List Announcement | Frost & Sullivan Supports Daikin Heavy Industries Co., Ltd. in Successfully Listing in Hong Kong (1081.HK)

Dainico Heavy Industry Co., Ltd. (hereinafter referred to as ‘Dainico Heavy Industry’) plans to issue 86,965,800 H shares during this listing, including 78,269,200 shares for international offerings and 8,696,600 shares for Hong Kong offerings. The highest offering price per share is HK$66.40, and the expected net funds raised will be approximately HK$57.7 billion.

During the process of listing in Hong Kong, Frost & Sullivan undertook the following tasks: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer’s competitive advantages, assisting the issuer, investment banks, and other intermediaries in drafting important sections of the prospectus such as overview, competitive advantages and strategy, industry overview, and business, helping the issuer communicate with the Stock Exchange and investors, aiding investors in quickly understanding the market ecosystem and competitive landscape, and supporting the issuer in responding to various questions regarding the industry from the Stock Exchange.

Frost & Sullivan has always been a leader in helping companies list on the Hong Kong stock market. According to LiveReport Big Data (statistical data as of March 31, 2026), over the past 36 months and 12 months, as well as from January to March 2026, Frost & Sullivan provided listing industry consulting services for 195, 101, and 30 Hong Kong IPO listings respectively, ranking first in terms of number of cases. It possesses rich industry experience and communication skills with regulatory authorities, exchanges, investment institutions, and related entities.

• The company leads by establishing a first-mover advantage, transforming from a globally recognized offshore wind power product supplier into a system service provider;

• The company owns one of the largest offshore wind hub clusters in the world and a good export port, creating a leading capacity barrier;

• The company’s dual drive of ‘oceanic special transportation + shipbuilding’ helps form unique competitive advantages;

• The company has a leading industry quality control system and technical research capabilities, ensuring high-standard delivery for all export projects;

• The company has a comprehensive ESG development system that promotes the transition to wind and photovoltaic power;

• The company is the only supplier in the Asia-Pacific region that can deliver single-pile units to Europe in bulk. According to Frost & Sullivan reports,

  In terms of single-pile sales in the first half of 2025, the company is the top offshore wind foundation equipment supplier in the European market;

  In terms of wind tower sales in the first half of 2025, the company is the fifth-largest wind tower supplier in the Chinese market.

China and Europe have become the core forces driving the development of the global offshore wind power industry. By the end of 2024, China contributed about half of the total installed capacity in the global offshore wind power sector, while Europe was represented by the UK, Germany, the Netherlands, and Denmark. Together, China and Europe account for approximately 94.5% of the global installed capacity.

Source: GWEC, Frost & Sullivan analysis

The new installed capacity of global offshore wind power has maintained steady growth in recent years, rising from 6.9 GW in 2020 to 8.0 GW in 2024, with a compound annual growth rate of 3.8%. With policy support and technological development in the two core regions of Europe and Asia-Pacific, it is expected that the new installed capacity of global offshore wind power will reach 36.7 GW by 2030, with a compound annual growth rate of 28.9% from 2024 to 2030. The expected growth rate of new installed capacity in global offshore wind power will significantly exceed historical levels. The reasons for this acceleration include stricter global climate commitments and government plans, recent approvals for large-scale offshore wind power production capacity and public auction plans, and continuous expansion of global offshore wind power manufacturing capabilities: (i) The increasing global commitment to addressing climate change provides a clear policy foundation for faster deployment of offshore wind power. At COP28, more than 130 countries pledged to triple the global renewable energy capacity by 2030, and offshore wind power has been identified as a key technology to achieve the 1.5°C target, providing strong long-term visibility for industry growth; (ii) Recent global auctions and bidding results have created substantial and highly predictable project reserves that will be installed during the forecast period. According to GWEC, 2024 was a critical year for offshore wind power bidding; a total of 56.3 GW of offshore wind power capacity was awarded globally, and it is expected that another 100 GW will be auctioned in the next two years, further boosting new installations; and (iii) To align with the global zero-emission path, significant increases in annual offshore wind power capacity are required. Based on current policy scenarios, GWEC predicts that by 2030, wind power capacity will only reach about 77% of the capacity needed to achieve net-zero emissions. To fill this gap, annual new installation capacity must grow nearly three times. This accelerated development is supported by the expanding global manufacturing capacity, with China playing a central role, as many coastal cities have developed into manufacturing and logistics centers for offshore wind power.

