证券代码： 002531 证券简称：天顺风能 天顺风能(苏州)股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他：电话会议 参与单位名称及 人员姓名 参会人员名单见后续附表 时间 2025 年 08 月 22 日(周五) 上午 9:00-10:00 地点 电话会议 上市公司接待人 员姓名 1、董事会秘书 朱彬； 2、投资者关系总监 邓子龙； 交流内容及具体 问答记录 一、公司经营情况介绍 2025 年上半年，天顺风能坚定推进"新能源装备制造+零碳 实业发展"双轮驱动战略，持续深化战略转型与全球化布局。 海工装备制造板块优化全球产能布局，广东阳江基地进入投 产冲刺阶段，射阳二期扩建启动，德国基地建设稳步推进，面向 "国内 + 海外"多元市场形成协同业务体系，依托通州湾基地 拓展高附加值海工业务；零碳实业板块在风电资源开发等方面取 得阶段性进展，在建项目按计划推进，绿电交易探索取得进展， 自营电站并网容量的增长也提升了财务韧性。展望下半年，公司 将坚持"制造 + 服务 ...

以下文章来源于科创板日报 ，作者牛占林 科创板日报 . 科创圈都在关注的新型主流媒体，上海报业集团主管主办，界面财联社出品。 当地时间周三，美国总统特朗普表示，他的政府将不会批准光伏或风力发电项目，即便在那些电力供应不足的地区。 特朗普当天在Truth Social平台发文称："我们不会再批准破坏农田的风电或光伏项目。美国的愚蠢时代已经结束！"他此前也数次表态，任 期内不会批准风电或光伏项目。 此番表态之前，联邦政府已于上月收紧可再生能源的联邦许可流程。目前，所有审批权被收归内政部长道格·伯格姆办公室。 特朗普将美国电价上涨归咎于可再生能源。他指出，随着燃煤电厂等传统机组不断退役，而数据中心及其他行业的用电需求快速增长，美国 最大电网运营商PJM Interconnection出现供需紧张，推动电价上涨。 在上月举行的一次容量拍卖中，PJM新发电力容量的价格同比上涨了22%。PJM电网覆盖美国中西部和南部的13个州，PJM通过年度容量 拍卖设定电价，电力供应商通过竞标来满足该地区预期需求。 但根据劳伦斯伯克利国家实验室的数据，能够最快缓解供需缺口的，恰恰是光伏与电池储能项目，这两类项目几乎占据了电网排队并网项 ...

人民财讯8月15日电，据电气风电消息，近日，电气风电中标波斯尼亚和黑塞哥维那(简称"波黑")佳乐 契齐29.9MW风电项目、奥乐库克90MW风电项目。 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The domestic large storage enterprises are consolidating their global market position, with the launch of bidding for Shandong Document No. 136 [1] - The wind power index increased by 2.89%, outperforming the CSI 300 index by 1.66 percentage points [4][11] - The overall price-to-earnings ratio (PE TTM) for the wind power index is currently 21.24 times [4][11] Summary by Sections Wind Power - The U.S. has paused all new offshore wind power project developments, affecting over 3.5 million acres of previously designated areas [5][10] - The GWEC predicts a 48% reduction in the forecast for new offshore wind installations in the U.S. from 2025 to 2029, now estimated at 5.8 GW [5][10] - Domestic demand for wind power remains high, improving overall supply-demand conditions and corporate profitability [6] Solar Power - The Shandong Development and Reform Commission has initiated bidding for new energy pricing mechanisms, with a total scale of 9.467 billion kWh for wind and solar projects [5][6] - The solar power segment's overall PE ratio is approximately 34.33 times [4] Energy Storage & Hydrogen - Tesla leads the global battery energy storage system integrators with a 15% market share, followed closely by Sungrow with 14% [6] - The report highlights the growing competitiveness of Chinese enterprises in the global energy storage market [6] - Investment opportunities are identified in overseas non-U.S. large storage markets, particularly for companies like Sungrow and Haibo [6] Investment Recommendations - For wind power, focus on domestic demand growth and potential breakthroughs in offshore wind technology, recommending companies like Mingyang Smart Energy and Goldwind [6] - In solar power, structural opportunities are suggested, with recommended stocks including Dier Laser and LONGi Green Energy [6] - For energy storage, companies with strong global competitiveness and low valuations are recommended, such as Sungrow and Haibo [6] - In hydrogen, companies involved in green hydrogen project investments are highlighted, with a focus on Jidian [6]

