A-share wind power listed companies have completed their interim report disclosures. In the first half of the year, all five major wind turbine manufacturers achieved revenue growth, while net profits showed significant divergence.
As one of the leading companies, Ming Yang Smart Energy Group Limited achieved operating revenue of 17.14 billion yuan, up 45.3% year-over-year, with net profit attributable to shareholders of 610 million yuan, down 7.7% year-over-year, and non-GAAP net profit of 490 million yuan, down 12.7% year-over-year.
On a quarterly basis, due to the delivery of some low-priced onshore wind turbine orders, Ming Yang Smart Energy's second-quarter net profit attributable to shareholders reached 310 million yuan, down 13.6% year-over-year but up 1.9% quarter-over-quarter. Non-GAAP net profit was 200 million yuan, declining 25.1% year-over-year and 30.8% quarter-over-quarter, showing accelerating performance deterioration.
From profitability indicators, Ming Yang Smart Energy's gross margin was 12.12% in the first half, down 6.6 percentage points year-over-year, while net margin was 3.71%, down 2.1 percentage points year-over-year, indicating continued pressure on profitability.
More concerning is the company's cash flow situation.
The interim report shows that Ming Yang Smart Energy's net cash flow from operating activities was negative 3.503 billion yuan. From 2022 to 2024, the company's net operating cash flows were negative 796 million yuan, negative 2.59 billion yuan, and negative 2.403 billion yuan respectively, remaining negative for three and a half consecutive years.
In recent years, Ming Yang Smart Energy's cash collection ratio has remained consistently lower than comparable companies, falling below 80% again in the first half of this year. Despite significant revenue growth, cash flow conditions have not improved.
Notably, beyond the listed company itself, major shareholders in the "Ming Yang system" also appear to be facing significant capital pressure.
In August 2025, Ming Yang Smart Energy announced that major shareholder Wiser Tyson pledged 45 million shares, representing 1.98% of the company's total share capital.
Following this share pledge, the controlling shareholder and its affiliated shareholders have cumulatively pledged 272 million company shares, representing 47.00% of their holdings in the company and 11.96% of the company's current total share capital.
Latest data shows that Ming Yang Smart Energy's largest shareholder Wiser Tyson has pledged 28.65% of its holdings in the company, second-largest shareholder FIRST BASE INVESTMENTS has pledged 95.42% of its holdings, while the fifth-largest shareholder Ming Yang New Energy Investment Holding Group Co., Ltd. (2023 pledge account) and ninth-largest shareholder Ming Yang New Energy Investment Holding Group Co., Ltd. (2024 pledge account) have both pledged all their holdings in the company.
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