Source: GWEC, Frost & Sullivan Analysis

The offshore wind foundation structure is a core component of the industrial chain. Single-pile foundations, which are the most widely used and dominate the market, play a crucial role in market development and represent essential equipment in this industry. In addition to single piles, jackets, floating foundations, and other structural forms together constitute the offshore wind foundation structure system.

In recent years, with the acceleration of global energy transition and the rapid implementation of offshore wind projects, the offshore wind foundation structure market has shown steady growth. In terms of sales value, the global offshore wind foundation structure market increased steadily from 13.7 billion RMB in 2020 to 21.9 billion RMB in 2024, with a compound annual growth rate of 12.4%. As countries accelerate their energy transition and offshore wind project implementation, the market is expected to enter a period of rapid expansion from 2024 to 2030. By 2030, the global offshore wind foundation structure market size is expected to reach 93.8 billion RMB, with a compound annual growth rate of 27.4%, approximately four times higher than in 2024. This rapid growth is mainly due to policy support from major markets such as Europe and China, as well as increased government investment in technology and resources for nearshore and deep-sea wind projects under the pressure of carbon reduction targets by 2030. It is also supported by the strong expansion of new offshore wind capacity globally, with an expected compound annual growth rate of 28.9 from 2024 to 2030. In the future, with technological progress and scale effects, the offshore wind foundation structure market will continue to expand, providing important support for the global energy structure transition.

Considering project locations and foundation types, the global offshore wind market is currently concentrated in nearshore areas. During the forecast period from 2025 to 2030, most new offshore wind installations are expected to remain in nearshore waters. Single-pile fixed foundations, due to their good track record, cost competitiveness, and suitability for medium depths, remain the main solution. Although deep-sea projects are a key strategic direction for future offshore wind development, large-scale deployment is expected to begin in the 2030s. Floating foundations, as the main structural solution for deep-sea wind projects, currently account for a limited share of new offshore wind capacity worldwide. According to GWEC data, floating offshore wind is expected to achieve commercial scale deployment by 2029, and its proportion of new offshore wind capacity in 2030 is expected to reach about 4.7%. In the long term, nearly 80% of potential offshore wind resources worldwide are expected to be in deep sea areas, while nearshore resources are relatively limited. With the gradual development and utilization of nearshore sites, the industry is expected to shift towards deep sea deployment, thereby increasing the demand for floating foundation solutions.

Source: GWEC, Frost & Sullivan Analysis

As the birthplace of the offshore wind market, Europe benefits from significant natural advantages. With a mature supply chain, rich engineering experience, and a well-established policy framework, Europe has long maintained a leading position in global offshore wind, while continuously promoting industrial upgrading and large-scale expansion.

In October 2023, the European Union introduced the ‘European Wind Action Plan’ aimed at promoting wind power and developing the wind industry. The plan recognizes that Europe has abundant wind energy resources, and developing wind power is essential for achieving decarbonization goals and ensuring energy security. The share of wind power in electricity consumption in the EU increased from 17.3% in 2022 to 19.1% in 2024. The EU aims to increase wind power to 35% of European electricity consumption by 2030 and to over 50% by 2050. The plan seeks to accelerate decarbonization through the popularization of wind technology and maintain a safe and reliable energy supply. European new wind capacity increased from 14.7 GW in 2020 to 16.5 GW in 2024, with a compound annual growth rate of 2.9%. It is expected that new capacity will further increase to 38.4 GW by 2030, with a compound annual growth rate of 15.1 from 2024 to 2030.

Offshore wind is a strategic focus for European wind energy development and has become an important driver in this field. According to Wind Europe data, by the end of 2024, the total wind capacity in Europe reached 285 GW, including 248 GW on land and 37 GW offshore. In 2024, offshore wind accounted for approximately 16.4% of new wind capacity. It is expected that by 2030, offshore wind will account for 30.7% of new wind capacity in Europe.

