Core Viewpoint - Yunda Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of 41.05% and a notable drop in net profit despite revenue growth [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, showing a decrease of 5.76% compared to the previous year [2]. Stock Market Activity - As of October 31, the stock price of Yunda Co., Ltd. was 18.59 yuan per share, with a market capitalization of 14.627 billion yuan [1]. - The stock has seen a trading volume of 270 million yuan and a turnover rate of 2.04% on the same day [1]. - The main funds experienced a net outflow of 39.85 million yuan, with significant selling pressure observed [1]. Shareholder Information - As of September 30, the number of shareholders decreased by 13.08% to 33,400, while the average 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 in the last three years [3]. Business Overview - Yunda Co., Ltd. specializes in the research, production, and sales of large wind turbine generators, with wind power generation accounting for 87.54% of its main business revenue [1]. - The company is categorized under the power equipment industry, specifically in wind power equipment [1].

Core Insights - The wind power equipment sector saw a slight increase of 0.51% on October 30, with Yunda Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Wind Power Equipment Sector Performance - Yunda Co., Ltd. (300772) closed at 18.97, up 4.98% with a trading volume of 432,800 shares and a transaction value of 813 million [1] - Feiwo Technology (301232) closed at 43.82, up 4.58% with a trading volume of 77,700 shares and a transaction value of 335 million [1] - Goldwind Technology (002202) closed at 16.38, up 4.53% with a trading volume of 2.3035 million shares and a transaction value of 3.789 billion [1] - Other notable performers include Tianneng Heavy Industry (300569) up 3.23% and Xinsuo Lian (300850) up 2.55% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 105 million from main funds, while retail funds saw a net inflow of 254 million [2] - The overall retail investors had a net outflow of 149 million [2] Individual Stock Capital Flow - Goldwind Technology had a main fund net inflow of 18.3 million, but retail funds saw a net outflow of 122 million [3] - Feiwo Technology experienced a main fund net inflow of 39.64 million, with retail funds showing a net outflow of 25.05 million [3] - Yunda Co., Ltd. had a main fund net inflow of 32.52 million, while retail funds had a net outflow of 39.30 million [3]

Core Insights - The company's Q3 2025 performance met market expectations, with revenue of 7.592 billion yuan, a year-on-year increase of 43.22% and a quarter-on-quarter increase of 10.28%. However, net profit attributable to shareholders was 108 million yuan, reflecting a year-on-year decrease of 9.64% but a quarter-on-quarter increase of 27.12% [1] Financial Performance - Q3 2025 revenue reached 7.592 billion yuan, up 43.22% year-on-year and 10.28% quarter-on-quarter [1] - Net profit attributable to shareholders was 108 million yuan, down 9.64% year-on-year but up 27.12% quarter-on-quarter [1] - The company's comprehensive gross margin in Q3 2025 was 9.27%, with wind turbine gross margin exceeding 8%, an increase from 7.27% in the first half of 2025 [1] Order Backlog and Growth Potential - As of the end of Q3 2025, the company had a strong order backlog of 46.87 GW, indicating continued growth potential [1] - The company is expected to benefit from increased wind turbine delivery prices in 2026, leading to improved gross margins [2] Profit Forecast and Valuation - The company's 2025 profit forecast was revised down by 8.2% to 651 million yuan due to slower-than-expected pace of power station sales [3] - The 2026 profit forecast was raised by 17.8% to 1.146 billion yuan, reflecting optimism about the domestic wind product market [3] - The current stock price corresponds to a P/E ratio of 21.8 times for 2025 and 12.4 times for 2026, with a target price increase of 7.7% to 23.29 yuan, indicating a potential upside of 28.9% [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 18.5 billion RMB for the first three quarters of 2025, a year-on-year increase of 32.7%, while the net profit attributable to shareholders was 251 million RMB, a decrease of 5.8% [2]. - In Q3 alone, the company achieved a revenue of 7.59 billion RMB, reflecting a 43.2% year-on-year growth and a 10.3% quarter-on-quarter increase, with a net profit of 108 million RMB, down 9.6% year-on-year but up 27.1% quarter-on-quarter [2]. - The gross margin for Q3 was 9.27%, a decrease of 2.37 percentage points year-on-year but an increase of 1.19 percentage points from Q2, with expectations for further improvement in wind turbine manufacturing margins [3]. - The company’s order backlog reached approximately 46.9 GW, a year-on-year increase of 30.7%, indicating a positive outlook for sales growth in 2026 [3]. - The company’s operating expense ratio has decreased, with sales, management, and R&D expense ratios at 3.92%, 0.73%, and 2.62% respectively, all showing year-on-year declines [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company achieved a revenue of 18.5 billion RMB, a 32.7% increase year-on-year, and a net profit of 251 million RMB, down 5.8% year-on-year [2]. Operational Analysis - The gross margin for Q3 was reported at 9.27%, with expectations for improvement in wind turbine manufacturing margins due to increased order deliveries and price hikes [3]. - The company’s order backlog has grown to 46.9 GW, suggesting strong sales potential for 2026 [3]. Financial Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 550 million RMB, 1.32 billion RMB, and 1.85 billion RMB respectively, with corresponding P/E ratios of 26, 11, and 8 [5].

