Group 1 - The core point of the article is that Tiensun Wind Power (SZ 002531) held its fourth board meeting of the sixth session on October 27, 2025, where it reviewed proposals related to the revision of corporate governance [1] - For the first half of 2025, Tiensun Wind Power's revenue composition was as follows: wind power equipment accounted for 63.07%, power generation accounted for 31.66%, and other businesses accounted for 5.26% [1] - As of the time of reporting, Tiensun Wind Power had a market capitalization of 13.9 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

证券代码：002531 简称：天顺风能 公告编号：2025-066 天顺风能（苏州）股份有限公司 第六届董事会 2025 年第四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 天顺风能（苏州）股份有限公司（"公司"）于2025年10月27日召开了第六 届董事会2025年第四次会议。会议由董事长严俊旭先生召集主持，以现场结合通 讯表决的方式召开。会议通知及相关议案于2025年10月21日通过即时通讯等方式 发送至各位董事，应出席董事7名，实际出席董事7名，全体高管列席。会议的召 集和召开程序符合《公司法》和《公司章程》的规定。 表决结果：7 票赞成，0 票反对，0 票弃权，审议通过了该议案。 具体内容详见公司同日披露于《证券时报》及巨潮资讯网上的《关于计提减 值准备的公告》（公告编号：2025-067）。 2、审议通过了《关于 2025 年第三季度报告的议案》 董事会认为：公司2025年第三季度报告包含的信息公允、全面、真实地反映 了本报告期的财务状况和经营成果等事项，所披露的信息真实、准确、完整，不 存在任何虚假记载、误导 ...

Group 1 - The core point of the article is that Tiensun Wind Power (SZ 002531) announced a provision for asset impairment amounting to 82.2265 million yuan for the period from January to September 2025, which will reduce the company's pre-tax profit by the same amount [1] - For the first half of 2025, the revenue composition of Tiensun Wind Power is as follows: wind power equipment accounts for 63.07%, power generation accounts for 31.66%, and other businesses account for 5.26% [1] - As of the time of reporting, Tiensun Wind Power has a market capitalization of 13.9 billion yuan [1]

天顺风能公告，第三季度营收为15.33亿元，同比增长17.80%；净利润为1588.48万元，同比下降 79.01%。前三季度营收为37.23亿元，同比增长4.56%；净利润为6970.78万元，同比下降76.10%。 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,533,157,636.30, representing a 17.80% increase year-over-year[4]. - Net profit attributable to shareholders decreased by 79.01% to CNY 15,884,761.78 for the same period[4]. - The basic earnings per share fell by 79.10% to CNY 0.0088[4]. - Total operating revenue for the current period reached ¥3,722,586,352.01, an increase of 4.54% compared to ¥3,560,409,562.32 in the previous period[18]. - Net profit for the current period was ¥143,576,550.23, a decrease of 50.73% compared to ¥291,364,339.53 in the previous period[19]. - The total comprehensive income for the current period was ¥169,762,610.14, a decrease of 42.0% compared to ¥292,919,682.48 in the previous period[19]. Assets and Liabilities - Total assets increased by 5.03% to CNY 26,359,144,274.24 compared to the end of the previous year[4]. - The company's total assets as of September 30, 2025, amounted to CNY 26,359,144,274.24, an increase from CNY 25,096,745,413.27 at the beginning of the period[15]. - The total liabilities rose to CNY 16,267,356,172.00 from CNY 15,075,782,348.04, reflecting an increase in both current and non-current liabilities[16]. - The company's long-term borrowings increased to CNY 7,328,841,161.53 from CNY 6,505,319,553.69, indicating a rise in financial leverage[16]. - The total equity attributable to shareholders increased by 0.67% to CNY 8,984,386,865.96 compared to the end of the previous year[4]. - The total equity attributable to shareholders of the parent company increased to ¥8,984,386,865.96 from ¥8,924,430,579.87 in the previous period[17]. Cash Flow - Cash flow from operating activities decreased by 54.02% to CNY 290,354,597.62 year-to-date[4]. - Cash flow from operating activities generated a net amount of ¥290,354,597.62, down 54.0% from ¥631,483,683.23 in the previous period[21]. - The net cash flow from investing activities was -$1.65 billion, compared to -$1.24 billion in the previous period[22]. - The net cash flow from financing activities was $860.51 million, an increase from $478.93 million year-over-year[22]. - Cash and cash equivalents at the end of the period totaled $446.44 million, down from $652.07 million in the previous period[22]. - The company reported a net decrease in cash and cash equivalents of -$496.52 million, compared to -$129.77 million in the previous period[22]. Investments and Projects - The company reported a 431.12% increase in fair value gains year-over-year, attributed to the rise in stock value of Shenzhen Kexin New Materials Co., Ltd.[8]. - The company’s construction in progress increased by 352.76% due to investments in multiple wind power projects[7]. - The net cash outflow from investing activities increased by 33.29%, primarily due to increased investments in power station construction and overseas projects[8]. - The company is currently undergoing asset disposal for its subsidiary, Zhuhai Wind Tower, which is in the liquidation phase but is not expected to have a significant impact on overall performance[12]. - The company has initiated self-liquidation for its subsidiary due to the expiration of its operational period, which is not expected to materially affect the company's financials[12]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 82,497[10]. - The company's equity remained stable with a total capital reserve of CNY 1,462,656,446.50, unchanged from the previous period[16]. Other Financial Metrics - Current assets decreased to CNY 8,964,361,138.50 from CNY 9,424,735,350.03, primarily due to a reduction in cash and cash equivalents[15]. - The inventory balance was CNY 2,538,930,966.65, slightly down from CNY 2,578,473,876.20, indicating effective inventory management[15]. - The accounts receivable increased to CNY 4,433,997,515.10 from CNY 4,544,615,336.15, suggesting a potential challenge in collection[15]. - Research and development expenses were ¥27,733,611.60, down 18.66% from ¥34,125,833.08 in the previous period[18]. - The company reported a loss in investment income of ¥12,604,211.92, an improvement from a loss of ¥15,863,324.67 in the previous period[18]. Accounting and Reporting - The third quarter financial report was not audited[23]. - The company will implement new accounting standards starting from 2025[24].

