天能重工(300569) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides crucial preliminary information including the board's assurance, the report's structure, and key term definitions Important Notice The board, supervisory committee, and senior management guarantee the report's truthfulness, accuracy, and completeness, with a proposed cash dividend of 0.10 yuan per 10 shares - The company's board of directors, supervisory committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - Company head Huang Wenfeng, chief accountant Jiang Weihong, and head of accounting department Jiang Weihong declare that the financial report in this semi-annual report is true, accurate, and complete[5] - The profit distribution plan approved by this board meeting is to distribute a cash dividend of 0.10 yuan (tax inclusive) per 10 shares to all shareholders, based on 1,002,815,761 shares, with no bonus shares or capital reserve conversions[5] Table of Contents This section lists the report's structured table of contents, including eight main chapters and their starting page numbers, providing quick navigation for investors - The report's table of contents clearly lists eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports[8] Definitions This section provides definitions for common terms used in the report, including company names, main products, industry organizations, and time units, ensuring consistent understanding for readers - "Tianneng Heavy Industry" refers to Qingdao Tianneng Heavy Industry Co, Ltd, whose controlling shareholder is Zhuhai Port Holdings Group Co, Ltd, and actual controller is Zhuhai Municipal People's Government State-owned Assets Supervision and Administration Commission[11] - The company's main product is "wind turbine towers" (one of the main components of wind power generation equipment), and the reporting period refers to January 1, 2025, to June 30, 2025[11] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics for the reporting period I. Company Profile This section provides the company's basic information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Tianneng Heavy Industry | | Stock Code | 300569 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Qingdao Tianneng Heavy Industry Co, Ltd | | Legal Representative | Huang Wenfeng | II. Contact Persons and Information This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication with investors Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Li Chunmei | 0532-58829955 | ir@qdtnp.com | | Securities Affairs Representative | Yu Xinxiao | 0532-58829955 | ir@qdtnp.com | III. Other Information The company's registered address, office address, website, email, information disclosure, and filing locations, as well as registration status, remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[15] - Information disclosure and filing locations remained unchanged during the reporting period, as detailed in the 2024 annual report[16] - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[17] IV. Key Accounting Data and Financial Indicators During this reporting period, the company's operating revenue increased by 25.15%, net profit attributable to shareholders increased by 6.43%, but net cash flow from operating activities decreased by 71.23%, while total assets and net assets attributable to shareholders both grew Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,458,135,438.92 | 1,165,067,630.68 | 25.15% | | Net Profit Attributable to Shareholders of Listed Company | 69,242,560.17 | 65,061,696.75 | 6.43% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 69,017,668.11 | 65,199,010.12 | 5.86% | | Net Cash Flow from Operating Activities | 13,328,678.92 | 46,321,017.93 | -71.23% | | Basic Earnings Per Share (yuan/share) | 0.0680 | 0.0636 | 6.92% | | Diluted Earnings Per Share (yuan/share) | 0.0680 | 0.0636 | 6.92% | | Weighted Average Return on Net Assets | 1.31% | 1.14% | 0.17% | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End (yuan) | Change (%) | | Total Assets | 12,237,510,047.41 | 11,951,612,409.66 | 2.39% | | Net Assets Attributable to Shareholders of Listed Company | 5,304,996,545.67 | 5,273,820,165.36 | 0.59% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21] VI. Non-Recurring Gains and Losses Items and Amounts The total non-recurring gains and losses for this reporting period amounted to 224,892.06 yuan, primarily comprising government subsidies, reversal of impairment provisions for receivables, debt restructuring gains/losses, and non-operating income/expenses, with certain poverty alleviation expenditures classified as recurring Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss (excluding those with continuous impact) | 953,603.35 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 7,732,254.50 | | Gains and losses from debt restructuring | -4,065,390.09 | | One-off expenses incurred by the enterprise due to the discontinuation of related operating activities | -1,859,454.77 | | Other non-operating income and expenses apart from