Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company achieved a revenue of 73 billion yuan in 2025, representing a year-on-year growth of 28.8%, and a net profit attributable to shareholders of 2.77 billion yuan, up 49.1% year-on-year [2]. - Wind turbine sales continued to grow significantly, with sales revenue from wind turbines and components reaching 57.2 billion yuan, a 47% increase year-on-year, and external sales of units reaching 26.6 GW, up 65.9% [3]. - The company’s gross margin for wind turbines and components improved to 8.95%, an increase of 3.90 percentage points year-on-year, with expectations for continued profitability growth due to rising domestic bidding prices [3]. - The company’s operating quality improved significantly, with a reduction in sales, management, and R&D expense ratios by a total of approximately 1.99 percentage points [4]. - The company is projected to achieve net profits of 5.19 billion yuan, 6.58 billion yuan, and 8.22 billion yuan for the years 2026 to 2028, corresponding to P/E ratios of 22, 18, and 14 [5]. Summary by Sections Performance Review - In Q4 2025, the company reported revenues of 24.9 billion yuan, a 19.3% year-on-year increase, and a net profit of 190 million yuan, up 178% year-on-year, despite a significant asset impairment of approximately 1 billion yuan due to policy changes [2]. Operational Analysis - The company’s backlog of external orders reached a record high of 50.5 GW by the end of 2025, a 12% increase year-on-year, with international orders growing by 31.8% to 9.27 GW [3]. - The overseas revenue for 2025 was 18.1 billion yuan, a 50.6% increase year-on-year, accounting for 24.8% of total revenue, with an overseas gross margin of 24.3%, up 10.5 percentage points [3]. Cost Efficiency - The company’s expense ratios improved significantly, with sales, management, and R&D expense ratios decreasing by 0.28, 0.76, and 0.95 percentage points respectively [4]. - Inventory turnover days decreased by 20 days to 91 days, and accounts receivable turnover days decreased by 23 days to 156 days in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company achieved a revenue of 73 billion RMB in 2025, representing a year-on-year growth of 28.8%, and a net profit attributable to shareholders of 2.77 billion RMB, up 49.1% year-on-year [2]. - Wind turbine sales continued to grow significantly, with sales revenue from wind turbines and components reaching 57.2 billion RMB, a 47% increase year-on-year, and external sales of units reaching 26.6 GW, up 65.9% [3]. - The company’s gross margin for wind turbines and components improved to 8.95%, an increase of 3.90 percentage points year-on-year, with expectations for continued profitability growth due to rising domestic bidding prices [3]. - The company’s overseas revenue reached 18.1 billion RMB, a 50.6% increase year-on-year, with international orders growing by 31.8% to 9.27 GW [3]. - The report highlights a significant improvement in expense ratios, with sales, management, and R&D expense ratios decreasing by a total of approximately 1.99 percentage points [4]. - The company is projected to achieve net profits of 5.19 billion RMB, 6.58 billion RMB, and 8.22 billion RMB for the years 2026 to 2028, corresponding to P/E ratios of 22, 18, and 14 [5]. Summary by Sections Performance Review - In Q4 2025, the company reported revenues of 24.9 billion RMB, a 19.3% year-on-year increase, and a net profit of 190 million RMB, up 178.0% year-on-year, despite a significant asset impairment of approximately 1 billion RMB due to policy changes [2]. Operational Analysis - The company’s backlog of external orders reached a record high of 50.5 GW by the end of 2025, a 12.0% increase year-on-year, indicating strong sales growth prospects for 2026 [3]. - The company’s inventory turnover and accounts receivable turnover days improved, with inventory turnover days decreasing by 20 days to 91 days and accounts receivable turnover days decreasing by 23 days to 156 days [4]. Profitability Forecast and Valuation - The report forecasts continued growth in earnings per share (EPS) and price-to-earnings (PE) ratios, driven by the delivery of high-priced domestic orders and the rapid expansion of international and green chemical businesses [5].

