Group 1 - The company reported a revenue of RMB 28.494 billion for the six months ending June 30, 2025, representing a year-on-year increase of 41.46% [1] - The net profit attributable to shareholders was RMB 1.488 billion, an increase of 7.26% year-on-year, with earnings per share of RMB 0.34 [1] - Sales revenue from wind turbines and components reached RMB 21.852 billion, a year-on-year increase of 71.15%, accounting for 76.69% of total revenue [1] Group 2 - The company achieved an external sales capacity of 10,641.44 MW for the first half of 2025, reflecting a year-on-year growth of 106.60% [2] - The total external orders on hand amounted to 51,811.47 MW, a year-on-year increase of 45.58%, with overseas orders growing by 42.27% to 7,359.82 MW [2] - The company emphasizes quality and value, increasing investment in technological innovation and R&D to enhance product reliability and adaptability in the context of the accelerating low-carbon energy transition [2]

Core Viewpoint - The company, Goldwind Technology, reported significant growth in revenue and profit for the first half of 2025, driven by strong sales of wind turbine units and components, reflecting the accelerating trend towards larger wind turbine models in the industry [1][2] Group 1: Financial Performance - The company achieved a revenue of RMB 28.494 billion, representing a year-on-year increase of 41.46% [1] - The profit attributable to shareholders was RMB 1.488 billion, up 7.26% year-on-year, with earnings per share at RMB 0.34 [1] - Sales revenue from wind turbines and components reached RMB 21.852 billion, a year-on-year increase of 71.15%, accounting for 76.69% of total revenue [1] Group 2: Sales and Orders - The company reported external pending orders totaling 41,395.88 MW, with a year-on-year growth of 45.58% [2] - The breakdown of external orders includes 601.12 MW for units below 4 MW, 6,712.13 MW for units between 4 MW and 6 MW, and 34,082.63 MW for units 6 MW and above [2] - The company also has an additional internal order of 3,023.37 MW [2] Group 3: Industry Trends and Challenges - The wind power industry is experiencing large-scale development due to the global transition to low-carbon energy [2] - The increasing installed capacity of wind power presents structural challenges regarding the reliability of wind turbine units and the support capacity for new power systems [2] - The company emphasizes quality and value, investing in technological innovation and R&D to enhance product reliability and adaptability across various scenarios [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 公司內部審計制度》，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8月22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 内部审计制度 金风科技股份有限公司 内部审计制度 内部审计制度 第一章 总则 1.1 为了规范内部审计工作，提升内部审计工作质量，保障公司健康可持 ...

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[Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Goldwind Technology Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, providing an overview of the company's financial performance and position Condensed Consolidated Income Statement and Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 28,493,824 | 20,143,154 | | Cost of sales | (24,142,783) | (16,449,413) | | Gross profit | 4,351,041 | 3,693,741 | | Other income and gains, net | 1,074,032 | 1,274,599 | | Selling and distribution expenses | (659,394) | (604,813) | | Administrative expenses | (1,928,160) | (1,806,843) | | Impairment losses on financial and contract assets, net | (121,822) | (125,849) | | Other operating expenses | (141,933) | (108,219) | | Finance costs | (531,180) | (617,718) | | Profit before tax | 2,107,383 | 1,844,931 | | Income tax expense | (443,666) | (408,939) | | Profit for the period | 1,663,717 | 1,435,992 | | Profit attributable to equity holders of the Company | 1,487,542 | 1,386,844 | | Profit attributable to non-controlling interests | 176,175 | 49,148 | | Basic and diluted earnings per share (RMB) | 0.34 | 0.32 | Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total non-current assets | 89,866,209 | 86,623,398 | | Total current assets | 71,687,065 | 68,600,887 | | Total current liabilities | 73,585,152 | 71,873,940 | | Total non-current liabilities | 44,481,646 | 42,923,264 | | Net assets | 43,486,476 | 40,427,081 | | Equity attributable to equity holders of the Company | 39,769,743 | 38,529,306 | | Non-controlling interests | 3,716,733 | 1,897,775 | Condensed Consolidated Cash Flow Statement (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows used in operating activities | (2,949,385) | (8,150,780) | | Net cash flows used in investing activities | (1,836,801) | (836,625) | | Net cash flows from financing activities | 1,904,796 | 4,085,818 | | Net decrease in cash and cash equivalents | (2,881,390) | (4,901,587) | | Cash and cash equivalents at end of period | 8,167,307 | 7,711,708 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policy changes, operating segment information, revenue composition, expenses, and balance sheet items, providing supplementary explanations for understanding the financial statements [1. Company and Group Information](index=10&type=section&id=1.%20Company%20and%20Group%20Information) This section provides an overview of Goldwind Science & Technology Co., Ltd.'s establishment, listing details, and the primary business activities of the group - Goldwind Science & Technology Co., Ltd. was established in Xinjiang, China, on March 26, 2001, with A-shares and H-shares listed in 2007 and 2010, respectively[14](index=14&type=chunk) - The Group's main activities include R&D, manufacturing, and sales of wind turbine generator sets and components, providing wind farm construction, post-warranty services, asset management, and water treatment plant operations[19](index=19&type=chunk) [2. Basis of Preparation and Changes in Accounting Policies](index=10&type=section&id=2%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This section outlines the basis for preparing the condensed consolidated financial statements and any changes in accounting policies, noting their immaterial impact - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and Appendix 16 of the Hong Kong Stock Exchange Listing Rules[16](index=16&type=chunk) - Accounting policies are consistent with the 2024 annual financial statements, except for new and revised standards effective from January 1, 2025, which have no significant impact on the financial position or performance for the current and prior periods[17](index=17&type=chunk)[18](index=18&type=chunk) [3. Operating Segment Information](index=11&type=section&id=3.%20Operating%20Segment%20Information) This section provides a breakdown of the group's revenue and performance by operating segment and geographical location for the reporting period Segment Revenue (For the Six Months Ended June 30) | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Wind turbine generator sets manufacturing and sales | 21,852,284 | 12,767,677 | | Wind farm development | 3,171,937 | 4,401,088 | | Wind power services | 2,896,207 | 2,374,091 | | Others | 573,396 | 600,298 | | **Total** | **28,493,824** | **20,143,154** | Segment Results (For the Six Months Ended June 30) | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Wind turbine generator sets manufacturing and sales | 115,498 | (584,584) | | Wind farm development | 1,788,587 | 2,428,419 | | Wind power services | 550,561 | 343,583 | | Others | 448,885 | 851,336 | | **Total** | **2,413,354** | **2,217,389** | Sales to External Customers (By Geographical Location) | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | China | 20,117,354 | 15,367,226 | | Other countries | 8,376,470 | 4,775,928 | | **Total** | **28,493,824** | **20,143,154** | [4. Revenue](index=15&type=section&id=4.