关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 三一重能股份有限公司 证券代码：688349 证券简称：三一重能 公告编号：2025-060 投资者可于 2025 年 11 月 12 日（星期三）至 11 月 18 日（星期二）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 sanyreir@sany.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 三一重能股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布 公司 2025 年第三季度报告。为便于广大投资者更全面深入地了解公司 2025 年第 三季度经营成果、财务状况，公司计划于 2025 年 11 月 19 日（星期三）上午 10:00-11:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年 ...

证券代码：688349 证券简称：三一重能 公告编号：2025-061 | 是否存 | 是否继续在 | 在未履 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 离任职 | 原定任期 | 上市公司及 | 姓名 | 离任时间 | 离任原因 | 行完毕 | 务 | 到期日 | 其控股子公 | | | | | | | | | 的公开 | 司任职 | 承诺 | | | | | | | | | | | | | | | | 年 | 年 | 2025 | 11 | 2027 | 1 | 姜鹏 | 董事 | 个人原因 | 否 | 否 | 月 | 日 | 月 | 日 | 11 | 28 | 二、离任对公司的影响 截至本公告披露日，姜鹏先生未持有公司股票，亦不存在应当履行而未履行 的承诺事项，辞职后将继续遵守《上市公司董事和高级管理人员所持本公司股份 及其变动管理规则》《上海证券交易所科创板股票上市规则》等有关 ...

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].

Group 1 - The core transaction on November 7 involved a block trade of 920,700 shares of SANY Renewable Energy, with a transaction value of 26.1011 million yuan, at a price of 28.35 yuan, representing a discount of 1.01% compared to the closing price of the day [2] - In the last three months, the stock has seen a total of three block trades, accumulating a total transaction value of 75.2301 million yuan [3] - The closing price of SANY Renewable Energy on the day of the report was 28.64 yuan, reflecting an increase of 0.49%, with a daily turnover rate of 1.19% and a total transaction amount of 83.9882 million yuan [3] Group 2 - The latest margin financing balance for the stock is 95.7711 million yuan, which has decreased by 2.80% over the last five days, amounting to a reduction of 2.7564 million yuan [4] - Recently, one institution has rated the stock, with the highest target price set by Huatai Securities at 38.09 yuan as of November 5 [4] - SANY Renewable Energy Co., Ltd. was established on April 17, 2008, with a registered capital of 12,264.04215 million yuan [4]

Group 1 - Sany Heavy Energy's stock closed at 28.64 CNY, with an increase of 0.49% on November 7 [1] - A block trade occurred with a total volume of 920,700 shares and a transaction value of 26.1011 million CNY, with a price of 28.35 CNY per share, reflecting a premium rate of -1.01% [1] - Over the past three months, Sany Heavy Energy has recorded three block trades with a cumulative transaction value of 75.2301 million CNY [1] Group 2 - In the last five trading days, the stock has increased by 1.27%, with a net inflow of 7.844 million CNY from main funds [1]

Group 1 - The core transaction involved SANY Heavy Energy, with a total of 920,700 shares traded, amounting to 26.1011 million yuan, which accounted for 23.71% of the total trading volume on that day [1] - The transaction price was 28.35 yuan per share, representing a discount of 1.01% compared to the market closing price of 28.64 yuan [1] Group 2 - The transaction occurred on November 7, 2025, under the stock code 688349 for SANY Heavy Equipment [2] - The buying party was an institutional special account, while the selling party was identified as "零部屋容易高品" [2]

Core Viewpoint - The wind power gearbox leader, Delijia Transmission Technology (Jiangsu) Co., Ltd., was listed on the Shanghai Stock Exchange on November 7, with a significant opening increase in stock price [1] Company Summary - Delijia's initial offering price was 46.68 yuan per share, with a total issuance of 40 million shares [1] - On the first day of trading, Delijia opened at 96.94 yuan, reflecting a 107.7% increase, and closed at 76.74 yuan, marking a 64.40% rise, resulting in a market capitalization of 30.7 billion yuan [1] - Sany Heavy Energy, a wind power equipment manufacturer, holds a 25.2% stake in Delijia, with a market value of 7.736 billion yuan as of the morning close [1]

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 Points - Sany Heavy Energy announced the resignation of Chairman Zhou Fugui due to work changes, with Li Qiang elected as the new chairman [2] - Li Qiang has extensive experience in the energy sector, having held various engineering and managerial positions within Sany Heavy Energy and other companies [3] - In 2024, Li Qiang's annual salary is set at 6.6485 million yuan, while Zhou Fugui's was 7.2498 million yuan [4] Company Overview - Sany Heavy Energy specializes in the research, manufacturing, and sales of wind turbine units, as well as the design, construction, and operation management of wind farms [5] - The company adheres to the philosophy of "Quality Changes the World" and aims to lead in the global clean energy equipment and services sector [5]

Core Insights - Chinese renewable energy and storage companies are increasingly entering South Asian markets, particularly India and Bangladesh, establishing local manufacturing facilities and securing significant contracts [1][2]. Group 1: Market Entry and Localization - Chinese companies are major suppliers in India's solar and wind energy markets, with firms like JinkoSolar, LONGi Green Energy, and Trina Solar dominating the solar component supply [2]. - In wind energy, leading companies such as Envision Energy and SANY Heavy Industry have secured large contracts, with Envision becoming one of the largest wind turbine suppliers in India [2]. - The localization process has begun, with companies like Sungrow Power Supply establishing factories in Bangalore with an annual capacity of 3 GW, and Envision Energy building manufacturing facilities in Maharashtra and Tamil Nadu [2]. Group 2: Market Potential and Government Support - India faces significant electricity shortages and aims to diversify its energy structure, with a target of achieving 500 GW of renewable energy capacity by 2030 [5][6]. - The Indian government has implemented various policies to support renewable energy, including financial incentives and requirements for energy storage systems in solar projects [6]. - The profit margins in the Indian market are attractive for Chinese companies, with reports indicating that the gross margin for wind turbine orders in India is higher than domestic margins by over five percentage points [7]. Group 3: Challenges and Risks - The investment environment in India is complex, with macro policy risks stemming from changes in foreign direct investment regulations that require prior government approval for Chinese investments [9]. - Discriminatory policies aimed at reducing import dependency pose risks, such as the reintroduction of approval lists that exclude Chinese manufacturers from government projects [11]. - The Indian government's push for localization presents challenges, as foreign companies may face increasing demands for local investment and technology transfer [12].