Mingyang Smart Energy (601615)

Equity Research Report | Sector: Wind Turbine OEM | Report Date: September 13, 2026 | Close as of 2026-09-11 (retrieval date approx. 2026-09-12)

This report is automatically compiled and generated by AI based on publicly available information, for reference only and does not constitute investment advice.

I. Core Summary

Mingyang Smart Energy reported revenue of RMB 17.036 billion for H1 2026, down 0.62% year-over-year; net profit attributable to parent of RMB 111 million, down 81.77% year-over-year; and net profit attributable to parent excluding non-recurring items of RMB -40 million, down 108.24% year-over-year, turning from profit to loss, with earnings quality clearly under pressure. The company's revenue is highly concentrated in wind turbines and related components, which generated revenue of RMB 16.05 billion in H1 2026, accounting for 94.20%, with a gross margin of 10.34%; in the same period, domestic revenue was RMB 16.68 billion and overseas revenue was RMB 354 million.

In FY2025, the company achieved revenue of RMB 38.095 billion and net profit attributable to parent of RMB 660 million, up 40.27% and 90.65% year-over-year respectively, with net profit attributable to parent excluding non-recurring items up 178.18%, but net cash flow from operating activities was RMB -5.538 billion; in Q1 2026, operating cash flow remained at RMB -3.910 billion. As of the end of H1 2026, the debt-to-asset ratio was 72.04%, and net assets attributable to parent were RMB 26.103 billion. The divergence between profit growth and cash flow performance, along with the relatively high leverage level, are the core focal points in the current fundamental assessment.

The company possesses independent design and manufacturing capabilities for onshore and offshore blades, has risen to second place in China's offshore wind power market, and ranks among the leading global wind turbine OEMs. As of the end of Q2 2026, the company's overseas order backlog exceeded 8GW, providing potential support for future overseas expansion and revenue growth; however, the planned factory investment in Scotland still faces uncertainties regarding domestic and foreign regulatory approvals and changes in the UK government's stance.

As of the close on September 11, 2026, the company's share price was RMB 9.66, with a total market capitalization of approximately RMB 21.846 billion and PB of approximately 0.84x. However, PE varies significantly depending on the calculation basis: dynamic PE is 98.24x, while PE(TTM) from other sources is approximately 129–136x. The technical picture shows a medium-term downtrend structure, with MACD below the zero line and the moving average system generally suppressing the share price. RSI and KDJ are in oversold territory, indicating short-term oversold characteristics, but no trend reversal signal has yet formed.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Wind turbine OEM manufacturing
• Independent design and manufacturing of onshore and offshore blades
• Offshore wind power business
• Overseas wind turbine OEM sales

2.3 Upstream/Downstream Position in the Industry Chain and Cost-Profit Structure

Mingyang Smart Energy is positioned in the midstream OEM manufacturing segment of the wind power industry chain, with upstream being equipment components (blades, gearboxes, generators, etc.) and raw material procurement, and downstream being wind power operators and power investment entities. The research notes do not provide complete cost breakdown ratios or customer concentration data; the following is compiled based on disclosed information.

• The main costs of wind turbine OEMs are equipment components (blades, gearboxes, generators, etc.) and raw materials; the research notes mention that 'equipment components' account for approximately 87% (single source, unable to cross-verify; subject to the latest annual report)
• The wind turbine OEM industry has a coexistence of outsourced and self-produced 'equipment components'; Mingyang Smart Energy possesses independent design and manufacturing capabilities for onshore and offshore blades, can independently complete the design and manufacturing of new blade models, and can match them with self-designed turbine models for iterative optimization, possessing a unique first-mover advantage
• Upstream raw material price fluctuations (such as steel, resin, etc.) have a direct impact on OEM costs; the research notes do not provide specific raw material types or price sensitivity data
• Supplier concentration data is not mentioned in the research notes
• Downstream customers are wind power operators and power investment entities; the research notes do not provide the combined proportion of the top five customers
• The wind turbine OEM industry faces price competition pressure; the research notes mention unit selling price data (672.22, 624.50, 650.41, 646.51; unit unspecified), indicating selling price fluctuations
• Overseas business expansion is an important direction for downstream demand; as of the end of Q2 2026, the company's overseas order backlog exceeded 8GW
• Specific downstream customer structure and bargaining dynamics are not disclosed in detail in the research notes
• The research notes do not provide data on accounts receivable turnover days, prepayments/accounts payable, or other working capital occupation data, making it impossible to judge specific bargaining power. Subject to the latest annual report data.
• The research notes do not provide the combined proportion of the top five customers. Only mentions that as of the end of Q2 2026, overseas order backlog exceeded 8GW (Source: institutional research notes, single source, unable to cross-verify). Upstream and downstream concentration data are both missing.