证券代码：300772 证券简称：运达股份 公告编号：2025-087 2025 年 1-9 月，公司（含合并报表范围内各级子公司，下同）对应收账款、 合同资产、其他应收款、存货、长期应收款、一年内到期其他非流动资产、其他 非流动资产计提信用减值准备及资产减值准备的总金额为 17,751.46 万元。具体 如下： 单位：万元 | 项目 | 年初账面 | 本期增加 | | 本期减少 | | | 期末账面 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 余额 | 计提 | 其他 | 转回或转销 | 核销 | 其他 | 余额 | | 信用减值准备 | 57,186.50 | 14,326.94 | | | | | 71,513.44 | | 其中：应收账款 | 56,508.60 | 14,420.05 | | | | | 70,928.65 | | 一年内到期的非流动资产 | 107.66 | -91.94 | | | | | 15.72 | | 长期应收款 | 144.95 | -15.39 | | 129.56 | | --- | --- | - ...

Revenue and Profitability - Revenue for Q3 2025 reached ¥7,591,659,798.65, an increase of 43.22% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 9.64% to ¥107,816,909.72 in Q3 2025[5] - The basic earnings per share for Q3 2025 was ¥0.1370, down 19.88% compared to the previous year[5] - Net profit for the current period was ¥251,863,052.50, a decrease of 5.6% compared to ¥266,848,476.98 in the previous period[23] - Basic and diluted earnings per share decreased to ¥0.3203 from ¥0.3823, reflecting a decline of 16.2%[23] Cash Flow and Financial Activities - The company reported a net cash flow from operating activities of ¥39,883,740.00, a significant increase of 105.49% year-to-date[5] - Net cash flow from operating activities improved significantly to ¥39,883,740.75 from a negative ¥726,224,588.71, marking a 105.49% increase due to higher sales collections[10] - The net cash flow from investing activities was negative at -¥2,254,674,598.40, a 41.94% increase in outflows compared to -¥1,588,473,467.45 in the previous period, attributed to increased investment expenditures[10] - The company received cash from financing activities amounting to ¥718,125,804.32, a significant increase from ¥87,253,000.00 in the previous period, indicating strong investor confidence[24] - Cash inflow from financing activities totaled $3,346,799,479.27, a decrease of 14.1% compared to $3,896,498,885.84 in the previous period[25] - Cash outflow from financing activities amounted to $1,515,876,227.95, down from $2,068,957,987.91, reflecting a reduction of 26.7%[25] - Net cash flow from financing activities was $1,830,923,251.32, slightly up from $1,827,540,897.93, indicating a stable performance[25] - The net increase in cash and cash equivalents was -$379,899,041.32, compared to -$487,065,889.46 in the previous period, showing an improvement[25] - The ending balance of cash and cash equivalents was $6,391,544,295.80, up from $4,208,144,281.30, representing a significant increase of 51.9%[25] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥48,896,927,687.92, reflecting a growth of 26.45% from the beginning of the year[8] - Total liabilities rose to ¥42,141,866,646.95 from ¥32,863,833,606.67, reflecting an increase of approximately 28.3%[19] - The company's equity attributable to shareholders increased to ¥6,605,287,037.84 from ¥5,677,233,805.78, showing a growth of about 16.3%[20] - Long-term borrowings increased to ¥3,206,743,598.92 from ¥1,876,616,950.09, representing a rise of approximately 70.7%[19] Inventory and Receivables - Accounts receivable financing increased by 138.81% to ¥942,921,065.33, primarily due to an increase in bank acceptance bills received from customers[8] - Inventory rose by 62.54% to ¥9,747,516,874.73, attributed to increased raw material purchases[8] - Accounts receivable increased to ¥10,955,559,751.91 from ¥8,737,952,713.86, representing a growth of about 25.5%[18] - Inventory rose significantly to ¥9,747,516,874.73 from ¥5,997,026,937.70, marking an increase of approximately 62.0%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 33,414, with no preferred shareholders having restored voting rights[12] - Zhejiang Electromechanical Group Co., Ltd. holds 46.51% of the shares, amounting to 365,958,150 shares, making it the largest shareholder[12] - The company has a total of 280,800,000 shares that are subject to a lock-up period of 18 months following a specific stock issuance[13] - The company has a total of 85,158,150 shares to be released from lock-up on March 6, 2028, due to a private placement[16] Other Financial Metrics - The company recorded a total of ¥13,489,030.32 in non-recurring gains and losses for the current reporting period[6] - Operating revenue for the current period reached ¥18,485,995,275.25, an increase of 32.72% compared to the previous period's ¥13,928,638,308.10, primarily due to sales growth[10] - Operating costs increased by 34.37% to ¥16,806,633,984.99 from ¥12,507,310,933.53, driven by the growth in sales volume[10] - Research and development expenses increased to ¥483,494,375.65, up 24.6% from ¥387,994,650.16, indicating a focus on innovation[22] - Total investment cash outflow was ¥2,311,135,885.38, down 48.0% from ¥4,452,644,439.60 in the prior period, reflecting a strategic reduction in capital expenditures[24] - The company reported a substantial increase in asset disposal gains, rising 1947.23% to ¥176,662.02 from ¥8,629.34[10] - Income tax expenses surged by 121.75% to ¥42,441,900.81 from ¥19,139,856.48, primarily due to an increase in deferred tax expenses[10] - Other comprehensive income after tax was reported at -¥44,932.59, compared to -¥4,385.59 in the previous period, indicating a decline in this area[23] Audit and Reporting - The company did not audit its third-quarter financial report, which may affect the reliability of the reported figures[26]

