Financial Performance - For the first quarter of 2025, the operating revenue reached RMB 9,472,103,951.62, representing a 35.72% increase compared to RMB 6,979,133,987.80 in the same period of 2024[10]. - The net profit attributable to shareholders of the listed company was RMB 568,246,130.26, a significant increase of 70.84% from RMB 332,623,657.47 in the previous year[10]. - The basic earnings per share rose to RMB 0.1299, marking a 78.93% increase from RMB 0.0726 in the same quarter last year[10]. - The net profit attributable to shareholders of the listed company for the period was RMB 568,246,130.26, an increase of 70.84% year-on-year, driven by increased gross profit and fair value changes[20]. - The basic earnings per share for the period was RMB 0.1299, an increase of 78.93% year-on-year, reflecting the growth in net profit attributable to shareholders[20]. - The net profit for the current period reached RMB 668,016,648.09, a significant increase from RMB 386,639,260.08 in the previous period, representing a growth of approximately 73.0%[35]. - Operating profit for the current period was RMB 864,967,859.54, compared to RMB 530,744,036.65 in the previous period, indicating an increase of about 63.0%[35]. - The total comprehensive income for the current period was RMB 676,686,559.16, compared to RMB 363,632,033.42 in the previous period, marking an increase of about 86.0%[36]. Cash Flow and Liquidity - The net cash flow from operating activities improved to -RMB 1,636,460,591.49, a 72.97% reduction in losses compared to -RMB 6,054,115,012.94 in the previous year[10]. - The net cash outflow from operating activities for the period was RMB 1,636,460,591.49, a decrease of 72.97% year-on-year, attributed to increased cash received from sales of goods and services[20]. - The cash flow from operating activities showed a net outflow of RMB -1,636,460,591.49, an improvement compared to RMB -6,054,115,012.94 in the previous period[37]. - Cash and cash equivalents increased to RMB 13,918,589,000.16 from RMB 11,619,404,073.57, indicating a significant liquidity improvement[30]. - The cash and cash equivalents at the end of the period totaled RMB 13,172,752,604.38, compared to RMB 9,622,787,087.34 at the end of the previous period, an increase of about 37.0%[38]. - The company generated RMB 432,284,325.13 in net cash flow from investing activities, a turnaround from a net outflow of RMB -286,416,633.54 in the previous period[38]. Assets and Liabilities - Total assets as of March 31, 2025, were RMB 159,012,094,192.62, reflecting a 2.44% increase from RMB 155,224,285,481.93 at the end of the previous year[10]. - Total liabilities rose to RMB 116,158,669,853.23, compared to RMB 114,797,204,198.26, indicating an increase of 1.2%[32]. - The equity attributable to shareholders increased to RMB 39,119,229,207.15 from RMB 38,529,305,966.52, representing a growth of 1.5%[32]. - The company reported a total current assets of RMB 73,779,113,522.53 at the end of the reporting period, up from RMB 68,600,887,505.10 at the beginning[30]. - The company’s long-term equity investments decreased to RMB 4,277,672,799.55 from RMB 4,493,344,348.22, indicating a reduction in investment holdings[30]. - The company’s total non-current assets amounted to RMB 78,000,000,000.00, with significant investments in fixed assets and intangible assets[30]. Operational Highlights - The company achieved external sales capacity of 2,587.65 MW in Q1 2025, representing a year-on-year growth of 80.16%[25]. - As of March 31, 2025, the total external orders awaiting execution amounted to 39,194.99 MW, with a year-on-year increase of 51.81% in total orders on hand, reaching 51,091.24 MW[26]. - The company plans to expand its market presence and invest in new technologies to drive future growth[34]. - The company has a total of 6,908.97 MW in overseas orders, highlighting its market expansion efforts[26]. Costs and Expenses - As of March 31, 2025, the operating cost for the period was RMB 7,409,522,329.04, an increase of 41.34% year-on-year, mainly due to increased sales scale of wind turbines and components[18]. - Total operating costs for the same period were RMB 8,801,088,137.76, up 33.9% from RMB 6,609,491,650.22 in the previous year[34]. - Research and development expenses for the three months were RMB 338,765,070.35, slightly down from RMB 368,358,225.65 in the previous year[34]. Other Financial Information - The company recognized government subsidies amounting to RMB 36,134,817.58 during the quarter, which are closely related to its normal business operations[14]. - The net profit from non-operating income and expenses totaled RMB 13,185,986.93 after accounting for tax effects and minority interests[14]. - The company reported a decrease in accounts payable from RMB 30,474,256,180.92 to RMB 27,346,233,702.01, a reduction of 7.0%[34]. - The company plans to implement a restricted stock incentive plan, granting 39.4 million shares at a price of RMB 4.09 per share to 460 eligible participants[27]. - The company will not have any adjustments related to the new accounting standards starting in 2025 in its financial statements[39]. - The Q1 2025 report of the company is unaudited[40].