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Data sources and basis: 2026 semi-annual report (announcement date 2026-08-28), 2026 Q1 report (announcement date 2026-04-28/29), FY2025 annual report (announcement date 2026-04-28), FY2024 annual report (announcement date 2025-04-25/26), and public media reports. Supplementary data: 2026H1 net profit attributable to parent excluding non-recurring items was RMB -40 million (RMB -39,969,672.74), compared to RMB +485 million in the same period last year, YoY -108.24%, turning from profit to loss; total profit was RMB 218 million, YoY -66.90%; total assets at period-end were RMB 97.423 billion, net assets attributable to parent were RMB 26.103 billion, debt-to-asset ratio 72.04%. 2026Q1 net profit attributable to parent excluding non-recurring items was RMB -115 million, YoY -140.07%; basic EPS RMB 0.01; gross margin 10.2%; operating cash flow RMB -3.910 billion; debt ratio 71.88%; investment income RMB 97.9963 million, financial expenses RMB 208 million. FY2025 net profit attributable to parent excluding non-recurring items was RMB 488 million, YoY +178.18%; basic EPS RMB 0.31; dividend of RMB 1.85 per 10 shares (totaling approximately RMB 400 million, accounting for 60.56% of net profit attributable to parent; combined with repurchase cancellation totaling approximately RMB 511 million, accounting for 77.43%); net cash flow from operating activities RMB -5.538 billion. FY2024 net profit attributable to parent excluding non-recurring items was RMB 175 million, YoY -14.25%; basic EPS RMB 0.15; impairment provisions of approximately RMB 543 million; full-year gross margin approximately 8.10%; Q4 single-quarter revenue RMB 6.922 billion, net profit attributable to parent RMB -462 million; dividend of RMB 3.041 per 10 shares (approximately RMB 654 million), with concurrent repurchases of RMB 809 million. 2026Q2 single-quarter net profit excluding non-recurring items of approximately RMB +75 million is back-calculated as H1 semi-annual report (-RMB 40 million) minus Q1 report (-RMB 115 million), for reference only.

2026H1 revenue of RMB 17.036 billion decreased slightly by 0.62% year-over-year, net profit attributable to parent of RMB 111 million fell sharply by 81.77% year-over-year, and net profit attributable to parent excluding non-recurring items of RMB -40 million turned from profit to loss, with earnings quality significantly under pressure. Total profit of RMB 218 million decreased 66.90% year-over-year, a smaller decline than net profit attributable to parent, reflecting the impact of income tax or minority interest, among other factors. On a single Q2 basis, revenue of RMB 8.374 billion was down 11.29% year-over-year and 3.34% quarter-over-quarter; net profit attributable to parent of RMB 87 million was down 71.89% year-over-year but up 250.92% quarter-over-quarter, showing clear sequential improvement but still a significant year-over-year decline. The main reason for the H1 attributable profit decline was the slowdown in wind farm transfers (power station product sales) combined with still-low turbine gross margins. The title of Sinolink Securities' (2026-08-30) commentary was "Turbine profitability clearly recovering, power station transfers slightly slowing." FY2025 revenue of RMB 38.095 billion was up 40.27% year-over-year, a record high; net profit attributable to parent of RMB 660 million was up 90.65% year-over-year; net profit attributable to parent excluding non-recurring items of RMB 488 million was up 178.18% year-over-year, with both volume and profit rising; however, net cash flow from operating activities was RMB -5.538 billion, a severe divergence between profit and cash flow, with short-term borrowings surging 142% (source: Securities Star earnings express, single source; recommend verifying against the original annual report). 2026Q1 revenue of RMB 8.663 billion was up 12.45% year-over-year; net profit attributable to parent of RMB 25 million was down 91.84% year-over-year; net profit attributable to parent excluding non-recurring items of RMB -115 million was down 140.07% year-over-year; operating cash flow was RMB -3.910 billion, with cash flow pressure continuing. In terms of revenue structure, 2026H1 wind turbines and related components contributed RMB 16.05 billion, accounting for 94.20%, with a gross margin of 10.34%; power generation and electricity sales contributed RMB 640 million, with a gross margin of 37.30%; other contributed RMB 259 million; PV products contributed RMB 54 million, with a gross margin of -43.89%; wind farm construction contributed RMB 36 million; domestic revenue was RMB 16.68 billion and overseas revenue was RMB 354 million. FY2025 wind power industry revenue was RMB 37.64 billion, accounting for 98.80%, with a gross margin of 10.37%, of which wind turbines and related components sales were RMB 31.01 billion, with a gross margin of 6.38%, and power station product sales were RMB 4.506 billion. Regarding leading indicators, the company released its semi-annual earnings forecast on 2026-07-14, expecting H1 net profit excluding non-recurring items of RMB -45 million to +RMB 5 million; the actual result of RMB -39.97 million fell within the forecast range. Data time points: financial data as of 2026-06-30; FY2025 as of 2025-12-31; FY2024 as of 2024-12-31. The same China Securities Journal article labeled Q2 net profit excluding non-recurring items of RMB 74.9503 million as "QoQ +165.22%," which mathematically does not reconcile with Q1 net profit excluding non-recurring items of RMB -115 million, a labeling flaw in that source. The annual net profit series on the investing.com summary page (2021-2025: RMB 3.158/3.445/0.377/0.346/0.660 billion) differs slightly from the A-share annual report "net profit attributable to parent" basis; when citing, the A-share annual report/announcement basis shall prevail.

3.2 Earnings Forecasts

Institutional earnings forecast data is missing. Before reaching the call limit in this round of retrieval, detailed revenue-net profit-EPS forecasts for 2026/2027/2028 from various institutions were not obtained, nor was a multi-broker consensus obtained. Confirmed institutions with coverage include: Ping An Securities (Pi Xiu/Li Mengqiang, 2026-05-06, 2025 annual report review), Huachuang Securities (Wu Han/Zhang Yichi, 2026-05-24, 2026 Q1 report review, mentioning "Dehua chip M&A expectation broadening the second growth curve"), Sinolink Securities (Yao Yao, 2026-08-30, 2026 interim report review), Minsheng Securities (2025-04-29), Changjiang Securities (2025-05-20) (FY2024+25Q1 review). Please do not cite specific forecast figures. Suggested supplementary sources: Tonghuashun basic.10jqka.com.cn/601615/worth.html, Eastmoney reportlist (data.eastmoney.com/report/list/601615.html), and the earnings forecast tables in the original commentaries from the aforementioned brokers.