证券代码：300772 证券简称：运达股份 公告编号：2025-085 运达能源科技集团股份有限公司 第五届董事会第三十五次会议决议公告 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。 （二）《关于选举审计委员会成员及推选召集人的议案》； 同意选举冯晓女士、陈棋先生、郭斌先生为公司第五届董事会审计委员会成员，其 中冯晓女士为审计委员会召集人且为会计专业人士，任期自本次董事会审议通过之日起 至第五届董事会任期届满之日止。本次选举后，公司审计委员会成员未发生变更。 表决情况：同意 6 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 运达能源科技集团股份有限公司（以下简称"公司"）第五届董事会第三十五次会 议于 2025 年 10 月 28 日以现场结合在线方式召开，会议通知及会议资料于 2025 年 10 月 22 日以传真、电子邮件或专人送达等方式送达各位董事。公司全体董事参加了会议， 会议由董事长陈棋先生主持。本次会议召开和表决符合《公司法》和《公司章程》的规 定。 二、董事会会议审议情况 与会董事审议并一致通过了以下议案： （一）《关于选举代表公司 ...

Core Insights - The stock price of Yunda Co., Ltd. has decreased by 2.03% to 17.87 CNY per share as of October 28, with a total market capitalization of 14.061 billion CNY [1] - Year-to-date, the stock has increased by 35.58%, with a recent 5-day increase of 2.23% and a 20-day decrease of 1.33% [2] Financial Performance - For the first half of 2025, Yunda Co., Ltd. reported a revenue of 10.894 billion CNY, representing a year-on-year growth of 26.27%, while the net profit attributable to shareholders was 144 million CNY, a decrease of 2.62% [2] - Cumulative cash dividends since the A-share listing amount to 281 million CNY, with 153 million CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 12.53% to 38,400, while the average circulating shares per person decreased by 10.80% to 18,153 shares [2] - The second-largest shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 5.5642 million shares to 10.8234 million shares [3]

证券代码：300772 证券简称：运达股份 公告编号：2025-084 运达能源科技集团股份有限公司 2025 年第三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。 特别提示 一、会议召开和出席情况 1、 召开时间：2025 年 10 月 27 日（星期一）11:00 （一）股东出席的总体情况 参加本次股东大会现场会议和网络投票表决的股东及股东代理人共 253 人， 代表有表决权的公司股份数合计为 385,731,886 股，占公司有表决权股份总数 786,847,705 股的 49.0224%。 参加本次会议的中小股东及股东代理人共 250 人，代表有表决权的公司股份 数合计为 18,807,736 股，占公司有表决权股份总数 786,847,705 股的 2.3903%。 （二）股东现场出席情况 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 出席本次股东大会现场会议的股东及股东代理人共 6 人，代表有表决权的公 司股份数合计为 367,174,950 股，占公司有表决权股份总数 7 ...

法律意见书 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于运达能源科技集团股份有限公司 2025 年第三次临时股东大会的 锦 天 域 律师事务 所 ALLBRIGHT LAW OFFICES 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话: 021-20511000 传真:021-20511999 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于运达能源科技集团股份有限公司 2025 年第三次临时股东大会的 法律意见书 致：运达能源科技集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受运达能源科技集团股份 有限公司（以下简称"公司"或"运达股份"）委托，就公司召开 2025 年第三 次临时股东大会（以下简称"本次股东大会"）的有关事宜，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》等法律、法规、 规章和其他规范性文件以及《运达能源科技集团股份有限公司章程》（以下简称 《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 ...