Core Viewpoint - Goldwind Technology (金风科技) has launched its new Ultra series wind power products, which are expected to enhance its market position and profitability in the coming years [1] Product Launch - Goldwind Technology officially introduced the new Ultra series wind power product matrix on October 21, which covers both onshore and offshore scenarios [1] - The GWH204-Ultra model shows a 2% improvement in power generation performance compared to the same power 242-meter rotor unit, while its power generation is on par with the same power 300-meter rotor unit [1] - The design lifespan of the onshore model has been extended to 25 years, and the offshore model to 30 years [1] Market Outlook - Nomura's report indicates that as a leading global wind turbine manufacturer, Goldwind Technology is expected to benefit from strong order reserves delivery in 2025-2026 [1] - The report highlights a gradual recovery in wind turbine prices and profit margins due to easing market competition and increased contributions from offshore wind and export sales [1] - The company is anticipated to see new growth drivers, including green methanol, contributing positively in the long term [1] - The expected compound annual growth rate (CAGR) for the company's earnings from 2024 to 2027 is projected to be 41% [1]

Core Viewpoint - Goldwind Technology (02208) has launched a new generation of Ultra series wind power products, which are expected to enhance its market position despite potential short-term stock price declines predicted by Morgan Stanley [1] Group 1: Product Launch - Goldwind Technology has officially introduced the new Ultra series wind power product matrix, which covers both onshore and offshore scenarios [1] - The GWH204-Ultra series model shows a 2% improvement in power generation performance compared to the same power 242-meter rotor unit, with power generation equal to that of the same power 300-meter rotor unit [1] - The design lifespan of the onshore model has been extended to 25 years, while the offshore model's lifespan has been extended to 30 years [1] Group 2: Market Analysis - Morgan Stanley has issued a research strategy indicating a 70% to 80% probability that Goldwind Technology's stock price will decline in the next 15 days [1] - The cancellation of the value-added tax refund could reduce the internal rate of return for wind power operators by 0.5% to 0.6%, as wind turbine prices are expected to face upward pressure [1] - Morgan Stanley noted that Goldwind Technology has accounted for a value-added tax refund of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - The firm maintains a "market perform" rating on Goldwind Technology, considering the company's increasing exposure to overseas markets and a moderate recovery in gross margins [1]

Group 1 - The stock of Goldwind Technology (02208.HK) rose over 4% in the Hong Kong market, specifically by 4.38%, reaching a price of 13.59 HKD [1] - The trading volume for Goldwind Technology was 136 million HKD at the time of reporting [1]

消息面上，10月21日，据金风科技公众号消息，金风科技正式推出新一代Ultra系列风电产品矩阵，新 一代Ultra系列产品覆盖海陆全场景，GWH204-Ultra系列机型较同功率242米叶轮机组发电性能提升 2%，发电量与同功率300米叶轮机组持平。新一代Ultra系列产品陆上机型设计寿命延长至25年，海上机 型延长至30年。 野村发布报告指，作为全球风电机组制造龙头，金风科技可受惠于2025至26年强劲的订单储备交付，以 及因市场竞争缓和、海上风电和出口销售贡献提升，所带动的风电机组价格及利润率逐步复苏。该行亦 预期金风科技新的增长动力，包括绿色甲醇等将长期作出贡献；料公司2024至27年盈利年均复合增长率 达41%。 智通财经APP获悉，金风科技(02208)逆市涨超4%，截至发稿，涨4.38%，报13.59港元，成交额1.36亿港 元。 ...

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Shandong Molong (00568) saw the largest increase in ownership percentage, rising by 5.60% to a total holding of 60.72% [2]. - Hang Seng China Enterprises (02828) and InnoCare Pharma-B (09606) also experienced increases of 2.74% and 2.24%, respectively, with holdings of 3.48% and 16.81% [2]. - Over the last five trading days, InnoCare Pharma-B (09606) had the highest increase at 8.96%, followed by Kinglong United Automotive Industry (06680) at 5.81% and Shandong Molong (00568) at 5.37% [1][3]. Group 2: Decreased Holdings - Goldwind Technology (02208) experienced the largest decrease in ownership percentage, dropping by 1.90% to 47.73% [2]. - Other companies with significant decreases include Yangtze Optical Fibre and Cable (06869) and Shanghai Electric (02727), which saw reductions of 1.74% and 1.15%, respectively [2]. - In the last five trading days, Haichang Ocean Park (02255) had the most significant decrease at -5.61%, followed by Yangtze Optical Fibre and Cable (06869) at -5.34% and Goldwind Technology (02208) at -4.01% [1][3]. Group 3: Long-term Trends - Over a 20-day period, Canggang Railway (02169) had the highest increase in ownership percentage at 31.52%, followed by Dazhong Public Utilities (01635) at 30.15% [4]. - Conversely, Haichang Ocean Park (02255) saw a notable decrease of 7.96% in ownership over the same period [4].

