证券简称：明阳智能 证券代码：601615 明阳智慧能源集团股份公司 2025年股票期权激励计划 明阳智慧能源集团股份公司 二零二五年十月 声 明 明阳智慧能源集团股份公司（以下简称"公司"或"本公司"）及全体董 事保证本激励计划及其摘要不存在虚假记载、误导性陈述或重大遗漏，并对其 内容的真实性、准确性和完整性依法承担法律责任。 特别提示 一、本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》等有关法律法规、规范性文件及《明阳智慧能 源集团股份公司章程》制定。 二、本激励计划采取的激励工具为股票期权，股票来源为向激励对象定向 发行的A股普通股和/或从二级市场回购的A股普通股。 三、本激励计划拟向激励对象授予的股票期权数量为2,000.00万份，占本 激励计划草案公告时公司股本总额（即2,271,496,706股）的0.8805%。本次授 予为一次性授予，无预留权益。 截至本激励计划草案公告日，公司全部有效期内股权激励计划所涉及的标 的股票总数累计未超过本激励计划提交股东会时公司股本总额的10.00%。本激 励计划中任何一名激励对象通过全部有效期内的股权激励计划获授的公 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-070 明阳智慧能源集团股份公司 关于公司2025年股票期权激励计划内幕信息知情人 买卖公司股票情况的自查报告 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。 明阳智慧能源集团股份公司（以下简称"公司"）于2025年9月25日召开第三 届董事会第二十四次会议，审议通过了《关于公司<2025年股票期权激励计划（草 案）>及其摘要的议案》《关于公司<2025年股票期权激励计划实施考核管理办法> 的议案》等议案，具体内容详见公司于2025年9月26日在指定信息披露媒体上披 露的公告。 3、公司向中国证券登记结算有限公司上海分公司（以下简称"中登公司"） 就核查对象在本次激励计划草案公开披露前六个月（即 2025 年 3 月 25 日至 2025 年 9 月 25 日）买卖公司股票情况进行了查询，并由中登公司出具了查询证明。 二、核查对象买卖公司股票情况说明 1、公司在筹划本次激励计划的过程中，严格按照《上市公司股权激励管理 办法》《上市公司信息披露管理办法》等法律法规及 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-071 明阳智慧能源集团股份公司 关于注销回购股份减少注册资本通知债权人的公告 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）。 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。 2023 年 5 月 4 日，明阳智慧能源集团股份公司（以下简称"公司"）召开 第二届董事会第三十九次会议，审议并通过了《关于以集中竞价交易方式回购股 份预案的议案》，同意公司使用不超过人民币 100,000 万元（含），不低于人民 币 50,000 万元（含）自有资金以集中竞价交易方式回购公司股份，用于实施股 权激励，回购期限自 2023 年 5 月 4 日起不超过 12 个月。 2025 年 10 月 20 日，公司召开 202 ...

证券简称：明阳智能 证券代码：601615 明阳智慧能源集团股份公司 2025年员工持股计划 明阳智慧能源集团股份公司 二零二五年十月 声 明 明阳智慧能源集团股份公司（以下简称"明阳智能"或"公司"）及全体董 事保证本员工持股计划及其摘要不存在虚假记载、误导性陈述或重大遗漏，并对 其内容的真实性、准确性、完整性依法承担法律责任。 风险提示 一、 明阳智慧能源集团股份公司2025年员工持股计划（以下简称"本员工 持股计划"）的具体的资金来源、出资金额、预计规模和具体实施方案等属初步 结果，能否完成实施，存在不确定性。 二、 若员工认购资金较低，本员工持股计划存在无法成立的风险；若员工 认购份额不足，本员工持股计划存在低于预计规模的风险。 三、 股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及 投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投 资者对此应有充分准备。 四、 本员工持股计划中有关公司业绩考核指标的描述不代表公司的业绩预 测，亦不构成业绩承诺。 五、 敬请广大投资者谨慎决策，注意投资风险。 特别提示 一、 本员工持股计划系依据《中华人民共和国公司法》《中华人民共和 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-069 明阳智慧能源集团股份公司 2025年第三次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 20 日 (二)股东会召开的地点：广东省中山市火炬开发区火炬路 22 号明阳工业园，明 阳智慧能源集团股份公司 5 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,038 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 956,922,146 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 44.5002 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，根据公司《股东会议事规则》："股东会由董 事会召集。股东会由 ...

