Financial Performance - The group's revenue for the first three quarters of 2025 reached 3.72 billion CNY, a year-on-year increase of 4.56% [1] - The net profit attributable to shareholders was 69.71 million CNY, a year-on-year decrease of 76.1% [1] - In Q3 2025, revenue was 1.53 billion CNY, with a net profit of 15.88 million CNY [1] Business Segment Performance - Revenue from the offshore engineering equipment segment was 870 million CNY [1] - Revenue from the onshore wind energy equipment segment was 1.73 billion CNY [1] - Revenue from the power generation segment was 960 million CNY [1] Challenges and Strategic Moves - The decline in Q3 net profit was attributed to high credit impairment due to delayed accounts receivable and lower wind volumes affecting overall revenue and profit [1] - A strategic investor will be introduced at the subsidiary level by December 2024, resulting in an estimated minority shareholder loss of over 70 million CNY this year [1] Project Developments - The 200MW project in Puyang, Henan, was fully connected to the grid by the end of September [1] - The company currently operates approximately 1.8GW of power stations and has 500MW of projects under construction [1] - New project indicators are primarily concentrated in Hubei and Guangxi provinces [1] Market Outlook and Strategy - The offshore wind market in southern China, particularly in Guangdong, is expected to have a potential scale of nearly 15GW over the next three years [2] - The company aims to focus on high-quality development in offshore business, which is projected to significantly enhance profit margins compared to other segments [2] - Long-term goals include operating 3-5GW of wind power stations and optimizing asset structure through securitization [2][3] European Market Insights - The company is optimistic about the European offshore wind market, despite potential local production barriers and tariffs [2][3] - Historical trends suggest that reasonable local industry protection is likely, but challenges such as coastline and labor shortages may mitigate immediate risks [2][3] Future Development Plans - The company plans to become a leading player in the offshore wind sector within the next decade [3] - Immediate goals include accelerating strategic transformation and expanding offshore business through market engagement and order acquisition [3]