Summary of SANY Renewable Energy Conference Call Company Overview - **Company**: SANY Renewable Energy - **Year**: 2024 - **Revenue**: 17.792 billion CNY, up 19.1% year-on-year [2][4] - **Net Profit**: 1.812 billion CNY, down 9.7% year-on-year due to reduced subsidies and financial policy adjustments [2][4] - **Total Assets**: 41.403 billion CNY, up 24.05% from the beginning of the year [4] - **Debt Ratio**: 66.85% [2][4] Key Financial Metrics - **Wind Turbine Revenue**: 13.579 billion CNY, with a gross margin of 16.9%, up 3.28 percentage points [2][12] - **Operating Cash Flow**: -400 million CNY [2][13] - **R&D Investment**: 777 million CNY, accounting for 4.37% of revenue [2][5] - **Sales Volume**: 9.53 GW, with a year-on-year increase of 37% [3][14] Industry Insights - **Wind Power Installations**: - New installations in 2024: 79.34 GW, up 4.53% year-on-year [2][7] - Cumulative installations: 521 GW, up 18% [2][7] - Public market bidding volume: 164.22 GW, over 50% increase year-on-year [2][7] - **Global Wind Energy Growth**: Projected compound annual growth rate of 8.8%, with total installations expected to reach 981 GW from 2025 to 2030 [2][7][21] Market Performance - **Domestic Market Share**: Increased to 10.52%, up 1.18 percentage points [3][8] - **New Orders**: Over 20 GW, with backlog exceeding 24 GW [3][8] - **International Orders**: Significant progress in global strategy with contracts in India, Kazakhstan, Philippines, and Germany [3][9] R&D and Product Development - **New Products**: Successful delivery of 10 MW and 15 MW land-based wind turbines; development of offshore models ranging from 8 to 16 MW [2][5] - **Innovations**: Launched the world's largest 35 MW wind turbine test platform [2][5] Environmental and Sustainability Efforts - **CO2 Reduction**: Generated approximately 135.8 billion kWh, reducing CO2 emissions by 72.87 million tons [3][10] - **ESG Recognition**: Awarded Equities Silver Certification, with the Shaoshan blade factory recognized as the world's first lighthouse factory [3][10] Future Outlook - **2025 Revenue Forecast**: Expected to reach 21.87 billion CNY, up 26.58% year-on-year [3][14] - **Market Trends**: Anticipated price stabilization and increase of 5-10% in the first quarter of 2025 [2][16] - **Long-term Projections**: Continued growth in wind power installations, with a focus on offshore and land-based projects [29][30] Strategic Initiatives - **Global Expansion**: Focus on localizing production in international markets and enhancing marketing capabilities [3][9][18] - **Sustainable Development**: Commitment to high-quality development and digital transformation [3][14][28] Conclusion SANY Renewable Energy is positioned for growth in the wind energy sector, with strong financial performance, innovative product development, and a commitment to sustainability. The company is actively expanding its market presence both domestically and internationally, while maintaining a focus on research and development to enhance its competitive edge.

对此，周利凯回应称，"国内方面，自去年10月业内12家整机厂商签订行业自律公约后，反内卷、反低 价竞争的情况执行较好，风机价格从去年四季度就开始呈现回暖迹象，今年前4个月的风机招标价格， 较去年全年的水平上升了5%—10%，整体风机价格保持较好的发展势头"。 "整体风电行业成熟度在逐步提升，风电业主方已逐步摒弃低价中标的方式，更看重风机整体的产品质 量、全周期的度电成本及安全可靠性，不单纯以最低价作为评标的重要标准；同时，今年《关于深化新 能源上网电价市场化改革 促进新能源高质量发展的通知》（以下简称'136号新政'）的发布，对于风电 电站的短期运营产生一定影响，在此背景下，整机厂商需在风机出售端将价格提升以此平滑在电站端收 益的下降。因此，风机价格回升将保持中长期的一个态势。"周利凯说。 海外方面，周利凯表示，从公司过去两年的业绩情况来看，三一重能海外市场的风机毛利率较国内市场 整体高出10%及以上的幅度。 在成本端，张营表示，未来风机仍有成本下降的空间，一是产业协同效应，中国目前是具备全球最完善 的风电供应链和最大规模的风机生产能力，产业链的协同可持续降低生产和制造成本。二是规模效应， 装机容量和生产规模 ...

