关于召开 2025 年半年度业绩说明会的公告 证券代码：688349 证券简称：三一重能 公告编号：2025-055 三一重能股份有限公司 投资者可于 2025 年 09 月 17 日（星期三）至 09 月 23 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 8 月 29 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 的经营成果、财务状况，公司计划于 2025 年 9 月 24 日（星期三）上午 10:00-11:30 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 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。 一、 说明会类型 重要内容提示： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https:// ...

证券代码：688349 证券简称：三一重能 三一重能股份有限公司 2025 年第三次临时股东大会会议资料 二〇二五年九月 | 三一重能股份有限公司 2025 年第三次临时股东大会会议须知 | 1 | | --- | --- | | 三一重能股份有限公司 2025 年第三次临时股东大会议程 3 | | | 三一重能股份有限公司 2025 年第三次临时股东大会议案 5 | | | 附件 | 13 | 三一重能股份有限公司 2025 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》以及《三一重能股份有限公司章 程》《三一重能股份有限公司股东大会议事规则》等相关规定，三一重能股份有 限公司（以下简称"公司"）特制定本次股东大会会议须知： 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。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或 ...

国内单体规模最大的陆上风电项目在内蒙古正式投运。 9月14日，我国首批规模性采用10兆瓦发电机组的单体最大陆上风电项目——内蒙古能源乌拉特中旗150 万千瓦风储基地项目，正式投入商业运行。该项目共采用150台10兆瓦风电机组，其中110台风机来自三 一重能（688349），风电机组采用了全碳纤维叶片。 智通财经从三一重能了解到，全碳纤维叶片更加轻量化，可帮助机组实现更优载荷，同时风电机组的叶 尖离塔筒更远也有助提高运行安全。 三一重能还表示，项目的风电主机两侧多了2个"耳朵"，这是三一重能创新采用的箱变侧置技术，让机 组承载载荷更优化，通过采用强度更优的双轴承，让传动链运行更加稳定可靠，同时机组重量减轻5% 以上。 据内蒙古能源集团介绍，项目全容量投运后，预计每年可发电54.4亿度，每年减少标准煤燃烧约164万 吨，减少二氧化碳排放约498万吨。 据介绍，该项目风机采用全碳纤维叶片，叶片根部直径更大，达3.6米，叶根承载力提升26%以上。风 机运行时，叶尖离塔筒的距离增加了12%以上，极大地增加叶片的安全性。同时，该项目风电机组采用 1.7米的主轴承，宽度和厚度都有明显优势，承载力提升20%以上，机组整体安全 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Group 1 - The core viewpoint of the news is the release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology, which sets four main goals for the power equipment industry, including maintaining an average revenue growth rate of around 6% for traditional power equipment and a steady increase for new energy equipment [1][2] - The new plan emphasizes precise efforts and aims for an average revenue growth rate of 10% for leading enterprises in the power equipment sector, reflecting a shift from the previous plan's broader targets [2][4] - The plan outlines measures to enhance supply-side capabilities, expand effective demand on the demand side, and optimize the development environment on the environmental side, focusing on improving equipment supply quality and promoting innovative product applications [1][3][4] Group 2 - The current development targets of 6%-10% are more suitable for the present state of the power industry, especially in the context of new energy equipment, which has seen rapid growth but is expected to slow down in the second half of the year [3] - As of June 2023, the installed capacity of wind and solar power in China reached 1.67 billion kilowatts, surpassing that of thermal power, but the system's adjustment capacity has not kept pace, leading to challenges in renewable energy consumption [3] - The plan aims to strengthen the combination of quality supply and effective demand, with a focus on accelerating the construction of major energy projects and expanding international market cooperation in the wind and solar sectors [5]

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Outperform the Market" (maintained) [3][4][17] Core Insights - The first mechanism electricity price bidding results have been released, with favorable outcomes for wind power in Shandong Province. The mechanism electricity price for photovoltaic is 0.225 yuan/kWh, with an accepted electricity volume of 1.248 billion kWh, and for wind power, it is 0.319 yuan/kWh, with an accepted electricity volume of 5.967 billion kWh. The mechanism electricity price for wind power is significantly above the bidding lower limit and close to the upper limit, indicating a favorable investment return for wind power projects [3][5][7][8]. Summary by Sections Industry Overview - The bidding results show that the mechanism electricity price for photovoltaic projects is 0.225 yuan/kWh, with a mechanism electricity volume ratio of 80%, while for wind power, it is 0.319 yuan/kWh, with a mechanism electricity volume ratio of 70%. The total scale of accepted projects for photovoltaic is 1.27 GW, and for wind power, it is 3.59 GW [5][8]. Investment Recommendations - Based on the bidding results and feedback from the industry chain, it is expected that the overall scale of domestic new energy development will remain stable during the 14th Five-Year Plan period, with a greater focus on wind power compared to the previous period. This is favorable for companies in the wind power industry chain. Recommended companies to watch include Goldwind Technology, SANY Renewable Energy, Yunda Co., and Times New Material [4][11]. Financial Projections - The profit forecasts for related companies are as follows: Goldwind Technology (2024A: 1.86 billion yuan, 2025E: 2.70 billion yuan, 2026E: 3.67 billion yuan), SANY Renewable Energy (2024A: 1.81 billion yuan, 2025E: 2.13 billion yuan, 2026E: 2.68 billion yuan), Yunda Co. (2024A: 460 million yuan, 2025E: 680 million yuan, 2026E: 990 million yuan), and Times New Material (2024A: 440 million yuan, 2025E: 650 million yuan, 2026E: 840 million yuan) [13].

