证券代码：601615 证券简称：明阳智能 公告编号：2025-080 经公司2024年8月5日召开第三届董事会第十一次会议及第三届监事会第七 次会议,以及2024年8月27日召开2024年第一次临时股东大会决议通过，将原计划 投入2020年度非公开发行股票项目的募集资金投资项目中汕尾海洋工程基地（陆 丰）项目明阳智能海上风电产业园工程项目剩余募集资金89,111.20万元及该项 目利息净额2,943.12万元（利息收入扣减手续费支出，具体以转出当日募集资金 银行余额为准），变更用于投资建设：1）玉门市明智风力发电有限公司明阳玉 门市新民堡10万千瓦风电场项目（以下简称"明阳新民堡项目"），拟使用募集 资金金额20,111.20万元以及利息净额2,943.12万元（利息收入扣减手续费支出， 具体以转出当日募集资金银行余额为准），合计23,054.32万元；2）张家口明阳 察北阿里巴巴数据中心源网荷储一体化项目（以下简称"明阳察北项目"），拟 使用募集资金金额为69,000.00万元。详见公司于2024年8月6日在指定信息披露 媒体上披露的《关于变更部分募集资金投资项目的公告》（公告编号：2024-073）。 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-079 明阳智慧能源集团股份公司 关于向子公司提供担保的公告 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： 担 保 对 象 被担保人名称 无锡明阳氢燃动力科技有限公司 （以下简称"明阳氢燃"） 本次担保金额 500.00 万元 实际为其提供的担保余额 2,500.00 万元（含本次金额） 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 是 □否 □不适用：_________ 担保对象及基本情况 累计担保情况 （一）担保的基本情况 2025 年 11 月 25 日，为满足明阳智慧能源集团股份公司（以下简称"公司"） 控股子公司明阳氢燃的经营周转需要，明阳氢燃向兴业银行股份有限公司无锡分 行（以下简称"兴业银行无锡分行"）申请流动资金借款,金额合计人民币 500.00 万元；公司为前述事项提供连带责任担保合计不超过人民币 500.00 万元，保证 期间根据主合同项下债权人对债务人所提供的每笔融资分别计算，就每笔融资 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 26.3 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 30%, while the net profit attributable to shareholders was approximately 770 million yuan, a decline of 5% year-on-year. In Q3 alone, the revenue was about 9.2 billion yuan, with a year-on-year increase of 9%, and the net profit was approximately 160 million yuan, up 5% year-on-year [2][4] Summary by Sections Revenue Performance - In Q3, the company achieved a wind turbine shipment of approximately 4.2 GW, with onshore wind accounting for about 3.1 GW and offshore wind for about 1.1 GW, generating sales revenue of approximately 8.04 billion yuan, a year-on-year increase of 9%. The revenue from power station products was about 610 million yuan, showing some growth, while the revenue from power station operation decreased by 23% to approximately 270 million yuan [12] Profitability - The gross margin for Q3 was approximately 10.3%, an increase of 5.5 percentage points year-on-year. The period expense ratio was about 8.7%, down 0.7 percentage points year-on-year. The net profit margin was approximately 1.7%, showing a year-on-year decline [12] Other Key Indicators - The company's inventory and contract liabilities were approximately 18.5 billion yuan and 8.2 billion yuan, respectively, both at historical highs, which lays a foundation for future delivery performance [12] - The company is expected to see an improvement in the average delivery price of wind turbines in 2026, with a significant release of performance anticipated. The net profit attributable to shareholders is projected to be approximately 1.1 billion yuan and 2.8 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of approximately 27 times and 11 times [12]

Core Insights - Ruifeng (Tangshan) New Energy Co., Ltd. has been established with a registered capital of 1.5 million RMB, focusing on various aspects of renewable energy, particularly offshore wind power and photovoltaic equipment [1][2] Company Information - The legal representative of Ruifeng (Tangshan) New Energy Co., Ltd. is Ge Ritu [1] - The company is wholly owned by Mingyang Smart Energy (601615) [1] - The registered address is located in Tangshan International Tourism Island, Hebei Province [2] - The company operates in the electric power and heat production and supply industry [2] Business Scope - The business scope includes sales of generators and generator sets, research and development of offshore wind power systems, sales of offshore wind power equipment, wind power technology services, sales of wind farm equipment, and research and development of wind farm systems [1][2] - Additional services include sales of photovoltaic equipment and components, as well as various technical services related to renewable energy [2]

Core Insights - The strategic cooperation framework agreement between Mingyang Smart Energy and ACWA Power marks a significant advancement in global clean energy collaboration, focusing on localized manufacturing, integrated energy synergy, and joint project development [1][2] - The partnership aims to support Saudi Arabia's Vision 2030 and contribute to the global carbon neutrality process by creating exemplary projects in green energy cooperation [1] - Mingyang Smart Energy will provide customized products and advanced technical support for ACWA Power's wind power projects, leveraging its expertise in system design and operational platforms to optimize lifecycle costs and enhance asset returns [1] Group 1: Strategic Cooperation - The collaboration will extend to multi-energy complementary integrated energy sectors, planning large-scale integrated energy bases in the Middle East, exploring innovative models for wind-solar-storage-hydrogen-ammonia operations [2] - ACWA Power plans to jointly develop wind and other renewable energy projects in China with Mingyang Smart Energy, promoting deep integration in technology standards, capital flow, and market mechanisms [2] - The partnership is expected to accelerate the localization of clean energy technologies in the Middle East and Central Asia, reinforcing ACWA Power's leadership in the global renewable energy sector [2] Group 2: Company Profiles - ACWA Power, headquartered in Saudi Arabia, operates over 110 power, desalination, and renewable energy projects across 15 countries, playing a key role in global green infrastructure development [3] - Mingyang Smart Energy provides comprehensive energy solutions across multiple fields, including wind, solar, energy storage, and hydrogen, serving numerous countries and regions worldwide [3] - The collaboration between these two leading companies is anticipated to create a new paradigm for international clean energy cooperation [3]

