Financial Data and Key Metrics Changes - The company reported revenue of EUR 154.3 million for Q3 2025, reflecting strong performance and high utilization [12][13] - EBITDA for the quarter was EUR 109.1 million, more than double compared to the previous year [14] - Cash flow from operating activities reached EUR 214 million, indicating robust financial health [12] - The backlog stands at a record high of almost EUR 2.9 billion, with 78% having reached Final Investment Decision (FID) [8][29] Business Line Data and Key Metrics Changes - The company has three new vessels in operation, contributing to high utilization rates of 92% [4][12] - The Wind Keeper has completed an O&M campaign in Asia and is preparing for future assignments [5] - The Wind Ally is mobilizing for the Hornsea 3 Foundation TNI project, showcasing strong operational execution [4][6] Market Data and Key Metrics Changes - The company is experiencing strong demand across key markets, including the U.S., Europe, and Asia [4][6] - There is a significant backlog in the U.S. and Asia, with a large foundation project scheduled for execution in 2029 [6][8] - The company anticipates increased competition in 2027 and 2028, with expected lower utilization during these years [8][29] Company Strategy and Development Direction - The company aims to secure more foundation work and BTG projects while continuing to build its O&M vehicle, Nexra [6][8] - The focus is on capturing the best projects to maintain high utilization rates for its fleet [23][24] - The company is actively participating in tenders across all years, emphasizing the importance of delivering value to clients [25][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the number of projects being bid and the willingness of clients to commit to these projects [32] - There is an expectation of vessel undersupply towards the end of the decade, driven by strong demand for offshore wind projects [22][28] - The company is preparing for a busy short-term market while anticipating a more balanced work environment in the middle years [28][29] Other Important Information - The company has maintained strong support from banks for its financing needs [16][17] - The Wind Keeper bridge facility has been replaced with a syndicated facility, enhancing financial stability [17] - The company is on track with its CapEx program, with significant investments planned for upcoming vessel deliveries [15][39] Q&A Session Summary Question: Confidence level for 2029 and 2030 volumes - Confidence is based on the number of projects being bid and clients' willingness to commit to these bids, with expectations for significant project approvals [32][33] Question: Positioning for 2029 and 2030 with a large fleet - Clients value the predictability and safety of supply, especially in uncertain years like 2028, where project execution reliability is crucial [34] Question: Pricing context for 2026, 2027, and 2028 - Pricing remains solid for 2026 and 2027, but there is pressure in 2028 due to increased competition and more available companies for fewer projects [35] Question: Scope of Hornsea 3 and timing for monopole installation - The company is on plan for Hornsea 3, but specific timing for the first monopole installation cannot be disclosed due to client confidentiality [41][42] Question: Split of EUR 500 million contract for TNI services and installation - The company cannot disclose the percentage split of the contract as it is part of an auction for the client [46] Question: Segment reporting for foundations and turbine services - There are no plans to implement segment reporting for different service lines at this time [47] Question: Expectations on supply and demand balance towards the end of the decade - The company believes that analysts may be underestimating the supply side, and there is confidence in the demand growth for 2029 and 2030 [48][49]

Core Insights - The development of offshore wind power in China has transitioned from "nearshore following" to "deep-sea leading," achieving significant breakthroughs during the 14th Five-Year Plan period [1] - The establishment of the Offshore Wind Power Modern Industrial Chain Alliance aims to address common challenges such as technological bottlenecks and supply chain risks through collaborative innovation [1][2] Industry Development - The offshore wind power industry is crucial for ensuring energy security and optimizing energy structure, serving as a key driver for marine productivity and international competitiveness [2] - The global offshore wind energy resource is estimated to exceed 710 billion kilowatts, with nearly 200 countries setting wind power development policies [2] - China's offshore wind power capacity reached 44.61 million kilowatts by the end of September 2023, maintaining the world's largest installed capacity [4] Economic Impact - If half of China's offshore wind energy resources are developed, it could generate 4 trillion kilowatt-hours annually, meeting 40% of the national electricity consumption in 2024 [3] - The offshore wind power sector is expected to drive an investment of approximately 2.6 trillion yuan by 2030, contributing over 15 trillion yuan to the industrial chain's total output value [6] Technological Advancements - The average capacity of offshore wind turbines has increased significantly from 3 megawatts to 20 megawatts over the past decade, aligning with European standards [4] - The levelized cost of electricity (LCOE) for offshore wind power in China is projected to drop to 0.056 USD/kWh by the end of 2024, reflecting a 22% decrease from 2023 [5] Collaborative Innovation - The industry is shifting towards multi-energy integration and collaborative development, with new models such as "wind power + green hydrogen" and "offshore energy islands" emerging [5] - The 2025 Offshore Wind Power Modern Industrial Chain Alliance Action Conference released a technology breakthrough list focusing on large-capacity wind turbines and flexible DC transmission systems [7][8]

