Financial Data and Key Metrics Changes - The company reported revenue of EUR 154.3 million for Q3 2025, reflecting strong performance in line with expectations [12][13] - EBITDA for the quarter was EUR 109.1 million, more than double compared to the previous year [12][14] - The cash flow from operating activities was EUR 214 million, indicating robust financial health [12] - The backlog reached a record high of EUR 2.9 billion, with 78% having reached Final Investment Decision (FID) [8][12] Business Line Data and Key Metrics Changes - The company has three new vessels in operation, contributing to high utilization rates of 92% [4][12] - The Wind Keeper is currently undergoing upgrades in Denmark and is expected to start its long-term contract with Vestas soon [4][11] - The Wind Ally is mobilizing for the Hornsea 3 Foundation TNI project, showcasing the company's active engagement in multiple projects [4][6] Market Data and Key Metrics Changes - The company is experiencing strong demand across key markets, including the U.S., Europe, and Asia, with significant backlog growth [7][8] - The company anticipates increased competition in 2027 and 2028, leading to potentially lower utilization rates during those years [8][19] Company Strategy and Development Direction - The company aims to secure more foundation work and BTG (Balance of Plant) projects while continuing to build its O&M (Operations and Maintenance) vehicle, Nexra [8][24] - The focus is on capturing the best projects to maintain high utilization rates for its fleet [23][24] - The company is preparing for a significant outbuild of offshore wind projects in the coming decade, with expectations of vessel undersupply towards the end of the decade [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the number of projects being bid and the willingness of clients to commit to these projects, particularly for 2029 and 2030 [33][50] - There is an expectation of a strong near-term market, with every vessel day being captured, followed by a more balanced work environment in the middle years [28][29] - The company is actively involved in tenders across all years, emphasizing the importance of delivering value to clients [25][27] Other Important Information - The company has maintained strong support from banks for its financing needs, ensuring sufficient funding for its CapEx program [16][17] - The company is not planning to provide segment reporting for its foundation and turbine installation services [48] Q&A Session Summary Question: Confidence level for 2029 and 2030 volumes - Management's confidence is based on the number of projects being bid and clients' willingness to commit to these bids, with expectations for significant project approvals [33][34] Question: Positioning Cadeler for the next couple of years - Clients value the predictability and safety of Cadeler's large fleet, which allows for guaranteed vessel availability and backup options [35] Question: Pricing context for 2028 demand - Pricing in Europe for 2028 is under pressure, while Asia maintains a tighter supply-demand balance [36] Question: Scope of work on Hornsea 3 - Management confirmed that they are on plan for Hornsea 3, with ongoing preparations and mobilizations, but specific timelines cannot be disclosed [43][44] Question: Split of EUR 500 million contract - The company is unable to disclose the percentage split of TNI services and installation due to auction confidentiality [47] Question: Expectations for supply and demand in 2029 and 2030 - Management believes that analysts may be underestimating supply constraints, leading to an expected undersupply despite shifting demand [49][50]

来源：市场资讯 英国皇家地产表示，浮式风电项目可安装在比固桩式项目更深的海域，利用更强劲且持续的风力发电。 这三个项目合计可产生足够电力为400万户家庭供电，创造超过5000个就业岗位。 英国计划到2030年实现电力行业基本脱碳，以减少对化石燃料的依赖并降低成本，并计划在本十年末将 海上风电装机容量从目前的约16GW提升至43-50GW。 英国能源大臣Ed Miliband表示："凯尔特海的浮式海上风电项目将推动威尔士和西南地区经济增长，在 塔尔博特港、布里斯托尔等地创造数千个技术岗位，增强能源安全保障，并为工业复兴提供动力。" 英国皇家地产称，Ocean Winds将按每年每兆瓦350英镑（约合人民币3248.77元）支付租赁费，这意味 着该公司每年需支付52.5万英镑（约合人民币487.32万元）租赁费（不含增值税）。 据悉，该项目是英国第五轮海上风电租赁计划中三个待开发项目之一，其余两处场址已于2025年6月完 成授予，Gwynt Glas（EDF Renewables UK与ESB的合资企业）和Equinor分别获得一个1.5GW浮式海上 风电场址的独家开发权。 | Project Developme ...