%20Revenue) This section details the group's revenue sources and the recognition policies for various performance obligations, including wind turbine sales, wind farm development, and services Revenue Stream Analysis (For the Six Months Ended June 30) | Revenue Stream | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of wind turbine generator sets and components | 21,852,284 | 12,767,677 | | Wind farm development | 3,171,937 | 4,401,088 | | Wind power services | 2,803,156 | 2,254,764 | | Others | 573,396 | 600,298 | | Total lease income | 93,051 | 119,327 | | **Total** | **28,493,824** | **20,143,154** | - Performance obligations for wind turbine sales and power station product sales are satisfied when control of the goods is transferred[31](index=31&type=chunk) - Performance obligations for wind farm development are typically recognized when electricity is transmitted, measured based on the amount of wind power transmitted and fixed tariff rates[32](index=32&type=chunk) - Performance obligations for wind power services, including service-type warranties and construction services, are recognized over the service period or based on the stage of completion[33](index=33&type=chunk) [5. Other Income and Gains, Net](index=18&type=section&id=5.%20Other%20Income%20and%20Gains,%20Net) This section presents a detailed breakdown of other income and gains, net, and explains the reasons for period-over-period changes Other Income and Gains, Net (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank interest income | 225,209 | 245,260 | | Government grants and deferred income | 158,483 | 78,448 | | VAT refunds | 112,102 | 82,337 | | Gain on disposal of interests in subsidiaries | 143,148 | 137,094 | | Investment income from loss of significant influence or disposal of joint ventures/associates | 9,174 | 824,311 | | Fair value changes of listed equity investments | 350,311 | (115,100) | | **Total** | **1,074,032** | **1,274,599** | - Other income and gains, net, decreased by **15.74%** year-on-year, primarily due to reduced investment gains from disposal of joint ventures, increased fair value losses on unlisted equity investments, and decreased technical service income[36](index=36&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) [6. Profit Before Tax](index=19&type=section&id=6.%20Profit%20Before%20Tax) This section itemizes the components deducted from or credited to profit before tax, including costs of sales, depreciation, amortization, and staff welfare expenses Items Deducted From/(Credited to) Profit Before Tax (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 20,129,632 | 12,269,398 | | Cost of wind power generation | 1,349,074 | 1,916,923 | | Cost of wind power services | 2,245,075 | 1,785,942 | | Depreciation of property, plant and equipment | 1,396,212 | 1,224,767 | | Depreciation of right-of-use assets | 111,156 | 92,584 | | Amortization of other intangible assets | 294,795 | 249,241 | | Net impairment of trade receivables | 118,526 | 110,670 | | Net impairment of inventories | 19,175 | (18,858) | | Total staff welfare expenses | 2,092,794 | 2,061,107 | | Total research and development costs | 906,215 | 887,953 | [7. Finance Costs](index=21&type=section&id=7.%20Finance%20Costs) This section details the group's finance costs, including interest on bank loans and lease liabilities, and explains the reasons for period-over-period changes Finance Costs (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 632,055 | 700,745 | | Interest on lease liabilities | 63,096 | 71,782 | | Less: Interest capitalized | (163,971) | (154,809) | | **Total** | **531,180** | **617,718** | - Finance costs decreased by **14.01%** year-on-year, mainly due to reduced interest on bank and other borrowings[39](index=39&type=chunk)[167](index=167&type=chunk) [8. Income Tax Expense](index=21&type=section&id=8.%20Income%20Tax%20Expense) This section outlines the group's income tax expenses, including current and deferred tax, and details the preferential tax policies enjoyed by the company and its subsidiaries - The Company and ten subsidiaries are recognized as "High-New Technology Enterprises" and enjoy a preferential tax rate of **15%**[40](index=40&type=chunk) - Some Chinese subsidiaries engaged in public infrastructure projects enjoy a "three-year exemption and three-year half reduction" corporate income tax incentive[40](index=40&type=chunk) - Certain Chinese subsidiaries operating in western regions and participating in government-supported projects are subject to a **15%** preferential tax rate[40](index=40&type=chunk) Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current | 705,626 | 546,108 | | Deferred tax | (261,960) | (137,169) | | **Tax expense for the period** | **443,666** | **408,939** | - Income tax expense increased by **8.49%** year-on-year, primarily due to an increase in taxable profit for the period[43](index=43&type=chunk)[168](index=168&type=chunk) [9. Dividends](index=22&type=section&id=9.%20Dividends) This section reports on the dividends approved and paid for the previous fiscal year and the board's decision regarding interim dividends for the current reporting period - The 2024 final cash dividend of **RMB 1.4** per 10 shares (tax inclusive), totaling **591,114 thousand RMB**, was approved by shareholders on June 25, 2025[44](index=44&type=chunk) - The Board did not recommend the payment of a dividend for the six months ended June 30, 2025 (nil for the same period in 2024)[44](index=44&type=chunk) [10. Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=22&type=section&id=10.%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Company) This section provides the calculation of basic and diluted earnings per share attributable to the company's ordinary equity holders for the reporting period Earnings Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company | 1,487,542 | 1,386,844 | | Less: Distribution related to perpetual medium-term notes | (56,656) | (40,499) | | Profit for the purpose of basic earnings per share | 1,430,886 | 1,346,345 | | Weighted average number of ordinary shares in issue (thousands) | 4,182,839 | 4,225,068 | | **Basic earnings per share (RMB)** | **0.34** | **0.32** | | **Diluted earnings per share (RMB)** | **0.34** | **0.32** | [11. Property, Plant and Equipment](index=23&type=section&id=11.%20Property,%20Plant%20and%20Equipment) This section details the changes in the group's property, plant and equipment, including additions, disposals, and depreciation expenses for the reporting period Changes in Property, Plant and Equipment (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Beginning of period/year | 45,973,875 | 41,805,332 | | Additions | 2,865,401 | 9,248,511 | | Disposals | (37,520) | (230,401) | | Depreciation expense for the period/year | (1,396,212) | (2,673,869) | | Disposal of subsidiaries | (433,664) | (1,598,950) | | **End of period/year** | **47,004,585** | **45,973,875** | [12. Leases](index=24&type=section&id=12.