Furthermore, leveraging its technical expertise in data acquisition, load forecasting, generation forecasting, coordinated control of source-grid-load-storage, demand response, and electricity spot market trading auxiliary decision-making, it has completed the R&D of a VPP smart operation management platform and is actively promoting market implementation. Currently, VPP-related business revenue accounts for a relatively small proportion. The company stated on the interactive platform that for user-side energy storage, it has launched containerized energy storage systems, distributed energy storage systems, and communication base station energy storage systems, which can be applied to VPPs.
7. Huaihe Energy (600575): A key enterprise in China's comprehensive energy services sector, its main business covers four major segments: coal production and sales, power generation, logistics trade, and integrated energy services. It possesses rich industry experience and project resources in energy resource integration, user-side load management, and comprehensive energy operations. According to an interactive platform response on September 23, 2025, Huaihe Energy's VPP has a total aggregated capacity of approximately 216 MW, covering industries such as coal mining, charging and swapping services, gas storage and transportation, and building materials manufacturing, encompassing various resource types including user-side energy storage, charging and swapping facilities, and adjustable industrial and commercial loads.
8. Jiangsu Guoxin (002608): A leading enterprise in China's energy finance and integrated energy services sectors, its main business covers three major segments: energy power generation, trust finance, and integrated energy services. It possesses inherent resource advantages and industry foundations in power resource operations, energy market trading, and VPP implementation. According to a post on the Jiangsu Guoxin official public account on October 23, 2025, its subsidiary Guoxin Nengxiao Company launched and operates a VPP project.
9. Guosheng Technology (603778): A high-tech enterprise in China's integrated energy services and new energy sectors, its main business focuses on three major segments: photovoltaic power station development and operation, energy storage system integration, and smart energy solutions. It possesses rich project experience and technical expertise in distributed photovoltaics, energy storage project construction, and energy digital operations. According to an interactive platform reply on July 16, 2024, the company is developing and deploying its self-developed VPP platform to integrate resources such as photovoltaic power generation, energy storage, adjustable loads, and charging piles, aiming to enhance system operational efficiency and increase overall project revenue.
10. Zhongshan Public Utilities (000685): A comprehensive public utility and environmental protection enterprise in China, its main business covers three major segments: solid waste treatment, environmental water services, and clean energy, while also investing in industrial investments and park operations. It possesses deep operational experience and project resources in the environmental protection sector. According to investor relations activity records dated September 3, 2025, and September 5, 2025, the grid-connected contracted capacity of the company's green energy segment exceeds 300 MWp. Its "Artificial Intelligence + Virtual Power Plant" project won the 2025 "Polaris Cup" Excellent Case Award, establishing a benchmark for zero-carbon smart parks.
11. Shenzhen Kaifa Technology (000021): A leading advanced manufacturing and integrated energy services provider in China, its main business covers three major segments: storage semiconductor packaging and testing, high-end electronics manufacturing, and smart energy. It possesses strong technology R&D and large-scale production capabilities while continuously expanding in new energy and VPP fields. According to the company's official website, on August 8, as a leading provider of comprehensive energy management solutions, its controlling subsidiary, Chengdu Kaifa Technology Co., Ltd., showcased its innovative integrated full-stack zero-carbon solution of "photovoltaic + energy storage + virtual power plant + microgrid" at the 2025 Guangzhou International Solar Photovoltaic and Energy Storage Industry Expo.
12. Shenzhen Clou Electronics (002121): A leading enterprise in China's energy storage and power equipment industry, its main business focuses on three major areas: energy storage systems, power grid equipment, and smart energy solutions. It possesses core technological advantages in energy storage technology, grid intelligence, and VPP aggregation control. The company plans to increase R&D investment in areas such as grid-forming independent energy storage power station technology, 5G environment energy storage VPP aggregation control technology, efficient energy storage battery pack heat transfer and thermal runaway protection technology, active safety technology for energy storage battery systems, AI-based assessment technology for energy storage battery status, and digital simulation technology for energy storage system integration through the construction of a technology center. This aims to enhance the transformation capability of technological achievements and promote the industrialization of energy storage technology.
13. TGOOD Electric (300001): A leading enterprise in China's box-type power equipment and new energy charging network sectors, its main business covers three major segments: power equipment manufacturing, new energy vehicle charging network operation, and smart energy. It possesses deep technological expertise and industry resources in power system flexible regulation, vehicle-to-grid interaction, and VPPs. According to an interactive platform response on August 20, 2025, VPP business, as a key strategic direction for the company, currently involves a small amount but the industry has entered a rapid development period. In recent years, the state has frequently introduced multiple policies supporting vehicle-to-grid interaction and VPP-related fields. In the long term, under the background of carbon neutrality and new power system construction, VPPs will become an important means to support grid flexibility regulation, with broad market space.