Group 1 - The Chinese wind power market continues to grow in the first half of 2025, with new wind turbine orders reaching 80GW, including approximately 73GW for onshore turbines, a year-on-year increase of 6% [1] - Major contributors to onshore wind turbine orders include Xinjiang, Hebei, and Inner Mongolia, which together accounted for over 40% of the new orders [1] - The offshore wind market achieved its best performance since 2023, with new orders of about 6GW [1] Group 2 - Goldwind Technology leads the Chinese wind power market in new order volume with a market share of approximately 18.2%, followed by Envision Energy (16.6%), Mingyang Smart Energy (16.2%), and Yunda Co. (16%), all exceeding 10GW in order volume [1] - Several wind turbine manufacturers made breakthroughs in the offshore wind market, with Dongfang Electric ranking first in offshore turbine orders, securing 1.5GW for its DEW-D16000-262 model [1] - China CRRC followed with 1GW in offshore orders, while SANY Heavy Energy received its first offshore turbine order [1] Group 3 - Chinese wind turbine manufacturers achieved overseas orders of 7.7GW across 20 countries, marking a 51% year-on-year increase, with Envision Energy leading at 4.9GW [1] - The Indian market remains strong, with Chinese wind turbine manufacturers securing over 2GW in orders for three consecutive quarters [1] Group 4 - Wood Mackenzie reported that over half of the 166GW of onshore wind turbine orders signed in 2024 have already transitioned into construction projects, supporting growth in the onshore wind market for 2025 [2] - The report indicates a structural adjustment in the trend of wind turbine size, with orders for onshore turbines above 10MW decreasing by 14% year-on-year, while the share of mid-speed models between 7MW and 10MW has significantly increased [2] - The demand for low-wind-speed models is rising due to the scarcity of high-quality wind resource sites, while the slowdown in the trend of onshore wind turbine size has led to a price increase for onshore turbines for three consecutive quarters, with a 4% rise in Q2 2025 compared to the lowest point in 2024 [2] Group 5 - The trend of offshore wind turbine size continues, with orders for turbines above 16MW increasing by 60% year-on-year [2] - However, weak market demand has intensified competition among manufacturers, and challenging site conditions have increased cost pressures for developers, resulting in record low prices for offshore wind turbines in Q1 2025 [2] - Wood Mackenzie anticipates that strong domestic demand growth for onshore wind, rising prices for onshore turbines, and successful execution of overseas orders will drive revenue levels for Chinese wind turbine manufacturers to historical highs, with profitability further improving [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][11]. Core Insights - The company is projected to achieve revenues of 250 billion, 280 billion, and 320 billion yuan for the years 2025, 2026, and 2027 respectively, with a notable improvement in Q2 performance driven by strong overseas market growth [5][7]. - The company reported a significant year-on-year revenue increase of 62.75% in H1 2025, although net profit decreased by 51.54% during the same period, indicating challenges in profitability [7]. - The company has a robust order backlog, with over 28GW of orders, marking a historical high, and has successfully secured significant offshore wind projects [7]. Financial Projections - Revenue projections for the company are as follows: 149.39 billion yuan in 2023, 177.92 billion yuan in 2024, and 250 billion yuan in 2025 [5][9]. - The forecasted net profit for the years 2025, 2026, and 2027 is 16.93 billion, 23.60 billion, and 28.08 billion yuan respectively, with corresponding earnings per share (EPS) of 1.38, 1.92, and 2.29 yuan [8][9]. - The company’s price-to-earnings (P/E) ratio is expected to be 21.11 for 2025, decreasing to 12.73 by 2027, indicating a potential increase in valuation attractiveness over time [8][9]. Market Performance - The company’s stock price is currently at 29.15 yuan, with a 52-week price range of 21.94 to 34.50 yuan, reflecting a stable market position [1]. - The company has shown strong performance in the wind power equipment sector, with a 30.32% increase in revenue from wind turbine manufacturing in H1 2025 [7].

Group 1 - SANY Heavy Energy's SI-193625 grid-type doubly-fed wind turbine has successfully passed the grid-type characteristic test conducted by the China Electric Power Research Institute [1] - This achievement marks SANY Heavy Energy as the first domestic wind turbine manufacturer to receive authoritative certification for grid-type doubly-fed technology [1] - The certification includes the first hardware-in-the-loop test report for doubly-fed wind turbines in China [1]

Group 1 - Sany Heavy Energy's stock increased by 5.41% to 29.98 CNY per share, with a trading volume of 84.79 million CNY and a turnover rate of 1.23%, resulting in a total market capitalization of 36.768 billion CNY [1] - The company, established on April 17, 2008, and listed on June 22, 2022, specializes in the research, manufacturing, and sales of wind power generators, as well as the design, construction, and operation management of wind farms and photovoltaic power plants [1] - The revenue composition of Sany Heavy Energy includes 76.32% from wind power generator manufacturing, 19.48% from power station product sales, 1.64% from wind power generation, 1.50% from wind power services, and 0.71% from other sources [1] Group 2 - E Fund's ETF, the E Fund SSE STAR 50 ETF (588080), is among the top ten circulating shareholders of Sany Heavy Energy, having increased its holdings by 291,200 shares to a total of 10.1548 million shares, representing 4.33% of circulating shares [2] - The E Fund SSE STAR 50 ETF has a current scale of 62.683 billion CNY and has achieved a year-to-date return of 35.98%, ranking 842 out of 4222 in its category, and a one-year return of 97.59%, ranking 311 out of 3779 [2] - The fund managers, Lin Weibin and Cheng Xi, have significant experience, with Lin managing assets totaling 106.5 billion CNY and achieving a best return of 69.76% during his tenure, while Cheng manages 195.312 billion CNY with a best return of 120.62% [2]