Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7]. Core Views - The successful production of green methanol at the 500,000-ton green hydrogen project in Inner Mongolia marks a significant milestone for the company, establishing a solid foundation for its strategic transition from wind power solutions to green energy solutions [3][8]. - The company is expected to capitalize on the long-term growth opportunities in the global wind power market while leveraging green methanol to create a second growth curve, thereby expanding its presence in the global green energy market [3][8]. Financial Projections - The company is projected to achieve net profits of 2.698 billion, 3.673 billion, and 4.496 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of +45%, +36%, and +22% [3][9]. - Earnings per share (EPS) are expected to be 0.64, 0.87, and 1.06 yuan for the years 2025, 2026, and 2027, with dynamic price-to-earnings (PE) ratios of 23.4, 17.2, and 14.1 times [3][9]. Project Highlights - The green methanol project utilizes corn straw as the gasification feedstock, producing 70,000 Nm³/h of synthesis gas (CO+H2), making it the largest biomass gasifier in the world in terms of single furnace scale [4]. - The project has been recognized as one of the first batch of national pilot projects for green liquid fuel technology, which will receive priority support in terms of manufacturing loans and policy incentives [4].

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a new era for national offshore wind development. The average annual installed capacity for offshore wind during the 14th Five-Year Plan period is projected to exceed 20GW, significantly surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installed capacity in 2025, with component manufacturers experiencing simultaneous increases in volume and price, leading to substantial annual performance growth. The domestic manufacturing profitability for main engine companies is expected to recover in the third quarter as orders are delivered following price increases, providing profit elasticity through new orders from 2025 to 2026 [4][5]. Summary by Sections Industry News - The wind power sector has generally risen over the past two weeks, with the top three performing segments being complete machines (+15.1%), towers (+13.4%), and submarine cables (+10.2%). The top three individual stocks in terms of growth are Mingyang Smart Energy (+26.3%), Dongfang Cable (+22.7%), and Xinqianglian (+22.7%) [3]. Industry Data - As of August 2025, China's newly installed wind power capacity reached 4.17GW, a year-on-year increase of 13%. The cumulative installed capacity reached 579.01GW, accounting for 15.7% of total power generation capacity. The average bidding price for onshore wind turbines (excluding towers) in 2025 is 1,533 CNY/kW [7][39]. Investment Suggestions - Three main investment directions are recommended: 1) Leading companies in export layouts for pipe piles and submarine cables; 2) Domestic complete machine leaders with bottoming profits and accelerating exports; 3) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Suggested companies include Goldwind Technology, Dongfang Cable, Guoda Special Materials, Zhongji United, Dajin Heavy Industry, Riyue Co., Times New Materials, Hewei Electric, and Jinlei Co. [5]

Market Overview - On September 30, the wind power equipment sector rose by 0.26% compared to the previous trading day, with Shuangyi Technology leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Shuangyi Technology (300690) closed at 38.88, up 3.29% with a trading volume of 257,400 shares and a transaction value of 1.01 billion [1] - Jin Feng Technology (002202) closed at 14.97, up 2.75% with a trading volume of 1,415,200 shares and a transaction value of 2.09 billion [1] - Other notable performers include Zhonghuan Hailu (301040) up 2.63%, Xinqianglian (300850) up 2.55%, and Riyue Shares (603218) up 2.44% [1] Capital Flow - The wind power equipment sector experienced a net outflow of 478 million from institutional investors, while retail investors saw a net inflow of 530 million [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [2] Individual Stock Capital Flow - Jin Feng Technology had a net inflow of 16.42 million from institutional investors, while it faced a net outflow of 70.82 million from speculative funds [3] - Shuangyi Technology saw a net inflow of 53.94 million from institutional investors, but also experienced outflows from both speculative and retail investors [3] - New Qianglian (300850) had a net inflow of 45.03 million from institutional investors and a net inflow of 59.57 million from speculative funds [3]

Group 1 - The International Maritime Organization (IMO) is set to submit a legally binding net-zero emissions framework for the global shipping industry in October 2023, which is expected to significantly increase the demand for green methanol in the next five years, from tens of thousands of tons annually to 30-40 million tons by 2030, representing a more than 100-fold increase [1][2] - The net-zero framework aims to reduce greenhouse gas emissions from international shipping by over 20% by 2030 compared to 2008 levels, over 70% by 2040, and achieve net-zero emissions by around 2050 [2][3] - The demand for methanol-fueled vessels is projected to grow significantly due to the net-zero framework, with an estimated 300 methanol fuel ships expected to be operational, driving a demand for 6.8 million tons of green methanol [2][3] Group 2 - Current production capacity for green methanol is significantly below projected demand, with domestic capacity under 300,000 tons and global capacity under 500,000 tons, leading to a long-term supply shortage [3] - The shipping industry is anticipated to create a market space worth hundreds of billions for green methanol, benefiting core equipment suppliers and early investors in green methanol projects [3][4] - Several A-share companies, including Goldwind Technology and China Tianying, have proactively engaged in the green methanol industry, with existing orders and expansion plans in place [4][5] Group 3 - Goldwind Technology has announced a significant investment in a wind power hydrogen-methanol integrated project in Inner Mongolia, with a total investment exceeding 18.9 billion yuan, aiming to produce 600,000 tons of green methanol annually [4][5] - China Tianying is developing multiple projects, including a green methanol production facility in Liaoyuan, with plans to achieve a production capacity of 1 million tons by around 2030 [5] - Jilin Electric Power's recent investment in a green methanol innovation demonstration project marks its transition to a new green energy enterprise, with a total investment of 4.92 billion yuan [5]

