金风科技股份有限公司 2025 年半年度报告全文 金风科技股份有限公司 2025 年半年度报告 2025-065 2025 年 08 月 1 金风科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人武钢、主管会计工作负责人王宏岩及会计机构负责人(会计主 管人员)王璞声明：保证本半年度报告中财务报告的真实、准确、完整。 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 | 未亲自出席董事 | 未亲自出席会议 | 被委托人姓名 | | --- | --- | --- | --- | | 姓名 | 职务 | 原因 | | | 杨丽迎 | 董事 | 工作原因 | 高建军 | 本半年度报告中所涉及的对公司未来发展的前瞻性陈述，并不代表公司 的盈利预测，也不构成公司对投资者的实质承诺，请投资者注意投资风险。 本报告第三节"管理层讨论与分析"中详细描述了公司可能面对的风险，敬请 投资者关注相关内容。 公司计划不派发现金红 ...

Core Insights - The company, Goldwind Technology, reported a revenue of 28.537 billion yuan for the first half of 2025, representing a year-on-year growth of 41.26% [1] - The net profit for the same period was 1.488 billion yuan, showing a year-on-year increase of 7.26% [1] Financial Performance - Revenue: 28.537 billion yuan, up 41.26% year-on-year [1] - Net Profit: 1.488 billion yuan, up 7.26% year-on-year [1]

Group 1 - The core viewpoint of the articles highlights the significant growth in China's wind power sector, with a tripling of installed capacity since the start of the 14th Five-Year Plan, making renewable energy the primary power source in the Southern Power Grid region [1] - The first phase of the Jinshan Offshore Wind Farm has successfully installed 36 turbines, marking it as the first competitive offshore wind project in China to be priced below the coal benchmark [1] - In the first half of 2025, China's new wind power installations are expected to reach 51.39 GW, a year-on-year increase of 98.88%, with wind power generation accounting for 11.43% of total electricity consumption [1] Group 2 - Wind power component companies have shown strong performance, with six out of eleven listed companies reporting or forecasting net profit growth exceeding 100% in the first half of 2025, indicating robust industry recovery [2] - The increase in profits for wind power component companies is attributed to a combination of policy support, market demand, and price recovery, leading to a rapid transmission of profits up the supply chain [2] - It is anticipated that the manufacturing gross margin for wind turbine manufacturers will significantly improve by 2026, driven by scale effects and a projected 30% growth in installations in 2025 [2] Group 3 - Citigroup forecasts a 10% increase in turbine bidding prices within the year, which could elevate Goldwind's sales gross margin from 4% in 2024 to 7% and 10% in the following two years [3] - Goldwind's H-shares have risen by 74% since the first quarter earnings announcement, outperforming the Hang Seng Index, driven by improved profit outlooks and inflows from southbound funds [3] - The company is expected to benefit from increased overseas orders and higher profit margins, with a potential turnaround in turbine manufacturing business profitability anticipated in the first half of the year [3]

Group 1 - The core viewpoint of the articles highlights the significant growth in China's wind power sector, with a tripling of installed capacity since the start of the 14th Five-Year Plan, making renewable energy the largest power source in the region [1] - The first phase of the Jinshan offshore wind farm has successfully installed 36 turbines, marking it as the first competitive offshore wind project in China to be priced below coal benchmark rates [1] - In the first half of 2025, China's new wind power installations are expected to reach 51.39 GW, a year-on-year increase of 98.88%, with wind power generation accounting for 11.43% of total electricity consumption [1] Group 2 - A report from Citigroup indicates that China's new wind power installations are expected to exceed previous forecasts, with an annual growth rate of 38% projected for 2025, reaching 120 GW [1] - The average bidding price for onshore wind turbines has increased by 9% in the first seven months of 2024, reflecting a recovery in the market, although stock prices of related companies have not fully reflected this potential for profit growth [1] - Wind power component companies have reported strong earnings growth, with six out of eleven listed companies expecting net profit increases of over 100% in the first half of 2025, driven by policy, market, and price factors [2] Group 3 - Goldwind Technology is expected to see its sales gross margin improve from 4% in 2024 to 7% and 10% in the following two years, driven by anticipated increases in turbine bidding prices [3] - The stock price of Goldwind has risen by 74% since the first quarter earnings announcement, significantly outperforming the Hang Seng Index, attributed to improved profit outlooks and inflows from southbound funds [3] - The wind turbine manufacturing sector is expected to experience significant improvements in profitability and valuation recovery as manufacturing margins are projected to increase in the coming years [2][3]

