In today's world, amidst a profound transformation of the global energy system, energy storage has become a critical component in building a new type of power system. Driven by the dual forces of the "dual carbon" goals and accelerating market-oriented reforms, the industry is transitioning from policy-driven growth to a new stage of diversified value creation. In this process, China Gas (00384), strategically positioning itself as a "green city operator," is providing a vivid case study for the sustainable evolution of energy storage business models through a series of solid project practices, leveraging its forward-looking integrated layout of "generation-grid-load-storage." As noted, China Gas has recently undertaken extensive and rapidly implemented deployments in the energy storage sector, forming a project matrix that spans multiple industries, scenarios, and regions. Taking the new intelligent energy storage power station jointly built by China Gas and BASF Shanshan at the end of last year as an initial example, it is reported that with China Gas's technical support, this storage station is equipped with 16 energy storage battery cabins and 8 sets of power conversion systems. Operating under a contract energy management model featuring "peak shaving and valley filling" and "peak-valley arbitrage," a single cycle can store a total capacity of 80 MWh of renewable energy electricity, a scale approximately equivalent to the daily electricity consumption of 10,000 households. After commissioning, the station is expected to significantly enhance the grid regulation capability of BASF's Changsha base, improve power supply reliability, and simultaneously provide crucial infrastructure support for BASF's advancement of green production and its 2050 net-zero emissions target. Similar cases are too numerous to list individually. In fact, as of now, China Gas's energy storage solutions have deeply penetrated several high-energy-consumption industries, including lithium batteries, non-ferrous metals, precision manufacturing, and chemicals. For instance, the energy storage project developed by China Gas for Svolt Energy achieved an industrial closed loop of "lithium battery production + energy storage application"; the 20MW/45MWh project built in two phases for Jiangyin Haida Rubber & Plastics stands as one of the largest user-side energy storage applications to date in the rubber and plastics materials industry, significantly enhancing economic efficiency and energy usage stability through scale effects. Furthermore, collaborative projects with enterprises such as Henan Jinli Jinzinc, Guangdong Haomei New Materials, Yixing Silicon Valley Electronics, and Guangdong TCL Smart Heating, Ventilation, and Air Conditioning are all tailored to the specific production characteristics of clients across different industries, validating the broad application value of energy storage in diverse scenarios. Shifting focus overseas, China Gas's Rosersberg energy storage power station in Stockholm, Sweden, is highly representative. As China Gas's first energy storage project in Europe, it precisely targets the Nordic renewable energy market, providing frequency regulation ancillary services to the regional grid. This not only demonstrates the international competitiveness of China Gas's technology and management system but also represents a key step in promoting its domestic "generation-grid-load-storage" coordination experience globally. This series of practices clearly indicates that China Gas is contributing its strength to achieving the "dual carbon" goals in the role of an energy storage industry pioneer and system solution provider. Its projects are not only widespread across multiple key domestic industries but have also successfully expanded overseas, offering an effective "Chinese solution" for global energy transition. Examining specific instances, the integrated "generation-grid-load-storage" model vigorously promoted by China Gas has brought systematic improvements to regional power grids in terms of stability and economic efficiency, among other dimensions. For example, the China Gas model significantly enhances the distribution grid's capacity to accommodate intermittent power sources like distributed photovoltaics through localized load regulation and coordinated energy storage response, effectively suppressing voltage fluctuations and overload risks, thereby improving grid operational stability and load-bearing capacity. On the economic front, based on optimized energy dispatch strategies, it achieves balanced management of electricity load, not only avoiding cost pressures from peak electricity prices but also effectively controlling overall electricity costs. Regarding safety, this system strengthens anti-interference and emergency response capabilities, ensuring continuous power supply for critical loads during contingencies and significantly enhancing energy supply resilience through multi-energy complementation, which reduces reliance on a single energy source. Concurrently, these projects widely deploy digital technologies, accelerating the construction of smart grids and elevating the level of grid automation and intelligence. Finally, in terms of environmental benefits, the large-scale deployment of coordinated photovoltaic and energy storage operations substantially reduces fossil fuel consumption and greenhouse gas emissions, providing solid support for regional green and low-carbon development. Finally, from an industry perspective, the recent introduction of local policies, such as the "Sichuan Power Market Settlement Rules V1.0," has further clarified the rules for energy storage participation in the power market and the pathways for value realization. As market mechanisms become gradually clearer nationwide, while an influx of more participants might lead to short-term narrowing of price differentials and dilution of ancillary service revenues, what ultimately determines long-term profitability is a company's comprehensive control capability throughout the entire project lifecycle. It is believed that China Gas, leveraging its experience in system construction and operation of integrated "generation-grid-load-storage," has established multiple "moats" to cope with potential revenue fluctuations: firstly, continuously reducing initial investment and operational costs through large-scale centralized procurement and refined design; secondly, relying on its smart energy management platform to achieve multi-scenario strategy optimization, enabling it to smooth out volatility through diversified revenues like capacity support and demand response even when price differentials narrow; and thirdly, ensuring long-term reliable project operation and reducing full lifecycle risks through its full-chain service covering "investment, construction, operation, maintenance" and its safety management and control system. Therefore, even if future market unit revenues undergo adjustments, China Gas, with its superior cost control and operational efficiency enhancement capabilities, can maintain leading economic performance, thereby truly transitioning from "relying on price differentials" to "leveraging system efficiency" to strengthen long-term profitability. This is not only the foundation of China Gas's confidence in navigating industry changes but also the core logic explaining why its energy storage business can sustain growth and offer certainty to investors.