Core Viewpoint - Goldwind Technology (002202) is actively engaging in the wind power sector and has provided guarantees for its subsidiaries in South Africa, while also planning to repurchase shares in both A-shares and H-shares [1][2][3][4]. Group 1: Company Performance and Financials - As of July 2, 2025, Goldwind Technology's stock closed at 10.26 yuan, down 0.58%, with a trading volume of 434,300 shares and a turnover of 449 million yuan [1]. - Goldwind International, established in 2010, has total assets of approximately 20.88 billion yuan and net assets of about 5.31 billion yuan as of December 31, 2024 [2]. - Goldwind New Energy South Africa, founded in 2021, has total assets of around 1.05 billion yuan but negative net assets of approximately -265.51 million yuan as of December 31, 2024 [2]. Group 2: Guarantees and Liabilities - Goldwind Technology has provided a guarantee of up to 1.41 billion yuan for its subsidiaries in relation to a wind farm construction agreement in South Africa [1][3]. - The total amount of external guarantees by the company and its subsidiaries is 2.737 billion yuan, which represents 7.10% of the latest audited net assets [2]. Group 3: Share Repurchase Plans - The company plans to repurchase A-shares with a total amount between 300 million and 500 million yuan, with a maximum repurchase price of 13.28 yuan per share, targeting to buy back between 22.59 million and 37.65 million shares [2][4]. - As of June 30, 2025, Goldwind Technology has not yet initiated the repurchase of A-shares or H-shares [3][4].

Group 1 - The company has approved a plan to repurchase A-shares through a centralized bidding process, with the proposal passed in multiple meetings [1][2] - The total amount allocated for the repurchase is between RMB 300 million and RMB 500 million, with a maximum repurchase price set at RMB 13.28 per share [2] - The estimated total number of shares to be repurchased ranges from approximately 22.59 million shares (0.53% of total shares) to 37.65 million shares (0.89% of total shares) [2] Group 2 - The company has also received authorization to repurchase H-shares, with the total number of shares to be repurchased not exceeding 10% of the total issued H-shares [3] - The repurchase price for H-shares cannot exceed 105% of the average closing price over the previous five trading days [3] - As of June 30, 2025, the company has not yet repurchased any H-shares [4]

股票代码：002202 股票简称：金风科技 公告编号：2025-049 金风科技股份有限公司 关于回购公司股份的进展公告 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。 一、关于回购 A 股股份的进展情况 金风科技（以下简称"公司"）第八届董事会第三十二次会议、 第八届监事会第十六次会议于 2025 年 4 月 25 日审议通过了《关于公 司以集中竞价交易方式回购公司 A 股股份的议案》，并经 2025 年 5 月 20 日召开的 2025 年第一次临时股东大会、2025 年第一次 A 股类 别股东会议及 2025 年第一次 H 股类别股东会议审议通过。 公司于 2025 年 5 月 21 日披露了《关于以集中竞价交易方式回购 公司股份的回购报告书》，公司拟使用自有资金通过深圳证券交易所 以集中竞价交易方式回购公司 A 股股票，本次回购的股份将全部予 以注销并减少公司注册资本，实施期限自公司 2025 年第一次临时股 东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类 别股东会议审议通过回购股份议案之日不超过 12 个月。回购的资金 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-048 金风科技股份有限公司 关于为全资子公司金风国际及控股子公司金风新能源南非 提供担保的公告 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。 特别提示：本次拟担保的被担保对象金风国际控股（香港）有限 公司、Goldwind New Energy South Africa Proprietary Limited的资产负 债率超过70%，请投资者充分关注担保风险。 一、担保情况概述 金风科技（下称"公司"）的全资子公司金风国际控股（香港）有 限公司（下称"金风国际"）及其控股子公司 Goldwind New Energy South Africa Proprietary Limited（下称"金风新能源南非"）以联营体的 形式与南非能源企业 Ummbila Emoyeni Three (PTY) LTD（下称 "Ummbila Delta SPV"）签署《风电场建设协议》，由金风国际和金风 新能源南非共同为 Ummbila Delta SPV 提供风电场设计、采购、施工、 机组供货服务。 金风科技 ...