资料显示，中信重工机械股份有限公司位于河南省洛阳市涧西区建设路206号，成立日期2008年1月26 日，上市日期2012年7月6日，公司主营业务涉及重型装备、工程成套、机器人及智能装备、节能环保装 备等领域的大型设备、大型成套技术装备及关键基础件的开发、研制及销售,并提供相关配套服务和整 体解决方案。主营业务收入构成为：矿山及重型装备56.17%，新能源装备20.39%，特种材料18.23%， 机器人及智能装备5.21%。 11月20日，中信重工盘中下跌2.12%，截至14:05，报6.94元/股，成交2.48亿元，换手率0.77%，总市值 317.82亿元。 资金流向方面，主力资金净流出666.86万元，特大单买入1355.13万元，占比5.47%，卖出1545.26万元， 占比6.24%；大单买入4137.86万元，占比16.71%，卖出4614.58万元，占比18.63%。 中信重工今年以来股价涨66.39%，近5个交易日跌1.56%，近20日跌2.94%，近60日涨25.95%。 今年以来中信重工已经8次登上龙虎榜，最近一次登上龙虎榜为10月27日，当日龙虎榜净买入1.91亿 元；买入总计4.46亿元 ...

Core Viewpoint - The stock of Yaxing Anchor Chain has shown significant price movements, with a year-to-date increase of 42.09% and a recent uptick of 10.13% over the last five trading days, indicating strong market interest and potential growth in the company's performance [1]. Financial Performance - For the period from January to September 2025, Yaxing Anchor Chain achieved a revenue of 1.544 billion yuan, reflecting a year-on-year growth of 5.28%. The net profit attributable to shareholders was 211 million yuan, marking a 9.38% increase compared to the previous year [2]. - The company has distributed a total of 637 million yuan in dividends since its A-share listing, with 283 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 20, 2023, Yaxing Anchor Chain's stock price was 10.87 yuan per share, with a trading volume of 833 million yuan and a turnover rate of 8.09%. The total market capitalization stood at 10.429 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent net purchase of 34.56 million yuan on November 19, 2023 [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Yaxing Anchor Chain was 114,300, a decrease of 1.72% from the previous period. The average number of circulating shares per shareholder increased by 1.75% to 8,394 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 8.8774 million shares, a decrease of 4.5379 million shares from the previous period. New entrants included Huashang Advantage Industry Mixed A [3].

Core Points - Longyuan Power announced the transfer of its entire 30% stake in United Power to State Energy Group New Energy for 1 yuan, resulting in Longyuan no longer holding any equity in United Power [1][3] - United Power has been in a long-term loss situation, with a net asset value of -7.137 billion yuan and a net profit of -574 million yuan for the first nine months of 2025 [3] - Longyuan Power has already written down the entire investment loss in 2023, so the 1 yuan transfer is not expected to significantly impact current profits [3] Group 1 - Longyuan Power is simultaneously increasing its investment in offshore wind power by establishing new subsidiaries with State Energy Jiangsu Electric and other partners, contributing a total of 153 million yuan [4][6] - The new subsidiaries will focus on developing and operating several offshore wind projects in Jiangsu, including a 150,000 kW project in Rudong and a 400,000 kW project in Dafeng [6] - The establishment of these subsidiaries is aimed at leveraging local resource advantages and enhancing expertise in the offshore wind sector, which is expected to have a positive long-term impact on the company's operations [6]

Core Viewpoint - Shanghai Electric's stock has shown significant volatility, with a year-to-date increase of 187.29% but a recent decline of 13.95% over the past five trading days [2]. Group 1: Stock Performance - As of November 19, Shanghai Electric's stock price rose by 2.12% to 25.54 CNY per share, with a trading volume of 1.128 billion CNY and a turnover rate of 1.59% [1]. - The stock has experienced a 7.72% increase over the past 20 days and a 95.11% increase over the past 60 days [2]. - The company has appeared on the stock market's "龙虎榜" (top trading list) seven times this year, with the most recent appearance on October 10 [2]. Group 2: Financial Performance - For the period from January to September 2025, Shanghai Electric reported a revenue of 32.154 billion CNY, a year-on-year decrease of 1.26%, while the net profit attributable to shareholders increased by 24.04% to 3.050 billion CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.821 billion CNY, with 1.451 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders reached 189,500, an increase of 31.64% from the previous period, while the average circulating shares per person decreased by 18.12% to 14,884 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 24.9543 million shares, an increase of 4.1389 million shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Jinbei Electric has experienced fluctuations in its stock price and trading volume, with a notable decline in recent days despite a year-to-date increase in stock value [1][2] - As of November 19, Jinbei Electric's stock price was 12.05 yuan per share, with a market capitalization of 8.844 billion yuan and a trading volume of 1.32 billion yuan [1] - The company has seen a net outflow of main funds amounting to 7.38 million yuan, with significant buying and selling activities from large orders [1] Group 2 - Jinbei Electric's revenue for the period from January to September 2025 reached 14.769 billion yuan, reflecting a year-on-year growth of 15.92%, while the net profit attributable to shareholders was 464 million yuan, up 8.73% [2] - The company has a diverse business model, with its main revenue sources being wire and cable products (59.33%) and electromagnetic wire products (40.13%) [1][2] - Jinbei Electric has distributed a total of 1.931 billion yuan in dividends since its A-share listing, with 875 million yuan distributed over the past three years [3]

