Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Views - The company reported a revenue of 28.5 billion RMB for the first half of 2025, a year-on-year increase of 41.3%, and a net profit attributable to shareholders of 1.49 billion RMB, up 7.3% year-on-year [2]. - The manufacturing segment showed significant recovery, with sales of wind turbines and components reaching 21.85 billion RMB, a 71.2% increase year-on-year, and a gross margin improvement of 4.22 percentage points [3]. - The company is experiencing strong domestic demand, leading to a notable decrease in expense ratios, with sales, management, and R&D expense ratios down by 0.7, 1.0, and 1.2 percentage points respectively [3]. - The overseas sales reached approximately 8.38 billion RMB, a 75.3% increase year-on-year, with the subsidiary Jin Feng International achieving a net profit of 980 million RMB, up 112% [4]. - The report projects an upward revision of net profit estimates for 2025-2027 to 3.25 billion, 4.4 billion, and 5.04 billion RMB, corresponding to P/E ratios of 14, 10, and 9 times [5]. Summary by Sections Performance Review - In Q2, the company achieved a revenue of 19.1 billion RMB, a 44% year-on-year increase and a 101.3% quarter-on-quarter increase, with a net profit of 920 million RMB, down 12.8% year-on-year but up 61.8% quarter-on-quarter [2]. Operational Analysis - The manufacturing sector's profitability has turned positive for the first time since 2022, driven by a significant recovery in gross margins [3]. - The company’s backlog of orders and contract liabilities grew by 42.9% and 88.4% year-on-year, respectively, indicating strong future revenue potential [3]. Overseas Business Development - The company’s overseas business is expanding rapidly, with a substantial increase in sales and a strong order backlog, suggesting a continued rise in overseas revenue contribution [4]. Profit Forecast and Valuation - The report anticipates a dual recovery in EPS and P/E ratios, driven by the profitability of the wind turbine manufacturing business and its increasing share in the company's profit structure [5].

Core Viewpoint - Goldwind Technology (002202) reported strong revenue growth in the 2025 mid-year report, with total revenue reaching 28.537 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 1.488 billion yuan, up 7.26% year-on-year [1][3]. Financial Performance - Total revenue for the second quarter was 19.065 billion yuan, reflecting a 44.18% year-on-year increase [1]. - Net profit for the second quarter was 919 million yuan, showing a decline of 12.8% year-on-year [1]. - The company's accounts receivable reached 33.728 billion yuan, a 21.38% increase year-on-year, with accounts receivable accounting for 1812.89% of the latest annual net profit [1][4]. Profitability Metrics - Gross margin was 15.35%, down 15.91% year-on-year, while net margin was 5.83%, down 17.98% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 1.902 billion yuan, representing 6.67% of revenue, a decrease of 26.13% year-on-year [1]. - Earnings per share (EPS) increased to 0.34 yuan, a 7.34% rise year-on-year [1]. Cash Flow and Debt - Operating cash flow per share was -0.7 yuan, an improvement of 63.81% year-on-year [1]. - The net increase in cash and cash equivalents was up 41.84% due to increased cash receipts from sales [3]. - The company’s interest-bearing debt was 39.737 billion yuan, a slight decrease of 0.19% year-on-year [1]. Investment Insights - Analysts expect the company's performance in 2025 to reach 2.964 billion yuan, with an average EPS forecast of 0.7 yuan [4]. - The company’s return on invested capital (ROIC) was reported at 3.19%, indicating weak capital returns [4]. - The company’s cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 24.65% [4]. Fund Holdings - The largest fund holding Goldwind Technology is the Bosera Theme LOF, with 14.24 million shares newly entered into the top ten holdings [5]. - Other funds such as the China Merchants Industry Select Stock Fund and the Xisi Zhongzheng Rare Earth Industry ETF have also increased their holdings [5].

格隆汇8月22日丨金风科技(002202.SZ)公布2025年半年度报告，上半年公司实现营业收入285.37亿元， 同比增长41.26%；归属于上市公司股东的净利润14.88亿元，同比增长7.26%；归属于上市公司股东的扣 除非经常性损益的净利润13.68亿元，同比下降0.40%；基本每股收益0.3421元。 ...

