Summary of Goldwind's Post-2025 Results Call Company Overview - **Company**: Goldwind (Ticker: 2208.HK) - **Industry**: China Utilities - **Market Cap**: RMB 105,860 million - **Current Stock Price**: HK$14.92 - **Price Target**: HK$16.63, representing an upside of 11% from the current price [5][5] Key Takeaways Wind Turbine Shipments - **2026 Shipment Guidance**: Goldwind anticipates total shipments of **40GW** in 2026, which includes: - **32GW** domestic onshore - **2.7-3GW** domestic offshore - **7GW** exports - This represents a significant increase from approximately **30GW** in 2025, which included: - **24GW** domestic onshore - **2.7GW** domestic offshore - **3.97GW** exports [1][1] Gross Profit Margin (GPM) - **2026 GPM Guidance**: Expected to be between **9-10%**, an improvement from **8.95%** in 2025. - Domestic WTG GPM is expected to improve, while GPM for domestic offshore and overseas may see a slight decline. - Offshore installations in China are projected to reach approximately **10GW** in 2026, up from **6.6GW** in 2025 [2][2]. Wind Farm Sales - **Sales Outlook**: Wind farm disposals are expected to decline in 2026 due to the impact of Document 136 [2][2]. Green Methanol Revenue - Goldwind projects its green methanol revenue to reach several hundred million RMB in 2026 [3][3]. Financial Metrics - **Fiscal Year Ending**: December 2026 estimates include: - **Revenue**: RMB 82,670 million - **EBITDA**: RMB 11,381 million - **Net Income**: RMB 4,140 million - **EPS**: RMB 0.98 - **Valuation Ratios**: - P/E Ratio: 13.4 - P/BV Ratio: 1.3 - ROE: 10.0% [5][5]. Risks and Valuation Methodology - **Valuation Method**: A 10-year discounted cash flow (DCF) model is used, with a WACC of **8.8%** and a zero terminal growth rate. - **Upside Risks**: Acceleration of wind installations, recovery of wind turbine gross margins, better-than-expected cost control, and improved wind farm capacity utilization. - **Downside Risks**: Slowdown in wind installations, reduction in wind turbine gross margins, worse-than-expected cost control, and inefficient wind farm capacity utilization [8][9]. Analyst Ratings - **Stock Rating**: Equal-weight - **Industry View**: Attractive [5][5]. Additional Insights - The company is positioned to benefit from the growing demand for renewable energy solutions, particularly in wind energy and green methanol production. - The anticipated growth in shipments and improvements in GPM indicate a positive outlook for Goldwind's operational efficiency and profitability in the coming years [1][2][3].

Summary of Goldwind Science & Technology Co Ltd (2208.HK) Conference Call Company Overview - **Company**: Goldwind Science & Technology Co Ltd - **Industry**: Wind Energy - **Market Cap**: HK$58,626 million (US$7,492 million) [5] Key Financial Highlights - **Net Profit**: Increased by 49.1% year-on-year (yoy) to Rmb2,774 million in 2025 [1] - **4Q24 Net Profit**: Surged 178.0% yoy to Rmb190 million from a low base [1] - **Gross Profit (GP) Margin**: Expanded by 4.0 percentage points (ppts) to 8.9% in 2025, slightly above the target of 8% [1] - **Final Dividend Per Share (DPS)**: Increased by 42.9% yoy to Rmb0.20 with a payout ratio of 31.3% [1] Revenue and Sales Performance - **Revenue from Wind Turbine Generator (WTG) Sales**: Rose by 47.0% yoy to Rmb57.2 billion, with sales volume increasing by 65.9% yoy to 26,626 MW [2] - **Orders on Hand**: Reached 50,492 MW (+12.0% yoy) by the end of 2025, with 70.7% from 6-10 MW WTGs [2] - **Average WTG Bidding Price**: Increased by 6.2% from Rmb1,527/kW in January 2025 to Rmb1,622/kW in December 2025 [2] - **Market Share**: Held 21.2% in China and 15.7% globally in 2025 [2] Challenges and Impairments - **Asset Impairment Losses**: Increased by 26.3% yoy to Rmb1,085 million [1] - **Credit Impairment Losses**: Decreased by 12.9% yoy to Rmb253 million [1] - **Wind Farm Development Revenue**: Decreased by 19.9% yoy to Rmb8.69 billion due to a 17.1% cut in average PRC on-grid wind tariff [3] Operational Metrics - **Installed Wind Farm Capacity**: Increased by 25.1% yoy to 9,518 MW with on-grid generation of 161.45 million MWh (+16.3% yoy) [3] - **Average Utilization**: Domestic wind farms had an average utilization of 2,290 hours (-2.1% yoy) [7] - **Gearing Ratio**: Decreased by 1.9 ppts yoy to 63.8% [8] Future Outlook - **Target Price**: HK$17.00, representing a potential return of 22.5% [5] - **Expected Total Return**: 24.3% including dividend yield [5] - **GP Margin Expansion**: Anticipated in 2026E due to rising sales mix from high-margin businesses [9] Risks - **Key Risks**: Include fewer-than-expected new orders, less favorable government policies, and lower-than-expected WTG margins [17] Conclusion Goldwind Science & Technology Co Ltd demonstrated strong financial performance in 2025 with significant growth in net profit and revenue from WTG sales. However, challenges such as asset impairments and reduced wind farm development revenue highlight potential risks. The company maintains a positive outlook with expectations for margin expansion and continued market leadership in the wind energy sector.