"目前看，自律公约执行情况较好，2024年第四季度以来，风机订单中标价格逐步回升。风机从中标到 交付周期差不多6—12个月，未来随着该类订单的交付，公司风机盈利水平将得到提升。同时，叠加海 上和海外市场的产品毛利率优于国内陆上风电的因素，公司风机的中长期毛利率水平预计将会提 升。"张营表示。 5月29日，三一重能(688349)举办2024年度暨2025年度第一季度业绩说明会。会上，三一重能对未来毛 利率预期、海外业务拓展进展等备受投资者关注。 三一重能财务总监张营在业绩会上表示，公司深化海外市场拓展与布局，深耕中亚、南亚、东南亚等类 中国市场，在欧洲、拉美、非洲等重点国区市场实现突破，在印度、哈萨克斯坦、菲律宾、德国均有订 单斩获，保持了海外风机订单规模的持续增长。 截至2024年年末，公司已获取接近2GW的海外风电订单以及位于塞尔维亚等地区的绿地项目开发权， 在东南欧地区成功获取百兆瓦级项目开发权。2025年4月，公司已签署位于乌兹别克斯坦1GW绿地项目 的投资协议。公司也已推动印度工厂扩产、实现哈萨克斯坦工厂开工，在阿联酋、南非、巴西、菲律 宾、德国、塞尔维亚等多地设立子公司。 张营还表示，公司在推进全 ...

Core Insights - SANY Renewable Energy Co., Ltd. released its third Environmental, Social, and Governance (ESG) report, detailing sustainability strategies, policies, actions, and achievements for the year 2024 [1][2] - The company aims to become a global leader in clean energy equipment supply and services, focusing on green development, talent cultivation, excellent quality, and business integrity [3][4] Company Overview - Founded in 2008, SANY Renewable Energy is listed on the STAR Market of the Shanghai Stock Exchange since June 22, 2022, and ranks sixth among global wind turbine manufacturers [3][4] - The company specializes in R&D, manufacturing, and sales of wind turbines, as well as the design, construction, and operation management of wind farms [3][4] Sustainability Strategies - The company has established a sustainability framework centered on four strategic pillars: green development, talent cultivation, excellent quality, and business integrity [4][5] - SANY Renewable Energy is committed to achieving science-based carbon targets and has secured Ecovadis silver certification [2][3] Environmental Management - The company emphasizes ecological preservation through green and low-carbon operations, actively managing its environmental impact [12] - SANY Renewable Energy adheres to various environmental laws and regulations, including the Environmental Protection Law of the People's Republic of China [12] Economic Performance - Total assets of SANY Renewable Energy reached RMB 41,403 million, with a revenue of RMB 17,792 million and a net profit attributable to the parent company of RMB 1,812 million [3][4] - The company has invested RMB 777 million in R&D, representing 4.37% of its revenue, and has cumulatively generated 135.8 billion kWh of electricity [4][5] Social Performance - The company has updated its labor and human rights protection policies, achieving zero incidents of child labor, forced labor, harassment, and discrimination [3][5] - Employee satisfaction is reported at over 90%, with 100% training coverage for employees [5] Governance Structure - SANY Renewable Energy has a three-tier ESG governance structure, with the Board of Directors overseeing sustainability initiatives through the Strategy and Sustainability Committee [6][7] - The company engages with stakeholders to understand their expectations and feedback regarding ESG initiatives [6][7] Materiality Assessment - The company conducted a double materiality assessment, identifying 20 sustainability-related issues with high relevance, including R&D and innovation, response to climate change, and opportunities from clean technologies [8][9] - The assessment integrates perspectives from investors, management, and other stakeholders to enhance sustainability performance [8][9] Sustainability Ratings and Awards - SANY Renewable Energy has received various sustainability ratings, including EcoVadis Silver and AA ratings from the China Securities Index ESG Ratings [11][12] - The company actively participates in global sustainability initiatives and collaborates with industry partners to promote clean energy solutions [11][12]

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of SANY Renewable Energy Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy and validity of the meeting procedures and outcomes [2][4][8]. Group 1: Meeting Procedures - The annual general meeting is scheduled for May 23, 2025, and was convened by the company's board of directors [2][4]. - The meeting notification was disclosed through various media, including the Shanghai Stock Exchange website, detailing the time, location, agenda, and registration methods [3][4]. Group 2: Attendance and Voting - A total of 148 attendees represented 697,309,007 shares, accounting for 57.5391% of the total voting shares [5][6]. - Of the attendees, 20 participated in person or via communication, representing 610,104,054 shares (50.3433%), while 128 participated through online voting, representing 87,204,953 shares (7.1958%) [5][6]. Group 3: Voting Results - The meeting passed several resolutions, including the approval of the 2024 board and supervisory reports, with votes overwhelmingly in favor, such as 697,126,366 shares (99.9996%) for the board report [6][7]. - The profit distribution plan for 2024 received 697,117,466 shares in favor, with a minor number of abstentions [6][7]. - The election of independent directors and the approval of the 2025 audit firm were also passed with significant support from shareholders [8]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, and voting procedures, complied with the Company Law, Shareholder Meeting Rules, and the company's articles of association, confirming their legality and validity [8].