14. Zhiguang Electric (002169): A leading enterprise in China's integrated energy services and power equipment sectors, its main business focuses on three major segments: energy storage systems, comprehensive energy management, and power equipment manufacturing. It possesses deep technological expertise and industry resources in distributed energy storage, integrated solar-storage-charging, and energy digitalization. According to an interactive platform response on January 7, 2024, the company has been deeply engaged in the R&D and application of energy technologies. The company and its affiliated entities like Zhiguang Research Institute conduct technology research, product development, and services related to digital energy and energy digitalization, particularly in distributed energy storage, integrated solar-storage-charging super charging, and new energy charging station energy management. Specifically, Zhiguang Research Institute's solar-storage-charging big data operation management platform is a professional platform developed based on an industrial internet big data platform, deeply integrating technologies like IoT, AI, and edge computing. It meets the needs for integrated intelligent charging operation, maintenance management, and smart charging of "people, vehicles, piles, stations, and grids," and conducts business in energy-vehicle integration fields such as controllable load resource aggregation and VPPs. According to an interactive platform response on June 9, 2025, the company is actively deploying VPP-related businesses, including its self-developed comprehensive energy management platform, a controlled electricity retail company, and investments in constructing several large-scale independent energy storage power stations within the province.
15. Tongyu Communication (002792): A leading enterprise in China's communication antenna and RF device industry, its main business covers four major segments: communication antennas, RF devices, optical modules, and smart energy solutions. It possesses globally leading technological strength and market share in communication network equipment R&D and manufacturing. According to an interactive platform reply on September 14, 2023, the company signed a strategic cooperation agreement with Kaiyuan Education's subsidiary Luyuan Nengcai to jointly develop VPP source-storage-load resource aggregation optimization trading business and expand core businesses like VPP coordinated response control. The two parties cooperate in multiple areas including VPP business bundling and industry promotion.
16. Shanghai Electric (601727): A leading enterprise in China's high-end equipment manufacturing and integrated energy services sectors, its main business covers three major segments: energy equipment, industrial equipment, and integrated services. It possesses deep technological expertise and full-industry-chain service capabilities in distributed energy, microgrids, and energy management systems. According to an official social media post on May 26, 2023, Shanghai Electric's Energy Management System (EMS) acts as the "brain" of the entire microgrid. Leveraging years of technical expertise in the distributed energy field, it integrates "energy usage analysis" and "smart management and control," effectively improving the economy and reliability of distributed power station operation. Developed over three generations since 2012, the system possesses three main functions: power station monitoring, power source management, and virtual power plant. It is suitable for five major application sectors: photovoltaic power stations, energy storage power stations, remote islands, commercial microgrids, and large parks, covering three application scenarios: generation side, grid side, and user side, meeting diverse functional requirements such as grid-connected, off-grid, and grid-connected/off-grid systems.
17. CEC Intelligent (300222): A high-tech enterprise in China's power automation and smart grid sectors, its main business focuses on three major segments: smart power distribution, smart substation, and smart power consumption. It is an important supplier of core equipment and solutions in the grid field. As a supplier to grid companies, the company actively deploys in smart grid and new grid development. Its core business products cover major segments of the power system, possessing overall solution capabilities, core equipment manufacturing capabilities, and engineering service capabilities in areas like smart power distribution, smart substation, and smart power consumption. With grid applications, cloud platforms, 5G mobile internet, and other technologies at its core, the company expands intelligent products and services centered on data acquisition and processing in key segments such as substation, distribution, and consumption within the "development focus by segment." This achieves intelligent perception and full-state fault process recording covering all equipment and statuses of distribution equipment, tunnel pipelines, distributed power sources, and microgrids, improving early warning, fault self-healing capabilities, and informatization levels.
18. Guangzhou Hengyun (000531): A key enterprise in China's integrated energy services and power generation sectors, its main business covers four major segments: power generation, heat supply, new energy investment, and integrated energy services. It possesses deep industry experience in power resource operations, user-side load management, and energy internet applications. According to a news article on the company's official website dated June 3, 2021, the company aggregates and acts as an agent for users, forming a "virtual power plant" within Guangdong Province to participate in Guangzhou's demand-side response. Utilizing energy internet technology, it integrates scattered electricity loads within the grid, gathering sand to form a tower, transforming them into a controllable load resource of a certain scale. It precisely manages the consumption side, orderly suspending unused power facilities at the time, freeing up load space for areas in need, achieving the goals of peak shaving and valley filling and low-carbon development.
19. Kyland Technology (300353): The company is dedicated to researching industrial internet root technologies. Centered on achieving the "dual carbon" goals and constructing a new power system, it actively practices in fields such as the integration of multi-party participation, multi-energy complementarity, and dynamically balanced energy information systems, as well as VPP applications. It has technological reserves in operating systems, industrial control basic software, high-precision data acquisition, time-sensitive network communication technology, edge computing, and software-defined control, and conducts innovative demonstration applications in the source, grid, load, and storage segments of digital energy systems.
