Summary of SANY Renewable Energy Conference Call Industry Overview - The domestic wind power market has seen a price increase of 5%-10% this year, expected to maintain in the second half due to self-discipline among manufacturers and owners focusing on lifecycle costs and declining wind farm revenue expectations [2][4][12] - The international wind power market is experiencing rapid growth, with overseas orders exceeding 1 GW in the first half of the year, projected to surpass 2 GW for the entire year [2][5] - Offshore wind power is anticipated to grow rapidly, potentially outpacing onshore wind growth next year, with SANY having secured 450 MW of projects and aiming for over 1 GW in orders this year [2][9] Key Points and Arguments - **Domestic Market Performance**: - The expected installed capacity for the domestic wind power market is between 110 to 120 GW for the year, with a strong order situation in the first half [3][12] - The market share is expected to increase by 2 percentage points this year, despite a slowdown in June orders [2][12] - **Price Trends**: - The price increase in the domestic market is attributed to self-regulation among manufacturers and a shift in focus from short-term costs to lifecycle costs by major enterprises [4][15] - The overall gross margin for the year is projected to be between 8.8%-9.9%, lower than last year, but expected to improve in the second half [4][17] - **International Market Growth**: - The international market's mainstream prices remain between 2,500 to 3,000 RMB, with a significant increase in shipment scale expected [5][6] - SANY aims to achieve a revenue scale of 5 billion RMB by 2027-2028 while maintaining a gross margin above 20% [5][6] - **Offshore Wind Power**: - Offshore wind power is seen as a critical growth area, with expectations of significant project advancements and profitability [2][9][25] - **Policy Impact**: - The 136 document has led to a decrease in wind farm sales, complicating value assessments, but projects completed before the 531 document are performing well [10][21] - **Order Quality and Profitability**: - SANY has shifted focus to high-quality orders, reducing low-price orders, which has improved overall order quality and profitability [26] Additional Important Insights - **Future Projections**: - The company anticipates that the installed capacity will continue to rise, with a long-term upward trend expected despite potential fluctuations in specific years [23] - **Revenue Expectations**: - SANY's revenue is projected to grow from 130-140 billion RMB in 2024 to 180-190 billion RMB in 2025, with a long-term goal of reaching 300 billion RMB in main engine sales [24] - **Risk Management**: - The company has a favorable payment structure for overseas projects, reducing credit risk, and expects to manage costs effectively through negotiations on component prices [7][18] - **Market Dynamics**: - The wind turbine industry is undergoing consolidation, with a reduction in the number of competitors, which is expected to lead to a healthier market environment [16] - **Overall Outlook**: - Despite uncertainties in electricity prices and revenue, SANY remains optimistic about its growth trajectory, supported by a solid asset base and strategic focus on high-quality orders [28]

