Core Viewpoint - 泰胜风能 is actively exploring zero-carbon business opportunities, particularly in wind farm development and operation, with plans to commence construction on new projects by 2026 [1] Company Overview - 泰胜风能 was established in 2001 and is headquartered in Shanghai, making it one of the oldest companies in China's wind power equipment manufacturing industry [1] - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market in 2010 [1] - Over the years, 泰胜风能 has developed into a globally influential manufacturer of onshore and offshore wind power equipment, as well as high-end marine engineering equipment, characterized by large-scale production, diversified product lines, and integrated services [1] Project Development - The company is advancing preliminary work on wind farm projects in regions such as Xinjiang, Guangxi, Heilongjiang, Inner Mongolia, and Shaanxi [1] - Construction of these projects is expected to begin in 2026 [1]

Group 1: Core Business Developments - The company is actively exploring zero-carbon business opportunities in wind farm development and operation, with preliminary work underway in regions such as Xinjiang, Guangxi, Heilongjiang, Inner Mongolia, and Shaanxi, aiming for construction to start in 2026 [2] - The overseas business is a key focus, with products covering over 40 countries and regions. In 2025, the company plans to collaborate with major clients on the Netherlands V236 offshore wind project, which features one of the world's leading commercial wind turbine models [2] - The company’s Yangzhou base has been approved as a qualified supplier for Vestas' onshore tower, laying the groundwork for expanding into the European market [2] Group 2: Commercial Aerospace and Marine Engineering - In the commercial aerospace sector, the company has been pushing forward with production line upgrades and team building, but has not yet made it onto the shortlist of suppliers for the Aerospace Science and Industry Corporation [3] - The company continues to focus on marine engineering equipment, particularly in offshore wind and marine engineering sectors, with a delivery of an offshore booster station expected in the second half of 2025 and new orders for offshore monopile foundations anticipated [3] Group 3: Financial Performance and Strategic Initiatives - The company is planning to establish high-end production bases for offshore wind products such as pipe piles and jacket structures, with updates to be disclosed as significant progress is made [4] - To address fluctuations in raw material prices, the company is implementing a sales-driven production model, locking in costs through centralized procurement and enhanced supplier management [4] - The overall gross margin has declined due to rising raw material prices and changes in customer structure, impacting net profit, with a reported external sales revenue of 84.518 million yuan in the first half of 2025, showing a slight decrease year-on-year [4] - As of now, there are no plans or agreements regarding an acquisition by Xinghe Power, and the company has received regulatory approval for a stock issuance to specific investors, which will be pursued in due course [4]

Group 1: Company Developments - The company is actively exploring zero-carbon business opportunities in wind farm development and operations, with projects in regions such as Xinjiang, Guangxi, Heilongjiang, Inner Mongolia, and Shaanxi expected to commence construction in 2026 [2] - The company has made significant progress in overseas markets, particularly in Europe, with the successful acquisition of the milestone Dutch V236 offshore wind project, which represents leading technology and quality standards [2] - The company is in the process of establishing a high-end production base for offshore wind products, with several candidate projects under consideration [2] Group 2: Financial Performance - In the first half of 2025, the company experienced a decline in gross profit margin due to rising raw material costs, impacting net profit [5] - The company reported a revenue of 845.18 million yuan from overseas sales in the first half of 2025, with new foreign orders amounting to 947.29 million yuan [7] - The delivery volume of wind turbine tower products in offshore wind projects accounted for nearly half of the total in the first half of 2025 [8] Group 3: Strategic Initiatives - The company is focusing on enhancing its core competitiveness through improved product quality, production efficiency, and customer structure optimization [4] - The company is committed to innovation in high-end intelligent manufacturing and is actively developing key technologies for large-scale offshore wind equipment [6] - The company has established a dedicated position for managing accounts receivable, emphasizing proactive communication with clients and legal measures for uncollectible accounts [11] Group 4: Future Outlook - The company has no current plans for acquiring the assets of Star River Dynamics, focusing instead on advancing its commercial aerospace business [3] - The company is preparing for a significant capital increase plan, having received approval from the China Securities Regulatory Commission [9][10]

Group 1 - The company is actively promoting the development of its commercial aerospace business [1] - Initial efforts include production line transformation, team building, expert recruitment, and market research [1] - The product that is currently being advanced at a faster pace is the storage tank [1]

Group 1 - The company is actively promoting the development of its commercial aerospace business, focusing on product line transformation, team building, expert recruitment, and market research [2] - Among the four product categories—rocket body structure, storage tank products, rocket launch, and recovery facilities—the storage tank products are progressing at a faster pace [2]

