Core Viewpoint - Yancheng, located by the Yellow Sea, has transformed its historical significance into a modern economic hub, focusing on high-quality development and leveraging its geographical advantages [1][2] Group 1: Historical Significance - Yancheng was the site of the New Fourth Army's military headquarters during the Anti-Japanese War, marking its importance in Chinese history [1] - The New Fourth Army, with over 90,000 troops, played a crucial role in the resistance against Japanese forces, establishing a new phase in the war in Central China [1] Group 2: Economic Development - Since the 18th National Congress, Yancheng has actively developed a modern industrial system, particularly emphasizing marine economy [1] - The city has the longest coastline in Jiangsu and is focusing on nine major marine economic industries, including marine fisheries, marine engineering equipment, and marine tourism [1] - Yancheng is implementing marine ecological protection and restoration projects, creating a network of protected areas along its 580 km coastline [1] Group 3: Green Industry Growth - Yancheng has seen significant growth in the green industry, particularly in offshore wind power, with installed capacity nearing one-eighth of the national total [2] - The city accounts for over 40% of the national offshore wind turbine manufacturing capacity and approximately 20% of blade production, making it one of the largest bases for offshore wind power equipment globally [2]

Group 1 - The core point of the news is that Shanghai Tianshen Investment Management Co., Ltd. has pledged a total of 92.47 million shares of Tianshun Wind Power, accounting for 5.15% of the total share capital [1] - The details of the share pledges include various amounts pledged to different securities companies, with the largest being 55 million shares pledged to China Galaxy Securities, representing 10.37% of the pledged shares [1] - As of the announcement date, the total pledged shares by Shanghai Tianshen Investment Management Co., Ltd. amount to 240 million shares, which is 45.17% of its total holdings [1] Group 2 - Tianshun Wind Power reported a main revenue of 926 million yuan for Q1 2025, a year-on-year decrease of 12.1% [3] - The net profit attributable to the parent company was 35.65 million yuan, down 75.98% year-on-year, while the net profit after deducting non-recurring items was 30.55 million yuan, a decline of 79.58% [3] - The company has a debt ratio of 60.82%, with investment income reported at -7.49 million yuan and financial expenses at 91.54 million yuan, while the gross profit margin stands at 23.48% [3] - Tianshun Wind Power's main business includes offshore wind power equipment manufacturing, global capacity layout for marine engineering, zero-carbon asset investment and operation services, onshore wind tower manufacturing, and wind blade and mold manufacturing [3]

Core Viewpoint - The Eastern Marine Economic Zone, comprising Jiangsu, Shanghai, Zhejiang, and Fujian, is a vital and promising area for marine economic development in China, with significant growth in marine industries and a notable contribution to the national marine GDP [1][5]. Group 1: Marine Economic Growth - In 2024, the marine GDP of the Eastern Marine Economic Zone is projected to reach 45,992.9 billion yuan, representing a year-on-year growth of 7.1% and accounting for 43.6% of the national marine GDP [1]. - The marine industry structure in the Eastern Marine Economic Zone is continuously optimizing, with the primary, secondary, and tertiary industries contributing 4.0%, 36.3%, and 59.7% to the marine GDP, respectively [3][4]. - The total value added of 15 marine industries in the Eastern Marine Economic Zone is expected to grow by 8.5% in 2024, with traditional industries like marine oil and gas, shipbuilding, and marine tourism experiencing double-digit growth [4]. Group 2: Jiangsu Province - Jiangsu's marine economy is set to exceed 1 trillion yuan for the first time in 2024, growing from over 550 billion yuan in 2014 [6]. - The cumulative installed capacity of offshore wind power in Jiangsu reached 11.83 million kilowatts in 2024, with a total power generation of 32.8 billion kilowatt-hours, ranking among the top in the country [8]. - The number of specialized and innovative small and medium-sized enterprises in Jiangsu's marine sector increased by 58.8% year-on-year, reaching 786 by the end of 2024 [8]. Group 3: Zhejiang Province - Zhejiang has the longest coastline in China at 6,715 kilometers and has developed a comprehensive port system centered around Ningbo-Zhoushan Port, which is a global leader in cargo throughput [9][11]. - In 2024, Ningbo-Zhoushan Port achieved a cargo throughput of 1.377 billion tons, a 4% increase, and a container throughput of 39.3 million TEUs, marking an 11% growth [9]. - Zhejiang established a Marine Economy Development Bureau to enhance its marine economic capabilities and plans to invest over 60 billion yuan in 120 strong port projects by 2025 [11]. Group 4: Fujian Province - Fujian's marine GDP is expected to exceed 1.25 trillion yuan in 2024, with a year-on-year growth of 6.1%, maintaining its position as the third-largest marine economy in China [12]. - The total aquatic product output in Fujian reached 9.246 million tons in 2024, with a 3.9% increase, and the province continues to lead in aquatic product exports [12][14]. - Fujian is also focusing on marine biomedicine, with significant developments in marine high-tech industrial parks and a strong emphasis on marine pharmaceuticals [14]. Group 5: Shanghai - Shanghai's marine GDP is projected to reach 1,138.7 billion yuan in 2024, contributing 10.8% to the national marine GDP despite having only 0.35% of the national marine area [15]. - The marine advanced manufacturing sector in Shanghai is thriving, with the shipbuilding industry showing significant growth, including a 20% increase in industrial output value [15][17]. - The marine tourism sector in Shanghai is also expanding, with a nominal growth of 17.6% in value added, making it a new growth point for the industry [18].