Source: GWEC, Frost & Sullivan Analysis

The new offshore wind capacity in Europe was 2.9 GW in 2020 and slightly reduced to 2.7 GW in 2024, with a compound annual growth rate of -1.8%. The decline is influenced by both project-specific factors and overall market factors. On one hand, long approval processes for offshore wind projects lead to delays in some projects; on the other hand, tight production capacity for key equipment such as offshore wind foundations, cables, and transport vessels, along with insufficient port infrastructure to meet delivery timelines, also hinder project progress. Additionally, high interest rates increase project financing costs, causing some developers to delay or reevaluate investment plans. Despite short-term disruptions, the long-term growth trend of the European offshore wind market remains strong. Since the ‘European Green New Deal’ set emission reduction targets of 55% by 2030 and climate neutrality by 2050, the EU has positioned offshore wind as a core pillar of energy transition. Through systematic policies such as the ‘Renewable Energy Directive’ revision, REPowerEU (a strategic plan launched by the EU in 2022 to rapidly reduce dependence on Russian fossil fuels, accelerate clean energy transition, and enhance member states' energy security) and the ‘Wind Basket Plan’, the EU has strengthened comprehensive support from faster approvals, financial support, to industrial chain development, significantly enhancing market confidence.

The strategic importance of offshore wind in Europe’s energy structure continues to grow. In 2024, the auction volume of offshore wind in Europe reached a record high, with a total approved project of 23.2 GW, with Germany, the UK, and the Netherlands leading. Some European developers are mitigating supply pressures by increasing imports of products from countries such as China and promoting global production layouts, while Europe is also accelerating production expansion plans and port facility upgrades, with supply capabilities expected to gradually improve starting from 2025. Benefitting from policy optimization and capacity release, it is expected that the compound annual growth rate of new offshore wind capacity in Europe from 2024 to 2030 will be as high as 27.9, with an expected annual new capacity of 11.8 GW by 2030. Short-term decline reflects market adjustment and technological transition, while long-term growth potential remains strong.

As the most mature offshore wind market in the world, Europe is expected to benefit not only from global growth but also from faster and more transparent approval processes. According to the Global Wind Energy Council (GWEC), the number of wind projects currently under approval in the EU is about five times that of ongoing projects. By setting offshore wind targets through legislation, including auction sizes and approval timelines, the industry can long-term understand project scale and progress. This means that many projects will enter construction stages in the coming years, which will support and promote higher expected growth rates during the forecast period.

Source: GWEC, Frost & Sullivan Analysis

● Policies Enable the Development of the European Offshore Wind Market

Under the EU framework, member states actively implement supportive measures to accelerate offshore wind deployment. Overall, these policies improve investment visibility and project financingability, strengthen domestic supply chains, speed up licensing processes, and promote cross-border cooperation, forming the structural foundation for long-term market growth.

●Energy security drives accelerated demand for wind power

Since 2022, geopolitical tensions in Europe have significantly increased attention to energy security. According to the Wind Europe report, most of the European Union relies on fossil fuel imports for energy. Faced with fluctuations in fossil fuel prices, countries are forced to accelerate the transformation of their energy structure. In this context, offshore wind power, as a renewable, low-carbon, and localized energy source, has become even more strategically important. It not only reduces dependence on fossil fuel imports but also plays a key role in ensuring energy supply stability. With the advancement of electrification and support from renewable energy policies, investment and capacity requirements for offshore wind power are increasing, while also driving the development of related technologies and infrastructure, such as unit manufacturing, construction, and remote operation capabilities, thereby further solidifying Europe’s leading position in the global offshore wind market.

●Large-scale procurement and cost optimization

With the implementation of affordable grid access policies and growing demand for capital returns, developers and investors are paying more attention to the average cost per MW, construction timelines, and project operational efficiency. Manufacturing automation, standardized production, modular design, and integrated supply chains have significantly improved the production and installation efficiency of key components such as monopile foundations, floating foundations, and seabed cables, thereby reducing overall construction costs. At the same time, through large-scale procurement and project replication, capital expenditure is optimized, and project economics are improved, providing a solid foundation for attracting further investment in the European market and promoting growth in offshore wind capacity.