Group 1 - The core viewpoint highlights the significant growth in renewable energy capacity in Southern China, with a threefold increase since the 14th Five-Year Plan, making wind and solar power the dominant energy sources [1] - The first phase of the Jinshan offshore wind farm has completed the installation of 36 turbines, marking it as the first competitive offshore wind project in China to be priced below coal benchmark rates [1] - In the first half of 2025, China's new wind power installations are expected to reach 51.39 GW, a year-on-year increase of 98.88%, with wind power generation accounting for 11.43% of total electricity consumption [1] Group 2 - Wind turbine component companies have shown strong performance, with six out of eleven listed companies reporting or forecasting net profit growth exceeding 100% in the first half of 2025, indicating robust industry recovery [2] - The increase in profits for wind turbine component manufacturers is attributed to a combination of policy support, market demand, and price recovery, leading to a rapid transmission of profits up the supply chain [2] - Expectations for 2025 include a 30% growth in industry installations, with potential improvements in manufacturing gross margins for leading turbine manufacturers due to reduced sales and management expense ratios [2] Group 3 - Citigroup anticipates a 10% increase in wind turbine bidding prices within the year, projecting an improvement in Goldwind's sales gross margin from 4% in 2024 to 7% and 10% in the following two years [3] - HSBC notes that Goldwind's H-shares have risen by 74% since the first quarter earnings announcement, significantly outperforming the Hang Seng Index, driven by improved profit outlooks and inflows from southbound funds [3] - The company is expected to benefit from increased overseas orders and higher profit margins, with a positive outlook for its wind turbine manufacturing business in the coming years [3]

Core Viewpoint - JinWind Technology's subsidiary, JinWind Investment Holdings, has been actively reducing its stake in its associate company, Shangwei New Materials, amid a significant rise in the latter's stock price, indicating JinWind's growing capital management capabilities beyond its core wind power equipment manufacturing business [1][2]. Group 1: Shareholding and Financial Performance - Since July, JinWind Investment has reduced its holdings in Shangwei New Materials by 1.6328 million shares, generating over 100 million RMB in cash [1]. - The investment income from JinWind Investment reached 1.962 billion RMB in 2024, surpassing JinWind Technology's net profit of 1.86 billion RMB during the same period [2][13]. - JinWind Investment's shareholding in Shangwei New Materials was originally acquired at an issue price of 2.49 RMB per share, while the stock price surged to 85.65 RMB per share by August 19 [11]. Group 2: Market Dynamics and Investment Strategy - The stock price of Shangwei New Materials experienced a remarkable increase of 992.54% from July 9 to August 12, coinciding with JinWind Investment's reduction in holdings [11]. - JinWind Technology has built a diversified investment portfolio across various sectors, including new energy, equipment manufacturing, and agriculture, indicating a strategic focus on emerging industries [12]. - The company has invested in several key players in the new energy sector, including companies involved in core components for wind power and smart operation technologies [12]. Group 3: Broader Market Trends - The A-share market has seen a resurgence, with 57 companies announcing plans to use idle funds for securities investment this year, reflecting a growing trend among listed companies to engage in stock market investments [14]. - Despite the overall positive market sentiment, there are concerns regarding the risks associated with stock market investments, as evidenced by the mixed financial outcomes for companies involved in such activities [15][16].

