8月25日晚间，银星能源（000862）发布2025年半年度报告，显示公司在新能源发电与装备制造双轮驱 动下，实现营业收入6.52亿元，同比增长4.51%；归属于上市公司股东的净利润1.65亿元，同比增长 26.56%，业绩表现稳健提升；扣非归母净利润1.62亿元，同比增长39.08%。 报告期内，公司新能源发电业务贡献收入6.38亿元，占总收入的97.82%，同比增长5.14%，成为业绩增 长的主要动力。截至2025年6月末，公司风电装机容量达161万千瓦，光伏装机容量39万千瓦，其中分布 式光伏8万千瓦，风电装机规模占宁夏区内总装机容量的10.57%。公司持续推进技术改造，太阳山风电 场9.5万千瓦"以大代小"项目已进入试运行阶段，长山头4.95万千瓦项目也已获批复，预计年内并网发 电。公司在新能源装备制造方面具备年产6万吨塔筒的生产能力，覆盖西北地区500—800公里范围，实 现收入798.84万元。 公司坚持绿色低碳发展路径，深度融入中铝集团主业，积极布局分布式光伏与绿电直连项目，为其提供 绿电与绿证支持。下半年，公司计划推动贺兰山风电场"以大代小"改造项目，并加快太阳山三四期项目 以大代小改造的前期 ...

Financial Performance - The company reported a total revenue of 1.458 billion yuan for the first half of 2025, representing a year-on-year increase of 25.15% [1] - The net profit attributable to shareholders was 69.24 million yuan, up 6.43% year-on-year [1] - In Q2 2025, the revenue reached 894 million yuan, showing a significant increase of 38.64% compared to the same quarter last year [1] - The gross margin decreased to 16.32%, down 27.02% year-on-year, while the net margin fell to 4.81%, a decline of 15.4% [1] - The company’s inventory increased significantly by 46.44% year-on-year [1] Financial Ratios and Metrics - The company’s total expenses (selling, administrative, and financial) amounted to 164 million yuan, accounting for 11.24% of revenue, a decrease of 27.86% year-on-year [1] - Earnings per share (EPS) increased to 0.07 yuan, reflecting a growth of 6.92% year-on-year [1] - The cash flow from operating activities per share dropped to 0.01 yuan, a significant decline of 71.23% year-on-year [1] Changes in Financial Items - Accounts receivable decreased by 15.59% due to improved management and increased collections [3] - Inventory increased by 26.89% as a result of higher order volumes and materials preparation [3] - Revenue growth of 25.15% was attributed to increased sales of tower sections [3] - Operating costs rose by 34.89%, also linked to the increase in tower section sales [3] - Research and development expenses surged by 67.36% due to enhanced investment in R&D [3] Cash Flow and Debt Management - The net cash flow from operating activities saw a drastic decline of 71.23%, attributed to a slight decrease in sales collections [3] - The net increase in cash and cash equivalents rose by 240.16%, primarily due to the receipt of financing lease payments [3] - The company’s cash flow situation is concerning, with a cash to current liabilities ratio of only 33.2% [4]

证券代码： 002531 证券简称：天顺风能 天顺风能(苏州)股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他：电话会议 参与单位名称及 人员姓名 参会人员名单见后续附表 时间 2025 年 08 月 22 日(周五) 上午 9:00-10:00 地点 电话会议 上市公司接待人 员姓名 1、董事会秘书 朱彬； 2、投资者关系总监 邓子龙； 交流内容及具体 问答记录 一、公司经营情况介绍 2025 年上半年，天顺风能坚定推进"新能源装备制造+零碳 实业发展"双轮驱动战略，持续深化战略转型与全球化布局。 海工装备制造板块优化全球产能布局，广东阳江基地进入投 产冲刺阶段，射阳二期扩建启动，德国基地建设稳步推进，面向 "国内 + 海外"多元市场形成协同业务体系，依托通州湾基地 拓展高附加值海工业务；零碳实业板块在风电资源开发等方面取 得阶段性进展，在建项目按计划推进，绿电交易探索取得进展， 自营电站并网容量的增长也提升了财务韧性。展望下半年，公司 将坚持"制造 + 服务 ...

