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]

Group 1 - The A-share market saw a strong performance in steel stocks, with Shougang Co. hitting the daily limit, Falsen rising nearly 6%, and other companies like Bayi Steel and Guangda Special Materials increasing over 3% [1] - On September 18, the China Iron and Steel Association's Iron Ore Working Committee held a meeting in Beijing to analyze the current iron ore market situation and discuss upcoming work related to the import iron ore port spot price index [1] - The meeting was attended by procurement business leaders from domestic steel production and iron ore trading companies [1] Group 2 - Shougang Co. had a market capitalization of 39.4 billion and a year-to-date increase of 67.56% [2] - Falsen's market capitalization was 1.93 billion with a year-to-date increase of 45.11% [2] - Bayi Steel had a market capitalization of 7.17 billion and a year-to-date increase of 51.79% [2] - Guangda Special Materials had a market capitalization of 7.399 billion and a year-to-date increase of 74.20% [2] - Wujin Stainless Steel had a market capitalization of 4.146 billion with a year-to-date increase of 31.49% [2] - Xining Special Steel had a market capitalization of 10.9 billion and a year-to-date increase of 49.33% [2]

证券代码：688186 证券简称：广大特材 公告编号：2025-112 张家港广大特材股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 9 月 15 日 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事长徐卫明先生主持。本次会议的召集、召开程序、出席 会议人员的资格、表决程序和表决结果符合《中华人民共和国公司法》《中华人 民共和国证券法》等法律、法规和规范性文件以及《张家港广大特材股份有限公 司章程》的规定。 （二） 股东会召开的地点：江苏省张家港市凤凰镇安庆村锦栏路公司 8 楼会议 室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 118 | | --- | --- | | 普通股股东人数 | 118 | | 2、出席会议的股东所持有的 ...

安徽天禾律师事务所 关于张家港广大特材股份有限公司 2025 年第三次临时股东会之法律意见书 天律意 2025 第 02414 号 致：张家港广大特材股份有限公司 根据《中华人民共和国公司法》(下称《公司法》)、《中华人民共和国证券 法》（下称《证券法》）和中国证券监督管理委员会《上市公司股东会规则》（下 称《股东会规则》）的规定，以及贵公司（下称"公司"）与安徽天禾律师事务 所（下称"本所"）签订的《法律顾问合同》，本所律师出席公司 2025 年第三 次临时股东会，并对本次股东会相关事项进行了见证，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用的原则，对本次股东会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出具本法律意见书所需的相关文件 和资料。为出具本法律意见，本所律师审查了公司提供的以下文件： 1、《公司章程》； 2、公司 2025 年 8 月 28 日第三届董事会第二十一次会议决议和会议记录； 3、公司于 2025 年 9 月 9 日刊载于上 ...

张家港广大特材股份有限公司 2025 年第三次临时股东会 张家港广大特材股份有限公司 2025 年第三次临时股东会 证券代码：688186 证券简称：广大特材 张家港广大特材股份有限公司 2025 年第三次临时股东会会议资料 2025 年 9 月 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 目录 | 张家港广大特材股份有限公司 年第三次临时股东会会议须知 1 | 2025 | | --- | --- | | 张家港广大特材股份有限公司 年第三次临时股东会会议议程 4 | 2025 | | 张家港广大特材股份有限公司 年第三次临时股东会会议议案 6 | 2025 | | 议案一：《关于取消监事会、变更公司注册资本并修订<公司章程>的议 | | | 案》 6 | | | 议案二：《关于修订和制定部分公司治理制度的议案》 53 | | 张家港广大特材股份有限公司 2025 年第三次临时股东会 张家港广大特材股份有限公司 2025 年第三次临时股东会会议须知 为维护全体股东的合法权益，确保股东会会议秩序和议事效率，保证股东会 的 ...