%20Leases) This section presents the changes in the group's right-of-use assets and lease liabilities, including new leases, depreciation, and interest recognized Changes in Right-of-Use Assets (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Beginning of period/year | 3,030,535 | 3,192,509 | | New leases | 1,193,921 | 556,803 | | Depreciation expense for the period/year | (111,156) | (181,586) | | **End of period/year** | **3,991,448** | **3,030,535** | Changes in Lease Liabilities (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Beginning of period/year | 4,588,993 | 5,231,674 | | New leases | 947,752 | 3,095,970 | | Interest recognized during the period/year | 63,096 | 223,826 | | Payments | (475,324) | (986,045) | | **End of period/year** | **5,056,259** | **4,588,993** | | Current portion | 384,556 | 372,878 | | Non-current portion | 4,671,703 | 4,216,115 | [13. Equity Investments Designated at Fair Value Through Other Comprehensive Income](index=25&type=section&id=13.%20Equity%20Investments%20Designated%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) This section reports on the group's equity investments designated at fair value through other comprehensive income, specifically non-listed equity investments Equity Investments Designated at Fair Value Through Other Comprehensive Income (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Unlisted equity investments | 156,203 | 164,996 | [14. Financial Assets at Fair Value Through Profit or Loss](index=25&type=section&id=14.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) This section details the group's financial assets measured at fair value through profit or loss, including listed and unlisted equity investments, partnership investments, and wealth management products Financial Assets at Fair Value Through Profit or Loss (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Listed equity investments | 1,678,197 | 1,754,215 | | Unlisted equity investments | 1,658,691 | 1,667,801 | | Partnership investments | 120,000 | 120,000 | | Wealth management products | 790,000 | 1,000,000 | | Others | 23,970 | 20,000 | | **Total** | **4,270,858** | **4,562,016** | | Non-current portion | (3,480,858) | (3,562,016) | | Current portion | 790,000 | 1,000,000 | - Wealth management products are mandatorily classified as financial assets at fair value through profit or loss because their contractual cash flows are not solely payments of principal and interest[51](index=51&type=chunk) [15. Other Non-Current Financial Assets](index=26&type=section&id=15.%20Other%20Non-Current%20Financial%20Assets) This section presents the group's other non-current financial assets, primarily debt investments, along with their impairment provisions Other Non-Current Financial Assets (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Debt investments | 194,582 | 205,102 | | Impairment allowance | (320) | (329) | | **Total** | **194,262** | **204,773** | | Non-current portion | (192,625) | (200,345) | | Current portion | 1,637 | 4,428 | [16. Deferred Tax](index=27&type=section&id=16.%20Deferred%20Tax) This section provides a breakdown of the group's deferred tax assets and liabilities, including those related to asset impairment, tax losses, and fair value adjustments Deferred Income Tax Assets (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Asset impairment provisions | 639,428 | 644,373 | | Tax losses | 2,167,519 | 2,048,600 | | Provisions and accrued items | 2,143,319 | 2,040,920 | | **Total** | **6,504,019** | **6,251,106** | Deferred Income Tax Liabilities (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value of identifiable assets exceeding carrying value of acquired subsidiaries | 754,306 | 788,488 | | Asset depreciation | 508 | 538 | | Fair value adjustments of equity investments recognized in other comprehensive income/profit or loss | 542,894 | 529,705 | | **Total** | **1,712,827** | **1,696,648** | Group Deferred Income Tax Assets and Liabilities After Offsetting (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Deferred income tax assets | 6,449,251 | 6,136,494 | | Deferred income tax liabilities | (1,658,059) | (1,582,036) | [17. Trade and Bills Receivables](index=31&type=section&id=17.%20Trade%20and%20Bills%20Receivables) This section details the group's trade and bills receivables, including impairment provisions and an aging analysis, and notes the reclassification of some bank acceptance bills Trade and Bills Receivables (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 35,869,428 | 32,840,414 | | Bills receivables | 1,435,960 | 2,437,112 | | Impairment allowance | (2,141,650) | (2,014,948) | | **Total** | **35,163,738** | **33,262,578** | - The Group reclassified some bank acceptance bills as financial assets at fair value through other comprehensive income, but they are still presented as trade and bills receivables[58](index=58&type=chunk) Aging Analysis of Trade and Bills Receivables (Net of Allowance, As at June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within six months | 17,423,331 | 16,526,290 | | Six months to one year | 4,530,334 | 4,531,854 | | One to two years | 6,368,065 | 6,353,032 | | Two to three years | 3,393,645 | 2,832,886 | | Over three years | 3,448,363 | 3,018,516 | | **Total** | **35,163,738** | **33,262,578** | [18. Financial Receivables](index=33&type=section&id=18.%20Financial%20Receivables) This section outlines the group's financial receivables, primarily from service concession arrangements and finance lease receivables, along with their impairment provisions Financial Receivables (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Receivables under service concession arrangements | 3,779,474 | 3,983,349 | | Finance lease receivables | 3,120,978 | 3,240,376 | | Impairment allowance | (82,508) | (83,676) | | **Total** | **7,156,380** | **7,420,224** | | Non-current portion | (6,771,503) | (7,043,030) | | Current portion | 384,877 | 377,194 | - Receivables under service concession arrangements primarily arise from concession contracts for construction services and water treatment plant operations[60](index=60&type=chunk) - Finance lease receivables primarily arise from finance lease contracts providing leased equipment to lessees[61](index=61&type=chunk) [19. Prepayments, Other Receivables and Other Assets](index=34&type=section&id=19.%20Prepayments,%20Other%20Receivables%20and%20Other%20Assets) This section details the group's prepayments, other receivables, and other assets, including advances to suppliers, VAT credits, and deposits, along with impairment provisions Prepayments, Other Receivables and Other Assets (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Advances to suppliers | 1,125,062 | 2,193,175 | | Prepayments | 2,429,630 | 766,214 | | VAT input tax credit | 4,709,072 | 4,151,810 | | Deposits and other receivables | 2,207,208 | 2,732,427 | | Impairment allowance | (264,130) | (259,402) | | **Total** | **10,206,842** | **9,584,224** | | Non-current portion | (4,828,622) | (3,776,077) | | Current portion | 5,378,220 | 5,808,147 | [20. Derivative Financial Instruments](index=35&type=section&id=20.%20Derivative%20Financial%20Instruments) This section presents the group's derivative financial instruments, including foreign exchange forward contracts and call options, categorized as assets and liabilities Derivative Financial Instrument Assets (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Foreign exchange forward contracts - designated hedges | 8,526 | 37,382 | | **Total** | **8,526** | **37,382** | | Current portion | 8,526 | 36,452 | Derivative Financial Instrument Liabilities (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Foreign exchange forward contracts - designated hedges | 139,155 | 39,069 | | Call options | 8,854 | 13,320 | | **Total** | **148,009** | **52,389** | | Non-current portion | (36,361) | (21,489) | | Current portion | 111,648 | 30,900 | [21. Inventories](index=36&type=section&id=21.