依托技术积累，明阳智能目前已完成最大至25MW全功率产品谱系布局，海上产品线形成10-25MW大容 量机组梯队，同时构建起5.5MW、7.25MW以及16.6MW漂浮式风机技术创新体系。 今年上半年，明阳智能实现风机对外销售8.10GW；风机新增订单13.39Gw，其中，新签海外风机订单 约1.7GW。截至今年6月底，公司风机在手订单约46.4GW，海外风机在手订单达5GW。 从地区盈利表现看，明阳智能海外市场已与国内基本持平。上半年，其国内收入为167.76亿元，占比 97.86%，毛利率12.11%；海外收入为3.67亿元，规模相对较小，毛利率12.37%。 明阳智能表示，本次投资可以将公司的海上风电技术引入北海区域，有助于加速漂浮式风电技术的商业 化进程。此外，海外市场潜力巨大，走向海外寻求新的业务增长点是公司积极推进国际化战略的重要一 步。 从政策层面来看，当前正值英国能源转型的战略窗口期。今年7月，英国发布《清洁能源产业部门计 划》，提出到2035年实现清洁能源年度投资翻番的目标，并明确将海上风电作为核心支柱产业，计划投 入巨资推动漂浮式风电等前沿技术商业化。 而明阳智能在陆上与海上风电领域具有领先 ...

Core Viewpoint - The report highlights the strong performance and growth of Ming Yang Smart Energy Group in the renewable energy sector, particularly in wind power, driven by technological innovation and strategic market expansion [2][3]. Company Overview and Key Financial Indicators - Ming Yang Smart Energy Group, also known as Ming Yang Intelligent, reported a revenue of approximately 17.14 billion yuan for the first half of 2025, representing a 45.33% increase compared to the same period last year [2]. - The total profit for the period was approximately 659.39 million yuan, a decrease of 7.66% year-on-year, while the net profit attributable to shareholders was approximately 609.93 million yuan, down 7.68% from the previous year [2]. - The company's total assets increased by 4.64% to approximately 90.82 billion yuan, while the net assets attributable to shareholders slightly decreased by 0.09% [2]. Industry and Business Analysis - The renewable energy sector, particularly in China, is experiencing rapid growth, with a 99.3% year-on-year increase in new renewable energy installations in the first half of 2025, reaching 268 million kilowatts [3][4]. - Wind power capacity reached 570 million kilowatts, marking a 22.7% increase, indicating a significant shift towards green energy and a low-carbon economy [3][4]. - The company is focusing on offshore wind power development, with a strategic push towards deep-sea projects, which are expected to dominate future growth in the sector [6][7]. Technological Innovation and Product Development - Ming Yang has developed a range of wind turbines tailored for various environmental conditions, including the MySE series, which covers capacities from 2.5 to 25 MW [10][11]. - The company is a pioneer in floating wind turbine technology, with the MySE 16.6 MW platform being the largest of its kind globally, showcasing significant advancements in offshore wind energy [7][21]. - Continuous investment in R&D has led to breakthroughs in turbine design, enhancing efficiency and reliability, which positions the company as a leader in the wind energy market [18][22]. Market Strategy and Future Outlook - The company is implementing a "rolling development" model for renewable energy projects, which allows for efficient capital management and project turnover [12][15]. - Ming Yang is expanding its market presence internationally, leveraging partnerships and establishing production bases abroad to enhance its global footprint [9][10]. - The focus on integrated solutions, including the "wind-solar-storage-hydrogen" strategy, aims to create a comprehensive energy ecosystem that meets diverse market needs [15][21].