Core Viewpoint - The report evaluates the financial services provided by Shanghai Electric Group Finance Co., Ltd. to its parent company, Shanghai Electric Group Co., Ltd., and its subsidiaries, highlighting the company's financial health and risk management practices [1][10]. Group 1: Basic Information of Electric Finance - Shanghai Electric Group Finance Co., Ltd. was established in December 1995 and is regulated by the National Financial Supervision Administration [2]. - The registered capital of Electric Finance is RMB 3 billion, with Shanghai Electric Group Co., Ltd. holding a 74.625% stake [2]. - The company offers various financial services, including deposit acceptance, loan processing, and financial consulting [3]. Group 2: Internal Control System - Electric Finance has established a governance structure comprising a shareholder meeting, board of directors, supervisory board, and senior management to ensure clear responsibilities and effective decision-making [4]. - The company has implemented comprehensive internal control measures to mitigate operational risks, including specific management procedures for settlement and fund management [5][6]. Group 3: Financial Performance and Risk Management - As of June 30, 2025, Electric Finance reported total assets of RMB 75.595 billion, total liabilities of RMB 66.786 billion, and net assets of RMB 8.809 billion [8]. - The company achieved a capital adequacy ratio of 17.47%, significantly above the regulatory requirement of 10.5% [8]. - The average deposit balance from the parent company and its subsidiaries in Electric Finance was RMB 2.446 billion, accounting for 74.70% of their total deposits [8]. Group 4: Financial Services Impact - The interest rates for deposits and loans provided by Electric Finance are competitive compared to other financial institutions, positively impacting the parent company's operations [8]. - The company has not encountered any legal or regulatory violations in its business activities, indicating strong compliance with financial regulations [8][10]. Group 5: Ongoing Risk Assessment - The company will conduct semi-annual reviews of Electric Finance's audited financial reports to assess its operational qualifications and risk status [10]. - The report concludes that Electric Finance has effective risk management practices in place, ensuring the safety of financial services provided to the parent company and its subsidiaries [10].

证券代码：688660 证券简称：电气风电 公告编号：2025-030 上海电气风电集团股份有限公司 关于董事会完成换届选举 暨选举公司董事长、董事会专门委员会召集人、委员 以及聘任高级管理人员和证券事务代表的公告 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。 一、董事会换届选举结果 公司于 2025 年 08 月 26 日召开股东会 2025 年第一次临时会议，本次会议选 举（以姓氏笔画为序）王勇先生、乔银平先生、陈术宇先生、吴改先生、董春英 女士为第三届董事会非独立董事；选举洪彬先生、蒋琰女士、蔡旭先生为第三届 董事会独立董事。以上 8 名董事同公司职工代表大会选举的由职工代表担任的董 事王红春女士一起组成第三届董事会。 以上董事的简历详见董事会于 2025 年 08 月 09 日在上海证券交易所网站 （www.sse.com.cn）上披露的《董事会换届选举的公告》 （公告编号：2025-024）。 二、董事长选举情况 根据公司章程的有关规定，第三届董事会于 2025 年 08 月 26 日召开第一次 会议，以记名投 ...

Core Viewpoint - The report evaluates the progress of Shanghai Electric Wind Power Group's "Quality Improvement and Efficiency Enhancement" action plan for 2025, highlighting significant advancements in operational quality, market expansion, and investor relations [1][2][3]. Group 1: Operational Development and Market Expansion - The company focuses on enhancing its core business and improving operational quality, achieving a market share of 7.90% in domestic bidding, ranking sixth among domestic manufacturers [1][2]. - In international projects, the company ranks third with an 8.56% share, while domestic project bidding volume increased by 141.23% [1]. - The company has strengthened strategic partnerships with energy state-owned enterprises and local energy groups, facilitating resource development and project approvals [2]. Group 2: Operational Management Optimization - The company has implemented cost reduction measures, resulting in a 21.80% expense ratio, a decrease of 23.27 percentage points year-on-year, and a net profit improvement of 1.08 billion yuan [3][4]. - Inventory turnover improved from 3.18 to 2.33, and accounts receivable decreased by 18.72% compared to the end of the previous year [4]. Group 3: Technological Innovation and Product Competitiveness - The company maintains high R&D investment, with 475 R&D personnel representing 29.25% of the total workforce, and has acquired 40 new patents in the first half of the year [6]. - New product developments include the EW18.0-260 and EW14.0-270 models, with several products already in testing and batch delivery stages [5][6]. Group 4: Investor Relations and Governance - The company has established a comprehensive market value management plan, focusing on governance, operational performance, and investor relations [6][7]. - In the first half of the year, the company issued 21 announcements, ensuring accurate and timely information dissemination to investors [7][8]. - The company has enhanced its governance framework, aligning with the latest regulations and improving its ESG performance [9].