Financial Performance - Goldwind Technology reported a revenue of RMB 20 billion for the fiscal year 2024, representing a year-on-year increase of 15%[8]. - The company achieved a net profit of RMB 3 billion, which is a 10% increase compared to the previous year[8]. - The company achieved a revenue of RMB 56,516.21 million in 2024, representing a 12.48% increase from RMB 50,243.73 million in 2023[13]. - Net profit attributable to shareholders reached RMB 1,860.45 million, a 39.78% increase compared to RMB 1,330.99 million in 2023[14]. - The company’s total assets increased by 8.17% to RMB 155,224.29 million in 2024, up from RMB 143,494.60 million in 2023[16]. - The total liabilities rose by 11.17% to RMB 114,797.20 million in 2024, compared to RMB 103,265.69 million in 2023[16]. - The company’s cash flow from operating activities was RMB 2,315.85 million, an increase from RMB 1,854.04 million in 2023[19]. - The company’s gross profit for the year ended December 31, 2024, was RMB 7,716.76 million, reflecting an increase of RMB 1,371.67 million or 21.62% from RMB 6,345.09 million in 2023[96]. - The gross margin for the group improved to 13.65% in 2024 from 12.63% in 2023, with the wind turbine manufacturing segment showing a significant increase in gross margin from -0.28% to 4.91%[97]. Market Expansion and Strategy - Goldwind plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[8]. - The company is actively expanding into international markets and new business areas, focusing on high-quality development and technological innovation[28]. - The company is actively exploring new business areas such as mixed towers, energy storage, and carbon management, aiming to enhance its comprehensive competitive strength[63]. - The company is expected to contribute 10% of new installed capacity through the renovation and upgrading of onshore wind power during the 14th Five-Year Plan period[135]. - The company aims to achieve breakthroughs in business structure, product innovation, and market expansion in 2025, focusing on high-quality growth driven by innovation and efficiency[137]. Product Development and Innovation - The company is investing RMB 1 billion in R&D for new wind turbine technologies, aiming to improve efficiency by 15%[8]. - New product launches include a next-generation wind turbine model, projected to increase output by 20%[8]. - The company launched the new generation wind resource assessment software "Wind Craftsman 3.0," receiving the first DNV certification in the country[23]. - The newly launched GWH204 Ultra flagship model has been recognized as the "Best Innovative Product" at the 2024 Wind Power Leader Awards, showcasing the company's commitment to product innovation[70]. - The new flagship product GWH300-20(25)MW is expected to reduce the Levelized Cost of Energy (LCOE) by 10% in future deep-sea applications[71]. Operational Efficiency and Cost Management - The company reported a 5% reduction in operational costs due to improved supply chain management[9]. - The company achieved a 5.4 times increase in inspection efficiency through the implementation of an unmanned operation solution in wind farms[78]. - Selling and distribution expenses increased by 19.44% to RMB 1,321.53 million in 2024 from RMB 1,106.44 million in 2023, primarily due to rising employee costs[99]. - Administrative expenses rose by 20.94% to RMB 4,934.14 million in 2024 compared to RMB 4,079.67 million in 2023, driven by increased R&D and employee costs[100]. Corporate Governance and Leadership - The company has a diverse board with expertise in finance, law, and energy, enhancing its strategic decision-making capabilities[151]. - The company is committed to maintaining high standards of corporate governance through its experienced board members[152]. - The management team is committed to leveraging their expertise to drive the company's strategic initiatives and growth in the renewable energy sector[163]. Sustainability and Environmental Commitment - Future strategies include a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company is committed to sustainable development by continuously launching higher quality, lower cost, and better performance products and solutions[139]. - The company is actively promoting the development of offshore wind power projects and expanding renewable energy applications in key sectors such as industry, transportation, and construction[135]. Shareholder Returns and Dividends - The company plans to distribute a final dividend of RMB 1.4 per 10 shares for the fiscal year ending December 31, 2024, subject to shareholder approval[183]. - The company has established a cash dividend policy, aiming for a minimum cash dividend proportion of 80% during profit distribution in a mature stage without significant capital expenditure[182]. - The company emphasizes active cash dividend distribution when profits are positive and cash flow supports normal operations and long-term development[180]. Risks and Challenges - The company faces potential risks including policy changes affecting the wind power industry, intensified market competition, and economic fluctuations impacting international business expansion[139].