Meeting Overview - The shareholder meeting of SANY Energy was held on May 23, 2025, at the SANY Industrial Park in Beijing [1] - A total of 148 ordinary shareholders attended the meeting, holding 697,309,007 voting rights, which represents 57.5391% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with a high level of agreement, including: - 99.9738% of ordinary shareholders voted in favor of the first proposal, with only 0.0222% against and 0.0040% abstaining [2] - The second proposal received 99.9737% approval, with similar low opposition and abstention rates [2] - The third proposal also achieved 99.9738% approval, indicating strong shareholder support [2] Legal Compliance - The meeting was convened and conducted in accordance with the Company Law and the company's articles of association, as confirmed by the legal representatives from Hunan Qiyuan Law Firm [3]

证券代码：688349 证券简称：三一重能 公告编号：2025-043 三一重能股份有限公司 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） 股东大会召开的时间：2025 年 5 月 23 日 （二） 股东大会召开的地点：北京市昌平区北清路三一产业园 1 号楼 1 号会议 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 | 148 | | --- | --- | | 普通股股东人数 | 148 | | 2、出席会议的股东所持有的表决权数量 | 697,309,007 | | 普通股股东所持有表决权数量 | 697,309,007 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 57.5391 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 57.5391 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东大会主持情况等。 2024年年度股东大会决议公告 ...

湖南启元律师事务所 关于三一重能股份有限公司 2024 年年度股东大会的 法律意见书 2025 年 5 月 致：三一重能股份有限公司 湖南启元律师事务所（以下简称"本所"）接受三一重能股份有限公司（以下 简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简称"本次股 东大会"）。根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市 公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规章 和规范性文件以及《三一重能股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，就公司本次股东大会的召集、召开程序、出席会议的人员资格、召 集人资格、表决程序及表决结果等事宜出具本法律意见书。 为出具本法律意见书，本所律师出席了本次股东大会，并核查和验证了公司 提供的与本次股东大会有关的文件、资料，同时听取了公司就有关事实的陈述和 说明。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 本法律意见书所必需的资料和信息，一切足以影响本法律意见书的事实和资料均 已向本所披露；公司向本所提供的所有资料和信息均真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大 ...

2024 Environmental, Social and www.sanyre.com.cn Governance (ESG) Report 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 Contents | About This Report | 01 | | --- | --- | | Message from the Chairman | 03 | | About SANY Renewable Energy | 05 | | Sustainability Strate ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to see a significant increase in new orders, with a potential performance growth turning point in Q2 [4] - For 2024, the company forecasts revenue of 17.79 billion yuan, a year-on-year increase of 19.1%, while the net profit attributable to shareholders is projected at 1.81 billion yuan, a decrease of 9.7% [2][4] - The company reported a substantial increase in new signed orders, totaling 20 GW in 2024, with nearly 2 GW coming from overseas [10] Financial Performance Summary - In 2024, the company's revenue is expected to reach 17.79 billion yuan, with a breakdown showing wind turbine sales contributing 13.58 billion yuan, a 14% increase year-on-year [10] - The gross profit margin for 2024 is estimated at 16.9%, an increase of 3.3 percentage points year-on-year [10] - For Q1 2025, the company reported a revenue of 2.19 billion yuan, a year-on-year increase of 26.6%, but a net loss of 190 million yuan, a significant decline of 172% [2][4] - The company’s contract liabilities reached 6.8 billion yuan in Q1 2025, a year-on-year increase of 102.7%, indicating a solid foundation for future deliveries [10] Business Segment Analysis - The wind turbine business is expected to ship 9.15 GW in 2024, contributing significantly to revenue growth [10] - The company’s wind power generation segment is projected to generate 290 million yuan in revenue, a decrease of 38% year-on-year, while wind power services are expected to see a revenue drop of 85% [10] - The sales from power station products are anticipated to reach 3.47 billion yuan, a remarkable increase of 446% year-on-year, driven by ongoing construction and transfer activities [10] Future Outlook - The company is expected to stabilize wind turbine bidding prices and improve gross margins through cost reduction and efficiency enhancement [10] - The expansion into overseas markets is anticipated to provide long-term growth opportunities, with a projected net profit of approximately 2 billion yuan for 2025, corresponding to a PE ratio of about 14 times [10]