Core Viewpoint - Mingyang Smart Energy has experienced a decline in stock price recently, with a notable drop in trading volume and net outflow of funds, despite a year-to-date increase in stock price [1][2]. Group 1: Stock Performance - As of November 20, Mingyang Smart Energy's stock price decreased by 2.02%, trading at 13.55 CNY per share, with a total market capitalization of 30.779 billion CNY [1]. - The stock has increased by 9.97% year-to-date, but has seen a decline of 8.20% over the last five trading days and 11.96% over the last twenty days [1]. - The trading volume on November 20 was 253 million CNY, with a turnover rate of 0.81% [1]. Group 2: Financial Performance - For the period from January to September 2025, Mingyang Smart Energy reported a revenue of 26.304 billion CNY, reflecting a year-on-year growth of 29.98% [2]. - The net profit attributable to shareholders for the same period was 766 million CNY, which represents a year-on-year decrease of 5.29% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Mingyang Smart Energy reached 129,300, an increase of 8.84% from the previous period [2]. - The average number of circulating shares per shareholder was 17,564, which is a decrease of 8.12% compared to the previous period [2]. - The company has distributed a total of 2.858 billion CNY in dividends since its A-share listing, with 1.999 billion CNY distributed over the last three years [3].

Core Viewpoint - The company has approved a real estate asset-backed special plan to enhance its asset utilization and promote sustainable operations in the wind power infrastructure sector [2][18]. Group 1: Meeting and Resolutions - The third board meeting of the company was held on November 19, 2025, with all 11 directors present, and the resolutions passed were deemed legally valid [1][3]. - The board approved the implementation of a real estate asset-backed special plan, involving the company's subsidiary, Beijing Jieyuan New Energy Investment Co., Ltd., and its project in Shaanxi [2][6]. Group 2: Project Implementation Progress - The company initiated the asset-backed special plan on September 25, 2025, and has since submitted the plan to the Shanghai Stock Exchange for acceptance [6][7]. - The special plan will utilize the Shaanxi Jingbian Ningtiaoliang Wind Farm project as the underlying asset, which has a total installed capacity of 150 MW [8]. Group 3: Financial Arrangements - The plan includes financial arrangements such as factoring financing cooperation to manage uncertainties related to government subsidy payments [9]. - The original equity holder, Beijing Jieyuan, will provide liquidity support and construction project loan support to ensure the project's smooth operation [10][13]. Group 4: Impact on the Company - The implementation of the asset-backed special plan is expected to activate existing assets and unlock their potential value, contributing to a positive investment cycle in the wind power sector [18].

Core Viewpoint - Mingyang Smart Energy announced the approval of a special asset-backed plan for real estate holdings, focusing on renewable energy projects [2] Group 1: Company Actions - The company’s board approved the proposal to initiate the issuance of a special asset-backed plan for real estate holdings [2] - The plan involves the company’s subsidiary, Beijing Jieyuan New Energy Investment Co., Ltd., using its holdings in Xi'an Jingbian Mingyang New Energy Power Co., Ltd. as the project company [2] - The underlying asset for the plan is the Ningtiaoliang Wind Farm project held by Jingbian Mingyang [2] Group 2: Regulatory Process - The company has submitted the special plan for approval to the Shanghai Stock Exchange, which has accepted the application [2] - The various tasks related to the application process are progressing as scheduled [2]

Group 1 - The core point of the article is that Mingyang Smart Energy (SH 601615) announced the convening of its 27th meeting of the third board of directors on November 19, 2025, to discuss the implementation of a real estate asset-backed special plan [1] - For the first half of 2025, the revenue composition of Mingyang Smart Energy is as follows: product sales revenue accounts for 92.08%, power generation and sales revenue accounts for 4.42%, wind farm generation accounts for 2.7%, and other businesses account for 0.8% [1] - As of the time of reporting, the market capitalization of Mingyang Smart Energy is 31.4 billion yuan [1]

证券代码：601615 证券简称：明阳智能 公告编号：2025-078 明阳智慧能源集团股份公司 关于持有型不动产资产支持专项计划 申报发行工作的进展公告 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。 一、项目实施进展 二、专项计划方案 （一）方案基本要素 本次专项计划基本交易要素如下： 1、专项计划名称：中信建投-明阳智能新能源持有型不动产资产支持专项计 划（暂定名） 2、原始权益人：北京洁源新能投资有限公司 3、底层资产：陕西靖边宁条梁风电场项目 4、发行规模：发行规模以底层资产估值为基础，并根据最终发行结果确认 5、发行对象：专业机构投资者，其中原始权益人或其关联方认购 10%-20% 份额 6、专项计划存续期：不超过土地使用权到期日 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 的第三届董事会第二十四次会议，审议通过了《关于开展持有型不动产资产支持 专项计划申报发行工作的议案》，同意公司控股子公司北京洁源新能投资有限公 司（以下简称"北京洁源"）以其持有的陕西靖边明阳新能源发电有 ...