Group 1 - The company held its 20th meeting of the 3rd Board of Directors on June 6, 2025, with 10 out of 11 directors present, ensuring compliance with relevant regulations [1][2] - The Board approved a proposal to issue a "Repurchase Right Exercise Letter" to Jiangsu Baichuan High-tech New Materials Co., Ltd. and Jiangsu Haiji New Energy Co., Ltd. [1] - The agreement stipulates that Haiji New Energy will repay the investment principal and corresponding interest to the company through a capital reduction, with Baichuan High-tech assuming joint liability for the payment [1]

Core Viewpoint - The company, Mingyang Smart Energy Group Co., Ltd., is executing a share repurchase agreement with Jiangsu Haiji New Energy Co., Ltd. after triggering the repurchase conditions outlined in their previous investment agreement, involving a total investment of RMB 190 million [1][2][3]. Transaction Overview - The company invested RMB 190 million in Jiangsu Haiji New Energy on February 9, 2022, and has the right to request a share repurchase due to unmet IPO filing conditions by December 31, 2024 [2][3]. - The repurchase will be executed through a capital reduction, with payments structured in installments, including principal and interest at an annual rate of 8% [2][10]. Related Party Transactions - The transaction is classified as a related party transaction due to the former company secretary serving as a director at Jiangsu Haiji New Energy, but it does not qualify as a major asset restructuring [1][3]. - In the past 12 months, the company has engaged in related party transactions totaling RMB -842,600, all of which were routine and approved by the shareholders' meeting [1][3]. Financial Information - Jiangsu Haiji New Energy's financials as of March 31, 2025, show total assets of RMB 175,831.62 million and a net loss of RMB -6,450.31 million for the previous year [6]. - Jiangsu Baichuan High-tech New Materials Co., Ltd., the controlling shareholder of Jiangsu Haiji New Energy, reported total assets of RMB 1,236,957.98 million and a net profit of RMB 4,221.60 million for the same period [8]. Agreement Details - The agreement stipulates that the repurchase price will be calculated based on the original investment plus interest, with penalties for late payments [11][13]. - The agreement will take effect upon approval from the respective boards of the involved parties [12][13]. Impact on the Company - The transaction is deemed necessary for the company to maintain oversight of its investment in Jiangsu Haiji New Energy and does not harm the interests of shareholders, particularly minority shareholders [14].

证券代码：601615 证券简称：明阳智能 公告编号：2025-033 明阳智慧能源集团股份公司 关于参股公司回购公司所持股份暨关联交易的公告 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。 鉴于目前已触发《投资协议》中的回购条件，即海基新能源在 2024 年 12 月 31 日之前未能向中国证监会、上海或深圳证券交易所递交 IPO 申报材料， 公司于近日向百川股份和海基新能源发出《回购权行权函》。经各方友好协商， 公司与百川股份和海基新能源拟签署《关于江苏海基新能源股份有限公司之股份 回购事宜协议》（以下简称《回购事宜协议》），约定海基新能源通过减资的方式， 按《回购事宜协议》的时间计划表向公司分期支付投资本金金额，以及投资本金 金额对应到期的全部资金利息，即利随本清。利息按每年 8%（单利）计算，利 息计算的期限为 2022 年 3 月 10 日至海基新能源的实际付款日。百川股份对海基 新能源支付回购价款的义务承担连带责任。 本次交易完成后，公司将不再持有海基新能源的股份。根据《上海证券交易 所股票上市规则》的规定，本次交 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-032 明阳智慧能源集团股份公司 第三届董事会第二十次会议决议公告 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次会 议于 2025 年 6 月 6 日在公司总部大楼会议室以现场表决与通讯表决结合方式召 开。本次会议于 2025 年 5 月 30 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 10 人，董事张大伟先生因公务未出席本次董事会。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》《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，通过了以下议案： 1、审议通过《关于参股公司回购公司所持股份暨关联交易的议案》 公司于近日向江苏百川高科新材料股份有限公司(以下简称"百川股份"，为 海基新能源的控股股东)和江苏海基新能源股份有限公司（以下简称"海基新能 源"）发出《回购权行权函》。经各方友好协商，公司与百川股份和海基新能源拟 签署《关于江苏海基新能源股份有限公司之股份回购事宜协议》（以下简称 ...

