Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating potential challenges in its financial performance [1] Financial Performance - Third quarter revenue was 966 million, a year-on-year decrease of 17.25% [1] - Third quarter net profit was 120 million, a year-on-year decrease of 60.95% [1] - Revenue for the first three quarters was 3.41 billion, a year-on-year decrease of 10.50% [1] - Net profit for the first three quarters was 750 million, a year-on-year decrease of 36.45% [1]

Core Viewpoint - The performance of China Energy Wind Power Co., Ltd. shows a decline in stock price and financial metrics, indicating potential challenges in the company's operations and market position [1][2]. Financing and Trading Activity - On October 22, China Energy Wind Power's stock fell by 1.24%, with a trading volume of 192 million yuan. The financing buy-in amount was 22.08 million yuan, while the financing repayment was 28.80 million yuan, resulting in a net financing outflow of 6.71 million yuan [1]. - As of October 22, the total margin trading balance for China Energy Wind Power was 645 million yuan, with the current financing balance at 639 million yuan, accounting for 3.37% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, on October 22, 51,700 shares were repaid while 113,000 shares were sold short, amounting to 360,500 yuan in sales. The remaining short-selling volume was 2.08 million shares, with a balance of 6.64 million yuan, exceeding the 70th percentile of the past year [1]. Financial Performance - For the first half of 2025, China Energy Wind Power reported operating revenue of 2.44 billion yuan, a year-on-year decrease of 7.52%. The net profit attributable to shareholders was 631 million yuan, down 27.82% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 3.18 billion yuan in dividends, with 1.84 billion yuan distributed over the past three years [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders for China Energy Wind Power was 196,700, a decrease of 0.49% from the previous period. The average circulating shares per person increased by 0.49% to 30,336 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 62.03 million shares, a decrease of 10.24 million shares from the previous period. Meanwhile, Southern CSI 500 ETF increased its holdings by 7.82 million shares to 57.60 million shares [2].

截至6月30日，节能风电股东户数19.67万，较上期减少0.49%；人均流通股30336股，较上期增加 0.49%。2025年1月-6月，节能风电实现营业收入24.44亿元，同比减少7.52%；归母净利润6.31亿元，同 比减少27.82%。 10月20日，节能风电涨1.91%，成交额2.90亿元。两融数据显示，当日节能风电获融资买入额3657.19万 元，融资偿还2972.34万元，融资净买入684.85万元。截至10月20日，节能风电融资融券余额合计6.65亿 元。 融资方面，节能风电当日融资买入3657.19万元。当前融资余额6.58亿元，占流通市值的3.47%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，节能风电10月20日融券偿还1.35万股，融券卖出5.90万股，按当日收盘价计算，卖出金额 18.88万元；融券余量210.15万股，融券余额672.49万元，超过近一年70%分位水平，处于较高位。 资料显示，中节能风力发电股份有限公司位于北京市海淀区西直门北大街42号节能大厦A座11层,12层， 成立日期2006年1月6日，上市日期2014年9月29日，公司主营业务涉及风力发电的项目开 ...

Core Viewpoint - The stock of China Energy Wind Power has shown fluctuations in price and trading volume, reflecting both market interest and recent performance metrics [1][2]. Group 1: Stock Performance - As of October 20, the stock price increased by 2.23% to 3.21 CNY per share, with a trading volume of 2.28 billion CNY and a market capitalization of 20.674 billion CNY [1]. - Year-to-date, the stock has risen by 3.68%, but has seen a decline of 1.83% over the last five trading days [1]. - The stock has experienced a 1.58% increase over the past 20 days and a 6.64% increase over the past 60 days [1]. Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of 2.444 billion CNY, a year-on-year decrease of 7.52%, and a net profit attributable to shareholders of 631 million CNY, down 27.82% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 3.183 billion CNY in dividends, with 1.839 billion CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 0.49% to 196,700, while the average number of circulating shares per person increased by 0.49% to 30,336 shares [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 62.0347 million shares, a decrease of 10.2418 million shares from the previous period [3]. - The fifth largest shareholder is Southern CSI 500 ETF, which increased its holdings by 7.8196 million shares to 57.6026 million shares [3].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][17]. Core Insights - The company is currently facing short-term operational pressures, but the long-term wind power sector presents multiple catalysts for growth. The report emphasizes the importance of future investment opportunities for the company [1][6]. - The report highlights a significant decline in total power generation for Q3 2025, with a total of 25.86 billion kWh, down 7.81% year-on-year. However, offshore wind generation showed a notable increase of 27.03% [6]. - The report outlines that the wind power asset yield is expected to stabilize with the implementation of policy 136, and subsidy issues that have troubled the industry are anticipated to gradually resolve, improving cash flow for companies [6]. Financial Summary - Projected total revenue for 2024 is 5,027 million, with a slight decline expected in 2025 to 5,003 million, followed by an increase to 5,608 million in 2026 and 5,939 million in 2027. The year-on-year growth rates are projected at -1.7%, -0.5%, 12.1%, and 5.9% respectively [2][7]. - The net profit attributable to the parent company is forecasted to be 1,330 million in 2024, decreasing to 1,211 million in 2025, before rising to 1,538 million in 2026 and 1,626 million in 2027, with corresponding growth rates of -12.0%, -9.0%, 27.0%, and 5.7% [2][7]. - The report provides a target price of 4.3 yuan for 2026, which represents a potential upside of approximately 37% from the current price of 3.14 yuan [2][6]. Industry Outlook - The report emphasizes the clear goals for new energy development set by the government, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, with wind and solar power capacity expected to increase significantly [6]. - Offshore wind power is identified as a potential growth opportunity, with government policies expected to drive development in this area. The report notes that offshore wind resources are primarily located in coastal provinces with high electricity demand, suggesting a favorable growth environment [6].

