人民财讯12月4日电，企查查APP显示，近日，射阳龙源新能源有限公司成立，注册资本1亿元，经营范 围包含：风力发电技术服务；太阳能发电技术服务；电气设备修理；海上风电相关系统研发等。企查查 股权穿透显示，该公司由龙源电力（001289）、国家能源集团江苏电力有限公司、悦达投资 （600805）、天顺风能（002531）旗下江苏长风海洋装备制造有限公司、远景能源有限公司等共同持 股。 ...

Core Viewpoint - The report highlights the current state and future potential of China's wind power industry, indicating a decline in production in September 2025 but an overall increase in cumulative production for the year [1]. Group 1: Industry Overview - As of September 2025, China's wind power generation output was 67.2 billion kilowatt-hours, representing a year-on-year decrease of 7.6% [1]. - From January to September 2025, the cumulative wind power generation output in China reached 767.3 billion kilowatt-hours, showing a cumulative growth of 10.1% [1]. Group 2: Companies Involved - Listed companies in the wind power sector include Jinlun Technology (002202), Mingyang Smart Energy (601615), Yunda Co., Ltd. (300772), Shanghai Electric (601727), and others [1]. Group 3: Research and Insights - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and tailored consulting services [1].

证券代码：002531 证券简称：天顺风能 公告编号：2025-072 天顺风能（苏州）股份有限公司 关于子公司为母公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示: 截至本公告披露日，公司实际担保额超过 2024 年年度经审计净资产的 100%； 公司及子公司未对合并报表范围外的公司提供担保； 公司及子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而 应承担损失的情况。 一、担保情况概述 为满足子公司生产经营对资金的需求，天顺风能（苏州）股份有限公司（简 称"公司"）向国家开发银行苏州市分行申请授信 30,000 万元，用于补充子公 司流动资金、开立银行承兑汇票、票据贴现、非融资性保函、国内信用证等业务。 公司全资子公司上海天顺零碳实业发展有限公司为上述授信提供连带责任保证 担保。 对外担保事项已经公司第五届董事会 2025 年第二次会议和 2024 年年度股 东大会审议通过，被担保方及担保金额在以上董事会及股东大会审批范围之内， 无需提交公司董事会、股东大会再次审议。具体内容详见 2025 年 04 月 25 日、 202 ...

Core Viewpoint - The company announced a credit application of 300 million yuan to the Suzhou branch of the National Development Bank to meet the operational funding needs of its subsidiary [1] Group 1: Financial Guarantees - The wholly-owned subsidiary, Shanghai Tiensun Zero Carbon Industrial Development Co., Ltd., will provide joint liability guarantee for the credit application, with a guarantee period of three years from the maturity of the main contract [1] - As of the announcement date, the total actual guarantee amount by the company and its subsidiaries is 12.343 billion yuan, which accounts for 138.30% of the audited net assets for the year 2024 [1] - All guarantees are within the scope of consolidated financial statements, and there are no overdue or adverse guarantee situations [1] Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 62.6408 million yuan and a net profit of 710 million yuan [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 3.72 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.6%. However, the net profit attributable to shareholders was 70 million yuan, a significant decline of 76.1% year-on-year [2][4] - In Q3 2025, the company achieved a revenue of 1.53 billion yuan, which is a year-on-year increase of 17.8% and a quarter-on-quarter increase of 21.4%. The net profit attributable to shareholders for this quarter was 20 million yuan, down 79.0% year-on-year and down 12.6% quarter-on-quarter [2][4] - The company's gross margin for Q3 was approximately 16.5%, a decrease of 6.3 percentage points year-on-year, primarily due to the company's proactive reduction of onshore wind business and a decline in power generation gross margin [6] - The company has seen an increase in contract liabilities, which reached 611 million yuan by the end of Q3 2025, indicating a solid foundation for future deliveries [13] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company's gross margin was 19.07%, down 6.22 percentage points year-on-year. The total expense ratio for the same period was 14.38%, a decrease of 1.20 percentage points year-on-year [12] - The company received approximately 56 million yuan in other income due to increased government subsidies [12] Operational Insights - By the end of Q3 2025, the company's inventory and contract liabilities were 2.539 billion yuan and 611 million yuan, respectively, which are expected to support future delivery performance [13] - The company is actively expanding its domestic and international offshore wind product markets, which is anticipated to release growth potential in performance [13] Future Outlook - The company is expected to see net profits of approximately 180 million yuan and 760 million yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of approximately 69 times and 16 times [13]