证券研究报告 明阳智能 (601615 CH) 2025 年中期策略会速递—— 风机盈利持续修复,海外海风放量可期 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国内地 | 电源设备 | 6 月 5 日明阳智能出席了我们组织的 2025 年中期策略会，会上公司介绍了 近期经营情况及全年经营展望，同时针对市场需求、竞争格局及技术路线进 行了讨论。我们看好公司国内海风龙头地位稳固，海外海风布局领先，有望 充分受益于全球海风高景气，实现海风出货高增，驱动盈利能力修复，维持 "买入"评级。 国内海风出货高增，成本持续优化 前期由于用海政策、航道等问题解决进度较慢，导致国内部分海风项目开工 不及预期。目前限制性因素基本解决，广东、江苏等海风项目陆续开工，其 中公司份额较高的青洲五七、帆石一已启动风机打桩，或支撑全年出货高增， 我们预计公司 25 年海风出货 4GW，同比+135%。公司议价能力较强，供 应链价格稳定，通过提高叶片自供比例、优化经营效率实现降本，盈利能力 或持续提升。公司漂浮式风机技术储备深厚，充分受益于国内深远海 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.58 RMB [9][10]. Core Views - The company is expected to benefit from a strong position in the domestic offshore wind market and a leading overseas offshore wind layout, which will drive significant profit recovery [3][4]. - Domestic offshore wind shipments are projected to increase significantly, with an expected 4GW shipment in 2025, representing a 135% year-on-year growth [4]. - The company has a strong bargaining power and is optimizing costs through improved operational efficiency and increased self-supply of blades, which is likely to enhance profitability [4]. - The European offshore wind market is experiencing high growth, with a forecasted CAGR of 28.6% from 2025 to 2030, and the company is well-positioned to capture orders in this region [5]. - The progress of power station transfers is slowing, but the impact on profitability is expected to be limited due to stable returns from existing projects [6]. Summary by Sections Domestic Offshore Wind Market - The company is expected to see a high increase in domestic offshore wind shipments, with significant projects in Guangdong and Jiangsu starting operations [4]. - The company is projected to achieve a 135% increase in offshore wind shipments in 2025, reaching 4GW [4]. Overseas Market Expansion - The company has a leading position in overseas offshore wind markets, actively engaging in projects in Italy, Scotland, and Norway, as well as entering the Japanese and Korean markets [5]. - The high pricing in Europe and Japan is anticipated to contribute positively to the company's profit margins [5]. Financial Projections - The company’s net profit is forecasted to be 2.206 billion RMB in 2025, with a significant increase of 537.32% compared to the previous year [8]. - Revenue is expected to grow to 38.101 billion RMB in 2025, reflecting a 40.29% increase year-on-year [8]. - The report maintains the profit forecast for the company, projecting net profits of 22.06 billion RMB, 31.30 billion RMB, and 39.92 billion RMB for the years 2025, 2026, and 2027 respectively [7].

Investment Rating - The industry investment rating is maintained as "Positive" [9] Core Viewpoints - The wind power bidding data from January to May 2025 shows a prosperous trend, with a total scale of approximately 64.46 GW, reflecting a year-on-year growth of nearly 20% [9] - International bidding maintains a high growth trend, with wind turbine exports expected to activate new capacity, as April exports reached 134 million USD, a year-on-year increase of 49.31% [9] - The first quarter of 2025 saw a 22.7% increase in domestic public bidding, indicating a potential shift from a "cycle" to a growth phase for the industry [9] Summary by Sections Investment Suggestions and Targets - The land wind cycle is recovering from the bottom, with a focus on companies like Goldwind Technology (002202), Mingyang Smart Energy (601615), and others in the wind power supply chain [4] - The offshore wind cycle is poised for improvement, with recommendations for companies like Dongfang Cable (603606) and Zhenjiang Co., Ltd. (603507) [4] Industry Statistics - In Q1 2025, the domestic public bidding market added 28.6 GW, with onshore capacity at 27.8 GW and offshore at 0.8 GW, indicating a positive outlook for industry demand [9][22]

