证券代码：603218 证券简称：日月股份 公告编号：2025-053 日月重工股份有限公司 第六届董事会第十七次会议决议公告 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、董事会会议召开情况 日月重工股份有限公司（以下简称"公司"）第六届董事会第十七次会议于 2025 年 11 月 18 日以邮件及书面方式发出会议通知和会议材料，并于 2025 年 11 月 21 日以通讯方式召开。本次会议应出席会议董事 7 名，实际参加表决人数 7 名。 本次会议由公司董事长傅明康先生主持，本次会议的召开符合《中华人民共和国公 司法》《上海证券交易所股票上市规则》等有关法律、行政法规、部门规章、规范 性文件和《日月重工股份有限公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 本次会议审议议案如下： 1、审议通过《关于补选第六届董事会非独立董事及调整专门委员会委员的议 案》： 本议案已经提名委员会审议通过，并同意提交公司董事会审议。具体内容详见 上海证券交易所网站及同日于指定披露媒体披露的公司《关于董事、高级管理人员 辞职 ...

Core Viewpoint - The company announced that its director and deputy general manager, Zhang Jianzhong, holds 627,900 shares, accounting for 0.0609% of the total shares. The planned reduction of shares has been terminated due to his resignation from the position [1] Summary by Sections - **Shareholding Information** - Zhang Jianzhong holds 627,900 shares, representing 0.0609% of the total shares [1] - **Reduction Plan** - Initially planned to reduce holdings by up to 156,900 shares, which is 0.0152% of the total shares, starting from October 16, 2025, within three months after 15 trading days [1] - As of the announcement date, no shares have been reduced [1] - **Termination of Reduction Plan** - The reduction plan has been terminated early due to Zhang Jianzhong no longer serving as director and deputy general manager [1] - His shareholding remains unchanged at 627,900 shares, accounting for 0.0609% [1]

Market Overview - The apparel and home textile sector increased by 0.4% compared to the previous trading day, with Jiumuwang leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Jiumuwang (601566) closed at 13.84, up 10.02% with a trading volume of 201,900 shares and a turnover of 278 million yuan [1] - Zhenyaomeijia (003041) also saw a significant increase, closing at 45.12, up 10.00% with a trading volume of 94,700 shares and a turnover of 426 million yuan [1] - Other notable performers included Qipilong (002029) with a 3.00% increase, closing at 10.63, and Xinhe Co. (003016) with a 2.57% increase, closing at 9.58 [1] Capital Flow - The apparel and home textile sector experienced a net outflow of 478 million yuan from institutional investors, while retail investors saw a net inflow of 373 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Jiumuwang (601566) had a net inflow of 24.68 million yuan from institutional investors, but a net outflow from retail investors of 10.54 million yuan [3] - Qipilong (002029) experienced a net inflow of 26.74 million yuan from institutional investors, but a net outflow of 32.07 million yuan from retail investors [3] - Other stocks like Senma (002563) and Aokang International (603001) also showed similar patterns of mixed capital flows [3]

Market Overview - The wind power equipment sector experienced a decline of 0.66% on November 14, with Delijia leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Changyou Technology (301557) saw a significant increase of 7.78%, closing at 110.80 with a trading volume of 16,700 lots and a transaction value of 182 million [1] - Pangu Intelligent (301456) rose by 4.20%, closing at 31.50 with a trading volume of 74,300 lots and a transaction value of 229 million [1] - Other notable performers included Hongde Co. (301163) with a 1.30% increase and Zhonghuan Hailu (301040) with a 0.84% increase [1] Declining Stocks - Delijia (603092) led the decline with a drop of 4.92%, closing at 62.48 with a trading volume of 73,200 lots and a transaction value of 46.4 million [2] - Other stocks that declined included Weili Transmission (300904) down 2.36% and Mingyang Smart Energy (601615) down 2.03% [2] Capital Flow - The wind power equipment sector saw a net outflow of 157 million from institutional investors, while retail investors contributed a net inflow of 36.27 million [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Hewei Electric (603063) had a net inflow of 89.62 million from institutional investors, but a net outflow of 72.91 million from retail investors [3] - Pangu Intelligent (301456) experienced a net inflow of 14.43 million from institutional investors, while retail investors showed a net outflow of 1.33 million [3] - Overall, the capital flow data reflects varying levels of investor confidence across different stocks within the sector [3]

