[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved significant performance growth in H1 2019, with operating revenue increasing by 53.26% to 2.48 billion CNY and net profit attributable to shareholders rising by 38.42% to 334.03 million CNY [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section outlines the company's fundamental business registration details, including its stock code, names, legal representative, and key contact information Company Basic Information | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Titan Wind Energy | | **Stock Code** | 002531 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Chinese Name** | 天顺风能（苏州）股份有限公司 | | **Company English Name** | Titan Wind Energy (Suzhou) Co., Ltd. | | **Legal Representative** | Yan Junxu | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2019, the company achieved significant performance growth, with operating revenue increasing by 53.26% to 2.48 billion CNY, net profit attributable to shareholders growing by 38.42% to 334.03 million CNY, and net cash flow from operating activities turning positive to 39.00 million CNY Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (CNY)** | 2,477,190,566.21 | 1,616,373,851.54 | 53.26% | | **Net Profit Attributable to Shareholders (CNY)** | 334,025,547.62 | 241,317,962.98 | 38.42% | | **Net Profit Excluding Non-recurring Items (CNY)** | 315,738,204.38 | 222,680,000.21 | 41.79% | | **Net Cash Flow from Operating Activities (CNY)** | 38,999,026.97 | -134,424,684.00 | 129.01% | | **Basic Earnings Per Share (CNY/share)** | 0.19 | 0.14 | 35.71% | | **Weighted Average Return on Net Assets** | 6.20% | 4.85% | Increased by 1.35 percentage points | | **Total Assets (CNY)** | 13,606,330,154.12 | 12,766,542,088.43 | 6.58% (vs. end of prior year) | | **Net Assets Attributable to Shareholders (CNY)** | 5,439,093,839.29 | 5,220,903,119.18 | 4.18% (vs. end of prior year) | [Non-recurring Gains and Losses](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's non-recurring gains and losses totaled 18.29 million CNY, primarily from disposal of non-current assets and fair value changes of financial assets Non-recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Non-current asset disposal gains and losses | 14,784,279.51 | | Government grants recognized in current profit/loss | 258,500.73 | | Fair value changes and investment income from trading financial assets/liabilities | 7,751,397.69 | | Other non-operating income and expenses | 1,981,588.06 | | Less: Income tax impact | 6,194,816.50 | | Less: Impact on minority interests (after tax) | 293,606.25 | | **Total** | **18,287,343.24** | [Company Business Overview](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section details the company's core business activities, significant asset changes, and analysis of its competitive strengths [Main Business Activities](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) During the reporting period, the company's primary business activities remained unchanged, continuing to focus on the new energy sector - The company's main business activities remained unchanged during the reporting period[15](index=15&type=chunk) [Significant Changes in Major Assets](index=9&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) During the reporting period, the company's major assets changed, with fixed assets increasing by 10.15% due to wind farm projects being commissioned, and construction in progress decreasing by 9.41% Major Asset Changes | Major Asset | Change from Beginning of Period | Primary Reason | | :--- | :--- | :--- | | Long-term Equity Investment | +8.77% | Increased equity investment in accordance with investment agreements | | Fixed Assets | +10.15% | Li Village Phase II and Nanyang Xiema Ridge wind farm projects commissioned, construction in progress transferred to fixed assets | | Construction in Progress | -9.41% | Li Village and Xiema Ridge wind farm projects commissioned, construction in progress transferred to fixed assets | | Other Non-current Assets | -23.86% | Prepaid project development fees and land payments from prior year settled and transferred to project costs in current period | [Core Competitiveness Analysis](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is multifaceted, encompassing a forward-looking development strategy, lean management system, and comprehensive wind power industry chain integration capabilities - The company's core competitiveness spans seven key advantages: strategy, management, industry chain, internationalization, domestic market, technology, and brand[18](index=18&type=chunk)[19](index=19&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, including revenue growth, asset and liability status, investment activities, and risk management strategies [Overview of Operations](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) Benefiting from the domestic wind power "rush installation" trend, the company's various businesses developed steadily, achieving operating revenue of 2.48 billion CNY, a 53.26% increase year-on-year - The company's various businesses developed steadily, achieving operating revenue of **2,477.19 million CNY**, a **53.26%** year-on-year increase, and net