The European offshore wind foundation market has shown significant growth in recent years. With the continued implementation of the European Green New Deal, offshore wind power has become a key driver of energy transition. In terms of sales value, the European offshore wind foundation market increased from 8.1 billion RMB in 2020 to 9.6 billion RMB in 2024, with a compound annual growth rate of 4.3%. As multiple large projects start construction, deep-sea wind power progresses, floating wind technology becomes more commercialized, and various national policies are implemented, the market will enter a phase of explosive expansion. It is expected that by 2030, the market size of European offshore wind foundations will reach 41.7 billion RMB, with a compound annual growth rate of 27.7% from 2024 to 2030. Supported by strong growth in new offshore wind capacity, it is projected to increase at a compound annual growth rate of 27.9% from 2024 to 2030.

In this market, monopiles are the most widely used foundation types. Due to stable seabed geology, moderate water depths in Europe, mature construction techniques, and controllable costs, monopiles offer the best cost-performance ratio in waters up to 30 meters deep. Rack structures consist of multiple steel pipes and are suitable for deeper (30 to 60 meters) or complex geological areas, with strong anti-capstan and anti-impact capabilities. Floating technology breaks through depth limitations, providing a key technical path for large-scale deployment of offshore wind power. The RPower EU program and various floating support policies will accelerate industry maturity, and floating foundations are expected to experience large-scale growth after 2030.

Source: GWEC, SULLIVAN analysis

●Shortage of capacity among European domestic suppliers, increasing participation of overseas manufacturers

With rapid growth in offshore wind capacity in Europe and driven by policy goals such as “net-zero emissions” and “energy independence,” domestic manufacturer capacity remains saturated, and capacity expansion and upgrading have lagged significantly in recent years. As foundations such as monopiles and racks evolve toward larger and higher-standard manufacturing, European manufacturing faces multiple constraints including tight land and port resources, lack of skilled labor, and high costs, resulting in insufficient effective capacity. A few Chinese manufacturers that have reached high-tech standards in the European market, with stable capacity reserves, advanced manufacturing capabilities, strong delivery efficiency, and experience in deep-water projects, are increasingly securing high-quality orders and expanding their strategic layout.

●Size increase of equipment and updated technological paths

As technology continues to evolve in the European offshore wind foundation market, the industrial structure and technological paths are moving towards larger and more reliable levels. As wind turbine power increases, higher demands are placed on the load-bearing capacity, durability, and wind resistance of infrastructure, leading to the development of offshore wind foundations with larger dimensions and higher material strength. According to GWEC data, the size of the largest offshore wind turbines increased from 9.5 MW in 2020 to 26 MW in 2024, and it is expected to reach 35 MW by 2030. In this context, Chinese equipment manufacturers have shown significant competitive advantages due to their large-scale production capacity, cost-effectiveness, and adaptability to rapid evolution of large-scale equipment.

●Floating offshore wind equipment unlocks deep-sea potential and reduces costs

As developable offshore resources become scarce, European offshore wind is rapidly expanding into deep seas. Nearly 80% of potential offshore wind resources worldwide are located in deep waters in the long term. Compared to fixed foundations, floating structures are more adaptable to depth and can be deployed flexibly in a wider range of locations. According to GWEC data, the main cost reduction methods for floating wind include design optimization, local supply chain, modular construction, standardized components, and economies of scale, all of which help reduce life-cycle costs. In this context, floating technology is expected to gradually become commercialized and become a key direction in the future offshore wind foundation market.

Source: SULLIVAN analysis

The Chinese offshore wind market showed a development trend of initial decline followed by rise during the “14th Five-Year Plan” period. In 2024, the total new offshore wind capacity reached 4GW, showing significant fluctuations compared to a 1.3% compound annual growth rate from 2020 to 2024, mainly due to the policy of removing national subsidies in 2022, which led to temporary adjustments after some projects were rushed into operation. However, with the deepening implementation of the “Dual Carbon” goal, coastal provinces have introduced local subsidy policies, and the benefits of policies such as the “Deep Sea Offshore Wind Power Management Measures” have been released, enabling the industry to accelerate its move toward high-quality development.

The cost reduction and efficiency improvement in the offshore wind power supply chain are significant. Units of 8 to 10 MW have become the mainstream, and 16 MW models have been commercialized, reducing the average cost per kWh by more than 40%. According to GWEC’s forecast, driven by increasing electricity demand along the eastern coast and EU carbon tariffs, the compound annual growth rate of new offshore wind capacity in China from 2024 to 2030 will reach 30.8%, with an expected annual addition of 20 GW by 2030.

