Core Insights - The wind power equipment sector saw a 0.7% increase on October 15, with Zhonghuan Hailu leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Wind Power Equipment Sector Performance - Zhonghuan Hailu (301040) closed at 24.07, up 6.08% with a trading volume of 95,900 shares and a transaction value of 227 million [1] - Electric Wind Power (688660) closed at 20.40, up 4.29% with a trading volume of 339,800 shares and a transaction value of 677 million [1] - Tai Sheng Wind Energy (300129) closed at 8.45, up 3.94% with a trading volume of 506,100 shares and a transaction value of 421 million [1] - Other notable performers include Jin Lei Co. (300443) up 3.87%, Shuangyi Technology (300690) up 3.56%, and Changyou Technology (301557) up 3.10% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 320 million from institutional investors and 210 million from retail investors, while retail investors saw a net inflow of 531 million [2] - The capital flow for individual stocks indicates that Tai Sheng Wind Energy had a net inflow of 35.63 million from institutional investors, while it faced a net outflow of 42.72 million from retail investors [3] - Other stocks like He Wang Electric (603063) and Tian Shun Wind Energy (002531) also showed mixed capital flows, with varying net inflows and outflows from different investor categories [3]

证券代码：603218 证券简称：日月股份 公告编号：2025-047 日月重工股份有限公司 关于选举职工董事的公告 附件：简历 虞洪康，男，1964 年出生，中国国籍，无境外永久居留权，中共党员，大专 学历。历任鄞县马铁厂生产科副科长，宁波纺织机械厂鄞县铸造分厂生产科副科长， 宁波日月机械铸造公司生产科副科长，宁波日月集团有限公司生产科长、副总经理、 监事，宁波日星铸业有限公司监事，宁波日月铸造有限公司董事，宁波宁动日月铸 造有限公司董事，宁波教育实业集团有限公司董事。现任公司职工董事、副总经理。 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。 日月重工股份有限公司（以下简称"公司"）于 2025 年 9 月 17 日召开 2025 年第一次临时股东大会，审议通过了《关于取消监事会并修订<公司章程>的议案》。 根据修订后的《公司章程》规定，公司设职工董事 1 名，由公司职工通过职工代表 大会、职工大会或者其他形式民主选举产生。 公司于 2025 年 9 月 30 召开公司职工代表大会，经与会职工代表选举并审议， 同意选举虞洪 ...

Group 1 - Wind power equipment sector increased by 2.26% on September 26, with Weili Transmission leading the gains [1] - Shanghai Composite Index closed at 3828.11, down 0.65%, while Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Notable stock performances include Weili Transmission up 20.00% to 79.27, Jixin Technology up 10.10% to 5.67, and Mingyang Smart Energy up 9.99% to 15.53 [1] Group 2 - The wind power equipment sector saw a net inflow of 717 million yuan from main funds, while retail investors experienced a net outflow of 483 million yuan [2] - Key stocks with significant main fund inflows include Mingyang Smart Energy with 340 million yuan and Jixin Technology with 132 million yuan [3] - Retail investors showed notable outflows in stocks like Weili Transmission and Jixin Technology, with outflows of 396 million yuan and 814 million yuan respectively [3]

Core Viewpoint - The A-share market experienced a downturn on September 26, with all three major indices closing lower, while the wind power equipment index rose by 2.67%, indicating a divergence in sector performance amid broader market challenges [1] Industry Summary - On September 24, China announced a new round of national contribution targets, aiming for wind and solar power generation capacity to exceed six times the 2020 levels by 2035, targeting a total of 3.6 billion kilowatts [1] - As of the end of August this year, China's total installed capacity for wind and solar power surpassed 1.69 billion kilowatts, creating new growth opportunities for the wind power industry [1]