3.3 Valuation Levels and Institutional Ratings

Valuation data is missing. This round was unable to obtain a reliable real-time market snapshot (price, total market cap, PE-TTM, PB); search hits were mostly news articles/research report texts, which did not return verifiable quote page values, and market data pages are often JS-rendered, requiring dedicated scraping. Available official book anchors (for calculation purposes, not valuation itself): net assets attributable to parent (2026-06-30) RMB 26.103 billion, total assets RMB 97.423 billion; total share capital as of 2025-04-24 was 2,271,496,706 shares, of which 121,119,984 shares were in the repurchase special account; subsequent repurchase cancellations occurred, and actual circulating/total share capital is subject to the latest announcement; FY2025 EPS RMB 0.31; FY2025 dividend per share RMB 0.185; 2026H1 net profit attributable to parent of RMB 111 million, simply converted at the above share capital gives EPS of approximately RMB 0.05 (author's estimate, not a disclosed value; the semi-annual report's diluted share capital was not obtained; subject to the semi-annual report's earnings per share line). Also note: Eastmoney F9 concept tags include "2026 interim earnings decline" and "below-net stock," which may serve as circumstantial evidence that PB may be below 1, but the tags themselves come from data provider classifications and are not equivalent to the official PB value on a valuation basis, for reference only. Valuation basis (price/market cap/PE-TTM/PB) did not obtain cross-verifiable sources in this round and remains blank; figures cannot be filled in from memory. Regarding cash flow, FY2025 operating cash flow was RMB -5.538 billion and 2026Q1 operating cash flow was RMB -3.910 billion, opposite to the book profit direction, which is a risk point that must be highlighted in valuation/quality assessment.

IV. Recent News and Announcements

4.1 Mingyang Smart Energy Plans Scotland Factory Investment (2025-10-13 Announcement)

The company disclosed the "Announcement on Planning Overseas Investment" (Announcement No. 2025-067), planning to invest in and construct the UK's first full-industry-chain integrated wind turbine manufacturing base in Scotland, with an estimated total investment of GBP 1.5 billion, approximately RMB 14.210 billion (converted at the 2025-10-10 central parity rate). The project is divided into three phases: Phase I involves building wind turbine nacelle and blade manufacturing plants, with the first batch planned for production by the end of 2028; Phase II involves expanding production lines to accelerate floating offshore scale-up; Phase III extends to control systems, electronic equipment, and other key components. The project is located at Ardersier Port, Scotland (near Nairn), and is expected to create approximately 1,500 jobs. The project still requires regulatory approvals from the UK government, the National Development and Reform Commission, the Ministry of Commerce, and other domestic and foreign authorities, and there is a risk of termination if approvals cannot be obtained.

4.2 UK Government Says Mingyang Turbine Products Pose National Security Risk (2026-03-25 Foreign Media Report)

According to foreign media/Guancha.cn reports, the UK government stated that Mingyang's turbine products "pose a national security risk" and that it "cannot support" their use in UK offshore wind projects (cited from 21st Century Business Herald). BBC Chinese reported that Mingyang said its plan "has been blocked by the UK government," expressing disappointment but stating it will continue to "constructively engage" with the UK side; the UK government said the turbines produced by the factory are not suitable for UK offshore wind projects; the Scottish government criticized the decision delay and warned of "far-reaching consequences." FT Chinese expressed the investment amount as a "USD 2 billion" wind turbine manufacturing plant (different from the GBP 1.5 billion basis), and said that on the same day, Denmark's Vestas announced it would invest EUR 250 million in a Scottish factory if sufficient UK orders were obtained. Note: there are two versions of the job figure — 1,500 (BBC, company basis) and 3,000 (China.com commentary article); there are two versions of the investment amount — GBP 1.5 billion and "USD 2 billion," which are not the same basis.

4.3 Ministry of Foreign Affairs Responds to China-UK Green Cooperation Question (2026-03-26)

Foreign Ministry spokesperson Lin Jian responded at a regular press conference, stating that China-UK economic, trade, and green cooperation is essentially mutually beneficial and win-win, and should not be impacted by pan-politicization and pan-securitization (21st Century Business Herald).

4.4 Mingyang Smart Energy Releases Overseas Investment Progress Announcement: Has Not Yet Received Formal Reply from UK Government (2026-03-27)

The company released the "Announcement on Overseas Investment Progress" (Announcement No. 2026-028), disclosing: as of the announcement disclosure date, the company has not yet received a formal reply from the UK government regarding the factory investment plan; the company has not yet invested funds in the above project; reaffirming that the investment plan requires final approval from domestic and foreign regulators, and termination due to inability to obtain approval cannot be ruled out. Note: as of 2026-03-27, the company's position is "has not yet received a formal reply from the UK government," while the BBC has already reported it as "blocked"; there is a timing/basis difference between the two, and the event remains unresolved, with a formal conclusion possibly forthcoming.

4.5 Mingyang Smart Energy Discloses 2025 Annual Earnings Pre-Increase Announcement (2026-01-28)

The company disclosed its 2025 annual earnings pre-increase announcement (Announcement No. 2026-014, disclosed on the evening of 2026-01-28, published in Shanghai Securities News on 2026-01-29): expected 2025 net profit attributable to parent of RMB 800 million–1.0 billion, YoY +131.14%~+188.92% (an increase of RMB 454 million–654 million); expected net profit excluding non-recurring items of RMB 580 million–780 million, YoY +230.66%~+344.68% (an increase of RMB 405 million–605 million). Prior-year same period (2024): total profit of RMB 414.83 million, net profit attributable to parent of RMB 346.11 million, net profit excluding non-recurring items of RMB 175.41 million, EPS RMB 0.15. Reasons for the change: significant year-over-year growth in turbine delivery scale and sales revenue, cost reduction and efficiency enhancement taking effect, and improvement in turbine and component gross margins. This forecast has not been audited by a certified public accountant. China Securities Journal mentioned that based on the January 28 closing price, PE(TTM) was approximately 56.27–70.33x, PB(LF) approximately 2.13x, PS(TTM) approximately 1.69x (estimated at the January 28 closing basis). Note: the core theme tag on Eastmoney's F9 page once showed "2026 interim earnings decline"; this tag is automatically generated by the platform, from a single source, and cannot be cross-verified; it does not represent a company announcement.

