Core Insights - Yunda Co., Ltd. experienced a stock price increase of 5.07% on September 17, reaching 19.08 CNY per share, with a trading volume of 465 million CNY and a turnover rate of 3.64%, resulting in a total market capitalization of 15.013 billion CNY [1] Company Overview - Yunda Energy Technology Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on November 30, 2001, with its listing date on April 26, 2019 [1] - The company's main business involves the research, development, production, and sales of large wind turbine generators [1] - Revenue composition includes: wind turbine generators (87.54%), new energy EPC contracting (6.36%), other revenues (4.04%), and power generation income (2.06%) [1] Fund Holdings - According to data, one fund under Shenwan Hongyuan Asset Management holds a significant position in Yunda Co., Ltd. The Shenwan Hongyuan CSI 1000 Index Enhanced A Fund (017067) held 87,300 shares in the second quarter, accounting for 0.8% of the fund's net value, ranking as the tenth largest holding [2] - The fund was established on February 14, 2023, with a latest scale of 87.4876 million CNY, and has achieved a year-to-date return of 27.27%, ranking 1790 out of 4222 in its category [2] - Over the past year, the fund has returned 72.95%, ranking 1213 out of 3804, and since inception, it has achieved a return of 23.38% [2] Fund Manager Performance - The fund manager Liu Dun has a tenure of 7 years and 345 days, managing assets totaling 3.457 billion CNY, with the best fund return during his tenure being 65.03% and the worst being -70.72% [2] - Co-manager Xia Xiangquan has a tenure of 4 years and 333 days, managing assets of 922 million CNY, with the best return of 23.38% and the worst return of -26.61% during his tenure [2]

Investment Rating - The report does not explicitly provide an investment rating for the wind power industry Core Insights - The wind power industry is experiencing rapid growth, with Chinese companies dominating the global market, holding six out of the top ten positions among wind turbine manufacturers [3][4] - In 2024, global wind turbine manufacturers installed a record 127 GW of capacity, with Chinese companies leading the way [3][4] - The report highlights the importance of a strong domestic market, integrated supply chains, technological innovation, and supportive policies as key factors for the success of Chinese wind turbine manufacturers [8][12] Summary by Sections Global Wind Power Market - In 2024, the top four wind turbine manufacturers globally are all Chinese companies, with Goldwind leading at 20.5 GW and a market share of 16.2% [4][5] - Chinese manufacturers installed 5.458 GW of wind turbines overseas in 2024, with 94% of their installations still concentrated in the domestic market [4][11] Advantages of Chinese Wind Power Manufacturers - The strong domestic market provides scale advantages, with China accounting for approximately 70% of global new wind installations in 2024 [8][12] - China has become the largest manufacturing base for wind power equipment, with significant shares in blade, gearbox, and generator production [8][12] - Technological advancements include breakthroughs in floating wind technology and larger turbine capacities, with notable projects achieving capacities of up to 26 MW [9][12] Maintenance and Operations Market - The wind power operation and maintenance (O&M) market in China is projected to grow significantly, with services expected to reach 663 billion yuan by 2025 [26][30] - The shift towards predictive maintenance is highlighted as a key trend, utilizing IoT and AI technologies to enhance operational efficiency and reduce costs [22][27] - The competitive landscape includes wind power developers, turbine manufacturers, and third-party service providers, all vying for market share in the O&M sector [26][27]

证券代码：300772 证券简称：运达股份 公告编号：2025-074 运达能源科技集团股份有限公司 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 9 月 16 日（星期二）13:30 参加本次会议的中小股东及股东代理人共 172 人，代表有表决权的公司股份 数合计为 19,007,240 股，占公司有表决权股份总数 786,847,705 股的 2.4156%。 （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。 3、 召开方式：现场结合网络 4、 召集人：董事会 5、 主持人：陈棋先生 出席本次股东大会现场会议的股东及股东代理人共 7 人，代表有表决权的公 司股份数合计为 367,975,350 股，占公司有表决权股份总数 786,847,705 股的 46.7658%。 现场出席本次会议的中小股东及股东代理人共 3 人，代表有表决权的公司股 份 260,800 股，占公司有表决权股 ...