profit attributable to shareholders of **334.03 million CNY**, a **38.42%** year-on-year increase[20](index=20&type=chunk) - New energy equipment manufacturing: Wind tower and related product output reached **222,400 tons**, a **43.39%** year-on-year increase; sales reached **203,800 tons**, a **21.74%** year-on-year increase; blade production and sales were **86 sets** and **89 sets**, respectively[20](index=20&type=chunk)[21](index=21&type=chunk) - New energy development: Power generation business achieved **567.96 million kWh** of grid-connected electricity, generating sales revenue of **278 million CNY**, a **78.84%** year-on-year increase, with cumulative grid-connected capacity reaching **680MW**[21](index=21&type=chunk) [Main Business Analysis](index=12&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business growth was strong, with wind power equipment and wind power generation segments increasing revenue by 55.20% and 78.84% respectively, and wind power generation gross margin improving significantly Main Business Performance Overview | Item | Current Period | Prior Period | YoY Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2.48 billion CNY | 1.62 billion CNY | +53.26% | Increased wind tower sales volume, significant increase in power generation and blade sales | | **Operating Cost** | 1.79 billion CNY | 1.17 billion CNY | +53.28% | Increased proportionally with operating revenue | | **Selling Expenses** | 123 million CNY | 50 million CNY | +148.55% | Increased transportation and export expenses due to sales revenue growth | | **R&D Investment** | 13.98 million CNY | 3.33 million CNY | +319.97% | New R&D expenses for blade products | | **Net Cash Flow from Operating Activities** | 39 million CNY | -134 million CNY | +129.01% | Improved sales collection and well-controlled production expenditures | Main Business by Segment/Product | Segment/Product | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Revenue Change | YoY Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Wind Power Equipment** | 2,127,618,136.56 | 1,669,253,514.23 | 21.54% | +55.20% | +53.95% | +0.63% | | - Wind Towers and Related Products | 1,874,605,401.68 | 1,490,682,679.35 | 20.48% | +42.72% | +43.08% | -0.20% | | - Blades | 253,012,734.88 | 178,570,834.88 | 29.42% | +341.28% | +321.26% | +4.87% | | **New Energy Power Generation** | 278,053,544.05 | 79,046,278.75 | 71.57% | +78.84% | +54.16% | +4.55% | [Non-Main Business Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, non-main business activities primarily included 32.68 million CNY in investment income from disposal of long-term equity investments and 28.08 million CNY in asset impairment losses, mainly from goodwill impairment Non-Main Business Activities | Item | Amount (CNY) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 32,675,933.48 | 8.49% | Investment income from disposal of long-term equity investments and equity method accounting | Sustainable | | Asset Impairment | -28,076,745.65 | -7.30% | Primarily asset impairment provisions from goodwill impairment | Not sustainable | [Asset and Liability Status Analysis](index=14&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets reached 13.61 billion CNY, with monetary funds increasing to 11.72% of total assets and long-term borrowings significantly rising to 13.09% Asset and Liability Changes | Asset/Liability Item | Period-end Amount (CNY) | Percentage of Total Assets | Change in Proportion from Prior Year-end | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,594,713,528.82 | 11.72% | +6.14% | Increased bank loans and improved operating cash flow | | Accounts Receivable | 2,396,606,817.19 | 17.61% | +1.67% | Expanded sales scale, increased unexpired sales receivables | | Fixed Assets | 4,169,943,763.80 | 30.65% | -1.33% | Wind farm projects successively connected to grid, construction in progress transferred to fixed assets | | Construction in Progress | 1,236,204,174.43 | 9.09% | +1.05% | Increased construction expenditures for Juancheng Power Plant | | Long-term Borrowings | 1,781,011,445.60 | 13.09% | +9.81% | Expanded financing scale to meet investment needs for wind farm projects | [Investment Status Analysis - Use of Raised Funds](index=16&type=section&id=7%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company has cumulatively used 1.998 billion CNY in raised funds, primarily for three wind farm projects under Xuanli New Energy and for supplementing working capital - As of the end of the reporting period, the company had cumulatively used **1,998.07 million CNY** in raised funds, primarily for wind farm project construction and supplementing working capital, with a zero balance in the special raised funds account[33](index=33&type=chunk) Use of Raised Funds | Committed Investment Project | Committed Investment Amount (CNY in thousands) | Cumulative Investment Amount as of Period-end (CNY in thousands) | Benefits Achieved in Current Period (CNY in thousands) | Achieved Expected Benefits | | :--- | :--- | :--- | :--- | :--- | | Xuanli New Energy Heze Juancheng Zuoying Wind Farm Project | 70,000 | 71,260.16 | Not applicable | Not applicable | | Xuanli New Energy Nanyang Tongbai Xiema Ridge Wind Farm Project | 50,000 | 47,898.75 | 3,756.25 | Yes | | Xuanli New Energy Heze Mudan Li Village Wind Farm Project | 40,000 | 40,648.07 | 4,079.08 | Yes | | Supplement Working Capital | 40,000 | 40,000 | Not applicable | Not applicable | [Significant Asset and Equity Disposals](index=18&type=section&id=%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company sold portions of its equity holdings in Shenzhen Kexin Xinyuan, Shanghai Guoyao, and Heya Fund, totaling over 47 million CNY in transaction value Equity Disposals | Equity Sold | Transaction Price (CNY in thousands) | Net Profit Contributed to Listed Company (CNY in thousands) | Percentage of Total Net Profit | | :--- | :--- | :--- | :--- | | Shenzhen Kexin Equity | 2,125 | 1,178 | 3.54% | | Shanghai Guoyao | 1,416 | 160.94 | 0.48% | | Heya Fund | 1,209.12 | 102.2 | 0.31% | [Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E4%B8%83%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Core subsidiaries Titan Wind Power and Xuanli Holdings are the company's main profit drivers, collectively contributing over 325 million CNY in net profit during the reporting period Major Holding and Participating Companies Performance | Company Name | Company Type | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | | Titan Wind Power | Subsidiary | 2,060,310,660.98 | 235,927,341.85 | 191,369,944.96 | | Xuanli Holdings | Subsidiary | 279,119,976.25 | 136,046,111.39 | 133,712,716.43 | | Tianli Investment | Subsidiary | 47,703,247.63 | 10,890,679.47 | 11,665,814.82 | [Company Risks and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces key risks including trade protectionism, changes in industrial policy, industry demand fluctuations, and technological transformation, which it addresses through global capacity layout and R&D - The company identified four major risks: - **Trade protection risk**: Addressed through global factory layout - **Industrial policy risk**: Mitigated by closely tracking and researching policies - **Industry demand fluctuation risk**: Managed by enhancing product quality, reducing costs, and expanding production capacity to solidify competitive advantages - **Technological transformation risk**: Countered by strengthening new technology research and strategic deployment[45](index=45&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant corporate events, including profit distribution plans, ongoing litigation, major related party transactions, and important subsidiary developments [Profit Distribution](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no profit distribution for the first half of 2019, meaning no cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans no cash dividends, no bonus shares, and no capital reserve conversions to share capital for the half-year period[47](index=47&type=chunk) [Litigation Matters](index=22&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period, but is involved in other lawsuits, including a 35.09 million CNY claim in the Senvion bankruptcy case and a Mexican anti-dumping case Litigation (Arbitration) Overview | Litigation (Arbitration) Basic Information | Amount Involved (CNY in thousands) | Litigation (Arbitration) Progress | | :--- | :--- | :--- | | Senvion bankruptcy case, company's claim | 35,094.3 | Claim filed, in bankruptcy reorganization | | Mexican anti-dumping case | 0 | Responded to lawsuit, awaiting ruling | [Significant Related Party Transactions](index=23&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in routine related party transactions with entities under the same ultimate control, primarily for import and export agency services totaling 29.05 million CNY Significant Related Party Transactions | Related Party | Related Transaction Content | Related Transaction Amount (CNY in thousands) | Approved Transaction Limit (CNY in thousands) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Shanghai Anshun Shipping Agency Co., Ltd., Taicang Anshun Shipping Agency Co., Ltd. | Import and export agency services | 29,047.8 | 100,000 | No | [Major Contracts and Guarantees](index=25&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's long-term framework agreement with Vestas for wind turbine tower procurement is being fulfilled, and the company provided substantial guarantees to its subsidiaries, totaling 2.946 billion CNY - The company's wind turbine tower procurement and supply framework agreement with Vestas Wind Systems A/S is being normally fulfilled[62](index=62&type=chunk) - As of the end of the reporting period, the company's actual guarantee balance for its subsidiaries totaled **2,946.36 million CNY**, representing **54.17%** of the company's net assets[59](index=59&type=chunk) [Significant Subsidiary Matters](index=28&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) During the reporting period, the company's wholly-owned subsidiary, Titan (Suzhou) Wind Power Equipment Co., Ltd., established Heze Titan New Energy Equipment Co., Ltd. in Shandong Juancheng - The company's wholly-owned subsidiary established Heze Titan New Energy Equipment Co., Ltd. in Juancheng, Shandong, primarily engaged in the R&D, production, and sales of wind turbine towers and their components[66](index=66&type=chunk) [Changes