Core Viewpoint - The wind power equipment sector in the A-share market has seen a strong rally, with significant increases in stock prices for key companies, driven by favorable government policies and growth projections for renewable energy [1][2]. Industry Summary - As of September 26, the wind power equipment index rose by 4.5%, with companies like Weili Transmission, Jixin Technology, Mingyang Smart Energy, and Riyue Co. reaching their daily price limits [1][2]. - The Chinese government has announced a new round of national contributions, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach six times the 2020 levels, targeting 3.6 billion kilowatts [3]. - Current installed capacity for wind and solar energy in China exceeds 1.69 billion kilowatts, indicating substantial growth potential for the wind power industry [3]. - To meet the 2035 targets, an average annual installation of nearly 200 gigawatts (GW) of wind and solar capacity is required, with wind power expected to grow by approximately 65 GW annually over the next decade [3]. - A report by Wood Mackenzie forecasts that global annual new wind power installations will exceed 170 GW over the next five years, with a peak of 200 GW expected by 2034 [4]. Company Summary - The wind power industry is experiencing a positive development phase characterized by rising prices and increased installation volumes. In the first five months of 2025, domestic new wind power installations reached 46.28 GW, a year-on-year increase of 134% [4]. - Wind turbine prices are recovering, with the average bidding price for onshore wind turbines reaching 1,552 yuan per kW in the first seven months of 2025, a 9% increase from the previous year [4].

Core Viewpoint - The wind power equipment sector has shown significant strength, with multiple companies experiencing substantial stock price increases, indicating a positive market sentiment towards the industry [1] Group 1: Market Performance - Jixin Technology (601218) has achieved two consecutive trading limits, while Riyue Co. (603218), Mingyang Smart Energy (601615), and Weili Transmission (300904) have reached their daily price limits [1] - Other companies such as Tianneng Heavy Industry (300569) and Pangu Intelligent (301456) have seen stock price increases exceeding 10% [1] - Companies like Tongyu Heavy Industry (300185), Tianshun Wind Energy (002531), Xinqianglian (300850), Dajin Heavy Industry (002487), and Feiwo Technology (301232) have also experienced upward trends in their stock prices [1] Group 2: Industry Insights - Ping An Securities highlights that the hydrogen and ammonia business is essentially an extension of the power station business [1] - Following the implementation of Document No. 136, there were initial concerns regarding the development prospects of wind turbine companies' power station businesses [1] - With policy support for green liquid fuels and increased investments by wind turbine companies in hydrogen and ammonia, the potential for power station business has expanded [1] - The current environment presents a threefold resonance for wind turbine companies, including an upward turning point in domestic wind turbine manufacturing profitability, upcoming performance realization from overseas markets, and an increase in hydrogen and ammonia contributions to power station businesses [1] - The outlook for investment opportunities in wind power equipment manufacturers is positive [1]

Summary of the Conference Call on China's Wind Power Industry Industry Overview - The conference call focuses on the **wind power industry in China**, highlighting a significant turnaround after a down-cycle from 2022 to 2024, attributed to self-regulation and robust demand [3][12][39]. Key Points Demand and Installation Forecasts - **Domestic demand** is expected to remain resilient during the 15th Five-Year Plan (FYP), with forecasts of annual installations of **106GW for 2025**, **103GW for 2026**, and **105GW for 2027**, potentially reaching **~120GW per annum from 2028 to 2030**, including **15-20GW offshore annually** [4][12][45]. - Public tendering for wind projects was robust, with **21.5GW tendered** from June to August 2025, marking a **21% year-on-year increase** [13][45]. Industry Dynamics - The industry has achieved a **price and profitability turnaround** without significant government intervention, driven by: 1. **Increased demand** for wind installations, with a **79% year-on-year rise** in new installations in the first seven months of 2025 [40]. 2. **Recovery in bidding prices** for Wind Turbine Generators (WTG), with onshore prices rising **8%** and offshore prices **12%** in 2025 [52]. 3. **Supply chain consolidation** and improved quality focus among manufacturers due to past losses and accidents [15][41]. Investment Preferences - Preference for **key WTG component suppliers** and **submarine cable manufacturers** over WTG Original Equipment Manufacturers (OEMs) due to better margin recovery prospects [5][14]. - **ZTT** is highlighted as a preferred investment due to its strong valuation and expected growth in submarine cable deliveries [20]. Company-Specific Insights - **Sinoma S&T** upgraded to Overweight (OW) with a price target of **Rmb48.2**, reflecting a **98.9% increase in net profit estimates for 2025** and **117.1% for 2026** due to recovery in gross profit margins across its business segments [19][21]. - **Ningbo Orient** remains OW despite a **39.4% reduction in net profit estimates for 2025**, with a price target of **Rmb69.63** [22][23]. - **Riyue** and **Goldwind** are maintained at Equal Weight (EW) with adjusted price targets reflecting lower profit forecasts due to rising costs and reduced sales expectations [24][25][29]. Risks and Challenges - Potential risks include **delays in offshore project approvals**, **competition affecting offshore WTG prices**, and **increased costs for outsourced machining** [16][24][29][37]. - The industry faces challenges from **overseas shipment growth slowing down** and **delayed revenue recognition** for key offshore projects [30][32]. Conclusion - The wind power industry in China is positioned for a strong recovery, driven by robust demand and improved pricing dynamics. Key players in the supply chain are expected to benefit from ongoing margin recovery and favorable market conditions, making them attractive investment opportunities in the near term [42][43].

