致:明阳智慧能源集团股份公司 敬启者: 上海市通力律师事务所 关于明阳智慧能源集团股份公司 2025 年股票期权激励计划授予相关事项的法律意见书 上海市通力律师事务所(以下简称"本所")受明阳智慧能源集团股份公司(以下简称 "明阳智能"或"公司")委托,指派本所夏慧君律师、郑江文律师、位贝贝(以下合称"本 所律师")作为公司特聘专项法律顾问,就公司拟实施之 2025 年股票期权激励计划(以下简 称"本次股权激励计划")授予股票期权事项(以下简称"本次授予"),根据《中华人民共和 国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、 中国证券监督管理委员会(以下简称"中国证监会")发布的《上市公司股权激励管理办法》 (以下简称"《管理办法》")等法律、行政法规和其他规范性文件(以下简称"法律、法规 和规范性文件")和《明阳智慧能源集团股份公司章程》(以下简称"《公司章程》")的有 关规定出具本法律意见书。 为出具本法律意见书,本所律师已对公司向本所提交的有关文件、资料进行了我们认为 出具本法律意见书所必要的核查和验证。 本所在出具本法律意见书之前已得到公司如下保证:(1)其 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-072 明阳智慧能源集团股份公司 第三届董事会第二十五次会议决议公告 鉴于公司 2025 年股票期权激励计划规定的授予条件已经成就，同意确定 2025 年 10 月 22 日为本激励计划的授予日，向 260 名激励对象授予 2,000 万份 股票期权。 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、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。 明阳智慧能源集团股份公司（以下简称"公司"）第三届董事会第二十五次 会议于 2025 年 10 月 22 日在公司总部大楼会议室以现场表决与通讯表决相结合 的方式召开。本次会议于 2025 年 10 月 17 日以书面、电话、邮件等方式通知各 位董事，与会的各位董事已知悉与所议事项相关的必要信息。本次会议应到董事 11 人，实到董事 11 人。会议由公司董事长张传卫先生主持，本次会议的召开符 合《中华人民共和国公司法》(以下简称《公司法》)、《明阳智慧能源集团股份 公司章程》（以下简称《公司章程》）和《董事会议事规则》等有关规定，会议决 议合法有效。 经公司董事会审议 ...

明阳智慧能源集团股份公司 1、列入本激励计划激励对象名单的人员符合《管理办法》和《2025年股票期 权激励计划》等规定的激励对象条件,不存在《管理办法》规定的不得成为激励 对象的情形。激励对象中不包括公司独立董事、单独或合计持有公司5%以上股份 的股东或实际控制人及其配偶、父母、子女。本激励计划激励对象的主体资格合 法、有效。 2、公司董事会确定的授予日符合《管理办法》和《2025年股票期权激励计划》 有关授予目的相关规定。 3、公司和本激励计划激励对象均未发生不得授予/获授股票期权的情形,本 激励计划设定的激励对象获授股票期权的条件已经成就。 综上,公司董事会薪酬与考核委员会同意以 2025年 10 月 22 日为本激励计 划的授予日,向符合授予条件的 260 名激励对象授予 2,000 万份股票期权，行权 价格为 14.03 元/份。 明阳智慧能源集团股份公司 董事会薪酬与考核委员会 2025 年 10 月 23 日 薪酬与考核委员会关于2025年股票期权激励计划 激励对象名单(授予日)的核查意见 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 ...