Summary of SANY Renewable Energy Conference Call Company and Industry Overview - **Company**: SANY Renewable Energy - **Industry**: Wind Power Key Points and Arguments 1. Order and Installation Forecast - The order backlog for 2024 supports a high installation volume for the year, with a focus on the second half of 2025 for installations. The expected installation volume for 2025 is projected to reach 115 GW, potentially exceeding 120 GW, driven by strong orders from 2024 [2][3][4] 2. Price Trends and Profitability - Wind turbine prices are expected to rise by 5% to 10% compared to the average price in 2024, although short-term profitability may be pressured due to low-priced orders from the previous year. However, profitability is anticipated to improve in the second half of 2025 as higher-priced orders are recognized [2][4][15] 3. Gross Margin Expectations - The gross margin for wind turbine main units is expected to significantly improve in 2026, benefiting from price increases and cost reduction measures. The gross margin for 2025 is expected to be slightly lower than 2024 but not significantly [2][5][15] 4. Overseas Market Growth - The overseas market is projected to maintain rapid growth, particularly in emerging countries where demand is strong. SANY Renewable Energy expects overseas sales to increase by over tenfold compared to last year, with significant projects in Central Asia contributing to future revenues [2][6][25] 5. Impact of Domestic Policies - The implementation of the 136 Document has temporarily affected the sale of power stations, with a decrease in sales volume in the first half of the year. However, sales are expected to recover in June [2][7][8] 6. Effects of the 531 Policy - The 531 policy has led to a decrease in power station yield rates due to a bidding mechanism that lowers electricity prices. However, the impact is less severe in economically developed or electricity-deficient regions [2][9][21] 7. Construction and Sales Plans - SANY Renewable Energy plans to sell 1 GW of power stations and construct 1.5 GW in 2025, with construction progress accelerating in the first half of the year [2][10] 8. Wind Turbine Supply and Demand - The first quarter's wind turbine shipment accounted for about 10% of the annual total, with expectations for a concentrated delivery in the second half of 2025, particularly in Q3 and Q4 [2][12][13] 9. Cost Control and Profitability - The company has effectively controlled costs in the wind turbine manufacturing business, with a projected expense ratio of around 7-8% under normal conditions. The sales volume growth is expected to lead to a decrease in the expense ratio [2][16] 10. Future Trends in Wind Turbine Size - The trend towards larger wind turbines is expected to reverse, with a forecast that the proportion of turbines above 7 MW will decrease in the coming years, returning to a focus on turbines below 7 MW [2][19] 11. Impact of Electricity Prices on Revenue - The sale price of power stations is significantly influenced by electricity pricing, with a decrease in price leading to a proportional decrease in total revenue. The 531 policy is expected to result in a substantial decline in yield rates [2][20][22] 12. Contribution of Overseas Projects - Overseas greenfield investment projects are expected to contribute positively to order acquisition and profitability, with higher internal rates of return compared to domestic projects [2][30][31] 13. Supply Chain and Cost Expectations - Supply chain costs are expected to improve in the second quarter, contributing positively to overall performance, although short-term price pressures may still exist [2][32] This summary encapsulates the key insights from the conference call, highlighting the company's strategic outlook, market conditions, and financial expectations.

Group 1 - The SANY (Fuxin) Wind Turbine Intelligent Manufacturing Industry Chain Project is progressing well, with 50% of the main structure completed and all foundation work and park pipeline installation finished, aiming for production to start in October [1] - The project integrates core component manufacturing for wind turbines, large wind turbine production, and equipment recycling, with an annual capacity of 150 main units and 500 motors planned for the first phase [1] - The second phase will focus on a smart manufacturing factory for wind turbines over 10 megawatts and a remanufacturing line for old turbines, promoting a green and low-carbon upgrade for the Fuxin wind power industry [1] Group 2 - Fuxin's solid equipment manufacturing foundation, abundant wind energy resources, and unique geographical advantages are key factors attracting the project [2] - The project is expected to enhance local production efficiency and reduce transportation costs, facilitating market expansion [2] - As a "chain leader" project in Fuxin's renewable energy industry, it aims to attract upstream and downstream enterprises, contributing to the establishment of a provincial onshore wind power equipment industry cluster [2]

Core Viewpoints - The wind power sector is viewed positively for short, medium, and long-term opportunities [3][4] - Short-term logic includes strong half-year reports and optimistic performance outlook for the second half of the year, driven by robust project initiation and revenue growth [4] - Medium-term logic highlights a reversal of three previously negative factors affecting investment sentiment in the wind power sector [4] - Long-term logic emphasizes the competitive advantages of wind power in the context of market-oriented trading and stable industry dynamics [4] Short-term Logic - The wind power sector is expected to benefit from strong performance in the first half of the year, with optimistic growth projections for Q2 [4] - The sector is experiencing a positive demonstration effect from strong stock performance of companies showing earnings improvement [4] Medium-term Logic - The three previously negative factors affecting the wind power sector have shown significant reversal: 1. Wind turbine price wars have shifted from deflation to inflation, with prices recovering since Q4 2024 [4] 2. The certainty of domestic offshore wind project advancement has significantly increased, with project approvals accelerating in 2025 [4] 3. European offshore wind demand has rebounded, with project returns improving due to supportive policies and decreasing interest rates [4] Long-term Logic - Wind power's output characteristics provide significant price advantages in a fully market-oriented trading environment [4] - The competitive landscape is expected to remain stable due to high barriers to entry and a customer base dominated by state-owned enterprises and large international energy groups [4] - There is substantial potential for export substitution across the industry chain, providing additional growth opportunities in overseas markets [4] Demand Outlook - Domestic wind power installations are projected to reach 110 GW in 2025, with significant contributions from both onshore and offshore projects [9][12] - The global wind power installation is expected to maintain a high level in 2026, supported by strong demand both domestically and internationally [5][6] Investment Recommendations - The report recommends focusing on three main lines of investment: complete machines, offshore wind, and components [5][45] - Key companies to watch include Goldwind Technology, Envision Energy, Mingyang Smart Energy, and SANY Heavy Energy for complete machines [5] - For offshore wind, companies like Daikin Heavy Industries and Dongfang Cable are highlighted due to their expected performance in the growing market [5] - In the components sector, companies such as Risen Energy and Jinlei Technology are expected to benefit from seasonal production increases and price adjustments [5][70] Competitive Landscape - The wind power industry is characterized by a stable competitive structure, with limited new entrants due to high barriers and established market players [73] - The market share of leading companies has remained relatively stable, indicating a strong competitive position among top players [73][74]

