Flash | Mingyang issued positive profit alert today indicating its net profit to up 131.1-188.9% yoy to Rmb800-1,000m in 2025E, implying net profit of Rmb34-234m in 4Q25E, from a net loss of Rmb462m in 4Q24. Its 2025E preliminary earnings are 34-47% and 26-41% below consensus (Bloomberg) and Citi estimate respectively, and is shy of the company's target of net profit to up 200% yoy in 2025E set by the employee share option scheme. We attribute Mingyang's preliminary profit miss possibly to less-than-expecte ...

Core Insights - OX2 has completed the construction of the Lestijärvi wind farm in Finland, which consists of 69 turbines and has a total capacity of 455.4MW, contributing over 1.3 terawatt-hours to Finland's electricity generation in 2024, approximately 1.6% of the country's total production [1][2][3] Group 1: Project Overview - The Lestijärvi wind farm has been handed over to a consortium of energy companies including Oulun Energia, Kymppivoima, and Kuopion Energia [1] - The project is expected to generate around €2.4 million ($2.8 million) annually in real estate tax revenue for the hosting municipality [2] - OX2 will continue to manage the technical and financial aspects of the wind farm post-completion [2] Group 2: Strategic Importance - The completion of the Lestijärvi wind farm is seen as a milestone for Finland's energy transition and is part of a €650 million investment aimed at enhancing the country's energy independence [3] - OX2 is currently developing five additional wind power projects in Finland, with a combined capacity of approximately 750MW [3] Group 3: Company Portfolio - OX2's portfolio includes projects in onshore and offshore wind, solar power, and energy storage, totaling around 33GW across various stages of development, construction, asset management, and operations [4] - The company is also involved in initiatives related to other renewable technologies, such as hydrogen [4] - OX2 has secured an asset management agreement for four wind farms in Sweden, with a total capacity of 550MW [5]

Summary of the Conference Call on China Wind Industry Industry Overview - The focus is on the **China Wind Industry**, particularly during the **15th Five-Year Plan (FYP)**, with a positive outlook on wind installations and offshore deep-sea developments [2][3][4][22]. Key Points Wind Installation Demand - **Forecast for Wind Installations**: Expected to reach **110-120 GW** annually from **2026 to 2030**, with onshore installations stabilizing at approximately **90 GW** and offshore installations between **15-20 GW** per year from **2027 to 2030** [3][22]. - **Investment Appeal**: Wind power is seen as more attractive compared to solar energy post-Document No.136, supported by national energy transition targets [3][24]. Offshore Deep-Sea Developments - **Acceleration of Projects**: Significant progress is anticipated in offshore deep-sea projects, with a preliminary pipeline of **~100 GW** and expected annual installations starting at over **10 GW** during the 15th FYP [4][23]. - **Policy Support**: Clearer policy guidance is expected to be announced, enhancing the development of deep-sea offshore wind [4][24]. European Market Dynamics - **Contracts for Difference (CfD)**: The UK's recent **AR7 CfD** auction awarded **8.4 GW** of offshore wind capacity, a **58% increase** from the previous round, indicating strong demand and export opportunities for Chinese suppliers [5][43]. - **Export Opportunities**: The expanding European offshore wind market is expected to drive demand for Chinese components, including wind turbine parts and submarine cables [5][43]. Company Preferences and Ratings - **Component Suppliers Preferred**: Preference is given to component suppliers like **ZTT**, **Sinoma S&T**, and **Riyue** due to their strong earnings growth outlook and margin recovery potential [6][14][15]. - **OEMs Outlook**: The business turnaround for wind turbine OEMs has largely been priced in, with expectations of stable onshore WTG prices and slight declines in offshore prices [15][37]. Market Performance - **Stock Performance in 2025**: Wind equipment stocks rallied between **3.6% to 177.8%**, outperforming market indices, attributed to an industry turnaround after a down cycle [12][17]. - **Future Expectations**: Key component players are expected to outperform OEMs in 2026 due to ongoing margin improvements and favorable raw material costs [13][17]. Competitive Landscape - **Market Consolidation**: The onshore wind market has become more consolidated, with the top three players increasing their market share from **44.3%** in 2024 to **48.2%** in 2025 [30][31]. - **Fragmentation in Offshore Market**: The offshore market remains fragmented, with new entrants gaining market share, leading to a decline in the combined market share of the top three players from **80.0%** to **53.4%** [32]. Additional Insights - **Tendering Trends**: Public WTG tenders fell by **14.3%** in 2025, but new installations remained robust, with a **59.4% YoY increase** in the final year of the 14th FYP [20][25]. - **Price Trends**: Onshore WTG prices increased by **5-10% YoY**, while offshore prices saw a decline of **4-7% YoY** due to a more fragmented competitive landscape [36][38]. This summary encapsulates the key insights and forecasts regarding the China wind industry, highlighting the positive outlook for installations, the importance of offshore developments, and the dynamics of the European market that favor Chinese suppliers.

