Yangtze River Business Daily reporter Xu Jia

Performance growth slowed down, Sany Renewable Energy (688349. SH) launched an employee stock ownership plan to bind core employees.

On the evening of March 12, Sany Renewable Energy released its 2025 employee stock ownership plan. The establishment scale of Sany Renewable Energy's employee stock ownership plan does not exceed 91.4425 million yuan, and the total number of participants does not exceed 861, and the price of purchasing and repurchasing shares is 29.91 yuan per share.

The Yangtze River Business Daily reporter noted that optimizing the talent structure and deeply binding the interests of shareholders, the company and core employees is the main reason for Sany Renewable Energy to set up an employee stock ownership plan. However, the company's employee stock ownership plan does not set performance appraisal indicators for holders.

A few days ago, the performance express report released by Sany Renewable Energy showed that in 2024, the company will achieve operating income of 1.809 billion yuan, a year-on-year increase of 21.09%; net profit attributable to owners of the parent company (net profit, the same below) was 1.857 billion yuan, a year-on-year decrease of 7.46%; The net profit after deducting non-recurring gains and losses (net of non-net profits, the same below) was 1.634 billion yuan, a year-on-year increase of 0.66%.

In this regard, Sany Renewable Energy said that due to the overall decline in the bid price of wind turbines in the wind power industry in the early stage, and at the same time, due to the impact of the company's non-recurring profit and loss and impairment for prudent considerations, the net profit has declined, but the non-net profit has remained stable.

On the evening of the same day, Sany Renewable Energy also announced that Hunan Sany Tower Technology Co., Ltd. (hereinafter referred to as "Sany Tower"), a wholly-owned subsidiary of the company, intends to acquire the production of wind turbine tower related equipment and inventory held by related parties for 52.8497 million yuan.

After the completion of this transaction, Sany Renewable Energy will produce its own wind turbine towers, which is conducive to improving the supply guarantee capacity of the towers and controlling production costs.

No more than 861 people participate in the employee stock ownership plan

On the evening of March 12, Sany Renewable Energy released its 2025 employee stock ownership plan. The establishment scale of the company's employee stock ownership plan does not exceed 91.4425 million yuan, and the source of funds is the incentive fund calculated in accordance with the relevant regulations of the company, which is a component of employee compensation.

According to the announcement, the participants of Sany Renewable Energy's employee stock ownership plan are the company's directors, supervisors, senior managers, middle managers, key position personnel, and core business (technical) personnel, with a total of no more than 861 people, and all participants are required to work in the company or the company's wholly-owned/controlled subsidiaries.

In terms of stock source and price arrangement, the source of shares of the employee stock ownership plan is the shares that have been repurchased from the special account for repurchase of Sany Renewable Energy, with a total of no more than 3,057,300 shares, a total of no more than 1% of the company's current total share capital, and the purchase price of the repurchased shares is 29.91 yuan per share.

It is worth noting that on the day of the announcement, in the secondary market, the closing price of Sany Renewable Energy was 27.44 yuan per share. As of the close of trading on March 13, Sany Renewable Energy reported 28.13 yuan per share, an increase of 2.51%.

The main reasons for Sany Renewable Energy to establish an employee stock ownership plan are to promote the establishment and improvement of the incentive and restraint mechanism, optimize the talent structure, and deeply bind the interests of shareholders, the company and core employees.

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Yangtze River Business Daily reporter noticed that as early as before the company's listing in 2020, Sany Renewable Energy had launched a stock option incentive plan, granting a total of 59.31 million stock options to 39 incentive recipients, with an exercise price of 2 yuan per share.

In this stock incentive plan, Sany Renewable Energy has set the performance assessment conditions from 2021 to 2023, with the company's total operating income of not less than 9.6 billion yuan, 11.52 billion yuan, and 13.824 billion yuan, and net profit (excluding the impact of share-based payment) of not less than 1.2 billion yuan, 1.44 billion yuan, and 1.728 billion yuan.

In December 2024, Sany Renewable Energy once again launched a restricted stock incentive plan, and granted 19.75 million restricted shares to 95 incentive recipients who met the grant conditions for the first time in early 2025 at a grant price of RMB 16.45 per share.

In the above-mentioned stock incentive plan, Sany Renewable Energy's performance assessment target is that the company's operating income will not be less than 22.5 billion yuan and net profit will not be less than 2.13 billion yuan or net profit of not less than 2.23 billion yuan in 2025, the company's operating income will not be less than 27 billion yuan and the net profit will not be less than 2.33 billion yuan or 2.52 billion yuan in 2026, and the company's operating income will not be less than 31.5 billion yuan and the net profit will not be less than 2.52 billion yuan, or the net profit will not be less than 2.81 billion yuan in 2027.

However, in this employee stock ownership plan, Sany Renewable Energy did not set performance appraisal indicators for holders.

The winning price of the wind turbine fell and the net profit fell by 7.46%.

As one of the leading machine manufacturers in the domestic wind power industry, Sany Renewable Energy's main business is the R&D, manufacturing and sales of wind turbines and the design, construction, operation and management of wind farms. In June 2022, Sany Renewable Energy was listed on the Science and Technology Innovation Board.

The Yangtze River Business Daily reporter noticed that with the stock incentive, Sany Renewable Energy has developed rapidly. From 2021 to 2023, the company achieved operating income of 10.195 billion yuan, 12.325 billion yuan, and 14.939 billion yuan respectively, a year-on-year increase of 9.28%, 20.89%, and 21.21%; The net profit was 1.603 billion yuan, 1.648 billion yuan and 2.007 billion yuan, a year-on-year increase of 16.88%, 2.78% and 21.78%.

However, since 2024, the wind power market has been fiercely competitive, and the growth of Sany Renewable Energy's performance has stagnated. According to the performance report, in 2024, the company will achieve operating income of 1.809 billion yuan, a year-on-year increase of 21.09%; net profit was 1.857 billion yuan, a year-on-year decrease of 7.46%; The non-net profit was 1.634 billion yuan, a year-on-year increase of 0.66%.

In this regard, Sany Renewable Energy said that due to the overall decline in the bid price of wind turbines in the wind power industry in the early stage, and at the same time, due to the impact of the company's non-recurring profit and loss and impairment for prudent considerations, the net profit has declined, but the non-net profit has remained stable.

It is worth noting that on the evening of the same day, Sany Renewable Energy disclosed its asset acquisition plan. Sany Tower, a wholly-owned subsidiary of the company, intends to acquire the production of wind turbine tower related equipment and inventory held by Anren Steel Structure and Sany Offshore Hunan Branch, with a transaction amount of 52.8497 million yuan (including VAT), and this transaction constitutes a related party transaction.

Sany Renewable Energy said that the company's purchase of relevant equipment and raw materials required for the production of wind turbine towers is based on strategic and business development needs, and the company will produce its own wind turbine towers after the completion of this transaction. Wind turbine tower is one of the important components of wind turbines, the company's own production of tower will help improve the supply capacity of the tower, control production costs, and enhance the company's core competitiveness in the wind power industry. At the same time, after the completion of this transaction, the company will no longer purchase towers from affiliated companies, which also reduces the occurrence of daily related party transactions.