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [2] Summary by Category Dividend Announcement - The cash dividend for A-shares is set at 0.03518 yuan per share (including tax) [2] - The record date for the dividend is October 22, 2025, and the ex-dividend date is October 23, 2025 [2]

Group 1 - The company announced that the conversion price of "节能转债" will be adjusted from 3.37 CNY per share to 3.33 CNY per share after the completion of the 2025 semi-annual equity distribution [2] - The adjusted conversion price will take effect from October 23, 2025, which is the ex-dividend date [2] - The conversion of "节能转债" will be suspended from October 16, 2025, to October 22, 2025, and will resume on October 23, 2025 [2]

| 证券代码：601016 | 证券简称：节能风电 | | 公告编号：2025-074 | | --- | --- | --- | --- | | 转债代码：113051 | 转债简称：节能转债 | | | | 债券代码：137801 | 债券简称：GC 风电 | 01 | | | 债券代码：115102 | 债券简称：GC 风电 | K1 | | | 债券代码：242007 | 债券简称：风电 WK01 | | | | 债券代码：242008 | 债券简称：风电 WK02 | | | | 债券代码：242932 | 债券简称：25 风电 | K2 | | 中节能风力发电股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 每股分配比例 差异化分红送转：否 一、 通过分配方案的股东会届次和日期 中节能风力发电股份有限公司（以下简称"公司"）2025 年 4 月 21 日的2024年年度股东大会审议通过了授权公司董事会决定公司 2025 年中期利润分配方案的议案。本次 ...

中节能风力发电股份有限公司 关于权益分派引起"节能转债"转股价格调整 暨转股复牌的公告 | 证券代码：601016 | 证券简称：节能风电 | | | 公告编号：2025-075 | | --- | --- | --- | --- | --- | | 转债代码：113051 | 转债简称：节能转债 | | | | | 债券代码：137801 | 债券简称：GC | 风电 | 01 | | | 债券代码：115102 | 债券简称：GC | 风电 | K1 | | | 债券代码：242007 | 债券简称：风电 | WK01 | | | | 债券代码：242008 | 债券简称：风电 | WK02 | | | | 债券代码：242932 | 债券简称：25 | 风电 | K2 | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 证券停复牌情况：适用 因实施 2025 年半年度权益分派,本公司的相关证券停复牌情况如 下： 权益分派实施公告前一交易日（2025 年 10 月 16 日）至权益分派 股权登记日（2 ...

本报讯 （记者贺王娟）10月15日晚间，中节能风力发电股份有限公司（以下简称"节能风电"）披露 2025年第三季度发电量完成情况公告。公告显示，截至2025年9月30日，公司累计完成发电量934855万 千瓦时，较上年同期增长1.72%。 具体来看，前三季度节能风电陆上风电完成发电量879084万千瓦时，同比增长1.91%；海上风电完成发 电量55771万千瓦时，同比下滑1.13%；第三季度陆上风电完成发电量240238万千瓦时，同比下滑 9.7%，海上风电完成发电量18376万千瓦时，同比增长27.03%。 （编辑 李波） ...