Core Viewpoint - The space big data sector is leading the market with a rise of 1.38% [1] Group 1: Company Performance - Aerospace Hongtu increased by 6.02% [1] - Zhongke Star Map rose by 4.47% [1] - Aerospace Microelectronics saw a rise of 4.14% [1] - China Satellite experienced an increase of over 2% [1]

这一系列行业活动的积极参与，不仅巩固了公司在风电领域的品牌影响力，也为把握新型能源体系建设机遇、优 化中长期发展路径奠定了坚实基础。公司日前披露的2025年中期财务报告显示，上半年整体经营业绩保持稳健增 长。 报告期内，公司实现营业收入108.9亿元人民币，较去年同期增长26%。主营业务方面，风机销售业务收入规模实 现95.4亿元，同比增长47%，构成公司收入的核心支柱；发电业务与新能源工程总承包业务分别录得收入2.2亿元 与6.9亿元。值得注意的是，公司风机销售业务的毛利率水平在上半年呈现改善态势，达到7.3%，同比提升2.2%。 这一变化主要得益于风机大型化技术趋势的持续推进和产品结构的持续优化。 在市场拓展方面，公司上半年对外销售风机容量合计6.3GW，同比增长56%。受益于毛利率的提升，单位毛利实 现同步增长。截至第二季度末，公司在手订单储备充沛，累计在手订单规模达45.9GW，较上年同期增长34%，为 公司后续产能释放与业绩兑现提供了有力支撑。与此同时，公司稳步推进自有新能源电站项目建设进度，不断优 化自有电站运营管理体系。 在全球能源结构加速向清洁化、低碳化转型的宏观背景下，中国风电产业正迎来新一 ...

截至9月30日，运达股份股东户数3.34万，较上期减少13.08%；人均流通股20891股，较上期增加 15.09%。2025年1月-9月，运达股份实现营业收入184.86亿元，同比增长32.72%；归母净利润2.51亿元， 同比减少5.76%。 资料显示，运达能源科技集团股份有限公司位于浙江省杭州市西湖国际科技大厦A座18F，成立日期 2001年11月30日，上市日期2019年4月26日，公司主营业务涉及大型风力发电机组的研发、生产和销 售。主营业务收入构成为：风电机组87.54%，新能源EPC总承包6.36%，其他4.04%，发电收入2.06%。 运达股份所属申万行业为：电力设备-风电设备-风电整机。所属概念板块包括：DeepSeek概念、基金重 仓、融资融券、高送转、中盘等。 11月26日，运达股份盘中上涨2.05%，截至11:17，报17.42元/股，成交1.12亿元，换手率0.93%，总市值 137.07亿元。 资金流向方面，主力资金净流入321.79万元，特大单买入621.47万元，占比5.56%，卖出393.90万元，占 比3.53%；大单买入1533.77万元，占比13.73%，卖出1439. ...

证券日报网讯 11月24日晚间，运达股份发布公告称，公司于2025年9月24日、2025年10月27日召开第五 届董事会第三十四次会议和2025年第三次临时股东大会，审议通过了《关于修订〈公司章程〉的议 案》。近日，公司已完成上述注册资本变更的工商变更登记和《公司章程》修订的备案手续，并取得了 浙江省市场监督管理局颁发的《营业执照》。 （文章来源：证券日报） ...

证券代码：300772 证券简称：运达股份 公告编号：2025-088 运达能源科技集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 运达能源科技集团股份有限公司（以下简称"公司"）于 2025 年 9 月 24 日、2025 年 10 月 27 日召开第五届董事会第三十四次会议和 2025 年第三次临时 股东大会，审议通过了《关于修订〈公司章程〉的议案》，具体内容详见公司于 2025 年 9 月 25 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于修 订〈公司章程〉的公告》（公告编号：2025-077）。 近日，公司已完成上述注册资本变更的工商变更登记和《公司章程》修订的 备案手续，并取得了浙江省市场监督管理局颁发的《营业执照》，变更后的《营 业执照》具体内容如下： 名称：运达能源科技集团股份有限公司 统一社会信用代码：91330000733811206X 注册资本：柒亿捌仟陆佰捌拾肆万柒仟柒佰零伍元 类型：其他股份有限公司（上市） 成立日期：2001 年 11 月 3 ...

Group 1: Order and Market Overview - In the first nine months of 2025, the company secured new orders totaling 18,131.12 MW, bringing the cumulative orders to 46,868.05 MW by the end of September 2025 [2] - The breakdown of cumulative orders includes: 993.70 MW for wind turbines between 2 MW and 4 MW, 8,366.02 MW for turbines between 4 MW and 6 MW, and 37,508.33 MW for turbines of 6 MW and above [2] Group 2: Pricing and Competition - Wind turbine prices are influenced by product type, market conditions, and project specifications, with a slight increase in bidding prices observed this year [3] - In October 2024, 12 domestic manufacturers signed a self-regulatory agreement to address issues like unfair low-price competition and contract fairness [3] Group 3: Cost Reduction and Profitability Improvement - The company enhances profitability through improved R&D capabilities, product performance, and competitive new product development [3] - Key strategies include optimizing critical parameters of wind turbine products, applying new technologies, and self-developing core components to increase gross margins [3] Group 4: Offshore Wind Power Development - The company is focusing on offshore wind power in Zhejiang and coastal provinces, aiming to lead the industry and establish a strong brand [4] - Investments have been made in offshore wind power assembly bases in Dalian and Wenzhou, creating a dual-base layout [4] Group 5: New Energy Projects - In the first half of 2025, the company added 605.98 MW of approved/registered capacity for new energy projects, with a total grid-connected capacity of 1,203.11 MW by the end of June 2025 [4] - The company achieved a 31.08% year-on-year increase in revenue from power generation in the first half of 2025 [4]

