Core Viewpoint - Sany Heavy Energy announced the resignation of Chairman Zhou Fugui due to work changes, while he will continue to serve as a director and committee member [1] Company Summary - Zhou Fugui submitted a written resignation report to the board of directors [1] - Following his resignation, Zhou Fugui will retain his position as a director and member of the board's specialized committees [1]

Core Points - Sany Heavy Energy (688349) announced the resignation of Zhou Fugui as chairman and legal representative due to job changes [1] - Zhou Fugui will continue to serve as a director and a member of the specialized committees of the board [1] - The company will hold its 23rd meeting of the second board on October 31, 2025, to elect Li Qiang, the current director and general manager, as the new chairman [1]

证券代码：688349 证券简称：三一重能 公告编号：2025-059 三一重能股份有限公司 关于董事长辞职及选举新任董事长的公告 根据《公司法》《公司章程》及相关规定，周福贵先生辞去董事长职务后将 作为公司董事继续履职，不会导致公司董事会成员低于法定最低人数。周福贵先 生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》等规定及所作的相关承诺，并将按照公司相关规定做好交接工作。 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。 重要内容提示： 三一重能股份有限公司（以下简称"公司"）董事会于近日收到公司董事长 周福贵先生的书面辞职报告。因工作变动，周福贵先生申请辞去公司董事长、法 定代表人职务。辞职后，周福贵先生仍担任公司董事及董事会下设专门委员会委 员职务。 公司于 2025 年 10 月 31 日召开第二届董事会第二十三次会议，审议通过了 《关于选举公司第二届董事会董事长的议案》，同意选举公司董事、总经理李强 先生为公司第二 ...

Core Viewpoint - The wind power equipment sector experienced a decline of 1.33% on October 31, with Sany Heavy Energy leading the drop [1][2] Market Performance - The Shanghai Composite Index closed at 3954.79, down 0.81% - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers in the wind power equipment sector included: - Zhenjiang Co., Ltd. (603507) with a closing price of 24.28, up 1.76% - Daqian Heavy Industry (002487) with a closing price of 50.30, up 1.64% - Electric Wind Power (688660) with a closing price of 20.63, up 1.38% [1] - Major decliners included: - Sany Heavy Energy (688349) with a closing price of 28.28, down 5.04% - Goldwind Technology (002202) with a closing price of 15.70, down 4.15% - Yunda Co., Ltd. (300772) with a closing price of 18.27, down 3.69% [2] Capital Flow Analysis - The wind power equipment sector saw a net outflow of 1.114 billion yuan from institutional investors, while retail investors contributed a net inflow of 914 million yuan [2][3] - Specific stock capital flows included: - Daqian Heavy Industry (002487) with a net inflow of 1.04 billion yuan from institutional investors - Tian Shun Wind Energy (002531) with a net inflow of 12.26 million yuan from institutional investors [3]

Core Insights - Sany Heavy Energy (688349.SH) reported its Q3 2025 results, revealing that 16 institutional investors hold a total of 68.41 million shares, accounting for 5.58% of the company's total equity [1] - The top ten institutional investors collectively hold 5.51% of the shares, with a slight decrease of 0.15 percentage points compared to the previous quarter [1] Institutional Holdings - The number of public funds that reduced their holdings this quarter includes five funds, with a total reduction of 0.66% [2] - New public funds disclosed this quarter total five, while 223 public funds did not disclose their holdings compared to the previous quarter [2] - Among social security funds, one fund increased its holdings, while another fund decreased its holdings, with changes of 0.68% and 0.15% respectively [2]

Core Viewpoint - The company, SANY Renewable Energy Co., Ltd., emphasizes the accuracy and completeness of its quarterly report, ensuring no false records or misleading statements exist [2][3]. Financial Data Summary - The financial statements for the third quarter are not audited [3]. - The report period refers to the three months from the beginning to the end of the quarter [3]. - The company has a total of 1,226,404,215 shares, with 6,692,334 shares (0.5457%) held in a repurchase account [5]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders' holdings [5]. - There are no changes reported in the borrowing or returning of shares by major shareholders [6][7]. Other Important Information - There are no additional reminders or significant operational updates for investors during the reporting period [7]. - The financial statements are prepared in thousands of RMB and are unaudited [3][8].

Group 1 - The core viewpoint of the article highlights SANY Renewable Energy's financial performance in Q3 2023, showing significant revenue growth but a substantial decline in net profit [1] - For the first three quarters of 2025, the company's revenue reached approximately 14.451 billion yuan, representing a year-on-year increase of 59.36% [1] - The net profit attributable to shareholders was about 122 million yuan, reflecting a year-on-year decrease of 82.21% [1] - Basic earnings per share were reported at 0.1005 yuan, down 82.39% compared to the previous year [1] Group 2 - As of the report date, SANY Renewable Energy's market capitalization stood at 36.5 billion yuan [2] - The article also mentions the occurrence of "negative electricity prices" in multiple regions, raising questions about why power plants are reluctant to shut down despite not making profits from electricity sales [2]

