MYSE(SH:601615) Shen Zhen Shang Bao·2025-10-12 15:52Core Viewpoint - Mingyang Smart Energy plans to invest £1.5 billion (approximately ¥14.21 billion) to establish the UK's first integrated wind turbine manufacturing base in Scotland, focusing on offshore and floating wind turbine production [1][3]. Investment Plan - The investment will be executed in three phases: - Phase 1: Construction of advanced wind turbine nacelle and blade manufacturing facilities, with the first batch expected to be operational by the end of 2028 [3]. - Phase 2: Expansion of production lines to accelerate the scale production of floating wind technology in the UK [3]. - Phase 3: Further expansion to include the production of control systems, electronic devices, and other key components [3]. - Funding will come from the company's own resources and self-raised funds, including proceeds from the 2022 global depositary receipts issuance and future bank financing [3]. Regulatory Approval - The investment plan requires final approvals from various authorities, including the UK government and relevant Chinese regulatory bodies, indicating potential uncertainties that could lead to project termination if approvals are not granted [3]. Company Performance - For 2023-2024, the company is projected to experience a decline in both revenue and net profit, with a forecasted total revenue of ¥27.158 billion, a decrease of 3.43% year-on-year, and a net profit of ¥346 million, down 8.12% [4]. - In the first half of the year, the company reported revenue of ¥17.143 billion, a year-on-year increase of 45.33%, but net profit decreased by 7.68% to ¥610 million [4]. - The company sold 8.10 GW of wind turbines and secured new orders totaling 13.39 GW, generating sales revenue of ¥12.48 billion from wind turbines and related components [4]. International Market Expansion - The company is actively exploring overseas markets, facing challenges due to differing macro policies and business environments compared to domestic operations, which may lead to slower-than-expected progress [4]. Financial Restrictions - As of June 30, 2025, the company has restricted access to ¥80.5185 million due to various guarantees and ¥160 million held in third-party securities institutions [4]. - Additionally, a court ruling related to litigation has restricted access to ¥50.2092 million in bank deposits [4]. Management Changes - The company's vice chairman, Ge Changxin, resigned in July for personal reasons, which may impact management stability [5].