Core Insights - The offshore wind power industry in Rushan is rapidly developing, with a significant focus on manufacturing wind power equipment, leading to the establishment of a billion-dollar industrial cluster [1][2][3] Group 1: Industry Development - Rushan has created a wind power equipment manufacturing industrial cluster with over 100 enterprises, focusing on the production of core components such as main engines, tower tubes, single piles, and submarine cables [2][3] - The offshore wind power industry in Rushan is expected to achieve an annual output value exceeding 15 billion yuan by the end of this year [2] Group 2: Investment and Infrastructure - The rise of the offshore wind power equipment manufacturing industry in Rushan is attributed to targeted investment strategies, including the introduction of major projects like the Envision Rushan Zero Carbon Industrial Park and the Mingyang High-end Marine Equipment Intelligent Manufacturing Industrial Park [3][4] - As of now, Rushan has attracted 36 wind power equipment manufacturing projects, contributing to the growth of various renewable energy sectors, including photovoltaic, pumped storage, and hydrogen energy [4] Group 3: Future Prospects - The local government aims to develop a green energy industry park and plans to achieve an output value of 11.2 billion yuan in the renewable energy sector by 2024, with a target of forming a 30 billion yuan industrial cluster within the next five years [4]

Core Insights - The 2025 County Economic Innovation Development Forum highlighted the significant role of the top 100 counties in China's economic landscape, with Guangdong's counties showing remarkable growth and vitality [1][4][6] - The number of billion-yuan counties in Guangdong is set to increase to 62 by 2024, indicating a shift towards a "billion-yuan era" in county economies [2][4] Economic Performance - Bo Luo County's GDP reached 95.22 billion yuan in 2024, positioning it close to becoming Guangdong's first billion-yuan county [2][4] - Si Hui City is leveraging its electric vehicle industry, attracting 109 enterprises and generating an industrial cluster output value of 51.95 billion yuan [2][4] - Hui Dong County, known for its women's shoe production, achieved a GDP of 82.851 billion yuan in 2024, marking its entry into the top 100 counties [2][3] Industrial Development - The "Hundred Million Project" has been pivotal in transforming Guangdong's county economies, with 57 counties experiencing GDP growth rates surpassing the provincial average for two consecutive years [4][5] - The counties are focusing on unique industrial clusters, with Bo Luo excelling in electronic information, Si Hui in advanced manufacturing, and Hui Dong in green energy and fashion footwear [4][5] Infrastructure and Policy Initiatives - Guangdong has established 64 provincial industrial parks and 13 provincial characteristic industrial parks, facilitating over 1,620 industrial transfer projects with a total planned investment exceeding 580 billion yuan [5] - The counties are enhancing their infrastructure and public services, with Bo Luo integrating into the Shenzhen metropolitan area and Si Hui developing quality education and healthcare access [5][6] Collaborative Mechanisms - The province has innovated a "horizontal cooperation + vertical linkage" mechanism to enhance industrial support, exemplified by partnerships between Shenzhen and Bo Luo [5][6] - The ongoing implementation of the "Hundred Million Project" aims to optimize the business environment and strengthen the support mechanisms for county economic development [5][6]

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is expected to see significant growth in 2024, with a notable increase in bidding volumes for wind projects. Although there may be a slight slowdown in onshore wind power at the beginning of 2025, acceleration is anticipated in the second half of the year. [1][3] - Offshore wind power is projected to double its installed capacity by 2025, driven by expedited project approvals. Future focus will be on deep-sea development. [1][4] Key Insights - **Onshore Wind Power**: - Installed capacity is expected to exceed 100GW in 2025, with a year-on-year growth of 25%-30%. This growth is primarily due to a 70%-80% increase in bidding volumes in 2024. [3] - The impact of policy document 136 is expected to cause a temporary decline in bidding in early 2025, but project initiation is expected to accelerate later in the year. [3][10] - **Offshore Wind Power**: - Expected installed capacity for 2025 is between 8-10GW, representing over 100% year-on-year growth. [4] - The approval of offshore wind projects is progressing well, particularly in Jiangsu and Guangdong provinces. [12] - **European Market Opportunities**: - The European offshore wind market presents significant opportunities for Chinese companies, with a 46% year-on-year increase in auction volumes for 2024. [5] - New emerging markets for onshore wind power are also opening up due to declining prices, providing further opportunities for Chinese enterprises. [5] Industry Segments - **Submarine Cables and Towers**: - The submarine cable sector is performing well, with high profit margins maintained. Chinese companies are actively expanding into the European market and securing orders. [1][6] - Tower manufacturing companies, such as Daikin Heavy Industries, are achieving significant profit increases by entering the European market. [2][6][17] - **Wind Turbine Manufacturing**: - Profitability in wind turbine manufacturing is improving due to stabilized domestic prices and high margins in overseas and deep-sea projects. [7] - The overall outlook for profitability in this sector is positive for the coming years. [7] - **Components Sector**: - The components sector is closely tied to onshore projects, with strong performance this year but potential pressure on growth next year due to price increases and market dynamics. [8][22] Challenges and Opportunities - Wind turbine companies face pressure on revenue from the implementation of policy document 136, which may lead to lower electricity prices affecting wind farm revenues. [9][20] - Despite these challenges, companies are increasing their market share overseas, which presents a promising growth avenue. [9][20] Market Trends - The submarine cable market is expected to maintain a compound annual growth rate of 20% from 2025 to 2030, with leading companies strengthening their market positions. [15] - The tower and monopile sectors are seeing significant growth, with overseas unit profitability significantly higher than domestic levels. [17][18] Recommendations - The focus should be on deep-sea and European offshore wind trends, with strong recommendations for companies like Dongfang Cable and Zhongtian Technology due to their expected benefits from high and low voltage cable penetration and overseas orders. [23] - In the onshore wind segment, companies such as Goldwind, Sany, Mingyang, and Yunda are recommended based on domestic and international market dynamics. [23]

