证券代码：002531 证券简称：天顺风能 公告编号：2025-063 天顺风能（苏州）股份有限公司 关于控股股东部分股份质押及解质押的公告 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 0.98% 的股份办理了质押及质押展期业务，质权人分别为国联民生证券股份有限公司 （简称"国联民生"）、中国中金财富证券有限公司（简称"中金财富"）；将 其所持公司 0.64%的股份办理了解除质押业务，质权人为海通证券股份有限公司 （简称"海通证券"）。具体情况如下： 二、 本次股份质押的基本情况 | | 是否为控 股股东或 | 本次质 押股份 | 占其 | 占公 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | 所持 | 司总 | | 为补 | 质押起始 | 质押到期 | 质权 | 质押 | ...

Market Performance - On September 17, the wind power equipment sector rose by 3.91%, with Jinlei Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Jinlei Co., Ltd. (300443) closed at 31.37, up 12.44% with a trading volume of 265,700 shares and a transaction value of 793 million [1] - Goldwind Technology (002202) closed at 13.23, up 7.47% with a trading volume of 1,781,200 shares and a transaction value of 2.299 billion [1] - Tiensun Wind Power (002531) closed at 7.81, up 5.68% with a trading volume of 728,500 shares and a transaction value of 557 million [1] - Other notable stocks include Daqian Heavy Industry (002487) up 4.81%, Yunda Co., Ltd. (300772) up 4.68%, and Mingyang Smart Energy (601615) up 4.30% [1] Capital Flow - The wind power equipment sector saw a net inflow of 840 million from institutional investors, while retail investors experienced a net outflow of 740 million [2][3] - The main stocks with significant net inflows include Goldwind Technology with 224 million and Hewei Electric with 106 million [3] - Conversely, retail investors showed significant outflows from several stocks, including Goldwind Technology and Tiensun Wind Power [3]

Group 1 - TianShun Wind Power's stock increased by 5.14% on September 17, reaching 7.77 CNY per share, with a trading volume of 367 million CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 13.962 billion CNY [1] - TianShun Wind Power, established on January 18, 2005, and listed on December 31, 2010, 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] Group 2 - Among TianShun Wind Power's top ten circulating shareholders, one fund from Xingzheng Global Fund holds 8.4922 million shares, unchanged from the previous period, representing 0.48% of circulating shares, with an estimated floating profit of approximately 3.2271 million CNY [2] - The Xingquan He Feng Three-Year Holding Mixed Fund (009556) was established on August 28, 2020, with a latest scale of 3.844 billion CNY, achieving a year-to-date return of 39.59% and ranking 1617 out of 8172 in its category, while its one-year return is 71.02%, ranking 1587 out of 7980 [2] Group 3 - The fund manager of Xingquan He Feng Three-Year Holding Mixed Fund is Zhu Kefeng, who has been in position for 78 days, with a total fund asset scale of 3.844 billion CNY, achieving a best return of 25.97% during his tenure [3] - Yang Shijin, another fund manager, has been in position for 4 years and 284 days, managing a total fund asset scale of 20.155 billion CNY, with a best return of 39.49% during his tenure [3]

