FF301 備註： | 本月底結存 | | 340,000,000 | RMB | | 1 RMB | | 340,000,000 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 (註1) | | 否 | | | 證券代號 (如上市) | 600875 | 說明 | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 3,050,360,326 | RMB | | 1 RMB | | 3,050,360,326 | | 增加 / 減少 (-) | | | 0 | | RMB | | 0 | | 本月底結存 | | 3,050,360,326 | RMB | | 1 RMB | | 3,050,360,326 | I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01072 說明 法定/註冊股份數目 面 ...

Core Viewpoint - The successful installation of the world's largest 26 MW offshore wind turbine by China Dongfang Electric Group marks a significant advancement in high-end equipment manufacturing and sets a new benchmark for global offshore wind power development [1][4]. Group 1: Technological Achievements - The 26 MW offshore wind turbine consists of over 30,000 components, with a fully autonomous and controllable supply chain [3]. - Key components such as the generator, blades, bearings, and electrical control systems have reached world-leading technological levels [3]. - The turbine's rotor sweep area is 77,000 square meters, equivalent to 10.5 standard football fields [3]. Group 2: Performance and Environmental Impact - The turbine can operate at a capacity range of 20 MW to 26 MW, catering to various wind regions and marine project requirements [3]. - At full capacity, the turbine generates 62 degrees of electricity per rotation, producing 100 million kilowatt-hours of clean energy annually at an average wind speed of 10 meters per second [3]. - This output can power 55,000 average households for a year, saving over 30,000 tons of standard coal and reducing carbon dioxide emissions by more than 80,000 tons [3].

Group 1 - The board of directors of Dongfang Electric Corporation held its 12th meeting of the 11th session on August 28, 2025, with 7 directors present, including 5 in person and 2 by proxy [1] - The board approved the special report on the use of raised funds for the first half of 2025, which will be disclosed according to procedures [2] - The board also approved the risk assessment report for Dongfang Electric Group Finance Company for the first half of 2025, which will be disclosed according to procedures [2] - The financial report for the first half of 2025 was approved by the board and will be disclosed according to procedures [2] - The board approved the half-year report for 2025, which will also be disclosed according to procedures [2] - The board approved the revision of the management regulations for the division of responsibilities between the parent and subsidiary companies [3] - The board approved the revision of the president's work rules [3]

Group 1 - The Supervisory Board of Dongfang Electric Corporation held its 11th eighth meeting on August 2025, in accordance with relevant laws and regulations [1] - The Supervisory Board approved the special report on the storage and actual use of raised funds for the first half of 2025, with a unanimous vote of 3 in favor and no opposition or abstentions [1][2] - The Supervisory Board also approved the financial report for the first half of 2025, affirming that it complies with relevant regulations and accurately reflects the company's financial status and operating results [2]

Core Viewpoint - Dongfang Electric experienced a stock price decline of 2.08% on August 29, with a trading volume of 6.81 billion yuan and a market capitalization of 67.095 billion yuan [1] Company Overview - Dongfang Electric, established on December 28, 1993, and listed on October 10, 1995, is located in Chengdu, Sichuan Province. The company specializes in the research, manufacturing, sales, and services of various power generation equipment, including thermal, hydro, wind, nuclear, and gas power generation [2] - The revenue composition of Dongfang Electric includes: 40.69% from clean and efficient energy equipment, 23.82% from renewable energy equipment, 16.00% from emerging growth industries, 10.85% from modern manufacturing services, and 8.64% from engineering and supply chain [2] - As of June 30, 2025, the number of shareholders was 92,000, a decrease of 10.68% from the previous period, with an average of 0 circulating shares per person [2] Financial Performance - For the first half of 2025, Dongfang Electric reported a revenue of 38.151 billion yuan, representing a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 1.910 billion yuan, up 12.91% year-on-year [2] - The company has distributed a total of 8.575 billion yuan in dividends since its A-share listing, with 3.892 billion yuan distributed over the past three years [3] Shareholding Structure - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 338 million shares, a decrease of 100 shares from the previous period. Other notable shareholders include various ETFs, with increases in holdings for Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and others [3]