Group 1 - The meeting focuses on energy issues, marking the first significant international gathering since the trade war initiated by the Trump administration, highlighting the importance of communication among nations [3] - China's absence from the meeting is significant, as it is a leading player in green energy, and experts suggest this refusal is a strong stance against U.S. hegemony related to recent tariff policies [3][19] - The global energy landscape is undergoing dramatic changes, with renewable energy investments surpassing fossil fuels for the first time in 2022, although oil and gas still account for 55% of global energy consumption [6] Group 2 - The guest list for the summit is notable, with over 75 countries invited but only about 60 confirming attendance, including major oil-producing nations like Saudi Arabia, Qatar, and the UAE, while Russia is excluded [6][10] - Despite claims of investing in renewable energy, countries like Saudi Arabia still rely heavily on oil exports for their revenue, indicating a complex relationship with climate issues [8][10] - The absence of vulnerable African nations from the summit raises concerns, as these countries bear the brunt of climate change impacts despite having minimal carbon emissions [12] Group 3 - The U.S. delegation includes an official who publicly questions climate science, reflecting a strategy to promote American oil and gas resources while delaying global energy transition efforts [15][17] - The U.S. has become the largest oil producer globally, with a daily output of 11.8 million barrels in 2022, driven by relaxed regulations and tax incentives for oil and gas companies [17] - China's rapid growth in clean energy sectors, holding over 60% of global clean energy equipment production, positions it as a key player in the energy transition, despite its absence from the summit [19] Group 4 - The international community's reaction to the U.S. strategy includes criticism from environmental groups and growing dissatisfaction among developing countries regarding Western climate policies [22] - The ambiguous stance of oil-producing nations like Saudi Arabia reflects a reluctance to abandon traditional energy revenues while also seeking opportunities in the renewable sector [24] - The complex dynamics between Western nations and China in energy cooperation reveal a contradiction where countries seek benefits while publicly opposing China's influence [24] Group 5 - Climate change is a shared challenge, and the success of energy transition relies on technology sharing, financial support, and inclusive policies, emphasizing the need for developed nations to stop politicizing climate issues [26]

第九届董事会第三十三次会议 决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 1.吉林电力股份有限公司第九届董事会第三十三次会议通知于2025年7月27日以电子邮件、书面送达等 方式发出。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000875 证券简称：吉电股份 公告编号：2025-055 吉林电力股份有限公司 2.2025年8月7日，公司第九届董事会第三十三次会议以通讯方式召开。 3.公司应参会董事8人，实参会董事8人。 4.本次会议的召开符合《公司法》及公司《章程》的规定。 二、董事会会议审议情况 审议《关于不再投资建设河北省张家口市怀安县200兆瓦风光储一体化项目的议案》 会议以8票赞同、0票反对、0票弃权，通过了《关于不再投资建设河北省张家口市怀安县200兆瓦风光储 一体化项目的议案》，同意公司出资企业不再投资建设河北省张家口市怀安县200兆瓦风光储一体化项 目。受市场影响，项目资本金收益率存在无法满足公司收益率的风险。不再投资建设该项目对公司当期 损益无影响。 河北省张家口市怀安县200兆瓦风光储一 ...

Core Viewpoint - The Trump administration has canceled the Lava Ridge wind project, citing significant legal flaws and violations of statutory review procedures [1][2]. Group 1: Project Details - The Lava Ridge wind project was planned to install 231 wind turbines with a total capacity of 1000 megawatts, covering nearly 57,000 acres in southern Idaho [2]. - The project faced criticism from Interior Secretary Bernhardt, who stated it posed risks to rural communities [2]. Group 2: Government Actions - On his first day in office, Trump signed an executive order to suspend the wind project and called for a reevaluation [2]. - The Idaho Attorney General highlighted concerns regarding low-altitude flight safety and noted that most of the generated electricity would be sent to California rather than used locally [2].