%20Inventories) This section details the composition of the group's inventories, including raw materials, work-in-progress, finished goods, and power station costs, noting capitalized interest Inventory Composition (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw materials | 6,126,775 | 4,650,108 | | Work-in-progress, finished goods and semi-finished goods | 6,446,696 | 4,552,648 | | Power station costs | 6,329,131 | 5,612,468 | | **Total** | **18,929,245** | **14,827,632** | - Capitalized interest included in power station costs amounted to **39,432 thousand RMB** (2024: **87,271 thousand RMB**), with an interest capitalization rate ranging from **2.51%** to **3.50%**[68](index=68&type=chunk) [22. Cash and Cash Equivalents and Pledged Deposits](index=37&type=section&id=22.%20Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) This section provides a breakdown of the group's cash and cash equivalents and pledged deposits, categorized by type and currency Cash and Cash Equivalents and Pledged Deposits (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and bank balances | 7,814,008 | 11,512,606 | | Time deposits | 1,771,500 | 106,798 | | Less: Pledged deposits | (846,702) | (486,500) | | **Cash and cash equivalents in condensed consolidated statement of financial position** | **8,738,806** | **11,132,904** | | Cash and cash equivalents in condensed consolidated cash flow statement | 8,167,307 | 11,030,276 | | Pledged deposits | 846,702 | 486,500 | Cash and Cash Equivalents and Pledged Deposits (By Currency, As at June 30) | Currency | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | RMB | 6,214,780 | 9,568,652 | | USD | 1,409,227 | 739,968 | | EUR | 758,736 | 406,636 | | AUD | 303,937 | 124,013 | | HKD | 153,362 | 209,531 | | Argentine Peso | 270,272 | 148,352 | | Other currencies | 475,194 | 422,252 | | **Total** | **9,585,508** | **11,619,404** | [23. Contract Assets](index=38&type=section&id=23.%20Contract%20Assets) This section details the group's contract assets, primarily from wind turbine warranty deposits, construction services, and concession arrangements, along with their recognition and reclassification policies Sources of Contract Assets (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Wind turbine sales warranty deposits | 6,255,407 | 5,883,414 | | Construction services | 994,375 | 1,146,251 | | Concession services arrangements | 296,629 | 97,690 | | Impairment | (46,676) | (47,065) | | **Total** | **7,499,735** | **7,080,290** | | Non-current portion | (6,054,421) | (5,415,238) | | Current portion | 1,445,314 | 1,665,052 | - Wind turbine sales warranty deposits typically mature 2 to 5 years after the completion of wind turbine commissioning[70](index=70&type=chunk) - Contract assets for construction services are initially recognized when construction services are provided and revenue is recognized, then reclassified as trade receivables upon customer acceptance of billing settlement[71](index=71&type=chunk) [24. Trade and Bills Payables](index=39&type=section&id=24.%20Trade%20and%20Bills%20Payables) This section presents the group's trade and bills payables, including their typical settlement terms and the due dates for warranty payables Trade and Bills Payables (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 32,205,881 | 31,193,698 | | Bills payables | 7,969,530 | 10,304,613 | | **Total** | **40,175,411** | **41,498,311** | | Non-current liabilities portion | (714,103) | (719,442) | | Current liabilities portion | 39,461,308 | 40,778,869 | - Trade and bills payables are non-interest bearing and generally settled within 180 days, while warranty payables typically mature 3 to 5 years after goods delivery[73](index=73&type=chunk) [25. Other Payables and Accruals](index=40&type=section&id=25.%20Other%20Payables%20and%20Accruals) This section details the group's other payables and accruals, including contract liabilities, accrued salaries, other taxes payable, and dividends payable Other Payables and Accruals (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Contract liabilities | 20,250,268 | 18,181,188 | | Accrued salaries, wages and benefits | 720,814 | 1,015,372 | | Other taxes payable | 253,502 | 364,829 | | Dividends payable | 688,980 | 88,743 | | Others | 1,700,248 | 1,484,223 | | **Total** | **23,626,382** | **21,144,824** | | Non-current liabilities portion | (304,873) | (249,268) | | Current liabilities portion | 23,321,509 | 20,895,556 | [26. Interest-Bearing Bank and Other Borrowings](index=41&type=section&id=26.%20Interest-Bearing%20Bank%20and%20Other%20Borrowings) This section provides a breakdown of the group's interest-bearing bank and other borrowings, distinguishing between current and non-current portions Interest-Bearing Bank and Other Borrowings (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Current portion** | | | | Short-term bank loans | 1,462,544 | 1,576,164 | | Current portion of long-term bank loans | 1,783,754 | 1,216,775 | | Lease liabilities | 384,556 | 372,878 | | Payables for sale and leaseback | 79,012 | 156,608 | | **Non-current portion** | | | | Long-term bank loans | 30,017,009 | 29,505,756 | | Payables for sale and leaseback | 2,758,373 | 2,510,672 | | Lease liabilities | 4,671,703 | 4,216,115 | | **Total** | **43,673,389** | **42,049,203** | [27. Share Capital](index=42&type=section&id=27.%20Share%20Capital) This section details the composition of the company's share capital, including the number and par value of A shares and H shares Share Capital Composition (As at June 30) | Share Type | 2025 Number of Shares (thousands) | 2025 Par Value (RMB thousands) | 2024 Number of Shares (thousands) | 2024 Par Value (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | A Shares (par value RMB 1.00 per share) | 3,451,496 | 3,451,496 | 3,451,496 | 3,451,496 | | H Shares (par value RMB 1.00 per share) | 773,572 | 773,572 | 773,572 | 773,572 | | **Total** | **4,225,068** | **4,225,068** | **4,225,068** | **4,225,068** | [28. Share-Based Payments](index=42&type=section&id=28.%20Share-Based%20Payments) This section describes the company's restricted share incentive plan, including the approval, grant details, and recognized expenses for the reporting period - The company approved a restricted share incentive plan on November 19, 2024, involving the repurchase of A-shares as restricted shares, totaling **442,460 thousand RMB**[79](index=79&type=chunk) - On December 13, 2024, **39,400,000** restricted shares were granted at an issue price of **RMB 4.09** per share[79](index=79&type=chunk) - As of June 30, 2025, the Group recognized expenses related to the incentive plan amounting to **72,745 thousand RMB**[80](index=80&type=chunk) [29. Disposal of Subsidiaries](index=43&type=section&id=29.%20Disposal%20of%20Subsidiaries) This section lists the subsidiaries disposed of during the reporting period, including their disposal dates, equity re-establishment ratios, and the total consideration received Subsidiaries Disposed of During the Period (As at June 30) | Company Name | Disposal Date | Equity Re-establishment Ratio | | :--- | :--- | :--- | | Jimunai Runjiaying Wind Power Co., Ltd. | January 1, 2025 | 51% | | Mulei Goldwind Tianrun Wind Power Co., Ltd. | April 30, 2025 | 100% | | Shanghai Hurong New Energy Co., Ltd. | May 14, 2025 | 100% | | Taicang Juyi Technology Innovation Consulting Co., Ltd. | June 30, 2025 | 100% | | Glad Precision Technology (Jiangsu) Co., Ltd. | June 27, 2025 | Not applicable | - The total consideration for the disposal of subsidiaries during the period was **352,142 thousand RMB**, with net cash inflow of **219,157 thousand RMB**[83](index=83&type=chunk) [30. Contingent Liabilities](index=44&type=section&id=30.