Core Viewpoint - Goldwind Technology (002202) is actively engaging in the wind power sector and has provided guarantees for its subsidiaries in South Africa, while also planning to repurchase shares in both A-shares and H-shares [1][2][3][4]. Group 1: Company Performance and Financials - As of July 2, 2025, Goldwind Technology's stock closed at 10.26 yuan, down 0.58%, with a trading volume of 434,300 shares and a turnover of 449 million yuan [1]. - Goldwind International, established in 2010, has total assets of approximately 20.88 billion yuan and net assets of about 5.31 billion yuan as of December 31, 2024 [2]. - Goldwind New Energy South Africa, founded in 2021, has total assets of around 1.05 billion yuan but negative net assets of approximately -265.51 million yuan as of December 31, 2024 [2]. Group 2: Guarantees and Liabilities - Goldwind Technology has provided a guarantee of up to 1.41 billion yuan for its subsidiaries in relation to a wind farm construction agreement in South Africa [1][3]. - The total amount of external guarantees by the company and its subsidiaries is 2.737 billion yuan, which represents 7.10% of the latest audited net assets [2]. Group 3: Share Repurchase Plans - The company plans to repurchase A-shares with a total amount between 300 million and 500 million yuan, with a maximum repurchase price of 13.28 yuan per share, targeting to buy back between 22.59 million and 37.65 million shares [2][4]. - As of June 30, 2025, Goldwind Technology has not yet initiated the repurchase of A-shares or H-shares [3][4].

Group 1 - The company has approved a plan to repurchase A-shares through a centralized bidding process, with the proposal passed in multiple meetings [1][2] - The total amount allocated for the repurchase is between RMB 300 million and RMB 500 million, with a maximum repurchase price set at RMB 13.28 per share [2] - The estimated total number of shares to be repurchased ranges from approximately 22.59 million shares (0.53% of total shares) to 37.65 million shares (0.89% of total shares) [2] Group 2 - The company has also received authorization to repurchase H-shares, with the total number of shares to be repurchased not exceeding 10% of the total issued H-shares [3] - The repurchase price for H-shares cannot exceed 105% of the average closing price over the previous five trading days [3] - As of June 30, 2025, the company has not yet repurchased any H-shares [4]

股票代码：002202 股票简称：金风科技 公告编号：2025-049 金风科技股份有限公司 关于回购公司股份的进展公告 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。 一、关于回购 A 股股份的进展情况 金风科技（以下简称"公司"）第八届董事会第三十二次会议、 第八届监事会第十六次会议于 2025 年 4 月 25 日审议通过了《关于公 司以集中竞价交易方式回购公司 A 股股份的议案》，并经 2025 年 5 月 20 日召开的 2025 年第一次临时股东大会、2025 年第一次 A 股类 别股东会议及 2025 年第一次 H 股类别股东会议审议通过。 公司于 2025 年 5 月 21 日披露了《关于以集中竞价交易方式回购 公司股份的回购报告书》，公司拟使用自有资金通过深圳证券交易所 以集中竞价交易方式回购公司 A 股股票，本次回购的股份将全部予 以注销并减少公司注册资本，实施期限自公司 2025 年第一次临时股 东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类 别股东会议审议通过回购股份议案之日不超过 12 个月。回购的资金 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-048 金风科技股份有限公司 关于为全资子公司金风国际及控股子公司金风新能源南非 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金风国际控股（香港）有限 公司、Goldwind New Energy South Africa Proprietary Limited的资产负 债率超过70%，请投资者充分关注担保风险。 一、担保情况概述 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"）及其控股子公司 Goldwind New Energy South Africa Proprietary Limited（下称"金风新能源南非"）以联营体的 形式与南非能源企业 Ummbila Emoyeni Three (PTY) LTD（下称 "Ummbila Delta SPV"）签署《风电场建设协议》，由金风国际和金风 新能源南非共同为 Ummbila Delta SPV 提供风电场设计、采购、施工、 机组供货服务。 金风科技 ...