Summary of Offshore Wind Power Industry Conference Call Industry Overview - The global offshore wind power construction is accelerating, with a record auction volume of 56 GW in 2024 and an ongoing construction volume of 48 GW, leading to a total scale of 83 GW, which is five times the new construction scale of 8 GW in previous years [1][6] - Governments are reforming pricing and sales mechanisms to reduce investment risks and promote structural recovery and rapid growth in the industry [1][8] Key Insights - Floating offshore wind technology is in the pre-commercialization stage, with a new bidding volume of 1.9 GW in 2024, representing 90% of existing capacity, providing additional space for fixed offshore wind development in the next 30 years [1][9] - The offshore wind market in Europe, Asia-Pacific (Japan and South Korea), and China is expected to grow at an annual rate of approximately 28%-31% from 2025 to 2030, with China leading the market in 2025-2026, followed by Europe in 2026 and Asia-Pacific in 2028 [1][12] - European offshore wind project financing reached a new high in 2023, indicating a large-scale construction start in 2025-2026, with the UK providing £1.1 billion in subsidies for offshore wind in 2024, a historical high [2][20] Investment Opportunities - Significant investment opportunities are anticipated in the global offshore wind equipment market from the second half of 2025, with domestic market growth expected to exceed 200% compared to the past three years [3] - The domestic offshore wind market is projected to approve approximately 2.9 GW of new capacity in 2025, with subsequent years seeing increases to over 10 GW and 16 GW to fill previous construction gaps [3][16] Market Dynamics - The demand for core components such as wind turbine foundations and submarine cables is expected to rise significantly due to deep-sea and large-scale development [9][10] - The domestic offshore wind power equipment industry chain's most valuable segments for long-term attention are wind turbine foundations and submarine cables, with the latter showing a long-term inflation trend in unit value due to increased offshore distances and technological advancements [29] Regional Developments - In the Asia-Pacific region, China dominates the offshore wind market, with Japan and South Korea starting to ramp up their efforts, aiming for 10 GW and 14.3 GW of installed capacity by 2030, respectively [22] - European countries like Germany and the Netherlands are leading in offshore wind project contributions, with a combined release of 12 GW of projects in 2024 [15] Future Projections - By 2030, the EU aims for 111 GW of offshore wind capacity, with annual construction exceeding 15 GW needed to meet this target [18] - The floating offshore wind market is expected to grow significantly, with annual market growth rates projected to reach 8-10 times by 2031 [25] Financial Aspects - The cost structure of offshore wind equipment includes main machine value (35%-40%), outgoing cables (10%-15%), infrastructure (10%), and towers (10%), with overall costs optimized by over 30% since 2019 [26] - The investment return rates for offshore wind projects have decreased to 4%-6% due to competitive bidding, but financing costs have also dropped, maintaining investment attractiveness [28] Conclusion - The offshore wind power industry is poised for significant growth, driven by technological advancements, government support, and increasing demand for clean energy solutions. The next few years will see a shift in market dynamics, with various regions contributing to the global offshore wind capacity expansion.

