SEWPG(SH:688660) Ge Long Hui·2026-02-27 10:25Core Viewpoint - The company reported a significant increase in revenue for the fiscal year 2025, but also faced a larger net loss compared to the previous year due to market challenges in offshore wind power [1] Financial Performance - The company's total operating revenue for 2025 reached 13.681 billion yuan, representing a year-on-year growth of 31.07% [1] - The net loss for the year was 989 million yuan, compared to a loss of 785 million yuan in the previous year [1] Cost Management - The company maintained strict cost control, resulting in a decrease of 4 percentage points in the period expense ratio compared to the previous year [1] Investment Gains - The company benefited from better performance of its joint ventures, leading to a significant increase in investment income compared to the same period last year [1] Market Challenges - The offshore wind power market experienced intensified competition, leading to a decline in sales prices for offshore wind turbine products year-on-year [1] - Delays in the construction progress of certain offshore wind power projects resulted in a slowdown in the delivery of sales orders, preventing planned revenue conversion [1]