7月份，风电上市公司陆续发布上半年业绩预告，行业分化现象显著。[1]在已发布预告的20家上市企业中，17家净利润实现正增长，但3家陷入亏损。[1]零部件企业表现突出，而整机商和开发商则普遍承压。[1]
零部件领域利润大幅攀升。振江股份预计上半年净利润为1.4亿至1.8亿元，同比增长792%至1047%。[1]另一家零部件企业亨通光电的净利润预计在30.16亿至35.68亿元，同比增长87%至121%。[1]与此形成鲜明对比，整机商中船科技预计上半年亏损5.1亿元，虽较去年同期的5.74亿元亏损有所收窄，但仍处于亏损状态。[1]风电开发商三峡能源上半年净利润预计为10.45亿至12.95亿元，同比大幅下滑66%至73%。[1]
这一分化格局背后反映了行业结构性压力。陆上风机中标价格从2024年初每千瓦2000元以上急剧下跌至2025年底的1500元左右，[1]开发商面临电价下行与风资源下降的双重挤压。[1]上半年风电新增装机38.62GW，同比下降约24.8%。[1]
Wind power sector listed companies unveiled their first-half earnings forecasts in July, revealing a sharply divided industry landscape.[1] Component manufacturers demonstrated exceptional growth, with Zhenjiang Stock projecting net profits of 1.4 to 1.8 billion yuan for the first half, representing a surge of 792% to 1047% year-over-year.[1] In stark contrast, turbine manufacturers and power developers faced significant challenges, with China State Shipbuilding Science and Technology forecasting a loss of 510 million yuan, though this represented an improvement from the prior year's loss of 574 million yuan.[1]
Among the 20 listed enterprises that had released performance guidance by that time, 17 reported positive net profit growth while 3 posted negative results.[1] The divergence stemmed from deteriorating market conditions: onshore wind turbine bid prices plummeted from above 2,000 yuan per kilowatt in early 2024 to approximately 1,500 yuan per kilowatt by end-2025.[1] First-half new wind power capacity additions reached 38.62 GW, down roughly 24.8% from the same period last year.[1]
Power developers bore the brunt of industry headwinds. Three Gorges Energy anticipated first-half net profits of 1.045 to 1.295 billion yuan, representing a 66% to 73% decline year-over-year.[1] Meanwhile, cable and optical fiber companies benefited from industry recovery: Hengtong Optic-Electric projected first-half net profits between 3.016 and 3.568 billion yuan, up 87% to 121% year-over-year.[1] Despite near-term weakness, the sector retained longer-term development momentum, with approved new wind power projects reaching 83.45 GW in the first half, up 5.6% year-over-year.[1]
