12月15日，明阳智能（601615）（601615.SH）在国内外市场同步实现重大突破，同时中标沙特1500MW风电项目与海南600MW海上风电项目，累计装机容 量超2GW，充分彰显其在全球新能源领域的综合竞争力。 国际市场方面，明阳中标阿联酋公用事业开发公司Emirates Utility Development Company（EUDC）SPPC R6 1500MW风电项目，成为该项目的风力发电机组 供应商。 SPPC R6 1500MW风电项目是中东地区重要的可再生能源项目之一。本次中标标志着明阳在中东及国际市场的竞争力与品牌影响力进一步提升，也为公司持 续拓展海外大型风电项目奠定了坚实基础。 同日，明阳中标大唐海南儋州120万千瓦海上风电项目二场址（600MW）风力发电机组及附属设备（含塔筒），金额为18.342亿元，合3057元/千瓦。 ...

Demand: Onshore Wind Capacity Supported, Positive Outlook for Offshore Growth - In 2025, onshore wind capacity is expected to exceed 100GW, with a year-on-year growth of over 25% [2][11] - For offshore wind, the expected capacity for 2025 is between 8-10GW, with a year-on-year increase of 30%+ anticipated for 2026 [12][11] - The "14th Five-Year Plan" period is projected to see an average annual installation of 110-120GW for onshore wind and over 20GW for offshore wind [11][12] Offshore Cable: Voltage Levels Increasing, Leading Players Strengthening - The market size for offshore cables is expected to reach 10.7 billion yuan in 2025, a 62% increase year-on-year, with a compound annual growth rate of 26% from 2025 to 2030 [2][11] - The gross margin for 220kV cables remains stable at 35-40%, while higher voltage cables show promising margins of 45-55% [2][11] Tower and Pile: Domestic Profitability Turning Point, International Expansion Opportunities - Domestic capacity utilization rates have rapidly increased since Q2 2025, indicating a profitability turning point for related companies [2][11] - Internationally, companies are expanding their market share with significant profitability from single pile deliveries [2][11] Wind Turbines: Price Stabilization and Profitability Improvement Expected in 2026 - Wind turbine prices have stabilized, with a rebound of over 5% in bidding prices, leading to improved profitability for domestic manufacturers expected in 2026 [2][11] - Offshore orders and deliveries for wind turbine companies are significantly increasing, with offshore margins exceeding domestic margins by 5-10 percentage points [2][11] Investment Recommendations: Positive Outlook for Offshore Sector - The upcoming deep offshore projects are expected to catalyze growth, with a potential upward adjustment in mid-to-long-term installation levels [2][11] - Recommended stocks include those in the offshore wind sector such as 大金重工, 东方电缆, and others, as well as wind turbine manufacturers like 金风科技 and 明阳智能 [2][11] European Offshore Wind: Accelerated Planning Amid Energy Crisis - Following the energy crisis due to the Russia-Ukraine conflict, European countries are ramping up offshore wind planning, with auction volumes expected to increase significantly [2][21] - The average annual compound growth rate for European offshore wind installations is projected to reach 21% from 2025 to 2030 [2][37]

证券代码：601615 证券简称：明阳智能 公告编号：2025-085 明阳智慧能源集团股份公司 名称：明阳智慧能源集团股份公司 关于完成工商变更登记的公告 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。 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 了公司第三届董事会第二十四次会议，审议通过了《关于变更公司注册资本的议 案》《关于修订<公司章程>的议案》。因公司变更回购股份用途并部分注销事项， 公司注册资本由 2,271,496,706 元变更为 2,261,496,706 元，公司股份总数由 2,271,496,706 股变更为 2,261,496,706 股。具体内容详见公司于 2025 年 9 月 26 日披露的《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）。 2025 年 12 月 12 日，公司完成了《公司章程》的备案手续，并取得了中山 市市场监督管理局换发的《营业执照》。本次工商变更后，公司的基本登记信息 如下： 统一 ...

Overview - The renewable energy sector saw a 42% increase in 2025, outperforming the CSI 300 index by 24.78 percentage points, driven by strong demand for energy storage and the gradual implementation of anti-involution policies [11][14]. Solar Energy - The domestic solar market is expected to face pressure in 2026, with new installations projected to decline to 200-250 GW, down from an estimated 300 GW in 2025, which represents an 8% year-on-year growth [5][28]. - In 2025, China added 252.9 GW of new solar capacity from January to October, a year-on-year increase of 71.8 GW, with a significant portion of installations occurring in the first half of the year due to policy influences [5][18]. - Global solar installations are expected to reach 655 GW in 2025, a 10% increase year-on-year, but demand is anticipated to stabilize or slightly decline in 2026 due to various market challenges [36][37]. - The supply side is undergoing restructuring due to anti-involution policies, with significant reductions in production and inventory pressures observed in the polysilicon market [40][45]. - The BC battery technology is gaining traction, with expected rapid increases in penetration rates, potentially becoming the mainstream technology by 2030 [48][53]. Wind Energy - The domestic wind power market is projected to maintain stable growth, with onshore wind installations expected to remain flat in 2026, while offshore wind installations are forecasted to increase by over 40% to approximately 11.2 GW [5][16]. - The wind turbine market is experiencing a recovery in profitability, supported by stable pricing and expansion into overseas markets, creating new growth opportunities [16][18]. - The development of hydrogen and ammonia markets is expected to provide additional growth avenues for wind turbine manufacturers [5][16]. Investment Recommendations - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting key companies to watch in wind energy, such as Goldwind Technology, Mingyang Smart Energy, and Yunda Co., and in solar energy, including LONGi Green Energy and Aiko Solar [5][7].