Core Viewpoint - 泰胜风能's stock has shown a positive trend with a year-to-date increase of 10.01%, reflecting strong market interest and performance in the wind energy sector [1][2]. Financial Performance - For the first half of 2025, 泰胜风能 reported revenue of 2.299 billion yuan, marking a year-on-year growth of 38.83% [2]. - The company's net profit attributable to shareholders was 119 million yuan, which represents a year-on-year decrease of 8.08% [2]. Stock Market Activity - As of September 17, 泰胜风能's stock price was 7.69 yuan per share, with a market capitalization of 7.189 billion yuan [1]. - The stock experienced a trading volume of 1.07 billion yuan and a turnover rate of 2.18% [1]. - The net inflow of main funds was 4.9287 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of June 30, the number of 泰胜风能's shareholders increased to 50,700, up by 1.96% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 1.92% to 12,743 shares [2]. Dividend Distribution - 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]. Institutional Holdings - As of June 30, 2025, 南方中证1000ETF was the fifth largest circulating shareholder, holding 6.0733 million shares, an increase of 1.1745 million shares from the previous period [3].

Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, indicating a positive outlook for the industry [5]. Core Insights - The Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration jointly issued a plan to stabilize growth in the power equipment industry for 2025-2026, aiming for a 6% annual revenue growth for traditional power equipment and steady growth for new energy equipment [3][12]. - The report highlights significant growth in wind power installations, with a 79.50% year-on-year increase in new installations from January to July 2025, totaling 53.67 GW [3][27]. - The average bidding price for offshore wind turbines has shown a downward trend, with an average of 3266.17 RMB/kW in 2023 [44]. Summary by Sections 1. Industry Dynamics - The report outlines the government's focus on high-quality development in the wind power sector, emphasizing the need for innovation and international collaboration [3][12]. - Key projects include the announcement of a 3GW offshore wind power project in Qingdao [3]. 2. Market Performance - The wind power equipment sector experienced a decline of 2.04% in the week of September 8-12, 2025, underperforming compared to the broader market indices [15][18]. - The TTM price-to-earnings ratio for the wind power equipment index is reported at 35.19, with a market-to-book ratio of 1.93 [7][15]. 3. Installation Data - As of July 2025, the cumulative installed capacity of wind power reached approximately 574.87 million kW, reflecting a year-on-year growth of 22.10% [27][28]. - The report notes that land-based wind power installations accounted for 48.90 GW in the first half of 2025, a 95.52% increase year-on-year [4][27]. 4. Investment Recommendations - The report recommends companies such as Goldwind Technology and Yunda Co., which are expected to benefit from the acceleration of domestic wind power construction and overseas market expansion [8]. - It highlights the importance of large megawatt products and new technologies in enhancing profitability and competitive advantage within the industry [8].

关于参加 2025 年上海辖区上市公司集体接待日 暨中报业绩说明会活动的公告 证券代码：300129 证券简称：泰胜风能 公告编号：2025-049 泰胜风能集团股份有限公司 特此公告。 泰胜风能集团股份有限公司 董 事 会 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。 为进一步加强与投资者的互动交流，泰胜风能集团股份有限公司（以下简称"公 司"）将参加由中国证券监督管理委员会上海监管局指导、上海上市公司协会及深圳市 全景网络有限公司联合举办的"2025 年上海辖区上市公司集体接待日暨中报业绩说明 会活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可通过"全景路演"网站 （http://rs.p5w.net），或微信公众号"全景财经"，或全景路演 App，参与本次互动 交流。 本次交流活动时间为 2025 年 9 月 19 日（星期五）15:00-17:00。届时公司董事长 黎伟涛先生、总裁邹涛先生、首席财务官朱华先生、董事会秘书李鎔伊女士将在线就公 司 2025 年半年度业绩、公司治理、发展战略、经营状况等投资者关心的问题，与投资 ...

北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 北京市嘉源律师事务所 关于泰胜风能集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 关于泰胜风能集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-658 致：泰胜风能集团股份有限公司 北京市嘉源律师事务所 北京市嘉源律师事务所（以下简称"本所"）接受泰胜风能集团股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法 律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《泰胜风 能集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律 师对公司 2025 年第二次临时股东大会（以下简称"本次股东大会"）进行见证， 并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会 ...

2025 年第二次临时股东大会决议公告 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。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更以往股东大会已通过的决议。 一、 会议召开和出席情况 （一）会议召开基本情况 证券代码：300129 证券简称：泰胜风能 公告编号：2025-048 泰胜风能集团股份有限公司 1. 会议召开时间：泰胜风能集团股份有限公司（以下简称"公司"）2025 年第二 次临时股东大会于 2025 年 9 月 12 日 14:30 召开；其网络投票时间为 2025 年 9 月 12 日，其中通过深圳证券交易所交易系统进行网络投票的起止时间为 2025 年 9 月 12 日 的交易时间，即 9:15 – 9:25，9:30 – 11:30 和 13:00 – 15:00，通过深圳证券交易所互 联网投票系统进行投票的起止时间为 2025 年 9 月 12 日 9:15 – 15:00。 2. 会议召开地点：上海市金山区卫清东路 1988 号 402 会议室 3. 会议召开和投票方式：本次会议采取现场表决和网络投 ...