董事会 股票代码：002202 股票简称：金风科技 公告编号：2025-062 金风科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 金风科技（下称"公司"）于2025年8月19日收到公司股东新疆风 能有限责任公司（下称"风能公司"）的告知函，获悉其所持本公司的 部分股份解除质押，具体事项如下: 一、股东股份解除质押的基本情况 股东名称 是否为控 本次解除质押股 占其所持股 占公司总 起始日期 解除日 质权人 股股东或 数（股） 份比例 股本比例 期 第一大股 东及其一 致行动人 新疆风能 是 1,350,000 0.27% 0.03% 2008 年 11 2025 年 8 中国建设 有限责任 月 20 日 月 14 日 银行股份 公司 有限公司 新疆维吾 尔族自治 区分行 合计 - 1,350,000 0.27% 0.03% - - - 二、股东股份累计质押的基本情况 截至公告披露日，上述股东所持质押股份情况如下： 未质押股份 已质押股份情况 情况 占其所 占公司 股东名 持股比 累计质押 未 质押 占未 持股数量 持 股 份 总 股 本 已 ...

Core Viewpoint - The core business of a listed company primarily engaged in wind power equipment manufacturing has achieved significant investment gains, earning 1.962 billion RMB in investment income, surpassing its net profit of 1.86 billion RMB for the same period [1][15]. Group 1: Investment Performance - Goldwind Investment Holdings Co., Ltd. (金风投控), a subsidiary of Goldwind Technology, has been actively reducing its stake in its investee company, Upwind New Materials Technology Co., Ltd. (上纬新材), amid a substantial increase in the latter's stock price [1][8]. - Since July, Goldwind Investment has cumulatively reduced its holdings in Upwind New Materials by 1.6328 million shares, generating over 100 million RMB in cash [1][9]. - Upwind New Materials' stock price has surged by 1151.67% from July 9 to August 18, significantly outperforming related indices [13][9]. Group 2: Market Dynamics - The stock price of Upwind New Materials experienced a dramatic rise following an announcement of a major investment from a prominent robotics company, which has attracted significant market attention and capital [6][8]. - Goldwind Technology's investment strategy includes diversifying across various sectors, including renewable energy and advanced materials, to enhance financial resilience and mitigate industry risks [15][16]. - The overall A-share market has seen increased activity, with 57 companies announcing plans to use idle funds for securities investment, reflecting a broader trend of companies engaging in stock market investments [16][18].

证券日报网讯 8月19日晚间，金风科技发布公告称，股东新疆风能有限责任公司在中国建设银行股份有 限公司新疆维吾尔自治区分行办理了股票解除质押业务，本次解除质押股数为1，350，000股，占其所 持股份比例0.27%，占公司总股本比例0.03%。 （编辑 楚丽君） ...

近日，金风科技（002202）（002202.SZ）子公司金风投资控股有限公司（简称"金风投控"）对参股公 司上纬新材料科技股份有限公司（简称"上纬新材"，688585.SH）的密集减持操作引发二级市场关注。 7月至今，伴随上纬新材股价进入大幅上涨通道，作为其股东的金风投控开启减持进程。根据公开信息 梳理，过去两个月内，金风投控累计减持上纬新材股份163.28万股。保守估算，减持套现金额已逾亿 元。 此举揭示了金风科技在核心风电装备制造主业之外日益彰显的资本布局能力。依据金风投控2024年年报 披露，其全年实现投资收益高达19.62亿元人民币。 值得注意的是，该投资收益规模已超过金风科技同期所创造的18.6亿元净利润。 资深投资人士屈放对21世纪经济报道记者说道，在合法合规的前提下，上市公司投资股市可以提高资金 的使用效率，可以通过市值管理等方式提升投资者信心，也可以通过资产配置的方式对冲行业风险。 金风科技闷声发大财 过去多年，上纬新材（688585.SH）是资本市场沉默的配角。 这家主营新型复合材料的企业，2020年上市时总市值仅10.04亿元，擦着科创板10亿市值门槛底线惊险 上市。 上市近五年间，市值 ...