为进一步加强与投资者的互动交流，明阳智慧能源集团股份公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会与深圳市全景网络有限公司联合举办 的"向新提质 价值领航——2025 年广东辖区投资者集体接待日暨辖区上市公司中报 业绩说明会"，现将相关事项公告如下： 证券代码：601615 证券简称：明阳智能 公告编号：2025-059 明阳智慧能源集团股份公司 关于参加 2025 年广东辖区投资者网上集体接待日暨 辖区上市公司中报业绩说明会活动的公告 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 9 月 19 日（星期五）15:30-17:00。届时董事长 兼总经理张传卫先生、首席财务官房猛先生与副总裁兼董事会秘书王成奎先生将在线 就公司 2025 年中报业绩、公司治理、发展战略、经营状况和可持续发展等投资者关 心的问题，与 ...

Core Viewpoint - The wind power industry chain is showing significant results in reversing internal competition, with profits in the complete machine and cable segments expected to continue rising by the first half of 2025, leading to a doubling of net profits for leading companies [1][2] Performance Growth - The majority of profits in the wind power industry chain are concentrated in the complete machine and cable segments, with leading companies demonstrating excess profits. According to Tonghuashun data, the net profit attributable to the parent company in the complete machine segment for 2023, 2024, and the first half of 2025 accounts for 17.44%, 22.04%, and 23.57% of the total industry chain profits, respectively. The cable segment accounts for 26.22%, 27.43%, and 26.22% during the same periods [1][2] Profitability Space - The reversal of internal competition in the wind power industry chain is beginning to show results, with overall ROE remaining stable. As capacity continues to clear, leading companies in certain segments are seeing their gross margins stabilize and recover in the first half of 2025 [2] Financial Framework - The wind turbine and gearbox segments are believed to have reached the bottom of the industry cycle and are expected to be the first to see a profit turning point. The analysis utilizes a comprehensive financial framework, including profit and loss statements, balance sheets, and cash flow statements, to assess the industry's cyclical position. Key financial indicators include net asset return rate, quick ratio, and fixed asset turnover rate, which suggest that the wind turbine and gearbox segments are likely to experience a profit turning point [3] Investment Recommendations - Companies to focus on in the wind turbine and gearbox segments include Goldwind Technology, Mingyang Smart Energy, SANY Heavy Energy, and others. In the casting and forging segments, companies like Jinlei Co., Sun Moon Shares, and others are recommended due to their low capital expenditure characteristics. For the tower and foundation segments, companies such as Daikin Heavy Industry and others are suggested. In the cable segment, companies like Orient Cable and others are recommended [4]

Group 1 - The core viewpoint of the news is that Mingyang Smart Energy has experienced fluctuations in stock price and trading volume, with a recent decline of 2.01% on September 16, 2023, and a total market capitalization of 28.848 billion yuan [1] - As of June 30, 2023, Mingyang Smart Energy reported a revenue of 17.143 billion yuan for the first half of 2023, representing a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 7.68% to 610 million yuan [2] - The company has distributed a total of 2.858 billion yuan in dividends since its A-share listing, with 1.999 billion yuan distributed over the past three years [3] Group 2 - The stockholder count for Mingyang Smart Energy as of June 30, 2023, was 118,800, a decrease of 10.40% from the previous period, while the average circulating shares per person increased by 11.60% to 19,117 shares [2] - The company operates in the renewable energy sector, focusing on high-end equipment manufacturing, investment, and operation of renewable energy power plants, with its main revenue derived from product sales [1] - Mingyang Smart Energy is categorized under the wind power equipment sector and is involved in various concepts including offshore wind power, carbon neutrality, solar energy, and energy storage [1]

电力设备及新能源 2025 年 9 月 15 日 行业周报 新型储能规模化建设行动方案印发，明阳英国风电市场获突破 强于大市（维持） 本周重点话题 行 业 报 告 行情走势图 -10% 0% 10% 20% 30% 40% 50% 60% 70% 2024/09/12 2025/02/12 2025/07/12 沪深300指数 电力设备及新能源 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | PIXIU809@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | zhangzhiy ao757@pingan.com.cn | 平安观点： 本周（9 月 8 日-9 月 12 日）新能源细分板块行情回顾。本周风电指数上 涨 0.18%，跑输沪深 300 指数 1.2 个百分点。截至本周，Wind 风电指数 整体市盈率（PE TTM） 为 ...