Group 1 - The core viewpoint of the news is that Riyue Co., Ltd. has seen a significant increase in its stock price, rising 5.05% on September 26, with a total market value of 14.374 billion yuan and a cumulative increase of 4.24% over three consecutive days [1] - Riyue Co., Ltd. is based in Ningbo, Zhejiang Province, and was established on December 13, 2007, with its listing date on December 28, 2016. The company specializes in the research, production, and sales of large heavy-duty equipment castings [1] - The main business revenue composition of Riyue Co., Ltd. includes 87.51% from ductile iron products, 8.06% from other products, 1.71% from supplementary products, 1.67% from molds, and 1.05% from alloy products [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Riyue Co., Ltd. The Galaxy Dingtoubao Tencent Jian Index Fund (519677) held 233,300 shares in the second quarter, accounting for 1.02% of the fund's net value, ranking as the ninth largest holding [2] - The Galaxy Dingtoubao Tencent Jian Index Fund (519677) has generated a floating profit of approximately 156,300 yuan today, with a floating profit of 126,000 yuan during the three-day increase [2] - The Galaxy Dingtoubao Tencent Jian Index Fund (519677) was established on March 14, 2014, with a current scale of 291 million yuan, and has achieved a year-to-date return of 23.89% [2]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Views - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, with a projected average annual installation of over 20GW during the 14th Five-Year Plan period, surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installations in 2025, with component manufacturers experiencing growth in both volume and price [4][5] - The report suggests focusing on three main areas: 1) Leading companies in export layouts such as pile foundations and submarine cables; 2) Domestic manufacturers with bottoming profits and accelerating exports; 3) Component manufacturers benefiting from simultaneous volume and profit growth opportunities in 2025 [5] Summary by Sections Industry News - The wind power sector has generally risen in the past two weeks, with the top three performing segments being bearings (+14.9%), complete machines (+12.5%), and blades (+11.7%). The top three individual stocks were Jinlei Co. (+20.1%), Wuzhou Xinchun (+19.4%), and Yunda Co. (+17.6%) [3] Market Performance - As of mid-September 2025, the cumulative public bidding capacity for wind turbines in China is 68.6GW, with a 13% decrease year-on-year. The average winning bid price for onshore wind turbines (excluding towers) is 1,533 CNY/kW [7][8] - In 2024, the total public bidding capacity for wind turbines is projected to be 107.4GW, a 61% increase year-on-year, with onshore wind turbines accounting for 99.1GW of this total [7][8] Installation Data - In 2024, the total new wind power installation capacity is expected to be 79.8GW, with onshore wind contributing 75.8GW and offshore wind 4.0GW. The report forecasts new installations of 130GW from 2025 to 2027 [8][39] Investment Recommendations - The report recommends focusing on companies such as Goldwind Technology, Oriental Cable, and others that are positioned well for growth in the wind power sector [5]