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: 2026年3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: 2026年4月1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 | | | | 本月底結存 | | | 773,572,399 | RMB | | 1 | RMB | | 7 ...

Investment Rating - The investment rating for the company is maintained as "Accumulate" for A shares and "Buy" for H shares [7] Core Views - The company reported a revenue of 73.02 billion RMB for 2025, representing a year-on-year increase of 28.8%, and a net profit attributable to shareholders of 2.77 billion RMB, up 49.1% year-on-year, although below the expected 3.26 billion RMB due to lower-than-expected power station transfers and asset impairment provisions [1] - The company is expected to benefit from its leading position in wind turbine manufacturing, with improved profitability supported by price increases and a higher proportion of offshore orders, alongside accelerated capacity release in green methanol production [1][4] - The report maintains profit forecasts, projecting net profits of 5.08 billion RMB, 6.59 billion RMB, and 7.85 billion RMB for 2026, 2027, and 2028 respectively, with an EPS of 1.20 RMB, 1.56 RMB, and 1.86 RMB [5] Summary by Sections Wind Turbine Sales - The company sold 26.6 GW of wind turbines in 2025, a year-on-year increase of 65.9%, with sales of turbines above 6 MW reaching 23.5 GW, up 140.2% [2] - The overseas and offshore sales accounted for over 20% of total sales, with a significant increase in overseas orders by 31.8% year-on-year [2] Power Station Assets - The company faced challenges with domestic power station assets due to a 17% year-on-year decline in average on-grid electricity prices, leading to a 77.8% increase in impairment provisions to 1.03 billion RMB [3] - The transfer of power stations decreased by 52% year-on-year, with 588 MW transferred in 2025 [3] Green Methanol Production - The company is advancing in green methanol production, leveraging wind power resources and signing long-term contracts with major clients, with new orders of 150,000 tons in 2025 and total orders exceeding 750,000 tons [4] - The first phase of the green methanol project in Xingan League is expected to commence production in September 2026, opening up long-term growth opportunities [4] Profit Forecast and Valuation - The company maintains its profit forecast with expected net profits of 5.08 billion RMB in 2026, 6.59 billion RMB in 2027, and 7.85 billion RMB in 2028, corresponding to an EPS of 1.20 RMB, 1.56 RMB, and 1.86 RMB [5] - The target price for A shares is raised to 30 RMB, and for H shares to 22.17 HKD, reflecting the company's leading position in the wind turbine market and advancements in green methanol production [5]

