Group 1: Project Updates - The Mingyang BASF Zhanjiang offshore wind power demonstration project received approval on May 24, 2024, marking it as the first Sino-German cooperative offshore wind project approved in China [3] - The project has a total installed capacity of 1,500 MW, divided into two phases, located in the eastern sea area of Hainan Province [5] Group 2: Financial and Operational Insights - The REITs launched on July 23, 2024, successfully listed on the Shanghai Stock Exchange, with underlying assets including the Huanghua Old Town Wind Farm (100 MW) and the Keshiketengqi Hongtu Jingzi Wind Farm (50 MW) [4] - Sales expenses increased significantly due to the rise in wind turbine capacity under warranty and enhanced market expansion efforts, leading to higher marketing-related costs [6]

Summary of the Conference Call Company and Industry Involved - The conference call involved **Mingyang Smart Energy** and the **wind power industry**. Key Points and Arguments 1. **Recent Developments in Business** Mingyang Smart Energy is focusing on its **closure plan** to turn losses into profits, particularly in the context of its **wind turbine business** [2][5][6]. 2. **Changes in Bidding Mechanism** The industry has seen a shift from a **low-bid winning model** to a **comprehensive scoring system** for bids, which aims to stabilize prices and ensure more reasonable pricing strategies [3][4][14]. 3. **Cost Control Measures** Companies in the wind turbine sector have improved their **cost control** through various means, including **technical efficiency**, **design optimization**, and **increased self-sourcing of components** [4][5][6]. 4. **Profitability Trends** Mingyang has reported an increase in the **gross margin** of its wind turbine products from **2.4%** in Q4 2022 to **7.9%** in Q3 2023, indicating a potential for profitability if the trend continues [5][6]. 5. **Sales and Delivery Guidance** The company has set a target to deliver **13 GWh** of wind turbines in Q4 2023, with expectations to exceed **5.3 GWh** based on current trends [6][7]. 6. **Electricity Generation and Transfer Revenue** Mingyang expects to maintain stable revenue from electricity generation, projecting a total generation of **171.7 billion kWh** for the year, with an average gross margin of **59%** [6][7]. 7. **Market Dynamics and Pricing** There is a cautious outlook on potential price increases in the wind turbine market, with suppliers indicating a desire to raise prices, but the overall expectation is for **moderate price stability** rather than significant increases [8][9][11][14]. 8. **Offshore Wind Projects** Mingyang is optimistic about its offshore wind projects, with plans to deliver **2 GWh** in 2023 and aiming for **4 GWh** in 2024, reflecting a significant increase in capacity [16][18]. 9. **International Expansion and Orders** The company has secured **2.1 GWh** of overseas orders, with expectations to exceed **3 GWh** by year-end, focusing on the European market for future growth [21][22][23]. 10. **Operational Challenges and Strategies** Mingyang is aware of the complexities involved in international projects, emphasizing the need for **local operational capabilities** and **engineering teams** to ensure successful project execution [35][41]. Other Important but Possibly Overlooked Content 1. **Regulatory and Market Environment** The company is navigating a changing regulatory landscape, particularly in offshore projects, which may affect timelines and project execution [16][17]. 2. **Long-term Strategic Planning** Mingyang is developing a comprehensive **2025 business plan**, which includes considerations for pricing strategies and market positioning [11][12]. 3. **Investment in Local Manufacturing** Plans for establishing manufacturing facilities in Europe are underway, focusing on **blade production** and **assembly**, which will enhance local supply chain capabilities [25][39]. 4. **Innovative Business Models** The company is exploring innovative models such as **REITs** for its power station projects, aiming to enhance revenue streams and operational efficiency [27][28]. 5. **Focus on Quality and Experience** Emphasis on the importance of **project experience** and **quality assurance** in securing international contracts, particularly in competitive markets like Europe [34][35].