Core Viewpoint - The article highlights the significant progress of the 500,000-ton green methanol project by Goldwind Technology, marking a key milestone with the installation of the biomass gasifier, which is the largest single unit of the project, indicating the transition to the full equipment installation phase [1][3]. Group 1: Project Development - The biomass gasifier is the world's first with the highest pressure rating and largest processing capacity, capable of producing 250,000 tons of methanol annually [3]. - Goldwind Technology is the first domestic company to secure international sales contracts for green methanol, aiming to establish a complete commercial loop from production to sales [3]. - The project is part of the "green hydrogen-ammonia-methanol" industrial demonstration base in the Xingan League, Inner Mongolia [3][5]. Group 2: Industrial Ecosystem - The Xingan League Economic and Technological Development Zone is building a "vertical symbiosis, tree-like development" industrial ecosystem, focusing on creating an industrial chain based on syngas as a symbiotic link [5]. - The development aims to integrate "green chemical products + green energy" for a dual-track growth model, extending into corn deep processing and waste recycling industries [5]. - The zone plans to combine the industrial chain map with zero-carbon park schemes and spatial planning to create a cohesive industrial ecosystem [5]. Group 3: Supply Chain and Future Goals - To ensure a stable supply of biomass straw, the development zone is accelerating the construction of an integrated system for collection, storage, transportation, and processing [5]. - The zone has identified 27 projects, including bio-aviation fuel and pharmaceutical-grade niacinamide, and is actively engaging with 34 companies, with 21 projects reaching preliminary agreements [5]. - The goal for this year is to produce the "first barrel" of pure green methanol in the park, providing a model for the green methanol industry [5].

一、风电机组行业概述 内容概况：风电是清洁、可再生能源，在发电过程中几乎不产生温室气体与污染物排放，能缓解气候变 化、改善空气质量；还能减少对传统化石能源的依赖，降低能源进口风险，提升能源自给率，优化能源 结构，增强能源供应的稳定性和安全性。作为风力发电系统的核心装备，风电机组通过将风能转化为机 械能并最终转化为电能，在清洁能源转型中发挥着关键作用。中国风电产业近年来持续保持高质量发展 态势，机组大型化趋势显著。数据显示，2024年中国新增装机的风电机组平均单机容量为6046kW，同 比增长8.1%。其中，陆上风电机组平均单机容量为5885kW，同比增长9.6%，海上风电机组平均单机容 量为9981kW，同比增长3.9%。新增风电机组容量的显著提升意味着产品选代明显提速，5兆瓦及以下 风电机组装机容量占比从2022年的超过50%快速下降到5%左右，10兆瓦及以上海上风电机组占比也从 2022年的12.1%快速提高到58%，成为市场主流产品。这也拉动全国累计装机风电机组平均单机容量同 比增幅高达10.3%，达到2860kW。未来，随着15MW级海上机组和6MW级陆上机组的规模化应用，我 国风电机组单机容量指标有 ...

承董事會命 金風科技股份有限公司 馬金儒 公司秘書 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。 北京，2025年4月10日 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） 股份代號：02208 董事會會議召開日期 金風科技股份有限公司（「公司」）董事會（「董事會」）宣佈，公司將 於2025年4月25日（星期五）舉行董事會會議，藉以審議及酌情批准（其 中包括）公司及其子公司截至2025年3月31日止第一季度業績。 於本公告日期，公司執行董事為武鋼先生、曹志剛先生及劉日新先生；公司非執行董事 為高建軍先生、楊麗迎女士及張旭東先生；及公司獨立非執行董事為楊劍萍女士、曾憲 芬先生及魏煒先生。 *僅供識別 ...

每经记者 梁枭 每经编辑 董兴生 "5年多没有在美国开展风机销售了⋯⋯"在4月9日下午举行的金风科技（002202.SZ，股价7.98元，市值 337.16亿元）2024年度网上业绩说明会上，针对投资者关于海外业务的疑问，公司董事长兼总工程师武 钢回应道。 据年报数据，2024年国内风电整机新增招标164.1GW，同比增长90.2%，其中陆上新增招标152.8GW， 海上新增招标11.3GW。 近来，受美国关税政策等因素扰动，市场震荡加剧。4月7日，金风科技A股跌停，H股跌幅达20.93%。 因此，公司在海外的业务布局成为投资者关注的焦点。此外，就市值管理、计提大额减值、今年风机出 货量及毛利率变化等相关问题，公司高管也一一回答。 2024年，金风科技营业收入为566.99亿元，同比增长12.37%，创历年新高；归属于上市公司股东的净利 润为18.60亿元，同比增长39.78%。《每日经济新闻》记者注意到，去年第四季度，公司盈利6833.40万 元，环比大幅下降，扣非净利润仅为30.52万元。公司首席财务官王宏岩解释称，系受个别项目计提减 值准备影响。 2025年风机出货量会有不错的增长 经历多年"内卷"后， ...

