本报讯(记者李勇)辽宁和展能源（000809）集团股份有限公司(以下简称"和展能源")8月27日晚间披露 2025年半年度报告。上半年，公司实现营业收入1150.97万元，同比增长11.92%；归属于上市公司股东 的净利润亏损3541.58万元，同比大幅减亏。 和展能源近年积极推进向新能源及相关配套业务的转型发展。公司全面聚焦清洁能源项目开发、建设、 运营的全周期业务，并将混塔作为转型的重要发展方向。 混塔业务方面，由于项目所在地均位于北方，三月份开始才具备生产条件，同时由于买方机型调整，要 求的混塔交货时间推迟，上半年生产的25套混塔产品未能按预期实现交付，上半年未实现混塔设备销售 收入。该部分混塔产品预计三季度开始陆续交付。半年报还显示，上半年，和展能源新签混塔销售订单 1.77亿元。 在混塔业务稳步发展的同时，和展能源新能源开发业务也在不断推进。上半年，公司集结专业力量，优 化开发策略，锚定重点区域和领域，重点项目推进攻坚，将传统开发业务、源网荷储一体化业务和创新 业务高效协同，兼顾并进，通过拓展合作渠道，努力挖掘获取传统风光资源的同时，创新合作模式，积 极探索源网荷储一体化业务。报告期内，公司成功收购 ...

电力设备及新能源行业 2025 年 8 月 26 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 | 2025 | 年 | 8 月 | 25 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | 11.62 | | | | 总市值（亿元） | | | 490.95 | | | | AH总股本(亿股) | | | 42.25 | | | | 流通股本(亿股) | | | 33.55 | | | | ROE（TTM） | | | 4.93% | | | | 12月最高价(元) | | | 11.72 | | | | 12月最低价(元) | | | 7.54 | | | 股价走势 资料来源：东莞证券研究所，Wind 买入（维持） 上半年业绩表现亮眼，风机盈利能力改善 公 司 点 评 金风科技（002202）2025 年半年报点评 事件：公司发布了2 ...

Group 1 - The company expects a loss for the first half of 2025, primarily due to delays in the delivery of mixed towers and the ongoing development of its new energy business, which has not yet generated revenue [4][5][6] - The company has produced 25 mixed tower products by June 30, 2025, with deliveries expected to begin in the third quarter [4] - Compared to the same period last year, the company's losses have decreased by 25.75% to 42.67%, attributed to the sale of a poorly performing subsidiary and investment income from idle funds [6][7] Group 2 - The company has provided a guarantee for its wholly-owned subsidiary, Changhe Wind Power Equipment Co., Ltd., for a credit line of up to RMB 80 million from Shanghai Pudong Development Bank [11] - The guarantee amount for a performance bond related to a wind power project is RMB 17.71 million, which is within the approved limit for guarantees [12][20] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is RMB 26.74 million, representing 0.98% of the latest audited net assets [21][22]

Performance Forecast - The company expects a net loss attributable to shareholders of 30.5 to 39.5 million yuan for the first half of 2025, compared to a loss of 53.2 million yuan in the same period of 2024 [1] - The net loss after deducting non-recurring gains and losses is projected to be between 33.5 to 42.5 million yuan, down from a loss of 53.21 million yuan in the previous year [1] - Basic earnings per share are estimated to be a loss of 0.037 to 0.048 yuan per share, compared to a loss of 0.064 yuan per share in the prior year [1] Reasons for Performance Change - The delay in the delivery of mixed tower equipment due to production conditions and buyer model adjustments has resulted in no expected sales revenue from mixed tower equipment, with revenue primarily coming from pre-stressed construction income [1] - The company produced 25 sets of mixed tower products by June 30, 2025, with deliveries expected to begin in the third quarter [1] - The new energy business is still in the development and approval stage, which has not yet generated revenue [1] Asset Disposal Impact - The company completed a significant asset sale of its subsidiary, reducing its stake to 38.68%, which has led to a decrease in losses from the previously underperforming land development business [2] - The company has also generated some investment income from idle funds [2] Disclosure and Reporting - The performance forecast is based on preliminary calculations by the company's finance department, with detailed financial data to be disclosed in the 2025 semi-annual report [2] - The company will adhere to legal and regulatory requirements for timely information disclosure [2]

Group 1: Project and Capacity Expansion - The Jiangsu Phase II factory is expected to be completed by the end of May 2025, increasing annual production capacity by 80,000 tons, focusing on offshore products such as large monopiles, towers, and suction buckets [2] - The company maintains a flexible investment strategy, focusing on high-quality targets that align with its strategic positioning, supported by a robust financial framework [2] Group 2: Financial Performance and Market Outlook - In 2024, the company anticipates improved profits from offshore products, following a low delivery volume of approximately 100,000 tons last year, which was impacted by high fixed costs [3] - The wind power industry is expected to thrive in 2025, with significant projects commencing in coastal provinces like Guangdong and Jiangsu, creating favorable market conditions [3] Group 3: Renewable Energy Development - The company's renewable energy generation capacity currently stands at 681.3 MW, including 118 MW of solar power and 563.3 MW of wind power, with an additional 90 MW under construction [3] - The goal is to achieve full capacity grid connection by 2025, with 80% of power plants currently managed autonomously, aiming for 100% self-operation coverage [3] Group 4: Strategic Initiatives - The company plans to deepen its strategic layout in renewable energy, focusing on "rolling development" and optimizing investment strategies based on market trends and policy guidance [4] - There is an emphasis on exploring differentiated business models in areas such as energy storage, green electricity trading, and integrated energy solutions, aiming to enhance the contribution of this sector to overall revenue [4]