Overview - The company held meetings on August 26, 2025, to approve the proposal for asset impairment provisions to reflect its financial status as of June 30, 2025, and its operational performance for the first half of 2025 [1] Asset Impairment Provisions - The company conducted a comprehensive review of its assets and identified impairment signs, leading to an increase in impairment provisions totaling 90,820.94 thousand yuan, up from 72,170.59 thousand yuan at the beginning of the period [1] - The provisions included: - Accounts receivable impairment provision - Other receivables impairment provision - Long-term receivables impairment provision [1] Inventory Impairment - The company recognized an inventory impairment provision of 16,482.6 thousand yuan due to a decline in product sales prices and fluctuations in raw material prices, which reduced the operating profit for the first half of 2025 by the same amount [2] - The company reversed 39,365.9 thousand yuan of previously recognized inventory impairment provisions due to sales of inventory items [2] Contract and Credit Impairment Provisions - The company plans to increase the contract asset impairment provision by 10,682.5 thousand yuan, which will result in a net increase of 10,576.5 thousand yuan to the operating profit after considering reversals [5] - The company also plans to increase the accounts receivable impairment provision by 182,036.9 thousand yuan, leading to a net decrease of 109,017.8 thousand yuan in operating profit after considering reversals [5] Long-term Receivables and Other Assets - No new impairment provisions were made for long-term receivables during the first half of 2025, resulting in a net increase of 47.8 thousand yuan to the operating profit after reversals [6] - The company did not recognize any new impairment provisions for contract acquisition costs, with a reduction of 1,674.8 thousand yuan due to write-offs [6] Overall Impact - The total reversal of asset impairment provisions amounted to 94,477.0 thousand yuan, leading to a net reduction of 114,906.8 thousand yuan in operating profit for the first half of 2025 [6]

Core Points - The company is established to protect the rights and interests of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [2][3] - The company is a limited liability company registered in Shanghai with a registered capital of RMB 1,333,333,400 [3][4] - The company focuses on the design, development, manufacturing, and sales of wind power generation equipment and components, as well as related technical services [4][5] Company Structure - The company was formed through the restructuring of Shanghai Electric Wind Power Group Co., Ltd. and is registered with the Shanghai Market Supervision Administration [2][3] - The company has a board of directors, with the chairman serving as the legal representative [3][4] - The company has established a party organization to ensure leadership and direction in its operations [2] Share Issuance and Capital - The company issued 533,333,400 shares to the public in 2021, with a total of 1,333,333,400 shares currently issued, each with a par value of RMB 1 [3][6] - The company adheres to principles of fairness and transparency in its share issuance, ensuring equal rights for all shareholders [6][7] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in meetings, and supervise the company's operations [12][13] - Shareholders are required to comply with laws and regulations and are liable for their subscribed shares [17][40] - The company has provisions for shareholders to request the convening of meetings and to propose agenda items [60][61] Governance and Decision-Making - The company’s governance structure includes a board of directors and a supervisory committee, with specific roles and responsibilities outlined [12][18] - Major decisions, such as capital increases or decreases, require shareholder approval [46][47] - The company must disclose significant transactions and related party transactions to shareholders [49][50] Meeting Procedures - The company holds annual and extraordinary shareholder meetings, with specific procedures for notification and voting [50][52] - Shareholders can attend meetings in person or by proxy, and the company must ensure the legality of the meeting process [66][68] - Meeting records must be maintained for a minimum of 10 years, ensuring transparency and accountability [80][81]

上海电气风电集团股份有限公司 第一章 总 则 第一条 为维护上海电气风电集团股份有限公司(以下简称"公司")及公司 股东的合法权益，明确股东会的职责权限，提高股东会议事效率，保证股东会依 法行使职权，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》(以下简称"《证券法》")、中国证监会《上市公司治理 准则》《上市公司股东会规则》、上海证券交易所《科创板股票上市规则》《科 创板上市公司自律监管指引第 1 号——规范运作》等有关法律、法规及规范性文 件（以下统称"法律法规"），以及公司章程的相关规定，特制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律法规、本规则及公司章程的相关规定召开股 东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 董事会同意召开临时股东会的，应当在作出董事会决议后的 5 日内发出召开 股东会的通知，通知中对原提议的变更，应当征得审计委员会的同意。 第四条 股东会依照有关法律法规及公司章程规定的权限行使职权 ...