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。 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 關於會計政策變更的公告 金風科技股份有限公司（「公司」）根據《香港聯合交易所有限公司證券上市規 則》（「上市規則」）第13.09(2)條及香港法例第571章《證券及期貨條例》第XIVA 部內幕消息條文的規定作出本公告。 2026年3月27日，公司第九屆董事會第十二次會議審議通過了《關於金風科技會 計政策變更的議案》，具體情況如下： 由於上述會計準則解釋的發佈，公司需對會計政策進行相應變更，並按以上文件 規定的起始日開始執行上述會計準則。 （二） 變更前採用的會計政策 本次變更前，公司執行財政部發佈的《企業會計準則——基本準則》和各項具體 會計準則、企業會計準則應用指南、企業會計準則解釋公告及其他相關規定以及 執行國際會計準則理事會頒佈的所 ...

EF001 免責聲明 EF001 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 第 2 頁 共 2 頁 v 1.1.1 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。 | 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 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。 | | | --- | --- | | 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 | 截至2025年12月31日止年度的末期股息 | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | ...

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 72,782,451, an increase of 28.7% from RMB 56,516,210 in 2024[4] - Gross profit for the same period was RMB 10,239,890, representing a gross margin of 14.1%, up from RMB 7,716,757 in 2024[4] - Net profit attributable to shareholders was RMB 2,774,357, a significant increase of 48.9% compared to RMB 1,860,446 in the previous year[4] - Total comprehensive income for the year was RMB 3,102,724, compared to RMB 1,786,640 in 2024, reflecting a growth of 73.7%[5] - Basic and diluted earnings per share increased to RMB 0.64 from RMB 0.42, representing a growth of 52.4%[5] - The company reported a profit for the year of RMB 2,774,357,000, reflecting a significant increase compared to previous periods[8] - The gross profit margin for the company increased, with the net profit margin attributable to shareholders rising to 3.81%, up from 3.29% in the previous year[128] Assets and Liabilities - Non-current assets increased to RMB 95,330,648 from RMB 86,623,398, indicating a growth of 10.5%[6] - Current assets rose to RMB 71,164,556, up from RMB 68,600,887, marking an increase of 2.3%[7] - Total liabilities increased to RMB 119,314,461, compared to RMB 114,797,204 in 2024, reflecting a rise of 3.9%[7] - The company's net current liabilities were RMB (7,093,226), worsening from RMB (3,273,053) in the previous year[7] - The total assets of the company as of December 31, 2025, amounted to RMB 166,495,204, compared to RMB 155,224,285 in 2024, reflecting an increase of about 7.8%[26][27] - The company's total liabilities as of December 31, 2025, were RMB 119,314,461, compared to RMB 114,797,204 in 2024, reflecting an increase of approximately 3.9%[26][27] Cash Flow and Investments - Operating cash flow for the year was RMB 4,675,186, compared to RMB 3,274,918 in 2024, reflecting a year-over-year increase of about 42.7%[10] - The net cash outflow from investing activities was RMB 6,296,223, an increase from RMB 5,724,052 in 2024, indicating a rise of approximately 10%[11] - Cash and cash equivalents at the end of the year were RMB 8,580,816, down from RMB 11,030,276 at the beginning of the year, a decrease of approximately 22.2%[11] - The company incurred financial expenses of RMB 1,056,830 in 2025, down from RMB 1,216,551 in 2024, showing a decrease of about 13.1%[10] Revenue Breakdown - External customer revenue from China was RMB 54,740,806 in 2025, up from RMB 44,564,076 in 2024, indicating a growth of about 23.5%[29] - The revenue from overseas customers increased to RMB 18,041,645 in 2025, compared to RMB 11,952,134 in 2024, marking a growth of approximately 51.5%[29] - The company reported a significant increase in revenue from wind turbine manufacturing, rising from RMB 38,920,578 in 2024 to RMB 57,205,219 in 2025, representing a growth of approximately 47%[34] - Revenue from wind power services increased from RMB 5,270,714 in 2024 to RMB 5,536,911 in 2025, showing a growth of about 5%[34] Expenses and Costs - The cost of sold inventory increased to RMB 52,127,764 in 2025 from RMB 37,011,427 in 2024, reflecting a rise of about 40.8%[41] - Selling and distribution expenses increased by 13.25% to RMB 1,496,640 in 2025, compared to RMB 1,321,530 in 2024, primarily due to rising employee costs[138] - Administrative expenses rose by 2.61% to RMB 5,062,890 in 2025, compared to RMB 4,934,140 in 2024, remaining relatively stable[139] - The income tax expense for the year was RMB 964,424, compared to RMB 247,392 in 2024, reflecting a substantial increase of approximately 289.5%[48] Market Position and Strategy - The company has maintained its position as the leading provider of wind power solutions in China, ranking first in newly installed wind power capacity for 15 consecutive years domestically and for four consecutive years globally[98] - The company is actively expanding into emerging sectors such as green methanol, hybrid towers, energy storage, and carbon management, enhancing its competitive edge in the clean energy market[102] - The company aims to support the development of green hydrogen and ammonia production in large-scale renewable energy bases, promoting diversified non-electric utilization of renewable energy[97] Shareholder Returns - The company declared a dividend of RMB 590,829,000 for the fiscal year 2024, impacting retained earnings[8] - The proposed final cash dividend for the year ending December 31, 2025, is RMB 2.0 per 10 shares, totaling RMB 844,758, pending approval at the upcoming annual general meeting[50] - The company has initiated a share buyback program for H-shares, with a total of 10,000 shares repurchased at an average price of HKD 14.50[189] Regulatory and Compliance - The group has adopted revised International Financial Reporting Standards (IFRS) effective from January 1, 2025, which will not have a significant impact on the financial position and performance for the current and prior years[14] - The group is engaged in the research, development, manufacturing, and sale of wind turbine units and components, as well as the operation of wind farms and related services[15] - The group has evaluated its ability to continue as a going concern and found no significant doubts regarding its ongoing viability[19]

