Group 1: Company Overview and Financial Performance - The company achieved a wind tower production of approximately 446,900 tons and sales of about 435,100 tons in 2024, with revenue from wind equipment manufacturing reaching 2.631 billion CNY, accounting for 80.38% of total revenue [2] - As of the end of Q1 2025, the company has a backlog of wind product orders totaling 480,900 tons, indicating an increase in order volume and pricing for 2025 [3] Group 2: Capacity Expansion and Production Plans - The second phase of the Jiangsu Yancheng factory's offshore base upgrade and expansion is expected to be completed in 2025, adding an annual capacity of 80,000 tons, focusing on large monopiles, tower tubes, and other offshore products [4] - The company is optimizing its capacity layout by shutting down the Dalian factory to enhance asset efficiency [4] Group 3: Financial Instruments and Credit Ratings - The next period for triggering the downward adjustment of the convertible bond conversion price will restart from August 18, 2025, with the board considering market conditions and operational factors for any potential adjustments [4] - The company's credit rating is AA- with a stable outlook, as confirmed by a report from a credit rating agency [4] Group 4: Renewable Energy Generation Capacity - The company currently holds a total renewable energy generation capacity of approximately 681.3 MW, including 118 MW from grid-connected photovoltaic power stations and 563.3 MW from wind power plants [5] - In 2024, the average utilization hours for power generation were 2,413 hours, resulting in an on-grid electricity output of 1.603 billion kWh and revenue of approximately 600.288 million CNY [5]

Core Viewpoint - The wind tower industry in China is experiencing rapid growth, driven by increasing demand for renewable energy and supportive government policies, with market size projected to reach 290.8 billion yuan by 2025, reflecting a year-on-year increase of 15.58% [1][16][24]. Industry Overview - Wind towers are critical components of wind power systems, designed to support wind turbines and capture wind energy efficiently. They must withstand various environmental factors, necessitating high technical standards in design, manufacturing, and installation [3][10]. - The industry has evolved since the 1980s, with significant growth in the 1990s and ongoing advancements in technology and market demand, particularly in offshore wind energy [5][14]. Market Size and Growth - The market size of China's wind tower industry reached 121.2 billion yuan in 2022 and is expected to grow to 251.6 billion yuan by 2024, with a forecasted market size of 290.8 billion yuan by 2025 [1][16][24]. Policy Support - Recent government policies have bolstered the wind power sector, including initiatives to promote renewable energy projects and accelerate the construction of clean energy bases [7][8][14]. Competitive Landscape - The market is primarily dominated by several leading companies, including Tianjun Wind Energy, Shanghai Taisheng Wind Energy Equipment, and Dajin Heavy Industry, although the overall market remains relatively fragmented [18][20]. Industry Chain - The wind tower industry supply chain includes raw materials like steel and concrete, with manufacturers focusing on high-quality production processes. The downstream application is mainly in the wind power sector, encompassing both onshore and offshore wind energy [10][12]. Development Trends 1. **Market Expansion**: The wind tower market is expected to continue expanding due to rising global demand for renewable energy and advancements in wind technology [24]. 2. **Technological Innovation**: Innovations in tower design and materials are crucial for meeting the demands of larger wind turbines and enhancing energy conversion efficiency [25]. 3. **Internationalization**: Leading domestic companies are increasingly exploring international markets, enhancing their global competitiveness through technology transfer and capacity collaboration [27]. 4. **Environmental Focus**: The industry is shifting towards greener practices, emphasizing sustainable production and compliance with stricter environmental regulations [28].