Core Points - The board of directors of Goldwind Technology held its third meeting of the ninth session on August 22, 2025, in Beijing, with all nine directors present, including one proxy [1] - The meeting approved several important resolutions, including the half-year report and the audit remuneration for 2025, with unanimous support from all directors [2][3] Summary by Categories Financial Reports - The board approved the half-year report with a voting result of 9 in favor, 0 against, and 0 abstentions, indicating strong support for the financial disclosures [2] - The financial report has been reviewed by the company's audit committee and is available on designated information disclosure websites [2] Audit Remuneration - The board approved the audit remuneration for 2025, totaling RMB 12.55 million, which includes RMB 9.6 million for the financial report audit, RMB 850,000 for internal control audit, and RMB 2.1 million for the half-year report review [2] Internal Audit System - The board also approved the internal audit system, with the same unanimous voting result, reflecting the company's commitment to governance and compliance [2][3]

Financial Performance - The company's operating revenue for the first half of 2025 was approximately 28.54 billion yuan, an increase from 20.20 billion yuan in the same period last year, representing a growth of 41.52% [1] - The net profit attributable to shareholders was approximately 1.49 billion yuan, compared to 1.39 billion yuan in the previous year, showing an increase of 7.93% [1] - The net profit after deducting non-recurring gains and losses was approximately 1.37 billion yuan, slightly down from 1.37 billion yuan in the previous year [1] - The basic and diluted earnings per share were both 0.3421 yuan, up from 0.3187 yuan in the same period last year [1] - The weighted average return on equity was 3.85%, an increase of 0.12 percentage points year-on-year [19] Cash Flow and Investment - The net cash flow from operating activities was -2.95 billion yuan, an improvement of 5.21 billion yuan compared to -8.15 billion yuan in the previous year [23] - The net cash flow from financing activities was 1.91 billion yuan, a decrease of 2.18 billion yuan year-on-year [23] - The net cash flow from investing activities was -1.84 billion yuan, compared to -0.84 billion yuan in the previous year [23] Asset and Liability Changes - Total assets at the end of the reporting period were approximately 161.55 billion yuan, up from 155.22 billion yuan at the end of the previous year [1] - Inventory increased by 27.66% compared to the end of the previous year, while cash and cash equivalents decreased by 17.5% [35] - The company's current ratio was 0.97, and the quick ratio was 0.72 at the end of the reporting period [41] Shareholder Structure - The top ten shareholders included a new shareholder, Bosera Theme Industry Mixed Securities Investment Fund, replacing the previous quarter's shareholder [43] - The shareholding of Hong Kong Central Clearing Limited and Social Security Fund 16012 Combination increased, while other shareholders saw a decrease in their holdings [43][44] Valuation Metrics - As of August 22, the company's price-to-earnings ratio (TTM) was approximately 22.75, the price-to-book ratio (LF) was about 1.12, and the price-to-sales ratio (TTM) was around 0.69 [1]

Summary of Key Points Core Viewpoint - Goldwind Technology has signed a long-term operation and maintenance service agreement with Masdar IPH Wind S.A.E, with a guarantee amount not exceeding approximately 288.96 million RMB, ensuring the performance obligations of its subsidiary Goldwind Egypt [1][2]. Group 1: Guarantee Overview - Goldwind International, a wholly-owned subsidiary of Goldwind Technology, has entered into a long-term operation and maintenance service agreement with IPH, where Goldwind Egypt will provide operational services after the acceptance of the turbines [1]. - The guarantee amount for the service agreement is capped at 40,535,437.50 USD, equivalent to approximately 288,964,973.31 RMB [1][2]. - The guarantee period extends from the signing date of the guarantee agreement until the completion of the obligations by Goldwind Egypt [1]. Group 2: Financial Metrics - As of December 31, 2024, and May 31, 2025, the guaranteed party has no external guarantees, mortgages, or significant litigation [3]. - The guarantee amount represents 0.75% of the audited net assets for the year 2024 [3]. Group 3: Board Opinions and Approval - The board of directors has approved the provision of guarantees for wholly-owned and controlling subsidiaries within specified limits, with a total guarantee amount of 96 billion RMB for subsidiaries with a debt-to-asset ratio below 70% and 204 billion RMB for those above [4]. - The company will provide guarantees based on shareholding ratios, and other shareholders must also provide equivalent guarantees [4].