Core Viewpoint - The performance of the A-share market is mixed, with the China Securities Rare Earth Industry Index showing a slight increase, indicating a positive trend in the rare earth sector [1] Group 1: Index Performance - The China Securities Rare Earth Industry Index rose by 0.11% to 1828.49 points, with a trading volume of 26.247 billion yuan [1] - Over the past month, the index has increased by 10.62%, by 4.54% over the last three months, and by 15.35% year-to-date [2] Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of listed companies in the rare earth industry [2] - The top ten weighted companies in the index are: Northern Rare Earth (13.23%), China Rare Earth (5.63%), Lingyi Technology (5.01%), China Aluminum (4.97%), Greeenmei (4.94%), Baotou Steel (4.79%), Wolong Electric Drive (4.6%), Goldwind Technology (4.5%), Xiamen Tungsten (4.22%), and Shenghe Resources (3.86%) [2] Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.69%), followed by the Shenzhen Stock Exchange (47.71%) and the Beijing Stock Exchange (0.60%) [2] - In terms of industry composition, raw materials account for 64.65%, industrials for 27.98%, and information technology for 7.37% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 20% [3] - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3]

Investment Rating - The report maintains a "Strong Buy" rating for the offshore wind power sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that the global offshore wind power market is expected to see significant growth, with an anticipated addition of 16GW in 2025, doubling year-on-year. The compound annual growth rate (CAGR) for the offshore wind sector from 2025 to 2034 is projected at 21%, surpassing the previous decade's 10% CAGR [6][12]. - Emerging markets in Asia-Pacific and Latin America are expected to provide substantial opportunities for offshore wind turbine exports, as governments in these regions collaborate with the industry to accelerate development [6][13]. - The report notes a downward trend in energy storage system bidding prices, reflecting increased competition and a more relaxed supply-demand situation in the domestic market [6]. Summary by Sections Offshore Wind Power - The GWEC's report indicates that global offshore wind power installations reached 83GW by the end of 2024, with a forecast of 350GW added by 2034 [11][12]. - China and Europe are expected to continue leading in offshore wind development, although emerging markets will gradually increase their share [13]. - The report emphasizes the potential for significant breakthroughs in the offshore wind supply chain and suggests investment opportunities in companies like Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Solar Power - The report notes that the solar power sector is facing challenges in improving supply-demand dynamics, with a current price-to-earnings (P/E) ratio of approximately 30.01 [5][32]. - Companies such as Longi Green Energy and Aiko Solar are highlighted as potential investment opportunities within the solar sector [7]. Energy Storage and Hydrogen - The report indicates that the average bidding price for 2-hour energy storage systems has reached a historical low of 0.4646 CNY/Wh, reflecting a competitive market environment [6]. - The global energy storage market is projected to add 74.1GW of new capacity in 2024, with China and the U.S. accounting for 75% of this growth [6]. - Investment opportunities in energy storage are identified in companies like Sungrow Power Supply and Deye Technology, which are expanding their presence in non-U.S. markets [7].

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2] Core Views - In 2024, global offshore wind government auctions are expected to reach 56GW, setting a historical record. The solid-state battery industrialization is accelerating, with equipment companies beginning to deliver solid-state battery equipment in small batches to clients. Battery manufacturers plan to deliver full solid-state battery samples to clients between 2025 and 2027 [2][3] - The demand for AIDC electric equipment remains strong, driven by continuous updates in AI models requiring sustained computational power [9] Summary by Relevant Sections Wind Power - The global offshore wind government auctions are projected to reach 56GW in 2024, marking a historical high. The total installed offshore wind capacity is expected to reach 83GW by the end of 2024, with an additional 48GW under construction [3] - In Poland, Equinor and Polenergia have made a final investment decision for the Bałtyk 2 and 3 offshore wind farms, with a total capacity of 1.4GW and an investment exceeding €7.2 billion [3] Solid-State Battery - The solid-state battery industrialization is progressing rapidly, with equipment manufacturers successfully delivering solid-state battery production equipment to leading domestic clients. Strategic partnerships are being formed to develop solid-state battery materials and production equipment [6] - The consumer battery sector is seeing an increase in silicon content, with projections indicating that by mid-2025, the silicon content in batteries could reach 25% [6] AIDC Electric Equipment - The demand for AIDC electric equipment is expected to remain robust, supported by the ongoing advancements in AI technologies and the need for enhanced computational capabilities [9] Grid Equipment - In May, the newly installed photovoltaic capacity reached 92.9GW, a year-on-year increase of 388%, while wind power installations reached 26.32GW, a year-on-year increase of 801% [10] - The State Grid Corporation of China has completed the equity transfer for a high-voltage direct current project in Greece, which will enhance connectivity between Crete and the European mainland [10] Investment Recommendations - The report suggests focusing on the following companies: 1. Wind Power: Goldwind Technology, Oriental Cable, Wide Special Materials, Zhongji United, Daikin Heavy Industries, Times New Material, Hezhong Electric [2][5] 2. Lithium Battery: CATL, Xiamen Tungsten, Rongbai Technology, Tiannai Technology, Zhuhai Guanyu, Haopeng Technology, Shenghong Co., Ltd. [8] 3. AIDC Electric Equipment: Jinpan Technology, Mingyang Electric, Igor, Hezhong Electric, Shenghong Co., Ltd. [9] 4. Grid Equipment: Guodian NARI, Siyuan Electric, Samsung Medical, Jinpan Technology, Pinggao Electric, Oriental Electronics, Sifang Co., Ltd., Jinbei Electric [10]