the above items | -1,594,743.14 | | Less: Income tax impact | 941,377.79 | | Total | 224,892.06 | - Expenditures for consolidating and expanding poverty alleviation achievements, totaling 2,502,000.00 yuan, are classified as recurring gains and losses because they are paid annually during power station operations[24] Part III Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, financial performance, asset and liability status, investment activities, and risk factors during the reporting period I. Main Business Activities During the Reporting Period The company's core businesses include manufacturing and selling wind turbine towers and new energy power generation, benefiting from domestic policy support and global offshore wind market growth, leading to increased revenue and net profit, alongside strategic initiatives and capacity optimization (I) Main Products and Uses The company's main products include wind turbine towers (hybrid and offshore, monopiles), offshore photovoltaic platform brackets, anchor bolts, and new energy power generation, serving as critical components for wind power equipment and operating wind and solar power plants - The company's main products include wind turbine towers for wind power generation (including hybrid towers, offshore wind turbine towers, and monopiles), offshore photovoltaic platform brackets, anchor bolts, and new energy power generation businesses[26] - Wind turbine towers and monopiles are crucial components of wind power equipment support systems, while new energy power generation involves converting wind and solar energy into electricity for grid sale[26] (II) Industry Development Overview The domestic wind power industry is supported by national policies, driving continuous growth in renewable energy installed capacity and generation, while the global offshore wind market is projected to achieve a 21% CAGR over the next decade 1. Domestic Wind Power Development National Energy Administration policies support wind power growth, promoting market-based pricing and direct green power connections, resulting in 51.39 GW of new wind power capacity and 588 billion kWh of generation in the first half of the year, a 15.6% increase - The National Energy Administration issued the "2024 Energy Regulation Work Priorities," promoting the grid connection of large-scale wind and solar bases and distributed photovoltaic projects[27] - The National Development and Reform Commission and the National Energy Administration issued the "Notice on Deepening the Market-Oriented Reform of New Energy On-Grid Tariffs and Promoting High-Quality Development of New Energy," pushing for new energy on-grid tariffs to be fully market-determined[27] - In the first half of this year, national renewable energy new installed capacity reached 268 GW, a 99.3% year-on-year increase, with wind power adding 51.39 GW[30] - As of the end of June this year, national cumulative grid-connected wind power capacity reached 573 GW, a 22.7% year-on-year increase, with cumulative power generation of 588 billion kWh in the first half, a 15.6% year-on-year increase[32] 2. Global Wind Power Market Development The Global Wind Energy Council (GWEC) forecasts a 21% CAGR for the offshore wind industry over the next decade (2025-2034), with global offshore wind total installed capacity expected to reach 441 GW by the end of 2034 - GWEC forecasts a 21% compound annual growth rate for the offshore wind industry over the next decade (2025-2034)[33] - By the end of 2034, global offshore wind total installed capacity is projected to reach 441 GW[33] (III) Main Business Operations During the Reporting Period During the reporting period, the company's operating revenue increased by 25.15% to 1.458 billion yuan, with net profit attributable to the parent company growing by 6.43% to 69.24 million yuan, while wind turbine tower production reached 253,500 tons and new energy power generation achieved 315.19 million yuan in sales from 681.3 MW capacity Main Business Financial Performance During the Reporting Period | Indicator | Amount (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1,458.14 | 25.15% | | Net Profit Attributable to Shareholders of Listed Company | 69.24 | 6.43% | - In the first half of 2025, the company achieved wind turbine tower production of approximately 253,500 tons and sales of approximately 208,600 tons[35] - As of the end of the reporting period, the company's total new energy power generation business scale was approximately 681.3 MW, achieving electricity sales revenue of approximately 315.19 million yuan[36] (IV) Business Model The company's wind turbine tower manufacturing and sales business operates on a "production-to-order" and "procurement-to-production" model, with sales primarily through bidding and a "proximity" principle, supported by 13 production bases nationwide with a combined annual capacity of approximately 913,500 tons - The company's production model is "production-to-order," with raw material procurement and