本報告采用環保可再生紙制作 可持續發展報告 金風科技股份有限公司可持續發展報告 2025 年 金風科技股份有限公司 Sustainability Report 目錄 關於本報告 董事長致辭 01 03 | 01 | 關於我們 | 05 | | --- | --- | --- | | | 公司概覽 | 07 | | | 業務分佈 | 08 | | | 公司戰略 | 09 | | | 主要獎項與榮譽 | 11 | | 03 | 研發創新與產品服務 | 33 | | --- | --- | --- | | | 研發創新 | 35 | | | 可持續產品與服務 | 41 | | 05 | 綠色環保運營 | 57 | | --- | --- | --- | | | 應對氣候變化 | 59 | | | 綠色生產和運營 | 72 | | | 資源迴圈利用 | 77 | | | 生態環境保護 | 79 | | 02 | 可持續發展管理 | 13 | | --- | --- | --- | | | 可持續發展管理架構 | 15 | | | 可持續發展體系管理 | 16 | | | 可持續發展戰略規劃 | 16 | | | 可持 ...

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。 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 2025 年度財 務報表及審計報告》，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 *僅供識別 金风科技股份有限公司 财务报表及审计报告 二零二五年十二月三十一日止年度 金风科技股份有限公司 财务报表及审计报告 2025年12月31日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - 6 | | | 合并及公司资产负债表 | 7 - 11 | | | 合并及公司利润表 | 12 - | 1 ...

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。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2026年3月27日 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 公司獨立董事 2025 年度述職報告》，僅供參閱。 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 金风科技股份有限公司 独立董事曾宪芬2025年度述职报告 作为金风科技的独立董事，2025年度，本人严格按照《公司法》、 《证 ...

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內部控制審 計報告》，僅供參閱。 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。 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。 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2026年3月27日 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 金风科技股份有限公司 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了金风 科技股份有限公司(以下简称"金风科技") ...

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。 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 司二零二五年度內部控制評價報告》，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 北京，2026年3月27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 ) (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。 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 金风科技股份有限公司 二零二五年度内部控制评价报告 金风科技股份有限公司 2025年度内部控制评价报告 金风科技股份有限公司全体股 ...