11月13日，日月股份盘中上涨2.06%，截至09:51，报14.34元/股，成交4336.86万元，换手率0.30%，总 市值147.76亿元。 日月股份所属申万行业为：电力设备-风电设备-风电零部件。所属概念板块包括：航天军工、一带一 路、中盘、融资融券、核电等。 截至9月30日，日月股份股东户数4.84万，较上期增加13.10%；人均流通股21244股，较上期减少 11.58%。2025年1月-9月，日月股份实现营业收入48.55亿元，同比增长52.45%；归母净利润4.34亿元， 同比减少14.25%。 分红方面，日月股份A股上市后累计派现18.22亿元。近三年，累计派现8.49亿元。 机构持仓方面，截止2025年9月30日，日月股份十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股4625.48万股，相比上期增加1721.05万股。南方中证1000ETF（512100）位居第六大流通 股东，持股471.00万股，相比上期减少5.11万股。东方红京东大数据混合A（001564）位居第十大流通 股东，持股285.28万股，持股数量较上期不变。 责任编辑：小浪快报 资金流向方面，主力资金净流入 ...

Investment Rating - The report maintains a positive investment outlook for the clean energy sector, particularly focusing on storage, wind, and solar energy [1][5][19]. Core Insights - The global electricity shortage narrative continues to evolve, driven by AI computing power demands and carbon reduction goals, which will collectively drive a significant cycle in clean energy and new grid construction over the next 3-5 years [1][5]. - Storage solutions are identified as critical for adapting to changes in power source structures and load characteristics, while green hydrogen and ammonia are seen as key pathways for carbon reduction in non-electric sectors [1][5]. - The report emphasizes the importance of top-level design documents in China, reinforcing the strategic direction for energy transition and carbon neutrality [6][7]. Summary by Relevant Sections Energy Storage - North America continues to experience electricity shortages, with a resonance between the Chinese and U.S. markets; the white paper on carbon peak and carbon neutrality in China further establishes the key role of storage [6][7]. - Tesla is expected to procure 30GWh of storage batteries from Samsung SDI, indicating a strong demand for storage solutions [8][9]. Lithium Battery - The price of lithium hexafluorophosphate (6F) continues to rise, with a notable increase of 4.19% in the average price of lithium iron phosphate batteries; the overall lithium battery supply chain remains optimistic [12][16]. - Tianqi Lithium announced significant orders totaling nearly 400 billion yuan for electrolyte products, indicating robust demand in the lithium battery sector [13]. Wind Energy - Wind turbine prices and volumes are exceeding expectations, with a focus on the profitability recovery of the turbine manufacturing segment; the report recommends key companies in this area [17][19]. - The government of Yancheng has released a green electricity direct connection plan, with a wind power capacity of 35.8GW planned, predominantly from offshore sources [20][21]. Solar Energy - The solar industry is experiencing a seasonal slowdown in production, but the decline is less than previously predicted; the report suggests bottom-fishing strategies in the solar sector, particularly in glass and low-cost silicon materials [23][24]. - The report highlights the potential for demand recovery in the solar market due to ongoing electricity shortages and domestic carbon reduction targets [23][26]. Hydrogen and Fuel Cells - The solid oxide fuel cell (SOFC) sector is experiencing unexpected growth, with new supply chain opportunities emerging; the report emphasizes the importance of green hydrogen and ammonia in future energy strategies [26][28]. - The report identifies a significant opportunity for green methanol production, driven by upcoming projects and the demand for green shipping fuel [27][28]. AIDC (Advanced Industrial Computing) - Major electrical giants are expanding their liquid cooling business through acquisitions, indicating a growing market for thermal management solutions in data centers [29][30].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company achieved a revenue of 4.855 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 52.45%. However, the net profit attributable to the parent company decreased by 14.25% to 434 million yuan [1][3] - In Q3 2025, the company reported a revenue of 1.630 billion yuan, up 16.67% year-on-year but down 15.35% quarter-on-quarter. The net profit attributable to the parent company for the same period was 151 million yuan, showing a significant year-on-year increase of 77.42% but a quarter-on-quarter decrease of 7.33% [1][3] - The company's gross margin improved in Q3 2025, reaching 17.46%, which is an increase of 2.69 percentage points year-on-year and 1.57 percentage points quarter-on-quarter [1] - The company has reduced its expense ratio, with a total expense ratio of 6.35% in the first three quarters of 2025, down from 8.06% in the same period last year, indicating effective cost control [1] Summary by Sections Revenue and Profitability - The company reported a total revenue of 48.55 billion yuan for the first three quarters of 2025, a 52.45% increase year-on-year. The net profit attributable to the parent company was 4.34 billion yuan, down 14.25% year-on-year [1][3] - For Q3 2025, the revenue was 16.30 billion yuan, reflecting a 16.67% year-on-year increase, while the net profit was 1.51 billion yuan, up 77.42% year-on-year [1] Gross Margin and Expense Control - The gross margin for the first three quarters of 2025 was 16.32%, a decrease of 0.90 percentage points year-on-year. In Q3 2025, the gross margin improved to 17.46%, an increase of 2.69 percentage points year-on-year and 1.57 percentage points quarter-on-quarter [1] - The total expense ratio for the first three quarters of 2025 was 6.35%, down from 8.06% in the previous year, indicating improved expense management [1] Future Outlook - The company is expected to achieve net profits of 6.71 billion yuan, 8.51 billion yuan, and 9.77 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7.6%, 26.8%, and 14.8% [2] - The earnings per share (EPS) are projected to be 0.65 yuan, 0.83 yuan, and 0.95 yuan for the years 2025, 2026, and 2027, respectively [2]