Group 1 - The core viewpoint of the article highlights the recent bullish ratings from brokerages on 30 stocks, with Mingyang Smart Energy leading the list due to a target price increase of 39.88% [1][3] - The sectors with the most stocks rated include capital goods, materials, and technology hardware, indicating a focus on policy-supported areas, particularly high-end manufacturing and green energy [3][4] - Mingyang Smart Energy's strong performance is attributed to a significant increase in wind turbine exports, a recovery in profit margins, and a low valuation compared to peers [4][5] Group 2 - Other notable stocks include Dian Diagnostics, which benefits from aging demographics and precision medicine policies, and Anhui Heli, which has a strong export market and expected margin improvements [5][6] - The article suggests a strategic approach to investing, recommending gradual accumulation of stocks like Mingyang Smart Energy if it surpasses certain price levels, while also monitoring policy developments that could impact the sectors [6][7] - The current market phase is characterized by a transition from policy support to performance-driven outcomes, emphasizing the importance of companies with real orders and healthy cash flows [7]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [4][5]. Core Insights - The report highlights significant growth in the photovoltaic sector, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% and a month-on-month increase of 74.56% [3][33]. - The electric vehicle market is bolstered by the launch of Xiaomi's Yu7, a high-performance SUV with advanced features, indicating a strong consumer interest in electric vehicles [2][22]. - The overall electricity consumption in April was 772.1 billion kWh, reflecting a year-on-year growth of 4.7%, indicating a stable demand for electric power [4]. Summary by Sections New Energy Vehicles - Xiaomi Yu7 was officially launched, featuring a luxurious design and advanced technology, including an 800V silicon carbide platform and a maximum range of 835 km [2][11]. - The vehicle offers both single and dual motor options, with impressive acceleration capabilities [16][22]. Photovoltaics - In the first four months of 2025, domestic photovoltaic installations totaled 104.93 GW, a year-on-year increase of 74.6% [3][33]. - The inverter exports reached 18.029 billion yuan, with April's exports alone at 5.817 billion yuan, showing strong demand driven by seasonal factors and overseas construction [3][36]. - The report notes a decline in component exports, totaling 62.241 billion yuan, a year-on-year decrease of 26.54% [3][37]. Electric Power Equipment and Automation - The total electricity consumption for April was 772.1 billion kWh, with a cumulative total of 31,566 billion kWh for the first four months, marking a 3.1% year-on-year increase [4]. - Investment in power generation projects reached 193.3 billion yuan, a 1.6% increase year-on-year, while grid investment rose by 14.6% to 140.8 billion yuan [4]. Market Performance - The electric power equipment and new energy sector saw a weekly decline of 0.71%, underperforming compared to the Shanghai Composite Index [1]. - Lithium battery indices showed a significant increase of 2.69%, while solar energy indices experienced a decline of 3.46% [1].

Group 1 - The core point of the news is that Mingyang Smart Energy Group Co., Ltd. has applied for a patent for a method and system to determine the weight center of floating offshore wind turbines, which addresses the challenge of meeting tilt test requirements due to insufficient tilt angles [1] - The patent application was published under CN120027965A, with an application date of December 2024 [1] - The method involves statistical simulation of the weight center information of various subsystems of the floating offshore wind turbine and optimizing theoretical weight center calculations based on measured draft depth changes during installation [1] Group 2 - Mingyang Smart Energy Group Co., Ltd. was established in 2006 and is located in Zhongshan, primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of 2,271.496706 million RMB [2] - Mingyang has invested in 142 enterprises and participated in 2,282 bidding projects, holding 51 trademark records and 1,811 patent records, along with 126 administrative licenses [2]