Core Viewpoint - The deep-sea wind power development is expected to become the main area for wind power development in China over the next five years, with significant potential for annual installations starting from 2027 [2] Group 1: Market Potential - The chairman of Mingyang Smart Energy predicts that if the national wind power development reaches 120 million kilowatts annually, the deep-sea wind power installations will exceed 60 million kilowatts each year starting from 2027 [2] - The technical exploitable capacity of China's deep-sea wind energy resources is over 1.2 billion kilowatts, with global offshore wind energy resources exceeding 710 billion kilowatts, of which deep-sea accounts for over 70% [4] Group 2: Cost Reduction Strategies - Mingyang Smart Energy aims to reduce the cost of electricity generated from offshore wind power to below 0.25 yuan per kilowatt-hour in Guangdong and below 0.3 yuan per kilowatt-hour in the Bohai Sea region [2] - The company has developed floating wind power products that can achieve costs as low as 10,000 yuan per kilowatt, significantly lower than the current best domestic models priced at 25,000 to 30,000 yuan per kilowatt [3] Group 3: Development Challenges - The deep-sea wind power sector faces challenges such as typhoons that can damage turbines, high construction costs, and maintenance difficulties [4] - The "Shago Desert" areas require significant infrastructure for power transmission due to local consumption limitations, while low-wind-speed areas have the best consumption conditions but lower power generation [4] Group 4: Innovation and Market Dynamics - The industry needs continuous technological innovation to expand resource availability and improve the feasibility of previously undevelopable wind farms [4] - Marketization of the renewable energy sector is seen as a driver for innovation rather than merely a reduction in electricity prices, emphasizing the need for innovative applications and technologies [5]

Core Insights - The article highlights the launch of the new generation of wind power technology by Mingyang Smart Energy, focusing on the introduction of the Ocean X platform and the 50MW floating wind turbine, marking a significant advancement in the wind energy sector [1][3]. Group 1: Product and Technology Innovation - Mingyang has officially released the Ocean X platform, featuring the world's first 50MW ultra-large floating wind turbine, aimed at addressing industry pain points and customer needs [1][3]. - The new turbine design incorporates a "dual-head" configuration with two 25MW units, utilizing a "V"-shaped tower structure, specifically designed for deep-sea environments exceeding 40 meters in water depth [3]. - The introduction of the Medium-speed Compact Drive (MCD) technology signifies a new era of wind power characterized by enhanced reliability, efficiency, friendliness, economy, and intelligence [4]. Group 2: Performance Enhancements - The MCD technology improves reliability through flexible load distribution, integrated lubrication systems, and advanced control technologies, which enhance the lifespan of the turbine and ensure stable operation under extreme conditions [6]. - Efficiency is boosted by high-performance blades and advanced control algorithms, leading to a significant increase in electricity generation [6]. - The design is friendly to various grid environments, ensuring stable operation of wind farms even in challenging conditions [7]. Group 3: Economic and Smart Solutions - The highly integrated design of the turbines reduces the number of components and shortens the size of the nacelle, thereby lowering the failure rate of major components and reducing the levelized cost of electricity over the turbine's lifecycle [8]. - The incorporation of AI-driven operational platforms allows for predictive maintenance and enhanced situational awareness, contributing to smarter wind farm management [9]. Group 4: Market Coverage and Future Outlook - Mingyang's MCD technology covers a comprehensive product line suitable for both onshore and offshore applications, effectively addressing complex conditions in various marine environments [10]. - The company aims to continue leading innovation in wind power technology, collaborating with global partners to drive sustainable high-quality development in the industry and contribute to a new era of zero-carbon development [10].

Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

Group 1 - The core theme of the articles is the increasing trend of Chinese wind power companies expanding into international markets, particularly in Europe and other regions, driven by significant growth in export volumes and the need for localization strategies [1][2][3] - In 2024, China's wind power export scale is expected to grow by over 70%, with leading companies like Yunda Co., Ltd. projecting their export amounts to increase by 7-8 times compared to the previous year, indicating strong overseas market demand [1] - Companies are adopting localized strategies, such as Yunda's "surrounding cities" approach in Serbia and Azerbaijan, to navigate protective policies in Western Europe and showcase their manufacturing capabilities [1] Group 2 - Mingyang Smart Energy plans to invest £1.5 billion to establish the UK's first integrated wind turbine manufacturing base, aiming to serve the UK, Europe, and other non-Asian markets, thus positioning itself as a key player in the global offshore wind industry [2] - Mingyang has achieved several breakthroughs in global markets, becoming the first Chinese manufacturer to supply offshore projects in Japan and Italy, and is transitioning from technology export to localized manufacturing and market empowerment [2] - Companies like China National Materials Group are focusing on localization in Brazil, emphasizing the importance of compliance, employee training, and cultural integration to establish a truly local enterprise rather than just a Chinese company operating abroad [2] Group 3 - The current wave of international expansion among wind power companies is viewed as an opportunity to reconstruct business models, emphasizing sustainable development, talent cultivation, and brand building rather than merely increasing product sales [3] - Key considerations for companies include the establishment of local service teams, supply chain management, and the potential increase in costs associated with overseas manufacturing, which may diminish their competitive edge [3] - Companies must integrate into local ecosystems and address ESG factors, employment standards, and local regulations to ensure successful international operations [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 2024年2月2日，公司完成回购，通过集中竞价交易方式累计回购公司股份89,813,484股，占公司当时总 股本（即2,271,759,206股）的3.95%，回购最高价格17.99元/股，最低价格为8.52元/股，使用资金总额 999,999,606.71元（不含交易费用）。 2025年10月20日，公司召开2025年第三次临时股东会，审议通过了《关于变更回购股份用途并注销部分 回购股份的议案》《关于变更公司注册资本的议案》和《关于修订〈公司章程〉的议案》，同意公司将 上述回购方案的8,981.3484万股股份用途变更为1,000万股用于注销并相应减少注册资本，剩余 7,981.3484万股用于员工持股计划或者股权激励。详见公司分别于2025年9月26日和2025年10月21日在上 海证券交易所网站（www.sse.com.cn）和《中国证券报》《上海证券报》《证券时报》《证券日报》披 露的《关于变更回购股份用途并部分注销暨变更注册资本及修订〈公司章程〉的公告》（公告编号： 2025-061）和《2025年第三次临时股东会决议公告》（公告编号：2025-06 ...

Core Insights - The wind power equipment sector experienced a 1.99% increase on October 21, with Jixin Technology leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Jixin Technology (601218) closed at 5.76, up 4.16%, with a trading volume of 1.2579 million shares and a transaction value of 724 million yuan [1] - Haili Wind Power (301155) closed at 90.30, up 4.08%, with a trading volume of 41,900 shares and a transaction value of 375 million yuan [1] - Tianneng Heavy Industry (300569) closed at 6.48, up 3.85%, with a trading volume of 486,900 shares and a transaction value of 314 million yuan [1] - Other notable performers include Tongyu Heavy Industry (300185) at 3.04 (+3.40%), and Daqian Vehicle Engineering (002487) at 46.80 (+3.31%) [1] Capital Flow - The wind power equipment sector saw a net inflow of 31.51 million yuan from institutional investors, while retail investors experienced a net outflow of 130 million yuan [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, with retail investors pulling back [2] Individual Stock Capital Flow - Goldwind Technology (002202) had a net inflow of 12.4 million yuan from institutional investors, while retail investors saw a net outflow of 96.9 million yuan [3] - New Strong Union (300850) reported a net inflow of 87.8 million yuan from institutional investors, with a net outflow of 14.1 million yuan from retail investors [3] - Haili Wind Power (301155) experienced a net inflow of 28.7 million yuan from institutional investors, but retail investors had a net outflow of 17.1 million yuan [3]

北京市中伦(深圳)律师事务所 关于明阳智慧能源集团股份公司 2025 年第三次临时股东会的 法律意见书 二〇二五年十月 广东省深圳市福田区益田路 5033 号平安金融 57/58/59/F, Tower A, Ping An Finance Centre, 5033 Yitian Road, Futu 电话/Tel : +86 755 3325 6666 传真/Fax:+86 755 3320 6888 ONG LUN 師事務所 合伙 Limited Liability Partnership 北京市中伦(深圳)律师事务所 关于明阳智慧能源集团股份公司 2025 年第三次临时股东会的 法律意见书 致:明阳智慧能源集团股份公司 北京市中伦(深圳)律师事务所(以下简称"本所")受明阳智慧能源集团 股份公司(以下简称"公司")委托,指派周雨翔律师、蔡腾飞律师出席并见证 公司 2025年第三次临时股东会(以下简称"本次股东会"),并依据《中华人民 共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以 下简称"《证券法》")、《上市公司股东会规则》(以下简称"《股东会规则》") 以及《明阳智慧能源集团 ...