20. Narada Power Source (300068): According to a post on the company's official social media account on August 17, 2022, as the EPC general contractor and solution provider, Narada Power Source completed the construction of a distributed energy storage power station project for a German virtual power plant in Leipzig, Germany, in 2019. By uniformly managing distributed energy storage power stations, the project aggregates the capacity of scattered stations, achieving coordinated management of energy storage and local electricity loads and integrated power distribution and retail services. The three core application values of the project are frequency regulation, peak shaving, and reserve capacity. The virtual power plant not only participates in frequency regulation on the grid side and accepts power market dispatch but also optimizes the output of energy storage power stations in different regions of Germany based on local electricity prices at different times, maximizing station output benefits. Furthermore, it can perform load and generation forecasting and energy dispatch, achieving refined management and optimization of electrical energy.
21. State Grid Information & Communication (600131): According to an investor relations record dated August 28, 2025, the company possesses rich business and technical expertise in areas such as power trading, power marketing, power dispatch, and distribution network automation, and has strong independent R&D capabilities. Currently, the company's VPP business has been successfully applied in locations like Chengdu, Bazhong, and Leshan. In the future, it will further expand the VPP business based on existing project pilot operations.
22. Runjian (002929): A comprehensive enterprise in China's communication information network and energy network service sectors, its main business focuses on three major segments: communication network technical services, new energy power station operation and maintenance, and integrated energy services. It possesses full-chain service capabilities and rich project experience in communication network construction and operation, new energy asset operation, and energy digital management. According to an investor relations activity record dated September 25, 2024, the company's energy network business focuses on new energy power station management and operation, VPPs, and comprehensive energy business.
23. Beyondsoft (002649): An announcement dated April 26, 2025, stated that leveraging its deep cultivation in the artificial intelligence field, the company developed a VPP operation platform based on ByOS IoT + AI. This platform can aggregate and collect various distributed resources, planning ahead for new energy business development, thereby achieving the goals of gathering sand to form a tower, coordination and unification, and presenting a unified external front. Adhering to the philosophy that "only by thoroughly developing Energy Efficiency Power Plants (EPP) can Virtual Power Plants (VPP) be done well," it deeply understands customers' energy status quo and assists park enterprises in VPP operation and energy digitalization construction through AI technology. During the reporting period, as a supporting unit, it attended the Second National Forum on Virtual Power Plant Application and Development under the Electricity Market, delivering a speech titled "Virtual Power Plant Based on AI Innovative Ideas Assists Commercial Park Development." It elaborated on the implementation methods, technical architecture, and AI-based innovative design concepts of VPPs, demonstrating how VPPs bring value and benefits to parks and enterprises.
24. Zhongdian Xinlong (002298): A high-tech enterprise in China's power automation and smart energy consumption sectors, its main business focuses on three major segments: smart power transmission and distribution equipment, industrial automation control systems, and smart energy solutions. It possesses deep technological expertise and industry implementation capabilities in power equipment R&D and manufacturing, energy system integration, and user-side intelligent management. The company's smart energy consumption products, such as smart power transmission and distribution equipment, are applied in VPPs.
25. Shenzhen Energy (000027): A key enterprise in China's integrated energy sector, its main business covers three major segments: power generation, new energy investment, and electricity retail services. It possesses deep industry experience and market resources in energy asset operations, power market trading, and integrated energy services. According to an interactive platform response on May 30, 2023, its wholly-owned subsidiary Shenzhen Energy Power Sales Co., Ltd., leveraging customer resources from its power sales platform, organized a professional technical team to conduct policy research and technical reserves for VPPs. Core team members participated in the formulation of national VPP standards and established a load aggregator-level VPP operation platform. As a load aggregator for the Shenzhen Virtual Power Plant, the power sales company has been engaged in in-depth exchanges and cooperation with Shenzhen Power Grid in recent years in areas such as technical standards, business models, and industry chain coordination in the VPP field.
26. Shuangjie Electric (300444): A high-tech enterprise in China's power equipment and new energy sectors, its main business focuses on three major segments: smart grid equipment manufacturing, energy storage system integration, and comprehensive energy solutions. It possesses deep technological expertise and industry implementation capabilities in power distribution equipment R&D, grid intelligence retrofitting, and energy system integration. According to an interactive platform reply on May 17, 2023, the company has made layouts for VPPs and conducted preliminary research on VPP-related technologies.