Core Viewpoint - TianShun Wind Power experienced a decline in stock price and trading volume, with significant net financing outflows and a decrease in revenue and profit for the first half of 2025 [1][2]. Financing and Trading Activity - On September 9, TianShun Wind Power's stock fell by 2.72%, with a trading volume of 365 million yuan. The net financing outflow was 6.30 million yuan, with a total financing balance of 258 million yuan [1]. - The financing buy amount on that day was 27.61 million yuan, while the current financing balance is 256 million yuan, accounting for 1.90% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, 2,400 shares were repaid, and 5,900 shares were sold, with a total selling amount of 44,300 yuan. The current securities lending balance is 1.77 million yuan, which is below the 30th percentile of the past year, indicating a low level [1]. Financial Performance - For the first half of 2025, TianShun Wind Power reported a revenue of 2.189 billion yuan, a year-on-year decrease of 3.08%. The net profit attributable to shareholders was 53.82 million yuan, down 75.08% year-on-year [2]. - Cumulatively, the company has distributed 1.426 billion yuan in dividends since its A-share listing, with 171 million yuan distributed in the last three years [3]. Shareholder Structure - As of August 29, the number of shareholders for TianShun Wind Power was 84,000, a decrease of 5.63% from the previous period. The average circulating shares per person increased by 5.97% to 21,280 shares [2]. - Notable institutional holdings include Hong Kong Central Clearing Limited as the third-largest shareholder with 17.53 million shares, and several other funds increasing their holdings [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for the first half of 2025 is 2.19 billion yuan, a year-on-year decrease of 3.1%, while the net profit attributable to the parent company is 50 million yuan, down 75.1% year-on-year [2][4]. - The company is experiencing operational fluctuations due to strategic adjustments, but historical high contract liabilities are expected to lay a foundation for future delivery performance [4][6]. - The company anticipates a recovery in the second half of 2025, driven by the ongoing construction of offshore wind projects and expansion into overseas markets [9]. Revenue Analysis - The revenue breakdown for the first half of 2025 shows: - Wind towers and related products: 810 million yuan, up 33.1% year-on-year - Blade products: 360 million yuan, down 53.8% year-on-year - Offshore engineering products: 210 million yuan, up 124.4% year-on-year - Wind power generation: 690 million yuan, up 4.7% year-on-year - Others: 120 million yuan, up 6.5% year-on-year [9]. Profitability Analysis - The gross margin for the first half of 2025 is approximately 20.9%, a decrease of 5.9 percentage points year-on-year, primarily due to underutilization of production capacity [9]. - The gross margins for specific segments are: - Wind towers and related products: 3.9%, down 4.3 percentage points - Blade products: -14.0%, down 24.2 percentage points - Offshore engineering products: -3.9%, down 14.0 percentage points - Wind power generation: 65.5%, down 1.1 percentage points - Others: 26.3%, up 4.2 percentage points [9]. Future Outlook - The company expects net profit attributable to the parent company to be around 400 million yuan for 2025, corresponding to a PE ratio of approximately 32 times [9].

Core Viewpoint - TianShun Wind Power (002531) has engaged in a strategic collaboration with Gazelle Wind Power, a leading European floating wind power design company, to enhance technology development and project cooperation in the floating wind power sector [1][2] Group 1: Collaboration Details - On September 4, Gazelle Wind Power visited TianShun's Nantong base to discuss breakthroughs in floating wind power product technology and potential project collaborations [1] - The collaboration focuses on the modular architecture and rapid assembly concepts of Gazelle's third-generation floating wind power foundation, which significantly reduces project design and construction time while lowering site occupation costs [1] - Both teams explored key topics such as the assembly plan for Gazelle's floating wind power foundation, considering Nantong's site conditions, logistics, and construction standards [1] Group 2: Market Analysis and Future Prospects - The discussions included an analysis of the European floating wind power market's policy direction, installation demand, industry chain layout, and future development trends, providing decision-making references for market positioning of collaborative projects [1] - A formal cooperation agreement was signed, allowing TianShun to leverage its strengths in marine equipment manufacturing and local resource integration alongside Gazelle's advanced technology development capabilities [2] - The partnership aims to promote the industrial application and global market layout of floating wind power technology through joint development, technological iteration, and market expansion [2]

Group 1 - The A-share market has seen a strong performance in wind power concept stocks, with notable gains in several companies [1] - Yunda Co., Ltd. reached a 20% limit up, while Jixin Technology increased by 10% [1][2] - Other companies such as Dajin Heavy Industry and Goldwind Technology rose over 7%, and Tiens Wind Energy increased by over 6% [1][2] Group 2 - The market capitalization of Yunda Co., Ltd. is 15 billion, with a year-to-date increase of 44.80% [2] - Jixin Technology has a market cap of 4.535 billion, with a year-to-date increase of 43.56% [2] - Dajin Heavy Industry has a market cap of 24.9 billion, with a remarkable year-to-date increase of 90.93% [2]