Core Insights - The 2025 Beijing International Wind Energy Conference and Exhibition highlighted the need for integrated innovation in the wind power sector, emphasizing the transformation of industry advantages into value advantages [2][3] - The "Wind Energy Beijing Declaration 2.0" set ambitious targets for China's wind power capacity, aiming for 1.2 million kilowatts of new installations annually during the 14th Five-Year Plan, with a cumulative capacity of 5 billion kilowatts by 2060 [3][6] Industry Trends - The wind power industry is experiencing a rebound in turbine bidding prices, but investment returns are becoming more volatile due to the broader entry of renewable energy into the market [2] - The introduction of AI models in wind turbines is enhancing operational efficiency and revenue generation through predictive analytics and intelligent diagnostics [4][8] Technological Innovations - Companies are focusing on developing "suitable network-type" technologies and smart grids to address the challenges posed by high proportions of renewable energy in the power system [5] - The integration of energy storage solutions with wind power is becoming a key strategy for companies, with products designed to enhance project profitability and operational resilience [7][8] Policy and Market Dynamics - The government is encouraged to improve policies supporting green hydrogen, direct green electricity connections, and zero-carbon parks to foster integrated development in the wind energy sector [6] - The shift towards a power market with increased participation from renewable sources is leading to greater price volatility, necessitating cost control measures for investment firms [3][4]

Core Viewpoint - Goldwind Technology (002202) is actively engaging in providing guarantees for its subsidiaries, indicating a strategic focus on supporting its international operations and maintaining financial stability. Group 1: Trading Information - As of October 21, 2025, Goldwind Technology closed at 14.83 yuan, up 2.28%, with a turnover rate of 4.47%, trading volume of 1,498,300 hands, and a transaction amount of 2.234 billion yuan [1]. - On the same day, the net inflow of main funds was 124 million yuan, suggesting a positive sentiment from major investors towards Goldwind Technology [3]. Group 2: Company Announcements - Goldwind Technology provided a guarantee of approximately 61.71 million yuan for its wholly-owned subsidiary Goldwind Australia, which has a debt-to-asset ratio exceeding 70%. This guarantee is part of a parent company guarantee agreement with a total amount of 13,345,995.62 AUD, effective from October 20, 2025, to September 20, 2043 [1][2]. - The company also provided guarantees totaling up to 34.65 million euros (approximately 286.67 million yuan) for its subsidiaries Goldwind International Renewable Energy and Goldwind Turkey, which also have a debt-to-asset ratio exceeding 70%. This guarantee is related to a wind turbine supply and installation agreement [2][3]. - As of the announcement date, the total external guarantee balance for the company and its subsidiaries was 1.279 billion yuan, accounting for 3.32% of its net assets, with no overdue or litigation guarantees reported [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (Stock Code: 02208) 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列金風科技股份有限公司在深圳證券交易所網站刊登的《金風科技股份有限 公司關於為全資子公司金風國際可再生能源和金風土耳其提供擔保的公告》，僅 供參閱。 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2025年10月21日 於本公告日期，公司執行董事為武鋼先生及曹志剛先生；公司非執行董事為高建軍先生、楊 麗迎女士及張旭東先生；公司獨立非執行董事為曾憲芬先生、劉登清先生及苗兆光先生；及 公司職工代表董事為余寧女士。 *僅供識別 本次拟担保的被担保对象 Goldwind Turkey Enerji Anonim Şirke ...

特别提示： 股票代码：002202 股票简称：金风科技 公告编号：2025-091 本次拟担保的被担保对象 Goldwind Turkey Enerji Anonim Şirketi 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"）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 Goldwind Turkey Enerji Anonim Şirketi（下称"金风土耳其"）作为联合供应商，与 Errol Enerji Üretimi Sanayi ve Ticaret Anonim Şirketi（下称"Errol"）及 Tunna Enerji Üretimi Sanayi ve Ticaret Anonim Şirketi（. 下称"Tunna"）分别签署《风 机供货及安装协议》，其中金风国际可再生能源作为离岸供应商，负 责上述合同中的机组供货以及中国港口集港和海运工作；金风土耳其 作为在岸供应商，负责土耳其港口的接货，土耳其内陆运输和机组安 金风科技股份有限公司 关于为全 ...

Core Viewpoint - Morgan Stanley believes that the stock price of Goldwind Technology will decline in the next 15 days, with a probability of occurrence estimated at 70% to 80% [1] Summary by Relevant Sections - **Impact of VAT Refund Cancellation** - The cancellation of the VAT refund may reduce the internal rate of return for wind power operators by 0.5% to 0.6% [1] - Morgan Stanley anticipates upward pressure on wind turbine prices [1] - **Financial Projections** - Goldwind Technology has accounted for a VAT refund of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - **Market Position and Rating** - Morgan Stanley maintains a "Market Perform" rating for Goldwind Technology, considering the company's increasing exposure to overseas markets and a mild recovery in gross margins [1]