SEWPG(SH:688660) Ge Long Hui·2026-02-27 12:50Core Viewpoint - The company reported a total operating revenue of 13.681 billion yuan for the fiscal year 2025, representing a year-on-year increase of 31.07%. However, it also recorded a net loss attributable to shareholders of 989 million yuan [1]. Financial Performance - The company maintained strict cost control, resulting in a decrease in the expense ratio by 4 percentage points compared to the previous year [1]. - Investment income from joint ventures significantly increased compared to the same period last year, contributing positively to the financial results [1]. Market Challenges - The offshore wind turbine product sales prices decreased year-on-year due to intensified competition in the offshore wind market [1]. - Delays in the construction progress of certain offshore wind projects led to a slowdown in the delivery of sales orders, which affected the planned conversion into sales revenue [1]. - The peak installation period in the market caused an increase in the prices of some components, resulting in supply chain cost reductions not meeting expectations [1]. Profitability Impact - The combined effects of the aforementioned factors led to a year-on-year decline in product gross margin and a corresponding decrease in operating profit [1].