Group 1 - Dongying City focuses on green and low-carbon transformation, promoting high-quality development of renewable energy with significant growth in installed capacity and power generation, ranking first in the province [1] - The city has implemented the "14th Five-Year" renewable energy development plan and the medium to long-term energy development plan (2022-2030) to enhance renewable energy quality [1] Group 2 - By May 2025, the total installed capacity of renewable energy in Dongying City reached 9.8824 million kilowatts, a year-on-year increase of 45.35%, accounting for 67% of the city's total power capacity [2] - Major projects include the world's largest open offshore photovoltaic project with a capacity of 1,000 megawatts and the first fully operational integrated wind-solar-storage project in the Lubei base [2] - The city is advancing geothermal energy development with six projects included in the provincial pilot program, focusing on clean heating and coal replacement [2] Group 3 - Dongying City collaborates with leading companies like CATL to accelerate the construction of a green battery manufacturing base and attract upstream and downstream enterprises [3] - The city plans to establish a 6 square kilometer offshore wind power equipment industrial park, attracting 35 projects with a total investment of 26.85 billion yuan [3] - Initiatives include the establishment of a wind power testing and certification innovation base and a research and testing center for large electromechanical drive systems [3]

Core Viewpoint - The construction of China's first national offshore wind power research and testing base in Fujian is a significant step towards advancing the offshore wind power industry, enhancing technological innovation, and integrating the industry chain [1][2]. Group 1: Offshore Wind Power Research Base - The offshore wind power research and testing base in Fujian is a major project under the national "14th Five-Year Plan," capable of testing the world's largest capacity wind turbines and longest blades [1]. - The base will facilitate research on large-capacity offshore wind turbine equipment and grid-friendly wind power integration technologies, contributing to international cutting-edge technology research [1]. Group 2: Industry Development and Innovation - The establishment of the offshore wind power testing base will provide comprehensive services for equipment manufacturers, research institutions, and operators, promoting a complete industrial ecosystem and accelerating product development [2]. - Fujian has a theoretical offshore wind power potential exceeding 120 million kilowatts, with installed capacity reaching 3.818 million kilowatts by the end of 2024, and has maintained the highest wind power utilization hours in the country for 12 consecutive years [1]. Group 3: Clean Energy Transition - The State Grid Fujian Electric Power Company has proposed a high-quality development blueprint focusing on clean energy, aiming to lead in clean development, safety, stability, and efficiency [2]. - In 2024, clean energy generation capacity and generation volume in Fujian are projected to account for 65.5% and 52.7% respectively [6].

Group 1 - Recent US-China trade talks have led to a significant increase in container shipping bookings, with a nearly 300% rise in bookings for containers shipped from China to the US after tariff reductions [1] - The average booking volume for standard containers surged from 5,709 to 21,500 within a week, indicating a strong demand in the shipping market [1] - CIMC (China International Marine Containers Group) expressed optimism about the market, preparing for external fluctuations and anticipating a positive impact on new order volumes due to increased exports [1][2] Group 2 - CIMC's revenue for 2024 is projected to reach a record high of 177.664 billion yuan, representing a year-on-year growth of 39.01%, with net profit increasing by 605.60% to 2.972 billion yuan [2] - In Q1 2025, CIMC achieved a revenue of 36.026 billion yuan and a net profit of 544 million yuan, continuing the trend of year-on-year growth [2] - The company's container business, particularly in refrigerated and special containers, has shown growth, while the marine engineering segment has also performed well, with revenue of 16.556 billion yuan and a net profit turnaround to 224 million yuan [2][3] Group 3 - CIMC's marine engineering division has made significant advancements, with the capability to construct FPSOs valued over 4 billion USD, holding orders worth approximately 6.3 billion USD, sufficient for two to three years of production [3] - The company plans to focus on high-end marine engineering fields in the future, indicating a strategic direction for growth in this sector [3]