Group 1: Overall Industry Performance - The overall performance of wind turbine manufacturers improved in the first three quarters of the year, with significant growth in net profits reported by major players [1][2] - Goldwind Technology (002202.SZ) led the industry with a net profit of 1.792 billion yuan, a year-on-year increase of 42.14%, and the highest profit growth rate among peers [1][2] - The company achieved a sales capacity of 9.7 GW, a year-on-year increase of 9.05%, with a significant portion of sales coming from turbines of 6 MW and above, accounting for 57.64% of total sales [1] Group 2: Company-Specific Highlights - Goldwind's profit primarily stems from wind farm operations rather than traditional turbine sales, with investment income from wind farm transfers contributing approximately 256 million yuan [2] - Sany Heavy Energy (688349.SH) reported a net profit of 251 million yuan, a year-on-year increase of 17.56%, and has been actively expanding its international presence [2][3] - Mingyang Smart Energy (601615.SH) experienced a decline in both year-on-year and quarter-on-quarter performance, with a net profit of 809 million yuan, down 34.58% due to falling turbine prices and reduced offshore turbine deliveries [3][4] Group 3: Order and Revenue Trends - Goldwind's total external orders reached 29.5 GW, with a backlog of 44.3 GW, reflecting a year-on-year increase of 40.53% [1][2] - Yunda Wind Power (300772.SZ) reported a revenue of 13.929 billion yuan, a year-on-year increase of 24.01%, with a net profit of 267 million yuan, up 6.25% [4] - Electric Wind Power (688660.SH) reported a significant increase in new orders, totaling 7.1 GW, a year-on-year growth of 292.53%, with a backlog of 14.6 GW, up 60.66% from the previous year [5]