Group 1: Financial Performance - In 2025, the wind turbine and components sales segment achieved revenue of ¥57,205,218,600.55, with a gross margin of 8.95%, an increase of 3.90 percentage points year-on-year [3] - The wind farm development segment generated revenue of ¥8,693,900,409.75, with a gross margin of 43.16%, up by 3.15 percentage points year-on-year [3] - The wind service segment reported revenue of ¥5,715,538,005.72, with a gross margin of 20.36%, down by 1.14 percentage points year-on-year [3] - Other business revenue totaled ¥1,408,820,721.25, with a gross margin of 22.81%, a decrease of 0.57 percentage points year-on-year [3] Group 2: Market Trends - In 2025, the total domestic wind turbine bidding volume reached 121.24 GW, maintaining a high scale, with onshore bidding at 112.10 GW and offshore bidding at 9.14 GW [3] - The northern region accounted for over 70% of the bidding capacity, indicating a trend towards larger wind turbine models, with 6 MW and above models increasing in bidding volume [3] Group 3: Offshore Business Development - The company achieved a market share of 37.9% in the offshore wind power sector, with a new installed capacity of 208.9 MW, ranking first among domestic offshore wind turbine manufacturers in 2025 [4] Group 4: Product Innovation - The company, in collaboration with the Three Gorges Group, developed a 20 MW offshore wind turbine, setting records for the largest single unit capacity and rotor diameter in actual operation [5] - The self-developed GWH252-16 MW floating offshore wind turbine also set records for single unit capacity and rotor diameter, winning the "Best Offshore Turbine" award in 2025 [5] - The GWH266-14 MW model has a design life of 30 years and reduces wake losses by 5-6% compared to larger rotor models, also winning the "Best Offshore Turbine" award in 2025 [5] Group 5: Mixed Tower Business - In 2025, the company signed new domestic mixed tower orders exceeding 10 GW, a year-on-year increase of 34%, maintaining the industry’s leading market share [6] - The domestic delivery volume grew by 28% year-on-year, surpassing 17 GW in cumulative deliveries, solidifying the company's position as the global leader in mixed tower installations [6]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a total revenue of 73.023 billion yuan for 2025, representing a year-on-year growth of 28.79%. The net profit attributable to shareholders reached 2.774 billion yuan, up 49.12% year-on-year, while the net profit excluding non-recurring items was 2.613 billion yuan, an increase of 47.03% [4] - The gross profit margin improved to 14.18%, an increase of 0.38 percentage points year-on-year, although the overall performance was below market expectations due to underperformance in the power station transfer business and asset impairment [4] - Wind turbine sales revenue significantly increased to 57.205 billion yuan, a growth of 46.98%, with a total sales capacity of 26.63 GW, up 65.87% year-on-year. The company achieved a market share of 37.9% in the domestic offshore wind power sector [6] - The green methanol project is progressing well, with new orders of 150,000 tons signed in 2025, and total orders exceeding 750,000 tons [6] - The profit forecast for 2026 and 2027 has been adjusted downwards to 4.112 billion yuan and 5.107 billion yuan respectively, while a new profit forecast for 2028 is introduced at 5.925 billion yuan [6] Financial Data and Profit Forecast - Total revenue projections for the upcoming years are as follows: 2024: 56.699 billion yuan, 2025: 73.023 billion yuan, 2026E: 81.950 billion yuan, 2027E: 92.142 billion yuan, 2028E: 106.567 billion yuan [5][7] - Net profit projections are: 2024: 1.860 billion yuan, 2025: 2.774 billion yuan, 2026E: 4.112 billion yuan, 2027E: 5.107 billion yuan, 2028E: 5.925 billion yuan [5][7] - The earnings per share (EPS) are projected to be 0.42 yuan for 2024, 0.64 yuan for 2025, 0.97 yuan for 2026, 1.21 yuan for 2027, and 1.40 yuan for 2028 [5][7] - The price-to-earnings (PE) ratios for 2026 to 2028 are expected to be 28, 23, and 20 respectively [6]