Core Viewpoint - The performance of the A-share market is mixed, with the China Securities Rare Earth Industry Index showing a slight increase, indicating a positive trend in the rare earth sector [1] Group 1: Index Performance - The China Securities Rare Earth Industry Index rose by 0.11% to 1828.49 points, with a trading volume of 26.247 billion yuan [1] - Over the past month, the index has increased by 10.62%, by 4.54% over the last three months, and by 15.35% year-to-date [2] Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of listed companies in the rare earth industry [2] - The top ten weighted companies in the index are: Northern Rare Earth (13.23%), China Rare Earth (5.63%), Lingyi Technology (5.01%), China Aluminum (4.97%), Greeenmei (4.94%), Baotou Steel (4.79%), Wolong Electric Drive (4.6%), Goldwind Technology (4.5%), Xiamen Tungsten (4.22%), and Shenghe Resources (3.86%) [2] Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.69%), followed by the Shenzhen Stock Exchange (47.71%) and the Beijing Stock Exchange (0.60%) [2] - In terms of industry composition, raw materials account for 64.65%, industrials for 27.98%, and information technology for 7.37% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 20% [3] - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3]

Group 1 - The legal opinion letter confirms the legality and compliance of the 2024 annual general meeting and the 2025 second A and H share class meetings of Goldwind Technology Co., Ltd. [2][3][23] - The meetings were convened according to the resolutions made by the board of directors on May 30, 2025, and the notice was published on June 5, 2025 [2][3][4] - The meetings utilized a combination of on-site and online voting methods, with specific times and procedures outlined for participation [3][4][5] Group 2 - The attendance at the 2024 annual general meeting included 913 shareholders and their proxies, representing 1,741,882,685 shares, which is 41.2549% of the total voting shares [5][6] - For the 2025 second A share class meeting, 912 participants represented 1,601,295,423 A shares, accounting for 46.4323% of the total voting A shares [6][7] - The 2025 second H share class meeting had 1 participant representing 172,622,573 H shares, which is 22.3150% of the total H shares [7] Group 3 - The voting results for various proposals during the meetings showed overwhelming support, with most proposals receiving over 99% approval from attending shareholders [9][10][11][12][13][14][15][19][22] - Specific proposals included amendments to the company's articles of association, the board's work report, and the annual profit distribution plan, all of which were approved with high majority votes [9][10][11][12][14][15][19][22] - The legal opinion confirms that the voting procedures and results are in compliance with relevant laws and regulations [23]