证券代码：601615 证券简称：明阳智能 公告编号：2024-098 明阳智慧能源集团股份公司 第三届董事会第十五次会议决议公告 议案已经第三届董事会审计委员会第七次会议审议通过，并提交董事会审议。 公司董事会认为公司 2024 年第三季度报告真实、准确、完整地反映了公司 2024 年三季度的财务状况和经营成果，符合中国证监会和上海证券交易所的相 关规定，不存在虚假记载、误导性陈述或者重大遗漏。综上，董事会同意本议案。 具体内容详见公司于同日在指定信息披露媒体上披露的《2024 年第三季度 报告》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 2、审议通过《关于部分 2020 年度非公开发行股票募投项目结项并将节余 募集资金用于其他募投项目的议案》 议案已经第三届董事会审计委员会第七次会议审议通过，并提交董事会审议。 公司董事会同意公司拟将2020年定增募投项目10MW级海上漂浮式风机设计 研发项目结项，并将其节余募集资金及利息净额全部用于张家口明阳察北阿里巴 巴数据中心源网荷储一体化项目。 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 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 8,440,559,256, a decrease of 19.39% compared to CNY 10,398,611,805 in the same period last year[4] - Net profit attributable to shareholders was CNY 147,854,295.34, down 74.57% from CNY 573,680,529.77 year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 123,009,929.24, a decline of 77.47% compared to CNY 538,222,032.16 in the previous year[4] - Basic earnings per share decreased by 73.08% to CNY 0.07 from CNY 0.26 in the same period last year[4] - The weighted average return on net assets was 0.54%, down from 1.97% in the previous year[4] - The company reported a net cash flow from operating activities of CNY -4,637,441,458.49 for the year-to-date, compared to CNY -2,319,208,958.69 in the same period last year[4] - The company experienced a significant decline in profit mainly due to falling wind turbine prices and a decrease in offshore wind turbine delivery scale[11] - The net profit attributable to shareholders for the reporting period is -74.57 million RMB, primarily due to the decline in wind turbine prices and a decrease in offshore wind turbine delivery scale[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the reporting period is -77.47 million RMB, consistent with the above reasons[12] - Basic and diluted earnings per share for the reporting period are both -73.08 RMB, mainly due to the decrease in net profit attributable to shareholders[12] Assets and Liabilities - Total assets at the end of the reporting period were CNY 83,861,255,864.75, reflecting a decrease of 1.54% compared to the previous year[4] - As of September 30, 2024, the total assets of Mingyang Smart Energy Group amounted to CNY 82.92 billion, a decrease from CNY 84.22 billion at the end of 2023, reflecting a decline of approximately 1.57%[18] - The company's total current assets increased to CNY 46.61 billion from CNY 43.68 billion, representing a growth of about 6.67%[18] - The total liabilities decreased slightly to CNY 54.68 billion from CNY 55.62 billion, a reduction of about 1.69%[19] - The company's total liabilities amounted to ¥45.24 billion, a decrease of 3.4% from ¥47.02 billion year-over-year[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 139,842[13] - The largest shareholder, WISER TYSON INVESTMENT CORP LIMITED, holds 157,062,475 shares, accounting for 6.91% of the total shares, with 121,700,475 shares pledged[13] - The second-largest shareholder, FIRST BASE INVESTMENTS LIMITED, holds 119,470,011 shares, accounting for 5.26% of the total shares, with 95,000,000 shares pledged[13] - The company has repurchased a total of 121,119,984 shares, representing 5.33% of the total share capital[15] - The company has a total of 200,051,612 shares held by its controlling shareholders, indicating significant ownership concentration[15] Cash Flow - The company reported a net cash inflow from operating activities of CNY 18,279,497,292.67 for the first three quarters of 2024[23] - The net cash flow from operating activities was -4.64 billion RMB, a decrease from -2.33 billion RMB in the previous year, indicating a worsening cash flow situation[24] - Total cash inflow from investment activities increased to 3.45 billion RMB, compared to 1.55 billion RMB in the same period last year[24] - The net cash flow from financing activities was 5.37 billion RMB, down from 6.62 billion RMB year-over-year[25] - Cash and cash equivalents at the end of the period were 10.77 billion RMB, down from 9.86 billion RMB a year ago[25] Revenue and Expenses - The total revenue for the first three quarters of 2024 was CNY 20.24 billion, down from CNY 21.11 billion in the same period of 2023, indicating a decrease of approximately 4.14%[19] - The total operating costs rose to CNY 20.29 billion from CNY 20.15 billion, marking an increase of about 0.68%[19] - Research and development expenses for Q3 2024 were CNY 501,035,158.59, down 32.3% from CNY 739,969,305.31 in Q3 2023[21] - The financial expenses for Q3 2024 were CNY 274,899,105.05, significantly higher than CNY 18,135,207.61 in Q3 2023[21] - The investment income for Q3 2024 was CNY 745,546,200.86, an increase of 48.1% from CNY 503,468,265.78 in Q3 2023[21] Comprehensive Income - The total comprehensive income for Q3 2024 was CNY 864,931,068.65, a decrease of 32.0% from CNY 1,271,974,090.91 in Q3 2023[22] - The company reported a total comprehensive income of approximately ¥1.17 billion for the first three quarters of 2024, compared to ¥600.28 million in the same period of 2023[31]

证券代码：601615 证券简称：明阳智能 公告编号：2024-102 明阳智慧能源集团股份公司 关于召开 2024 年第三季度业绩说明会的公告 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。 （一） 会议召开时间：2024 年 11 月 15 日 上午 11:00-12:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 重要内容提示： 投资者可于 2024 年 11 月 8 日(星期五) 至 11 月 14 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 myse@mywind.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 明阳智慧能源集团股份公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 11 月 15 日 上午 11:00-12:00 举行 ...