Meeting Details - The second session of the Supervisory Board of SANY Renewable Energy Co., Ltd. held its 16th meeting on June 18, 2025, with all three supervisors present, ensuring compliance with legal and regulatory requirements [1][2] Supervisory Board Resolutions - The Supervisory Board approved the proposal for the company and its subsidiaries to use temporarily idle raised funds for cash management, ensuring that this does not affect the construction of fundraising projects or the safety of the raised funds [1] - The cash management of idle funds is deemed to improve the efficiency of fund usage and generate investment returns, aligning with regulatory requirements [1] - The approved amount for cash management is up to RMB 800 million, which will not change the purpose of the raised funds or harm shareholder interests [1][2]

中信证券股份有限公司 关于三一重能股份有限公司及子公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为三一重能股份有限公司（以 下简称"三一重能"或"公司"）首次公开发行股票并在科创板上市的保荐机构，根据 《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司募集 资金监管规则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》 等有关规定，对三一重能及子公司使用暂时闲置募集资金进行现金管理进行了审慎核查， 核查具体情况及核查意见如下： 一、募集资金基本情况 单位：万元 | | | | 投资总额 | 拟使用募集资 | | --- | --- | --- | --- | --- | | 序号 | 项目名称 | 实施主体 | （万元） | 金金额（万元） | 1 | 序号 | 项目名称 | 实施主体 | | 投资总额 | 拟使用募集资 | | --- | --- | --- | --- | --- | --- | | | | | | （万元） | 金金额（万元） | | 1 | 新产品与新技术开发项目 | 三一重能 | | 117,389 ...

证券代码：688349 证券简称：三一重能 公告编号：2025-047 三一重能股份有限公司 关于公司及子公司使用暂时闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 2025 年 6 月 23 日，三一重能股份有限公司（以下简称"三一重能"或"公 司"）召开第二届董事会第十九次会议、第二届监事会第十六次会议，审议通过 《关于公司及子公司使用暂时闲置募集资金进行现金管理的议案》，同意公司及 子公司在保证不影响公司募集资金投资计划正常进行的前提下，使用额度不超过 人民币 80,000 万元（含本数）的暂时闲置募集资金通过募集资金专项账户或公 开披露的产品专用结算账户进行现金管理，用于购买安全性高、流动性好且产品 期限不超过 12 个月的理财产品或存款类产品（包括但不限于定期存款、大额存 单、通知存款、协定存款、结构性存款等）。在上述额度范围内，资金可以循环 滚动使用，使用期限自第二届董事会第十九次会议审议通过之日起 12 个月内有 效。董事会授权公司管理层在授权额度和期限内行使现金管理投资决策权 ...

证券代码：688349 证券简称：三一重能 公告编号：2025-046 三一重能股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会、全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 三一重能股份有限公司（以下简称"公司"）第二届监事会第十六次会议于 2025 年 6 月 23 日以通讯方式召开。根据《三一重能股份有限公司章程》（以下 简称"《公司章程》"）的规定，本次会议通知于 2025 年 6 月 18 日以邮件方式发 送。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席丁大伟先 生召集和主持，会议召开符合有关法律、法规、规章和《公司章程》的规定，会 议决议合法有效。 二、监事会会议审议情况 2025 年 6 月 24 日 2 （一）审议通过《关于公司及子公司使用暂时闲置募集资金进行现金管理 的议案》 监事会认为：公司及子公司在确保不影响募集资金项目建设和募集资金安全 的情况下对闲置募集资金适时进行现金管理，不会影响公司日常资金正常周转需 要和募集资金投资项目的正常运转，也不会影响公司 ...

