Core Viewpoint - TianShun Wind Power (002531.SZ) is facing significant financial challenges, with a projected net loss of 190 million to 250 million yuan for 2025, marking a year-on-year decline of 192.94% to 222.29% as the company shifts its focus from onshore to offshore wind power [2][3]. Financial Performance - In 2022, TianShun Wind Power reported revenue of 6.738 billion yuan, a decrease of 17.49% year-on-year, and a net profit of 628 million yuan, down 52.03% year-on-year [3]. - The company experienced a revenue increase in 2023, reaching 7.727 billion yuan, a growth of 14.67% year-on-year, with a net profit of 795 million yuan, up 26.53% year-on-year, attributed to the strategic shift towards offshore wind power [3]. - However, in 2024, revenue fell to 4.860 billion yuan, a decline of 37.10% year-on-year, and net profit plummeted to 204 million yuan, down 74.29% year-on-year [3]. Strategic Shift - The company is actively pursuing a "land-to-sea" strategic transformation, which involves reducing its onshore wind power equipment business and consolidating its operations [4]. - Six wholly-owned subsidiaries will cease operations as part of this strategy to optimize resource allocation and focus on offshore wind power [5][6]. Market Context - The onshore wind power market is becoming increasingly competitive, while the offshore wind power market presents significant growth potential, with over 300 million kilowatts of planned capacity in China [6]. - The global offshore wind power market is also expected to grow rapidly, with annual installations projected to exceed 30 million kilowatts by 2030 [6]. Industry Challenges - Despite the potential profitability of offshore wind projects, the industry is currently facing short-term challenges, including a lack of fully realized construction scale and increased competition that may lead to price wars [7]. - The annual installation capacity has stabilized between 4 to 7 GW following a peak in 2021, indicating a need for further growth to meet market demands [7].

格隆汇1月29日丨天顺风能(002531.SZ)公布，公司于2026年01月29日召开第六届董事会2026年第一次会 议，审议通过了《关于部分子公司停产的议案》，决定六家全资子公司商都天顺风电叶片有限公司 （"商都叶片"）、乾安天顺风电叶片有限公司（"乾安叶片"）、濮阳天顺风电设备有限公司（"濮阳塔 筒"）、菏泽天顺新能源设备有限公司（"菏泽塔筒"）、通辽市天顺风电设备有限公司（"通辽塔筒"） 及苏州天顺新能源科技有限公司（"太仓塔筒"，以上子公司统称"停产子公司"）停止生产经营活动。 随着公司装备制造业务"陆转海"战略的深入推进，公司锚定海上风电这一高潜力赛道，推动陆上风能装 备制造业务板块开展战略适配性调整：主动收缩业务规模，聚焦优质订单筛选，强化经营性现金流精细 化管理，筑牢企业长期稳健运行的坚实基础。鉴于停产子公司所处区域市场竞争日益激烈，为进一步优 化公司整体资源配置，集中优势力量发展海上风电等核心业务，全面提升运营效率及盈利能力，经公司 审慎论证并严格履行相应决策程序后，决定对上述全资子公司实施长期停产安排。 ...

南财智讯1月29日电，天顺风能公告，公司于2026年1月29日召开第六届董事会2026年第一次会议，审议 通过《关于部分子公司停产的议案》，决定对商都天顺风电叶片有限公司、乾安天顺风电叶片有限公 司、濮阳天顺风电设备有限公司、菏泽天顺新能源设备有限公司、通辽市天顺风电设备有限公司及苏州 天顺新能源科技有限公司（均为公司全资子公司）实施长期停产。停产原因为落实装备制造业务"陆转 海"战略，主动收缩陆上风电业务规模，聚焦海上风电核心赛道，优化区域资源配置，提升运营效率与 盈利能力；相关子公司所处区域市场竞争加剧，且整体处于亏损或微利状态。停产自决议通过后启动， 未履行完毕合同由临近正常运营的子公司承接。公告指出，停产子公司近年持续亏损或盈利承压，停产 不会对公司主营业务造成重大影响，有利于集中资源发展高潜力业务，提升整体经营质量，具体财务影 响以经审计报告为准。 ...

Core Viewpoint - TianShun Wind Power (002531.SZ) has announced a private placement plan to raise up to 1.95 billion yuan, focusing on offshore wind power equipment manufacturing, heavy marine engineering equipment dock construction, and special transport vessel acquisition, as a strategic move to pivot from a competitive onshore wind market to offshore opportunities [2][3]. Group 1: Financial Performance - In 2022, TianShun Wind Power reported a revenue of 6.738 billion yuan, a year-on-year decline of 17.49%, and a net profit of 628 million yuan, down 52.03% [3]. - The company showed signs of recovery in 2023 with a revenue of 7.727 billion yuan, a 14.67% increase, and a net profit of 795 million yuan, up 26.53%, attributed to a strategic shift towards offshore wind power [3]. - However, in 2024, the company faced a significant decline with revenue dropping to 4.860 billion yuan, a 37.10% decrease, and net profit falling to 204 million yuan, down 74.29% [4]. Group 2: Strategic Shift to Offshore Wind - The offshore wind market is seen as a key growth area, with domestic planned capacity exceeding 300 million kilowatts and significant global growth expected, with annual additions projected to exceed 30 million kilowatts by 2030 [2][5]. - TianShun Wind Power's strategic transition to offshore wind is supported by a robust policy environment and a growing market, with the company planning to invest the raised funds into five major projects to enhance its offshore capabilities [7]. - The company is adopting a dual approach of "self-built + acquisition" to establish offshore bases in key coastal areas, while also addressing logistical challenges in the offshore wind supply chain [7]. Group 3: Market Dynamics and Challenges - The offshore wind sector is characterized by strong growth potential, with the Global Wind Energy Council forecasting a compound annual growth rate of 28% until 2029 [5]. - Despite the promising outlook, TianShun Wind Power faces challenges such as policy fluctuations, increased competition, and the need for technological advancements in offshore projects [8]. - The company acknowledges that its product pricing and profit margins are sensitive to market demand and competition, which could impact future performance [8].