中信证券股份有限公司 关于明阳智慧能源集团股份公司 (二)募集资金使用计划及募集资金投资项目 公司非公开发行股票的募集资金的使用计划及募集资金投资项目情况如下： 单位：万元 部分2020年度非公开发行股票募投项目结项并将节余募集资金用于 其他募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）为明阳智 慧能源集团股份公司（以下简称"明阳智能"、"上市公司"、"公司"）持续 督导保荐机构，对明阳智能部分 2020 年度非公开发行股票募投项目结项并将节 余募集资金用于其他募投项目的情况进行了核查，具体情况如下： 为提高募集资金使用效率，根据战略规划和经营需要，经明阳智能于 2024 年 10 月 29 日召开第三届董事会第十五次会议和第三届监事会第十次会议审议 通过，鉴于 2020 年度非公开发行股票（以下简称"2020 年定增"）募投项目 10MW 级海上漂浮式风机设计研发项目已达到预定可使用状态，公司拟将该项 目结项，并将其预计截至 2024 年 10 月末节余募集资金 23,462.83 万元及该项目 利息净额 2,184.72 万元（利息收入扣减手续费支出，金额具体以转出当日银行 ...

证券代码：601615 证券简称：明阳智能 公告编号：2024-101 明阳智慧能源集团股份公司 关于续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙） 明阳智慧能源集团股份公司（以下简称"公司"）于2024年10月29日召开第 三届董事会第十五次会议，审议通过了《关于续聘会计师事务所的议案》，拟聘 任致同会计师事务所（特殊普通合伙）（以下简称"致同会计师事务所"）为公 司2024年度财务及内控审计机构，并同意择机将该议案提交公司股东大会审议， 现将相关事项公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：2011 年 12 月 22 日 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首席合伙人：李惠琦 执业证书颁发单位及序号：北京市财政局 NO.0014469 截至 2023 年末，致同会计师事务所从业人员近六千人，其中合伙人 22 ...

经审议，公司监事会认为公司 2024 年第三季度报告的编制和审议程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 2024 年三季度的财务状况和经营成果，符合会计准则的相关规定，不存在虚假 记载、误导性陈述或者重大遗漏。综上，公司监事会同意本议案。 证券代码：601615 证券简称：明阳智能 公告编号：2024-099 明阳智慧能源集团股份公司 第三届监事会第十次会议决议公告 本公司监事会及监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。 明阳智慧能源集团股份公司（以下简称"公司"）第三届监事会第十次会议 于 2024 年 10 月 29 日在公司总部大楼会议室以现场表决与通讯表决结合的方式 召开，本次会议于 2024 年 10 月 23 日以书面、电话、邮件等方式通知各位监事， 与会的各位监事已知悉与所议事项相关的必要信息。本次会议应到监事 3 人，实 到 3 人，会议由王利民先生主持，本次会议的召开符合《中华人民共和国公司法》 和《公司章程》等有关规定。 会议审议并通过了以下议案： 1、审议通过《2024 ...

证券代码：601615 证券简称：明阳智能 公告编号：2024-100 明阳智慧能源集团股份公司 关于部分2020年度非公开发行股票募投项目结项并 将节余募集资金用于其他募投项目的公告 节余募集资金用途：10MW 级海上漂浮式风机设计研发项目结项后，公司 拟将其节余募集资金及利息净额全部用于张家口明阳察北阿里巴巴数据中心源 网荷储一体化项目，实际金额以资金转出当日募集资金专用账户余额为准。 本事项无需提交股东大会审议。 为提高募集资金使用效率，根据战略规划和经营需要，明阳智慧能源集团股 份公司（以下简称"公司"）于 2024 年 10 月 29 日召开第三届董事会第十五次 会议和第三届监事会第十次会议，鉴于 2020 年定增募投项目 10MW 级海上漂浮式 风机设计研发项目已达到预定可使用状态，公司拟将该项目结项，并将其预计截 至 2024 年 10 月末节余募集资金 23,462.83 万元及该项目利息净额 2,184.72 万 元（利息收入扣减手续费支出，金额具体以转出当日银行账户余额为准）全部用 于张家口明阳察北阿里巴巴数据中心源网荷储一体化项目，现将相关事项公告如 下： 一、募集资金基本情况 (一)实 ...