%20Contingent%20Liabilities) This section details the group's contingent liabilities, including guarantees issued and pending lawsuits, and their respective amounts Contingent Liabilities (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Guarantees issued | 33,792,428 | 24,537,869 | | Guarantees provided to banks for loans: associates | 161,519 | 170,042 | | Guarantees provided to banks for loans: an independent third party | 126,036 | 129,348 | | **Total** | **34,079,983** | **24,837,259** | - The Group is a defendant in pending lawsuits totaling **2,789,893 thousand RMB** (December 31, 2024: **2,450,965 thousand RMB**)[86](index=86&type=chunk) [31. Commitments](index=45&type=section&id=31.%20Commitments) This section outlines the group's capital commitments, primarily related to property, plant and equipment, and land use rights Capital Commitments (As at June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Property, plant and equipment and land use rights | 10,161,033 | 6,936,784 | | **Total** | **10,161,033** | **6,936,784** | [32. Related Party Transactions](index=46&type=section&id=32.%20Related%20Party%20Transactions) This section provides details of significant transactions and outstanding balances with related parties, including associates, joint ventures, and key management personnel compensation Significant Transactions with Related Parties (For the Six Months Ended June 30) | Related Party Type | 2025 Transaction Amount (RMB thousands) | 2024 Transaction Amount (RMB thousands) | | :--- | :--- | :--- | | Beneficiary shareholders of the Company | - | 5,161 | | Associates | 418,940 | 482,459 | | Joint ventures | 68,945 | 65,426 | - The Directors believe that the Group's transactions with related parties were conducted at arm's length prices and in accordance with general commercial terms[89](index=89&type=chunk)[90](index=90&type=chunk) Outstanding Balances with Related Parties (As at June 30) | Related Party Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade and bills receivables: beneficiary shareholders | 908 | 1,963 | | Trade and bills receivables: joint ventures | 56,124 | 35,923 | | Trade and bills receivables: associates | 8,138 | 29,379 | | Prepayments, other receivables and other assets: joint ventures | 845,539 | 584,855 | | Prepayments, other receivables and other assets: associates | 25,412 | 36,770 | | Trade and bills payables: associates | 282,240 | 629,817 | | Other payables and accruals: joint ventures | 8,733 | 9,071 | | Other payables and accruals: associates | 2,989 | 4,215 | Key Management Personnel Compensation (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 11,266 | 11,099 | | Share-based payment expenses | 7,350 | - | | Contributions to retirement benefit plans | 400 | 383 | | **Total** | **19,016** | **11,482** | [33. Financial Risk Management and Financial Instruments](index=48&type=section&id=33.%20Financial%20Risk%20Management%20and%20Financial%20Instruments) This section describes the group's exposure to and management of financial risks, including interest rate, foreign exchange, credit, and liquidity risks, and the fair value measurement hierarchy of financial instruments - The Group faces major financial risks including fair value and cash flow interest rate risk, foreign exchange risk, credit risk, and liquidity risk[93](index=93&type=chunk) - As of June 30, 2025, the Group had net outflow liabilities of approximately **1,898 million RMB** and net cash outflow from operating activities of approximately **2,949 million RMB**[93](index=93&type=chunk) - The Group manages liquidity risk by regularly monitoring liquidity requirements, maintaining external financing and committed credit lines, and entering into financing agreements with multiple banks and financial institutions[95](index=95&type=chunk) - The Group's policy is that no more than **70%** of borrowings should mature within 12 months[95](index=95&type=chunk) - The fair value measurement hierarchy for the Group's financial instruments includes Level 1 (quoted prices in active markets), Level 2 (significant observable inputs), and Level 3 (significant unobservable inputs)[105](index=105&type=chunk) [34. Events After the Reporting Period](index=57&type=section&id=34.%20Events%20After%20the%20Reporting%20Period) This section confirms that no significant events have occurred after the reporting period that would materially affect the group's operations or financial performance - No significant post-balance sheet events have occurred since June 30, 2025, up to the date of the condensed consolidated financial statements[112](index=112&type=chunk) [35. Approval of Condensed Consolidated Financial Statements](index=57&type=section&id=35.%20Approval%20of%20Condensed%20Consolidated%20Financial%20Statements) This section states that the condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 22, 2025 - The condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 22, 2025[113](index=113&type=chunk) [Management Discussion and Analysis](index=58&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews Goldwind Technology's main businesses, core competencies, operating performance of key segments, and financial results, while also outlining future development trends and identifying risks and mitigation strategies [I. Principal Businesses During the Reporting Period](index=58&type=section&id=I.%20Principal%20Businesses%20During%20the%20Reporting%20Period) This section outlines the company's core businesses, including wind turbine manufacturing, wind power services, and wind farm investment and development, along with other diversified operations - The company operates three main businesses: wind turbine manufacturing, wind power services, and wind farm investment and development, alongside other businesses like water treatment, providing diversified revenue channels[114](index=114&type=chunk) - Goldwind Technology offers integrated solutions for wind turbine products, wind power services, and wind farm investment and development, with units suitable for various operating environments, and actively expands its global market presence[114](index=114&type=chunk) [II. Analysis of Core Competencies](index=58&type=section&id=II.%20Analysis%20of%20Core%20Competencies) This section highlights the company's core strengths, including its leading market position, R&D innovation, commitment to quality, comprehensive solutions, and global presence - The company is one of the earliest enterprises in China to enter the wind power equipment manufacturing sector, ranking first in domestic new wind power installed capacity for **14** consecutive years and first globally for **three** consecutive years[115](index=115&type=chunk) - The company emphasizes R&D innovation, with a "1+1+6" global R&D layout and over **3,000** R&D technical personnel, continuously enhancing product performance and market coverage[116](index=116&type=chunk) - The company adheres to a quality and efficiency-driven approach, ensuring high quality and stability throughout the wind turbine's lifecycle, reducing levelized cost of energy, and building a strong industry reputation[117](index=117&type=chunk) - The company provides integrated solutions for wind farm services and wind farm development, actively expanding into new business areas such as hybrid towers, energy storage, and energy carbon management, aiming to be a leader in clean energy and energy-saving environmental protection solutions[118](index=118&type=chunk) - Adhering to the principle of "localizing to globalize," the company has established a "1+1+6" global R&D layout, **7** regional centers, **5** global solution factories, and **3** international production bases, with operations spanning **47** countries across six continents[119](index=119&type=chunk) [III. Analysis of Principal Businesses](index=59&type=section&id=III.