Core Viewpoint - The opening of the Qianzhang General Terminal at Jieyang Port marks a significant step in integrating Jieyang into the global supply chain, enhancing its level of openness and supporting high-quality regional economic development [1] Group 1: Logistics and Supply Chain - The first batch of international cargo, including large offshore wind turbine components produced in the Huilai Port Industrial Park, has set sail for France, indicating the terminal's capability to connect with global shipping routes [1] - General Electric (GE) is the cargo owner for this inaugural shipment and is also a manufacturer of marine equipment located in the Huilai Port Industrial Park [1] - The terminal's construction and the opening of international shipping lanes create a "maritime corridor" that allows products to reach global markets more reliably and economically, enhancing competitiveness in the international market [1] Group 2: Economic Impact - Since its opening in October, the Qianzhang General Terminal has achieved a cargo shipment volume exceeding 200 million yuan [1] - The terminal is designed to systematically incorporate elements for transporting large offshore wind power components, becoming the first "mother port" for wind power in Eastern Guangdong [1] - Future plans include opening shipping routes to Southeast Asia, aiming for a comprehensive global logistics network [1]

Core Insights - The article highlights significant advancements in China's offshore wind power technology, marking a transition from nearshore to deep-sea leadership, driven by the "14th Five-Year Plan" and the establishment of a modern industrial chain alliance for offshore wind power [1][2][4]. Industry Development - The offshore wind power industry is crucial for energy security and optimizing energy structure, serving as a key driver for marine productivity and enhancing international competitiveness [2][3]. - China has the largest installed capacity of offshore wind power globally, with a cumulative capacity of 44.61 million kilowatts by September 2023, accounting for over half of the world's total [4][5]. Technological Advancements - The development of large-capacity offshore wind turbines has progressed from 3 MW to 20 MW, with expectations to reach nearly 50 million kilowatts of cumulative installed capacity by the end of 2025 [5]. - The levelized cost of electricity (LCOE) for offshore wind power in China is projected to decrease to $0.056 per kilowatt-hour by the end of 2024, reflecting a 22% reduction from 2023 and a 72% decrease since 2010 [5]. Collaborative Innovation - The establishment of the offshore wind power modern industrial chain alliance aims to address common challenges such as technological bottlenecks and supply chain risks through collaborative research and standardization [1][7]. - The industry is shifting towards multi-energy integration and collaborative development, with new business models emerging, such as "wind and fish" and "offshore energy islands" [6][7]. Future Projections - By 2030, the total installed capacity of offshore wind power in China is expected to reach 200 million kilowatts, with an estimated total investment of approximately 2.6 trillion yuan, driving a total industrial output value exceeding 15 trillion yuan [6][7]. Challenges and Solutions - The offshore wind power sector faces challenges related to market fluctuations and the need for breakthroughs in key technologies, including large turbine reliability and flexible direct current transmission systems [7][8]. - The "2025 Offshore Wind Power Modern Industrial Chain Collaborative Action Conference" has released a technology breakthrough list focusing on critical areas to enhance the industry's capabilities [7][8].

Core Insights - Hainan Free Trade Port is entering a critical phase with a one-month countdown to its full closure operation, as announced by the provincial governor [1] - The core support for the closure operation includes substantial breakthroughs in policy systems and infrastructure construction [2] - The closure operation is expected to attract global investors and significantly boost key industries in Hainan [3] Group 1: Policy and Infrastructure Readiness - The customs authority has confirmed that the necessary soft and hardware conditions for the closure operation are ready, with a focus on trade facilitation and efficient regulation [2] - Four customs closure support projects have been fully operational, and ten "second-line ports" have passed national acceptance [2] - A comprehensive customs regulatory system has been established, with multiple policies and operational guidelines released to support the closure operation [2] Group 2: Economic Impact and Industry Development - From January to September, Hainan saw a 12.16% year-on-year increase in newly established foreign enterprises, with actual foreign investment reaching 18.368 billion yuan, a 42.2% increase [3] - The closure operation is expected to enhance Hainan's development as an international tourism consumption center, improving infrastructure and attracting talent [3] - Key industries such as tourism, modern services, and high-tech sectors are anticipated to experience significant growth due to favorable policies and tax systems [3]

