Company Overview - Changshu Windfan Electric Power Equipment Co., Ltd. is located in Jiangsu Province and was established on July 15, 1993, with its listing date on January 18, 2011 [2] - The company primarily engages in the research, production, and sales of various products related to ultra-high voltage transmission lines, including angle towers, steel pipe towers, and various steel structures [2] Financial Performance - For the first half of 2025, the company reported operating revenue of 1.311 billion yuan, a year-on-year decrease of 29.40% [2] - The net profit attributable to shareholders was 8.9076 million yuan, reflecting a significant year-on-year decline of 89.05% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 60,500, a decrease of 1.02% compared to the previous period [2] - The average circulating shares per person increased by 1.03% to 18,884 shares [2] Dividend Distribution - Since its A-share listing, the company has distributed a total of 1.489 billion yuan in dividends, with 90.8435 million yuan distributed over the past three years [3] Market Activity - On September 24, the company's stock price fell by 0.65%, with a trading volume of 57.8405 million yuan [1] - The financing buy-in amount for the company on the same day was 6.6183 million yuan, while the financing repayment was 20.7173 million yuan, resulting in a net financing outflow of 14.099 million yuan [1] - The total margin trading balance as of September 24 was 124 million yuan, accounting for 2.37% of the circulating market value, which is below the 10% percentile level over the past year [1] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 6.4636 million shares, a decrease of 3.401 million shares from the previous period [3] Margin Trading - On September 24, the company had a margin trading balance of 90,900 yuan, with a short selling volume of 100 shares and a short selling amount of 457 yuan [1] - The short selling balance was 19,900 shares, which is below the 30% percentile level over the past year [1]

Core Viewpoint - The company is focusing on stabilizing its domestic market while actively expanding its overseas business, particularly in the overseas tower market and developing distributed power stations and energy storage businesses [2] Group 1: Financial Performance - In 2024, the company achieved an operating income of 3.227 billion yuan, a year-on-year decrease of 5.76%, while the net profit attributable to shareholders reached 91.29 million yuan, a year-on-year increase of 32.77% [2] - The decline in operating income was primarily due to the adverse environment in the photovoltaic industry, while the net profit growth was mainly attributed to performance compensation received from Suzhou Jingying Photovoltaic Technology Co., Ltd. [2] Group 2: Product Revenue Structure - In 2024, the industrial products segment generated an operating income of 2.882 billion yuan, accounting for 98.03% of the main business revenue [3] - Revenue from angle steel towers, square welded pipes, and monocrystalline battery cells was 1.252 billion yuan, 518 million yuan, and 439 million yuan, reflecting year-on-year growth of 4.57%, 4.67%, and 68.45% respectively [3] - Revenue from steel pipe towers and straight seam welded pipes was 544 million yuan and 129 million yuan, showing year-on-year declines of 26.82% and 37.04% respectively [3] Group 3: Market Expansion and Orders - The company reported continuous growth in orders for its tower segment and steady progress in its photovoltaic segment [4] - In the domestic market, the company is deepening its engagement with State Grid Corporation of China, China Southern Power Grid, and local grid companies [4] - In the overseas market, the company signed three EPC contracts and four indirect export tower supply projects, along with six direct export tower supply projects [4] Group 4: Strategic Initiatives - The company is implementing a diversified strategy in its photovoltaic business, focusing on silicon wafer manufacturing while expanding into battery cell and module OEM businesses [5] - The company’s R&D expenses reached 112 million yuan in 2024, a year-on-year increase of 57.64%, with nearly a hundred authorized patents obtained by Jingying Photovoltaic and its subsidiaries [5] - Future plans include enhancing collaboration with partners in the transmission and transformation tower business, expanding overseas business networks, and increasing R&D investment to launch high-performance products [5]