ING LUN 師事務所 illty 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 年第二次临时股东大会的 法律意见书 二〇二五年九月 广东省深圳市福田区益田路 5033 号平安金融中心 A 座 57/58/59 层 57/58/59/F Tower A Ping An Finance Centre 5033 Vitian Road Eutian District Shenzhen (Guangdone 518000 电话/lel : +86 755 3325 6666 传真/Fax : +86 755 3320 6888 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 年第二次临时股东大会的 法律意见书 议人员的资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股 东会规则》等法律、法规、规范性文件及《公司章程》的规定发表意见,不对会 议审议的议案内容以及该等议案所表述的事实或数据的真实性及准确性发表意 见。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及 ...

南方财经记者郑玮 实习生苏磊 广州报道 "当前知识产权违法犯罪手段不断翻新，隐蔽性和组织性增强，知识产权犯罪呈现出高技术化、智能 化、产业化、链条化特征，更加大了知识产权保护难度。很多知识产权案件还涉及刑民、刑行交叉的问 题，需要执法、司法部门加强知识产权专业保护能力建设才能胜任，特别是提高知识产权侵权的技术调 查手段和鉴定水平。"张传卫表示。 对企业来说，如何才能更快穿越"内卷式"竞争周期？"还是靠创新。要不断地引领行业发展，引领全球 产业链技术发展，站在技术的制高点。"张传卫表示，掌握核心技术是决定一个企业生存的命脉和产业 高质量发展的关键。 他建议，加强执法机关之间的协调配合力度，加强知识产权有关专业数据整合共享，进一步增强知识产 权案件的取证能力建设，加快实现设施联通、网络畅通、平台贯通、数据融通，提高知识产权的协同保 护水平，让创新成果快速审批、快速确权、快速维权的体系更加完备。 与此同时，张传卫也提到，创新最重要的除了从0到1的跨越，还有从1到100的应用场景的实施，场景创 新对营商环境、创新环境和生态的发展至关重要。 "目前广东在场景应用创新方面我想应该还是走在全国前列，未来也可以在这方面多下功 ...

Summary of Conference Call Records Industry Overview - The renewable energy sector, particularly in wind, solar, and energy storage, is experiencing a significant valuation adjustment, currently at low levels, with potential for improvement by 2026 [1][2] - The electric new energy sector is showing strong performance driven by continuous improvement in fundamentals and correction of market expectations [2] Key Points and Arguments Wind Energy - Wind power installations are unlikely to decline, with state-owned enterprises favoring high-yield projects, enhancing certainty in growth [6] - Recent positive catalysts in the wind energy sector include a 10.4GW increase in domestic wind turbine bidding in August, with a year-on-year increase in average bidding prices [10] - The average bidding price for onshore wind turbines increased by 11% year-on-year, indicating improved gross margins for turbine manufacturers [10] Energy Storage - The energy storage sector is performing strongly, supported by policy incentives and market-driven demand, with a shift from policy-driven to market-driven growth [7][23] - The demand for energy storage batteries remains robust, with leading companies operating at full capacity and negotiating price increases with major clients [15][16] - The improvement in the energy storage market structure is expected to enhance premium and profitability for leading companies [8] Solar Energy - Despite pressure on solar energy profitability, government anti-subsidy policies are ensuring stable demand, benefiting wind, storage, and solar sectors [9] - The solar industry is currently at a low point but is gradually recovering, with many companies showing signs of improvement in the third quarter [35] Subsidy Impact - The acceleration of renewable energy subsidies has significantly stimulated demand for wind and solar projects, with subsidies in the first eight months of 2025 expected to be double that of the previous year [4][5] - The historical context of subsidy distribution indicates a direct correlation with increased wind power installations, as seen in 2022 [5] Additional Important Insights - The lithium battery supply chain is in a high prosperity state, with strong demand for storage batteries and advancements in solid-state battery technology [3][14] - The lithium hexafluorophosphate market is expected to face supply shortages, leading to price increases [17] - The solid-state battery industry is rapidly developing, with several leading companies expected to launch new production lines next year [18][19] - The U.S. market for energy storage is showing strong demand, with concerns about future demand mitigated by favorable economic conditions [25][29] Investment Recommendations - The report recommends focusing on leading companies in the wind turbine sector, such as Goldwind Technology and Mingyang Smart Energy, as well as key players in the energy storage and solar sectors [13][37] - Specific companies to watch include Xinyi Solar, Tongwei Co., and various firms involved in solid-state battery technology [20][22] Conclusion - The renewable energy market is positioned for a significant turnaround, with ample investment opportunities across various segments, particularly in wind, solar, and energy storage [38]