Core Viewpoint - Guangda Special Materials (688186.SH) announced a share buyback program, indicating a commitment to enhancing shareholder value through capital return strategies [1] Group 1: Buyback Details - As of August 31, 2025, the company has repurchased a total of 1,241,000 shares, which represents 0.4424% of the total share capital [1] - The latest buyback progress shows an increase of 0.2327% compared to the previous announcement [1] - The highest price for the repurchased shares was 25.28 CNY per share, while the lowest price was 24.34 CNY per share [1] Group 2: Financial Impact - The total amount spent on the share buyback was 30,878,621.82 CNY [1]

重要内容提示： | 回购方案首次披露日 | 2025/6/18 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 6 月 | 6 | 月 | 18 | 日~2026 | 年 | 17 日 | | 预计回购金额 | 20,000万元~40,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | √用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 1,241,000股 | | | | | | | | 累计已回购股数占总股本比例 | 0.4424% | | | | | | | | 累计已回购金额 | 30,878,621.82元 | | | | | | | | 实际回购价格区间 | 24.34元/股~25.28元/股 | | | | | | | 证券代码：688186 证券简称：广大特材 公告编号：2025-111 张家港广大特材股份有限公司 关于第二期以集中竞价交易 ...

Market Overview - On September 1, the wind power equipment sector declined by 1.27%, with Guangda Special Materials leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable gainers in the wind power equipment sector included: - Hongde Co., Ltd. (301163) with a closing price of 29.79, up 4.09% [1] - SANY Renewable Energy (688349) at 29.18, up 2.60% [1] - Feiwo Technology (301232) at 39.58, up 2.54% [1] - Major decliners included: - Guangda Special Materials (688186) at 27.58, down 5.68% [2] - Hengrun Co., Ltd. (603985) at 17.28, down 3.84% [2] - Jinlei Co., Ltd. (300443) at 26.20, down 3.53% [2] Capital Flow - The wind power equipment sector experienced a net outflow of 630 million yuan from institutional investors, while retail investors saw a net inflow of 424 million yuan [2] - The overall capital flow for individual stocks in the sector showed varied trends, with some stocks attracting significant retail interest despite institutional selling [3]

Core Insights - The company reported a total revenue of 2.534 billion yuan for the first half of 2025, marking a year-on-year increase of 34.74% [1] - The net profit attributable to shareholders reached 185 million yuan, reflecting a significant year-on-year growth of 332.67% [1] - The company's latest gross margin stands at 20.71%, which is an increase of 6.77 percentage points compared to the same period last year [2] Financial Performance - Total revenue for the first half of 2025 was 2.534 billion yuan, ranking 10th among disclosed peers, with an increase of 653 million yuan from the previous year [1] - Net profit attributable to shareholders was 185 million yuan, also ranking 10th among peers, with an increase of 142 million yuan year-on-year [1] - Operating cash flow showed a net outflow of 343 million yuan, an increase of 74.45 million yuan compared to the same period last year [1] Profitability Metrics - The latest gross margin is 20.71%, ranking 10th among peers, with a quarter-on-quarter increase of 1.38 percentage points [2] - Return on equity (ROE) is 4.99%, ranking 5th among peers, with a year-on-year increase of 3.79 percentage points [2] - The diluted earnings per share (EPS) is 0.86 yuan, ranking 3rd among peers, with a year-on-year increase of 330% [2] Efficiency Ratios - The total asset turnover ratio is 0.21 times, ranking 13th among peers, with a year-on-year increase of 22.96% [2] - The inventory turnover ratio is 0.83 times, reflecting a year-on-year increase of 5.42% [2] Shareholder Information - The number of shareholders is 15,800, with the top ten shareholders holding 85.51 million shares, accounting for 37.85% of the total share capital [2] - The largest shareholder is Zhangjiagang Wide Investment Holding Group Co., Ltd., holding 19.8% of shares [2] Leverage - The company's latest debt-to-asset ratio is 66.33% [3]

Group 1 - The company held its 11th meeting of the 3rd Supervisory Board on August 28, 2025, with all 3 supervisors present, and the meeting complied with relevant laws and regulations [1][2] - The Supervisory Board approved the 2025 semi-annual report, confirming that the report's preparation and review processes adhered to legal and internal regulations, and accurately reflected the company's financial status and operational results [1][2] - The Supervisory Board also approved the special report on the storage and use of raised funds for the first half of 2025, stating that the usage complied with relevant laws and regulations, and there were no violations except for a minor operational error that was promptly corrected [2]