production organized based on sales contracts and customer drawings[37] - The procurement model is "procurement-to-production," where raw material procurement largely corresponds to sales contracts to mitigate the impact of price fluctuations[37] - The sales model primarily involves bidding, adopting a "proximity" principle to reduce transportation costs and improve delivery efficiency[37] Company Production Bases and Annual Capacity | Region | Annual Capacity (tons) | | :--- | :--- | | Shandong Qingdao Factory | 80,000 | | Jilin Tongyu Factory | 40,000 | | Jilin Daan Factory | 50,000 | | Xinjiang Hami Factory | 34,000 | | Inner Mongolia Hinggan League Factory | 40,000 | | Inner Mongolia Shangdu Factory | 40,000 | | Inner Mongolia Baotou Factory | 40,000 | | Yunnan Yuxi Factory | 25,500 | | Hunan Chenzhou Factory | 34,000 | | Gansu Minqin Factory | 50,000 | | Jiangsu Yancheng Factory (Offshore) | 180,000 | | Guangdong Shanwei Factory (Offshore) | 100,000 | | Dongying Factory (Offshore) | 200,000 | | Total | 913,500 | (V) Key Performance Drivers The company's performance growth is primarily driven by the implementation of its "Two Seas Strategy," continuous optimization of capacity layout, enhanced marketing management, and high-quality development and operation of new energy power stations - Promoting the implementation of the "Two Seas Strategy," increasing R&D investment in offshore engineering products such as offshore photovoltaic platform brackets and jacket foundations, and innovatively developing overseas markets to achieve direct product exports[39][40] - Continuously enhancing and optimizing the company's capacity layout, with the Jiangsu technical upgrade and second-phase expansion project commencing trial operation in June 2025, increasing annual capacity to 180,000 tons and enabling the production of super-large pipe piles[41] - Continuously optimizing the marketing management system, adjusting to a two-tier marketing structure of marketing centers and regional subsidiaries, strengthening marketing to core customers, and consolidating domestic market position[42] - High-quality advancement of new energy power station development and operation, strengthening project development efforts, steadily promoting the construction of existing wind power projects, and exploring new business models such as energy storage and green certificate trading[43] II. Core Competitiveness Analysis The company's core competitiveness is demonstrated across seven key areas: production capacity scale, technological R&D, product quality, digitalized manufacturing, state-owned asset management, industrial synergy, and customer reputation, collectively supporting its leading position and sustainable development in the wind power industry (I) Production Capacity Scale Advantage As a leading wind turbine tower manufacturer, the company operates 13 production bases with a combined annual capacity of approximately 913,500 tons, strategically located to cover major domestic wind power bases, effectively reducing transportation costs and enhancing supply and delivery efficiency - The company is one of the domestic leading enterprises in the wind turbine tower industry, with product sales consistently ranking among the top for many years[45] - As of the end of the reporting period, the company had 13 wind turbine tower production bases nationwide, with a total capacity of approximately 913,500 tons, largely covering domestic wind power bases[45] - The market-oriented layout effectively reduces costs, improves supply and delivery efficiency, and enhances sales and after-sales service capabilities[45] (II) Core Technology R&D The company boasts a professional R&D team, deeply engaged in traditional wind turbine towers, and increasing investment in offshore wind jacket foundations and floating foundation products, holding 115 patents as of the reporting period end, demonstrating advantages in several key manufacturing technologies - The company has a professional technical R&D team, maintaining close technical communication with mainstream design units to understand cutting-edge trends in wind power equipment[46] - Increasing efforts to attract professional R&D talent in offshore wind jacket foundations and floating foundation products, and diligently carrying out technological innovation and reserves[46] - As of the end of the reporting period, the company held 115 patents, including 14 invention patents and 101 utility model patents[46] (III) Stable Product Quality The company has established a comprehensive quality management system, achieving multiple international and domestic certifications to ensure stable and reliable wind turbine tower product quality, with advantages in flange flatness, welding, rust removal, painting, and hybrid tower manufacturing technologies - The company holds a manufacturing license for medium and low-pressure vessels (D) for pressure vessels, and has passed EN1090, ISO3834 international welding certifications, and American Petroleum