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8月18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。 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 公司關於全資子公司金風國際為全資子公司金風巴西提供擔保的公告》，僅供參 閱。 *僅供識別 股票代码：002202 股票简称：金风科技 公告编号：2025-061 金风科技股份有限公司 关于全 ...

Core Viewpoint - Goldwind Technology announced the signing of wind turbine supply and installation agreements by its wholly-owned subsidiary, Goldwind Brazil, with three owners, along with a total guarantee amounting to approximately 600 million RMB [1][2]. Group 1: Agreements and Guarantees - Goldwind Brazil signed supply and installation agreements with PARQUE EÓLICO JACOBINA 02 S.A., PARQUE EÓLICO JACOBINA 03 S.A., and PARQUE EÓLICO JACOBINA 04 S.A. [1] - The total guarantee amount provided by Goldwind International for these agreements is 48,500,393.76 USD and 190,826,090.46 BRL, equivalent to approximately 600,275,264.97 RMB [1][2]. - The guarantee period extends from the signing date of the guarantee agreement (August 15, 2025) until the warranty period of the supply and installation agreements ends, expected to be in February 2031 [1]. Group 2: Financial Status of Goldwind Brazil - Goldwind Brazil was established on January 18, 2017, with a registered capital of 650,000 BRL, focusing on renewable energy generation equipment [2]. - As of December 31, 2024, and May 31, 2025, Goldwind Brazil reported no external guarantees, mortgages, or significant litigation and arbitration matters [2]. - After this guarantee, the total external guarantee balance for the company and its subsidiaries will be 1.804 billion RMB, accounting for 4.68% of the latest audited net assets [2].

特别提示：本次拟担保的被担保对象 Goldwind Equipamentos e Soluções em Energia Renovável Ltda.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 股票代码：002202 股票简称：金风科技 公告编号：2025-061 金风科技股份有限公司 关于全资子公司金风国际为全资子公司金风巴西提 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。 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 Goldwind Equipamentos e Soluções em Energia Renovável Ltda.（下称"金风巴西"）与 PARQUE EÓLICO JACOBINA 02 S.A. （下称"业主 1"），PARQUE EÓLICO JACOBINA 03 S.A.（下称"业主 2"），PARQUE EÓLICO JACOBINA 04 S.A.（下称"业主 3"）分别签署《风机供货和安装协议》，由金风 巴西为上述业主分别提 ...

Core Viewpoint - The report from Guojin Securities indicates that the wind turbine manufacturing sector is expected to see significant improvements in gross profit margins by 2026, driven by scale effects and a decrease in expenses, despite limited price recovery in 2024 [1][5]. Group 1: Market Dynamics - Concerns about the sustainability of strong price and volume performance in the wind power industry for 2025 have led to undervaluation of turbine manufacturers' stock prices, which do not reflect the potential for profit improvement [2]. - The average bidding price for land-based wind turbines has increased by 9% year-on-year to 1552 RMB/kW from January to July 2024, yet stock prices have not adequately responded to this positive price trend [2]. Group 2: Demand Expectations - Multiple forward indicators suggest that domestic land wind demand is likely to achieve year-on-year growth in 2026, countering market fears of a downturn due to the end of the 14th Five-Year Plan [3]. - The approved wind power capacity reached 106 GW from January to July 2024, marking a 37% increase year-on-year, indicating optimistic demand for 2026 [3]. - Major state-owned enterprises have initiated a procurement plan for 10 GW of land wind turbines for 2025-2026, reflecting a 67% increase [3]. Group 3: Price Trends - The price recovery of wind turbines is attributed to a mutual commitment between manufacturers and operators, with manufacturers showing a strong willingness to maintain prices after years of price wars [4]. - The optimization of bidding mechanisms, driven by the need for high reliability and reduced operational costs, is expected to support sustained price increases for wind turbines [4]. Group 4: Profitability Outlook - The manufacturing gross profit margin for turbine manufacturers is expected to improve significantly in 2026, with a projected decrease in sales and management expense ratios by 1-2 percentage points due to scale effects [5]. - Despite a potential slowdown in domestic land wind installation growth, overseas markets and offshore wind projects are anticipated to support long-term growth for turbine manufacturers [5]. - The offshore wind installation demand is expected to rise significantly, with new projects and approvals indicating a shift towards higher annual installation rates [5].