Summary of Conference Call Records Industry or Company Involved - The conference call discusses various sectors including small metals, PCB storage, wind power, insurance, infrastructure, pharmaceuticals, military industry, gaming, communication equipment, and traditional defensive sectors like insurance and electricity. Core Points and Arguments 1. **Industry Recovery Indicators**: The overall industry prosperity index showed a rebound in June after declines in April and May, indicating a potential continuation of fundamental recovery in the second half of the year [1][5][19]. 2. **Focus on Specific Sectors**: Attention is drawn to sectors likely to see improved performance in Q2, including small metals, PCB storage, wind power insurance, and independent-driven cycles like pharmaceuticals and military [1][5]. 3. **Export Challenges**: The export chain faces downward pressure, particularly in appliances, engineering machinery, and consumer electronics [1][5]. 4. **Valuation and Market Strategy**: A focus on sectors with low PE/PB ratios and non-crowded public holdings is recommended, while high valuations may be tolerated in high-prosperity sectors like gaming [1][7]. 5. **Investment Strategy**: A "barbell" strategy is suggested, with offensive investments in wind power, photovoltaics, gaming, communication equipment, and small metals, while defensive investments shift towards insurance, agriculture, and electricity [1][9]. 6. **Wind Power Sector Outlook**: The wind power sector shows significant year-on-year growth in new installations, with expectations for continued growth into 2025, although a potential decline is anticipated in 2026 [1][11]. 7. **Photovoltaic Sector Concerns**: The photovoltaic sector has shown some recovery, but concerns remain regarding overseas exports and supply-side pressures, particularly with high inventory levels [1][12]. 8. **Gaming Industry Growth**: The gaming industry is experiencing an upward product cycle, with a record number of game approvals in June, indicating sustained performance growth [1][13]. 9. **Communication Equipment Performance**: The communication equipment sector is benefiting from increased AI capital expenditure, leading to improved industry conditions [1][14]. 10. **Small Metals and Aerospace**: Small metals like rare earths and tungsten are seeing price increases due to improved demand in military and new energy sectors, while aerospace equipment is also showing signs of recovery [1][15]. 11. **Traditional Defensive Sectors**: The insurance sector is evolving in both liability and investment aspects, while the electricity sector is benefiting from improved electricity consumption growth [1][16][17]. Other Important but Possibly Overlooked Content 1. **Market Sentiment and Global Factors**: Global markets are showing improved risk appetite due to a reduction in tariff concerns, which is positively impacting the A-share market [1][18][22]. 2. **Sector-Specific Trends**: The real estate sector is performing well, driven by urban renewal expectations, while the banking sector has shown volatility [1][19][21]. 3. **Funding and Leverage Trends**: There has been a significant outflow from broad-based ETFs, but leverage financing has rebounded, indicating a mixed funding environment [1][22]. 4. **Future Market Outlook**: Short-term sentiment remains positive, but potential volatility is expected due to upcoming events, with a more optimistic view for Q4 performance [1][24]. 5. **Key Themes to Watch**: The themes of anti-involution and urban renewal are highlighted as significant areas of focus, with potential benefits for related sectors [1][25].

