Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is expected to see improved conditions in 2025, with Goldwind raising its annual bidding forecast to 160GW and shipment expectations for 2026 to 33GW. Major manufacturers have record-high orders, with Goldwind at 55GW, Yunda at 46GW, and Mingyang at 46GW [1][2][3]. Key Insights and Arguments - **Bidding and Pricing Trends**: - In August 2025, domestic land wind bidding volume reached 9.94GW, a month-on-month increase of 114% and a year-on-year return to positive growth. The average bidding price for land wind in August 2025 was 1,629 RMB/kW, marking a new high since 2024. The average prices for key models are as follows: - 5-7 MW: 1,789 RMB/kW, up 30% from the 2024 low - 8-9 MW: 1,563 RMB/kW, up 35% from the 2020 low - Above 10 MW: 1,280 RMB/kW, up 17% from the 2024 low [2][3][4]. - **Offshore Wind Projects**: - As of now, 10.8GW of offshore wind projects have been bid or connected to the grid in 2025, with 28.6GW in reserve. The rapid progress of deep-sea projects in Zhejiang is indicated by the initiation of 500kV DC cable bidding [5][6]. - **Policy Support**: - Domestic policies are increasingly supporting offshore wind development, with multiple initiatives launched this year. In Europe, the UK has extended the CFD contract period, and France has allocated 11 billion euros for floating offshore wind development, expected to boost performance and order growth in Q3, Q4, and next year [5][6]. Additional Important Content - **Market Share and Technology Trends**: - The 5-7 MW main models account for 61.7% of the market share, suitable for current domestic wind resource conditions of about 5 m/s. Major manufacturers like Goldwind, Yunda, and Mingyang continue to focus on mature and profitable mid-power machines [6][7]. - **Project Progress**: - In the first half of 2025, 2.5GW of wind projects were successfully connected to the grid, with 8.5GW under construction. Notable projects include 1.8GW in Hainan and others in Guangdong and Shandong [8][9]. - **Profitability and Valuation Recovery**: - Wind turbine manufacturers are experiencing profitability and valuation recovery due to increased delivery volumes, declining commodity prices, rising bidding prices, and a recovery in power station transfer business. For instance, Goldwind's sales volume in the first half of 2025 was 10.6GW, a 107% year-on-year increase [11]. - **Demand for 500kV Cables**: - There is high demand for 500kV cables in Guangdong and Zhejiang, benefiting companies like Dongfang Cable and Zhongtian Technology. The European market is also releasing significant orders, contributing to the performance growth of related companies [12].

Group 1 - The wind power industry is experiencing a significant increase in performance, with companies like XinQiangLian reporting substantial revenue growth [1][3] - XinQiangLian achieved a revenue of 2.21 billion yuan in the first half of the year, representing a year-on-year increase of 108.98%, and a net profit of 400 million yuan, compared to a loss of 101 million yuan in the same period last year [1] - The company's wind power product revenue reached 1.676 billion yuan, up 135.53% year-on-year, with a gross margin of 30.50%, an increase of 18.38% [1] Group 2 - XinQiangLian maintains long-term and close relationships with leading clients in the marine engineering equipment sector, achieving industry-leading technology levels in products like the overall rotary support for floating cranes [2] - The company has made significant breakthroughs in the localization of shield machine bearings and key components, establishing solid partnerships with major industry clients [2] - XinQiangLian's core products, such as wind power main shaft bearings and shield machine main shaft bearings, have reached internationally advanced levels due to technological advancements [2] Group 3 - The wind power industry is expected to continue benefiting from strong demand in both land and sea wind sectors, with component manufacturers likely to see sustained growth [3] - There is a basis for price increases in segments like castings and blades, indicating high profit elasticity [3] - The wind turbine sector may experience a profit reversal due to stable prices and cost optimization [3]