Titan Wind(SZ:002531) Xin Jing Bao·2025-08-27 11:19Core Viewpoint - The company is undergoing a significant transformation from onshore to offshore wind energy equipment manufacturing, which has led to a decline in profitability and cash flow, but it aims to capitalize on future market opportunities in Europe and other regions [1][2][3][4]. Group 1: Financial Performance - In the first half of 2025, the company reported a revenue of 2.189 billion yuan, a year-on-year decrease of 3.08%, and a net profit attributable to shareholders of 53.803 million yuan, down 75.08% [1]. - The wind power equipment segment generated 1.381 billion yuan in revenue, accounting for 63% of total revenue, while the power generation segment contributed 690 million yuan, representing 32% of total revenue [1]. - The gross margin for the wind power equipment segment has dropped to -2%, a decline of over 11 percentage points year-on-year, resulting in a loss of approximately 28 million yuan in gross profit [2]. Group 2: Market Strategy and Expansion - The company has established marketing teams for both domestic and international markets, focusing on expanding into Europe, Japan, South Korea, and Southeast Asia [1]. - A new offshore wind farm base is being developed in Germany to enhance local production and expand overseas orders, although production targets for the factory have not been met [3][4]. - The company anticipates a significant demand for large monopiles in Europe by 2027, which could provide opportunities for domestic and international suppliers [3]. Group 3: Operational Challenges - The company's cash flow from operating activities decreased by nearly 60% year-on-year, indicating weakened cash recovery capabilities [4]. - Inventory turnover days have increased to 279.55 days, suggesting a decline in inventory management efficiency [4]. - The company has terminated its GDR issuance plan, which was in progress for over two years, but claims this will not adversely affect its normal operations and ongoing development [4].