关于对外担保的进展公告 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 天顺风能（苏州）股份有限公司（简称"公司"）向国开新型政策性金融工 具有限公司申请 7,572 万元新型政策性金融工具（国家为绿色低碳转型产业公司 提供的政策性借款）。本次申请金额拟通过京山京顺新能源有限公司以权益性资 金形式注入京山天京新能源开发有限公司，用于补充天顺京山一期 150MW 风电项 目建设资本金。公司全资子公司上海天顺零碳实业发展有限公司为上述借款金额 以及相应的利息、违约金、损害赔偿金、实现债权的费用等债务提供连带责任保 证担保。 证券代码：002531 证券简称：天顺风能 公告编号：2025-064 天顺风能（苏州）股份有限公司 公司就全资子公司天顺风能(德国)有限公司（简称"德国海工"）向兴业 银行股份有限公司苏州分行（简称"兴 ...

Core Viewpoint - The company, TianShun Wind Power (002531.SZ), indicates that the global offshore wind power sector is steadily improving, and its marine business is also progressing steadily [1] Group 1: Company Performance - TianShun Wind Power is actively engaging with investors, showcasing its commitment to transparency and communication regarding its business developments [1] - The company is focusing on the offshore wind power market, which is experiencing positive growth trends [1] Group 2: Industry Outlook - The offshore wind power industry is on a steady upward trajectory, suggesting potential opportunities for growth and investment [1] - The overall improvement in the offshore wind sector may benefit companies involved in marine services, including TianShun Wind Power [1]

Group 1 - The company TianShun Wind Energy reported that as of September 30, the total number of shareholders (including both ordinary accounts and margin trading accounts) was 82,497 [2]

Core Viewpoint - The A-share market for wind power stocks has shown strong performance, with several companies experiencing significant gains amid positive developments in both domestic and international offshore wind markets [1] Group 1: Market Performance - Wind power stocks in the A-share market have seen notable increases, with Yunda Co. rising over 10%, Goldwind Technology hitting a 10% limit up, Jixin Technology increasing over 7%, and Mingyang Smart Energy up over 6% [1] - Tianeng Heavy Industries and Tianneng Wind Power both rose over 5% [1] Group 2: Market Developments - The domestic offshore wind market experienced a peak in bidding and contract awards in September [1] - The overseas offshore wind market has shown signs of a turning point, with Europe’s offshore installation capacity increasing to over 4.5 gigawatts this year [1] - China is set to launch its first national offshore wind power testing base, which will conduct tests on the world's largest capacity wind turbines and the longest wind turbine blades, as well as research on cutting-edge international technologies across multiple fields [1]

Core Viewpoint - TianShun Wind Power's stock performance shows a slight increase, but financing activities indicate a net outflow, suggesting cautious investor sentiment [1][2]. Financing Summary - On September 30, TianShun Wind Power had a financing buy-in amount of 38.53 million yuan, with a financing repayment of 52.96 million yuan, resulting in a net financing outflow of 14.43 million yuan [1]. - The total financing and margin trading balance as of September 30 is 257 million yuan, with the financing balance at 255 million yuan, accounting for 1.73% of the circulating market value, which is below the 50th percentile level over the past year [1]. - The company also reported a margin repayment of 6,900 shares and a margin sell-out of 3,300 shares, with a margin balance of 1.72 million yuan, indicating a low level compared to the past year [1]. Shareholder and Revenue Summary - As of September 19, the number of shareholders for TianShun Wind Power is 81,300, a decrease of 2.26%, while the average circulating shares per person increased by 2.31% to 21,972 shares [2]. - For the first half of 2025, the company achieved operating revenue of 2.189 billion yuan, a year-on-year decrease of 3.08%, and a net profit attributable to the parent company of 53.82 million yuan, down 75.08% year-on-year [2]. Dividend and Institutional Holdings Summary - Since its A-share listing, TianShun Wind Power has distributed a total of 1.426 billion yuan in dividends, with 171 million yuan distributed over the past three years [3]. - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.29 million shares to 17.53 million shares, and several other funds that have also increased their positions [3].