Core Viewpoint - The offshore wind operation and maintenance vessels are becoming increasingly vital in the offshore wind power industry, ensuring stable operations and playing an indispensable role in future energy layouts. The global demand for these specialized vessels is surging due to the rapid growth of offshore wind power installation capacity [1][6]. Group 1: Industry Overview - Offshore wind operation and maintenance vessels are specialized ships used for the operation and maintenance of offshore wind turbines, characterized by good motion performance in waves and the ability to safely transport personnel and equipment [2]. - The vessels are mainly categorized into two types: Service Operation Vessels (SOV) and Commissioning Service Operation Vessels (CSOV). SOVs are designed for storing, lifting, and replacing large components of offshore wind turbines, while CSOVs are more flexible and used during the construction and commissioning phases [2][3]. Group 2: Industry Development History - The development of China's offshore wind operation and maintenance vessels can be divided into three stages: early exploration, professional upgrade, and rapid development. The first offshore wind project in China was completed in 2007, marking the beginning of offshore wind maintenance [4]. - By 2021, the industry entered a rapid development phase, with the first batch of SOVs delivered in 2023, significantly enhancing operational efficiency and safety for offshore projects [5]. Group 3: Industry Chain - The industry chain consists of upstream raw materials and equipment supply, midstream production and manufacturing of the vessels, and downstream application in the offshore wind sector. The demand for operation and maintenance vessels is increasing as offshore wind farms enter the maintenance phase [5]. Group 4: Current Market Situation - The global delivery of wind operation and maintenance vessels is projected to reach 58 units in 2024, an increase of 18 units from 2023. China's share of this market has surged from 10% in 2019 to 50% in 2024, indicating rapid growth in this sector [1][6]. Group 5: Competitive Landscape - European companies like Royal IHC and Cadeler dominate the high-end market due to their technological expertise, while Chinese shipbuilders like China Merchants Heavy Industry and Zhenhua Heavy Industries lead the mid-tier market with significant orders for offshore wind operation vessels [8]. - Companies such as Jianglong Shipbuilding and Yinghui Southern Shipbuilding are notable for their advanced designs and construction capabilities in the field of offshore wind operation vessels [9][11]. Group 6: Future Trends - The demand for wind operation and maintenance vessels is expected to continue growing, driven by the push for carbon neutrality and the expansion of offshore wind projects [13]. - The vessels are evolving towards greater specialization and larger sizes to meet the operational demands of deep-sea wind projects, with a focus on safety, adaptability, and economic efficiency [14]. - Future vessels will incorporate smart technologies and automation, enhancing operational efficiency and safety while reducing labor costs and operational risks [15].

Financial Performance - The company reported total operating revenue of RMB 38.151 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.03% [1] - The net profit attributable to shareholders was RMB 1.910 billion, up 12.91% compared to the same period last year [1] - Earnings per share stood at RMB 0.60 [1] Industry Development - The quality of hydropower orders has significantly improved, while the company maintains the leading market share in nuclear and gas power [2] - The company achieved a breakthrough with overseas orders for 50-megawatt heavy gas turbines [2] - In the new energy sector, the company secured bulk orders for 20-megawatt offshore wind power and launched new energy equipment manufacturing bases [2] - The company reported newly effective orders amounting to RMB 65.485 billion in the first half of 2025, a year-on-year growth of 16.78% [2] - Among the new orders, clean and efficient energy equipment accounted for 37.59%, renewable energy equipment for 30.82%, and emerging growth industries for 11.27% [2] Technological Innovation - The company has seen a concentration of innovative achievements, including successful assembly acceptance of a 500-megawatt hydropower generator and stable operation of a 15-megawatt heavy gas turbine [3] - The company has developed key technologies in biomass gasification and has been recognized by the Ministry of Industry and Information Technology for its hydrogen industry technology pilot platform [3] - The integration of technological and industrial innovation is evident, with the development of marine anti-corrosion materials applied to offshore wind turbines [3]

Core Insights - The company reported a total revenue of RMB 38.151 billion for the six months ending June 30, 2025, representing a year-on-year growth of 14.03% [1] - The net profit attributable to shareholders was RMB 1.910 billion, an increase of 12.91% compared to the same period last year [1] - Earnings per share stood at RMB 0.60 [1] Industry Development - The quality of hydropower orders has significantly improved, while the company maintains the leading market share in nuclear and gas power [2] - The company achieved a breakthrough with overseas orders for 50-megawatt heavy gas turbines [2] - In the new energy sector, the company secured bulk orders for 20-megawatt offshore wind power and launched new energy equipment manufacturing bases in Ruoqiang and Burqin [2] - The company won a demonstration project for 30 heavy-duty hydrogen trucks in Panzhihua and achieved a breakthrough in orders for a 1,000 standard cubic meter alkaline electrolysis water system [2] - The company’s new effective orders reached RMB 65.485 billion in the first half of 2025, marking a year-on-year increase of 16.78% [2] - Among the new effective orders, clean and efficient energy equipment accounted for 37.59%, renewable energy equipment for 30.82%, engineering and international supply chain for 11.51%, modern manufacturing services for 8.80%, and emerging growth industries for 11.27% [2] Technological Innovation - The company has seen a surge in innovative achievements, including the successful assembly acceptance of the stator and rotor support for a 500-megawatt hydropower unit [3] - A 15-megawatt heavy gas turbine has been operating stably at design conditions, and a 26-megawatt semi-direct drive offshore wind turbine blade has passed static load testing [3] - The company has successfully completed a pilot study on key technologies for biomass gasification and has been included in the first batch of key cultivation lists by the Ministry of Industry and Information Technology for its megawatt-level chemical chain combustion pilot platform and hydrogen industry technology pilot platform [3] - The integration of technological and industrial innovation is evident, with the company independently developing marine anti-corrosion materials for use in 20-megawatt offshore wind turbines [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年8月28日 海外監管公告 2025年半年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn) 刊 登 之《東 方 電 氣 股 份 有 限 公 司2025年 半 年 度 報 告》，僅 供 參 閱。 承董事會命 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 道 榮 及 陳 宇 东方电气股份有限公司 2025 年半年度报告 公司代码：600875 公司简称：东方电气 东方电气股份有限公司 2025 年半年度报告 1 东方电 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2025年半年度報告摘要 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn) 刊 登 之《東 方 電 氣 股 份 有 限 公 司2025年 半 年 度 報 告 摘 要》，僅 供 參 閱。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年8月28日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 海外監管公告 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 道 榮 及 陳 宇 东方电气股份有限公司 2025 年半年度报告摘要 公司代码：600875 公司简称：东方电气 东方电气股份有限公司 2025 年半年度 ...