据东方财富网数据，明阳智能董事长兼CEO张传卫2024年所获薪酬为397.1万元，副总裁张瑞、张超同 年分别领薪133.2万和253.4万元，三人合计领薪783.7万元。 据瑞财经查阅，张超和张瑞为姐弟，系张传卫的子女。 报告显示，明阳智能公司上半年营业收入为171.43亿元，同比增长45.33%；归母净利润为6.10亿元，同 比下降7.68%；扣非归母净利润为4.85亿元，同比下降12.68%；基本每股收益0.27元。 2025年上半年，明阳智能公司毛利率为12.12%，同比下降6.60个百分点；净利率为3.71%，较上年同期 下降2.07个百分点。 明阳智能上半年公司期间费用为16.05亿元，较上年同期减少1.51亿元；期间费用率为9.36%，较上年同 期下降5.52个百分点。其中，销售费用同比减少48.62%，管理费用同比增长10.79%，研发费用同比增长 36.75%，财务费用同比增长31.48%。 张瑞，1990年出生，中国国籍，无境外居留权，本科学历。2012年至2017年3月历任明阳智能公司采购 部总监、董事；2017年3月至2023年9月任公司明阳智能董事、业务副总裁、战略发展与产业规划中心主 ...

Group 1 - Wind power equipment sector increased by 7.15% on September 5, with Yunda Co., Ltd. leading the gains [1] - Shanghai Composite Index closed at 3812.51, up 1.24%, while Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Notable stock performances include Yunda Co., Ltd. with a closing price of 19.08, up 20.00%, and Xinqianglian with a closing price of 39.36, up 16.62% [1] Group 2 - The wind power equipment sector saw a net inflow of 1.618 billion yuan from main funds, while retail investors experienced a net outflow of 861 million yuan [2] - Key stocks in terms of fund flow include Jin Feng Technology with a main fund net inflow of 382 million yuan, and Yunda Co., Ltd. with a net outflow of 208 million yuan from retail investors [3] - The overall market sentiment indicates a strong interest from institutional investors, contrasting with the outflows from retail investors [2][3]

Core Viewpoint - The wind power industry experienced significant growth in installed capacity in the first half of 2025, driven by a surge in demand, although profitability varied across different segments of the industry [1][2]. Summary by Sections Industry Performance - In the first half of 2025, the national wind power newly installed capacity reached 51.39 GW, a year-on-year increase of 98.9%, with onshore wind accounting for 48.90 GW and offshore wind for 2.49 GW [1]. - Despite strong revenue growth for many wind power companies, there was a notable divergence in performance across different segments, with wind turbine manufacturers seeing revenue increases but not corresponding profit growth [1][5]. Financial Results of Wind Turbine Manufacturers - Six major wind turbine manufacturers reported total revenues of 716.04 billion yuan, a significant increase, but net profits were only 15.99 billion yuan, indicating a stark performance disparity among companies [2]. - Goldwind Technology, as a leading turbine manufacturer, reported revenues of 285.37 billion yuan, up 41.26%, and net profits of 14.88 billion yuan, up 7.26% [2]. Component Manufacturers' Performance - In contrast to turbine manufacturers, most wind power component companies reported strong performance, benefiting from high demand and price increases [5]. - New Strong Union, a bearing manufacturer, achieved a revenue of 22.10 billion yuan, a year-on-year increase of 108.98%, and a net profit of 4.00 billion yuan, up 496.60% [5]. - Other component manufacturers like Haigang Co., Tongyu Heavy Industry, and Jinlei Co. also saw significant profit increases [5]. Market Trends and Future Outlook - The average bidding price for onshore wind turbines hit a low in early 2024 but began to recover, with the average price for the first half of 2025 at 1,496 yuan/kW, an 8% increase year-on-year [8]. - Companies like Sany Heavy Energy expect a noticeable improvement in profit margins due to rising bidding prices and a strong order backlog [9]. - As of June 30, 2025, Goldwind reported an order backlog of 51.81 GW, a 45.58% increase year-on-year, indicating robust future demand [9][10].

Core Insights - The wind power equipment industry in China experienced a significant increase in demand in the first half of 2025, with record high installation capacity, sales volume, and revenue, but leading companies faced a "revenue growth without profit growth" dilemma [1][2][3] Industry Performance - In the first half of 2025, China's cumulative wind power installed capacity reached 573 million kilowatts, a year-on-year increase of 22.7%, with new grid-connected capacity soaring to 51.39 GW, nearly doubling year-on-year [2] - Major manufacturers collectively secured a bidding scale of 94 GW, a 32.7% increase year-on-year, with expectations that new installations for the year will exceed 100 GW, maintaining China's position as the world's largest wind power market [2] Sales and Profitability - Despite strong sales figures, profitability was under pressure; SANY Renewable Energy reported a revenue of 8.594 billion yuan with a net profit of only 210 million yuan, a year-on-year decline of 51.54% [3] - Mingyang Smart Energy's revenue grew by 45.33% to 17.143 billion yuan, but net profit fell by nearly 8%, while Goldwind Technology's revenue reached 28.537 billion yuan with a net profit growth of only 7.26% [3] Challenges in Profitability - The primary issue affecting profitability is the concentration of low-priced orders, with bidding prices for wind turbines dropping significantly from 3,000-4,000 yuan per kilowatt in 2021 to 1,000-2,000 yuan in 2023 [4] - Rising costs of raw materials and increased operational expenses due to market competition further compressed profit margins [4][5] Product Structure and Market Dynamics - The imbalance in product structure, with high-margin offshore wind turbines and large megawatt units having limited delivery ratios, has exacerbated profitability issues [5] - Companies are increasingly focusing on offshore wind power, large megawatt units, and overseas markets to improve margins, with SANY Renewable Energy reporting a recovery in gross margin in Q2 [6][7] Future Outlook - Signs of an industry turning point are emerging, with the average bidding price for wind turbines in the first half of 2025 rising by approximately 20% compared to the same period in 2024 [6] - The industry is shifting from price competition to value competition, with leading companies leveraging brand, technology, and service advantages to differentiate themselves [7] - The wind power sector's growth logic remains intact, with expectations for annual new installations exceeding 130 GW during the 14th Five-Year Plan period, and significant growth potential in Southeast Asia and Central Asia [7]

