★ 宏观动态 ★ 工信部等七部门：加强新型信息基础设施建设，按需布局算力基础设施，加速算力与行业融合应用 墨西哥终止对华风塔征收反倾销税 据中国贸易救济信息网，2025年10月3日，墨西哥经济部发布公告称，鉴于未收到墨西哥生产商对中国风塔 （西班牙语：torres de viento）提起反倾销日落复审调查申请，决定自2025年10月6日起终止对原产于中国风塔 的反倾销税。涉案产品的TIGIE税号为8502.31.01。公告自发布次日起生效。 2019年4月16日，墨西哥对原产于中国的风塔启动反倾销调查。2020年10月5日，墨西哥对该案作出肯定性终 裁，对涉案产品征收21%的反倾销税。 乘联分会：初步统计全国乘用车市场零售223.9万辆，同比增长6% 10月11日，乘联分会发布数据显示，初步统计：9月1—30日，全国乘用车市场零售223.9万辆，同比去年9月增 长6%，较上月增长11%；今年以来累计零售1,700.4万辆，同比增长9%。9月1—30日，全国乘用车厂商批发 277.0万辆，同比去年9月增长11%，较上月增长12%；今年以来累计批发2,081.2万辆，同比增长13%。 浙江全面推行中小学春秋假制 ...

Group 1 - The first batch of large offshore engineering heavy items from Jiangsu Tianeng Marine Heavy Industry Co., Ltd. has been exported to the Middle East, contributing to the "Belt and Road" initiative [1] - The project involves a 73-meter long, 3-meter diameter, and 350-ton oil and gas pipe pile, showcasing high standards in non-destructive testing and welding quality with a qualification rate of over 99.9% [1] - The company utilizes advanced automated welding equipment and plate rolling machines to meet high precision requirements for the products [1] Group 2 - The second phase expansion project of Jiangsu Tianeng Marine Heavy Industry was completed in June, with a total investment exceeding 1 billion yuan, focusing on manufacturing technology for 15-meter diameter single piles and super-large guide frames [2] - The annual output value after production is expected to exceed 2 billion yuan, providing strong capacity support for the company's expansion into overseas markets [2] - The Qatar oil and gas pipe pile project consists of seven phases over approximately ten years, with future products including wind towers, single pile structures, and guide frame structures to be shipped globally [2]

Core Viewpoint - The low-carbon industry has become a new engine for implementing the new development concept and promoting the construction of a sustainable economic system, with over 260 listed companies in this sector on the Shenzhen Stock Exchange, totaling a market value of over 7 trillion yuan [1]. Group 1: Company Performance - Among the eight companies, the fastest revenue growth was achieved by Dangsheng Technology, with a revenue of 8.258 billion yuan in 2021, representing a year-on-year increase of 159.41%, and a net profit of 1.091 billion yuan, up 183.45% [2]. - Other notable companies include BWS with nearly 10 billion yuan in revenue and Jidian Co. with revenue exceeding 10 billion yuan [2]. - Both Tienswind Energy and Dangsheng Technology reported net profits exceeding 1 billion yuan [2]. Group 2: Competitive Advantages - Tienswind Energy emphasizes quality and customer-first principles, enhancing cost control and maintaining stable revenue and profitability despite rising raw material prices and declining industry installation volumes [3]. - Dangsheng Technology's products have achieved international leading performance, with sales surpassing 47,000 tons in 2021, and the company is expanding its production capacity and resource layout [3]. - BWS leverages membrane technology to maintain a competitive edge in the water purification sector, actively increasing market share through both online and offline strategies [4]. Group 3: Impact of COVID-19 - Companies are accelerating recovery and maintaining confidence in the low-carbon industry despite the pandemic's impact on production and logistics [5]. - Tienswind Energy's chairman expressed confidence in the wind power industry's growth over the next decade, despite some production disruptions due to COVID-19 [5]. - Dangsheng Technology reported that the pandemic has not significantly affected its production or operations, with over 70% of its sales being international [5].