金风科技在年报中披露，2024年公司海外新增订单创历史新高，国际销售收入120.08亿元，同比增长超过50%，在公司整体营收中的占比也从上一年的 15.54%提升至21.18%。 新京报贝壳财经讯（记者朱玥怡）"公司早期在美国有风机销售，由于关税等原因五年多没有在美国开展风机销售了。公司海外业务主要在南美、澳大利 亚、东南亚、非洲、中亚、中东、欧洲等区域。"4月9日，金风科技（002202.SZ）董事长兼总工程师武钢在公司业绩说明会上就近期关税影响表示。 金风科技首席财务官王宏岩同时表示，目前这种情况对公司海外业务布局影响有限。公司将密切关注局势，通过市场多元化、优化供应链等应对。 金风科技此前披露的2024年年报显示，公司报告期内实现营业收入566.99亿元，同比增长12.37%；归属母公司净利润18.60亿元，同比增长39.78%。 在4月9日业绩说明会上，金风科技副总裁兼董事会秘书马金儒表示，预计2025年陆上风电机组大型化将放缓，这对行业健康发展有益，有利于机组质量、性 能的稳步提升。 金风科技整个风机及零部件板块去年的毛利率为5.05%，较上年微增。武钢表示，公司一直不参与价格战，目前今年执行的大部 ...

稍早公布的财报显示，2024年，金风科技实现营业收入566.99亿元，同比增长12.37%；实现归属于上市 公司股东的净利润18.6亿元，同比增长39.78%；实现归属于上市公司股东的扣除非经常性损益的净利润 17.77亿元，同比增长38.26%。 金风科技副总裁兼董事会秘书马金儒表示，未来，中国风电市场仍然以陆上风电为主，所以公司的订单 也会是陆上风电远大于海上风电。 "预计2025年风机出货量比2024年会有不错的增长。"金风科技（002202.SZ）副总裁兼董事会秘书马金 儒今日傍晚在公司2024年网上业绩说明会期间如是表示。 "2025年，陆上机组大型化预计有放缓趋势，这对行业健康发展有益，有利于机组质量、性能的稳步提 升。"马金儒称，公司在海上风电的技术储备和拿单量处于国内领先地位。"未来，中国风电市场仍然以 陆上风电为主，所以公司的订单也会是陆上风电远大于海上风电。" 风电场开发板块为该公司毛利率最高的业务板块。2024年，金风科技的风电场开发板块业务毛利率为 40.01%，同比下降7.29个百分点；风电服务板块业务毛利率为21.50%，同比提升1.66个百分点；风机及 零部件销售板块业务的毛利率 ...

Group 1: Business Performance and Strategy - The company focuses on innovation, efficiency, and high-quality development to navigate intense competition in the wind turbine manufacturing industry [1] - The company's service business, including operation and maintenance, is expected to grow significantly, with a projected capacity of nearly 40GW by the end of 2024, representing a year-on-year increase of nearly 30% [1] - The mixed tower business achieved a 104% year-on-year increase in new orders for 2024, holding the top market share, and is currently included in the wind turbine and component sales segment [2] Group 2: Research and Development - In 2024, the company plans to invest 2.803 billion in R&D, accounting for 4.94% of revenue, with a commitment to maintaining R&D investment despite short-term profit pressures [2] - The company emphasizes long-term strategic growth over short-term operational sacrifices in its R&D approach [2] Group 3: Financial Management - The company is actively managing its asset-liability ratio through optimizing business models, asset structures, and increasing equity assets, ensuring that the debt ratio remains within a reasonable and safe range [2] Group 4: Market Expansion and Challenges - The impact of the US-China tensions on the company's overseas business layout is currently limited, with strategies in place for market diversification and supply chain optimization [2] - The company is focusing on key overseas markets including South America, Australia, the Middle East, Central Asia, South Africa, and Southeast Asia [2] Group 5: Technical Performance - The utilization hours of domestic distributed wind turbines are highly correlated with local wind resource conditions, and while the average may not reach 4,000 hours, some regions can achieve this [2]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 08 年 月 日 事件：公司发布 2024 年年报业绩。2024 年全年：1）实现营收 566.99 亿元，同 比+12.37%；归母净利润 18.6 亿元，同比+39.78%；扣非归母净利润 17.77 亿 元，同比+38.26%。2）2024 年毛利率 13.8%，同比-3.34pct；净利率 3.27%， 同比+0.25pct。3）期间费用率为 12.13%，同比-4.01pct，销售/管理/研发/财务费 用率分别为 2.33%、3.84%、4.37%、1.60%，同比分别变动-3.94、-0.04、+0.62、 -0.64pct。其中 2024Q4 单季度：1）实现营收 208.6 亿元，同比-1.32%，环比 +33.4%；归母净利润 0.68 亿元，同比-2.71%，环比-83.14%；扣非归母净利润 0 亿元，同比-99.88%，环比-99.92%。2）2024Q4 毛利率 9.27%，同比-7.26pct， 环比-4.82pct；净利率-0.03%，同比-0.76pct，环比-2.76pct。 从价格看，风机价格企稳略有 ...