Investment Rating - The report indicates a positive investment outlook for the offshore wind operation and maintenance (O&M) industry, highlighting its long-term growth potential driven by policy support and technological advancements [3][30]. Core Insights - The offshore wind O&M industry focuses on the lifecycle maintenance of offshore wind farms, ensuring the safe and efficient operation of wind turbines while minimizing lifecycle costs. The industry is characterized by high technical and cost requirements, extensive operational scope, and limited working windows [3][4]. - China's offshore wind resources are abundant, and the market is expanding due to strong government support. The installed capacity of offshore wind power in China has seen significant growth over the past decade, with expectations for continued expansion [3][30]. - By 2025, it is projected that China's newly installed capacity will reach 88 GW, indicating a stable increase in market size [30]. Industry Definition - The offshore wind O&M industry encompasses specialized services for the operation, maintenance, repair, and management of offshore wind farms, aiming to maximize generation efficiency and extend equipment lifespan while reducing lifecycle costs [4][5]. Industry Classification - The offshore wind O&M industry can be categorized based on service providers into three types: developer self-operation, manufacturer-contracted operation, and independent third-party operation [4][5]. Industry Characteristics - The industry features high operational technology and cost, extensive operational scope, and short working windows. The complexity of offshore environments leads to higher failure rates for offshore wind turbines compared to onshore ones [5][6][8]. Development History - The offshore wind O&M industry has evolved through four stages: initiation and acceleration (2001-2009), phase adjustment (2010-2013), stable development (2014-2020), and a new growth phase (2021-present) [9][10][12][14]. Market Size - The market size of the offshore wind O&M industry in China grew from 400 million RMB in 2017 to 7.52 billion RMB in 2024, with a compound annual growth rate (CAGR) of 52.06%. It is expected to reach 10.51 billion RMB by 2025 and 19.1 billion RMB by 2026, with a CAGR of 81.73% [27][28]. Future Market Drivers - The growth of the offshore wind O&M market is driven by large-scale offshore wind construction, policy support, and decreasing construction costs. The increasing number of offshore wind turbines reaching the end of their warranty period will also boost demand for O&M services [30][31].

Core Insights - A patent application for an "Operation and Maintenance System for Offshore Wind Power Equipment" has been filed by several companies, indicating a focus on enhancing operational efficiency in the offshore wind sector [1]. Company Summaries - **Three Gorges New Energy Yangjiang Power Co., Ltd.**: Established in 2016, located in Yangjiang, primarily engaged in electrical machinery and equipment manufacturing, with a registered capital of 1,818.1 million RMB. The company has participated in 313 bidding projects and holds 115 patents [2]. - **Guangdong Yangjiang Chuangyuan Offshore Wind Power Comprehensive Investment Co., Ltd.**: Founded in 2021, also located in Yangjiang, focuses on business services with a registered capital of 250 million RMB. The company has been involved in 32 bidding projects and holds 7 patents [2]. - **China Three Gorges Corporation**: Established in 1993, based in Wuhan, primarily involved in electricity and heat production and supply, with a registered capital of 21,150 million RMB. The corporation has invested in 43 companies, participated in 5,000 bidding projects, and holds 4,808 patents [3]. - **China Three Gorges New Energy (Group) Co., Ltd.**: Founded in 1985, located in Beijing, primarily engaged in electricity and heat production and supply, with a registered capital of 2,862.5 million RMB. The company has invested in 523 enterprises and participated in 4,672 bidding projects, holding 811 patents [3]. - **Yangtze Three Gorges Investment Management Co., Ltd.**: Established in 2020, located in Shanghai, primarily focused on water resource management, with a registered capital of 500 million RMB. The company has invested in 18 enterprises and participated in 69 bidding projects, holding 16 patents [3]. - **China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd.**: Founded in 2001, located in Guangzhou, primarily engaged in professional technical services, with a registered capital of 105.33 million RMB. The institute has invested in 29 enterprises, participated in 5,000 bidding projects, and holds 2,486 patents [3].