Core Insights - The wind power sector has shown strong performance in 2023, with nearly 60 wind power concept stocks averaging a price increase of 33.65% year-to-date, while only 7 stocks have recorded declines [1] - Institutions are optimistic about the long-term growth prospects of the wind power sector, predicting that several stocks will continue to experience high growth in net profits in 2025 and 2026, with a consensus forecast of over 20% growth for these years [1] Summary by Company - **Oriental Cable (603606)**: Received ratings from 32 institutions, with predicted net profit growth of 58.83% in 2025 and 31.56% in 2026 [3] - **Dajin Heavy Industry (002487)**: Rated by 28 institutions, with a forecasted net profit growth of 37.31% in 2026 [3] - **Goldwind Technology (002202)**: Rated by 19 institutions, with a projected net profit growth of 27.80% in 2026 [3] - **Haili Wind Power (301155)**: Rated by 16 institutions, with an expected net profit growth of 40.31% in 2026 [3] - **Tianwang Electric (603063)**: Rated by 15 institutions, with a forecasted net profit growth of 20.89% in 2026 [4] - **China National Materials (002080)**: Rated by 13 institutions, with a predicted net profit growth of 29.99% in 2026 [4] - **Mingyang Smart Energy (601615)**: Rated by 12 institutions, with a projected net profit growth of 37.78% in 2026 [4] - **Taisheng Wind Energy (300129)**: Rated by 12 institutions, with an expected net profit growth of 36.87% in 2026 [4] - **Jinlei Co., Ltd. (300443)**: Rated by 11 institutions, with a forecasted net profit growth of 31.77% in 2026 [4] - **Tianshun Wind Energy (002531)**: Rated by 10 institutions, with a predicted net profit growth of 58.06% in 2026 [4]

Core Viewpoint - The A-share market experienced a downturn on September 26, with all three major indices closing lower, while the wind power equipment index rose by 2.67%, indicating a divergence in sector performance amid broader market challenges [1] Industry Summary - On September 24, China announced a new round of national contribution targets, aiming for wind and solar power generation capacity to exceed six times the 2020 levels by 2035, targeting a total of 3.6 billion kilowatts [1] - As of the end of August this year, China's total installed capacity for wind and solar power surpassed 1.69 billion kilowatts, creating new growth opportunities for the wind power industry [1]

Core Viewpoint - The company is transitioning from onshore to offshore business, expressing confidence in improving profitability across its business segments to above industry levels [1] Group 1 - The company responded to investor inquiries on September 26, indicating its current phase of transformation [1] - The transition to offshore business is a strategic move aimed at enhancing overall business performance [1] - The company believes that as the transformation progresses, it will achieve profitability levels that surpass those of the industry [1]

Core Viewpoint - The company, TianShun Wind Power, acknowledges the long cycle and high capacity requirements of offshore wind power projects, indicating a need to align production capacity with future market demand [1] Group 1: Company Insights - As a new entrant in the offshore wind power sector, the company is working to match its production capacity with anticipated market needs, although current capacity utilization has not reached ideal levels [1] - The company expresses confidence in securing orders across its regional bases as global demand for offshore wind power is confirmed and regional supply tensions exist [1]

Core Viewpoint - The wind power equipment sector in the A-share market has seen a strong rally, with significant increases in stock prices for key companies, driven by favorable government policies and growth projections for renewable energy [1][2]. Industry Summary - As of September 26, the wind power equipment index rose by 4.5%, with companies like Weili Transmission, Jixin Technology, Mingyang Smart Energy, and Riyue Co. reaching their daily price limits [1][2]. - The Chinese government has announced a new round of national contributions, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach six times the 2020 levels, targeting 3.6 billion kilowatts [3]. - Current installed capacity for wind and solar energy in China exceeds 1.69 billion kilowatts, indicating substantial growth potential for the wind power industry [3]. - To meet the 2035 targets, an average annual installation of nearly 200 gigawatts (GW) of wind and solar capacity is required, with wind power expected to grow by approximately 65 GW annually over the next decade [3]. - A report by Wood Mackenzie forecasts that global annual new wind power installations will exceed 170 GW over the next five years, with a peak of 200 GW expected by 2034 [4]. Company Summary - The wind power industry is experiencing a positive development phase characterized by rising prices and increased installation volumes. In the first five months of 2025, domestic new wind power installations reached 46.28 GW, a year-on-year increase of 134% [4]. - Wind turbine prices are recovering, with the average bidding price for onshore wind turbines reaching 1,552 yuan per kW in the first seven months of 2025, a 9% increase from the previous year [4].