Core Viewpoint - CITIC Special Steel's stock price has shown a significant increase of 40.15% year-to-date, despite a recent decline of 3.91% over the last five trading days [2] Group 1: Stock Performance - As of November 19, CITIC Special Steel's stock price rose by 2.04% to 15.00 CNY per share, with a trading volume of 1.90 billion CNY and a turnover rate of 0.25%, resulting in a total market capitalization of 757.07 billion CNY [1] - The stock has experienced a 10.13% increase over the past 20 days and a 21.46% increase over the past 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, CITIC Special Steel reported a revenue of 812.06 billion CNY, a year-on-year decrease of 2.75%, while the net profit attributable to shareholders was 43.30 billion CNY, reflecting a year-on-year growth of 12.88% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of CITIC Special Steel shareholders decreased by 11.57% to 38,400, with an average of 131,570 circulating shares per shareholder, which is an increase of 13.09% [2] - The company has distributed a total of 219.37 billion CNY in dividends since its A-share listing, with 99.52 billion CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 65.19 million shares, an increase of 17.04 million shares from the previous period [3] - Other notable institutional shareholders include Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [3]

Core Viewpoint - Zhongji United experienced a stock price decline of 2.09% on November 19, with a current price of 41.22 CNY per share and a total market capitalization of 8.76 billion CNY [1] Financial Performance - For the period from January to September 2025, Zhongji United reported a revenue of 1.352 billion CNY, representing a year-on-year growth of 44.75%, and a net profit attributable to shareholders of 438 million CNY, which is an increase of 83.99% compared to the previous year [2] - The company has distributed a total of 409 million CNY in dividends since its A-share listing, with 284 million CNY distributed over the last three years [3] Shareholder Information - As of November 10, Zhongji United had 25,000 shareholders, an increase of 13.76% from the previous period, with an average of 8,503 circulating shares per shareholder, down by 12.10% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 6.5225 million shares, an increase of 3.3557 million shares from the previous period [3] Stock Market Activity - Zhongji United's stock has increased by 49.84% year-to-date, but has seen a decline of 6.36% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 16 [1] Business Overview - Zhongji United, established on July 21, 2005, and listed on May 6, 2021, specializes in the research, production, and sale of specialized high-altitude safety operation equipment, with a revenue composition of 66.87% from high-altitude safety lifting equipment, 29.29% from safety protection equipment, and 3.21% from safety operation services [1]

Core Viewpoint - The stock of Hangyu Technology has shown significant growth this year, with an 81.18% increase, despite a recent decline in the last five trading days [1][2]. Financial Performance - As of September 30, 2025, Hangyu Technology reported a revenue of 1.517 billion yuan, representing a year-on-year growth of 7.40%. However, the net profit attributable to shareholders decreased by 1.07% to 146 million yuan [2]. - The company has distributed a total of 132 million yuan in dividends since its A-share listing, with 104 million yuan distributed over the past three years [3]. Stock Market Activity - On November 19, Hangyu Technology's stock price reached 51.74 yuan per share, with a market capitalization of 9.863 billion yuan. The stock experienced a trading volume of 76.7533 million yuan and a turnover rate of 0.79% [1]. - The net inflow of main funds was 3.4888 million yuan, with significant buying and selling activity from large orders [1]. Shareholder Information - The number of shareholders increased by 3.65% to 9,828 as of September 30, 2025, while the average number of circulating shares per person decreased by 3.52% to 19,396 shares [2]. - Among the top ten circulating shareholders, E Fund Defense Industry Mixed A ranked as the second-largest shareholder, increasing its holdings by 2.4048 million shares [3].