股票代码：002202 股票简称：金风科技 公告编号：2025-099 金风科技股份有限公司 关于持股 5%以上股东减持股份的预披露公告 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。 3、减持方式：集中竞价方式 4、减持数量及比例：不超过42,222,394股，即不超过公司总股本 的0.999331%。若计划减持期间公司有送股、资本公积金转增股本、 回购注销等股份变动事项，拟减持股份数将相应进行调整。 特别提示： 持有金风科技（以下简称"公司"）股份285,366,241股（占公司总 股本的6.754122%）的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"）计划自本公告披露之日起15个交易日后的3个月 内（2025年12月1日至2026年2月27日），以集中竞价方式减持其持有 的公司股份不超过42,222,394股（约占总股本的0.999331%）。 公司于2025年11月7日收到公司股东和谐健康出具的《关于股份 减持计划的告知函》，和谐健康 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of RMB 48,146,709,129.40, with a gross margin of 14.39% and a net profit attributable to the parent company of RMB 2,584,374,593.56 [3] - Basic earnings per share were RMB 0.5969, and the weighted average return on equity was 6.67% [3] Sales Performance - From January to September 2025, the company realized an external sales capacity of 18,449.70 MW, representing a year-on-year growth of 90.01% [3] - Sales capacity breakdown: - Units below 4 MW: 22.50 MW (0.12%) - Units between 4 MW and 6 MW: 2,550.05 MW (13.82%) - Units above 6 MW: 15,877.15 MW (86.06%) [3] International Market Expansion - As of the end of Q3 2025, the company had installed a total of 11,214.62 MW in international markets, with significant installations in: - Asia (excluding China): over 3 GW - South America and Oceania: each exceeding 2 GW - North America and Africa: each exceeding 1 GW [3][4] - The company had a total of 7,161.72 MW in external orders as of September 30, 2025 [4] Sustainable Development Practices - The company adheres to various environmental protection regulations and has implemented management systems to ensure compliance during project development, construction, and operation [5] - Environmental protection measures include risk identification, compliance with legal requirements, and continuous improvement of environmental capabilities [5] Product Quality and Safety Assurance - The company emphasizes a "quality first" culture, focusing on risk prevention, quality loss control, customer experience enhancement, and a comprehensive quality management system [6] - Strategies include full-chain quality control, innovative technologies to reduce quality loss, and establishing a specialized service team to improve customer satisfaction [6]

Core Insights - Guizhou Jinfeng Equipment Co., Ltd. has been established, with Hu Wei as the legal representative [1] - The company's business scope includes power generation, transmission, and distribution, as well as manufacturing of new energy prime mover equipment and generators [1] - Jinfeng Equipment is wholly owned by Goldwind Technology (002202) through indirect holdings [1]

Core Viewpoint - The emergence of unmanned operation and maintenance (O&M) in the wind power sector represents not only a technological upgrade but also a revolutionary restructuring of industry logic [1] Group 1: Industry Challenges - The wind power industry in China faces significant challenges, including high labor costs, a shortage of skilled professionals, and harsh environmental conditions, particularly in remote areas [2][3] - Over 70% of wind farms are located in harsh environments, leading to low efficiency in manual inspections and increased safety risks [2] - The annual turnover rate for wind power maintenance personnel exceeds 20%, with high training costs and time requirements for skilled workers [2] Group 2: Unmanned O&M Solutions - Unmanned O&M effectively addresses the challenges faced by traditional wind power maintenance, utilizing drones, robotic dogs, and track-mounted robots for inspections and data collection [3][4] - The implementation of unmanned O&M has resulted in a reduction of over 3,000 hours of inspection work per year, an 80% improvement in fault response time, and a 3-5 times increase in safety [3][4] Group 3: Technological Framework - The unmanned O&M system is a complex integration of hardware, algorithms, and data, featuring a "cloud-edge-end" architecture that enhances operational efficiency [4][5] - The "cloud" serves as the central brain, optimizing fault recognition through machine learning and adapting to specific environmental conditions [5] - The "edge" acts as a bridge, processing local data and ensuring operations continue even in unstable network conditions [5] Group 4: Industry Standardization - The lack of standardized definitions and protocols in the unmanned O&M sector has hindered technology adoption, prompting industry leaders to establish a classification system for operational intelligence levels [6][7] - The introduction of standardized guidelines is expected to transition unmanned O&M from customized solutions to standardized products, facilitating broader implementation [7] Group 5: Cost and Talent Transformation - As technology advances and scales, the costs associated with unmanned O&M are expected to decrease significantly, with potential savings of 20 personnel per site in ideal conditions [7][8] - The workforce is undergoing a transformation, requiring traditional maintenance personnel to acquire new skills in system management and data analysis [8] Group 6: Future Prospects - The application of unmanned O&M systems is set to expand to offshore wind farms, which present greater operational challenges and costs [9] - The broader implications of unmanned O&M extend beyond the wind power sector, contributing to the overall efficiency and technological advancement of the energy industry [9]