27. Jicheng Electronics (002339): A high-tech enterprise in China's smart energy and power automation sectors, its main business focuses on three major segments: smart grid automation, smart energy management, and new energy solutions. It possesses deep technological expertise and industry qualifications in grid dispatch, energy management and control, and distributed energy aggregation. An announcement dated August 27, 2025, stated that during the reporting period, the project "Key Technology and Application for Large-scale New Energy Grid Integration and Multi-energy Complementary Smart Management and Control," in which the company participated in R&D, won the Shandong Province Technology Invention First Prize. The project "Key Technology and Application for Distributed Cooling and Heating Load Aggregation Regulation and Control," and the project "Full-chain IoT Platform and Terminal Key Technology and Application Promotion for Smart Energy Management," in which Qingdao Jicheng participated in R&D, won the Shandong Province Science and Technology Progress Second Prize. The company stated on an interactive platform that its solutions in smart grid, new energy power generation, smart energy, and other fields can be used in relevant aspects of VPP construction.
28. Jiantou Energy (000600): A key enterprise in China's regional energy sector, its main business covers three major segments: power generation, new energy investment, and integrated energy services. It possesses deep industry experience and resource advantages in energy asset operations, power market trading, and regional energy security. According to an interactive platform response on March 5, 2025, with technological progress and industry development, new technologies, models, and business forms continue to emerge in the power sector. In December 2024, the National Energy Administration issued the "Guiding Opinions on Supporting the Innovation and Development of New Business Entities in the Power Sector," encouraging new business entities such as VPPs to participate in the electricity market and achieve coordinated dispatch, providing guidance for the innovation, development, and implementation of new business entities like VPPs. The company will aggregate resource advantages in power generation, consumption, and energy storage, organizing a professional team to research and pilot the construction of VPPs.
29. Jiuzhou Group (300040): A high-tech enterprise in China's integrated energy and new energy sectors, its main business focuses on three major segments: new energy power station investment and operation, integrated energy services, and power equipment manufacturing. It possesses full-chain service capabilities and rich project experience in new energy project development, energy asset operations, and distributed energy management. The wind power companies Wanlong Wind Power and Jiaxing Wind Power, acquired by the company, include VPP business.
30. Zhejiang Zheneng Electric Power (600023): A leading enterprise in China's energy and power sector, its main business covers three major segments: power generation, new energy investment, and integrated energy services. It possesses deep industry experience and scale advantages in power asset operations, energy supply security, and new power system construction. According to an interactive platform response on March 4, 2026, the company's VPP project was included in the National Energy Administration's "14th Five-Year Plan" Science and Technology Innovation Support Project and the Zhejiang Province New Power System Demonstration Project, with a cumulative aggregated capacity exceeding 200,000 kW.
31. BOE (000725): A leading enterprise in China's display industry, its main business focuses on three major segments: display device R&D and manufacturing, smart IoT solutions, and smart energy services. It possesses deep technological expertise and scenario implementation capabilities in industrial energy management and park energy operations. An announcement dated April 1, 2026, stated that BOE's VPP project successfully aggregated multiple types of energy resources, including distributed photovoltaics, user-side energy storage, and adjustable loads, improving load regulation capabilities and cooperating with State Grid to complete demand response. Through multi-dimensional load forecasting models, BOE can predict market trends in real-time, optimize energy consumption, and assist State Grid in achieving more efficient energy allocation. In November 2025, the project won the Ministry of Industry and Information Technology's "Virtual Power Plant Technology Innovation and Application Practice Excellence Award."
32. Ygsoft (002063): A leading enterprise in China's energy and power digitalization sector, its main business focuses on three major segments: power enterprise management software, energy digitalization solutions, and smart energy services. It possesses deep industry expertise and technological barriers in power market trading, energy operation management, and power informatization. Regarding VPPs, the company is developing a VPP operation management platform for power generation enterprises, grid companies, and third-party load aggregators, focusing on supporting users to aggregate scattered loads, power sources, and energy storage resources to participate in grid auxiliary service trading. Currently, the platform has begun providing related services to some customers.
33. China Southern Power Grid Energy Storage (600995): A key enterprise in China's energy storage and integrated energy sectors, its main business focuses on three major segments: pumped storage power station operation, new energy storage project development, and grid peak shaving and frequency regulation services. It possesses deep industry experience and resource advantages in grid energy storage operations, new power system construction, and energy storage technology R&D. According to an announcement dated March 29, 2025, the company increased R&D investment in 2024, strengthened technological innovation, and enhanced core competitiveness, with R&D expenses increasing by 118.08% year-on-year. R&D expenses were mainly used for strategic emerging technology projects such as VPPs, SFC (Static Frequency Converter) projects, hydrogen production technology, and grid-forming sodium-ion projects. The VPP project primarily conducted research on an independently controllable VPP technical framework, completed the development and demonstration of a VPP platform for multi-market coupled trading, completed the launch and optimization upgrade of the China Southern Power Grid Energy Storage VPP Platform V1.0, and passed the phased achievement expert review.
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