Sales Performance - In the first half of 2025, the company achieved external sales of wind turbine capacity totaling 6,301.59 MW, representing a 55.60% increase compared to the previous period [2] - Sales breakdown includes: - 6 MW and above: 4,420.19 MW - 4 MW (inclusive) to 6 MW: 1,854.00 MW - Below 4 MW: 27.40 MW [2] Order Situation - New orders added from January to June 2025 reached 11,974.28 MW - As of June 30, 2025, total orders on hand amounted to 45,866.86 MW, categorized as follows: - 2 MW to 4 MW (exclusive): 998.70 MW - 4 MW to 6 MW (exclusive): 8,223.24 MW - 6 MW and above: 36,644.92 MW [3] Offshore Wind Power Development - The company is focusing on the Zhejiang market and coastal provinces to establish a leading position in offshore wind power - Investments include construction of offshore wind power assembly bases in Dalian and Wenzhou, creating a "North-South" base layout - Plans to leverage local resource advantages and implement several near and far sea wind power projects [4] International Business Growth - The company’s onshore wind power technology and supply chain capabilities are at a world-class level, enhancing international competitiveness - In 2024, overseas bidding capacity increased by over 100%, maintaining a doubling growth trend for two consecutive years - Successful project acquisitions in markets such as the Middle East and North Africa [5][6] Renewable Energy Projects - In the first half of 2025, the company added new renewable energy project approvals/registrations with a capacity of 605.98 MW - Cumulative grid-connected capacity reached 1,203.11 MW by the end of June 2025 - Generated revenue from power generation amounted to 224 million CNY, reflecting a year-on-year growth of 31.08% [6]

Core Viewpoint - The article discusses the significant role of insurance capital in promoting energy transition and high-quality development in China's energy sector, particularly through direct equity investments in offshore wind power projects [1][3]. Group 1: Investment in Offshore Wind Power - China Ping An has successfully invested 3.726 billion yuan in equity stakes of two companies under China General Nuclear Power Corporation (CGN) for offshore wind projects, marking the first direct equity investment by insurance capital in offshore wind power in China [1][3]. - The projects, located in Shantou and Huizhou, have a combined installed capacity of 1.9 GW and are expected to yield stable and favorable returns [1]. Group 2: Insurance Capital's Role and Strategy - Insurance capital is characterized as "patient capital," which can effectively support the development of new productive forces in the energy sector [1][3]. - The investment in renewable energy aligns with the long-term investment horizon and stable returns that insurance companies seek, making it a suitable asset class for them [8]. Group 3: Current Challenges and Market Dynamics - The energy sector in China is undergoing significant changes, with state-owned enterprises facing constraints such as high asset-liability ratios, while local energy groups are impacted by local government debt pressures [5][7]. - The concentration of ownership in renewable energy assets is shifting towards state-owned and local energy groups, which are expected to dominate the market share by 2025 [7]. Group 4: Investment Opportunities and Risks - The current investment environment for insurance capital is complex, with challenges such as declining interest rates and increased market volatility, making the investment in renewable energy a strategic opportunity [9]. - The introduction of new accounting standards (IFRS 9) has increased the impact of market fluctuations on insurance companies' profit statements, making long-term equity investments in renewable energy attractive for stabilizing financial performance [9]. Group 5: Recommendations for Insurance Capital - Insurance companies are advised to enhance their research capabilities and industry knowledge to effectively navigate the complexities of investing in renewable energy [12]. - Collaborating with industry leaders and leveraging their operational expertise can provide a viable path for insurance capital to engage in renewable energy investments [12][13].