Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue was CNY 9.47 billion, an increase of CNY 2.49 billion year-over-year [14] - The comprehensive profit margin for Q1 2025 was 21.78%, down by 3.11% compared to the previous year [15] - Net profit attributable to the owners of the company was CNY 1.568 billion, growing by 17% [16] - The weighted average return on equity was 1.48%, an increase of 0.2% [17] Business Line Data and Key Metrics Changes - In Q1 2025, total external sales from the WTG segment were 2,587.65 megawatts, growing by 80.16% [9] - The wind turbine order backlog reached a historical high of 51.09 gigawatts, with 39.9 gigawatts from signed contracts [10] - The attributable under construction wind capacity was 4,117 megawatts [12] Market Data and Key Metrics Changes - In Q1 2025, China recorded 40.6 gigawatts of new grid connections, down by 5.7% [5] - Public tendering in Q1 totaled 28.6 gigawatts, growing by 22.7% [6] - The offshore public tendering was 0.8 gigawatts, while onshore was 27.8 gigawatts [7] Company Strategy and Development Direction - The company aims to optimize its asset liability ratio and improve the delivery cycle while controlling expenses [23] - The focus remains on enhancing the growth of the WTG segment and expanding international market orders [11] Management's Comments on Operating Environment and Future Outlook - Management noted that the public tendering market is booming, indicating strong growth momentum [6] - The company expects continued improvement in profitability and operational cash flow due to favorable government policies supporting renewable energy [8][25] Other Important Information - The cash to total asset ratio improved to 8.75% year-over-year, attributed to prepayments for wind turbines and operational funds [24] - The interest-bearing debt accounted for 43% of total liabilities, remaining flat compared to the previous year [20] Q&A Session Summary Question: What are the expectations for the growth of the WTG segment? - Management expressed confidence in the WTG segment's growth, supported by a strong order backlog and market demand [10] Question: How does the company plan to manage its debt levels? - The company plans to optimize its debt structure and control the asset liability ratio while improving receivable collections [23] Question: What impact do government policies have on the company's operations? - Management highlighted that recent government policies have positively influenced the renewable energy sector, leading to increased public tendering and project opportunities [8]

Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue was CNY 9.47 billion, an increase of CNY 2.49 billion year-over-year [14] - The comprehensive profit margin for Q1 2025 was 21.78%, down by 3.11% compared to the previous year [15] - Net profit attributable to the owners of the company was CNY 1.568 billion, growing by 17% [16] - The weighted average return on equity was 1.48%, an increase of 0.2% [17] - The cash to total asset ratio improved to 8.75% year-over-year [24] Business Line Data and Key Metrics Changes - The total external sales in the WTG segment for Q1 2025 were 2,587.65 megawatts, growing by 80.16% [9] - The wind turbine order backlog reached a historical high of 51.09 gigawatts, with 39.9 gigawatts from signed contracts [10] - The attributable under construction wind capacity was 4,117 megawatts [12] Market Data and Key Metrics Changes - In Q1 2025, China recorded 40.6 gigawatts of new grid connections, down by 5.7% [5] - Public tendering in Q1 totaled 28.6 gigawatts, growing by 22.7% [6] - The offshore public tendering was 0.8 gigawatts, while onshore was 27.8 gigawatts [7] Company Strategy and Development Direction - The company aims to optimize its asset liability ratio and improve the structure of its debt in 2025 [23] - The focus remains on enhancing the delivery cycle and controlling expenses [23] - The company is committed to supporting renewable energy development in line with government policies [8] Management Comments on Operating Environment and Future Outlook - Management noted that the public tendering market is booming, indicating strong growth momentum [6] - The company expects continued strong growth in net profit and return on equity [17] - The management emphasized the importance of improving receivable collections and operational cash flow [18][25] Other Important Information - The cumulative grid-connected power capacity in China reached 635.4 gigawatts, with thermal power declining to 42.3% [5] - The company has seen significant improvements in cash flow due to increased operational funds and prepayments for wind turbines [24][25] Q&A Session Summary Question: What are the expectations for the public tendering market? - Management indicated that the public tendering market is experiencing significant growth, with a 22.7% increase in Q1 [6] Question: How does the company plan to manage its debt? - The company plans to optimize its debt structure and control the asset liability ratio while improving delivery cycles and expenses [23] Question: What is the outlook for the WTG segment? - The WTG segment has shown strong growth, with external sales increasing by 80.16% in Q1 2025, and the order backlog reaching a historical high [9][10]