财通证券股份有限公司 关于运达能源科技集团股份有限公司 2025 年半年度跟踪报告 | 保荐机构名称：财通证券股份有限公司 | 被保荐公司简称：运达股份 | | --- | --- | | 保荐代表人姓名：彭波 | 联系电话：0571-87823628 | | 保荐代表人姓名：郭中华 | 联系电话：0571-87823628 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制度、 | 是 | | 内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 公司募集资金专用账户已于 年 月 2025 6 | | | 日之前全部销户，销户前每月查询一次 30 | ...

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 年第二次临时股东大会的 法律意见书 致：运达能源科技集团股份有限公司 1 上海市锦天城律师事务所 法律意见书 经核查，公司本次股东大会是由公司董事会召集召开的。2025 年 8 月 26 日 公司召开第五届董事会第三十三次会议，决议召集本次股东大会。 公司已于 2025 年 8 月 28 日在巨潮资讯网（http：//www.cninfo.com.cn）上 刊登了《关于召开 2025 年第二次临时股东大会的通知》，前述会议通知载明了 本次股东大会的召集人、召开方式、召开日期和时间（包括现场会议日期、时间 和网络投票日期、时间）、会议地点、会议审议事项、参加网络投票的操作流程、 出席对象、股权登记日、会议登记方法、会议联系人及联系方式。其中，公告刊 登的日期距本次股东大会的召开日期已达 15 日。 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 年第二 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 ...

证券之星消息，9月16日风电设备板块较上一交易日下跌0.33%，运达股份领跌。当日上证指数报收于 3861.87，上涨0.04%。深证成指报收于13063.97，上涨0.45%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300904 | 威力传动 | 69.36 | 5.33% | 2.34万 | | 1.60亿 | | 601218 | 吉鑫科技 | 4.94 | 3.13% | 85.77万 | | 4.17 Z | | 301040 | 中环海陆 | 24.25 | 2.15% | 8.57万 | | 2.06亿 | | 300185 | 通裕重丁 | 2.97 | 2.06% | 136.47万 | | 4.01亿 | | 603507 | 振江股份 | 26.80 | 1.90% | 9.86万 | | 2.64亿 | | 300443 | 金雷股份 | 27.90 | 1.45% | 7.29万 | | 2.01亿 | | 6039 ...

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].

Core Viewpoint - The wind power industry chain is showing significant results in reversing internal competition, with profits in the complete machine and cable segments expected to continue rising by the first half of 2025, leading to a doubling of net profits for leading companies [1][2] Performance Growth - The majority of profits in the wind power industry chain are concentrated in the complete machine and cable segments, with leading companies demonstrating excess profits. According to Tonghuashun data, the net profit attributable to the parent company in the complete machine segment for 2023, 2024, and the first half of 2025 accounts for 17.44%, 22.04%, and 23.57% of the total industry chain profits, respectively. The cable segment accounts for 26.22%, 27.43%, and 26.22% during the same periods [1][2] Profitability Space - The reversal of internal competition in the wind power industry chain is beginning to show results, with overall ROE remaining stable. As capacity continues to clear, leading companies in certain segments are seeing their gross margins stabilize and recover in the first half of 2025 [2] Financial Framework - The wind turbine and gearbox segments are believed to have reached the bottom of the industry cycle and are expected to be the first to see a profit turning point. The analysis utilizes a comprehensive financial framework, including profit and loss statements, balance sheets, and cash flow statements, to assess the industry's cyclical position. Key financial indicators include net asset return rate, quick ratio, and fixed asset turnover rate, which suggest that the wind turbine and gearbox segments are likely to experience a profit turning point [3] Investment Recommendations - Companies to focus on in the wind turbine and gearbox segments include Goldwind Technology, Mingyang Smart Energy, SANY Heavy Energy, and others. In the casting and forging segments, companies like Jinlei Co., Sun Moon Shares, and others are recommended due to their low capital expenditure characteristics. For the tower and foundation segments, companies such as Daikin Heavy Industry and others are suggested. In the cable segment, companies like Orient Cable and others are recommended [4]