Group 1: Wind Power Installation Capacity - In 2025, global wind power installed capacity is projected to reach 169.2 GW, a 37.9% increase from 2024, with onshore wind accounting for 161.0 GW (up 45.1%) and offshore wind at 8.1 GW (down 30.2%) [3] - China's wind power installed capacity is expected to be 120 million kW in 2025, a 51% increase from 2024, with onshore wind contributing 110 million kW and offshore wind 6.59 million kW. By the end of 2025, the total installed capacity in China will be approximately 640 million kW, a 22.9% year-on-year growth [3] Group 2: Financial Performance - The company anticipates a revenue of RMB 73,023,477,737.27 in 2025, with a net profit attributable to the parent company of RMB 2,774,356,663.48, resulting in a basic earnings per share of 0.6369 and a weighted average return on net assets of 7.08% [3] Group 3: Wind Turbine Sales - In 2025, the company achieved external sales of wind turbine capacity totaling 26,626.37 MW, marking a 65.87% increase year-on-year. Sales included 3,126.15 MW for turbines below 6 MW, 18,818.22 MW for turbines between 6 MW and 10 MW, and 4,682 MW for turbines above 10 MW [4] Group 4: Order Backlog - As of December 31, 2025, the company has a total external order backlog of 39,480.34 MW, with 4,492.95 MW for turbines below 6 MW, 26,152.49 MW for turbines between 6 MW and 10 MW, and 8,834.90 MW for turbines above 10 MW. Additionally, there are 11,011.56 MW of external orders that are won but not yet signed, leading to a total order backlog of 53,732.64 MW, a 13.35% increase year-on-year [5] Group 5: International Market Expansion - The company has expanded its international presence to 49 countries across six continents, with a total of 12,599.00 MW of installed capacity in international markets by the end of 2025. This includes over 3 GW in Asia (excluding China), over 2 GW in South America and Oceania, and over 1 GW in Europe, North America, and Africa [6] Group 6: Self-operated Wind Farms - By the end of 2025, the company’s self-operated wind farms will have a total installed capacity of 9,951 MW, with 39% located in the Northwest region, 24% in East China, and 16% in North China. The average utilization hours for these wind farms will be 2,290 hours, exceeding the industry average by 311 hours [7]

| 代扣所得稅信息 | | | --- | --- | | 股息所涉及的代扣所得稅 | 有待公佈 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 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。 EF001 免責聲明 | 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。 | 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 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 金風科技股份有限公司 | | 股份代號 | 02208 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 更新截至2025年12月31日止年度的末期股息 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 73.023 billion yuan in 2025, representing a year-on-year growth of 28.79%, with a net profit of 2.774 billion yuan, up 49.12% year-on-year [3] - The wind turbine sales revenue reached 57.205 billion yuan in 2025, a 46.98% increase, accounting for 78.34% of total revenue [6] - The international business generated sales of 18.082 billion yuan, growing by 50.59%, with a gross margin increase of 10.45 percentage points to 24.29% [6] - The green methanol business is expected to become a new growth point, with new orders of 150,000 tons in 2025 and total orders exceeding 750,000 tons [7] - The company maintains a strong competitive position in the wind power industry, with a forecasted net profit of 4.884 billion yuan for 2026 and 6.148 billion yuan for 2027 [7] Financial Summary - The company’s total assets are projected to reach 166.495 billion yuan in 2025, with total liabilities of 119.314 billion yuan [8] - The operating income for 2025 is expected to be 73.023 billion yuan, with a gross profit margin of 14.2% [8] - The earnings per share (EPS) is projected to be 0.66 yuan for 2026, increasing to 1.74 yuan by 2028 [5][8]

Goldwind 金风科技股份有限公司 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* SZEx Stock Code: 002202 HKEx Stock Code: 2208 2025 Annual Results Industry Review Business Review Financial Results Outlook Goldwind Global Wind Power Market Global Annual New Installation (GW) ■Onshore ■Offshore 169.2 8.1 122.7 116.8 11.7 10.4 88.0 77.1 161.0 17.0 9.0 111.0 106.3 71 1 68 1 2021 2022 2023 2025 2024 Global new installations in 2025 achieved 169.2GW, an increase of 37.9% yoy, with onshore wind of 161.0GW, an increase of 45.1% yoy, and ...