Financial Performance - The company's operating revenue for the third quarter reached CNY 5,856,929 thousand, representing a year-on-year increase of 54.64%[4] - The total profit for the quarter was CNY -204,136 thousand, a decline of 184.50% compared to the same period last year[4] - The net profit attributable to shareholders was CNY -88,275 thousand, down 135.13% year-on-year[4] - The basic earnings per share for the quarter was CNY -0.0728, down 135.19% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was CNY 121,824 thousand, a decrease from CNY 684,844 thousand in 2024, reflecting a decline of approximately 82.2%[20] - The company reported a basic earnings per share of CNY 0.1005 for the first three quarters of 2025, down from CNY 0.5707 in the same period of 2024[21] Cash Flow - The net cash flow from operating activities was CNY -74,017 thousand, an increase of 81.59% compared to the previous year[4] - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 1,169,622 thousand, an improvement compared to -CNY 3,209,590 thousand in 2024[23] - Cash inflow from investment activities in the first three quarters of 2025 totaled CNY 1,913,753 thousand, compared to CNY 740,784 thousand in 2024, marking an increase of about 158.5%[23] - Cash outflow from investment activities for the first three quarters of 2025 was CNY 5,610,264 thousand, up from CNY 4,777,538 thousand in 2024, indicating an increase of approximately 17.4%[23] - Cash and cash equivalents at the end of the period were 4,615,552 thousand, slightly down from 4,616,993 thousand[25] - The net increase in cash and cash equivalents was -5,537,825 thousand, compared to -6,358,370 thousand in the prior period[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 45,206,955 thousand, reflecting a 9.19% increase from the end of the previous year[5] - The company's current assets totaled RMB 32,194,681 thousand, up from RMB 29,406,463 thousand, indicating an increase of about 9.6%[15] - The company's total liabilities increased to RMB 30,306,558 thousand from RMB 24,553,637 thousand, marking a growth of around 23.4%[16] - The total liabilities as of the end of the reporting period were CNY 31,933,733 thousand, an increase from CNY 27,679,633 thousand in the previous year, representing a growth of about 15.4%[17] - The total equity attributable to shareholders was CNY 13,273,219 thousand, a decrease from CNY 13,723,674 thousand in the previous year, reflecting a decline of approximately 3.3%[17] Shareholder Information - The company has a total of 12,514 common shareholders as of the report date[12] - The top shareholder, Liang Wengen, holds 45.73% of the shares, with a total of 560,874,900 shares[12] Operational Challenges - The company experienced a significant decline in profit due to lower wind turbine bidding prices and the impact of low-margin orders expected to be delivered in 2025[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -112,397 thousand, a decrease of 150.26% year-on-year[10] Research and Development - Research and development expenses totaled CNY 212,534 thousand, accounting for 3.63% of operating revenue, a decrease of 1.06 percentage points year-on-year[5] Accounting Standards - The company will not apply new accounting standards starting from 2025[26]

Core Viewpoint - SANY Renewable Energy's stock has experienced fluctuations, with a recent decline of 2.01% and a year-to-date drop of 3.64%, despite a notable increase of 16.25% over the past 60 days [1] Financial Performance - For the first half of 2025, SANY Renewable Energy reported a revenue of 8.594 billion yuan, marking a year-on-year growth of 62.75%, while the net profit attributable to shareholders decreased by 51.54% to 210 million yuan [2] - Cumulative cash dividends since the company's A-share listing amount to 1.949 billion yuan [3] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 4.49% to 10,800, with an average of 21,773 circulating shares per shareholder, up by 19.22% [2] - The stock's trading activity shows a net inflow of 647,500 yuan from major funds, with significant buying and selling activity recorded [1] Business Overview - SANY Renewable Energy, established on April 17, 2008, focuses on the research, manufacturing, and sales of wind power equipment, as well as the design, construction, and management of wind farms and photovoltaic power stations [1] - The company's revenue composition includes 75.14% from wind turbine manufacturing and sales, 21.33% from wind farm sales, and smaller contributions from other services [1]

Core Viewpoint - The Chinese wind power industry is transitioning from being dependent on foreign technology to achieving self-sufficiency and innovation in key technologies, particularly in high-end wind power motors, marking a significant advancement in domestic capabilities [1][2][6]. Industry Development - The domestic wind power motor industry has successfully broken through key technological barriers, with SANY Heavy Energy's self-developed grid-connected doubly-fed wind turbine passing hardware-in-the-loop testing, earning the first domestic testing report in this field [1]. - The shift from reliance on imports to domestic production has been driven by policy support and market demand, leading to a rapid increase in the production capacity and maturity of domestic motors [2]. Technological Innovation - The focus on technological innovation is crucial for enhancing the quality and competitiveness of wind power motors, with trends moving towards higher power density, reliability, and adaptability to power grids [4]. - The doubly-fed technology route is favored for its cost advantages, requiring only one-third of the full-power converter compared to direct-drive systems, thus significantly reducing costs [4]. Collaborative Efforts - The advancement in the wind power sector is a result of collaboration among manufacturers, component suppliers, and research institutions, creating a technology innovation system that integrates industry, academia, and research [3]. - Continuous innovation and investment in foundational research are essential for maintaining competitiveness in the global market, particularly in areas like bearing materials and superconducting applications [3]. Testing and Validation - A robust testing and validation system is critical for the success of self-developed products, with SANY Heavy Energy establishing multiple national testing bases to simulate extreme conditions and validate performance across the entire supply chain [5]. Future Outlook - The wind power motor industry is poised for historic opportunities, with a shift towards technology-intensive development driven by national policies and market demands for lifecycle performance and grid compatibility [6]. - The journey from following to leading in the wind power motor sector reflects the broader narrative of China's high-end equipment innovation, emphasizing the importance of long-term commitment and deep industry collaboration [6].