Group 1 - A total of 56 stocks in the A-share market experienced block trading today, with a total transaction value of 1.168 billion yuan [1] - The top three stocks by transaction value were Hengli Petrochemical (220 million yuan), Wantong Development (99.9929 million yuan), and Chuangye Huikang (68.4 million yuan) [1] - Among the stocks, 7 were traded at par, 4 at a premium, and 45 at a discount; the highest premium rates were for Aidi Precision (4.02%), Hengli Petrochemical (0.86%), and Lier Technology (0.06%) [1] Group 2 - The stocks with the highest discount rates included Boliview (29.35%), Yuxin Electronics (21.36%), and Zhongji Xuchuang (21.09%) [1] - The ranking of institutional buy amounts showed Chuangye Huikang leading with 66.24 million yuan, followed by Jinlong Co. (51.3405 million yuan) and Baiwei Storage (46.98 million yuan) [1] - The top three stocks by institutional sell amounts were Longqi Technology (13.008 million yuan),招商公路 (6.156 million yuan), and Dize Pharmaceutical-U (4.3532 million yuan) [2]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-10-20 | 明阳智能 | 601615 | 14.18 255.24 | - 18 | 机构专用 | 我慢慢慢慢慢慢 | | | Ka | 10月20日，明阳智能大宗交易成交18万股，成交额255.24万元，占当日总成交额的0.19%，成交价14.18 元，较市场收盘价14.93元折价5.02%。 ...

Core Viewpoint - Mingyang Smart Energy experienced a stock price decline of 2.03% on October 20, 2023, with a current price of 14.99 CNY per share and a total market capitalization of 34.05 billion CNY [1] Financial Performance - For the first half of 2025, Mingyang Smart Energy reported a revenue of 17.14 billion CNY, representing a year-on-year growth of 45.33% [2] - The net profit attributable to shareholders for the same period was 610 million CNY, showing a year-on-year decrease of 7.68% [2] Stock and Shareholder Information - As of June 30, 2025, the number of shareholders for Mingyang Smart Energy was 118,800, a decrease of 10.40% from the previous period [2] - The average number of circulating shares per shareholder increased by 11.60% to 19,117 shares [2] - The company has distributed a total of 2.86 billion CNY in dividends since its A-share listing, with 1.999 billion CNY distributed over the last three years [3] Market Activity - On October 20, 2023, the trading volume was 819 million CNY, with a turnover rate of 2.37% [1] - The stock has seen a year-to-date increase of 21.65%, but a decline of 16.91% over the last five trading days [1] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 68.40 million shares, an increase of 3.55 million shares from the previous period [3] - HSBC Jintrust Low Carbon Pioneer Stock A was the tenth-largest circulating shareholder, holding 29.02 million shares, a decrease of 630,190 shares from the previous period [3]