Core Insights - The article highlights the traditional cooling system known as "wind tower" in Dubai, which effectively reduces indoor temperatures by utilizing natural airflow [1][2] - Wind towers serve not only as a cooling mechanism but also as a symbol of wealth and social status in traditional Emirati architecture [2] Group 1: Wind Tower Functionality - Wind towers attract cool external air and disperse hot indoor air, achieving air circulation and cooling effects [1][2] - The design of wind towers allows them to capture wind from various directions, effectively lowering indoor temperatures by approximately 10 degrees Celsius in hot desert regions [2] Group 2: Cultural and Historical Significance - The presence and height of wind towers in traditional neighborhoods indicate the wealth and social standing of a family, with more towers signifying greater affluence [2] - Wind towers are rooted in the architectural practices of the Persian Empire and have been integrated into modern Emirati buildings, showcasing a blend of traditional wisdom and contemporary sustainable design [2] Group 3: Sustainable Living - Wind towers represent a sustainable cooling solution that does not rely on electricity, providing a model for low-carbon living in hot climates [2] - The use of natural materials like coral stone in construction enhances thermal insulation and contributes to the overall cooling effect of the buildings [3]

Core Viewpoint - TianShun Wind Power plans to acquire a 20% stake in Suzhou TianShun Wind Power Blade Technology Co., Ltd. for 303 million yuan, enhancing its independence and operational efficiency in the wind power industry [1][2]. Company Summary - TianShun Wind Power, established in 2005 and listed in 2010, operates in three main sectors: wind towers, blades, and power generation. The company has six production bases and is a designated supplier for major international wind turbine manufacturers [4]. - As of June 2020, the company reported total assets of 13.626 billion yuan and net assets of 6.176 billion yuan. For the first half of 2020, it achieved revenue of 3.224 billion yuan and a net profit of 543 million yuan, with wind tower revenue contributing 2.132 billion yuan, a year-on-year increase of 13.71% [4][5]. Industry Summary - The wind power industry in China has experienced rapid growth due to favorable government policies, with a significant investment of 85.4 billion yuan in the first half of 2020, representing a year-on-year increase of 152.2% [2]. - The demand for wind energy blades and related components is currently high, driven by the impending end of wind energy subsidies and a rush to install projects before deadlines [2][6]. - The global wind power market is growing at an annual rate of 10%, with offshore wind power becoming the mainstream due to its advantages in capacity and stability [7].

Core Viewpoint - Wu Xiao Group has officially applied for listing on the New Third Board, marking a new attempt to access capital markets after a failed IPO in 2014 [2][7]. Company Overview - Established in 1993, Wu Xiao Group has developed into a large enterprise with 13 subsidiaries across various provinces in China, focusing on the research, production, and sales of transmission line towers, wind towers, and related products [3]. - The company is led by Han Hua, who holds 25.24% of the shares, along with his relatives Han Xiangfeng and Han Yongbo, who also hold 25.24% each [3]. - Financial performance has been strong, with projected revenues of 2.234 billion yuan and 2.358 billion yuan for 2023 and 2024, respectively, and net profits of 65.84 million yuan and 82.18 million yuan [3]. Financial Performance - The net cash flow from operating activities has also shown positive results, amounting to 140 million yuan and 212 million yuan for 2023 and 2024, respectively [5]. Competitive Advantage - The company's core competitiveness in the ultra-high voltage transmission line tower and wind tower sectors, along with regional support from Qingdao, has been crucial for its growth [6]. - Strong partnerships with major domestic companies like State Grid and China Datang Group have facilitated product distribution nationwide [6]. Capital Market Strategy - Wu Xiao Group's previous attempt to go public in 2014 ended with a withdrawal due to increased opportunity costs and stringent reviews [7]. - The decision to apply for the New Third Board in June 2023 represents a strategic shift towards a more accessible capital path [8][10]. Future Prospects - Listing on the New Third Board offers lower entry barriers and costs, providing an opportunity for the company to enhance its core competitiveness through smart transformation [10]. - The New Third Board also allows for potential future transitions to higher-tier markets like the Growth Enterprise Market or the Small and Medium Enterprise Board, depending on performance [10].