Core Viewpoint - The recent performance of Goldwind Technology (金风科技) shows significant growth in revenue and net profit, indicating a recovery in the wind power industry and boosting investor confidence [2][4]. Financial Performance - In Q1 2025, the company achieved revenue of approximately 9.472 billion yuan, a year-on-year increase of 35.72%, and a net profit attributable to shareholders of about 568 million yuan, up 70.84% year-on-year [2][3]. - The company's net profit excluding non-recurring gains was approximately 555 million yuan, reflecting a strong operational performance [3]. - The basic earnings per share were 0.0726 yuan, compared to a loss of 0.1299 yuan in the previous period [3]. Industry Context - The growth in performance is attributed to the recovery in the wind power sector, with increased sales of wind turbines and components [4]. - As of the end of Q1 2025, Goldwind had a total external order backlog of 51,091.24 MW, representing a year-on-year increase of 51.81% [4]. - The company has maintained its leading position in the domestic market with a 22% market share and ranked first globally with a 15.9% market share in new installations [5]. Strategic Initiatives - Goldwind announced a share buyback plan of no less than 300 million yuan and no more than 500 million yuan, reflecting management's confidence in future growth [5]. - The company has also seen a historical high in overseas new orders, contributing to its performance recovery [4]. Market Outlook - Despite concerns regarding potential tariff impacts on the wind power industry, experts suggest that the overall exposure of Chinese wind turbine manufacturers in the U.S. market is low, and the industry has developed strong supply chain advantages [6].

证券研究报告 金风科技 (2208 HK/002202 CH) 港股通 Q1 业绩高增，看好盈利持续修复 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地/中国香港 | 电源设备 | 公司 25Q1 实现营收 94.72 亿元，同比+35.72%，归母净利润 5.68 亿元， 同比+70.84%，高于我们此前 3.5 亿元的预测，主要系公司风机出货高增， 费用率大幅降低，以及金融资产公允价值收益高增所致。考虑到 24 年国内 风机招标高景气，或支撑 25 年装机高增。我们看好公司全球风机龙头地位 稳固，海外市场加速突破，维持 A/H 股"增持/买入"评级。 Q1 业绩超预期，风机出货高增 受益于下游需求高景气，25Q1 公司风机出货 2.59GW，同比+80.16%，其 中 6MW 及以上出货 1.82GW，同比+168.39%，驱动收入实现高增。公司 费用管控能力加强，25Q1 期间费用率为 14.19%，同比-4.86pct，其中销售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 4.19%/4. ...

金风科技股份有限公司 关于为全资子公司金风新能和金风格鲁吉亚 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。 特别提示：本次拟担保的被担保对象北京金风新能贸易有限公司、 Goldwind International Georgia LLC 资产负债率超过 70%，请投资者 充分关注担保风险。 股票代码：002202 股票简称：金风科技 公告编号：2025-027 一、担保情况概述 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"）的全资子公司北京金风新能贸易有限公 司（下称"金风新能"）、Goldwind International Georgia LLC（下称"金 风格鲁吉亚"）作为联合供应商，分别与能源企业 Endless Wind LLC 签署了《风机供货协议》、《风机安装调试协议》，其中金风新能作为 离岸供应商，负责《风机供货协议》中的机组供货以及中国港口集港 和海运工作；金风格鲁吉亚作为在岸供应商，负责《风机安装调试协 议》中的格鲁吉亚内陆运输、机组安装及调试工作。 金风国际与 Endless Wi ...