三一重能股份有限公司 第二届董事会独立董事专门会议第十一次会议决议 独立董事一致同意该议案，并同意将该议案提交董事会审议。 表决结果：3 票同意，0 票反对，0 票弃权。 三一重能股份有限公司 董事会独立董事专门会议 2025 年 6 月 23 日 1 三一重能股份有限公司（以下简称"公司"）第二届董事会独立董事专门会 议第十一次会议于 2025 年 6 月 23 日以通讯会议方式召开，本次会议通知于 2025 年 6 月 18 日通过邮件通知的方式送达各位独立董事。本次会议应出席独立董事 人数为 3 名，实际出席独立董事人数为 3 名，独立董事邓中华先生主持本次会议， 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律、行政 法规、部门规章、规范性文件和《三一重能股份有限公司章程》《三一重能股份 有限公司独立董事工作制度》等相关规定。经与会独立董事认真审议，形成决议 并发表审核意见如下： 一、审议通过《关于公司及子公司使用暂时闲置募集资金进行现金管理的议 案》 独立董事认为：公司及子公司使用额度不超过人民币 80,000 万元（含本数） 的闲置募集资金进行现金管理，并在上述额度内资金进行滚动使 ...

Summary of SANY Renewable Energy Conference Call Company Overview - **Company**: SANY Renewable Energy - **Industry**: Wind Power Key Points Industry and Market Outlook - SANY Renewable Energy anticipates significant growth in wind turbine installations in 2025, with a minimum target of 15 GW and a peak target of 17-18 GW, representing a year-on-year increase of 50%-80% [2][3] - The domestic onshore wind power installation is expected to reach between 110 to 115 GW in 2025, with a growth rate exceeding 50% compared to approximately 80 GW in 2024 [3] - The wind turbine prices are projected to rise by 7% in 2025 compared to the average price in 2024, starting from Q4 2024 [2][5] Financial Performance and Projections - Sales growth is expected to be between 30%-50% due to low bidding prices in the previous year [2][3] - The gross margin for overseas wind turbines is expected to be 10 percentage points higher than domestic margins, with an overall slight decline of 1-2 percentage points in 2025 due to cost reductions [4][18] - The company aims for a revenue target of approximately 10 billion RMB for its international business in 2025, marking a tenfold increase from the previous year [21] Strategic Initiatives - SANY Renewable Energy is rapidly expanding its overseas market, with nearly 2 GW of overseas orders expected by the end of 2024, and significant breakthroughs in offshore wind projects [6][15] - The company plans to optimize production capacity and improve production scheduling to meet the growing installation demand [12][28] - The company has secured two major overseas greenfield project development rights in Serbia (168 MW) and Uzbekistan (1 GW) [16][30] Challenges and Risks - The issuance of Document No. 136 has introduced uncertainties regarding the pace and pricing of wind farm sales, potentially redistributing profits from manufacturers to operational segments [2][10] - The competitive environment remains challenging due to low bidding practices by some companies, although leading firms are adhering to self-regulatory agreements [9][10] Cost Management - The wind power industry has seen a slight decrease in costs, with an overall reduction of about 3% expected in 2025 [11] - SANY Renewable Energy aims for a comprehensive cost reduction of 5-7%, with raw material costs expected to decrease by 3-5% [27][28] Future Outlook - The company expects to maintain a strong market position, aiming to be among the top three in the industry in the near term and a leading player in the long term [26] - The anticipated installation volume for 2026 is expected to remain substantial, although a slight decline may occur [3][12] Additional Insights - The company has outlined plans for wind farm sales, with a target of 1 GW for external transfer in 2025, despite some delays due to regional pricing policies [23] - The profitability of wind farm sales is projected to decrease, with expected earnings per watt dropping from 1-2 RMB to 0.5-1 RMB due to market conditions [24] This summary encapsulates the key insights from the conference call, highlighting SANY Renewable Energy's strategic direction, market expectations, and financial outlook within the wind power industry.