◎记者 王玉晴 今年10月，国际海事组织（IMO）将提交审议全球航运业首个法律约束性净零排放框架（下称"净零法 案"）。受此催化，研究机构普遍预计，未来5年航运业对绿色甲醇需求将暴涨，从当前每年数十万吨， 增至2030年的3000万吨至4000万吨，增幅超百倍。到2030年，绿色甲醇有望形成超千亿元规模的新市 场。 上海证券报记者了解到，A股市场中，金风科技、中国天楹、吉电股份、嘉泽新能等已前瞻性布局绿电 制绿醇产业，部分企业已有在手订单。 净零法案提出，2030年国际航运温室气体年度排放总量要较2008年减少20%以上，2040年减少70%以 上，2050年前后实现净零排放。 IMO官网介绍，2025年10月，净零法案将提交IMO特别会议审议，通过后预计2027年正式生效。净零法 案将强制要求总吨位超过5000吨的大型远洋船舶执行，这些船舶的二氧化碳排放量占国际航运二氧化碳 排放总量的85%。 国金证券分析称，在净零法案推动下，甲醇船舶需求将实现高增长，绿色甲醇应用市场即将打开。根据 航运业惯例，订船时间需提前约2年。因此，从今年下半年起，甲醇船舶需求将规模化起量。从目前订 单看，共有300艘甲醇燃料船舶将 ...

Investment Rating - The report rates the wind power industry as "Overweight," indicating that it is expected to outperform the overall market [9]. Core Insights - The wind turbine bidding prices are on the rise, leading to a comprehensive recovery in the sector. The average bidding price for wind turbine units in June 2025 was 1,616 RMB/kW, reflecting a year-on-year increase of approximately 10.3%. This price increase is anticipated to significantly enhance profit margins in the main machine segment as high-priced orders enter the delivery phase [3]. - The upcoming "14th Five-Year Plan" for marine economic development is expected to boost domestic offshore wind expectations. Global interest rate cuts are accelerating offshore wind construction in Europe, with an expected installed capacity of 8.7 GW in 2026, representing a year-on-year growth of 107%. The market is likely to adjust its valuation as expectations for profit elasticity in the main machine segment are realized [3]. - Investment recommendations focus on companies benefiting from price increases and strong profit elasticity, including Goldwind Technology, Yunda Co., SANY Renewable Energy, and Dongfang Cable. Additionally, companies with scarce capacity and significant expectation gaps, such as Jinlei Co., and those with strong growth logic in pure offshore wind, like Haili Wind Power, are highlighted [3]. Summary by Sections Wind Power Equipment - The wind power industry is experiencing a recovery phase with increasing bidding prices for wind turbines, which is expected to lead to higher profitability for manufacturers [3]. - The report emphasizes the importance of the upcoming marine economic development plan and its potential impact on offshore wind capacity growth [3]. Key Companies and Valuations - The report includes a valuation table for key companies in the wind power sector, detailing their market capitalization, projected net profits, and price-to-earnings ratios for 2024 to 2026 [5]. - Notable companies mentioned include Dongfang Cable, Zhongtian Technology, Haili Wind Power, and Goldwind Technology, among others, with varying projected growth rates and valuations [5].

Core Viewpoint - The company, Goldwind Technology, reported a significant reduction in shareholding by Harmony Health Insurance Co., Ltd., which has implications for the company's stock ownership structure and potential market perception [1] Group 1: Shareholding Changes - Harmony Health reduced its shareholding in Goldwind Technology by 39,044,391 shares, representing 0.924113% of the total share capital [1] - Following this reduction, Harmony Health's total shareholding decreased from 365,364,817 shares to 326,320,426 shares, lowering its ownership percentage from 8.647550% to 7.723437% [1] - The reduction in shareholding also affected the percentage when excluding shares held in the company's repurchase account, decreasing from 8.653342% to 7.728610% [1]

Core Viewpoint - The company, Goldwind Technology, reported a significant reduction in shareholding by Harmony Health Insurance Co., Ltd., indicating a shift in ownership structure and potential implications for investor sentiment [1] Group 1: Shareholding Changes - Harmony Health reduced its shareholding in Goldwind Technology by 39,044,391 shares, representing 0.924113% of the total share capital [1] - Following this transaction, Harmony Health's total shareholding decreased from 365,364,817 shares to 326,320,426 shares, lowering its ownership percentage from 8.647550% to 7.723437% [1] - The reduction in shareholding also affected the percentage when excluding shares held in the company's repurchase account, decreasing from 8.653342% to 7.728610% [1]

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 金风科技股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的公告 公司股东和谐健康保险股份有限公司-万能产品保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 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 公司關於持股 5%以上股東權益變動觸及 1%整數倍的公告》，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9月29日 於本公告日期，公司執行董事為武鋼先生及 ...

合计持有股份 36,536.4817 8.647550 8.653342 32,632.0426 7.723437 7.728610 其中：无限售条件 股份 36,536.4817 8.647550 8.653342 32,632.0426 7.723437 7.728610 有限售条件股份 - - - - - - 4.承诺、计划等履行情况 本次变动是否为履行已 作出的承诺、意向、计 划 不涉及 本次变动是否存在违反 《证券法》《上市公司 收购管理办法》等法律、 行政法规、部门规章、 规范性文件和本所业务 规则等规定的情况 是□否■ 5.被限制表决权的股份情况 按照《证券法》第六十 三条的规定，是否存在 不得行使表决权的股份 是□否■ 6.30%以上股东增持股份的说明（不适用） 7.备查文件 1．中国证券登记结算有限责任公司持股变动明细 ■ 2．相关书面承诺文件 □ 3．律师的书面意见 □ 4．深交所要求的其他文件 ■ 特此公告。 股票代码：002202 股票简称：金风科技 公告编号：2025-083 金风科技股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的公告 公司股东和谐健康保险股份有限公司 ...