%20Analysis%20of%20Principal%20Businesses) This section provides an in-depth analysis of the company's main business segments, including market overview, operational performance, and future outlook - During the reporting period, the Group achieved revenue of **28,493.82 million RMB**, representing a **41.46% year-on-year increase**, and net profit attributable to the parent company of **1,487.54 million RMB**, a **7.26% year-on-year increase**[132](index=132&type=chunk) [(I) Overview](index=59&type=section&id=%28I%29%20Overview) This section provides a general overview of the global and domestic economic environment, energy policies, and the wind power industry's development during the reporting period - The International Monetary Fund (IMF) forecasts global economic growth to slow to **3.0%** and **3.1%** in 2025 and 2026, respectively[120](index=120&type=chunk) - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, with the equipment manufacturing industry's added value increasing by **10.2%** year-on-year[120](index=120&type=chunk) - From January to June 2025, total electricity consumption across society increased by **3.7%** year-on-year; as of the end of June, national cumulative wind power installed capacity was approximately **573 GW**, a **22.7%** year-on-year increase[120](index=120&type=chunk) - The "Energy Law of the People's Republic of China" officially came into effect, promoting clean and low-carbon energy development and the construction of a unified national electricity market[121](index=121&type=chunk)[122](index=122&type=chunk) - The National Energy Administration issued the "2025 Energy Work Guidance Opinion," proposing to increase the share of non-fossil energy in power generation capacity to approximately **60%** and in total energy consumption to approximately **20%**[124](index=124&type=chunk) - In the first half of 2025, national newly grid-connected wind power capacity reached **51.39 GW**, a **98.9% year-on-year increase**, with cumulative installed capacity reaching **573 GW**, accounting for **15.7%** of the grid's total generation capacity[129](index=129&type=chunk) - From January to June 2025, the total domestic wind turbine public bidding volume reached **71.93 GW**, a **8.8% year-on-year increase**, with 6MW and above models maintaining a high proportion of bidding volume[130](index=130&type=chunk) - China's cumulative offshore wind power installed capacity ranks first globally, with **5** floating offshore wind power demonstration projects completed, totaling **40 MW** of installed capacity[131](index=131&type=chunk) [(II) Analysis of the Company's Principal Businesses](index=61&type=section&id=%28II%29%20Analysis%20of%20the%20Company%27s%20Principal%20Businesses) This section provides a detailed analysis of the company's core business segments, including wind turbine manufacturing, wind power services, wind farm investment, and water treatment operations - The company adheres to a high-quality development philosophy, driving product and technological innovation to create a multi-scenario product portfolio covering onshore large-scale bases, deep-sea offshore areas, and distributed wind power, while simultaneously expanding into emerging businesses such as "wind power +" hydrogen production, energy storage, hybrid towers, and energy carbon management[132](index=132&type=chunk) [1. Production, R&D, and Sales of Wind Turbines and Components](index=61&type=section&id=1.%20Production,%20R%26D,%20and%20Sales%20of%20Wind%20Turbines%20and%20Components) This section details the revenue, sales volume, order backlog, and technological innovations in the company's wind turbine manufacturing and sales segment - During the reporting period, the company's revenue from wind turbine and component sales was **21,852.28 million RMB**, a **71.15% year-on-year increase**, accounting for **76.69%** of operating revenue[134](index=134&type=chunk) - From January to June 2025, external sales volume reached **10,641.44 MW**, a **106.60% year-on-year increase**, with 6MW and above units seeing a **187.01%** year-on-year increase in sales volume, becoming the dominant model[134](index=134&type=chunk) Wind Turbine Sales Volume Details (For the Six Months Ended June 30) | Model | 2025 Sales Volume (MW) | 2024 Sales Volume (MW) | Sales Volume Change | | :--- | :--- | :--- | :--- | | Below 4MW | 22.50 | 24.85 | -9.46% | | 4MW (inclusive) - 6MW | 1,947.35 | 2,104.52 | -7.47% | | 6MW and above | 8,671.59 | 3,021.35 | 187.01% | | **Total** | **10,641.44** | **5,150.72** | **106.60%** | - As of June 30, 2025, the company's external order backlog totaled **51,811.47 MW**, a **45.58% year-on-year increase**, with overseas orders amounting to **7,359.82 MW**, up **42.27%** year-on-year[135](index=135&type=chunk) - The company continuously increases investment in technological innovation and R&D, forming GWHV11, GWHV12, GWHV15, GWHV17, GWHV19, GWHV20, GWHV21 multi-platform product series, covering onshore, offshore, and overseas wind power markets[137](index=137&type=chunk) - The GWH204 Ultra platform received ultra-high tower safety certification and was selected for the "2025 Wind Power Leading Innovation Product Catalog"[137](index=137&type=chunk) - The GWHV20 platform's GWH266-16.2MW Ultra prototype was grid-connected and fully operational in Jiangsu, increasing power generation by **5%** and reducing levelized cost of energy by **3%** to **4%**[138](index=138&type=chunk) - Goldwind Technology's grid-forming units were successfully selected for the National Energy Administration's fourth batch of major technical equipment for first (set) applications in the energy sector, and medium-speed grid-forming units passed performance testing by the China Electric Power Research Institute[138](index=138&type=chunk) - In the first half of 2025, the company obtained **137** complete machine certification certificates (**105** domestic, **32** international)[139](index=139&type=chunk) - As of the end of the reporting period, the company held **6,245** domestic patent applications (**3,803** invention patents) and **4,611** domestic authorized patents (**2,356** invention patents), ranking first in the industry[139](index=139&type=chunk) - The company actively participates in **33** IEC standard revisions and leads or participates in **606** domestic standard revisions[139](index=139&type=chunk) - The company maintains its leading position in the hybrid tower industry, with domestic hybrid tower new orders increasing by **50%** and deliveries by **59%** year-on-year in the first half of 2025, securing **3 GW** of international project orders[141](index=141&type=chunk) - In the first half of 2025, the company's domestic energy storage new orders increased by **99%** year-on-year, and overseas energy storage products GoldBlock L200 and GoldBlock L700 achieved scaled breakthroughs in orders and shipments[142](index=142&type=chunk) [2. Wind Power Services](index=64&type=section&id=2.