4.6 Mingyang Smart Energy Repurchase Share Cancellation Implementation Announcement (2025-12-09)

The company disclosed the "Implementation Announcement on Cancellation of Repurchased Shares" (Announcement No. 2025-084): cancellation of 10,000,000 shares not yet used in the repurchase special account, cancellation date 2025-12-09; total share capital reduced from 2,271,496,706 shares to 2,261,496,706 shares, with registered capital reduced accordingly; reason for cancellation: "reduction of registered capital." No objections were raised within the 45-day creditor notification period. Historical repurchase background: Phase I approved by the board on 2023-05-04, with a maximum amount of RMB 1.0 billion and a minimum of RMB 500 million, for equity incentives, completed on 2024-02-02, with cumulative repurchases of 89,813,484 shares; Phase II approved by the board on 2024-02-19, with a maximum of RMB 600 million and a minimum of RMB 300 million, for maintaining company value and shareholder rights, completed on 2024-05-15, with cumulative repurchases of 31,306,500 shares; as of before this cancellation, the repurchase special account held a total of 121,119,984 shares. The board on 2025-09-25 and the extraordinary shareholders' meeting on 2025-10-20 approved the change of repurchased share purpose and partial cancellation, change of registered capital, and amendment of the "Articles of Association," designating 10,000,000 of the Phase I 89,813,484 shares for cancellation, with the remaining 79,813,484 shares for employee stock ownership plans/equity incentives (Announcement Nos. 2025-061, 2025-069). Industrial and commercial change registration was completed on 2025-12-12.

4.7 Mingyang Smart Energy 2025 Stock Option Incentive Plan Grant and Registration Completed

Disclosed on 2025-10-22 the "Announcement on Granting Stock Options to Incentive Recipients of the 2025 Stock Option Incentive Plan" (including legal opinion, resolution of the 25th board meeting); disclosed on 2025-12-01 the "Announcement on Completion of Grant Registration for the 2025 Stock Option Incentive Plan."

4.8 Mingyang Smart Energy 2025 Employee Stock Ownership Plan Completes Non-Trading Transfer (2025-12-30)

The company disclosed the "Announcement on Completion of Non-Trading Transfer for the 2025 Employee Stock Ownership Plan" (Announcement No. 2025-090): actual participating employees 107, final subscription units 9.79 million, payment of RMB 68.7258 million, corresponding to 9.79 million shares, transferred on 2025-12-26 from the repurchase special account to the employee stock ownership plan special account via non-trading transfer at a transfer price of RMB 7.02/share, accounting for 0.43% of (post-cancellation) total share capital; consistent with the shareholders' meeting plan except for 3 persons who voluntarily waived. Duration not exceeding 36 months, with two vesting periods (50% each at 12 months/24 months). The 2025 audit report also records: the cancellation of 10,000,000 shares on 2025-12-09 reduced treasury shares by RMB 171,666,928.53; the employee stock ownership plan transfer of 9.79 million shares on 2025-12-26.

4.9 Mingyang Smart Energy Holding-Type Real Estate Asset-Backed Special Plan Progress

Disclosed on 2025-11-19 the "Progress Announcement on Application and Issuance Work"; disclosed on 2025-12-02 the "Progress Announcement on Application and Approval."

4.10 Mingyang Smart Energy Raised Funds Cash Management and Special Account Closure Progress

Disclosed on 2025-11-04 the "Progress Announcement on Using Idle Raised Funds for Cash Management" (2025-076); disclosed on 2025-12-01 the "Progress Announcement" (2025-082), mentioning RMB 400 million for purchasing wealth management products; disclosed on 2025-11-26 the "Completion of Closure of Certain Raised Fund Special Accounts."

4.11 Mingyang Smart Energy Adjusts Implementation Progress of Certain Fundraising Investment Projects (2025-12-24)

Approved at the 28th meeting of the third board of directors on 2025-12-23 (Announcement No. 2025-086); disclosed on 2025-12-24 the "Announcement on Adjusting Implementation Progress of Certain Fundraising Investment Projects" (2025-087), adjusting the implementation progress of certain fundraising investment projects from the 2020 non-public issuance (413,916,713 shares at RMB 14.02/share, total fundraising of RMB 5,803,112,300, net of RMB 5,772,047,300); as of 2025-12-15, cumulative investment of RMB 5,292,502,400, with RMB 479,544,900 unused.

4.12 Mingyang Smart Energy Provides Guarantees to Subsidiaries

Disclosed on 2025-11-26 the "Announcement on Providing Guarantees to Subsidiaries."

4.13 Mingyang Smart Energy Board, Shareholders' Meeting, and Extraordinary Shareholders' Meeting Notices

27th meeting of the third board of directors (2025-11-19), 28th meeting (2025-12-23); 2025 third extraordinary shareholders' meeting (2025-10-20); 2026 first extraordinary shareholders' meeting notice (disclosed 2025-12-23).

4.14 Mingyang Smart Energy Discloses 2025 Q3 Report (2025-10-31)

The company disclosed its 2025 Q3 report: first three quarters revenue of RMB 26.304 billion (+29.98%), net profit attributable to parent of RMB 765.76 million (-5.29%), net profit excluding non-recurring items of RMB 580.61 million (-14.47%); net cash flow from operating activities of RMB -4.926 billion; single-quarter (Q3) revenue of RMB 9.161 billion (+8.53%), net profit attributable to parent of RMB 155.83 million (+5.39%).