Core Viewpoint - TianShun Wind Power experienced a slight decline in stock price on November 17, with a trading volume of 159 million yuan, indicating a mixed sentiment among investors [1] Financing Summary - On November 17, TianShun Wind Power had a financing buy-in amount of 12.86 million yuan and a financing repayment of 16.04 million yuan, resulting in a net financing outflow of 3.18 million yuan [1] - The total financing and margin trading balance reached 261 million yuan, with the financing balance accounting for 1.95% of the circulating market value, indicating a relatively high level compared to the past year [1] - The company had a margin trading repayment of 100 shares and a margin selling of 4,100 shares, with a margin balance of 796,600 yuan, which is below the 10% percentile level over the past year, indicating a low level of short selling activity [1] Business Performance - For the period from January to September 2025, TianShun Wind Power reported a revenue of 3.723 billion yuan, reflecting a year-on-year growth of 4.56%, while the net profit attributable to shareholders decreased by 76.10% to 69.71 million yuan [2] - The company's main business revenue composition includes 53.62% from onshore wind equipment, 31.66% from power generation, 9.46% from offshore wind equipment, and 5.26% from other sources [1] Shareholder Information - As of November 10, the number of shareholders for TianShun Wind Power increased by 1.86% to 80,900, while the average circulating shares per person decreased by 1.83% to 22,074 shares [2] - The company has cumulatively distributed 1.426 billion yuan in dividends since its A-share listing, with 171 million yuan distributed over the past three years [3] - Notable institutional holdings include Guangfa Multi-Factor Mixed Fund as the third-largest shareholder with 18.20 million shares, and HSBC Jintrust Small Cap Stock Fund as the fifth-largest shareholder with 14.02 million shares, both indicating new entries into the shareholder list [3]

Core Viewpoint - TianShun Wind Power's stock has experienced a decline in recent trading sessions, with a year-to-date drop of 7.35% and a significant decrease in net profit for the first nine months of 2025 [1][2]. Company Overview - TianShun Wind Power, established on January 18, 2005, and listed on December 31, 2010, is located in Shanghai and specializes in the production and sales of wind towers and components, wind turbine blades and molds, offshore wind power equipment, and the development, investment, construction, and operation of wind farm projects [1]. - The company's main business revenue composition includes: 53.62% from onshore wind equipment, 31.66% from power generation, 9.46% from offshore wind equipment, and 5.26% from other sources [1]. Financial Performance - For the period from January to September 2025, TianShun Wind Power reported a revenue of 3.723 billion yuan, representing a year-on-year growth of 4.56%. However, the net profit attributable to shareholders was 69.71 million yuan, reflecting a significant year-on-year decrease of 76.10% [2]. - The company has distributed a total of 1.426 billion yuan in dividends since its A-share listing, with 171 million yuan distributed over the past three years [3]. Shareholder Structure - As of November 10, 2025, the number of shareholders for TianShun Wind Power increased to 80,900, with an average of 22,074 circulating shares per person, a decrease of 1.83% from the previous period [2]. - Notable institutional shareholders include Guangfa Multi-Factor Mixed Fund, which is the third-largest shareholder with 18.1993 million shares, and HSBC Jintrust Small Cap Fund, which is the fifth-largest shareholder with 14.0193 million shares, both of which are new entrants [3].

Market Overview - The wind power equipment sector experienced a decline of 0.66% on November 14, with Delijia leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Changyou Technology (301557) saw a significant increase of 7.78%, closing at 110.80 with a trading volume of 16,700 lots and a transaction value of 182 million [1] - Pangu Intelligent (301456) rose by 4.20%, closing at 31.50 with a trading volume of 74,300 lots and a transaction value of 229 million [1] - Other notable performers included Hongde Co. (301163) with a 1.30% increase and Zhonghuan Hailu (301040) with a 0.84% increase [1] Declining Stocks - Delijia (603092) led the decline with a drop of 4.92%, closing at 62.48 with a trading volume of 73,200 lots and a transaction value of 46.4 million [2] - Other stocks that declined included Weili Transmission (300904) down 2.36% and Mingyang Smart Energy (601615) down 2.03% [2] Capital Flow - The wind power equipment sector saw a net outflow of 157 million from institutional investors, while retail investors contributed a net inflow of 36.27 million [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Hewei Electric (603063) had a net inflow of 89.62 million from institutional investors, but a net outflow of 72.91 million from retail investors [3] - Pangu Intelligent (301456) experienced a net inflow of 14.43 million from institutional investors, while retail investors showed a net outflow of 1.33 million [3] - Overall, the capital flow data reflects varying levels of investor confidence across different stocks within the sector [3]

Company Overview - TianShun Wind Power (SZ 002531) announced that as of the date of the announcement, Shanghai TianShun has pledged approximately 237 million shares, accounting for 44.75% of its total holdings [1] Financial Performance - For the first half of 2025, TianShun Wind Power's revenue composition is as follows: wind power equipment accounts for 63.07%, power generation accounts for 31.66%, and other businesses account for 5.26% [1] Market Capitalization - As of the report, TianShun Wind Power has a market capitalization of 13.3 billion yuan [1]

证券代码：002531 证券简称：天顺风能 公告编号：2025-071 天顺风能（苏州）股份有限公司 关于控股股东部分股份解质押及质押展期的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 天顺风能（苏州）股份有限公司（简称"公司"）近日接到控股股东上海天 神投资管理有限公司（简称"上海天神"）的通知，上海天神将其所持公司 1.45% 的股份办理了质押展期业务，质权人分别为中信证券股份有限公司（简称"中信 证券"）、中国中金财富证券有限公司（简称"中金财富"）；将其所持公司 0.08%的股份办理了解除质押业务，质权人为中国银河证券股份有限公司（简称 "银河证券"）、东吴证券股份有限公司（简称"东吴证券"）、国联民生证券 股份有限公司（简称"国联民生"）。具体情况如下： | | 是否为控 | 本次质 押展期 | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 股份数 | 所持 | 司总 | 是否 ...