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting strong demand and price recovery, recommending key companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Energy for investment [6]. Core Viewpoints - The market's concerns about the sustainability of the wind power industry's strong performance in 2025 have led to undervaluation of turbine manufacturers' stock prices, despite a 9% increase in the average bidding price for land-based wind turbines to 1552 RMB/kW in the first seven months of 2025 [2][13]. - Multiple forward-looking indicators suggest that domestic land wind demand in 2026 is likely to achieve year-on-year growth, contrary to market fears of a downturn due to the end of the "14th Five-Year Plan" rush [3][16]. - The price recovery of wind turbines is supported by a dual commitment from manufacturers and project owners, with manufacturers focusing on profitability rather than market share, and owners willing to pay a premium for high-reliability products [4][37]. Summary by Sections 1. Strong Performance of Wind Turbines - The average bidding price for land-based wind turbines has shown a consistent upward trend since Q4 2024, with a 9% increase compared to the entire year of 2024 [2][14]. 2. Demand Expectations - The report indicates that the wind power installation cycle in 2025 is different from previous cycles, with a projected installation of over 110 GW, supported by a significant increase in project approvals [3][30]. - The approved wind power projects reached 106 GW in the first seven months of 2025, marking a 37% year-on-year increase, which is a positive indicator for 2026 demand [3][30]. 3. Price Expectations - The report emphasizes that the price recovery of wind turbines is driven by both demand and a strategic shift among manufacturers towards profitability, supported by a self-regulatory agreement among major manufacturers [4][42]. - The willingness of project owners to accept price increases is attributed to the declining costs of wind projects due to larger turbine sizes and improved reliability [4][44]. 4. Profitability Improvement - The report forecasts that the manufacturing gross margin for wind turbines is expected to improve significantly in 2026, driven by economies of scale and a reduction in sales and management expenses [5][38]. - The anticipated increase in high-priced orders entering the delivery phase will further enhance profitability for turbine manufacturers [5][38]. 5. Long-term Growth from Exports and Offshore Wind - Despite a potential slowdown in domestic land wind installations, the report highlights that overseas markets and domestic offshore wind projects will support long-term growth for turbine manufacturers [6][54]. - The report notes that domestic turbine manufacturers have gained a competitive edge in technology and cost, with significant overseas orders expected to materialize in 2026-2027 [6][54].

Core Insights - The China Rare Earth Industry Index has seen a strong increase of 2.74%, with key stocks such as Placo New Materials, Jintian Co., and Huahong Technology hitting the 10% daily limit up [1] - The rare earth ETF, Jiashi (516150), rose by 2.61% [1] Market Performance - The Jiashi rare earth ETF recorded a turnover of 5.17% and a transaction volume of 250 million yuan [4] - Over the past month, the average daily transaction volume for the Jiashi rare earth ETF was 340 million yuan, ranking first among comparable funds [4] - In the last two weeks, the Jiashi rare earth ETF's scale increased by 582 million yuan, marking significant growth and leading among comparable funds [4] - The Jiashi rare earth ETF's shares grew by 22.8 million shares in the last two weeks, also ranking first among comparable funds [4] Fund Flows and Returns - In the last ten trading days, there were net inflows on six days, totaling 310 million yuan for the Jiashi rare earth ETF [5] - As of August 14, 2025, the Jiashi rare earth ETF's net value increased by 80.39% over the past year, ranking 121 out of 2961 index stock funds, placing it in the top 4.09% [5] - The highest monthly return since inception for the Jiashi rare earth ETF was 41.25%, with the longest consecutive monthly gains being four months and a maximum increase of 83.89% [5] Industry Dynamics - The Ministry of Industry and Information Technology and six other departments issued a plan to stabilize growth in the non-ferrous metals industry, emphasizing the strategic importance of rare earths [5] - The rare earth industry is entering a traditional consumption peak season in August, with increased demand from downstream sectors leading to higher procurement [6] - The magnetic materials industry has seen some major manufacturers scheduling orders through mid-September, with both domestic and export orders strengthening [6] - The import volume of domestic rare earth products significantly decreased in the first half of the year due to tariffs and political factors in Myanmar [6] Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 59.32% of the index, with notable companies including Northern Rare Earth, Baotou Steel, and China Rare Earth [5][8] - The performance of key stocks includes Northern Rare Earth up by 1.69%, China Rare Earth up by 1.50%, and China Aluminum up by 2.48% [8]

