金风科技（002202）(02208)发布公告，该公司于2025年8月19日收到公司股东新疆风能有限责任公司(下 称"风能公司")的告知函，获悉其所持本公司的135万股股份解除质押。 ...

Core Viewpoint - Xinjiang Wind Energy Co., Ltd. has released 1.35 million shares, representing 0.27% of its holdings and 0.03% of the total share capital of Goldwind Technology [1] Summary by Relevant Sections - Shareholding Status - After the release of the pledge, Xinjiang Wind Energy holds 498 million shares of Goldwind Technology, accounting for 11.78% of the total share capital [1] - A total of 3.2617 million shares are still pledged, which is 0.66% of its holdings and 0.08% of the total share capital [1]

金风科技（下称"公司"）于2025年8月19日收到公司股东新疆风 能有限责任公司（下称"风能公司"）的告知函，获悉其所持本公司的 部分股份解除质押，具体事项如下: 二、股东股份累计质押的基本情况 股票代码：002202 股票简称：金风科技 公告编号：2025-062 金风科技股份有限公司 关于股东部分股份解除质押的公告 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。 特此公告。 金风科技股份有限公司 截至公告披露日，上述股东所持质押股份情况如下： 董事会 股东名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次解除质押股 数（股） 占其所持股 份比例 占公司总 股本比例 起始日期 解除日 期 质权人 新疆风能 有限责任 公司 是 1,350,000 0.27% 0.03% 2008 年 11 月 20 日 2025 年 8 月 14 日 中国建设 银行股份 有限公司 新疆维吾 尔族自治 区分行 合计 - 1,350,000 0.27% 0.03% - - - 一、股东股份解除质押的基本情况 | 未质押股份 | 已质押股份情况 | 情况 | | | | ...

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。 股票代码：002202 股票简称：金风科技 公告编号：2025-062 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 公司關於股東部分股份解除質押的公告》，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8月19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 金风科技股份有限公司 关于股东部分股份解除质押的公告 本 ...

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]