4.15 Mingyang Smart Energy 2025 Annual Audit Report

Seen on or around 2026-04-30 on Securities Star (SN2026043000007379), indicating that the 2025 annual report has been disclosed or is imminent; specific final values are subject to the formal annual report, as only the forecast range was available previously.

V. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Mingyang Smart Energy (601615.SH, Shanghai Stock Exchange main board, also London GDR MYSE.L) closed at RMB 9.66 on 2026-09-11, down slightly by 0.21%, with turnover of RMB 324 million, turnover rate of 1.50%, and volume ratio of 0.74, in a state of reduced volume and relatively low turnover. Technical indicators (as of 2026-09-04, close RMB 9.31) show RSI(14) 24.79 and KDJ D value 15.48 (9/9), both oversold; MACD -0.31; MA20/50/100/200 all above current price; composite signal "Strong Sell"; since late August, indicators have continued to weaken and the share price center of gravity has shifted downward. On the capital flow side, main force net outflow over the past 10 days was approximately RMB 569 million (Jiufang, as of 9/9); on 9/3, the stock fell 8.02% in a single day with main force net outflow of RMB 223 million; on 9/8, a rebound day, main force net inflow was RMB 48.4711 million, but on 9/9 it turned to net outflow of RMB 40.5682 million; on 9/11, only a slight net inflow of RMB 883,200, with short-term capital fluctuating. Valuation basis divergence is significant (dynamic PE 98.24x vs PE(TTM) approximately 129–136x), PB 0.84x below 1. Margin balance of RMB 1.323 billion, accounting for 6.06% of circulating market cap, above the 60th percentile over the past year, with leverage sentiment still relatively high. Overall, the share price is already near the 52-week low of RMB 9.12, with a medium-term downtrend structure and short-term oversold conditions coexisting, and direction undecided.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, for Reference Only)

VI. Industry Landscape and Competitor Analysis

6.1 Industry Status

The wind turbine OEM industry is in the stage of grid parity and large-scale iteration, with domestic OEMs continuously increasing their global market share. According to the 2025 global wind turbine OEM market share report cited in the research notes, Chinese companies for the first time swept the global top six, with Mingyang Smart Energy among them. The industry shows a trend of simultaneous onshore and offshore development and leading players going overseas, with the proportion of high-power turbines in new wind power capacity continuing to expand.

6.2 Competitive Landscape

• 2025 global wind turbine OEM TOP5 released: Goldwind, Envision, Windey, Mingyang, Sany (Source: ranking cited in research notes)
• Chinese companies for the first time swept the top six in global wind turbine manufacturer market share, with Mingyang Smart Energy among them
• Mingyang Group's offshore wind power market share has risen to second in China
• Domestic newly added wind turbine grid parity unit capacity continues to rise, with the proportion of high-power turbines continuing to expand
• In the competitive landscape of the wind turbine OEM industry, leading enterprises are expanding market space through overseas orders; Mingyang Smart Energy's overseas order backlog exceeded 8GW as of the end of Q2 2026

6.3 Main Competitors

Mingyang Smart Energy ranks among the top in global wind turbine OEM market share and holds the second position in China's offshore wind power market. Compared with Chinese OEMs also in the top six (Goldwind, Envision Energy, Windey, Sany Renewable Energy, etc.), Mingyang Smart Energy has differentiated advantages in independent design of onshore and offshore blades and offshore wind power. The research notes do not provide specific financial indicator comparison data for each company, making detailed comparison of profitability, cost structure, and other dimensions impossible. Regarding overseas orders, Mingyang Smart Energy's overseas order backlog exceeded 8GW as of the end of Q2 2026, with its going-global strategy continuing to advance. The industry as a whole shows a trend of Chinese OEMs increasing global share, with competition focused on large-scale development, offshore wind power, and overseas market expansion.

VII. Risk Warnings

• Turbine profitability recovery below expectations: In H1 2026, wind turbines and related components accounted for 94.20% of revenue, with a gross margin of 10.34%; in 2025, wind turbines and related components sales gross margin was only 6.38%. If OEM price competition continues or cost reductions cannot be fully passed through, revenue growth may be difficult to convert into profit growth.
• Continued pressure on operating cash flow: The company's net cash flow from operating activities was RMB -5.538 billion in 2025 and RMB -3.910 billion in Q1 2026, and net profit excluding non-recurring items was negative in H1 2026. If order delivery, collections, and project settlement continue to occupy funds, working capital and financing pressure may intensify.
• Relatively high debt-to-asset ratio and short-term debt servicing pressure: The debt-to-asset ratio at the end of H1 2026 was 72.04%; short-term borrowings in 2025 were disclosed by a single source as increasing significantly year-over-year. If cash flow recovery is slow, it may constrain interest expenses, project investment, and business expansion.
• Scotland factory investment faces approval and geopolitical risks: The company plans to invest approximately GBP 1.5 billion to build a UK wind turbine manufacturing base, but the project still requires domestic and foreign regulatory approvals; the UK side has been reported to consider Mingyang's turbine products to pose national security risks, and the company had not yet received a formal reply from the UK government as of March 27, 2026; the project may be delayed, adjusted, or terminated.
• Uncertainty in overseas order fulfillment: The information that overseas order backlog exceeded 8GW as of the end of Q2 2026 comes from institutional research notes and does not yet provide complete data on order customers, execution progress, profitability levels, and collection terms; order scale does not necessarily equate to short-term revenue and cash flow.
• Risk of fluctuations in power station product sales pace: H1 2026 performance was affected by wind farm transfers and the slowdown in power station product sales pace; if power station asset transfers continue to fall short of expectations, it may weaken the company's interim profit and cash recovery capability.
• Technical weakness and valuation basis divergence risk: The share price was RMB 9.66 on September 11, 2026; MACD, moving averages, and composite technical signals are all weak. Although RSI and KDJ are in oversold territory, no clear reversal signal has yet formed; meanwhile, dynamic PE and PE(TTM) from different sources differ significantly, and valuation judgments may be affected by earnings volatility and basis differences.