Core Insights - Hainan Free Trade Port is entering the final month before its full closure operation, with significant advancements in policy and infrastructure readiness [1] - The customs regulatory system has been established, with multiple policies and operational guidelines released to support the closure operation [2] - The closure operation is expected to attract global investors and boost key industries in Hainan, particularly tourism and modern services [2][3] Group 1: Policy and Infrastructure Readiness - Hainan's customs will implement a policy framework focused on "one line open, two lines controlled, and free movement within the island" to enhance trade facilitation [1] - Four customs support projects have been completed, and ten "second-line ports" have passed national inspections, ready for operation [1] - A smart customs regulatory platform has been launched, ensuring efficient customs supervision for the closure operation [1] Group 2: Economic Impact and Industry Development - From January to September, Hainan established 1,513 new foreign-funded enterprises, a year-on-year increase of 12.16%, with actual foreign investment reaching 18.368 billion yuan, up 42.2% [2] - The closure operation is expected to significantly boost the development of key industries such as tourism, modern services, and high-tech sectors [2] - Hainan aims to create a new tax system characterized by zero tariffs and low tax rates, promoting growth in strategic emerging industries like biomedicine and digital content processing [3]

Core Viewpoint - Guangdong is focusing on building a world-class coastal economic belt, with Jieyang emerging as a "green pearl" in this blue economic zone, emphasizing the integration of various marine resources for high-quality development [1] Group 1: Marine Economy Development - Jieyang is promoting a tri-sector approach to develop a modern marine industry, integrating marine economy, ecological tourism, and marine resources [1] - The recent Marine Economic Industry High-Quality Development Conference in Jieyang set a target for a marine economy scale of 100 billion yuan, focusing on marine ranching, marine new energy, marine engineering equipment, and coastal tourism [8] Group 2: Petrochemical Industry - The Dannan Sea Petrochemical Industrial Zone in Jieyang is home to the largest integrated refining and chemical project by China National Petroleum Corporation, with an investment exceeding 70.2 billion yuan, processing over 50 million tons of crude oil since its launch in 2023 [2][3] - This project is the only refining base in China capable of processing low-quality heavy oil, enhancing the flexibility of crude oil imports and contributing to national energy security [3] - The project has a wastewater reuse rate exceeding 70% and meets national standards for emissions, showcasing its commitment to green and sustainable practices [2] Group 3: Wind Power and Marine Ranching - The offshore wind power base in Jieyang has a cumulative installed capacity exceeding 900,000 kilowatts, contributing to significant reductions in carbon emissions and fossil fuel dependency [5][6] - The "Dragon Palace" marine ranching project integrates wind power with aquaculture, aiming to produce high-value fish species while utilizing renewable energy [6] - The project has attracted over 40 leading enterprises in the industry chain, establishing a comprehensive offshore wind power ecosystem [6][7] Group 4: Aquaculture and Tourism Integration - The integration of tourism and aquaculture in Qianzhan Town has led to over one million visitors this year, promoting local seafood and cultural experiences [8][9] - The establishment of a high-tech abalone farming base is transforming traditional practices, utilizing land-based farming techniques to mitigate risks associated with weather [9] - The local government is enhancing ecological functions through coastal restoration projects, ensuring a balance between economic development and environmental sustainability [9]

Core Points - The article highlights the significant progress and upcoming developments in the Hainan Free Trade Port, emphasizing its role in China's new round of opening up and high-quality development [4][20]. Group 1: International Connectivity - Georgia Airlines has expanded its operations in Hainan Free Trade Port by increasing international flight routes from one to five, enhancing direct connections to Southeast Asia, Europe, and Oceania [1]. - The Hainan Free Trade Port is witnessing a surge in international shipping, with the "China Yangpu Port" registering 65 vessels, leading the nation in terms of quantity and scale [12]. Group 2: Economic Development - Hainan has seen a 40% year-on-year increase in actual foreign investment, with 1,513 new foreign enterprises established in the first three quarters of the year [15]. - The total volume of EF account transactions in Hainan exceeded 200 billion yuan by the end of September, indicating robust cross-border financial activities [16]. Group 3: Infrastructure and Policy Readiness - The Hainan Free Trade Port is preparing for its full closure on December 18, 2025, with comprehensive pressure testing and operational readiness being established across various ports and customs facilities [10][8]. - The implementation of the "Hainan Free Trade Port Port Management Service Regulations (Trial)" and other policy documents is underway to facilitate smooth customs operations [10]. Group 4: Industry Growth and Innovation - Hainan is focusing on developing four leading industries, which accounted for 67.2% of the regional GDP in the first three quarters, marking a 14.2 percentage point increase since 2020 [20]. - The establishment of a contract research organization (CRO) model in the seed industry has expanded beyond Hainan, showcasing the province's innovative agricultural practices [18]. Group 5: Sustainable Development - Hainan is committed to ecological sustainability, with a high air quality index and significant increases in afforestation, including nearly 30,000 acres of new mangrove forests over the past five years [21]. - The province is also advancing in the electric vehicle market, achieving the highest penetration rate in the country [21].