in Shares and Shareholder Information](index=29&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital stability, ongoing share repurchase program, and the composition and pledge status of its major shareholders [Changes in Shares](index=29&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged during the reporting period, while it actively implemented a new share repurchase plan, acquiring 3.864 million shares for 19.97 million CNY - The company's total number of shares remained unchanged during the reporting period at **1,779,019,047 shares**[68](index=68&type=chunk) - The company initiated a new share repurchase plan in 2019, and as of the end of the reporting period, it had purchased **3,864,000 shares** for a total of **19,974,984.80 CNY**[69](index=69&type=chunk) [Shareholder Information](index=30&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 42,110 shareholders, with the top two shareholders, Shanghai Tianshen Investment Management Co., Ltd. and REAL FUN HOLDINGS LIMITED, holding significant pledged stakes Shareholder Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | Pledged/Frozen Quantity | | :--- | :--- | :--- | :--- | :--- | | Shanghai Tianshen Investment Management Co., Ltd. | 29.81% | 530,352,000 | Pledged | 278,430,000 | | REAL FUN HOLDINGS LIMITED | 20.98% | 373,248,000 | Pledged | 216,000,000 | | Penghua Asset - Pudong Development Bank - Huabao Trust... | 2.61% | 46,456,959 | - | - | | Qingdao Jinshi Haorui Investment Co., Ltd. | 2.29% | 40,727,282 | - | - | - The largest shareholder, Shanghai Tianshen (Yan Junxu is its sole shareholder), and the second largest shareholder, Real Fun Holdings Limited (Jin Liang is its sole shareholder), are related parties, as Jin Liang is Yan Junxu's brother-in-law[71](index=71&type=chunk) [Preferred Shares Information](index=33&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares outstanding - During the reporting period, the company had no preferred shares[76](index=76&type=chunk) [Directors, Supervisors, and Senior Management](index=34&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section details the changes in the company's board of directors, supervisors, and senior management personnel during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) On May 22, 2019, the company's board of directors, supervisory board, and senior management underwent a concentrated change due to re-election Changes in Directors, Supervisors, and Senior Management | Name | Position | Change Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yan Junxu | Head of Finance | Appointment | 2019-05-22 | Temporarily acting as Head of Finance | | Chen Weiming | Director, Deputy General Manager | Election/Appointment | 2019-05-22 | Board re-election, appointed Deputy General Manager | | Lv Bo | Board Secretary, Deputy General Manager | Appointment | 2019-05-22 | Appointed Board Secretary, Deputy General Manager | | Wu Shuhong | Board Secretary, Deputy General Manager | Term expiration | 2019-05-22 | Term expired, no longer serving | | Liu Kai | Director, CFO | Term expiration | 2019-05-22 | Term expired | [Corporate Bonds Information](index=35&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bonds, including their basic information, use of raised funds, credit ratings, and bank credit facilities [Corporate Bond Basic Information](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) As of the end of the reporting period, the company had two outstanding publicly issued corporate bonds, "16 Tianshun 01" and "17 Tianshun Bond," with balances of 15.311 million CNY and 400 million CNY respectively Corporate Bond Basic Information | Bond Abbreviation | Bond Code | Maturity Date | Bond Balance (CNY in thousands) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | 16 Tianshun 01 | 112405 | 2021-06-21 | 15,311 | 5.00% | | 17 Tianshun Bond | 112567 | 2020-08-13 | 400,000 | 5.40% | - During the reporting period, "16 Tianshun 01" completed the exercise of investor put option, with **3,846,890 shares** repurchased and **153,110 shares** remaining in custody[79](index=79&type=chunk) [Use of Corporate Bond Raised Funds](index=36&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The raised funds from "16 Tianshun 01" and "17 Tianshun Bond" have been fully utilized, consistent with the prospectus, primarily for repaying bank loans and supplementing working capital - The raised funds from "16 Tianshun 01" (270 million CNY for bank loan repayment, 130 million CNY for working capital) and "17 Tianshun Bond" (130 million CNY for bank loan repayment, 270 million CNY for working capital) have been fully utilized as of the end of the reporting period[82](index=82&type=chunk) [Corporate Bond Credit Rating Information](index=36&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E4%BF%A1%E6%81%AF%E8%AF%84%E7%BA%A7%E6%83%85%E5%86%B5) On June 19, 2019, United Credit Rating Co., Ltd. maintained the company's long-term corporate credit rating at AA with a "stable" outlook, while "17 Tianshun Bond" received an AAA rating due to guarantees - United Credit Rating Co., Ltd. rated the company's long-term corporate credit as **AA** with a "stable" outlook[83](index=83&type=chunk) [Bank Credit