Investment Rating - The report maintains a "Positive" investment rating for the wind power industry [15]. Core Insights - The offshore wind installation is expected to experience explosive growth by 2026, coupled with tight local supply, creating opportunities for domestic wind power companies to expand internationally. Domestic companies have already begun to realize overseas performance, which is anticipated to continue to release growth potential [7][25]. - Recent financial disclosures from overseas companies indicate a strong investment willingness from power operators, with capital expenditures continuing to expand and offshore wind projects at historical highs in terms of construction and Final Investment Decision (FID) scale [4][11]. Summary by Sections Introduction - The report emphasizes the anticipated explosive growth in offshore wind installations and the tight supply situation, which provides a broad space for domestic companies to venture abroad. It also highlights the recent performance of overseas wind power companies [7][25]. Wind Turbines: Mixed Performance with Abundant Orders - In Q2 2025, major turbine manufacturers showed varied performance. Vestas reported a revenue increase of 14% year-on-year, while Nordex and Siemens Energy saw declines in revenue but improvements in profitability. The order backlog for these companies is robust, with Vestas and Nordex having orders equivalent to 2.3 and 1.4 times their 2024 revenue, respectively [8][26][37]. Submarine Cables: Revenue and Profit Growth with Historical High Orders - Submarine cable companies reported revenue growth in Q2 2025, with Prysmian, Nexans, and NKT achieving year-on-year increases of 15.8%, 5.2%, and 19.5%, respectively. Their order backlogs are at historical highs, with Prysmian's backlog being 6.4 times its 2024 revenue [9][44][55]. Piles: Temporary Profit Pressure with Record Order Scale - Sif, a major player in the pile segment, reported a 2% increase in revenue for Q2 2025, despite a decline in production volume. The company’s order backlog reached approximately 625,000 tons, indicating strong future delivery potential [10][63][75]. Operators: Expanding Capital Expenditures with High Construction and FID Scale - Key operators Ørsted, RWE, and Vattenfall reported significant revenue growth in their offshore wind segments, with Ørsted's capital expenditures at historical highs. Their projects under construction and FID are also at record levels, indicating a strong commitment to offshore wind development [11][78][97]. Contractors: Accelerating Business Growth with Record High Orders - Cadeler, a contractor in the offshore wind sector, reported a remarkable 269% increase in revenue for Q2 2025, driven by growth in vessel leasing and installation services. The company’s order backlog reached approximately €2.492 billion, marking a historical high [12][106][110].

Core Viewpoint - Mingyang Smart Energy (601615.SH) announced a £1.5 billion (approximately RMB 14.21 billion) overseas investment plan to establish the UK's first integrated wind turbine manufacturing base in Scotland, aiming to address the "increased revenue without increased profit" dilemma in the domestic wind power market [1][3][4]. Group 1: Investment Plan - The manufacturing base in Scotland will be developed in three phases, with the first phase focusing on advanced wind turbine nacelle and blade manufacturing, expected to commence production by the end of 2028 [1]. - The second phase will expand production lines to accelerate the scale production of floating wind technology, while the third phase will include the production of control systems, electronic devices, and other key components, ultimately forming a complete industry chain ecosystem [1][2]. Group 2: Market Context - The European offshore wind market is experiencing a new installation boom, with Scotland being a key testing ground for floating wind technology due to its deep-sea resources [2]. - The European market offers higher price levels, and the UK provides additional income support through policies like the "Clean Industrial Bonus," allowing eligible companies to receive CFD contract subsidies [2][4]. Group 3: Financial Performance - Mingyang Smart Energy's net profit has been declining since 2023, with a significant drop from RMB 3.445 billion in 2022 to RMB 346 million in 2024. In the first half of 2025, revenue increased by 45.33% to RMB 17.143 billion, but net profit decreased by 7.68% year-on-year [4][5]. - The company's gross margin fell from 19.99% in 2022 to 8.1% in 2024, although it rebounded to 12.12% in the first half of 2025, remaining at a historically low level [5][6]. Group 4: Debt and Cash Flow Concerns - As of mid-2025, Mingyang Smart Energy's total liabilities reached RMB 635.13 billion, with an increasing debt-to-asset ratio from 58.85% at the end of 2022 to 69.93% by mid-2025 [6][7]. - The company has reported negative operating cash flow for three consecutive years, indicating challenges in self-sustaining its operations, which may exacerbate short-term financial pressures due to the large initial investment required for the overseas project [8][9].