MYSE(SH:601615) Xin Lang Zheng Quan·2025-09-16 09:38Core Insights - The wind power listed companies in A-shares have all reported revenue growth in the first half of the year, but net profit shows significant divergence among them [1][3]. Revenue and Profit Performance - Mingyang Smart achieved operating revenue of 17.14 billion yuan, a year-on-year increase of 45.3%, but its net profit attributable to shareholders was 610 million yuan, a decrease of 7.7% [1][3]. - Among the five major wind turbine manufacturers, Jin Feng Technology reported revenue of 28.54 billion yuan (up 41.3%) and a net profit of 1.49 billion yuan (up 7.3%), while Sany Heavy Energy saw a revenue increase of 62.8% but a drastic net profit decline of 51.5% [3]. Quarterly Analysis - In the second quarter, Mingyang Smart's net profit attributable to shareholders was 310 million yuan, down 13.6% year-on-year, with a slight quarter-on-quarter increase of 1.9% [3]. - The company's non-recurring net profit for the second quarter was 200 million yuan, showing declines of 25.1% year-on-year and 30.8% quarter-on-quarter, indicating a downward trend in performance [3]. Profitability Metrics - Mingyang Smart's gross margin for the first half of the year was 12.12%, down 6.6 percentage points year-on-year, while its net profit margin was 3.71%, down 2.1 percentage points year-on-year, reflecting ongoing pressure on profitability [3]. Cash Flow Concerns - The net cash flow from operating activities for Mingyang Smart was -3.503 billion yuan, marking three consecutive years of negative cash flow [4]. - The cash collection ratio for Mingyang Smart fell below 80% in the first half of the year, despite significant revenue growth, indicating persistent cash flow issues [4]. Shareholder Financing Pressure - Major shareholders of Mingyang Smart are facing financial pressure, with the largest shareholder, Wiser Tyson, pledging 45 million shares, representing 1.98% of the total share capital [7]. - The cumulative pledged shares by the controlling shareholder and related parties reached 272 million shares, accounting for 47% of their holdings and 11.96% of the total share capital [7].