Facilities](index=38&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%BE%97%E7%9A%84%E9%93%B6%E8%A1%8C%E6%8E%88%E4%BF%A1%E6%83%85%E5%86%B5%E3%80%81%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5%E4%BB%A5%E5%8F%8A%E5%81%BF%E8%BF%98%E9%93%B6%E8%A1%8C%E8%B4%B7%E6%AC%BE%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, the company obtained total credit facilities of approximately 8.078 billion CNY from various financial institutions, with 5.734 billion CNY utilized and 2.344 billion CNY remaining Bank Credit Facilities | Credit Status | Amount (CNY in thousands) | | :--- | :--- | | Total Credit Facilities | 8,078,175.2 | | Utilized Facilities | 5,734,174.0 | | Remaining Facilities | 2,344,001.2 | [Financial Report](index=40&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements for the first half of 2019, including balance sheet, income statement, cash flow statement, and notes on significant accounting policies [Financial Statement Summary](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The company's H1 2019 financial report is unaudited, showing total assets of 13.61 billion CNY, total liabilities of 8.05 billion CNY, and a net profit of 333 million CNY - The company's half-year financial report is unaudited[97](index=97&type=chunk) Consolidated Balance Sheet Summary (2019-06-30) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 13,606,330,154.12 | | Total Liabilities | 8,045,925,866.20 | | Equity Attributable to Parent Company Owners | 5,439,093,839.29 | Consolidated Income Statement Summary (H1 2019) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 2,477,190,566.21 | | Operating Profit | 382,803,564.28 | | Net Profit | 333,177,940.20 | | Net Profit Attributable to Parent Company Owners | 334,025,547.62 | Consolidated Cash Flow Statement Summary (H1 2019) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 38,999,026.97 | | Net Cash Flow from Investing Activities | -315,588,460.81 | | Net Cash Flow from Financing Activities | -262,898,329.23 | | Net Increase in Cash and Cash Equivalents | -535,263,021.51 | [Significant Accounting Policies and Estimates](index=64&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's significant accounting policies adhere to enterprise accounting standards, covering revenue recognition, financial asset classification, long-term asset impairment, and R&D expenditure capitalization - Revenue recognition policies: - **Domestic Sales**: Revenue recognized when goods are dispatched and accepted by the customer - **Export Sales**: Revenue recognized upon completion of export customs declaration and acquisition of shipping documents - **Electricity Sales**: Revenue recognized when electricity is transmitted to the grid and payment claims are obtained - **Finance Leases**: Interest income recognized using the effective interest method over the lease term[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - Accounts receivable bad debt provisions are accrued using the aging analysis method: **5%** for within 1 year, **10%** for 1-2 years, **30%** for 2-3 years, and **100%** for over 3 years[174](index=174&type=chunk) - Goodwill impairment tests are conducted at least annually at year-end, using the income approach (discounted future cash flows) to estimate the recoverable amount of the asset group, which is then compared to its carrying value to determine impairment[204](index=204&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) [Notes to Consolidated Financial Statements](index=90&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Financial statement notes reveal key item details, including a 35.3% increase in accounts receivable, a 20.71 million CNY goodwill impairment for Kunshan Fengsu Shidai, and 3.698 billion CNY in restricted assets - Accounts receivable at the end of the reporting period increased by **35.30%** compared to the beginning of the year, primarily due to significant growth in operating revenue and a corresponding increase in unexpired sales receivables[244](index=244&type=chunk) - During the reporting period, a goodwill impairment provision of **20,709,241.28 CNY** was recognized for Kunshan Fengsu Shidai New Energy Co., Ltd[280](index=280&type=chunk) Restricted Assets | Restricted Asset Item | Period-end Carrying Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 518,793,600.00 | Bank acceptance bills and borrowings | | Fixed Assets | 1,739,451,620.48 | Finance leases and sale-leaseback arrangements | | Accounts Receivable | 456,977,865.57 | Finance leases and bank borrowings | | Equity | 900,000,000.00 | Bank borrowings and finance leases | | **Total** | **3,697,818,723.73** | -- | [List of Reference Documents](index=150&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95)

天顺风能（苏州）股份有限公司 2018 年年度报告全文 天顺风能（苏州）股份有限公司 2018 年年度报告 2019-020 2019 年 04 月 1 天顺风能（苏州）股份有限公司 2018 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人严俊旭、主管会计工作负责人刘凯及会计机构负责人(会计主管 人员)谢萍声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司年度报告中所涉及未来的战略目标、经营计划、经营目标等前瞻性陈 述，不代表公司的盈利预测，也不构成公司对投资者的实质承诺，请投资者及 相关人士对此保持足够风险认识，并理解计划、预测与承诺之间的差异，注意 投资风险。 | --- | |-------------------------------------------------------------------------------------------| | | | 公司经本次董事会审议通过的 ...