Core Viewpoint - The integration and high-quality development of the Qiongzhou Strait is crucial for the connection between Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its strategic importance in the coming years [2][9]. Group 1: Transportation Integration - The Qiongzhou Strait is under increasing pressure for passenger and cargo transport, with normal years seeing over 14 million passengers and over 5 million vehicles, necessitating the establishment of a unified port asset operation platform to improve efficiency [3][4]. - The goal is to achieve "five unifications" (planning, construction, operation, management, and standards) to optimize the functional division of ports like Xiuying Port, New Port, and Xuwen Port within 1-2 years [3][4]. Group 2: Infrastructure Development - A "half-hour transportation circle" will be developed through three major projects: upgrading ferry services, implementing multi-modal transport options, and constructing smart ports using 5G and IoT technologies to enhance efficiency [4][5]. - The establishment of a "Qiong-Greater Bay Area Combined Port" will facilitate integrated customs clearance and improve international competitiveness through the development of a bonded logistics center [5][6]. Group 3: Industrial Integration - Industrial integration is key to the high-quality development of the Qiongzhou Strait, with a focus on logistics cost reduction and the establishment of a material reserve center to support emergency supplies [6][7]. - Collaborative development of industries such as marine economy, offshore wind power, digital economy, and green energy will be prioritized to enhance regional cooperation [6][7]. Group 4: Management Integration - Addressing cross-administrative coordination challenges is essential, requiring the establishment of a management mechanism that promotes policy collaboration, shared benefits, and talent exchange [8][9]. - A high-level coordination mechanism and a balanced interest distribution system will be implemented to encourage participation from local governments and ensure effective policy execution [8][9].

Core Viewpoint - The company held its 2024 annual performance briefing, highlighting strong investor engagement and a positive outlook for future growth despite recent challenges in stock performance [1][5]. Group 1: Financial Performance - The company reported a net profit of 484.97 million yuan for 2024, representing a year-on-year increase of 775.84% [6]. - The company plans to maintain steady growth in 2025, with confidence in securing more orders to support revenue stability [11][13]. Group 2: Market Expansion and Strategy - The company has established sales and after-sales service networks in various regions, including Southeast Asia, South Asia, the Middle East, Europe, Australia, Latin America, and Africa, to enhance its high-end equipment business [4][6]. - The company’s foreign sales accounted for 80.44% of total sales in 2024, indicating a strong international market presence [6]. Group 3: Product Development and Innovation - The company is actively exploring the application of artificial intelligence and smart technologies in its products, particularly in port lifting equipment, to improve operational efficiency [38]. - The company is expanding its offshore wind power equipment business, which accounted for approximately 5% of revenue in 2024, and is optimistic about future project opportunities in overseas markets [38]. Group 4: Corporate Governance and Shareholder Engagement - The company emphasizes the importance of market expansion and technological innovation, with plans for ongoing capital management to support these initiatives [7][8]. - The company is committed to transparent communication with shareholders regarding performance and market strategies, despite concerns about stock price fluctuations [5][7].

和信会计师事务所（特殊普通合伙） 关于《关于青岛天能重工股份有限公司申请 向特定对象发行股票的审核问询函》的会计师意见 和信综字（2023）第 000004 号 ㎜ 和信会计师事务所（特殊普通合伙） 1 关于《关于青岛天能重工股份有限公司申请 向特定对象发行股票的审核问询函》的会计师意见 和信综字(2023)第 000004 号 深圳证券交易所: 贵所出具的《关于青岛天能重工股份有限公司申请向特定对象发行股票的审核 间询函》(审核函〔2022〕020265 号)(以下简称"审核问询函")已收悉。根据贵 所《审核问询函》的要求,和信会计师事务所(特殊普通合伙)(以下简称"发行人 会计师"或"会计师"对《审核问询函》的有关事项进行了认真核查与落实,现就 相关问题做以下回复说明。 问题 1 发行人本次拟募集资金不超过 150,000 万元,扣除发行费用后用于天能重工武 川 150MW 风电项目(以下简称项目一)、江苏天能海洋重工有限公司海上风电装备制 造生产线技改项目（以下简称项目二）、海上风电装备制造生产线技改项目（以下简 称项目三)、吉林天能塔筒制造生产线技改项目(以下简称项目四)和补充流动资金。 目前公司持有 ...