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

Group 1 - The core point of the article is the establishment of Zhongshan Mingyang Smart Energy Technology Co., Ltd., which is fully owned by Mingyang Smart Energy (601615) [1] - The registered capital of the new company is 200 million yuan [1] - The business scope includes wind power generation technology services, solar power generation technology services, energy storage technology services, energy management services, and electric vehicle charging infrastructure operations [1]

Core Viewpoint - The company is a leader in offshore wind turbine manufacturing and operations, with a strong market share in both offshore and onshore wind sectors, indicating a dual-driven growth strategy [1] Group 1: Market Position and Performance - The company holds the largest market share in offshore wind installations at 40.9% for 2023 and 31.3% for 2024, while its onshore market share is projected to be 10.0% and 12.9% for the same years, ranking fourth in the industry [1] - The domestic wind turbine prices are recovering from a low point, with an expected increase from 1,475 RMB/kW in September 2024 to 1,610 RMB/kW in September 2025, representing a growth of over 9% [1] - The company experienced a significant increase in overseas orders, with a 188% year-on-year growth in new orders amounting to 19.3 GW in the first three quarters of 2025 [1] Group 2: Order Growth and Profitability - The company reported a 7.9% year-on-year increase in new orders, totaling 18.33 GW in the first three quarters of 2025, with a backlog of 46.89 GW as of September 2025 [2] - The gross margin for wind turbine manufacturing is nearing the breakeven point, indicating a recovery in profitability for the segment [2] - The company is focusing on floating wind turbine technology, having launched a 50 MW floating turbine product, which is expected to lower costs to below 10,000 RMB/kW, enhancing commercial viability [2] Group 3: Future Growth Prospects - The establishment of a manufacturing base in Scotland is expected to accelerate the realization of overseas orders, with the first batch of production planned for the end of 2028 [2] - Revenue projections for the company are optimistic, with expected total revenues of 429 billion RMB, 487 billion RMB, and 575 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 58.0%, 13.4%, and 18.2% [3] - The net profit attributable to the parent company is forecasted to reach 12.9 billion RMB, 23.6 billion RMB, and 34.8 billion RMB for the same years, with substantial growth rates of 273%, 83%, and 47% [3]

Group 1 - The core point of the article is the establishment of Zhongshan Mingyang Smart Energy Technology Co., Ltd. with a registered capital of 200 million yuan, focusing on wind power technology services, energy management services, and electric vehicle charging infrastructure operations [2] Group 2 - The company is wholly owned by Mingyang Smart Energy [2]

| 注销前回购账户股份数量（股） | 注销股份数量（股） | 注销日期 | | | | --- | --- | --- | --- | --- | | 121,119,984 | 10,000,000 | 2025 年 12 | 月 | 9 日 | 证券代码：601615 证券简称：明阳智能 公告编号：2025-084 明阳智慧能源集团股份公司 关于注销回购股份的实施公告 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"）拟对公司回购专用证券账 户中已回购但尚未使用的 10,000,000 股股份实施注销，注销完成后，公司总股 本将由 2,271,496,706 股减少为 2,261,496,706 股，公司注册资本将由人民币 2,271,496,706 元减少为 2,261,496,706 元，现将相关事项公告如下： 一、回购股份的基本情况 2023年5月4日，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 ...

Core Viewpoint - The company aims to leverage the advantages of the Hainan Free Trade Port to enhance the offshore wind power equipment industry and contribute to the development of a low-carbon economy [2] Group 1: Company Developments - The company completed the first wind turbine within a year of land acquisition in December 2021, showcasing rapid operational capabilities [2] - The company produces 143-meter wind turbine blades, maintaining a leading position in global rotor diameter and ranking in the top tier of the industry [2] Group 2: Industry Strategy - The company is committed to building a comprehensive green energy industrial chain that integrates offshore wind power, marine ranching, and seawater hydrogen production [2] - The company is accelerating the application for "zero-carbon factory" certification to explore new pathways for low-carbon development through innovative technologies [2] Group 3: Market Positioning - The company plans to deepen its layout in the offshore wind power industry chain, aiming to assist Hainan in creating a world-class dual-carbon equipment industry cluster [2] - The company intends to export Chinese-made offshore wind power equipment from Hainan to the rest of the country and globally, contributing to the construction of a "clean energy island" and the goal of becoming a strong marine province [2]