Core Viewpoint - The article discusses the financial challenges faced by the wind power giant Mingyang Smart Energy, highlighting its cash flow issues and strategies for asset monetization in the context of the clean energy industry [4][6][28]. Financial Performance - Mingyang Smart Energy reported a revenue of 17.143 billion yuan in the first half of the year, a year-on-year increase of 45.33%, but its net profit attributable to shareholders decreased by 7.68% to 610 million yuan [6]. - The company's net cash flow from operating activities was -3.503 billion yuan, indicating significant cash flow anxiety [6]. Asset Monetization Strategy - The company is accelerating the monetization of its existing power station assets to recover funds and benefit from older electricity price policies [7][9]. - Mingyang has engaged in multiple asset sales, including the transfer of its subsidiary's 100% stake in a wind farm for approximately 96.83 million yuan, and two other projects sold for a total of about 1.303 billion yuan [8][9]. Industry Trends - The trend of asset disposal is not unique to Mingyang; other companies like Goldwind Technology and Sany Heavy Energy are also pursuing similar strategies to manage their existing power generation assets [10][11]. - The company is simultaneously expanding its project pipeline, with nearly 3.99 GW of projects under construction, almost double its operational capacity of 2.12 GW [12]. Financial Engineering and Risks - The strategy of "rolling development" allows the company to leverage a small amount of equity to secure bank loans, generating revenue from projects before selling them to recover funds [13][15]. - However, this approach increases financial costs and may impact cash flow and debt ratios, raising concerns about the sustainability of such a model in a tightening financing environment [16][25]. Market Dynamics - The article notes that the traditional buyers of these assets, such as state-owned power platforms, are under financial pressure and may not be able to absorb the volume of asset disposals [17]. - The emergence of asset-backed securities (ABS) and REITs in the renewable energy sector is seen as a potential long-term solution for monetizing power station cash flows, although this market is still in its infancy [23]. Conclusion - The ability of manufacturers to convert high growth expectations into stable cash flows and profits, along with the financial market's capacity to create long-term exit strategies for existing power stations, will determine the future of the "build-sell" methodology in the renewable energy sector [28].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601615 证券简称：明阳智能 公告编号：2025-056 明阳智慧能源集团股份公司 关于股东股份解除质押的公告 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。 重要内容提示: ● 明阳智慧能源集团股份公司（以下简称"公司""明阳智能"）股东中山瑞信企业管理咨询合伙企业（有 限合伙）（以下简称"中山瑞信"）持有公司股份1,780.3587万股，占公司当前总股本（即2,271,496,706 股）的0.78%。中山瑞信已于近日完成1,780.3500万股解除质押登记。 ● 公司控股股东明阳新能源投资控股集团有限公司（以下简称"能投集团"）与公司关联股东中山瑞信、 海南博蕴投资合伙企业（有限合伙）（以下简称"海南博蕴"）、北海瑞悦创业投资有限公司（以下简 称"北海瑞悦"）、Wiser Tyson Investments Corp Limited（以下简称Wiser Tyson）、First Base Investments Limited（以下简称"First Base ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-056 明阳智慧能源集团股份公司 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: ? 明阳智慧能源集团股份公司（以下简称"公司""明阳智能"）股东中山 瑞信企业管理咨询合伙企业（有限合伙） （以下简称"中山瑞信"）持有公司股份 信已于近日完成 1,780.3500 万股解除质押登记。 ? 公司控股股东明阳新能源投资控股集团有限公司（以下简称"能投集团"） 与公司关联股东中山瑞信、海南博蕴投资合伙企业（有限合伙）（以下简称"海 南博蕴"）、北海瑞悦创业投资有限公司（以下简称"北海瑞悦"）、Wiser Tyson Investments Corp Limited（以下简称 Wiser Tyson）、First Base Investments Limited（以下简称"First Base"）、Keycorp Limited（以下简称"Keycorp"） 合计持有公司股份 57,798.0900 万股，占公司当前总股本的 25.44%。本次解除 质押后 ...