Group 1 - The AMAC General Equipment Index (AMAC General, H30061) experienced a decline of 1.38%, closing at 2359.98 points, with a trading volume of 86.789 billion yuan [1] - Over the past month, the AMAC General Equipment Index has increased by 13.71%, by 13.10% over the last three months, and has risen by 30.93% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices [1] Group 2 - The top ten holdings of the AMAC General Equipment Index include: Sanhua Intelligent Control (5.93%), Shanghai Electric (5.1%), Hengli Hydraulic (3.96%), Robot (2.48%), Dongfang Electric (2.36%), Goldwind Technology (2.06%), Mingyang Smart Energy (2.06%), Zongshen Power (1.63%), Plutotech (1.55%), and Green Harmonic (1.48%) [1] - The market share of the AMAC General Equipment Index holdings is 56.21% from the Shenzhen Stock Exchange and 43.79% from the Shanghai Stock Exchange [1] Group 3 - In terms of industry composition, the AMAC General Equipment Index is comprised of 89.43% industrial sector, 9.08% consumer discretionary, and 1.49% information technology [2]

Group 1 - The report maintains a positive outlook on the power equipment industry, highlighting the recovery in wind and thermal power sectors and the potential of fusion energy storage [1][3] - Wind power is expected to see a revaluation of the value of complete machines, with offshore wind and export logic gradually becoming apparent [3][37] - The profitability of wind turbine manufacturers has reached a historical low but is anticipated to rebound as the pace of turbine size increase slows down [10][19] Group 2 - The report emphasizes the importance of traditional energy sources during the 14th Five-Year Plan, with a significant increase in coal-fired power approvals expected in 2025 [38][42] - The energy storage market is accelerating its development, with a focus on both spot and ancillary service markets [3][37] - The report suggests that the nuclear fusion sector should be monitored closely for bidding rhythms and strategic positioning within the core industry chain [3][37] Group 3 - The offshore wind sector is poised for a resurgence, with a backlog of projects ready to commence construction, particularly in Guangdong and Jiangsu provinces [27][28] - The report indicates that the high-voltage and direct current cable market is benefiting from the transition to higher voltage systems, with leading cable manufacturers likely to see improved margins [32][33] - The report provides a valuation table for key companies in the wind power equipment sector, recommending specific stocks such as Goldwind Technology and Dongfang Cable [34][35]

"退出的资金可加速投资新项目，缓解一级市场'募资难'。" 8月13日，A股市场持续上攻，沪指创出四年以来新高。这样的暖意已经持续数月，股权投资机构通过 减持退出，也慢慢多了起来。 在8月12日晚间披露的减持公告中，就有较多股权投资机构计划或实施减持。其中，上纬新材 （688585.SH）公告称，股东金风投资控股有限公司（下称"金风投控"）自7月9日以来已减持0.39%的股 份，还计划协议转让4.40%股份。 "此前在IPO阶段性收紧和二级市场行情不佳的情况下，创投机构减持得相对少些，如今A股行情回暖， 更多创投机构通过集中竞价、大宗交易等渠道减持退出。"一位接盘PE/创投减持退出的投资人士称。 金风投控是金风科技（002202.SZ）的全资子公司，2016年3月与上纬新材签订增资协议，从而取得10% 股权。上纬新材上市后，金风科技持有3600万股，持股比例8.93%。2022年之后，金风投控开始陆续减 持。 8月12日晚，春雪食品（605567.SH）也公告称，烟台天自春雪股权投资中心(有限合伙)（下称"天自春 雪"）及一致行动人烟台天自雪瑞股权投资中心(有限合伙)（下称"天自雪瑞"），在今年7月～8月期间减 ...

流动性方面，稀土ETF嘉实盘中换手2.2%，成交1.06亿元。拉长时间看，截至8月12日，稀土ETF嘉实近1周日均成交3.71亿元，排名可比基金第一。 规模方面，稀土ETF嘉实近1周规模增长2.90亿元，实现显著增长，新增规模位居可比基金第一。份额方面，稀土ETF嘉实最新份额达33.51亿份，创近1年新 高，位居可比基金第一。 截至2025年8月13日 11:27，中证稀土产业指数上涨0.66%，成分股宁波韵升上涨4.61%，焦作万方上涨2.99%，安泰科技上涨2.91%，金田股份上涨2.69%，盛 和资源上涨1.90%。稀土ETF嘉实(516150)上涨0.49%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600111 | 北方稀土 | 0.03% | 13.22% | | 000831 | 中国稀土 | 0.12% | 5.63% | | 601600 | 中国铝业 | 1.84% | 4.93% | | 002340 | 格林美 | 0.30% | 4.93% | | 002600 | 领益智造 | 0.60% | 4.84% | | ...