Institute (API) certification[47] - Seven product specifications have passed authoritative product certification by Electric Power (Beijing) Certification Center, with anchor bolt components and towers (for wind turbine generator capacities between 12,000kW and 18,000kW) being industry firsts[47] - Established a comprehensive quality, environmental, and occupational health and safety management system, successively passing ISO9001, ISO14001, and ISO45001 three major international standard certifications, and obtaining a special-grade qualification for steel structure manufacturing[47] (IV) Digital and Intelligent Transformation of Manufacturing Bases The company is driving the digital and intelligent transformation of its manufacturing bases, automating key production processes like welding to enhance efficiency and product quality stability, having completed a digital integrated intelligent control platform design and obtained ISO/IEC 27001 information security management system certification - Promoting the digital and intelligent transformation of manufacturing bases, advancing automation upgrades in key production links such as welding, and driving down production costs through technological empowerment[48] - Achieving full-process visualization management of production data, significantly improving production efficiency and product quality stability[48] - The company was selected as one of the fourth batch of pilot enterprises for Qingdao's small and medium-sized enterprise digital transformation city pilot program, and officially passed ISO/IEC 27001:2022 information security management system certification[48] (V) State-Owned Asset Management Advantage As a state-controlled enterprise, the company possesses excellent lean management genes and a skilled management team, achieving cost reduction and efficiency improvement through measures like streamlined organization and centralized management, with state capital investment enhancing its credit rating, financing capabilities, and risk resistance - As a state-controlled enterprise, the company possesses excellent lean management genes,拥有一支有能力、有责任心、作风过硬的管理人才队伍[49] - Achieving cost reduction and efficiency improvement in enterprise operations through measures such as streamlined organization, centralized management, specialized division of labor, and standardized processes[49] - State capital investment further enhances the company's credit rating and financing capabilities, while also improving its risk resistance and continuously optimizing its asset-liability structure[49] (VI) Industrial Layout Synergy The company continues to expand its industrial chain, self-operating 563.3 MW of wind power plants and 118 MW of photovoltaic power plants, with 97.6 MW of wind power projects under construction, making new energy power generation a stable source of income and profit, fostering a synergistic and positive development trend - As of the end of the reporting period, the company self-operated approximately 563.3 MW of wind power plants, 118 MW of photovoltaic power plants, and had 97.6 MW of wind power projects under construction[50] - The new energy power generation business has become a stable source of income and profit for the company[50] - Through industrial chain expansion, the company integrates wind turbine tower manufacturing with wind and solar resource development and utilization, forming a synergistic and positive development trend[50] (VII) Customer Reputation Accumulation Adhering to its core brand values of "customer first, integrity management," the company enjoys high recognition and reputation in the industry due to its excellent quality and superior after-sales service, maintaining strong cooperative relationships with major domestic wind power operators and mainstream wind turbine manufacturers - The company adheres to the core brand values of "customer first, integrity management, innovative efficiency, and mutual benefit and win-win"[51] - Enjoying high recognition and reputation in the industry due to its excellent quality reputation and high-quality after-sales service[51] - Maintaining good cooperative relationships with major domestic wind power operators and mainstream wind turbine manufacturers, with the company's products consistently holding a leading market share in the domestic market[51] III. Main Business Analysis During this reporting period, the company's main business revenue increased by 25.15% due to higher tower sales, with significant increases in operating costs, sales expenses, and R&D investment, while administrative and financial expenses decreased, and new energy power generation boasts a significantly higher gross profit margin than tower manufacturing Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,458,135,438.92 | 1,165,067,630.68 | 25.15% | Tower sales growth | | Operating Cost | 1,220,216,241.15 | 904,587,066.53 | 34.89% | Tower sales growth | | Sales Expenses | 12,220,854.58 | 6,186,449.59 | 97.54% | Order growth | | Administrative