1 天顺风能（苏州）股份有限公司 2018 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 天顺风能（苏州）股份有限公司 2018 年第三季度报告正文 证券代码：002531 证券简称：天顺风能 公告编号：2018-050 天顺风能（苏州）股份有限公司 2018 年第三季度报告正文 公司负责人严俊旭、主管会计工作负责人刘凯及会计机构负责人(会计主管 人员)谢萍声明：保证季度报告中财务报表的真实、准确、完整。 2 天顺风能（苏州）股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 √ 是 □ 否 追溯调整或重述原因 所有董事均已出席了审议本次季报的董事会会议。 其他原因 | | 本报告期末 | | | 上年度末 | | | 本报告期末比上年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | ...

天顺风能（苏州）股份有限公司 2018 年半年度报告全文 天顺风能（苏州）股份有限公司 2018 年半年度报告 2018-040 2018 年 08 月 1 天顺风能（苏州）股份有限公司 2018 年半年度报告全文 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 公司业务概要 9 | | 第四节 经营情况讨论与分析 11 | | 第五节 重要事项 21 | | 第六节 股份变动及股东情况 29 | | 第七节 优先股相关情况 33 | | 第八节 董事、监事、高级管理人员情况 34 | | 第九节 公司债相关情况 35 | | 第十节 财务报告 40 | | 第十一节 备查文件目录 137 | 天顺风能（苏州）股份有限公司 2018 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人严俊旭、主管会计工作负责人刘凯及会计机构负责人(会计主管 人员)谢萍声明： ...

天顺风能（苏州）股份有限公司 2018 年第一季度报告全文 天顺风能（苏州）股份有限公司 2018 年第一季度报告 2018-014 2018 年 04 月 天顺风能（苏州）股份有限公司 2018 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人严俊旭、主管会计工作负责人刘凯及会计机构负责人(会计主管 人员)谢萍声明：保证季度报告中财务报表的真实、准确、完整。 2 天顺风能（苏州）股份有限公司 2018 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 1 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 601,231,626.61 | 526,045,318.55 | 14.29% | | 归属于上市公司股东的净利润（元） | 81,926,9 ...

天顺风能（苏州）股份有限公司 2017 年年度报告全文 天顺风能（苏州）股份有限公司 2017 年年度报告 2018-009 2018 年 04 月 1 天顺风能（苏州）股份有限公司 2017 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人严俊旭、主管会计工作负责人刘凯及会计机构负责人(会计主管 人员)谢萍声明：保证年度报告中财务报告的真实、准确、完整。 天顺风能（苏州）股份有限公司 2017 年年度报告全文 所有董事均已出席了审议本报告的董事会会议。 公司年度报告中所涉及未来的战略目标、经营计划、经营目标等前瞻性陈 述，不代表公司的盈利预测，也不构成公司对投资者的实质承诺，请投资者及 相关人士均应对此保持足够风险认识，并且应当理解计划、预测与承诺之间的 差异，请投资者注意投资风险。 1,779,019,047 为基数，向全体股东每 10 股派发现金红利 0.33 元（含税）， 送红股 0 股（含税），不以公积金转增股本。 2 | 目录 | | -- ...

