MYSE(SH:601615) Xin Lang Cai Jing·2025-09-16 10:35Core Viewpoint - 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] Group 1: Company Performance - Mingyang Smart Energy achieved operating revenue of 17.14 billion yuan, a year-on-year increase of 45.3%, but its net profit attributable to shareholders decreased by 7.7% to 610 million yuan [2] - The company's non-recurring net profit was 490 million yuan, down 12.7% year-on-year [2] - In the second quarter, due to the delivery of low-priced onshore wind turbine orders, Mingyang's net profit attributable to shareholders was 310 million yuan, a year-on-year decline of 13.6% [2] - The gross profit margin for the first half was 12.12%, a decrease of 6.6 percentage points year-on-year, while the net profit margin was 3.71%, down 2.1 percentage points year-on-year [2] Group 2: Cash Flow Concerns - Mingyang Smart Energy reported a negative net cash flow from operating activities of 3.503 billion yuan in the first half of the year [2] - The projected net cash flow from operations for the years 2022 to 2024 is also negative, with figures of -796 million yuan, -2.59 billion yuan, and -2.403 billion yuan respectively [2] - The company's cash collection ratio has fallen below 80% again in the first half of the year, indicating ongoing cash flow issues despite revenue growth [2] Group 3: Shareholder Pressure - The major shareholders of Mingyang Smart Energy are facing significant financial pressure, as indicated by the recent pledge of shares [3] - Major shareholder Wiser Tyson pledged 45 million shares, accounting for 1.98% of the company's total share capital [4] - Cumulatively, the controlling shareholder and related shareholders have pledged 272 million shares, representing 47% of their holdings and 11.96% of the total share capital [5]