Financial Performance - The company's operating revenue for the first half of 2025 reached CNY 3,225,736,850.46, representing an increase of 80.41% compared to CNY 1,787,982,608.58 in the same period last year[22]. - The total profit for the first half of 2025 was CNY 326,114,940.29, a decrease of 33.73% from CNY 492,092,434.03 in the previous year[22]. - The net profit attributable to shareholders of the listed company was CNY 283,512,725.85, down 32.74% from CNY 421,519,604.05 in the same period last year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 69.98% to CNY 259,420,387.02 from CNY 152,621,442.85 in the previous year[22]. - The basic earnings per share for the first half of 2025 was CNY 0.28, a decrease of 31.71% compared to CNY 0.41 in the same period last year[21]. - The company reported a net cash outflow from operating activities of CNY 224,283,426.60, primarily due to increased inventory to meet market demand[24]. - The total assets at the end of the reporting period were CNY 14,586,243,686.05, reflecting a growth of 6.64% from CNY 13,678,500,217.13 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased by 2.99% to CNY 10,426,355,248.94 from CNY 10,123,950,931.85 at the end of the previous year[22]. Industry Insights - The wind power industry is projected to grow at a compound annual growth rate (CAGR) of 8.8%, with global wind capacity expected to increase by 981 GW by 2030[30]. - The cumulative installed capacity of wind power in China reached 573 million kW by the end of June 2025, representing a year-on-year growth of 22.7%[35]. - In the first half of 2025, the newly installed wind power capacity in China was 51.39 million kW, with onshore wind accounting for 48.90 million kW and offshore wind 2.49 million kW[35]. - The average utilization rate of wind power in China was 93.2% in the first half of 2025, with total wind power generation reaching 588 billion kWh, a year-on-year increase of 15.6%[35]. - The offshore wind power market is expected to see a CAGR of 28% from 2024 to 2029, with China being the largest market for offshore wind power in the next decade[31]. Research and Development - The company invested a total of 149.20 million RMB in R&D during the reporting period, resulting in 178 authorized patents, including 66 invention patents[47]. - The company is focusing on technological innovation and process improvement to enhance its competitive edge and extend its industrial chain[78]. - The company is actively researching and developing ductile iron technology for large cross-section applications, aiming to expand its product offerings in various sectors[52]. - The company has successfully developed low-alloy steel and chromium-molybdenum steel casting products, completing the production and delivery of prototypes, which lays a solid foundation for diversified product development[48]. Operational Strategy - The company operates in the general equipment manufacturing industry, which is significantly influenced by macroeconomic conditions domestically and internationally[29]. - The company employs an "order-based production" model, allowing for flexible production arrangements based on customer demand[43]. - The company is actively managing costs by optimizing its supply chain and maintaining long-term partnerships with suppliers[47]. - The company has established a procurement strategy that emphasizes bulk material bidding, optimizing supplier relationships to build a stable supply chain[49]. Risk Management - The company highlighted potential risks in its operations and strategies, advising investors to be cautious[7]. - The company faces risks related to rising raw material prices, with key materials including pig iron and scrap steel[75]. - Wind power products accounted for over 80% of total operating revenue, indicating a high customer concentration risk[75]. - The company is actively responding to market changes and enhancing its information management systems to mitigate risks[78]. Shareholder Relations - The company implemented a cash dividend distribution plan for the fiscal year 2024, distributing a total of CNY 356,679,242.50 (including tax), which represents 57.18% of the net profit attributable to shareholders in the consolidated financial statements for 2024[81]. - The company plans to continue providing stable and scientific dividend returns to investors, taking into account business conditions, future development plans, industry trends, profitability, and cash flow[82]. - The company held 18 investor research meetings involving 150 institutional investors and responded to 11 investor inquiries through the Shanghai Stock Exchange E-interaction platform during the reporting period[82]. - The company has established a multi-channel communication strategy to enhance investor relations and ensure timely dissemination of operational information[82]. Corporate Governance - The company is committed to improving corporate governance and ensuring compliance with relevant laws and regulations[80]. - The company revised and improved 32 internal control systems in accordance with the latest laws and regulations, enhancing operational compliance and governance[81]. - The company has a three-year shareholder return plan from 2025 to 2027, aligning short-term and long-term interests of shareholders with the company's development strategy[81]. - The company has committed to not engaging in any activities that compete with its existing and future business, including the development, production, and sale of similar products[91]. Financial Management - The company’s financial expenses decreased significantly by 99.34%, primarily due to increased foreign exchange gains[61]. - The company reported a significant increase in contract liabilities to ¥348,197,686.45 from ¥6,042,536.51, a substantial rise of approximately 5700%[132]. - Cash and cash equivalents decreased to ¥2,520,089,051.19 from ¥2,755,183,449.59, a decline of about 8.5%[131]. - The company reported a net decrease in cash and cash equivalents of -220,246,920.78 RMB for the first half of 2025, compared to -571,995,550.73 RMB in the same period of 2024, indicating improved cash management[149]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[156]. - Future guidance indicates a cautious outlook with expected revenue growth of 5% to 10% in the next quarter[156]. - The company plans to reassess the feasibility of the suspended project based on market demand and project viability before making further investment decisions[111].