Core Viewpoint - Yunda Energy Technology Group Co., Ltd. experienced a 5.08% decline in stock price, closing at 17.75 CNY per share, with a total market capitalization of 13.967 billion CNY [1] Company Overview - Yunda Energy was established on November 30, 2001, and went public on April 26, 2019. The company is based in Hangzhou, Zhejiang Province, and specializes in the research, production, and sales of large wind turbine generators [1] - The revenue composition of Yunda Energy is as follows: wind turbine generators account for 87.54%, new energy EPC contracting for 6.36%, other revenues for 4.04%, and power generation income for 2.06% [1] Fund Holdings - According to data, Shenyin Wanguo Fund has a significant holding in Yunda Energy, with the Shenyin Wanguo CSI 1000 Index Enhanced A Fund (017067) holding 87,300 shares, representing 0.8% of the fund's net value, making it the tenth largest holding [2] - The Shenyin Wanguo CSI 1000 Index Enhanced A Fund was established on February 14, 2023, with a current scale of 87.4876 million CNY. Year-to-date, the fund has achieved a return of 26.81%, ranking 1772 out of 4222 in its category [2] - The fund manager, Liu Dun, has a tenure of 7 years and 344 days, with a total asset scale of 3.457 billion CNY. The best return during his tenure is 65.15%, while the worst is -70.72% [2] - Co-manager Xia Xiangquan has a tenure of 4 years and 332 days, managing assets totaling 922 million CNY, with a best return of 23.25% and a worst return of -26.61% during his tenure [2]

Core Viewpoint - The long-term growth logic of the wind power industry remains unchanged, with significant increases in installed capacity and market demand, despite challenges in profitability due to price competition [1][3]. Group 1: Industry Growth and Performance - In the first half of the year, the cumulative installed capacity of wind power in China exceeded 570 million kilowatts, a year-on-year increase of nearly 23%, with new grid-connected capacity reaching 51.4 GW, up nearly 99% year-on-year [1]. - Major wind turbine companies reported revenue growth, with increases ranging from 26% to 63%. Goldwind Technology led with a revenue of 28.537 billion yuan and a year-on-year growth of 62.75% [1]. - Despite revenue growth, most leading companies, except Goldwind Technology, reported declines in net profit, with Mingyang Smart Energy's net profit down 7.68% to 610 million yuan, and Sany Renewable Energy's net profit down 51.54% to 210 million yuan [1][2]. Group 2: Price Competition and Market Dynamics - Intense price competition has led to a significant drop in bidding prices for onshore wind turbines, from 3,000-4,000 yuan per kilowatt in 2021 to below 1,400 yuan per kilowatt in 2024, a decline of over 50% [2]. - The industry is beginning to stabilize, with major companies signing a self-discipline agreement to raise bidding prices starting in the fourth quarter [2][3]. - The average bidding price for onshore wind turbine units has increased by over 9% compared to the full year of 2024, reaching 1,552 yuan per kilowatt [2]. Group 3: Future Outlook and Strategic Initiatives - The wind power industry is expected to see a recovery in profit margins, with companies like Sany Renewable Energy anticipating a significant increase in gross profit margins next year due to higher bidding prices and cost reduction strategies [3]. - The industry is witnessing a shift towards non-lowest price bidding mechanisms, which is expected to stabilize wind turbine prices [3]. - Leading companies are focusing on securing orders, enhancing product reliability, and expanding into overseas markets to lay a foundation for future performance [6]. Group 4: Global Market Position - China's wind power industry chain accounts for over 60% of the global market, and other regions, particularly in the Asia-Pacific, will struggle to meet construction demands without Chinese supply chains [4]. - Major companies are actively expanding their overseas orders, with Goldwind Technology's overseas orders increasing by over 42% year-on-year, and Sany Renewable Energy's overseas sales revenue reaching 233 million yuan with a gross margin exceeding 20% [6].