Core Insights - The wind power equipment sector experienced a slight increase of 0.27% on November 6, with Feiwo Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Wind Power Equipment Sector Performance - Feiwo Technology (301232) saw a significant rise of 12.24%, closing at 53.90, with a trading volume of 121,200 shares and a transaction value of 622 million [1] - Zhenjiang Co., Ltd. (603507) increased by 6.23%, closing at 26.41, with a trading volume of 195,800 shares [1] - Other notable performers included Zhonghuan Hailu (301040) up 2.70% and Weili Transmission (300904) up 2.16% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 240 million from institutional investors, while retail investors saw a net inflow of 290 million [2] - The detailed capital flow for key stocks showed that Jin Feng Technology (002202) had a net inflow of 44.54 million from institutional investors, despite a net outflow of 88.28 million from speculative funds [3] - Zhenjiang Co., Ltd. (603507) also faced a net outflow of 42.82 million from speculative funds, while retail investors contributed a net inflow of 0.98 million [3]

Group 1 - Goldwind Technology (02208.HK) experienced a rise of over 6%, specifically increasing by 6.17% to reach a price of 14.45 HKD [2] - The trading volume for Goldwind Technology was reported at 143 million HKD [2]

Group 1 - The core viewpoint of the article highlights the positive performance of Goldwind Technology (02208), with a stock price increase of 6.17% to HKD 14.45 and a trading volume of HKD 143 million [1] - According to Guojin Securities, the operating net cash flow of the wind power industry improved in Q3 2025, reaching RMB 3.4 billion, an increase of RMB 700 million year-on-year [1] - The industry inventory continued to rise in Q3, while contract liabilities decreased, indicating a strong demand forecast for Q4 due to the peak installation season [1] Group 2 - The domestic wind power bidding remained high in the first three quarters, with an estimated 300 GW of orders on hand, ensuring sustained demand and stable pricing in the industry [1] - Guohai Securities reported that Goldwind Technology achieved revenue of RMB 48.147 billion in Q1-Q3 2025, a year-on-year increase of 34%, and a net profit attributable to shareholders of RMB 2.584 billion, up 44% year-on-year [1] - In Q3 2025 alone, the company recorded revenue of RMB 19.610 billion, a 25% year-on-year increase and a 3% quarter-on-quarter increase, with a net profit of RMB 1.097 billion, reflecting a significant year-on-year increase of 171% and a 19% quarter-on-quarter increase [1] Group 3 - The "14th Five-Year Plan" and Document No. 136 are expected to drive a surge in domestic wind turbine sales in Q4 2025, potentially leading to record quarterly sales for the company [1] - The price of wind turbines has been on the rise since Q4 2024, with an estimated 8% increase in bidding prices for the first nine months of 2025 compared to the entire year of 2024, indicating a positive trend for the company's main unit delivery prices starting Q4 2025 [1]

Core Viewpoint - The wind power industry is experiencing improved operational cash flow, with expectations for continued high demand and price stability due to a strong order backlog and seasonal installation peaks [1] Industry Summary - In Q3 2025, the wind power industry's operational cash flow reached 3.4 billion yuan, an increase of 700 million yuan year-on-year [1] - The inventory levels in the industry continue to rise, while contract liabilities have decreased temporarily, indicating a healthy market environment [1] - The domestic wind power tendering remains high, with approximately 300 GW of orders currently on hand, ensuring sustained demand and favorable pricing in the future [1] Company Summary - In the first three quarters of 2025, the company achieved revenue of 48.147 billion yuan, a year-on-year increase of 34%, and a net profit attributable to shareholders of 2.584 billion yuan, up 44% year-on-year [1] - For Q3 2025, the company reported revenue of 19.610 billion yuan, a 25% increase year-on-year and a 3% increase quarter-on-quarter, with a net profit of 1.097 billion yuan, reflecting a 171% year-on-year increase and a 19% quarter-on-quarter increase [1] - The company is expected to achieve record quarterly wind turbine sales in Q4 2025, driven by the "14th Five-Year Plan" and the 136 document, enhancing its profitability due to economies of scale [1] - Wind turbine prices are projected to rise continuously starting from Q4 2024, with an estimated 8% increase in bidding prices for the first nine months of 2025 compared to the entire year of 2024 [1]

Core Viewpoint - The company, Goldwind Technology, is expanding its energy storage business both domestically and internationally, achieving significant technological advancements in the field [1] Group 1: Business Development - The energy storage business covers both grid-side and user-side applications, with ongoing large-scale shipments [1] - The company has achieved technological autonomy in various areas including PACK design, energy storage system integration, BMS, PCS, EMS, and operation and maintenance platforms for energy storage power stations [1] Group 2: Technological Achievements - In 2024, the company completed the first grid-connected wind-storage station in the country, successfully conducting a black start and microgrid artificial short circuit experiment at 220kV [1] - The energy storage converter with a capacity of 440kW PCS has successfully passed the grid connection test conducted by the Electric Power Research Institute, marking a significant breakthrough in Goldwind Technology's grid-connected technology [1]

Core Insights - The company, Goldwind Technology, reported a total external order backlog of 49,873.87 MW as of September 30, 2025, which includes 38,861.14 MW of external orders yet to be executed and 11,012.73 MW of external orders that have been won but not yet signed [2] - The company has a significant overseas order volume of 7,161.72 MW, indicating a strong international presence [2] - The total order backlog has increased by 18.48% year-on-year, reflecting robust growth in demand for the company's products and services [2] Order Breakdown - The total external orders consist of 38,861.14 MW pending execution and 11,012.73 MW of won but unsigned orders, highlighting a healthy pipeline of future revenue [2] - Internal orders amount to 2,586.97 MW, contributing to the overall order volume [2] - The total order backlog, combining both external and internal orders, stands at 52,460.84 MW [2]