Core Viewpoint - Wu Xiao Group has demonstrated strong performance and rapid growth in recent years, officially applying for listing on the New Third Board [1] Group 1: Company Overview - Wu Xiao Group, established in March 1998, has a registered capital of 150 million yuan and is located in Jiaozhou, Qingdao [2] - The company specializes in the research, production, and sales of transmission line towers, wind towers, steel structures, and related products [2] - Wu Xiao Group has established strong competitive advantages in the ultra-high voltage transmission line tower and wind tower sectors, collaborating with major domestic enterprises [4] Group 2: Financial Performance - The company achieved operating revenues of 2.234 billion yuan and 2.358 billion yuan for 2023 and 2024, respectively [6] - The net profit attributable to shareholders for the same years was 65.84 million yuan and 82.18 million yuan [6] - The comprehensive gross profit margins were 12.15% and 13.66% for 2023 and 2024, respectively [6] - The net cash flow from operating activities was 140 million yuan and 212 million yuan for 2023 and 2024 [6] Group 3: Inventory and Receivables - The company's inventory value at the end of 2023 and 2024 was 596 million yuan and 1.096 billion yuan, accounting for 22.86% and 32.63% of total assets, respectively [7] - Accounts receivable balances were 614 million yuan and 736 million yuan at the end of 2023 and 2024 [7] - The company emphasizes strict management of accounts receivable to mitigate risks associated with customer creditworthiness [7] Group 4: Shareholding Structure - The shareholding structure indicates that Han Hua, Han Xiangfeng, and Han Yongbo each hold 25.24% of the shares, collectively controlling 94.07% of the company [4]

Financial Data and Key Metrics Changes - The company reported a consolidated adjusted EBITDA growth of 26%, outpacing a 12% revenue growth in the first quarter of 2025, with a margin expansion of 190 basis points [7][10] - The net debt to adjusted EBITDA ratio was maintained at 2.9 times, with expectations to reduce leverage to a target of 2 to 2.5 times over the next twelve months [9][19] Business Line Data and Key Metrics Changes - In the Construction Products segment, revenues increased by 5%, driven by the contribution from the Stabola acquisition, while organic revenues declined by 6% due to lower freight revenues and divestitures [13][14] - The Engineered Structures segment saw a 23% increase in revenues, largely due to higher wind tower volumes and the inorganic impact from the Amaron acquisition [17] - The Transportation Products segment experienced a 6% increase in revenues, with adjusted segment EBITDA increasing by 13% [18] Market Data and Key Metrics Changes - The aggregates business represented 69% of construction materials revenues, with average organic pricing up 7% year-over-year and total pricing up 10% due to the Stabola acquisition [12][14] - The company expects to benefit from continued investment in U.S. infrastructure and a new era of growth in the U.S. power market [10][24] Company Strategy and Development Direction - The company is focused on executing its strategic vision, with a strong emphasis on organic investments and the integration of recent acquisitions [6][11] - The outlook for 2025 remains positive, with anticipated revenue of $2.9 billion, representing a 17% increase, and adjusted EBITDA of $570 million, reflecting a 30% increase [22][24] - The company is committed to maintaining operational excellence and managing costs effectively in a fluid macroeconomic environment [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macroeconomic and policy environments, citing strong demand in most end markets and solid visibility from backlogs [10][11] - The company anticipates a strong second half of 2025, particularly in the construction products segment, driven by the Stabola acquisition and high single-digit organic growth [24][26] Other Important Information - The company reaffirmed its capital expenditure guidance of $145 to $165 million for the full year, with a focus on maintenance CapEx in 2025 [21] - Free cash flow for the quarter was negative $30 million, but management expects improvement in the second half of the year [21] Q&A Session Summary Question: Can you elaborate on the wind tower contribution to sales and profit dollars in the quarter? - Management highlighted strong volume growth in utility structures and noted that the wind tower facilities are performing well, contributing positively to margins [38][40] Question: What are the expectations for the construction products business moving forward? - Management indicated that there are no surprises in the Stabola operations and expressed optimism about demand and orders for the upcoming months [66][70] Question: How are you thinking about pricing versus volume declines in the aggregates business? - The company is focusing on margin rather than volume, with local decision-making to balance cost absorption and pricing strategies [92][93] Question: What is the outlook for the housing market and its impact on the business? - Management expects stabilization and a potential recovery in the housing market in the second half of the year, although it remains cautious about the overall housing demand [106][108]