%20Wind%20Power%20Services) This section describes the company's wind power services, focusing on asset value preservation, operational efficiency improvements, and revenue from post-warranty services - Goldwind Technology aims to preserve and enhance the value of new energy assets, promoting an operational philosophy shift from "maximizing power generation" to "optimizing power generation," continuously iterating and upgrading the Goldwind Tianji Trading Cloud Platform and Digital Intelligence Center[143](index=143&type=chunk) - The company integrates online monitoring with AI analysis technology to accelerate the "unmanned" process of wind farms, improving operation and maintenance efficiency by an average of over **25%**[143](index=143&type=chunk) - Self-developed flow control technology based on high-precision flow measurement has achieved market application and secured orders, increasing annual power generation by **2.5%** to **5%**[144](index=144&type=chunk) - In the first half of 2025, the company's electricity sales business covered **7** provinces, providing green energy to over **3,500** users[144](index=144&type=chunk) - During the reporting period, the Group's domestic and international post-warranty service projects had an operational capacity of nearly **45.95 GW**, a **37.0%** year-on-year increase[144](index=144&type=chunk) - The Group achieved wind power service revenue of **2,896.21 million RMB**, of which post-warranty service revenue was **1,754.71 million RMB**, a **9.56% year-on-year increase**[144](index=144&type=chunk) [3. Wind Farm Investment and Development](index=64&type=section&id=3.%20Wind%20Farm%20Investment%20and%20Development) This section covers the company's wind farm investment and development activities, including new grid-connected capacity, cumulative capacity, and power generation revenue - The company adheres to onshore centralized wind power development as its core, securing multiple large-scale projects and distributed indicators by closely following "Energy Demonstration County" policies and the "Riding the Wind" initiative[145](index=145&type=chunk) - During the reporting period, the company's domestic and international self-operated wind farms added **709.04 MW** of equity grid-connected capacity and transferred **100.2 MW** of equity grid-connected capacity[146](index=146&type=chunk) - As of the end of the reporting period, global cumulative equity grid-connected capacity was **8,651.70 MW**, with equity in-construction wind farm capacity of **3,705.42 MW**[146](index=146&type=chunk) - The Group's wind power projects generated revenue of **3,171.94 million RMB**, and investment income from the transfer of wind farm project equity was **143.00 million RMB**, a **35.89% year-on-year increase**[146](index=146&type=chunk) - During the reporting period, the average utilization hours for domestic wind turbines were **1,255** hours, exceeding the national average for wind turbines by **168** hours[146](index=146&type=chunk) [4. Water Treatment Business](index=65&type=section&id=4.%20Water%20Treatment%20Business) This section provides an overview of the company's water treatment business, including the number of project companies, operational scale, and revenue generated - As of the end of the reporting period, Goldwind Technology held **64** water treatment project companies, covering **13** provinces nationwide, with a total operational agreement scale of **2.5851 million tons/day**[147](index=147&type=chunk) - During the reporting period, the Group achieved water treatment operating revenue of **502.45 million RMB**, largely consistent with the same period last year[147](index=147&type=chunk) [5. Outlook for the Company's Future Development](index=65&type=section&id=5.%20Outlook%20for%20the%20Company%27s%20Future%20Development) This section presents forecasts for global wind power growth and the company's strategic positioning in the evolving clean energy market - BloombergNEF (BNEF) forecasts global new wind power installed capacity to reach **143 GW** in 2025, with cumulative global wind power installed capacity reaching **2 TW** by 2030[148](index=148&type=chunk) - GWEC predicts that over **350 GW** of new offshore wind power capacity will be added globally in the next decade (2025-2034), with China's new offshore wind capacity totaling **80 GW** between 2025 and 2030, accounting for **51%** of global new capacity[149](index=149&type=chunk) [6. Basic Information of Principal Subsidiaries](index=65&type=section&id=6.%20Basic%20Information%20of%20Principal%20Subsidiaries) This section lists the group's principal subsidiaries, joint ventures, and associates, along with key financial information for major subsidiaries - As of June 30, 2025, the Group had **821** subsidiaries (**52** directly controlled, **769** indirectly controlled), **22** joint ventures, **39** associates, and **36** investee companies[150](index=150&type=chunk) Principal Subsidiaries' Financial Information (As of June 30, 2025, under Chinese Accounting Standards) | No. | Company Name | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Beijing Tianrun New Energy Investment Co., Ltd. | 5,550,000,000 | 72,726,183,331.83 | 18,216,477,573.24 | 3,126,549,994.39 | 599,562,835.45 | | 2 | Goldwind International Holdings (Hong Kong) Limited | USD635,200,000 | 24,610,547,334.13 | 6,186,084,733.45 | 8,611,722,617.52 | 983,071,373.59 | | 3 | Goldwind Investment Holdings Co., Ltd. | 1,000,000,000 | 4,705,899,188.85 | 3,689,994,303.23 | 45,701,120.53 | 240,996,062.73 | [IV. Operating Results and Analysis](index=66&type=section&id=IV.%20Operating%20Results%20and%20Analysis) This section provides a comprehensive analysis of the group's financial performance, including revenue, costs, gross profit, expenses, assets, liabilities, cash flows, and key financial ratios - For the six months ended June 30, 2025, the Group's revenue was **28,493.82 million RMB**, a **41.46% year-on-year increase**, and net profit attributable to shareholders of the listed company was **1,487.54 million RMB**, a **7.26% year-on-year increase**[153](index=153&type=chunk) Revenue by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Wind turbine manufacturing and sales | 21,852,284 | 12,767,677 | 9,084,607 | 71.15% | | Wind power services | 2,896,207 | 2,374,091 | 522,116 | 21.99% | | Wind farm development | 3,171,937 | 4,401,088 | (1,229,151) | -27.93% | | Others | 573,396 | 600,298 | (26,902) | -4.48% | | **Total** | **28,493,824** | **20,143,154** | **8,350,670** | **41.46%** | - The year-on-year increase in revenue was primarily due to increased wind turbine sales volume and increased revenue from wind farm construction services[155](index=155&type=chunk) Cost of Sales by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Wind turbine manufacturing and sales | 20,129,632 | 12,269,398 | 7,860,234 | 64.06% | | Wind power services | 2,245,075 | 1,785,942 | 459,133 | 25.71% | | Wind farm development | 1,349,074 | 1,916,923 | (567,849) | -29.62% | | Others | 419,002 | 477,150 | (58,148) | -12.19% | | **Total** | **24,142,783** | **16,449,413** | **7,693,370** | **46.77%** | - The year-on-year increase in cost of sales was primarily due to increased operating revenue[157](index=157&type=chunk) Gross Profit by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Wind turbine manufacturing and sales | 1,722,652 | 498,279 | 1,224,373 | 245.72% | | Wind power services | 651,132 | 588,149 | 62,983 | 10.71% | | Wind farm development | 1,822,863 | 2,484,165 | (661,302) | -26.62% | | Others | 154,394 | 123,148 | 31,246 | 25.37% | | **Total** | **4,351,041** | **3,693,741** | **657,300** | **17.79%** | Gross Profit Margin by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 Gross Profit Margin | 2024 Gross Profit Margin | Gross Profit Margin Change (percentage points) | | :--- | :--- | :--- | :--- | | Wind turbine manufacturing and sales | 7.88% | 3.90% | 3.98% | | Wind