金风科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | 单位：人民币万元 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占用方与上市公 | 上市公司核算 | 2025 年年初占 | 2025 年半年度占用累计 | 2025 年半年度 | | 占用 | 2025 年半年度偿 2025 年半年度 资金占用方名 | | | | | | | | | | 称 | | | | | | | | | 占用形成原 | | 因 | 占用性质 | | | | | | | | | | | | | | | 司的关联关系 | 的会计科目 | 用资金余额 | 发生金额（不含利息） | 资金的利息（如 | | 有） | 还累计发生金额 占用资金余额 一、控股股东及其附属企业 | | | | | | | | | | 无 | | | | | | | | | | | | 二、前控股股东及其附属企业 | | | | | | | | | | 无 | | | | | | | | ...

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Goldwind Technology Co., Ltd. in the first half of 2025, driven by strong performance in wind turbine manufacturing and services, alongside a robust market for renewable energy solutions [1][2][9]. Company Overview and Key Financial Indicators - Goldwind Technology Co., Ltd. operates in wind turbine manufacturing, wind power services, and wind farm investment and development, providing diversified revenue streams [3][9]. - The company reported a revenue of approximately CNY 28.54 billion, a 41.26% increase year-on-year, and a net profit attributable to shareholders of CNY 1.49 billion, up 7.26% [2][9]. - The total assets of the company reached CNY 161.55 billion, reflecting a 4.08% increase compared to the previous year [2]. Industry Situation Overview - The global economic growth is projected to slow down, with the IMF forecasting growth rates of 3.0% and 3.1% for 2025 and 2026, respectively [3]. - In China, the GDP for the first half of 2025 was CNY 66.05 trillion, with a year-on-year growth of 5.3%, and the equipment manufacturing sector saw a 10.2% increase [4]. - The demand for electricity in China continues to grow, with policies being implemented to promote clean energy and carbon neutrality [4][5]. Main Business Analysis - The wind power industry in China has surpassed traditional coal power in installed capacity, marking a shift towards renewable energy as a primary energy source [9][18]. - Goldwind's wind turbine and component sales revenue increased by 71.15%, accounting for 76.58% of total revenue, with a sales capacity of 10,641.44 MW, a 187.01% increase year-on-year [9][10]. - The company maintains a strong order backlog, with external orders totaling 34,082.63 MW as of June 30, 2025 [10]. Future Development Outlook - The global wind power market is expected to see significant growth, with BNEF predicting 143 GW of new installations in 2025 and cumulative capacity reaching 3 TW by 2035 [18]. - Goldwind aims to leverage its technological advancements and market position to capitalize on the growing demand for renewable energy solutions, including wind power and related services [19][20].

金风科技股份有限公司 2025 年半年度报告摘要 | | | | 金风科技股份有限公司 | | | | 2025 年半年度报告摘 | | --- | --- | --- | --- | --- | --- | --- | --- | | 要 | | | | | | | | | 证券代码：002202 证券简称：金风科技 | | | | | | | 公告 | | 编号：2025-064 | | | | | | | | | 金风科技股份有限公司 2025 年半年度报告摘要 | | | | | | | | | 一、重要提示 | | | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | | | 资者应当到证监 | | | | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | | | | 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | | | | | | | | | 未亲自出席董事姓名 未亲自出席董事职务 | | | | | | | 未亲自出席会议原 | | 因 被委托人姓名 | ...

Core Viewpoint - The board of directors of Goldwind Technology Co., Ltd. convened its third meeting of the ninth session, where several key resolutions were passed, including the approval of the half-year report and the audit remuneration for 2025 [1][2]. Group 1: Meeting Details - The meeting was held on August 22, 2025, in a hybrid format, with all nine directors present, including one proxy [1]. - The meeting was chaired by Chairman Wu Gang, and senior management attended [1]. Group 2: Resolutions Passed - The board approved the proposal regarding the "Summary and Performance Announcement of Goldwind Technology's 2025 Half-Year Report," with a unanimous vote of 9 in favor [1]. - The board approved the proposal for the 2025 audit remuneration, agreeing to pay Deloitte Touche Tohmatsu Certified Public Accountants RMB 9.6 million for the annual financial report audit, RMB 850,000 for internal control audit, and RMB 2.1 million for the half-year financial report review, totaling RMB 12.55 million [2]. - The board also approved the proposal regarding the "Internal Audit System of Goldwind Technology," with a unanimous vote of 9 in favor [2].