Core Viewpoint - The company reported strong financial performance for 2025, with significant growth in revenue and net profit, indicating a robust operational environment and effective business strategies [4]. Group 1: Financial Performance - In 2025, the company achieved operating revenue of 73.023 billion, a year-on-year increase of 28.79%, and a net profit attributable to shareholders of 2.774 billion, up 49.12% year-on-year [4]. - The company proposed a cash dividend of 2 yuan per 10 shares (including tax) to all shareholders [4]. - In Q4 2025, the company recorded operating revenue of 24.877 billion, reflecting a year-on-year growth of 19.26%, and a net profit of 190 million, which is a remarkable increase of 178.02% year-on-year [4]. Group 2: Wind Turbine Sales and Orders - The company experienced a significant increase in wind turbine sales, with external sales capacity reaching 26.63 GW, a year-on-year rise of 65.87% [5]. - The sales capacity of large-scale wind turbines (6MW and above) increased substantially, with 6MW-10MW units rising by 137.81% to 18.82 GW, and units of 10MW and above increasing by 150.54% to 4.68 GW [5]. - As of the end of 2025, the company had external orders totaling 50.49 GW, a year-on-year growth of 12%, with overseas orders increasing by 31.83% to 9.27 GW [5]. - The gross margin for wind turbine and component sales improved by 3.90 percentage points to 8.95%, indicating enhanced profitability [5]. Group 3: Wind Power Services and Investments - The company’s wind power service market is expanding, with operational project capacity exceeding 50 GW, a year-on-year increase of 25.9% [6]. - In 2025, the company generated wind power service revenue of 5.716 billion, with after-service revenue of 4.446 billion, reflecting a year-on-year growth of 13.63% [6]. - The company is actively advancing wind farm investments, with a cumulative installed capacity of 9.95 GW as of the end of 2025, and an average power generation utilization hours of 2,290 hours, surpassing the national average by 311 hours [6]. - The company transferred rights for 138.45 MW of installed capacity, achieving an investment return of 137 million, and has 2.52 GW of rights in construction, which will contribute to future earnings [6].