Core Viewpoint - The company, Yueda Investment, is leading the transformation of state-owned enterprises through a "two new and one smart" development model, focusing on new energy, new materials, and intelligent upgrades, capitalizing on the opportunities presented by the "dual carbon" strategy and the acceleration of market-oriented reforms in the new energy sector [1][5]. Group 1: New Energy Business - Yueda Investment is well-prepared to capitalize on the new energy market, with the city of Yancheng projected to have 61% of its electricity from new energy sources by 2024, and a complete photovoltaic industry chain exceeding 90% [2]. - The company has successfully connected its first 378MW fish-solar complementary photovoltaic project to the grid in 2024, with plans for a 150MW project to be fully operational by August 2025 [2]. - The gross profit margin for the company's new energy power and heat sales business is 46.37%, significantly higher than traditional business margins, with a target of achieving 1-2GW of cumulative installed capacity over the next three years [2]. Group 2: Business Synergy - The company's growth is supported by the synergy between its traditional, new energy, and investment businesses, creating a unique competitive advantage [3]. - In addition to photovoltaic projects, Yueda Investment is expanding in wind and energy storage, with projects like the 49MW wind power project and a 160MW/320MWh shared energy storage project in collaboration with state-owned enterprises [3]. - The traditional textile business has seen significant improvements through digital transformation, with green product sales increasing by 66.8% for functional yarns and 59.9% for green cotton products in 2024 [3]. Group 3: Market Expansion and Investment - The company is extending its specialized vehicle business into the sanitation service sector, with 20 operational projects and a contract value of 250 million yuan in 2024 [4]. - Yueda Investment is actively developing its tractor business, with 17 new overseas dealers and a target of exporting 1,320 units in 2024 [4]. - The investment business is stable, with projected investment income and cash dividends exceeding 100 million yuan in 2024, contributing to the overall financial health of the company [4]. Group 4: Future Outlook - The collaboration between local government, state-owned enterprises, and listed companies enhances Yueda Investment's competitiveness in the new energy sector [5]. - The company is transitioning from a traditional industrial operator to a "green sustainable development company," leveraging Yancheng's complete new energy industry chain to drive growth in the dual carbon era [5].

Group 1 - Company plans to invest approximately 5.712 billion yuan in a 1.3 million kilowatt wind power project in Xinjiang Tacheng [1] - The project will be developed by a subsidiary, Ementata Wind New Energy Co., with a total investment of about 3.531 billion yuan for the first phase of 750,000 kilowatts [1] - The funding structure includes approximately 1.142 billion yuan from self-raised funds and about 4.569 billion yuan from loans [1] Group 2 - China Shipbuilding Technology is a listed company under China Shipbuilding Group, focusing on the wind power industry [2] - The company has developed a "investment-construction-operation-transfer" model, enhancing its competitive edge in the wind power sector [2] - In 2024, the company secured development indicators for 4.0685 million kilowatts of power stations and commenced construction on 1.214 million kilowatts [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 0.61 per share, indicating a potential upside of 47% from the current price of HKD 0.415 [6][12]. Core Insights - The company reported a revenue of HKD 1.4 billion for the first half of 2025, a decrease of 6.6% year-on-year, and a profit of HKD 282 million, down 43.8% year-on-year, primarily due to declining resource availability, lower comprehensive electricity prices, and power restrictions [3][9]. - The company has expanded its project portfolio, adding 191 MW of new capacity in the first half of 2025, with a total installed capacity of 4,778 MW, representing an 18% increase year-on-year [4][10]. - Financing costs have decreased, with an average financing cost of 3.15% and a comprehensive financing rate of 3.63%, both at historical lows, enhancing the company's long-term investment appeal [5][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a profit of HKD 282 million, with basic earnings per share of 3.58 cents. The average utilization hours for wind farms decreased by 6.4% to 1,142 hours, and the average comprehensive electricity price fell by 1.85 cents to HKD 0.3653 per kWh [3][9]. Project Development - The company has successfully secured new projects, including 600 MW of wind power in China and additional solar and energy storage projects outside China, maintaining a focus on high-quality project development with an internal rate of return (IRR) above 8% [4][10]. Valuation Metrics - As of June 30, 2025, the company's net assets stood at HKD 8.9 billion, with a book value per share of HKD 1.11. The current price-to-book (PB) ratio is 0.34, and the projected dividend yield for 2025 is approximately 9.64% [5][11].