SEWPG(SH:688660) Ge Long Hui A P P·2026-02-27 13:05Core Viewpoint - The company reported a total operating revenue of 13.681 billion yuan for the fiscal year 2025, representing a 31.07% increase compared to the previous year, but recorded a net loss attributable to shareholders of 989 million yuan [1] Financial Performance - Total operating revenue reached 13.681 billion yuan, up 31.07% year-on-year [1] - Net profit attributable to shareholders was -989 million yuan [1] - The company managed to reduce its expense ratio by 4 percentage points compared to the previous year [1] Investment and Market Conditions - Investment income from joint ventures significantly increased due to better performance during the reporting period [1] - The offshore wind turbine product sales prices decreased year-on-year due to intensified market competition [1] - Delays in the construction progress of certain offshore wind projects contributed to a slowdown in the delivery of sales orders, impacting revenue conversion [1] Supply Chain and Cost Factors - A peak in market installations during the year led to an increase in the prices of certain components, which hindered cost reduction efforts in the supply chain [1] - These factors collectively resulted in a year-on-year decline in product gross margin and a corresponding decrease in operating profit [1]