Expenses | 69,815,272.28 | 82,600,040.58 | -15.48% | Strengthened budget and expense control | | Financial Expenses | 81,790,452.32 | 92,675,727.10 | -11.75% | Optimized financing structure, reduced interest expenses | | Income Tax Expenses | 4,282,288.13 | 2,371,766.98 | 80.55% | Profit growth compared to prior period | | R&D Investment | 12,064,818.91 | 7,208,836.02 | 67.36% | Increased R&D efforts | | Net Cash Flow from Operating Activities | 13,328,678.92 | 46,321,017.93 | -71.23% | Slight decrease in wire transfer sales collection | | Net Cash Flow from Investing Activities | -89,802,919.02 | -130,426,850.57 | 31.15% | Reduced investment expenditures | | Net Cash Flow from Financing Activities | 215,519,764.22 | -15,392,075.09 | 1,500.20% | Arrival of finance lease payments | | Net Increase in Cash and Cash Equivalents | 139,452,007.67 | -99,497,907.73 | 240.16% | Arrival of finance lease payments | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Profit Margin Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wind Power Equipment Manufacturing (Towers, etc.) | 1,119,949,299.64 | 1,084,983,347.00 | 3.12% | 38.28% | 39.67% | -0.96% | | New Energy Power Generation | 315,191,329.39 | 120,194,412.77 | 61.87% | -8.73% | -3.03% | -2.24% | IV. Non-Core Business Analysis Non-core business activities negatively impacted total profit during this reporting period, primarily due to investment income, asset impairment, and non-operating expenses, with credit impairment losses contributing 60.46% of total profit, though most non-core items are not sustainable Non-Core Business Analysis | Item | Amount (yuan) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -4,676,358.27 | -6.28% | Debt restructuring gains and bill discount interest expenses | No | | Asset Impairment | -15,531,444.50 | -20.86% | Impairment of inventory, fixed assets, and contract assets | No | | Non-Operating Income | 2,203,182.58 | 2.96% | Contract compensation gains | No | | Non-Operating Expenses | 6,299,925.72 | 8.46% | Expenditures for consolidating and expanding poverty alleviation achievements and asset disposal losses | Partially sustainable, others no | | Other Income | 3,199,582.50 | 4.30% | Government subsidies, additional input tax deductions, and immediate VAT refunds | Partially sustainable, others no | | Credit Impairment Losses | 45,020,516.52 | 60.46% | Provision for impairment of accounts receivable, other receivables, and notes receivable | No | V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to the parent company both increased, with significant increases in inventory and construction in progress as a percentage of total assets, while accounts receivable decreased, and contract liabilities and long-term borrowings increased, with some assets subject to restricted rights 1. Significant Changes in Asset Composition At the end of the reporting period, the company's total assets grew by 2.39%, with inventory and construction in progress increasing by 3.14% and 1.23% respectively, mainly due to higher raw material preparation for orders and increased project construction investment, while accounts receivable decreased by 2.23% due to enhanced collection management Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Percentage of Total Assets (%) | Prior Year-End Amount (yuan) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,052,004,799.57 | 8.60% | 972,463,390.25 | 8.14% | 0.46% | | | Accounts Receivable | 2,659,665,013.11 | 21.73% | 2,863,168,942.95 | 23.96% | -2.23% | Strengthened accounts receivable management, increased collections | | Contract Assets | 68,775,965.90 | 0.56% | 21,667,997.18 | 0.18% | 0.38% | | | Inventories | 1,986,963,886.67 | 16.24% | 1,565,872,681.89 | 13.10% | 3.14% | More orders on hand at period-end, more raw material preparation, some projects not yet shipped | | Fixed Assets | 4,317,885,262.24 | 35.28% | 4,420,848,218.12 | 36.99% | -1.71% | | | Construction in Progress | 527,588,978.44 | 4.31% | 368,349,925.56 | 3.08% | 1.23% | | | Contract Liabilities | 541,191,629.49 | 4.42% | 362,919,909.30 | 3.04% | 1.38% | | | Long-term Borrowings | 1,198,614,138.06 | 9.79% | 1,037,490,344.94 | 8.68% | 1.11% | | 2. Major Overseas Assets During the reporting period, the company had no major overseas assets - The company had no major overseas assets during the reporting period[59] 3. Assets and Liabilities Measured at Fair Value At the end of the reporting period, the company's financial assets measured at fair value primarily consisted of receivables financing, with a period-end balance of 34.52 million yuan, a significant decrease from the beginning of the period, mainly due to changes in bank acceptance bills held Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Period-End Balance (yuan) | Explanation of Other Changes | | :--- | :--- | :--- | :--- | | Financial Assets: Receivables Financing | 249,788,893.48 | 34,522,966.55 | Changes in bank acceptance bills held | | Financial Liabilities | 0.00 | 0.00 | | 4. Restricted