Core Viewpoint - Yunda Co., Ltd. has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite a slight decline in net profit year-on-year [1][2]. Financial Performance - For the period from January to September 2025, Yunda Co., Ltd. achieved a revenue of 18.486 billion yuan, representing a year-on-year growth of 32.72% [2]. - The net profit attributable to shareholders was 251 million yuan, which reflects a year-on-year decrease of 5.76% [2]. Stock Market Activity - On November 21, Yunda's stock price rose by 2.09%, reaching 17.08 yuan per share, with a trading volume of 228 million yuan and a turnover rate of 1.94% [1]. - The stock has increased by 29.59% year-to-date, with a slight increase of 0.47% over the last five trading days, but a decline of 8.12% over the last 20 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 13.08% to 33,400, while the average number of circulating shares per person increased by 15.09% to 20,891 shares [2]. - The company has distributed a total of 281 million yuan in dividends since its A-share listing, with 153 million yuan distributed over the past three years [3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 9.0248 million shares, a decrease of 1.7986 million shares from the previous period [3]. - Other notable shareholders include Huaxia Revival Mixed A and Bosera Hengle Bond A, with stable or new positions in the company [3].

Core Insights - Yunda Co., Ltd. experienced a stock price increase of 2.02% on November 19, reaching 16.65 CNY per share, with a total market capitalization of 13.101 billion CNY [1] - The company reported a year-to-date stock price increase of 26.33%, but a decline of 2.06% over the last five trading days and 9.12% over the last twenty days [1] Financial Performance - For the period from January to September 2025, Yunda Co., Ltd. achieved a revenue of 18.486 billion CNY, representing a year-on-year growth of 32.72%, while the net profit attributable to shareholders decreased by 5.76% to 251 million CNY [2] - The company has distributed a total of 281 million CNY in dividends since its A-share listing, with 153 million CNY distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Yunda Co., Ltd. was 33,400, a decrease of 13.08% from the previous period, with an average of 20,891 circulating shares per shareholder, an increase of 15.09% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 9.0248 million shares, a decrease of 1.7986 million shares from the previous period [2]

Core Insights - The wind turbine industry is experiencing a slowdown in the trend of larger turbine units due to resource and production constraints, leading to a deceleration in power growth [1][3] - The profitability of wind turbine manufacturers is shifting towards the downstream segment of wind farm development, with a significant increase in the profit share from project development during the 14th Five-Year Plan [2] Industry Trends - The trend of turbine large-scale production is facing limitations, resulting in a decrease in the growth rate of power output. The industry is currently experiencing losses due to low turbine prices, leading to a market cleanup [3] - The market concentration in the wind turbine industry is increasing, with the CR5 rising from 65.0% to 75.0% and CR10 from 91.4% to 98.6% from 2020 to 2024 [3] Price and Profitability - Wind turbine prices have stopped declining and are expected to rise, with a projected 10% increase in prices from January to August 2025. The industry is anticipated to face a cyclical surge in demand [4] - The average bid price for land-based turbines has reached a low point but has been increasing for four consecutive quarters, indicating a potential turning point for profitability in 2026 [4] Domestic Demand - The domestic wind power installation is expected to average over 100 GW annually during the 15th Five-Year Plan, with significant contributions from large base projects and offshore wind [5] - The overall cost of wind power generation remains competitive, and the market is likely to favor wind energy development in the coming years [5] International Market Opportunities - The European offshore wind market is projected to see significant growth, with an expected average addition of 8 GW annually from 2026 to 2030 [6] - The emerging markets in Asia, Africa, and Latin America are anticipated to double their installation growth rates, with a projected CAGR of approximately 16% over the next five years [6] - Domestic wind turbine manufacturers are increasingly entering overseas markets, with a projected market share of 32% in Asia, Africa, and Latin America by 2024 [6] Investment Recommendations - Companies to watch include Goldwind Technology (002202.SZ), Mingyang Smart Energy (601615.SH), Yunda Co., Ltd. (300772.SZ), and SANY Renewable Energy (688349.SH) [7]

Core Insights - The wind power industry in China is transitioning from scale expansion to value enhancement, moving from a "policy-driven" to a "market-driven" phase, with standardized governance and green innovation becoming key competitive advantages for companies [1] Group 1: Information Disclosure and Governance - Yunda Co., Ltd. has been awarded the highest "A" rating for information disclosure for four consecutive years, highlighting its leading position in standardized operations within the industry [2] - The evaluation covered 5,104 listed companies, with only 953 receiving the "A" rating, representing 18.67% of the total, and only 385 companies (7.54%) achieving this rating for four years or more [2] - Yunda has consistently adhered to principles of openness, fairness, and justice, improving its governance structure and internal control systems, and ensuring accurate and timely information disclosure [2] Group 2: Green Development Initiatives - Yunda Co., Ltd. has been recognized as a "2025 People's Enterprise Green Development Case" by People's Daily, establishing itself as a benchmark in the green development sector [3] - The company is committed to its mission of providing clean energy and contributing to global sustainable development, aligning with the core direction of green and low-carbon development in the industry [3] - The dual recognition reflects regulatory and industry acknowledgment of Yunda's governance capabilities and achievements in green development, motivating the company to enhance information disclosure quality and governance effectiveness [3]