一、审议通过《金风科技 2025 年第一季度报告》； 经审核，监事会认为董事会编制和审议《金风科技2025年第一季 度报告》的程序符合法律法规、《深圳证券交易所股票上市规则》及 《香港联合交易所有限公司证券上市规则》以及《公司章程》的有关 规定，报告内容真实、准确、完整地反映了公司本期的经营情况和财 务状况，不存在任何虚假记载、误导性陈述或者重大遗漏。 股票代码：002202 股票简称：金风科技 公告编号：2025-023 金风科技股份有限公司 第八届监事会第十六次会议决议公告 本公司及监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（以下简称"公司"）2025 年 4 月 15 日以电子邮件方式 发出会议通知，于 2025 年 4 月 25 日在北京金风科创风电设备有限公 司九楼会议室以现场和视频相结合的方式召开第八届监事会第十六 次会议。会议应到监事五人，实到五人，会议由监事会主席常青先生 主持。本次会议召开符合法律、法规及《公司章程》的有关规定。本 次会议经全体监事审议形成如下决议： 本次公司回购股份符合以下条件： 1、公司股票上市已满六个月； 表决结果 ...

一、审议通过《金风科技 2025 年第一季度报告》； 表决结果：9 票赞成，0 票反对，0 票弃权 股票代码：002202 股票简称：金风科技 公告编号：2025-022 金风科技股份有限公司 第八届董事会第三十二次会议决议公告 | 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（以下简称"公司"）于2025年4月15日以电子邮件方式 发出会议通知，于2025年4月25日在北京金风科创风电设备有限公司 九楼会议室以现场和视频相结合的方式召开第八届董事会第三十二 次会议，会议应到董事九名，实到董事九名，其中，现场出席七名， 董事曹志刚先生、高建军先生因工作原因未能出席，均委托董事长武 钢先生代为出席并行使表决权，会议由董事长武钢先生主持，公司监 事、高级管理人员列席了本次会议。本次会议的召集、召开符合法律、 法规和《公司章程》的有关规定。 本次会议经审议，形成决议如下： 本议案中的财务报告已经公司董事会审计委员会审议通过。 具体内容登载于深圳证券交易所指定信息披露网站巨潮资讯网 （ www.cninfo.com.cn ） 及 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-026 金风科技股份有限公司 关于持股 5%以上股东股份减持计划期限届满 暨实施情况的公告 公司股东和谐健康保险股份有限公司-万能产品保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 2024年12月25日，金风科技（以下简称"公司"）收到股东和谐健 康保险股份有限公司-万能产品（以下简称"和谐健康"）出具的《关 于股份减持计划的告知函》，和谐健康计划自减持公告披露之日起15 个交易日后的3个月内以集中竞价方式减持其持有的公司股份不超过 41,828,394股（占剔除回购专用账户中股份数后公司总股本的1%）。 具体内容详见公司于2024年12月27日在指定媒体《证券时报》、巨潮 资讯网（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《关于持股5%以上股东减持股份 的预披露公告》（编号：2024-093）。 近日，公司收到和谐健康出具的《关于股份减持计划期限届满暨 实施 ...