Core Insights - Jiangsu Province is set to achieve a cumulative offshore wind power grid-connected capacity of 13.49 million kilowatts by the end of 2025, leading the nation and accounting for nearly 30% of China's total offshore wind power capacity [1][3]. Group 1: Offshore Wind Power Capacity - Jiangsu's offshore wind power grid-connected capacity has surpassed 13 million kilowatts, reaching 13.49 million kilowatts, making it the largest in the country [3]. - The offshore wind power in Jiangsu can provide over 30 billion kilowatt-hours of green electricity annually to the Yangtze River Delta region, equivalent to a reduction of over 22 million tons of carbon dioxide emissions [3]. Group 2: Development and Infrastructure - Jiangsu has developed a comprehensive offshore wind power industry chain over nearly 20 years, covering intertidal zones, nearshore, and far offshore areas [3]. - The city of Yancheng has the largest offshore wind power grid-connected capacity in the country, exceeding 7.2 million kilowatts [3]. - Jiangsu has established the first 110 kV and 220 kV offshore booster stations in the country and operates the largest offshore wind power grid-connected transmission and transformation project [5]. Group 3: Technological Advancements - Jiangsu is focusing on key technological breakthroughs in large-capacity wind turbine control, deep-sea transmission, and intelligent operation and maintenance during the 14th Five-Year Plan period [6]. - The province aims to enhance the synergy between offshore wind power and the grid, contributing to a new type of power system that is clean, low-carbon, safe, and efficient [6]. Group 4: Green Energy Utilization - Jiangsu is promoting green electricity usage in industrial parks and enterprises, with pilot projects in Nantong, Yancheng, and Lianyungang to increase the proportion of green electricity [5]. - In the Rudong Coastal Economic Development Zone, green electricity is delivered directly to enterprise workshops, with one company achieving an average green electricity usage rate of 80%, reducing carbon emissions by nearly 6,000 tons monthly and lowering electricity costs by about 5% [5].

▲全球首台20兆瓦海上风电机组吊装现场。周骏威 摄 据介绍，此次吊装的20兆瓦海上风电机组属于国家重点研发计划"可再生能源技术"重点专项，并入选国家能源局第五批能源领域首台（套）重大技术装备 名单，在国家能源局、福建省发展和改革委员会的指导支持下，由三峡集团与金风科技联合设计建造和示范应用。20兆瓦海上风电机组实现了全产业链自 主可控与关键部件100%国产化，并在三大技术领域实现创新突破—— 在轻量化设计方面，整机（含机舱、轮毂、叶片）单位兆瓦重量小于40吨，较行业平均水平降低20%以上，有效降低了吊装施工难度与基础建造成本；在 智能监控系统方面，通过集成激光雷达与叶根载荷传感器，构建了多维感知安全预警体系，有力保障了机组在海上无人值守场景下的自主安全运行；在高 效气动性能方面，机组采用自主研发的翼型叶片，风能利用系数达0.49，捕风与发电效率显著提升。 全球首台20兆瓦海上风电机组完成吊装 1月13日，全球首台20兆瓦海上风电机组在福建闽南海域完成吊装。这是我国20兆瓦海上风电机组首次在海上完成吊装，标志着我国在超大容量机组研发 制造和海上施工领域实现重要突破。 我国海上风能资源丰富，技术可开发量约27.8 ...

Core Viewpoint - The successful installation of the world's first 20-megawatt offshore wind turbine in Fujian marks a significant breakthrough in China's development and manufacturing of large-capacity wind turbines and offshore construction capabilities [1][2]. Group 1: Installation Details - The turbine was installed over 30 kilometers offshore in waters deeper than 40 meters, facing challenges such as a short construction window during the monsoon season and complex sea conditions [1]. - A fourth-generation wind turbine installation vessel with a lifting capacity of 2000 tons was utilized, employing high-precision positioning and intelligent pile sinking control systems for the installation [1]. Group 2: Technological Innovations - The 20-megawatt offshore wind turbine is a key project supported by the national key research and development program and is included in the National Energy Administration's list of major technological equipment [2]. - The turbine features 100% domestically produced key components and has achieved innovations in three technical areas: lightweight design, intelligent monitoring systems, and efficient aerodynamic performance [2]. - The overall weight of the turbine (including nacelle, hub, and blades) is less than 40 tons per megawatt, reducing installation difficulty and foundation construction costs by over 20% compared to industry averages [2]. Group 3: Environmental Impact and Future Prospects - Once connected to the grid, the turbine is expected to generate over 80 million kilowatt-hours annually, meeting the electricity needs of approximately 44,000 households for a year, while saving about 24,000 tons of standard coal and reducing carbon dioxide emissions by around 64,000 tons [2]. - The 20-megawatt offshore wind turbine will serve as a comprehensive testing platform for the design, manufacturing, construction, and standard-setting of future large-capacity turbines, providing valuable data and practical experience [2].

