金风科技股份有限公司 关于收到中国银行间市场交易商协会 《接受注册通知书》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。 金风科技股份有限公司（下称"公司"） 第八届董事会第十次会 议及 2022 年度股东大会审议、第八届董事会第三十一次会议及 2024 年年度股东会通过《关于境内外发行债券、资产支持证券的一般性授 权的议案》，根据股东会的授权，公司于 2025 年 5 月 30 日召开的第 八届董事会第三十三次会议，审议通过了《关于申请注册发行长期限 含权中期票据的议案》，同意公司向中国银行间市场交易商协会申请 注册发行总额不超过人民币 30 亿元的长期限含权中期票据。具体内 容详见公司分别于 2023 年 4 月 27 日、2023 年 6 月 21 日、2025 年 3 月 29 日、2025 年 6 月 3 日、2025 年 6 月 27 日在指定媒体《证券时 报》、巨潮资讯网（http://www.cninfo.com.cn）及香港联合交易所有限 公司网站（https://www.hkexnews.hk）披露的《第八届董事会第十次 会议决议公 ...

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 公司關於收到中國銀行間市場交易商協會<接受註冊通知書>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12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 股票代码：002202 股票简称：金风科技 公告编号：2025-074 金风科技股份有限公司 关于收 ...

Core Insights - The article highlights the growth and strategic initiatives of Goldwind Technology in the wind power sector, focusing on domestic bidding trends, international market expansion, service development, and low-carbon product strategies. Group 1: Domestic Wind Power Bidding - In the first half of 2025, the total domestic bidding volume reached 71.93 GW, representing a year-on-year increase of 8.8% [2] - Onshore bidding accounted for 66.95 GW, while offshore bidding was 4.99 GW, with northern regions contributing 77.2% of the total bidding capacity [2] - The trend towards larger wind turbines continues, with models of 6 MW and above maintaining a high bidding volume share [2] Group 2: International Market Expansion - Goldwind Technology has successfully expanded its international presence, covering 47 countries across six continents [3] - As of the first half of 2025, the cumulative installed capacity of international business reached 10,025.53 MW, with significant contributions from Asia (excluding China) and South America, each exceeding 2 GW [3] - North America, Africa, and Oceania also achieved notable installed capacities [3] Group 3: Wind Power Service Development - The demand for power trading products and services has increased due to participation in electricity market transactions [4] - In the first half of 2025, Goldwind upgraded its asset management services, enhancing its trading cloud platform and smart center, leading to a 25% increase in operational efficiency [4] - The company's domestic and international service capacity reached approximately 45.95 GW, marking a 37.0% year-on-year growth, with service revenue of 289,620.71 million yuan, including a 9.56% increase in after-service revenue [4] Group 4: Low-Carbon Product Strategy - Goldwind is integrating low-carbon principles throughout the lifecycle of its wind turbine products, responding to increasing market demand for low-carbon attributes [5] - The company has conducted lifecycle assessments for 12 turbine models to enhance Environmental Product Declaration (EPD) certification coverage and analyze environmental impact factors [5] - Efforts are focused on identifying potential carbon emission reductions to minimize carbon footprints [5]