2、截至本公告披露之日，公司持股 5%以上股东和谐健康保险 股份有限公司-万能产品未回复其未来 3 个月、未来 6 个月内减持公 司股份的计划安排，其所持公司股份在公司回购期间是否进行减持存 在不确定性。除上述情况外，公司董事、监事、高级管理人员、持股 5%以上股东未来 3 个月、未来 6 个月内尚无明确的减持计划。上述 主体如未来有减持计划，相关方及公司将严格按照有关法律、法规及 规范性文件的相关规定履行信息披露义务。 3、本次回购的实施期限自公司临时股东大会及类别股东会议审 议通过回购股份议案之日不超过 12 个月。 4、风险提示：本次回购存在公司临时股东大会及/或类别股东会 议未审议通过回购股份议案的风险；本次回购的股份将予以注销，需 按《公司法》要求履行通知债权人程序，存在债权人要求公司提前清 偿债务或要求公司提供相应担保的风险；本次回购存在回购股份所需 资金未能筹措到位，导致回购方案无法实施的风险；本次回购存在公 司股票价格持续超出回购方案披露的价格，导致回购方案无法实施或 者只能部分实施的风险；本次回购存在因对公司股票交易价格产生重 大影响的重大事项发生或公司董事会决定终止本次回购方案等原因 而无 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 9,472,103,951.62, representing a 35.72% increase compared to CNY 6,979,133,987.80 in the same period last year[5]. - Net profit attributable to shareholders was CNY 568,246,130.26, a 70.84% increase from CNY 332,623,657.47 year-on-year[5]. - Basic earnings per share increased by 78.93% to CNY 0.1299 from CNY 0.0726 in the same period last year[5]. - The net profit attributable to shareholders of the listed company for the period was RMB 568,246,130.26, representing a year-on-year increase of 70.84%, driven by an increase in gross profit and fair value changes[15]. - Basic earnings per share for the period were RMB 0.1299, an increase of 78.93% year-on-year, reflecting the growth in net profit attributable to shareholders[15]. - Net profit for the period was ¥668.02 million, up from ¥386.64 million, reflecting a 73% increase year-over-year[30]. - Revenue from sales of goods and services reached ¥15.01 billion, compared to ¥9.91 billion in the previous period, marking a 51% increase[31]. - Operating profit rose to ¥864.97 million, compared to ¥530.74 million, indicating a 63% increase year-over-year[29]. - The company reported a total comprehensive income of ¥676.69 million, up from ¥363.63 million, a 86% increase year-over-year[30]. Cash Flow and Investments - The net cash flow from operating activities improved to -CNY 1,636,460,591.49, a 72.97% reduction in cash outflow compared to -CNY 6,054,115,012.94 in the previous year[5]. - The net cash inflow from investing activities for the period was RMB 432,284,325.13, an increase of 250.93% year-on-year, attributed to an increase in cash received from investment recoveries[16]. - Net cash flow from operating activities was -1,636,460,591.49, an improvement from -6,054,115,012.94 in the previous period[32]. - Total cash inflow from investment activities increased to 2,640,897,517.75, compared to 1,684,521,694.42 last year[32]. - Cash received from investment recovery was 2,194,809,138.43, significantly higher than 1,302,738,929.62 last year[32]. - Cash outflow for investment activities totaled 2,208,613,192.62, compared to 1,970,938,327.96 in the previous period[32]. Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 159,012,094,192.62, a 2.44% increase from CNY 155,224,285,481.93 at the end of the previous year[5]. - Current assets totaled ¥73,779,113,522.53, up from ¥68,600,887,505.10 at the beginning of the period, indicating an increase of about 3.2%[25]. - Total liabilities amounted to ¥116,158,669,853.23, compared to ¥114,797,204,198.26 at the beginning of the period, reflecting an increase of about 1.2%[26]. - The company's total assets reached ¥159,012,094,192.62, up from ¥155,224,285,481.93, indicating a growth of approximately 2.3%[26]. - Non-current liabilities totaled ¥43,869,577,030.60, an increase from ¥42,923,264,303.87, representing a growth of about 2.2%[26]. - The company's retained earnings increased to ¥19,382,543,110.96 from ¥18,839,247,247.50, reflecting a growth of approximately 2.9%[26]. - The total equity attributable to shareholders rose to ¥39,119,229,207.15 from ¥38,529,305,966.52, indicating an increase of about 1.5%[26]. Operating Costs and Expenses - The company reported a 41.34% increase in operating costs, amounting to CNY 7,409,522,329.04, due to higher sales of wind turbines and components[13]. - Total operating costs increased to ¥8.80 billion from ¥6.61 billion, representing a 33% increase year-over-year[29]. - Research and development expenses were ¥338.77 million, slightly down from ¥368.36 million, a decrease of 8%[29]. - Tax expenses increased to ¥182.32 million from ¥135.55 million, reflecting a 34% increase year-over-year[29]. Other Financial Metrics - Investment income decreased by 77.92% to CNY 43,502,607.85, primarily due to reduced gains from subsidiary transfers[13]. - Fair value gains increased significantly by 253.99% to CNY 147,005,278.10, attributed to the appreciation of other non-current financial assets[13]. - Other comprehensive income after tax was ¥8.67 million, compared to a loss of ¥23.01 million in the previous period[30]. - The company's cash and cash equivalents increased to ¥13,918,589,000.16 from ¥11,619,404,073.57, reflecting a growth of approximately 19.7%[24]. - The ending balance of cash and cash equivalents reached 13,172,752,604.38, up from 9,622,787,087.34 in the previous year[33].