股票代码：002202 股票简称：金风科技 公告编号：2025-047 金风科技股份有限公司 关于召开 2025 年第二次临时股东会的通知 1、会议届次：2025 年第二次临时股东会 2、会议的召集人：公司董事会 3、会议召开的合法、合规性：本次召开股东会的议案经公司第 八届董事会第三十四次会议审议通过，符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 4、会议的召开日期、时间： （1）现场会议时间：2025 年 7 月 18 日（星期五）下午 14:30 （2）网络投票时间：2025 年 7 月 18 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 7 月 18 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通 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。 金风科技第八届董事会第三十四次会议决议召开公司 2025 年第 二次临时股东会，本次股东会采取现场投票与网络投票相结合的方式 召开，现将有关事项通知如下： 一、召开会议的基本情况 过深圳证券交易所互联网投票系统进行网络投 ...

Group 1 - The legal opinion letter confirms the legality and compliance of the 2024 annual general meeting and the 2025 second A and H share class meetings of Goldwind Technology Co., Ltd. [2][3][23] - The meetings were convened according to the resolutions made by the board of directors on May 30, 2025, and the notice was published on June 5, 2025 [2][3][4] - The meetings utilized a combination of on-site and online voting methods, with specific times and procedures outlined for participation [3][4][5] Group 2 - The attendance at the 2024 annual general meeting included 913 shareholders and their proxies, representing 1,741,882,685 shares, which is 41.2549% of the total voting shares [5][6] - For the 2025 second A share class meeting, 912 participants represented 1,601,295,423 A shares, accounting for 46.4323% of the total voting A shares [6][7] - The 2025 second H share class meeting had 1 participant representing 172,622,573 H shares, which is 22.3150% of the total H shares [7] Group 3 - The voting results for various proposals during the meetings showed overwhelming support, with most proposals receiving over 99% approval from attending shareholders [9][10][11][12][13][14][15][19][22] - Specific proposals included amendments to the company's articles of association, the board's work report, and the annual profit distribution plan, all of which were approved with high majority votes [9][10][11][12][14][15][19][22] - The legal opinion confirms that the voting procedures and results are in compliance with relevant laws and regulations [23]

Meeting Overview - The company held its 2025 second H-share class shareholder meeting on June 26, 2025, alongside the 2024 annual shareholder meeting and the 2025 second A-share class shareholder meeting [1] - The meeting was conducted in compliance with relevant laws and regulations, including the Company Law and the rules of the Shenzhen Stock Exchange and Hong Kong Stock Exchange [1] Attendance - A total of 913 shareholders and representatives attended the 2024 annual shareholder meeting, representing 1,741,882,685 shares, which is 41.2549% of the total voting shares [2] - For the 2025 second A-share class shareholder meeting, 912 A-share shareholders and representatives attended, representing 1,601,295,423 shares, or 46.4323% of the total A-share voting shares [3] - The 2025 second H-share class shareholder meeting had 1 H-share shareholder and representative present, representing 172,622,573 shares [6] Voting Results - The voting for the 2024 annual shareholder meeting included several proposals, with results indicating a majority agreement on key resolutions [4][7] - Specific proposals included amendments to the company's articles of association and rules for shareholder meetings, as well as general authorizations for share repurchases and bond issuances [8] - The resolutions were passed with more than two-thirds of the voting rights present at the meeting [8] Legal Compliance - The legal representatives from Beijing Jingtian Gongcheng Law Firm confirmed that the meetings were convened and conducted in accordance with applicable laws and regulations, ensuring the validity of the proceedings [10]