本文来自格隆汇专栏：能源新媒 作者：范珊珊 2025年风电迎来了发展拐点，正走出内卷困局。价格企稳回升、业绩回暖，行业整体摆脱恶性竞争，迎 来新生。 在历经数年"低价恶性竞争"的内卷困境后，中国风电行业于2025年迎来了关键转折。从风机价格稳步回 升、企业业绩持续回暖，到行业战略目标全面升级、全球化布局加速推进，风电正逐步摆脱"补充电 源"的定位，向能源转型中的"主力电源"跨越，正式迈入市场驱动的全新发展阶段。 2025年三季报数据印证了风电行业的盈利修复态势。据统计，第三季度风电板块实现营收662亿元，同 比增长27%；归母净利润14.5亿元，同比增长4.6%。 从全年趋势来看，前三季度风电板块营收规模达到1710亿元，同比增幅37.9%；归母净利润56.7亿元， 同比增长12.5%。整机龙头金风科技表现尤为突出，2025年前三季度实现营业收入481.47亿元，同比增 长34.34%；净利润25.84亿元，同比大增44.21%。其中，第三季度单季净利润10.97亿元，同比增幅高达 170.64%，盈利改善势头强劲。 2025年以来，行业"反内卷"成效逐步显现。据统计，1—10月，国内陆上风机中标均价（不含塔 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company reported strong retail growth, with a revenue of 356.7 billion yuan for the quarter, representing a year-over-year increase of 22%. The retail segment alone generated 310.1 billion yuan, up 21% year-over-year, driven by robust performance in self-operated categories and a continuous improvement in operational capabilities [10][11]. - New business revenue reached 13.9 billion yuan, showing a significant year-over-year increase of 199%, although it incurred an operating loss of 14.8 billion yuan primarily due to investments in the food delivery business [2][11]. - The company is focusing on enhancing its system capabilities and deepening e-commerce synergies to drive further growth in gross merchandise volume (GMV) [11]. Revenue Summary - The company achieved total revenue of 356.7 billion yuan, with retail revenue contributing 310.1 billion yuan, and logistics revenue at 51.6 billion yuan, reflecting a year-over-year growth of 17% [10][11]. - The retail business continues to benefit from government subsidies, particularly in the home appliance category, which grew by 23% year-over-year [10][11]. Profitability Summary - The non-GAAP net profit for the company was 7.4 billion yuan, down 49% year-over-year, with a non-GAAP net profit margin of 2.1% [2][11]. - The operating profit margin (OPM) for the retail business was 4.5%, an increase of 0.6 percentage points year-over-year, indicating improvements in procurement costs and supply chain efficiency [11]. Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 1,335.4 billion yuan, 1,420.2 billion yuan, and 1,488.7 billion yuan, respectively, reflecting slight upward adjustments [2][23]. - Due to increased losses in the new business segment, the forecast for annual operating losses has been revised from 16.4 billion yuan to 42.7 billion yuan [2][23].