MYSE(SH:601615) Sou Hu Cai Jing·2025-10-13 01:16Core Viewpoint - Mingyang Smart Energy plans to establish the UK's first integrated wind turbine manufacturing base in Scotland, with a total investment of £1.5 billion (approximately ¥14.21 billion) aimed at producing offshore and floating wind turbines [1][2]. Investment Plan - The investment will be executed in three phases: - Phase 1 involves constructing advanced wind turbine nacelle and blade manufacturing facilities, with the first production expected by the end of 2028 [1]. - Phase 2 will expand production lines to accelerate the scale production of floating wind technology in the UK [1]. - Phase 3 will further extend to the production of control systems, electronic devices, and other key components [1]. Funding Sources - The project will be funded through the company's own funds and self-raised capital, including funds raised from the issuance of global depositary receipts in 2022 and future bank financing [2]. Strategic Importance - This investment is a significant step in the company's internationalization strategy, aiming to tap into the vast potential of overseas markets and establish a service center for offshore wind energy in the UK and Europe [2]. - The establishment of a complete production and service system locally will enhance the company's position in global offshore wind technology standards and industry upgrades [2]. Market Context - The investment aligns with the UK government's push for a clean energy transition, aiming to double annual investments in clean energy by 2035 and develop key technologies such as wind power [4]. - Wind power has become the largest single source of electricity in the UK, with its share increasing from 29% in 2023 to 30% in 2024, surpassing gas-fired power plants [5]. Company Performance - In the first half of the year, the company reported revenue of ¥17.143 billion, a year-on-year increase of 45.33%, while net profit attributable to shareholders was ¥610 million, a decrease of 7.68% [7]. - The revenue growth was primarily driven by an increase in wind turbine sales, while the decline in net profit was attributed to low-price competition in the wind power industry [7][8].