Core Viewpoint - TianShun Wind Power's stock has experienced fluctuations, with a recent decline of 2.10% and a total market capitalization of 14.249 billion yuan, reflecting mixed investor sentiment and market activity [1]. Financial Performance - For the first half of 2025, TianShun Wind Power reported a revenue of 2.189 billion yuan, a year-on-year decrease of 3.08%, and a net profit attributable to shareholders of 53.823 million yuan, down 75.08% compared to the previous year [2]. - The company has cumulatively distributed 1.426 billion yuan in dividends since its A-share listing, with 171 million yuan distributed over the last three years [3]. Shareholder Structure - As of October 20, 2025, the number of shareholders decreased by 5.45% to 78,000, while the average number of circulating shares per person increased by 5.76% to 22,908 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.5304 million shares, an increase of 3.2915 million shares from the previous period [3].

Market Performance - On October 24, the wind power equipment sector rose by 1.97%, with Daikin Heavy Industries leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Daikin Heavy Industries (002487) closed at 53.50, up 7.02% with a trading volume of 355,500 shares and a transaction value of 1.844 billion [1] - Jinlei Co., Ltd. (300443) closed at 32.46, up 6.08% with a trading volume of 407,300 shares [1] - Feiwo Technology (301232) closed at 43.46, up 5.92% with a trading volume of 106,900 shares [1] - Other notable performers include Taisheng Wind Power (300129) up 5.58% and Rihua Co., Ltd. (603218) up 4.51% [1] Fund Flow Analysis - The wind power equipment sector experienced a net outflow of 78.9747 million from institutional investors, while retail investors saw a net inflow of 100 million [2] - The top stocks by net inflow from retail investors include Jinlong Technology (002202) with 49.4662 million and Taisheng Wind Power (300129) with 69.6989 million [3] - Conversely, Daikin Heavy Industries (002487) saw a net outflow of 37.0152 million from retail investors [3]

Core Viewpoint - TianShun Wind Power's stock has shown a modest increase in price, with a current trading price of 8.07 yuan per share and a market capitalization of 14.501 billion yuan, despite a slight net outflow of funds [1] Financial Performance - For the first half of 2025, TianShun Wind Power reported a revenue of 2.189 billion yuan, representing a year-on-year decrease of 3.08%, while the net profit attributable to shareholders was 53.823 million yuan, down 75.08% year-on-year [2] - The company has cumulatively distributed 1.426 billion yuan in dividends since its A-share listing, with 171 million yuan distributed over the past three years [3] Shareholder Structure - As of October 20, 2025, the number of shareholders for TianShun Wind Power decreased to 78,000, a reduction of 5.45%, while the average circulating shares per person increased by 5.76% to 22,908 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.5304 million shares, an increase of 3.2915 million shares from the previous period [3]

Core Viewpoint - TianShun Wind Power experienced a slight decline in stock price and trading volume, with notable changes in financing and shareholder structure, indicating potential investment opportunities and challenges in the wind energy sector [1][2]. Financing Summary - On October 23, TianShun Wind Power had a financing buy-in amount of 16.12 million yuan, with a net financing outflow of -5.93 million yuan, indicating a higher repayment than new purchases [1]. - The total financing and margin trading balance reached 238 million yuan, with the financing balance at 236 million yuan, representing 1.66% of the circulating market value, which is below the 30th percentile level over the past year [1]. - The company also had a margin trading repayment of 5,800 shares and a margin selling of 1,000 shares, with a margin balance of 1.68 million yuan, also below the 30th percentile level over the past year [1]. Shareholder Structure - As of October 20, the number of shareholders for TianShun Wind Power decreased to 78,000, a reduction of 5.45%, while the average circulating shares per person increased by 5.76% to 22,908 shares [2]. - The company has distributed a total of 1.426 billion yuan in dividends since its A-share listing, with 171 million yuan distributed in the last three years [3]. - Notable changes in institutional holdings include an increase in shares held by Hong Kong Central Clearing Limited and other funds, indicating a shift in investor interest [3].

Core Viewpoint - TianShun Wind Power has experienced a decline in shareholder numbers and stock performance, indicating potential challenges in investor confidence and financial performance [2] Shareholder Information - As of October 20, the number of shareholders for TianShun Wind Power was 77,999, a decrease of 4,496 from the previous period (October 10), representing a decline of 5.45% [2] - This marks the second consecutive period of decline in shareholder numbers [2] Stock Performance - The closing price of TianShun Wind Power on the latest trading day was 7.91 yuan, down 0.13%, with a cumulative decline of 6.61% since the concentration of shares began [2] - The stock experienced 4 days of increases and 5 days of decreases during this period [2] Financing Data - As of October 22, the margin trading balance for the stock was 244 million yuan, with a financing balance of 242 million yuan [2] - The financing balance has decreased by 13.62 million yuan during the current concentration period, reflecting a decline of 5.32% [2] Financial Performance - In the first half of the year, the company reported total operating revenue of 2.189 billion yuan, a year-on-year decrease of 3.08% [2] - The net profit for the same period was 53.823 million yuan, down 75.08% year-on-year, with basic earnings per share of 0.0300 yuan and a weighted average return on equity of 0.60% [2]