Core Viewpoint - Guangdong is focusing on building a world-class coastal economic belt, with Jieyang emerging as a "green pearl" in this blue economic zone, emphasizing the integration of various marine resources for high-quality development [1] Group 1: Marine Economy Development - Jieyang is promoting a modern marine industry that includes green petrochemicals, offshore wind power, marine ranching, and marine engineering equipment [1][3] - The city aims to achieve a total marine economy scale of 100 billion yuan, focusing on marine ranching, marine new energy, marine engineering equipment, and coastal tourism [8] Group 2: Petrochemical Industry - The Dannan Sea Petrochemical Industrial Zone is home to the largest integrated refining and chemical project by China National Petroleum Corporation, with an investment exceeding 70.2 billion yuan, processing over 50 million tons of crude oil since its launch in 2023 [2][3] - This project is the only refining base in China capable of processing low-quality heavy oil, enhancing the flexibility of crude oil imports and ensuring energy security [3] Group 3: Innovative Recycling Technologies - East Guangdong Chemical Technology Co., Ltd. has successfully trialed the world's first high-value utilization project for waste plastics, using a unique "one-step" recycling process that does not require sorting [4] - The project aims to establish a global first waste plastic green recycling industrial base, promoting the transformation of waste plastics into resources [4] Group 4: Offshore Wind Power - The offshore wind power base in Jieyang has installed a cumulative capacity exceeding 900,000 kilowatts, contributing to a significant reduction in reliance on fossil fuels [5][6] - The "Dragon Palace" marine ranch project integrates wind power generation with aquaculture, utilizing intelligent breeding systems to enhance productivity [6] Group 5: Tourism and Agriculture Integration - The town of Qianzhan is developing a tourism route that combines scenic views, cultural experiences, and local seafood, attracting over one million visitors this year [8][9] - The local abalone farming industry is leveraging new aquaculture technologies to improve resilience against environmental risks, with a focus on high-quality seed production [9]

Core Viewpoint - The article emphasizes the integration of ecological protection and economic development in Guangdong, highlighting the role of the Chinese white dolphin as a symbol of sustainable development and a measure of ecological health, which in turn contributes to economic growth [1][4][10]. Group 1: Ecological Protection and Economic Development - The Chinese white dolphin is referred to as "swimming GDP," indicating its significance in the local economy and ecological balance [1][6]. - Guangdong's sustainable development strategy incorporates ecological values into its economic framework, allowing for a harmonious coexistence of industry and nature [1][8]. - The establishment of the first marine carbon trading platform in Zhanjiang, with a projected carbon trading volume of 230 million yuan by 2025, exemplifies the economic benefits derived from ecological initiatives [7][8]. Group 2: Technological and Community Engagement - The implementation of a marine electronic fence and monitoring stations enhances the protection of the white dolphin population, showcasing a blend of technology and community involvement in conservation efforts [3][4]. - Local fishermen are transitioning from traditional fishing to eco-tourism, significantly increasing their income, with some boats receiving over 10,000 visitors during peak seasons [6][7]. Group 3: Infrastructure Development and Environmental Considerations - During the construction of the Hong Kong-Zhuhai-Macao Bridge, a 15% increase in costs was accepted to minimize disruption to the dolphin population, resulting in an increase in their numbers during the project [4][8]. - The shift towards eco-friendly practices in industries, such as the use of probiotics in shrimp farming, demonstrates a commitment to sustainable practices that yield economic returns [8]. Group 4: Cultural and Global Impact - The white dolphin has become a cultural icon, with its representation in various media and merchandise, enhancing public awareness of ecological issues [9][10]. - International collaborations, such as the documentary "The Sea Panda," have showcased Guangdong's ecological efforts globally, attracting high-end partnerships and investments [10].