Financial Data and Key Metrics Changes - For the full year 2024, the company reported revenue of $143 million and adjusted EBITDA of $13.3 million, with fourth quarter revenue of $34 million and adjusted EBITDA of $2.1 million [6][15] - Fourth quarter consolidated revenues decreased by 28% compared to the prior year quarter, primarily due to reduced activity in the wind and oil and gas markets [15][16] - Adjusted EBITDA margin fell to 6.4% due to lower capacity utilization, partially offset by targeted cost reductions [16] Business Line Data and Key Metrics Changes - Heavy Fabrication segment reported fourth quarter orders of $22.4 million, with revenues of $20.4 million, down 31% year-over-year [17][13] - Gearing segment orders increased, with revenue of $7.6 million, a 31% reduction year-over-year, reflecting softness in oil and gas and steel markets [19][13] - Industrial Solutions segment recorded orders of $8 million in the fourth quarter, with full year orders totaling $27 million, both representing record levels for the segment [20][21] Market Data and Key Metrics Changes - Order rates increased by 85% from the fourth quarter of 2023 to $37 million, with broad-based growth across nearly all end markets [7] - Gearing orders nearly doubled year-over-year, driven by demand from industrial and steel markets [8] - Quoting activity remains elevated across all segments, particularly in heavy fabrications and industrial solutions [10] Company Strategy and Development Direction - The company is reallocating production capacity towards stable, recurring project revenue streams across diverse end markets, with notable growth in mining and hydroelectric sectors [26] - Investments in quality certifications and equipment technology are aimed at improving process capabilities and profitability [11][12] - The company is focused on expanding its product mix into higher-margin adjacent markets [9] Management's Comments on Operating Environment and Future Outlook - Management expects wind tower activity to remain muted through 2026, with potential improvement in 2027 [25][41] - The company is optimistic about order growth in non-wind markets, positioning itself for improved manufacturing optimization [35] - Management highlighted a 55% reduction in recordable incident rates, emphasizing a commitment to safety and productivity [34] Other Important Information - The company ended the fourth quarter with approximately $33 million in total cash and availability on its credit facility, reflecting a significant improvement due to reduced operating working capital [22] - Financial guidance for 2025 anticipates revenue in the range of $140 million to $160 million and adjusted EBITDA between $13 million and $15 million [24] Q&A Session Summary Question: Confirmation on wind market expectations - Management confirmed expectations of muted demand in the wind sector through 2026, with some improvement anticipated in 2027 [41][43] Question: Visibility on GE contract work - Management indicated firm visibility on tower production through 2025, with clear indications on orders [43] Question: Order activity and guidance for 2025 - Management noted that Q1 2025 is expected to be softer due to pull-ins from Q4 2024, with a ratable increase throughout the year [46][47] Question: Impact of tariffs on order activity - Management stated that order activity has not been significantly disrupted by tariff-related news, with increased inquiries for onshoring [70][72] Question: Hydro project offerings - Management explained that hydroelectric offerings are expected to provide a repeating revenue stream as infrastructure upgrades occur [78]