Group 1: Industry Transformation - The financing leasing industry is focusing on professional transformation, emphasizing the dual attributes of "financing + asset" to address service pain points and build a new ecosystem of industry-finance collaboration [1] - Companies are shifting towards specialized, differentiated, and characteristic operations through systematic restructuring of strategic logic, resource allocation, operational models, and technological iteration [1] - Financing leasing is positioned to empower industrial transformation and support the development of real enterprises, from large project construction to small and micro enterprise operations [1] Group 2: Green Energy Projects - The Ningxia Tengger Desert Energy Base, with a combined installed capacity of 13 million kilowatts, is a key project under the "14th Five-Year" electricity planning, aimed at transforming desert areas into green energy sources [2][3] - The "Ningxia-Taiwan Direct Current" project, with an investment scale of approximately 28.1 billion yuan, will have a maximum delivery capacity of 8 million kilowatt-hours upon operation [3] - State Grid International Leasing Company played a crucial role in alleviating funding pressures for the project by providing a financing limit of up to 500 million yuan, with the first tranche of 207 million yuan already disbursed [3] Group 3: Green Finance and Services - The financing leasing industry is increasingly leaning towards green energy sectors such as renewable energy, pumped storage, electric transportation, and green data centers, promoting a diversified development of "green finance + direct leasing" [4] - Companies are enhancing their services by embedding financial solutions deeply into the industrial chain, leveraging their ecological advantages [3][4] Group 4: Support for Small and Micro Enterprises - Financing leasing companies are targeting small and micro enterprises by addressing their financing needs, particularly in the context of equipment leasing and upgrades [5][6] - The industry is aligning with policy directives that encourage the development of products and services tailored to small and micro enterprises, facilitating equipment updates and innovation [6] - A new leasing model, known as vendor leasing, is emerging, which integrates manufacturers' sales needs with financial services, marking a significant direction for industry transformation [7] Group 5: Vendor Leasing Model - Vendor leasing focuses on aligning the sales demands of manufacturers with the financial services of leasing companies, promoting a shift from "capital-driven" to "industry service-driven" models [7] - Companies are establishing dedicated vendor leasing departments to explore high-end manufacturing and intelligent manufacturing sectors [7] - A recent vendor leasing project by Chouzhou Jin Leasing, involving electric forklifts, has seen an investment of over 80 million yuan, with a total credit approval of nearly 1 billion yuan for key manufacturers [7]

Group 1 - The national support policies for the new energy industry are positively impacting the company's wind power product business, with the wind power segment accounting for approximately 32.5% of the company's total orders [2] - Over 85% of the wind power orders come from the top 10 domestic wind turbine manufacturers, indicating a strong market position [2] - The company is actively researching industry policies, aligning with customer needs, optimizing product and customer structure, and enhancing management of the wind power segment to drive order growth [2] Group 2 - The national marine economy support policies are providing positive assistance for the company's marine engineering market expansion [2] - The company's related business is primarily focused on shipbuilding and marine engineering, with the order scale for ship crankshafts reaching 700 million yuan this year, showing a year-on-year increase since 2022 [2] - Other marine-related products have an average annual order of about 100 million yuan, which is relatively small in proportion [2]

Group 1 - Ordos City is focusing on industries such as new energy equipment manufacturing, coal machinery manufacturing, intelligent connected vehicles, smart equipment, and low-altitude economy, actively promoting modern equipment manufacturing industry development [1][2] - In the new energy equipment manufacturing sector, Ordos aims to develop a complete industrial chain by introducing key components like separators, membranes, inverters, and advanced technologies such as perovskite stacked technology and solid-state batteries [1][2] - The coal machinery manufacturing industry is leveraging Ordos's annual coal production capacity of 1 billion tons, aiming to create a comprehensive ecosystem that includes research, production, and technical services [1][2] Group 2 - The intelligent connected vehicle industry is being developed through initiatives like the national intelligent transportation pilot city, attracting industries related to autonomous heavy-duty trucks and supporting systems [1][2] - In the intelligent equipment sector, Ordos is utilizing its digital industry foundation and location advantages to attract projects in electronic information, mining intelligent equipment, and robotics [2][3] - The low-altitude economy is being expanded by integrating low-altitude applications with energy and tourism, focusing on the manufacturing of new energy aircraft and electric vertical take-off and landing vehicles [2][3] Group 3 - Ordos is constructing the world's first zero-carbon industrial park and has released the first global zero-carbon industrial standards, promoting green electricity initiatives [3] - The city has a significant number of heavy-duty and mining trucks, which supports the development of intelligent transportation and connected vehicle applications [3] - Ordos has been recognized for its favorable business environment, ranking first in Inner Mongolia's business environment assessments for five consecutive years [3][4]