Group 1 - The company, Shanghai Taisheng Wind Power Equipment Co., Ltd., is planning to issue A-shares to specific investors and list on the Growth Enterprise Market [2][3] - The issuance price is set at 6.87 yuan per share, with adjustments made for dividends and stock bonuses [3][4] - The total share capital of the company is 934,899,232 shares, and the issuance will not exceed 30% of the total share capital prior to the issuance [4][5] Group 2 - The controlling shareholder, Guangzhou Kaide, holds 26.93% of the company and has committed to not reducing its shareholding for 18 months post-issuance [6][7] - The company has established a cash dividend policy that aligns with the requirements of the China Securities Regulatory Commission, ensuring clarity and protection for minority investors [8][9] - The company has outlined measures to mitigate the dilution of immediate returns resulting from the issuance, although it does not guarantee future profits [10][11] Group 3 - The wind power equipment manufacturing industry is supported by various national policies aimed at promoting clean energy, including wind power [16][17] - The industry is regulated by the National Development and Reform Commission and the National Energy Administration, which oversee pricing and project approvals [16][17] - The company is positioned within the general equipment manufacturing sector, focusing on the research, development, and sales of onshore and offshore wind power equipment [15][16]

Group 1 - The company has received approval from the China Securities Regulatory Commission (CSRC) for the issuance of A-shares to specific investors for the year 2024 [1] - The approval is documented in the announcement published on February 12, 2025, detailing the registration of the stock issuance [1] - The company updated its financial data and other relevant changes in the prospectus and related application documents following the release of its semi-annual report on August 22, 2025 [2] Group 2 - The company will fulfill its information disclosure obligations in a timely manner according to the progress of the issuance [2] - Investors are advised to pay attention to investment risks associated with this issuance [2]

关于向特定对象发行股票募集说明书（注册稿）等申请文件 更新财务数据的提示性公告 证券代码：300129 证券简称：泰胜风能 公告编号：2025-046 泰胜风能集团股份有限公司 泰胜风能集团股份有限公司 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。 泰胜风能集团股份有限公司（以下简称"公司"）2024 年度向特定对象发行 A 股 股票事项已收到中国证券监督管理委员会出具的《关于同意上海泰胜风能装备股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2025〕226 号），具体内容详见公 司于 2025 年 2 月 12 日在中国证监会指定创业板信息披露网站发布的《关于向特定对 象发行股票申请获得中国证监会同意注册批复的公告》（2025-001）。 鉴于公司已于 2025 年 8 月 22 日披露了 2025 年半年度报告，根据中国证券监督管 理委员会《监管规则适用指引——发行类第 7 号》等相关要求，公司会同相关中介机构 对募集说明书等相关申请文件中涉及的财务数据及其他变动事项进行了更新，具体内容 详见公司于同日在中国证监会指定创业板信息披露网站发布的《 ...

股票简称：泰胜风能 股票代码：300129.SZ 泰胜风能集团股份有限公司 （Shanghai Taisheng Wind Power Equipment Co., Ltd.） （上海市金山区卫清东路 1988 号） 向特定对象发行股票并在创业板上市 募集说明书 （注册稿） 联合保荐人（联席主承销商） 一、本次向特定对象发行 A 股股票情况 1、本次向特定对象发行股票相关事项已经公司于 2024 年 2 月 1 日召开的第 五届董事会第十三次会议、2024 年 12 月 2 日召开的第五届董事会第十八次会议、 2024 年 12 月 13 日召开的第五届董事会第十九次会议、2024 年 3 月 18 日召开的 2024 年第一次临时股东大会审议通过，已取得有权国有资产监督管理部门批准。 2024 年 12 月 18 日，公司收到深圳证券交易所上市审核中心出具的《关于上海 泰胜风能装备股份有限公司申请向特定对象发行股票的审核中心意见告知函》。 2025 年 2 月，公司收到中国证券监督管理委员会出具的《关于同意上海泰胜风 能装备股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕226 号）。 2、 ...