power services | 22.48% | 24.77% | -2.29% | | Wind farm development | 57.47% | 56.44% | 1.03% | | Others | 26.93% | 20.51% | 6.42% | - The Group's overall gross profit margin decreased from **18.34%** to **15.27%**, with gross profit margins for wind turbine manufacturing and sales, wind farm development, and other business segments increasing year-on-year, while wind power services' gross profit margin decreased year-on-year[159](index=159&type=chunk)[160](index=160&type=chunk) - Selling and distribution expenses were approximately **659.39 million RMB**, a **9.02% year-on-year increase**, mainly due to increased staff costs[163](index=163&type=chunk) - Administrative expenses were approximately **1,928.16 million RMB**, a **6.71% year-on-year increase**, mainly due to increased share-based payment expenses and staff costs[164](index=164&type=chunk) - Impairment losses on financial and contract assets, net, were **121.82 million RMB**, a **3.20% year-on-year decrease**, primarily due to reduced impairment losses on other receivables[165](index=165&type=chunk) - Other operating expenses were approximately **141.93 million RMB**, a **31.15% year-on-year increase**, mainly due to increased bank charges[166](index=166&type=chunk) - As of June 30, 2025, the Group's total assets were **161,553.27 million RMB**, with current assets accounting for **44.37%** of total assets[169](index=169&type=chunk) - The increase in current assets was primarily due to increases in inventories, trade and bills receivables, and pledged deposits[169](index=169&type=chunk) - The increase in non-current assets was primarily due to increases in prepayments, other receivables and other assets, property, plant and equipment, right-of-use assets, and contract assets[169](index=169&type=chunk) - Total liabilities were **118,066.80 million RMB**, with current liabilities at **73,585.15 million RMB** and non-current liabilities at **44,481.65 million RMB**[170](index=170&type=chunk) - The increase in current liabilities was primarily due to increases in other payables and accruals, and interest-bearing bank and other borrowings[170](index=170&type=chunk) - Net outflow liabilities were **1,898.09 million RMB**, and net assets were **43,486.48 million RMB**[170](index=170&type=chunk) - Net cash used in operating activities was **2,949.39 million RMB**, primarily impacted by increased inventories, increased trade receivables, and decreased trade payables[173](index=173&type=chunk) - Net cash used in investing activities was **1,836.80 million RMB**, primarily for the purchase of property, plant and equipment and financial assets[175](index=175&type=chunk) - Net cash from financing activities was **1,904.80 million RMB**, mainly from new bank and other borrowings, offset by repayment of bank loans and sale-and-leaseback payments[177](index=177&type=chunk) - Capital expenditure was **3,791.77 million RMB**, a **55.12% year-on-year increase**, with primary funding sources being bank borrowings and operating cash flow[179](index=179&type=chunk) - As of June 30, 2025, the Group's interest-bearing bank borrowings totaled **35,779.75 million RMB**, and other borrowings totaled **7,893.64 million RMB**[180](index=180&type=chunk) - The Group pledged assets with a total carrying value of **23,346.93 million RMB** to secure bank loans and other bank credit[182](index=182&type=chunk) - The debt-to-capital ratio increased from **65.71%** as of December 31, 2024, to **66.17%** as of June 30, 2025[183](index=183&type=chunk) - Over **69%** of the Group's revenue, expenses, financial assets, and financial liabilities are denominated in RMB, so changes in the RMB to foreign currency exchange rates do not significantly impact operating results[184](index=184&type=chunk) - Contingent liabilities increased from **24,837.26 million RMB** as of December 31, 2024, to **34,079.98 million RMB** as of June 30, 2025[185](index=185&type=chunk) - For the six months ended June 30, 2025, the Group had no significant investments, acquisitions, or disposals, nor any significant future plans for investments or capital assets[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk) [V. Risks Faced by the Company and Countermeasures](index=73&type=section&id=V.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) This section identifies the key risks facing the company, including policy, market competition, and economic environment risks, along with the corresponding mitigation strategies - The company faces policy risks, as the development of the wind power industry is affected by national and industry policy adjustments[189](index=189&type=chunk) - Market competition risks are intensifying, with increasing competition among enterprises in product quality and efficiency improvement, securing advantageous resources, and expanding market share[190](index=190&type=chunk) - Economic environment and exchange rate fluctuation risks exist, as complex and volatile domestic and international economic environments may impact internationalization strategies, and overseas operations may incur losses due to exchange rate fluctuations[191](index=191&type=chunk) - The company will address risks through technological and product innovation, continuously launching high-quality, cost-effective, and superior-performing products and solutions, leveraging its full industry chain competitive advantages, and enhancing diversified profitability[191](index=191&type=chunk) [Other Disclosures](index=74&type=section&id=Other%20Disclosures) This section discloses the company's compliance with corporate governance codes, information on purchases, sales, or repurchases of listed securities, interim dividend policy, interim results review process, and post-balance sheet events - During the reporting period, the company complied with all applicable code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules, except for a brief period when the terms of office of members of the Board's special committees expired, which was fully rectified upon appointment of new members on July 8, 2025[192](index=192&type=chunk) - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or repurchased any of the Company's listed securities (including the sale of treasury shares)[193](index=193&type=chunk) - As of June 30, 2025, the Company held **2,828,173** A-share treasury shares, which will be used for the A-share restricted stock incentive plan[193](index=193&type=chunk) - The Company decided not to declare an interim dividend for the six months ended June 30, 2025 (nil for the same period in 2024)[194](index=194&type=chunk) - The Company's Audit Committee and its auditor, Deloitte Touche Tohmatsu, have reviewed the Group's unaudited interim results for the six months ended June 30, 2025[195](index=195&type=chunk) - As of the date of this announcement, no significant events have occurred since June 30, 2025, that would materially affect the Group's operations and financial performance[196](index=196&type=chunk) [Definitions](index=75&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in the report to ensure readers accurately understand the content

单位：人民币万元 | | 资金往来方名称 | 往来方与上市公 | 上市公司核算的会 | 2025 年年初往 | 2025 | 年半年度往来累计 | 年半年度 2025 往来资金的利息 | 2025 | 年半年度偿还 | 2025 年半年度 | 往来形成原因 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 计科目 | 来资金余额 | | 发生金额（不含利息） | （如有） | | 累计发生金额 | 往来资金余额 | | | | | 四、上市公司的子公司 - 续 | | | | | | | | | | | | | 23 | 北京金风零碳能源有限公司及其子公司 | 子公司 | 长期应收款 | 40,100.00 | | 735.75 | | - | 735.75 | 40,100.00 | 资金划拨 | 非经营性往来 | | 24 | 北京金风体育文化有限公司 | 子公司 | 其他应收款 | | 73.09 | 7.20 | | - | - | 80.29 ...