General Principles - The document outlines the management system for the shareholding and trading behavior of directors, senior management, and core technical personnel of the company, in accordance with relevant laws and regulations [1][2]. - This system applies to the shareholding and trading management of directors and senior management (referred to as "DGA") and core technical personnel [2]. Information Reporting - DGA must report or update personal information such as name, position, ID number, and securities account within specified timeframes, including within two trading days after changes occur [4]. - Any changes in shareholding by DGA must be reported within two trading days, including details such as the number of shares held before and after the change, the date, quantity, and price of the change [6]. Share Trading Restrictions - DGA are prohibited from trading company shares during specific periods, such as 15 days before the annual or semi-annual report announcements and 5 days before quarterly reports [6]. - DGA cannot transfer shares under certain conditions, including within one year of the company's stock listing or within six months after leaving the company [9]. Trading Procedures - DGA must notify the board secretary of their trading plans via email or other communication methods (excluding phone) before executing trades [10]. - DGA are limited to transferring no more than 25% of their total shareholding in a year, with specific exceptions for judicial enforcement or inheritance [7]. Disclosure Requirements - DGA planning to reduce their shareholding must report their reduction plan to the stock exchange 15 trading days in advance, detailing the number of shares, source, and reasons for the reduction [8]. - If a DGA's shareholding reaches the threshold defined by the "Measures for the Administration of Acquisitions of Listed Companies," they must comply with additional reporting and disclosure obligations [9]. Accountability - DGA and core technical personnel are responsible for ensuring the accuracy and timeliness of their reported data, facing potential legal consequences for violations [10]. - The company will take disciplinary actions against DGA and core technical personnel who violate trading regulations, in addition to penalties from regulatory authorities [10].

上海电气风电集团股份有限公司 第一条 为了进一步规范上海电气风电集团股份有限公司（以下简称"公 司"）董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提 高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民 共和国证券法》、中国证监会《上市公司治理准则》和上海证券交易所《科创板 股票上市规则》（以下简称"科创板上市规则"）《科创板上市公司自律监管指 引第 1 号—规范运作》及其他有关法律、行政法规和部门规章（以下统称"法律 法规"）和公司章程的相关规定，特制订本规则。 第二条 董事会下设证券事务部，处理董事会日常事务。董事会秘书或者证 券事务代表兼任证券事务部负责人，保管董事会印章。 第三条 董事会会议分为定期会议和临时会议。董事会每年应当至少在上下 两个半年度各召开一次定期会议。 第四条 有下列情形之一的，董事会应当召开临时会议： （一）代表 1/10 以上表决权的股东提议时； 第五条 按照本规则第四条规定提议召开董事会临时会议的(董事长认为必 要时除外)，应当通过董事会秘书或者直接向董事长提交经提议人签字(盖章)的 书面提议。书面提议中应当载明下列事项： 提案内容应当属于公 ...

上海电气风电集团股份有限公司 （第 4 版 经第二届董事会第十五次会议审议通过） 第一章 总 则 第一条 为规范上海电气风电集团股份有限公司（以下称"公司"）及公司 其他相关信息披露义务人的信息披露行为，加强公司信息披露事务管理，确保信 息披露合法合规，以保护公司投资者的合法权益，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》（以下简称"《证券法》"）、 中国证监会《上市公司信息披露管理办法》 《上市公司治理准则》、上海证券交易 所《科创板股票上市规则》 （以下简称"《科创板上市规则》"）、 《科创板上市公司 自律监管指引第 1 号——规范运作》《科创板上市公司自律监管指引第 2 号—— 自愿信息披露》等法律、法规和规范性文件（以下统称"法律法规"）以及公司 章程的相关规定，特制定本制度。 第二条 本制度所称"信息披露"是指公司将所有可能对公司证券及其衍 生品种交易价格产生较大影响或者对投资者作出价值判断和投资决策有较大影 响的事项，按法律法规在上海证券交易所网站和符合中国证监会规定条件的信息 披露的报刊上公告信息。 第三条 本制度适用于公司总部各部门、各分公司、子公司或其 ...

上海电气风电集团股份有限公司 （第 5 版 经第二届董事会第十五次会议审议通过） 第一章 总 则 第一条 为加强、规范公司募集资金的管理和使用，提高募集资金使用效率， 确保资金使用安全，切实保护投资者利益，根据《中华人民共和国证券法》、中 国证监会《上市公司募集资金监管规则》、上海证券交易所《科创板股票上市规 则》 《科创板上市公司自律监管指引第 1 号——规范运作》 《科创板上市公司自律 监管指引第 3 号——科创属性持续披露及相关事项》等法律、法规和规范性文件 （以下统称"法律法规"），以及公司章程的相关规定，结合公司实际情况，制定 本制度。 第二条 本制度所称"募集资金"是指公司通过发行股票或者其他具有股权 性质的证券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励 计划募集的资金。 第三条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防 范投资风险，提高募集资金使用效益。 第四条 董事和高级管理人员应当勤勉尽责，确保募集资金安全，不得操控 公司擅自或变相改变募集资金用途。 第五条 公司控股股东、实际控制人及其他关联人不得占用公司募集资金， 不得利用公司募集资金投资项目（以下简称 ...