VIII. Conclusion and Outlook

Mingyang Smart Energy's medium-to-long-term growth logic mainly comes from offshore wind power, turbine large-scale development, onshore-offshore blade collaborative design, and overseas market expansion. The company has differentiated capabilities in offshore wind power and independent blade design, and its overseas order backlog of over 8GW also demonstrates the potential elasticity of its going-global business. If turbine delivery scale expands, low-margin orders are gradually digested and profitability recovery is achieved, combined with improvement in power station product sales pace, there is room for performance recovery.

However, recent performance has not yet validated the above growth logic: In H1 2026, revenue was essentially flat while net profit attributable to parent declined significantly, net profit excluding non-recurring items turned negative, and the gross margin of wind turbines and related components remained at a low level; the slowdown in power station transfers also weighed on profit. Going forward, key areas to watch include whether turbine profitability can continue to improve, whether overseas orders can be smoothly converted into revenue and cash flow, and whether operating cash flow can recover in tandem with book profit.

The company's current share price is near its 52-week low, with technical indicators in oversold territory, but medium-to-long-term moving averages, MACD, and capital flows remain weak, and market pricing pressure on earnings quality, cash flow, and overseas business uncertainty has not been fully eliminated. Due to significant basis differences in valuation data and missing earnings forecast data, subsequent judgments should be dynamically assessed in light of actual order delivery, gross margins, cash flow, and changes in assets and liabilities.