华泰联合证券有限责任公司 关于 泰胜风能集团股份有限公司 2024 年度向特定对象发行股票并在创业板上市 之 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年九月 发行保荐书 华泰联合证券有限责任公司 关于泰胜风能集团股份有限公司 2024 年度向特定对象发行股票并在创业板上市 之发行保荐书 泰胜风能集团股份有限公司（以下简称"发行人"、"泰胜风能"）申请向特 定对象发行股票并在创业板上市，依据《公司法》《证券法》《上市公司证券发 行注册管理办法》（以下简称"《再融资注册办法》"）《深圳证券交易所上市公司 证券发行上市审核规则》（以下简称"《审核规则》"）等相关的法律、法规的有 关规定，提交发行申请文件。华泰联合证券有限责任公司（以下简称"华泰联 合证券"、"保荐人"）作为其本次发行的保荐人，陈亿和廖锴作为具体负责推荐 的保荐代表人，特为其出具本发行保荐书。 保荐人华泰联合证券、保荐代表人陈亿和廖锴承诺：本保荐人和保荐代表 人根据《公司法》《证券法》等有关法律、法规和中国证监会、深圳证券交易所 的有关规定，诚实守信、勤勉尽责，严格按照依法 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [4][9]. Core Insights - The company has experienced rapid growth in its offshore wind business and is actively expanding into overseas markets. The revenue from offshore wind business increased by 226.21% year-on-year in the first half of 2025 [6][9]. - The company reported a total revenue of 2.299 billion yuan for the first half of 2025, a year-on-year increase of 38.83%, while the net profit attributable to shareholders decreased by 8.08% to 119 million yuan [6][9]. - The company has a robust order backlog, with total orders amounting to 5.475 billion yuan, a year-on-year increase of 29.19% [6][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.299 billion yuan, with a net profit of 119 million yuan, reflecting a decrease of 8.08% year-on-year. The second quarter saw a revenue of 1.504 billion yuan, up 50.56% year-on-year, with a net profit of 74 million yuan, down 1.23% year-on-year [6][9]. - The gross profit margin for 2024 was 13.83%, down 6.26 percentage points year-on-year, while the net profit margin was 3.89%, down 2.22 percentage points year-on-year [6]. Business Development - The company has significantly increased its offshore wind business revenue and new orders, with a total revenue of 363 million yuan from this segment in the first half of 2025, marking a 226.21% increase year-on-year [6][9]. - The company has established multiple production bases across strategic regions in China, enhancing its competitive edge and reducing transportation costs [6][9]. Market Expansion - The company is actively pursuing international markets, having established a European center in Germany to better serve clients in Europe and has secured supplier certifications from several major overseas clients [7][9]. - The company’s overseas orders increased by 43.47% year-on-year in the first half of 2025, indicating strong growth in international demand [7][9]. Earnings Forecast - The earnings forecast for the company shows projected revenues of 6.004 billion yuan in 2025, 6.821 billion yuan in 2026, and 7.701 billion yuan in 2027, with corresponding net profits of 356.06 million yuan, 454.06 million yuan, and 568.66 million yuan respectively [8][9].

Market Performance - On August 28, the wind power equipment sector rose by 1.58%, with Electric Wind Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Electric Wind Power (688660) closed at 25.56, up 14.46%, with a trading volume of 943,800 shares and a transaction value of 2.304 billion [1] - Other notable performers included Zhonghuan Hailu (301040) at 39.60, up 12.66%, and He Wang Electric (603063) at 37.78, up 6.51% [1] - Conversely, Mingyang Smart Energy (601615) fell by 4.17% to 12.18, with a trading volume of 944,800 shares and a transaction value of 1.148 billion [2] Capital Flow - The wind power equipment sector experienced a net outflow of 429 million from institutional investors, while retail investors saw a net inflow of 400 million [2] - The table of capital flow indicates that He Wang Electric had a net inflow of 1.956 million from institutional investors, while Electric Wind Power had a net outflow of 2.302 million [3] Individual Stock Analysis - He Wang Electric (603063) had a net outflow of 1.956 million from institutional investors, with a retail net inflow of 1.255 million [3] - Electric Wind Power (688660) saw a net outflow of 2.302 million from institutional investors, with a retail net inflow of 203.85 million [3] - Overall, the capital flow data suggests varying levels of investor interest across different stocks within the wind power equipment sector [3]