Meeting Overview - The company held its 2025 second H-share class shareholder meeting on June 26, 2025, alongside the 2024 annual shareholder meeting and the 2025 second A-share class shareholder meeting [1] - The meeting was conducted in compliance with relevant laws and regulations, including the Company Law and the rules of the Shenzhen Stock Exchange and Hong Kong Stock Exchange [1] Attendance - A total of 913 shareholders and representatives attended the 2024 annual shareholder meeting, representing 1,741,882,685 shares, which is 41.2549% of the total voting shares [2] - For the 2025 second A-share class shareholder meeting, 912 A-share shareholders and representatives attended, representing 1,601,295,423 shares, or 46.4323% of the total A-share voting shares [3] - The 2025 second H-share class shareholder meeting had 1 H-share shareholder and representative present, representing 172,622,573 shares [6] Voting Results - The voting for the 2024 annual shareholder meeting included several proposals, with results indicating a majority agreement on key resolutions [4][7] - Specific proposals included amendments to the company's articles of association and rules for shareholder meetings, as well as general authorizations for share repurchases and bond issuances [8] - The resolutions were passed with more than two-thirds of the voting rights present at the meeting [8] Legal Compliance - The legal representatives from Beijing Jingtian Gongcheng Law Firm confirmed that the meetings were convened and conducted in accordance with applicable laws and regulations, ensuring the validity of the proceedings [10]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 13.51 CNY, based on a 17x PE for 2025 [5]. Core Views - The company is a global leader in wind turbine manufacturing and wind farm operations, with a dual-driven business model. It has maintained the largest market share in China for 14 consecutive years and ranks first globally for three years [1][13]. - The profitability of wind turbine manufacturing is expected to improve, with a recovery in margins anticipated in 2024 and a potential turnaround to profitability in 2025 [2][43]. - The company has a strong position in both domestic and international markets, with significant growth in wind turbine exports and a leading position in offshore wind projects [2][32][59]. Summary by Sections 1. Company Overview - The company was established in 2001 and has become a leading provider of wind power solutions, with three main business segments: wind turbine manufacturing, wind power services, and wind farm investment and development [1][13]. 2. Wind Turbine Manufacturing - The domestic wind turbine market is stabilizing, with prices recovering from historical lows. The average bidding price for wind turbines has increased from around 1400 CNY/kW in August 2024 to 1590 CNY/kW by March 2025 [34][35]. - The company is expected to see a significant increase in export capacity, with a projected 2.5 GW of new shipments in 2024, marking a 45% year-on-year growth [2][32]. 3. Wind Farm Operations - The company has developed a stable "rolling development" model for wind farms, with a self-operated capacity of 8.0 GW and an additional 4.1 GW under construction as of March 2025 [3]. - The profitability of wind farm operations is expected to remain strong, supported by favorable market conditions and stable pricing mechanisms [3]. 4. Financial Projections - The company anticipates a significant increase in net profit, projecting 3.36 billion CNY in 2025, representing an 80.5% year-on-year growth [4]. - Revenue is expected to grow from 56.7 billion CNY in 2024 to 79.2 billion CNY in 2025, reflecting a 39.73% increase [4]. 5. Market Dynamics - The global wind power market is expected to see substantial growth, particularly in offshore wind projects in Europe and onshore projects in Asia, Africa, and Latin America [29]. - The competitive landscape is shifting towards value competition rather than price wars, with major players focusing on technology and service quality [34].

表决结果：9 票赞成，0 票反对，0 票弃权。 具体内容登载于深圳证券交易所指定信息披露网站巨潮资讯网 （www.cninfo.com.cn） 及 香 港 联 合 交 易 所 有 限 公 司 网 站（https://www.hkexnews.hk）。详见《关于为南非控股子公司提供全 额担保和代为开具保函额度的公告》（编号：2025-043）。 股票代码：002202 股票简称：金风科技 公告编号：2025-042 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(以下简称"公司") 于2025年6月6日以电子邮件方式发 出会议通知，于2025年6月18日在北京金风科创风电设备有限公司九 楼会议室以现场和视频相结合方式召开第八届董事会第三十四次会 议，会议应到董事九名，实到董事九名，其中，现场出席八名，董事 高建军先生因工作原因未能出席，委托董事长武钢先生代为出席并行 使表决权，会议由董事长武钢先生主持，公司监事、高级管理人员列 席了本次会议。本次会议的召集、召开符合法律、法规和《公司章程》 的有关规定。 本次会议经审议，形成决议如 ...

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。 一、担保情况概述 金风科技（下称"公司"）的全资子公司金风国际控股（香港）有 限公司（下称"金风国际"）的全资子公司金风国际可再生能源有限 公司（下称"金风国际可再生能源"）与 Rose Valley Wind LP 签署了 《风机供货协议》，由金风国际可再生能源为其提供机组供货及调试 工作。 股票代码：002202 股票简称：金风科技 公告编号：2025-044 金风科技股份有限公司 关于为全资子公司金风国际可再生能源提供担保的公告 1、公司名称：金风国际可再生能源有限公司 2、成立时间：2019 年 12 月 12 日 3、注册地点：香港铜锣湾礼顿道 9-11 号合诚大厦 1701 室 4、法定代表人：吴凯 5、注册资本：201,000,000.129 美金 6、主营业务：风机销售、风电场建设、运行和维护 金风科技与 Rose Valley Wind LP 签署《母公司担保协议》，为金 风国际可再生能源在上述《风机供货协议》项下的履约责任和义务提 供担保，担保金额总计不超过 166,772,200.00 美元 ...