With the technological upgrading and market expansion of China’s offshore wind industry, deep-sea development is becoming an important growth area in the next phase. The implementation of the “Deep Sea Offshore Wind Management Measures” and the commercialization of floating wind technology provide institutional and technical support for deploying larger power units beyond coastal limitations. Offshore wind bases planned in coastal provinces such as Guangdong, Fujian, and Shandong will contribute significantly to growth from 2025 to 2030, enhancing the overall development scale. Deep-sea projects not only optimize the spatial layout of offshore wind power and alleviate pressure on coastal resources but also create stable demand for high-power units, deep-water infrastructure, and supporting supply chains, thereby accelerating the high-quality development of China’s offshore wind industry and the maturity of the deep-sea industrial chain.

According to the “Wind Energy Beijing Declaration 2.0” presented at the 2025 Beijing International Wind Energy Conference, China’s cumulative wind power capacity is expected to reach 130 GW by 2030, a substantial increase from the 41.8 GW at the end of 2024, providing a solid foundation for the higher growth rate during the forecast period.

Source: GWEC, SULLIVAN Analysis

The market size of China’s offshore wind foundation structures increased from 5.5 billion RMB in 2020 to 8.9 billion RMB in 2024, with a compound annual growth rate of 12.8%. With the deepening of the “Dual Carbon” strategy and faster development of deep-sea wind power, the industry is experiencing explosive growth. Driven by the widespread use of large units and breakthroughs in floating foundation technology, traditional foundations such as single piles are being upgraded to heavier types, while new equipment like floating foundations are entering commercial applications. It is expected that by 2030, the market size of China’s offshore wind foundation structures will exceed 39.6 billion RMB, with a compound annual growth rate of 28.2% from 2024 to 2030. This is due to the strong growth in new offshore wind capacity, which is projected to increase at a compound annual rate of 30.8% from 2024 to 2030.

Source: GWEC, SULLIVAN Analysis

The market size of China’s wind tower market (including onshore and offshore towers) increased from 29 billion RMB in 2020 to 40.5 billion RMB in 2024, with a compound annual growth rate of 8.7%. Benefiting from rapid expansion of wind power installation and continuous improvement in unit technology, demand for wind towers remains stable. As offshore wind development accelerates and expands into deep waters, the market size of offshore wind towers is growing faster compared to traditional onshore towers. By 2030, the market size of China’s wind tower market is expected to reach approximately 63 billion RMB, with a compound annual growth rate of 7.6% from 2024 to 2030.

Source: GWEC, SULLIVAN Analysis

By sales value, we ranked fifth among Chinese wind tower suppliers in the first half of 2025, with a market share of 2.4%, and third in 2024, with a market share of 4.4%. Overall, the Chinese wind tower market remains highly fragmented. The top five suppliers accounted for about 20.7% of the market in 2024 and about 22.2% in the first half of 2025, indicating no single manufacturer holds a dominant position. The market features many specialized tower manufacturers and engineering and heavy equipment companies, with competition based on manufacturing capabilities, cost efficiency, project execution ability, and geographical proximity to wind farm projects.

Source: SULLIVAN Analysis

● National policies and strategic orientations

Driven by the green energy transition and China’s “Dual Carbon” goals, offshore wind has become a key factor in optimizing the energy structure in many coastal areas. Additionally, policies guide new projects toward deep-sea development, promoting technological upgrades and innovative development models.

● Technological progress drives cost reduction

Large-scale wind turbines, breakthroughs in floating wind technology, and the maturity of related technologies such as sea cables, foundations, and operation and maintenance have led to continuous decreases in investment and cost per kWh, significantly improving project economics.

● Energy consumption and local economic needs in coastal areas

Major load centers in East China and South China have strong demand for clean energy. Offshore wind is close to these load hubs, enabling efficient local consumption, while also driving the development of related industries such as equipment manufacturing, offshore engineering, and port logistics, thereby promoting the coordinated development of the entire value chain.

●Industrial Ecosystem Collaboration

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