Asset Rights as of the End of the Reporting Period As of the end of the reporting period, the company had 2,460.91 million yuan in restricted asset rights, primarily including monetary funds, accounts receivable, fixed assets, and intangible assets, with restrictions due to guarantees, pledges, mortgages, and litigation preservation freezes Restricted Asset Rights | Item | Book Value (yuan) | Restriction Status | | :--- | :--- | :--- | | Monetary Funds | 90,843,294.83 | Guarantees | | Accounts Receivable - Goods | 925,283.50 | Wind turbine tower accounts receivable pledge | | Accounts Receivable - Electricity | 896,762,712.76 | Charging rights pledge | | Other Current Assets | 46,402,012.15 | Litigation preservation freeze funds | | Long-term Receivables | 31,990,800.66 | Finance lease guarantee deposit | | Fixed Assets - Buildings | 76,154,520.55 | Mortgage | | Fixed Assets - Machinery (Finance Lease) | 1,267,761,273.13 | Mortgage | | Intangible Assets - Land Use Rights | 50,073,081.20 | Mortgage | | Total | 2,460,912,978.78 | | VI. Investment Analysis During the reporting period, the company's total investment decreased year-on-year, with no significant equity investments, and non-equity investments primarily focused on wind power and Jiangsu expansion projects; most raised funds have been utilized, but some project returns fell short of expectations, and the use of raised funds was altered 1. Overall Situation During the reporting period, the company's total investment was 152.19 million yuan, a 15.88% decrease compared to the prior year period Investment Amount During the Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount During the Reporting Period | 152,189,277.05 | | Investment Amount in Prior Year Period | 180,915,927.66 | | Change Percentage | -15.88% | 2. Significant Equity Investments Acquired During the Reporting Period During the reporting period, the company did not acquire any significant equity investments - The company did not acquire any significant equity investments during the reporting period[64] 3. Significant Non-Equity Investments in Progress During the Reporting Period The company's significant non-equity investment projects include the Tianneng Heavy Industry Wuchuan 150MW Wind Power Project and the Jiangsu Expansion Project, with cumulative actual investments of 101 million yuan and 246 million yuan, and project progress rates of 74.71% and 69.37% respectively Significant Non-Equity Investments in Progress | Project Name | Investment Method | Is it Fixed Asset Investment | Industry Involved | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of Period-End (yuan) | Project Progress (%) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianneng Heavy Industry Wuchuan 150MW Wind Power Project | Self-built | Yes | Power Generation | 16,123,309.5 | 275,752,263.20 | 69.37% | Own funds and bank financing | | Jiangsu Expansion Project | Self-built | Yes | Wind Turbine Tower Manufacturing | 100,654,729.34 | 246,393,940.55 | 74.71% | Raised funds and own funds | 4. Financial Assets Measured at Fair Value The company's financial assets measured at fair value primarily consist of receivables financing, with a period-end balance of 34.52 million yuan, a significant decrease from the beginning of the period, mainly due to changes in bank acceptance bills held Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (yuan) | Period-End Amount (yuan) | Other Changes (yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Other (Receivables Financing) | 249,788,893.48 | 34,522,966.55 | -215,265,926.93 | Own funds | 5. Use of Raised Funds As of the end of the reporting period, the company had utilized 1.285 billion yuan of raised funds, with a remaining balance of 218 million yuan; some committed projects did not meet expected returns, and the use of raised funds was changed, terminating the Guangdong and Jilin technical upgrade projects and reallocating all funds to the Jiangsu technical upgrade and expansion project (1) Overall Use of Raised Funds As of June 30, 2025, the company had utilized 1.285 billion yuan of raised funds, with a remaining balance of 218 million yuan, including demand deposit interest and uninvested raised funds Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 1,500 | | Net Raised Funds | 1,492.60 | | Total Raised Funds Used in Current Period | 94.43 | | Total Raised Funds Used Cumulatively | 1,284.84 | | Raised Funds Balance at Period-End | 217.97 | | Total Cumulatively Changed Use of Raised Funds | 280 | | Percentage of Total Cumulatively Changed Use of Raised Funds | 18.76% | - As of June 30, 2025, 1,284.84 million yuan of raised funds had been used, with a remaining balance of 217.97 million yuan (including demand deposit interest and uninvested raised funds)[70] (2) Status of Committed Projects for Raised Funds The Tianneng Heavy Industry Wuchuan 150MW Wind Power Project did not meet expected returns due to lower electricity prices and increased curtailment rates, while the Guangdong Tianneng