Core Insights - The wind power equipment sector experienced a slight increase of 0.27% on November 6, with Feiwo Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Wind Power Equipment Sector Performance - Feiwo Technology (301232) saw a significant rise of 12.24%, closing at 53.90, with a trading volume of 121,200 shares and a transaction value of 622 million [1] - Zhenjiang Co., Ltd. (603507) increased by 6.23%, closing at 26.41, with a trading volume of 195,800 shares [1] - Other notable performers included Zhonghuan Hailu (301040) up 2.70% and Weili Transmission (300904) up 2.16% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 240 million from institutional investors, while retail investors saw a net inflow of 290 million [2] - The detailed capital flow for key stocks showed that Jin Feng Technology (002202) had a net inflow of 44.54 million from institutional investors, despite a net outflow of 88.28 million from speculative funds [3] - Zhenjiang Co., Ltd. (603507) also faced a net outflow of 42.82 million from speculative funds, while retail investors contributed a net inflow of 0.98 million [3]

Core Viewpoint - The stock of Rihua Co., Ltd. has shown a mixed performance in recent trading, with a year-to-date increase of 22.95% but a decline of 2.90% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Rihua Co., Ltd. achieved a revenue of 4.855 billion yuan, representing a year-on-year growth of 52.45% [2] - The net profit attributable to shareholders for the same period was 434 million yuan, which reflects a year-on-year decrease of 14.25% [2] Shareholder Information - As of September 30, 2025, the number of shareholders of Rihua Co., Ltd. increased by 13.10% to 48,400 [2] - The average number of circulating shares per shareholder decreased by 11.58% to 21,244 shares [2] Dividend Distribution - Since its A-share listing, Rihua Co., Ltd. has distributed a total of 1.822 billion yuan in dividends, with 849 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 46.255 million shares, an increase of 17.2105 million shares from the previous period [3] - The Southern CSI 1000 ETF is the sixth-largest circulating shareholder, holding 4.71 million shares, a decrease of 51,100 shares from the previous period [3] - The Oriental Red JD Big Data Mixed A Fund remains the tenth-largest circulating shareholder, holding 2.8528 million shares, unchanged from the previous period [3]

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].