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
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