Data Sources

• 601615 Mingyang Smart Energy
• Mingyang Smart Energy (601615)_Stock Overview_Stock Price_Real-time Quotes_Charts_News_Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Mingyang Smart Energy (sh601615)
• Mingyang Smart Energy: Investor Relations Activity Record (No. 2026-005) _ Mingyang Smart Energy (601615) _ Announcement Text
• SH.601615 Mingyang Smart Energy MING YANG ENER - A-share Real-time Quote RT Quote - Company Information
• Mingyang Smart Energy (601615.SH) In-depth F9-PC_HSF9 Data
• Stock Market Express: Mingyang Smart Energy (601615) September 11 Main Force Net Buy RMB 883,200 - Securities Star
• Mingyang Smart Energy Listed Company Information - Mingyang Smart Energy Listed Company Information
• Mingyang Smart Energy (601615) What Does the Company Do
• Mingyang Smart Energy: Accepted Institutional Research on August 31, with Participation from Tianfeng Securities, Harvest Fund, and Other Institutions
• Mingyang Smart Energy - Innovating Clean Energy, Benefiting Human Society
• Mingyang Smart Energy (601615) - Compass Market Network - Index Display
• 601615 Mingyang Smart Energy - Core Themes
• 601615 Mingyang Smart Energy - Main Business Scope
• Mingyang Smart Energy (601615) Company Profile - Market Center - Hexun
• Mingyang Smart Energy (601615): Riding the Wind, Sailing Forward
• Mingyang Smart Energy (601615)_Company Announcements_Mingyang Smart Energy: 2025 Semi-Annual Report Sina Finance_Sina - The company has consistently adhered to independent design of onshore and offshore blades, possessing complete blade aerodynamic, structural, and load iterative design and development capabilities, and can independently complete the design and manufacturing of new blade models to match with self-designed turbine models for iterative optimization, possessing a unique first-mover advantage
• Mingyang Smart Energy (601615.SH) Core Themes-PC_HSF10 Data - Core Themes
• The Industrial Cluster Behind a Blade and a String of Modules
• The Industrial Cluster Behind a Blade and a String of Modules
• Inner Mongolia Baotou — The Industrial Cluster Behind a Blade and a String of Modules
• The Industrial Cluster Behind a Blade and a String of Modules
• Mingyang Smart Energy: Accepted Institutional Research on August 31, with Participation from Tianfeng Securities, Harvest Fund, and Other Institutions - Mingyang Smart Energy: Accepted Institutional Research on August 31, with Participation from Tianfeng Securities, Harvest Fund, and Other Institutions
• Mingyang Smart Energy Receives Research from 27 Institutions: As of the End of Q2 2026, the Company's Overseas Order Backlog Exceeded 8GW (with Research Q&A) - Mingyang Smart Energy Receives Research from 27 Institutions: As of the End of Q2 2026, the Company's Overseas Order Backlog Exceeded 8GW (with Research Q&A)
• Mingyang Smart Energy: Investor Relations Activity Record (No. 2026-004)_Jiufang Zhitou - Global Index
• Mingyang Smart Energy: Investor Relations Activity Record - Home >
• The Industrial Cluster Behind a Blade and a String of Modules
• Chinese Companies Sweep Top Six in Global Wind Turbine Manufacturing Market - Hong Kong Wen Wei Po
• 178GW! 2025 Global Wind Turbine OEM TOP5 Released: Goldwind, Envision, Windey, Mingyang, Sany!
• 2025 Wind Turbine OEM Order Volume Ranking - News - Energy Information - China Energy Network
• Chinese Companies Sweep Top Six in Global Wind Turbine Manufacturer Market Share for the First Time, Going-Global Strategy Shows Effect - Chinese Companies Sweep Top Six in Global Wind Turbine Manufacturer Market Share for the First Time, Going-Global Strategy Shows Effect
• Mingyang Group's Offshore Wind Power Market Share Rises to Second in China: Technology Definition Power and Global Vision Reshape Industry Landscape - New Energy
• Onshore Wind Turbine Manufacturing Sweeps Global Top Six - Global Finance
• BloombergNEF Releases 2025 Global Wind Turbine OEM Market Share Report
• Chinese Companies Sweep Global Wind Turbine Manufacturer Top Six for the First Time
• Chinese Companies Sweep Global Wind Turbine Manufacturer Top Six for the First Time! Goldwind Wins with 29.3GW, Vestas Falls Out of Top Five - Chinese Companies Sweep Global Wind Turbine Manufacturer Top Six for the First Time
• Global Wind Power New Installations Hit New High, Chinese Companies Take Eight of Top Ten Wind Turbine Manufacturers - Securities > Text
• Wind Power Equipment Industry Research: Wind Turbine OEMs Develop Both Onshore and Offshore, Leaders Expand Overseas - Domestic newly added wind turbine grid parity unit capacity continues to rise, proportion of high-power turbines in new wind power continues to expand
• Mingyang Smart Energy 2.0W Turbine Material Cost Composition
• Mingyang Smart Energy (601615)_Company Announcements_Mingyang Smart Energy Convertible Corporate Bonds 2020 Tracking Rating Report (Follow-up) Sina Finance_Sina - Jilin Chongtong Chengfei New Materials Co., Ltd. | Blades | 27,193.23 | 2.82
• Mingyang Smart Energy - Unit Selling Price | 672.22 | 7.64% | 624.50 | -3.98% | 650.41 | 0.60% | 646.51
• Mingyang Smart Energy - (1) | Equipment Components | 19,605.00 | 87.00% | Yes
• Mingyang Smart Energy: Mingyang Smart Energy Group Co., Ltd. 2025 Annual Report - Securities Star - Current Period as % of Total Cost, Prior Year Same Period as % of Total, Current Period Amount vs Prior Year - Situation
• Self-Produced and Outsourced Parts by Company
• Wind Turbine Industry Panoramic In-Depth Analysis Report (2026) - Floating Offshore Wind Is Moving from Demonstration to Commercialization
• Mingyang Smart Energy 2024 Annual Visualized Financial Report
• Mingyang Smart Energy (601615): Light Asset Strategy in 2025, Q1 Contract Liabilities at Historical High
• Mingyang Smart Energy (601615): Q1 Results in Line with Expectations, Awaiting Turbine Volume and Profit Recovery
• Mingyang Smart Energy: Mingyang Smart Energy Group Co., Ltd. 2024 Annual Report Summary _ Mingyang Smart Energy (601615) _ Announcement Text - Mingyang Smart Energy: Mingyang Smart Energy Group Co., Ltd. 2024 Annual Report Summary View PDF Original
• Ming Yang Smart Energy Group Ltd (601615) Financial Overview - Mingyang Smart Energy (601615)
• Ming Yang Smart Income Statement 601615 Net Worth - Investing.com Canada - Ming Yang Smart Energy Group Ltd (601615)
• Ming Yang Smart Energy Group Ltd (601615) Income Statement - Mingyang Smart Energy (601615)
• 밍양스마트에너지 (601615)
• Mingyang Smart Energy - Mingyang Smart Energy