Core Viewpoint - 泰胜风能的融资和融券活动显示出其在市场中的活跃度，尽管公司在2025年上半年的净利润有所下降，但营业收入仍实现了显著增长 [1][2] Financing Activity - On August 27, 泰胜风能 experienced a decline of 2.97% with a trading volume of 243 million yuan. The financing buy-in amount for the day was 32.83 million yuan, while the financing repayment was 18.42 million yuan, resulting in a net financing buy-in of 14.41 million yuan [1] - As of August 27, the total financing and securities lending balance for 泰胜风能 was 262 million yuan, with the financing balance accounting for 4.82% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending balance of 1.08 million yuan, with a lending volume of 144,200 shares, also reflecting a high level compared to the past year [1] Business Performance - For the first half of 2025, 泰胜风能 reported an operating income of 2.299 billion yuan, representing a year-on-year growth of 38.83%. However, the net profit attributable to shareholders decreased by 8.08% to 119 million yuan [2] - The company's main business revenue composition includes 81.87% from onshore wind power equipment, 15.80% from offshore wind power and marine engineering equipment, 1.81% from innovation and other businesses, and 0.52% from zero-carbon businesses [1] Shareholder Information - As of June 30, 2025, 泰胜风能 had 50,700 shareholders, an increase of 1.96% from the previous period. The average circulating shares per person decreased by 1.92% to 12,743 shares [2] - Since its A-share listing, 泰胜风能 has distributed a total of 648 million yuan in dividends, with 150 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, 南方中证1000ETF (512100) ranked as the fifth largest, holding 6.0733 million shares, an increase of 1.1745 million shares from the previous period [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is experiencing smooth capacity expansion and has a robust order backlog, with expectations for increased overseas offshore shipments [1][3] - The company's revenue for the first half of 2025 reached 2.299 billion yuan, a year-on-year increase of 38.83%, while the net profit attributable to the parent company was 119 million yuan, a decrease of 8.08% year-on-year [1][2] - The company is a qualified supplier for Vestas in China and has made significant progress in overseas sales, particularly in offshore projects [3] Financial Performance Summary - Revenue projections for 2025-2027 are 6.061 billion yuan, 6.937 billion yuan, and 8.030 billion yuan, respectively, with corresponding net profits of 308 million yuan, 446 million yuan, and 550 million yuan [9] - The company’s gross margin and net margin for the first half of 2025 were 12.88% and 5.01%, respectively, showing a decline compared to the previous year [2] - The company aims to achieve a total production target of 700,000 tons of steel towers and 250 sets of concrete towers in 2025, with steady progress in various business segments [8] Order and Capacity Summary - As of the report date, the company has a total order value of 5.475 billion yuan, with significant contributions from both domestic and international markets [3] - The company’s production capacity for wind power steel towers and offshore products is expected to reach 1.1 million tons annually [3] - The company is actively expanding its offshore wind power manufacturing base and has plans to supply products for Vestas' overseas projects [8]

Core Insights - The company reported a revenue of 2.299 billion yuan for H1 2025, representing a year-on-year increase of 38.83%, while the net profit attributable to shareholders was 119 million yuan, showing a decline of 8.08% year-on-year [1] - The company experienced significant growth in its offshore wind power equipment business, with revenue reaching 363 million yuan, a year-on-year increase of 226.21% [2] - The company is expanding its production capacity and has made progress in overseas markets, with domestic revenue increasing by 89.52% year-on-year [3] Financial Performance - For Q2 2025, the company achieved a revenue of 1.504 billion yuan, a year-on-year increase of 50.56% and a quarter-on-quarter increase of 89.15% [1] - The gross profit margin for Q2 2025 was 12.32%, reflecting a year-on-year decrease of 7.56 percentage points [4] - The net profit margin for Q2 2025 was 4.92%, down 2.58 percentage points year-on-year [4] Business Segments - The onshore wind power equipment business generated 1.882 billion yuan in revenue for H1 2025, accounting for 81.9% of total revenue, but saw a decline in gross profit margin [2] - The company has a strong order backlog of approximately 5.475 billion yuan as of June 2025, with significant contributions from both domestic and offshore projects [2][3] - The company is diversifying into commercial aerospace, having signed a strategic cooperation agreement with domestic manufacturers to develop rocket-related technologies [3] Future Outlook - The company aims to maintain its annual shipment target of 700,000 tons, with expectations for increased output in the second half of 2025 due to accelerated wind power project commencements [2] - Revenue projections for 2025 and 2026 are estimated at 6.097 billion yuan and 6.960 billion yuan, respectively, with net profits expected to reach 266 million yuan and 383 million yuan [4]