Core Viewpoint - The long-term growth logic of the wind power industry remains unchanged, with significant increases in installed capacity and market demand, despite challenges in profitability due to price competition [1][3]. Group 1: Industry Growth and Performance - In the first half of the year, the cumulative installed capacity of wind power in China exceeded 570 million kilowatts, a year-on-year increase of nearly 23%, with new grid-connected capacity reaching 51.4 GW, up nearly 99% year-on-year [1]. - Major wind turbine companies reported revenue growth, with increases ranging from 26% to 63%. Goldwind Technology led with a revenue of 28.537 billion yuan and a year-on-year growth of 62.75% [1]. - Despite revenue growth, most leading companies, except Goldwind Technology, reported declines in net profit, with Mingyang Smart Energy's net profit down 7.68% to 610 million yuan, and Sany Renewable Energy's net profit down 51.54% to 210 million yuan [1][2]. Group 2: Price Competition and Market Dynamics - Intense price competition has led to a significant drop in bidding prices for onshore wind turbines, from 3,000-4,000 yuan per kilowatt in 2021 to below 1,400 yuan per kilowatt in 2024, a decline of over 50% [2]. - The industry is beginning to stabilize, with major companies signing a self-discipline agreement to raise bidding prices starting in the fourth quarter [2][3]. - The average bidding price for onshore wind turbine units has increased by over 9% compared to the full year of 2024, reaching 1,552 yuan per kilowatt [2]. Group 3: Future Outlook and Strategic Initiatives - The wind power industry is expected to see a recovery in profit margins, with companies like Sany Renewable Energy anticipating a significant increase in gross profit margins next year due to higher bidding prices and cost reduction strategies [3]. - The industry is witnessing a shift towards non-lowest price bidding mechanisms, which is expected to stabilize wind turbine prices [3]. - Leading companies are focusing on securing orders, enhancing product reliability, and expanding into overseas markets to lay a foundation for future performance [6]. Group 4: Global Market Position - China's wind power industry chain accounts for over 60% of the global market, and other regions, particularly in the Asia-Pacific, will struggle to meet construction demands without Chinese supply chains [4]. - Major companies are actively expanding their overseas orders, with Goldwind Technology's overseas orders increasing by over 42% year-on-year, and Sany Renewable Energy's overseas sales revenue reaching 233 million yuan with a gross margin exceeding 20% [6].

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

企查查APP显示，近日，广东飞海牧渔有限公司成立，法定代表人为任重进，注册资本为1000万元，经 营范围包含：水产养殖；水产苗种生产；食品互联网销售；智能农业管理；水产品零售；水产品批发 等。企查查股权穿透显示，该公司由中山市农业投资发展有限公司、明阳智能（601615）全资子公司明 阳海洋渔业（广东）有限公司等共同持股。 （原标题：明阳智能等新设牧渔公司，含水产养殖业务） ...

Group 1 - CNOOC (Oriental) Energy Co., Ltd. was established on September 11, with a registered capital of 1 billion yuan [1] - CNOOC (Hainan) New Energy Co., Ltd., a wholly-owned subsidiary of CNOOC, holds a 55% stake, while Mingyang Smart Energy holds a 45% stake [1] - The business scope includes power generation, transmission, and distribution services, as well as installation, maintenance, and testing of electrical facilities [1] Group 2 - The company will engage in various technical services related to power generation, including solar and wind power technology services [1] - Research and development for wind farm systems and offshore wind power systems are also part of the company's operations [1] - The company is authorized to conduct business activities that are not prohibited or restricted by laws and regulations [1]