• Securities Daily Online - Mingyang Smart Energy Group Co., Ltd. 2024 Annual Report Summary - Article Search
• Mingyang Smart Energy (601615): Turbine Profitability Clearly Improved, Emerging Businesses Blooming in Multiple Areas
• Mingyang Smart Energy: 2025 Net Profit Up 90.65% Year-over-Year, Plans RMB 1.85 per 10 Shares - Mingyang Smart Energy: 2025 Net Profit Up 90.65% Year-over-Year, Plans RMB 1.85 per 10 Shares
• Mingyang Smart Energy Achieves Revenue of RMB 38.095 Billion in 2025, Net Profit Attributable to Parent Up 90.65% Year-over-Year - Hot:
• Mingyang Smart Energy: 2025 Net Profit Excluding Non-Recurring Items Up 178.18% Year-over-Year, Adhering to Dual-Driven Innovation in Technology and Business Models
• Mingyang Smart Energy Achieves Revenue of RMB 38.095 Billion in 2025, Net Profit Attributable to Parent Up 90.65% Year-over-Year
• Earnings Express | Mingyang Smart Energy (601615) FY2025 Revenue Up 40%, Net Profit Doubled, but Operating Cash Flow Huge Loss of RMB 5.5 Billion, Short-Term Borrowings Surge 142%
• Mingyang Smart Energy 2025 Net Profit Excluding Non-Recurring Items Up 178.18% Year-over-Year, Offshore Wind Leader Position Strengthened + Overseas Expansion Accelerated - Mingyang Smart Energy 2025 Net Profit Excluding Non-Recurring Items Up 178.18% Year-over-Year, Offshore Wind Leader Position Strengthened + Overseas Expansion Accelerated
• Mingyang Smart Energy Q1 Net Profit Excluding Non-Recurring Items Loss of RMB 100 Million, Mingyang Electric Q1 Net Profit Excluding Non-Recurring Items Down 80%
• Revenue Breaks Through RMB 38 Billion to New High, Net Profit Excluding Non-Recurring Items Up 178%! Mingyang Smart Energy Achieves High-Quality Development with Both Volume and Profit Rising in 2025 - Revenue Breaks Through RMB 38 Billion to New High, Net Profit Excluding Non-Recurring Items Up 178%
• Mingyang Smart Energy: 2025 Net Profit Up 90.65% Year-over-Year, Plans RMB 1.85 per 10 Shares
• Mingyang Smart Energy: 2026 H1 Net Profit RMB 111 Million - Mingyang Smart Energy: 2026 H1 Net Profit RMB 111 Million
• Mingyang Smart Energy: 2026 H1 Net Profit RMB 111 Million
• Mingyang Smart Energy (601615.SH) H1 Net Profit RMB 111 Million, Down 81.77% Year-over-Year
• Mingyang Smart Energy: 2026 H1 Net Profit RMB 111 Million, Down 81.77% Year-over-Year - Securities Star
• Mingyang Smart Energy H1 Revenue RMB 17.036 Billion, Down 0.62% Year-over-Year; Net Profit Attributable to Parent RMB 111 Million, Down 81.77% Year-over-Year; Selling Expenses Up 6.76% Year-over-Year
• Mingyang Smart Energy: 2026 H1 Net Profit RMB 111 Million, Down 81.77% Year-over-Year
• Mingyang Smart Energy H1 Net Profit RMB 111 Million, Down 81.77% Year-over-Year
• Mingyang Smart Energy (601615): Turbine Profitability Clearly Recovering, Power Station Transfers Slightly Slowing
• Mingyang Smart Energy: 2026 Semi-Annual Report Summary Brief
• Turbine Profitability Clearly Recovering, Power Station Transfers Slightly Slowing
• Mingyang Smart Energy (601615) 2026 Q1 Report Review: Awaiting Main Engine Profit Inflection Point, Dehua Chip M&A Expectation Broadens Second Growth Curve
• Mingyang Smart Energy: 2026 Q1 Net Profit RMB 24.6585 Million - Mingyang Smart Energy: 2026 Q1 Net Profit RMB 24.6585 Million
• Mingyang Smart Energy: Mingyang Smart Energy Group Co., Ltd. 2026 Q1 Report _ Mingyang Smart Energy (601615) _ Announcement Text - Mingyang Smart Energy: Mingyang Smart Energy Group Co., Ltd. 2026 Q1 Report View PDF Original
• Mingyang Smart Energy: Mingyang Smart Energy Group Co., Ltd. 2026 Q1 Report - Home >
• Mingyang Smart Energy Q1 Revenue RMB 8.663 Billion, Up 12.45% Year-over-Year
• AASTOCKS Financial News - US Stocks
• Mingyang Smart Energy Q1 Net Profit Excluding Non-Recurring Items Loss of RMB 100 Million, Mingyang Electric Q1 Net Profit Excluding Non-Recurring Items Down 80%_Stock Market Focus_Market_China Finance Online
• Mingyang Smart Energy Q1 Net Profit Excluding Non-Recurring Items Loss of RMB 100 Million, Mingyang Electric Q1 Net Profit Excluding Non-Recurring Items Down 80%
• Mingyang Smart Energy: Expected 2026 January-June Net Profit Excluding Non-Recurring Items Change of RMB -45 Million to RMB 5 Million - Securities Star
• Mingyang Smart Energy (601615)_Full Announcement Text_China Finance Network
• Mingyang Smart Energy (601615)_Company Announcements_Mingyang Smart Energy: 2025 Second Extraordinary Shareholders' Meeting Resolution Announcement Sina Finance_Sina
• Company Announcement_Mingyang Smart Energy: Legal Opinion on Matters Related to the Grant of the 2025 Stock Option Incentive Plan of Mingyang Smart Energy Group Co., Ltd. Sina Finance_Sina
• Mingyang Smart Energy (601615)_Company Announcements_Mingyang Smart Energy: Third Board of Directors 28th Meeting Resolution Announcement Sina Finance_Sina - Loading, please wait
• Mingyang Smart Energy (601615.SH): Company Has Not Yet Received Formal Reply from UK Government Regarding Investment Factory Plan_Jiufang Zhitou
• Securities Code: 601615
• China Securities Journal - Mingyang Smart Energy Group Co., Ltd. Third Board of Directors 28th Meeting Resolution Announcement - | Page B025: Information Disclosure | Previous Next
• Mingyang Smart Energy Group Co., Ltd. Announcement on Adjusting Implementation Progress of Certain Fundraising Investment Projects - Article Search
• Mingyang Smart Energy Company Announcements
• Mingyang Smart Energy Group Co., Ltd. Announcement on Completion of Non-Trading Transfer for the 2025 Employee Stock Ownership Plan
• Mingyang Smart Energy (601615)_Company Profile_China Finance Network
• Mingyang Smart Energy: 2025 Net Profit Expected to Increase 131.14%–188.92% Year-over-Year
• Mingyang Smart Energy Group Co., Ltd. 2025 Annual Earnings Pre-Increase Announcement
• Mingyang Smart Energy 2025 Net Profit Excluding Non-Recurring Items Expected to Increase 230.66% to 344.68%
• Mingyang Smart Energy 2025 Net Profit Excluding Non-Recurring Items Expected to Increase 230.66% to 344.68% - Mingyang Smart Energy 2025 Net Profit Excluding Non-Recurring Items Expected to Increase 230.66% to 344.68%
• Mingyang Smart Energy: 2025 Net Profit Expected to Increase 131.14%-188.92% Year-over-Year
• Mingyang Smart Energy: 2025 Net Profit Expected to Increase 131.14%-188.92%
• Mingyang Smart Energy: 2025 Annual Earnings Pre-Increase Announcement - Securities Star
• Mingyang Smart Energy: 2025 Full-Year Net Profit Expected to Increase 131.14%–188.92% Year-over-Year
• [Mingyang Smart Energy: 2025 Net Profit Expected to Increase 131.14%–188.