Core Viewpoint - President Trump's crackdown on offshore wind power in the U.S. is expected to negatively impact global investor sentiment in the wind power industry, increasing uncertainty and cost of capital for investors [1]. Group 1: Impact on Investment - The U.S. administration's actions have led to the cancellation of $19 billion in wind and solar projects and a 20% decline in investment announcements in these sectors during the first eight months of Trump's presidency [2]. - The suspension of several large-scale offshore wind projects, including Ørsted's Revolution Wind and Equinor's Empire Wind, has raised concerns among developers and investors [3][4]. Group 2: Industry Response - Vestas' CEO highlighted that the uncertainty in the industry would lead investors to seek higher returns to cover risks, which could further dampen investment [5]. - Equinor has threatened to cancel its $3 billion Empire Wind project unless the federal government lifts the stop-work order, indicating a potential escalation in legal actions from affected companies [4].

Core Viewpoint - The article emphasizes the rapid development and potential of offshore wind power in China, particularly highlighting Yangjiang as a leading hub for this emerging industry, which is crucial for the future energy needs of the country [1][3]. Group 1: Offshore Wind Power Development - Yangjiang has become one of the largest cities in China for offshore wind power installation within just eight years since its first project approval in 2017, establishing itself as a "wind power silicon valley" [1][2]. - The Yangjiang Shapa Wind Farm, which began operations in 2021, is noted for its challenging geological conditions and serves as a critical energy conversion point, transmitting generated power to the mainland [2]. - The strong wind resources in Yangjiang, with an average annual wind speed of 8 m/s, combined with its proximity to the Guangdong-Hong Kong-Macao Greater Bay Area, create favorable conditions for energy consumption [2]. Group 2: Industry Growth and Opportunities - Major state-owned enterprises, such as Guangdong Energy Group, have invested in Yangjiang's offshore wind projects, contributing to local infrastructure, job creation, and collective economic growth [2]. - The presence of leading wind turbine manufacturers like Mingyang Smart Energy has led to the establishment of a comprehensive supply chain for offshore wind power in Yangjiang, making it a key development base in China [2][3]. - China currently accounts for half of the global offshore wind power installed capacity and new installations, showcasing its dominance in the industry [3]. Group 3: Future Directions - The next phase for China's offshore wind power involves advancing into deep-sea projects, which require overcoming cost and technical challenges associated with floating wind turbines [3][4]. - Innovative projects, such as the integration of offshore wind power with marine aquaculture and hydrogen production, are emerging, indicating a trend towards multi-use of marine space for enhanced economic benefits [4]. - Chinese wind turbine manufacturers are gaining international recognition, with companies like Mingyang Smart Energy and Goldwind expanding their operations globally, indicating a growing export potential for China's wind power technology [4].

Group 1: Aerospace Industry Developments - The aerospace equipment sector saw a strong rally, with the index rising over 3% and reaching a new historical high [2][12] - The Shanghai Stock Exchange released guidelines supporting commercial rocket companies to list on the Sci-Tech Innovation Board, which is crucial for the commercialization phase of the industry [4][14] - According to Wind statistics, at least five rocket companies are currently in the IPO process, with the commercial aerospace industry expected to reach a total financing of 18.6 billion yuan by 2025, a 32% year-on-year increase [4][14] Group 2: Wind Power Industry Growth - The wind power sector experienced significant gains, with the index rising over 3% to a two-and-a-half-month high, and several companies hitting their daily price limits [7][16] - Since the signing of a self-regulatory agreement among wind turbine manufacturers, the bidding price for wind turbines has not fallen below 1,400 yuan per kilowatt, establishing a cost baseline [18] - By the end of Q3 2025, China's cumulative wind power capacity is projected to reach 582 million kilowatts, a 21.3% increase year-on-year, with significant revenue growth in the wind power industry [9][18]

Core Insights - The National Energy Administration reported that as of the end of November, the total installed power generation capacity in China reached 3.79 billion kilowatts, representing a year-on-year growth of 17.1% [1] - Solar power generation capacity reached 1.16 billion kilowatts, with a year-on-year increase of 41.9%, while wind power capacity surpassed 600 million kilowatts, growing by 22.4% [1] - China's wind power capacity has ranked first globally for 15 consecutive years, with projections for 2025 indicating the commissioning of the world's largest 26-megawatt offshore wind turbine and other significant projects [1] Industry Developments - In 2000, China's wind power installed capacity was less than 400,000 kilowatts, primarily relying on imported equipment. Currently, China supplies approximately 70% of the global wind power equipment [1] - Over the past decade, China has contributed to a more than 60% reduction in global wind power costs. The onshore wind power cost in regions with good wind resources has dropped to 0.1-0.15 yuan per kilowatt-hour, while the average cost for nearshore offshore wind power is about 0.33 yuan per kilowatt-hour, making wind power a competitive energy source [1]