Financial Performance - The group's revenue for the first three quarters of 2025 reached 3.72 billion CNY, a year-on-year increase of 4.56% [1] - The net profit attributable to shareholders was 69.71 million CNY, a year-on-year decrease of 76.1% [1] - In Q3 2025, revenue was 1.53 billion CNY, with a net profit of 15.88 million CNY [1] Business Segment Performance - Revenue from the offshore engineering equipment segment was 870 million CNY [1] - Revenue from the onshore wind energy equipment segment was 1.73 billion CNY [1] - Revenue from the power generation segment was 960 million CNY [1] Challenges and Strategic Moves - The decline in Q3 net profit was attributed to high credit impairment due to delayed accounts receivable and lower wind volumes affecting overall revenue and profit [1] - A strategic investor will be introduced at the subsidiary level by December 2024, resulting in an estimated minority shareholder loss of over 70 million CNY this year [1] Project Developments - The 200MW project in Puyang, Henan, was fully connected to the grid by the end of September [1] - The company currently operates approximately 1.8GW of power stations and has 500MW of projects under construction [1] - New project indicators are primarily concentrated in Hubei and Guangxi provinces [1] Market Outlook and Strategy - The offshore wind market in southern China, particularly in Guangdong, is expected to have a potential scale of nearly 15GW over the next three years [2] - The company aims to focus on high-quality development in offshore business, which is projected to significantly enhance profit margins compared to other segments [2] - Long-term goals include operating 3-5GW of wind power stations and optimizing asset structure through securitization [2][3] European Market Insights - The company is optimistic about the European offshore wind market, despite potential local production barriers and tariffs [2][3] - Historical trends suggest that reasonable local industry protection is likely, but challenges such as coastline and labor shortages may mitigate immediate risks [2][3] Future Development Plans - The company plans to become a leading player in the offshore wind sector within the next decade [3] - Immediate goals include accelerating strategic transformation and expanding offshore business through market engagement and order acquisition [3]

Core Viewpoint - The 2025 International Wind Energy Exhibition serves as a significant platform for the industry, showcasing the achievements of TianShun Wind Power's dual-driven strategy of "new energy equipment manufacturing + zero-carbon industrial development" as it celebrates its 20th anniversary [1] Group 1: Dual-Driven Strategy Implementation - TianShun Wind Power has successfully transitioned from land to offshore equipment manufacturing, with an operational wind power capacity of 1.8 GW and an annual clean energy generation of 35.75 billion kWh, reducing CO2 emissions by 3.5 million tons [2] - The debut of TianShun Marine Engineering at the exhibition highlights a new development phase for the equipment manufacturing sector, supported by a global capacity layout that includes operational bases in Guangdong, Jiangsu, and Germany [2] - The company is enhancing its high-value marine engineering business through the Tongzhou Bay base, focusing on specialized shipbuilding and oil and gas modules, while promoting a standardized and modular high-end equipment manufacturing system [2] Group 2: Zero-Carbon Industrial Sector Achievements - In the first half of 2025, TianShun Wind Power made significant progress in acquiring wind power indicators in the Central China region, with plans to enhance project management and operational support through a newly designed integrated monitoring center [3] - The company is steadily advancing its ongoing projects and has seen notable success in exploring green electricity trading models, laying a solid foundation for the release of green asset value and long-term operational stability [3] - Future plans include expanding into East China, Central China, and Southwest regions to tap into renewable energy resources and enhance asset operation efficiency through light asset operation models [3] Group 3: Industry Collaboration and Future Outlook - The exhibition attracted significant attention, with over 100 domestic and international clients engaging in discussions, reflecting the industry's focus on wind energy [4] - The booth design effectively communicated the company's 20-year journey in wind energy and its future direction, fostering a dedicated atmosphere for industry exchanges [4] - Looking ahead, TianShun Wind Power aims to deepen its offshore strategic layout, enhance national presence, and invest in emerging fields such as hydrogen equipment manufacturing and composite materials to cultivate new growth drivers [4]