明阳新能源高端装备产业基地落子东方，助力自贸港绿色能源发展 海上风电从这里挺进深蓝 在明阳东方基地生产车间内，工人进行超大型叶片组装作业。海南日报全媒体记者 袁琛 摄 海南日报全媒体记者 王晓曈 见习记者 王泽宇 上百支巨型白色叶片在地面上有序排布，犹如一片白色的钢铁森林，其中最大叶片长度达143米，是目前 全球已下线的最长风电叶片之一;主机厂房内高度约9米的海上风电主机巍然屹立;叶片厂房中全球领先的超大 型叶片正在完成最后组装…… 近日，海南日报全媒体记者走进位于东方临港产业园的东方明阳科技新能源有限公司高端装备制造产业 基地(以下简称明阳东方基地)。作为海南"海上大风车"的诞生地，这座总投资20亿元的世界级海洋装备产业 基地，目前已进入规模化生产阶段，正成为海南自贸港"向海图强"发展新质生产力的靓丽名片。 发展高端装备制造 竖起全球领先"海上大风车" 明阳集团自2020年开始在海南进行产业布局，致力于实现从技术研发、测试认证到生产制造、规模应用 的全产业链集群，发展"海洋风电+海洋牧场+海水制氢"绿色能源全产业链模式的延伸业态。 "海南自贸港的政策优势为我们提供了宝贵的发展机遇。"魏磊表示，"通过'零关税 ...

Summary of Wind Power Industry Conference Call Industry Overview - The wind power sector is expected to rise by 18.3% in 2024, slightly lower than the power equipment sector but outperforming photovoltaics [1] - Domestic wind power bidding reached 164 GW in 2024, a year-on-year increase of over 90%, with a strong demand outlook for 2025 [1][4] - The average bidding price for wind turbines with towers was 2010 RMB/kW in August 2025, a slight decrease from the previous month but a 27% increase from the lowest point last year [1][5] - The average price for land-based turbines without towers was 1525 RMB/kW, up 19% from last year's low [1][5] - The overall industry price is expected to increase by at least 3% to 5%, indicating a clear upward trend [1][5] Market Dynamics - The competition among leading wind turbine manufacturers is intensifying, with the gap between top companies narrowing [1][6] - The top five companies had a bidding volume exceeding 27 GW each last year, indicating a concentration of competition among leading firms [1][6] - The expected new installations for 2025 are projected to reach 107 GW, with approximately 12 GW from offshore installations [1][7] Investment Insights - Public fund holdings in the wind power sector accounted for 0.95% of total market value in Q2 2025, an increase of 0.17 percentage points from the previous quarter [1][8] - The sector is recommended for investment, particularly in leading companies such as Yunda, Goldwind Technology, Sany Heavy Industry, and Mingyang Smart Energy [1][7][21] Performance Metrics - The wind power sector has shown a significant performance increase, with a total rise of 18.3% since last year, outperforming the photovoltaic sector [3][8] - In the first half of 2025, new installations reached 51.4 GW, a year-on-year increase of 98.9% [3][9] - The cost structure of wind turbines shows that the tower accounts for 29% and blades for 22% of total costs, with upstream material cost optimization aiding profitability [3][17] Competitive Landscape - The leading companies in the Chinese wind power market include Goldwind Technology, Envision Energy, Mingyang Smart Energy, Yunda, and Sany Heavy Industry, collectively holding about 75% market share [11] - Goldwind Technology leads with a market share of 21.5% [11] - The focus of competition is shifting towards technological upgrades and differentiated strategies, particularly in offshore wind power [12] Global Expansion - Goldwind Technology has established a presence in 15 countries, with an export capacity of 2.5 GW, while other companies like Yunda and Sany Heavy Industry are also expanding internationally [13] Financial Performance - The business model of wind power companies includes turbine manufacturing and wind farm operations, with the latter becoming the primary profit source due to increased competition in manufacturing [14][15] - Major companies have seen a recovery in gross margins, with Goldwind achieving a gross margin of 15.3% in the first half of 2025, benefiting from optimized business structures and cost management [20] Future Outlook - The wind power industry is expected to gradually separate from the photovoltaic market, with a clear trend of recovery in profitability [2] - The demand for wind power is anticipated to remain strong, supported by favorable policies and technological advancements [9][10]