Group 1: Domestic Wind Power Market - In the first half of 2025, the total bidding volume in the domestic market reached 71.93 GW, a year-on-year increase of 8.8% [2] - Onshore bidding volume was 66.95 GW, while offshore bidding volume was 4.99 GW [2] - Northern region accounted for 77.2% of the bidding capacity, while the southern region accounted for 22.8% [2] - The bidding volume for wind turbines of 6 MW and above maintained a high proportion [2] Group 2: International Market Expansion - As of mid-2025, the company has expanded its business to 47 countries across 6 continents, with a cumulative installed capacity of 10,025.53 MW in international markets [3] - Installed capacity in Asia (excluding China) and South America exceeded 2 GW, while North America, Africa, and Oceania each surpassed 1 GW [3] - The company had external orders totaling 7,359.82 MW in overseas markets as of June 30, 2025 [3] Group 3: Mixed Tower Business - In the first half of 2025, new orders for mixed towers in the domestic market increased by 50%, and delivery volume grew by 59% year-on-year [4] - The company secured 3 GW of international project orders [4] - A precast plant for independent concrete production has been established, enhancing the quality and reducing costs of mixed towers [4] Group 4: Wind Power Service Development - The company participated in electricity market trading for renewable energy projects, increasing demand for related products and services [4] - In the first half of 2025, the company’s wind power service revenue reached 289,620.71 million CNY, with after-service revenue of 175,470.72 million CNY, a year-on-year increase of 9.56% [4] - The operational capacity of domestic and international after-service projects approached 45.95 GW, reflecting a year-on-year growth of 37.0% [4] Group 5: Climate Change and Low-Carbon Products - The company emphasizes low-carbon attributes in its products, integrating environmental considerations throughout the product lifecycle [4] - Twelve models of wind turbines have undergone lifecycle assessments to enhance Environmental Product Declaration (EPD) certification coverage [4] - The company is identifying opportunities to improve the environmental performance of wind turbines and reduce carbon emissions [4]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan" by the National Development and Reform Commission and the National Energy Administration, aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [5][36] - The electric equipment sector has shown strong performance, with a 28.39% increase year-to-date, outperforming the CSI 300 index by 12.81 percentage points [12][18] - The report suggests focusing on leading inverter companies that benefit from the development of new energy storage technologies [40] Market Review - As of September 11, 2025, the electric equipment industry has risen by 11.64% over the past two weeks, ranking first among 31 industries [12] - The wind power equipment sector increased by 0.35%, while the photovoltaic equipment sector rose by 13.34% [18] - The battery sector saw a significant increase of 19.50% in the same period [18] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 31.61 times, with sub-sectors like the motor sector at 61.67 times and photovoltaic equipment at 25.19 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a strong market position for electric equipment [25] Industry News - The report discusses the "Electric Equipment Industry Steady Growth Work Plan (2025-2026)" aimed at improving equipment supply quality and promoting high-quality development of new energy equipment [36] - It also mentions the ongoing efforts to enhance the acceptance and regulation capabilities of the grid for clean energy [36] Company Announcements - The report includes various company announcements, such as the completion of registration procedures by Xidian New Energy in Thailand and significant contract wins by Youxunda [38] Weekly Perspective - The report emphasizes the importance of the new energy storage plan and its implications for the electric equipment sector, suggesting that companies with advanced technology and scale in inverter production should be closely monitored [39][40]

Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Core Viewpoint - The article discusses the rapid rise of hydrogen and ammonia integration projects in the renewable energy sector, particularly focusing on the significant investment by Goldwind Technology in the Bayannur project, which aims to produce green hydrogen and methanol using wind energy [2][4]. Group 1: Investment and Projects - Goldwind Technology plans to invest approximately 18.92 billion yuan in the Bayannur project, which will have a total capacity of 3 GW of wind power, with over 80% of the generated electricity used for electrolysis to produce green hydrogen [4]. - The Bayannur project aims to produce 600,000 tons of green methanol and 400,000 tons of green ammonia annually [4]. - This project follows Goldwind's previous investment in the Xingan League project, which is recognized as the world's largest wind-to-hydrogen-to-methanol project [2][5]. Group 2: Market Dynamics - As of now, over 800 green hydrogen and methanol projects have been signed or registered in China, with planned total production capacity nearing 60 million tons per year [2]. - The integration of hydrogen and ammonia projects is driven by policy support, advancements in green hydrogen technology, and the market's demand for renewable energy [10][11]. Group 3: Company Performance - Goldwind Technology reported a revenue of 28.54 billion yuan in the first half of the year, marking a year-on-year increase of 41.26%, with a net profit of 1.488 billion yuan, up 7.26% [6]. - The company's order backlog reached 51.81 GW as of June 2025, reflecting a year-on-year growth of 45.58% [6][7]. - Wind turbine manufacturing and sales account for over 76% of Goldwind's revenue, indicating a strong focus on this segment as a growth driver [7]. Group 4: Industry Trends - The renewable energy sector has seen significant investments in hydrogen and ammonia projects, with companies like Envision Energy and Mingyang Group also launching multiple initiatives [11]. - The National Development and Reform Commission has encouraged the large-scale replacement of high-carbon hydrogen with low-carbon hydrogen in various industries, including synthetic ammonia and methanol [10]. - The economic viability of hydrogen and ammonia projects is expected to improve significantly by 2030, with green hydrogen costs projected to drop below 10 yuan per kilogram [12].