天顺风能（苏州）股份有限公司 2017 年第三季度报告全文 天顺风能（苏州）股份有限公司 2017 年第三季度报告 2017-062 2017 年 10 月 1 天顺风能（苏州）股份有限公司 2017 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人严俊旭、主管会计工作负责人刘凯及会计机构负责人(会计主管 人员)谢萍声明：保证季度报告中财务报表的真实、准确、完整。 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 9,645,137,964.14 | | 7,939,294,112.25 | 21.49% | | 归属于上市公司股东的净资产 | 4,740,190,131.26 | | 4,592,050,862.71 | 3.23% | | （元） ...

Financial Performance - The company's operating revenue for the first half of 2017 was CNY 1,244,515,853.53, representing a 27.33% increase compared to CNY 977,426,202.06 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 240,854,165.71, up 13.00% from CNY 213,142,240.16 year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 192,182,174.78, reflecting a 9.11% increase from CNY 176,135,155.00 in the previous year[18]. - The company achieved total revenue of RMB 1,244.52 million, representing a year-on-year growth of 27.33%[34]. - Net profit attributable to shareholders was RMB 240.85 million, reflecting a growth of 13.00% compared to the previous year[34]. - Operating profit amounted to CNY 238,178,674.26, reflecting a growth of 15.1% from CNY 207,060,655.83 year-on-year[151]. - The total comprehensive income for the period was CNY 251,807,946.24, compared to CNY 210,816,474.37 in the same period last year, an increase of 19.5%[152]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -165,885,209.20, a significant decline of 167.13% compared to CNY 247,093,019.12 in the same period last year[18]. - Cash and cash equivalents decreased to ¥788.13 million, accounting for 9.07% of total assets, down from 14.06% in the previous year, a decrease of 4.99% due to significant fundraising used for project construction[44]. - The total assets at the end of the reporting period were CNY 8,689,941,495.43, an increase of 9.45% from CNY 7,939,294,112.25 at the end of the previous year[18]. - Current assets decreased to CNY 4,262,565,416.60 from CNY 4,372,348,821.49, primarily due to a reduction in cash and cash equivalents[142]. - Total liabilities rose to CNY 3,958,208,074.04 from CNY 3,275,811,634.57, indicating an increase of approximately 20.8%[143]. Investments and Acquisitions - The company expanded its wind power generation capacity with 300 MW operational and 330 MW under construction, along with 755 MW in signed development agreements[26]. - The acquisition of the Kunshan wind blade manufacturing plant contributed an additional RMB 111 million to revenue[27]. - The company plans to issue asset-backed securities of up to RMB 1 billion to support rapid growth in leasing business[26]. - The company has successfully acquired Kunshan Wind Speed Times New Energy Co., Ltd. through cash purchase, which will help expand its blade business[64]. Market and Operational Strategies - The company is focusing on expanding its offshore and large onshore wind tower production capacity to enhance global market share[31]. - The company is actively pursuing market expansion strategies, targeting new regions in Southeast Asia, with plans to enter three new markets by the end of 2017[78]. - The company plans to enhance its technological research and production efficiency to cope with the expected adjustments in on-grid electricity prices starting January 1, 2018[68]. - The company has committed to investing 100 million CNY in research and development for new technologies over the next two years[80]. Risks and Challenges - The company faces risks from international trade barriers, particularly high tariffs on wind tower products exported to the U.S., and plans to deepen strategic cooperation with key clients to explore non-U.S. markets[66]. - The company is addressing risks related to raw material price fluctuations, particularly steel, by locking in prices when securing orders[66]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and operational plans[4]. Shareholder and Governance Information - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[5]. - The total number of ordinary shareholders at the end of the reporting period is 41,604[111]. - Shanghai Tian Shen Investment Management Co., Ltd. holds 29.81% of shares, totaling 530,352,000 shares, with 200,850,000 shares pledged[111]. - The company has maintained a strong commitment to corporate governance, with no reported breaches of legal or ethical standards during the reporting period[82]. Financial Ratios and Performance Metrics - The weighted average return on net assets decreased to 5.11%, down 3.90% from 9.01% in the previous year[18]. - The company's current ratio decreased by 67.67% to 185.87% compared to the previous year, while the quick ratio dropped by 71.97% to 158.76%[130][131]. - The company's debt-to-asset ratio increased by 4.29% to 45.55% compared to the previous year[130]. Future Outlook - The company provided a positive outlook for the second half of 2017, projecting a revenue growth of 20% compared to the first half[76]. - The company anticipates a positive net profit for the first nine months of 2017, driven by increased orders in the domestic wind tower market[65].