Core Viewpoint - The wind power industry experienced significant growth in installed capacity in the first half of 2025, driven by a surge in demand, although profitability varied across different segments of the industry [1][2]. Summary by Sections Industry Performance - In the first half of 2025, the national wind power newly installed capacity reached 51.39 GW, a year-on-year increase of 98.9%, with onshore wind accounting for 48.90 GW and offshore wind for 2.49 GW [1]. - Despite strong revenue growth for many wind power companies, there was a notable divergence in performance across different segments, with wind turbine manufacturers seeing revenue increases but not corresponding profit growth [1][5]. Financial Results of Wind Turbine Manufacturers - Six major wind turbine manufacturers reported total revenues of 716.04 billion yuan, a significant increase, but net profits were only 15.99 billion yuan, indicating a stark performance disparity among companies [2]. - Goldwind Technology, as a leading turbine manufacturer, reported revenues of 285.37 billion yuan, up 41.26%, and net profits of 14.88 billion yuan, up 7.26% [2]. Component Manufacturers' Performance - In contrast to turbine manufacturers, most wind power component companies reported strong performance, benefiting from high demand and price increases [5]. - New Strong Union, a bearing manufacturer, achieved a revenue of 22.10 billion yuan, a year-on-year increase of 108.98%, and a net profit of 4.00 billion yuan, up 496.60% [5]. - Other component manufacturers like Haigang Co., Tongyu Heavy Industry, and Jinlei Co. also saw significant profit increases [5]. Market Trends and Future Outlook - The average bidding price for onshore wind turbines hit a low in early 2024 but began to recover, with the average price for the first half of 2025 at 1,496 yuan/kW, an 8% increase year-on-year [8]. - Companies like Sany Heavy Energy expect a noticeable improvement in profit margins due to rising bidding prices and a strong order backlog [9]. - As of June 30, 2025, Goldwind reported an order backlog of 51.81 GW, a 45.58% increase year-on-year, indicating robust future demand [9][10].

Core Insights - The wind power concept stocks in the A-share market have shown strong performance, with several companies hitting their daily price limits [1] Group 1: Stock Performance - Yunda Co., Ltd. (运达股份) reached a 20% increase, with a total market value of 15 billion [2] - Jixin Technology (吉鑫科技) saw a 10.12% rise, with a market capitalization of 4.535 billion [2] - Dajin Heavy Industry (大金重工) increased by 7.91%, with a market value of 24.9 billion [2] - Gold Wind Technology (金风科技) rose by 7.02%, with a market capitalization of 50.2 billion [2] - Tiensun Wind Energy (天顺风能) experienced a 6.5% increase, with a total market value of 1.35 billion [2] - Other notable performers include Meilei Co., Ltd. (美雷股份) up 5.93%, Haili Wind Power (海力风电) up 5.92%, and Weili Transmission (威力传动) up 5.77% [1][2] Group 2: Year-to-Date Performance - Yunda Co., Ltd. has a year-to-date increase of 44.80% [2] - Jixin Technology has risen 43.56% year-to-date [2] - Dajin Heavy Industry shows a significant year-to-date increase of 90.93% [2] - Gold Wind Technology has a year-to-date increase of 16.70% [2] - Tiensun Wind Energy has a year-to-date decline of 4.39% [2] - Other companies like Meilei Co., Ltd. and Haili Wind Power have year-to-date increases of 37.74% and 49.22% respectively [2]

Group 1 - Wind power equipment sector rose by 0.8% on September 3, with Dajin Heavy Industry leading the gains [1] - Shanghai Composite Index closed at 3813.56, down 1.16%, while Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Key stocks in the wind power equipment sector showed significant price increases, with Dajin Heavy Industry up 6.12% to 35.40, and Yunda Co. up 4.53% to 16.16 [1] Group 2 - The wind power equipment sector saw a net inflow of 184 million yuan from main funds, while retail investors experienced a net outflow of 217 million yuan [2] - Major stocks like Goldwind Technology had a net inflow of 102 million yuan from main funds, but a net outflow of 147 million yuan from retail investors [3] - Dajin Heavy Industry also experienced a net inflow of 85.67 million yuan from main funds, with retail investors withdrawing 49.86 million yuan [3]