Core Insights - The report highlights an increase in expectations for interest rate cuts in the US, driven by soft labor data and inflation figures that align with forecasts [1][8][12] - A significant trade agreement between the US and Taiwan is anticipated, which could impact market dynamics positively [8][12] Market Performance - A-shares experienced a strong rally, with the Shanghai Composite Index rising by 1.65% to 3875.31 points, and the ChiNext Index increasing by 5.15% [1] - The Hong Kong market showed mixed results, with the Hang Seng Index closing down 0.43% at 26086.32 points, while the Hang Seng Tech Index fell by 0.24% [1][5] - European and US markets saw gains, with the Dow Jones up 1.36% and the S&P 500 rising by 0.85%, both reaching historical highs [1][12] Economic Indicators - The US core CPI rose by 0.3% in August, meeting expectations, while the overall CPI increased by 0.4%, marking the largest rise since the beginning of the year [12] - Initial jobless claims in the US surged to nearly a four-year high, indicating potential increases in layoffs [12][16] - The European Central Bank maintained interest rates, signaling a balanced economic growth outlook and controlled inflation [12] Company-Specific Developments - UBS raised the target price for Dongfeng Motor Group by 102% to HKD 10.5, citing potential privatization and stock distribution of its Voyah brand [10] - Hesai Technology plans to go public in Hong Kong with a share price set at HKD 212.8, aiming to raise over HKD 36 billion [10] - Jingfang Pharmaceutical is set to launch an IPO with a share price of HKD 20.39, targeting a total fundraising of approximately HKD 15.82 billion [10] Industry Trends - China General Nuclear Power's electricity generation in August fell by 5.7% year-on-year, with mixed performance across its various energy projects [13] - Huatai Securities successfully issued a secondary bond worth RMB 2 billion, indicating strong investor interest [13] - GIC increased its stake in Haitian Flavoring and Food Company to 11.07%, reflecting confidence in the company's growth prospects [13]

Core Viewpoint - JinWind Technology (002202) announced the construction of a 3GW wind power hydrogen and methanol integration project in Bayannaoer, with over 80% of the generated electricity used for green hydrogen electrolysis, aiming for an annual production of 400,000 tons of green ammonia and 600,000 tons of green methanol, with a total investment exceeding 18.9 billion yuan [1] Company Summary - JinWind Technology has previously invested in a green methanol project in Inner Mongolia with an initial capacity of 250,000 tons, which has been expanded to a total scale of 850,000 tons as of July this year [1] - The company signed a green methanol consumption agreement with Maersk at a price of 820 USD per ton in February this year [1] Industry Summary - CITIC Securities indicates that JinWind Technology's frequent capacity expansions reflect optimistic expectations for the profitability of green methanol projects, which may accelerate domestic investment in green methanol capacity [1] - The shipping industry, driven by the EU carbon trading system and the IMO's net-zero emissions framework, is expected to create a market space worth hundreds of billions for green methanol [1] - With the domestic "dual carbon" goals entering a critical phase, the green methanol industry is anticipated to experience a significant increase in prosperity [1] - It is recommended to pay attention to core equipment suppliers for green methanol projects and project investors with cost and first-mover advantages [1]

Core Viewpoint - The company plans to invest approximately 18.92 billion RMB in a wind power hydrogen and methanol integration project in Bayannur City, Inner Mongolia, highlighting its commitment to renewable energy and green chemical production [1] Investment Details - The project will be developed in phases based on actual conditions, with a total planned capacity of 3 GW of wind power [1] - Over 80% of the generated electricity will be used for electrolysis to produce green hydrogen [1] - The project aims to produce 600,000 tons of green methanol and 400,000 tons of green ammonia annually [1] Strategic Advantages - The company will leverage the abundant wind and biomass resources in Bayannur City, enhancing its resource utilization and technological innovation [1] - This initiative is expected to strengthen the company's competitive position in the wind power and green chemical sectors, contributing to its sustainable profitability [1]