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]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02208 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 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) 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02208 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | ...

Core Insights - China's wind turbine exports are expected to increase by 71.9% year-on-year in 2024, with a growth rate exceeding 20% in the first half of 2025, driven by technological advancements and industrial upgrades [1] - The industry is shifting from merely selling equipment to providing value through local partnerships, lifecycle services, and technology standardization, aiming to create a resilient and sustainable global wind energy ecosystem [1][2] - The emphasis on understanding and responding to the real demands of overseas markets is crucial for the success of Chinese wind energy companies in global competition [2] Industry Developments - Technological innovations have led to the development of more efficient and intelligent wind turbines, significantly reducing the cost per kilowatt-hour and enabling installations in diverse geographical conditions [1] - At the 2025 Beijing International Wind Energy Conference, several groundbreaking products were launched, showcasing China's leadership in wind energy technology and ecosystem development [1] Market Strategy - Chinese wind energy companies are encouraged to adopt a win-win philosophy by sharing management experiences and cultivating local talent to build localized supply chains, which can alleviate concerns in overseas markets [2] - The integration of logistics, installation, and service into the supply chain is becoming increasingly important, with approximately 50% of Goldwind's overseas revenue coming from non-turbine business [3] Localization Efforts - Localization is essential for successful overseas operations, including local service teams, supply chains, and ESG (Environmental, Social, and Governance) practices [4] - Goldwind is actively developing local supply chains in Brazil, focusing on enhancing local manufacturing capabilities while maintaining cost control [3] Long-term Vision - The long-term strategy of cultivating customer relationships and market presence is emphasized, with a caution against making unsustainable commitments to capture market share [4]

股票代码：002202 股票简称：金风科技 公告编号：2025-097 金风科技股份有限公司 关于 2024 年限制性股票激励计划 预留授予登记完成的公告 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。 1、2024 年 9 月 19 日，公司召开第八届董事会薪酬与考核委员 会第八次会议，审议通过了《关于公司<2024 年限制性股票激励计划 （草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计 划实施考核管理办法>的议案》，并提交董事会审议。 2、2024 年 9 月 23 日，公司召开第八届董事会第二十六次会议， 审议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其 摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理 办法>的议案》《关于<提请股东大会授权董事会办理公司 2024 年限 制性股票激励计划有关事宜>的议案》等议案。 重要内容提示： 1、预留授予日：2025 年 9 月 24 日 2、预留授予的限制性股票上市日：2025 年 11 月 4 日 3、预留授予登记人数：52 人 4、预留授予数量：282.8 ...

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。 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 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 2024 年限制性股票激勵計劃預留授予登記完成的公告》，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11月4日 股票代码：002202 股票简称：金风科技 公告编号：2025-097 金风科技股份有限公司 关于 ...

Group 1: Wind Power Industry Overview - As of September 30, 2025, the total installed wind power capacity in China reached 581.6 GW, accounting for 15.6% of the total power generation capacity, with thermal power at 40.4% [2] - In the first nine months of 2025, the newly added wind power grid-connected capacity was 61.1 GW, representing a year-on-year increase of 56.2% [2] Group 2: Tendering and Orders - By September 30, 2025, the new tender volume in the domestic public bidding market was 102.1 GW, a decrease of 14.3% compared to the same period last year [3] - The company had a total of 38,861.14 MW in external pending orders, with 31,659.79 MW from units of 6 MW and above [4] - The total external orders amounted to 49,873.87 MW, with overseas orders at 7,161.72 MW, reflecting a year-on-year growth of 18.48% [4] Group 3: Self-operated Wind Farms - As of September 30, 2025, the total equity installed capacity of the company's self-operated wind farms was 8,688 MW, with 4,062 MW under construction [4] - The average utilization hours for self-operated wind farms in the first nine months of 2025 were 1,730 hours [4] Group 4: Technological Advancements - In 2024, the company launched a solution for unmanned operation of new energy stations, enhancing operational efficiency by over 25% through automation and AI technology [4] Group 5: Environmental Protection Measures - The company adheres to environmental protection laws and has established a comprehensive system for ecological protection throughout the project lifecycle, including various management regulations [4]

Core Viewpoint - Goldwind Technology (002202)(02208) announced that as of October 31, 2025, the company has not repurchased any A-shares or H-shares [1] Summary by Category - **Share Repurchase Progress** - As of October 31, 2025, the company has not repurchased any A-shares [1] - The company has also not repurchased any H-shares [1]