附件二：投资者关系活动记录表格式 证券代码： 002202 证券简称：金风科技 | | 编号： | | --- | --- | | 投资者关系活动类别 | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | 参与单位名称及人员 | 西部证券 邓宇轩 中金公司 车昀佶 天风证券 杨志芳 东吴证券 胡隽颖 | | 姓名 | 中信证券 林劼 | | 时间 | 2025年12月26日 | | 地点 | 线上会议 | | 上市公司接待人员姓 | 投资者关系经理 于洋 | | 名 | 投资者关系主管 刘茜 | | | 公司在智慧运维方面有何布局？ | | | 答：新能源发电项目全面参与电力市场交易，显著提升了行业对电力交易 | | | 相关产品与服务的需求。"数智化"转型作为应对市场变革、提升竞争力 | | | 的核心路径，持续引领行业发展。在"无人化"场站建设方面，公司通过 | | | 智慧运营平台建设提升故障预警效率与实时监测能力，加速场站"无人化" | | | 进程，运维人效平均提升25%以上。2 ...

据天眼查APP显示，金风科技股份有限公司成立于2001年03月26日，注册资本422506.7647万人民币。 （数据宝） （文章来源：证券时报网） 数据宝统计，截至11:21，金风科技成交额50.59亿元，创2021年11月8日以来新高。最新股价上涨 2.35%，换手率7.60%。上一交易日该股全天成交额为49.83亿元。 ...

Group 1 - The company is a leading provider of wind power solutions, maintaining the top market share in China for 14 consecutive years and globally for 3 years, benefiting from a recovery in wind power demand and stable pricing, with revenue of 48.147 billion yuan and net profit of 2.584 billion yuan in the first three quarters of 2025, representing increases of 34.34% and 44.21% respectively [1] - Wind turbine prices have stabilized, initiating a recovery cycle for gross margins, with the average bidding price for turbines reaching 1610 yuan/kW in September 2025, a year-on-year increase of 9.2%, and the company’s gross margin for turbine manufacturing expected to continue improving [1] - The company’s order backlog reached a historical high of 52.5 GW by the end of Q3 2025, indicating strong future revenue potential [1] Group 2 - The offshore wind power sector in China is experiencing rapid growth, with an expected addition of 25 GW by 2030, and the company capturing 19.60% of new domestic offshore installations in 2024, ranking second in the market [2] - The company is expanding its overseas market presence, with a 41.7% year-on-year increase in exports, totaling 5193.7 MW in 2024, and a cumulative export capacity of 9790.8 MW by the end of 2024, significantly exceeding competitors [2] - The gross margin for the company’s overseas business reached 18.7% in the first half of 2025, indicating strong profitability potential from international operations [2] Group 3 - The company is expected to see continued profit growth, with projected net profits of 3.732 billion yuan, 5.120 billion yuan, and 5.571 billion yuan for 2025-2027, reflecting year-on-year growth rates of 100.6%, 37.2%, and 8.8% respectively [3] - The estimated earnings per share (EPS) for the same period are projected to be 0.88 yuan, 1.21 yuan, and 1.32 yuan, with corresponding price-to-earnings (PE) ratios of 20, 14, and 13 times [3] - The company is rated "Buy" based on its strong industry position, improving order structure, and favorable market conditions [3]

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [8][9]. Core Insights - The company is a global leader in wind power, maintaining the top market share in China for 14 consecutive years and globally for 3 years. The recovery in wind power demand and stabilization of turbine prices are expected to drive revenue and net profit growth [6][8]. - The company has a robust order backlog, with a total of 52.5 GW as of Q3 2025, which supports future revenue growth. The average bidding price for wind turbines has increased by 9.2% year-on-year, indicating a positive pricing environment [8][42]. - The offshore wind power segment is expected to accelerate, with the company holding a competitive advantage in this area. The domestic offshore wind installation accounted for 19.6% of new installations in 2024, ranking second in the market [8][58]. Summary by Sections 1. Global Wind Power Leader - The company has established itself as a leading provider of wind power solutions, leveraging its technological expertise and extensive experience in the industry [16][17]. 2. Continuous Profit Recovery and Expansion of Dual Offshore Business 2.1 Stabilization of Turbine Prices and Recovery of Gross Margin - The company has seen a significant recovery in gross margins, with the turbine manufacturing business gross margin improving to 7.97% in H1 2025, up 4.22 percentage points year-on-year [44]. 2.2 Acceleration of New Offshore Installations - The offshore wind power market in China is experiencing rapid growth, with expectations of 12 GW of new installations in 2026 and 25 GW by 2030 [47][58]. 2.3 Expansion of Overseas Wind Turbine Business - The company has successfully expanded its overseas business, with a 75.34% year-on-year increase in overseas revenue in H1 2025, contributing to 29.4% of total revenue [21]. 3. Profit Forecast and Valuation Analysis - The company is projected to achieve net profits of 37.32 billion, 51.20 billion, and 55.71 billion yuan from 2025 to 2027, with corresponding EPS of 0.88, 1.21, and 1.32 yuan per share [9][10].

Market Overview - On December 25, the A-share market saw all three major indices rise collectively, with the Shanghai Composite Index recording a seven-day winning streak, while the Shenzhen Component Index and the ChiNext Index achieved five consecutive days of gains. Nearly 3,800 stocks in the market rose, with hotspots focusing on commercial aerospace, satellite internet, and the paper sector [1]. Stock Performance - Notable stocks included: - Shengtong Energy (001331) increased by 10.00% to 38.27, marking a 10-day consecutive rise due to changes in control and involvement in robotics [2]. - Jiamei Packaging (002969) rose by 10.01% to 8.90, also achieving a 10-day consecutive rise due to changes in control and being a leader in three-piece cans [2]. - Shenjian Co. (002361) increased by 10.02% to 11.97, with a six-day consecutive rise attributed to commercial aerospace and polyester resin developments [2]. - Hangda Engineering (603698) surged by 49.99% to 37.42, marking a five-day rise due to its connection with aerospace technology and green hydrogen [2]. Trading Insights - The top three net buying stocks on the daily leaderboard were: - Jinfeng Technology (002202) with a net buy of 6.67 billion [3]. - Dongbai Group (600693) with a net buy of 2.09 billion [3]. - Xinke Mobile (688456) with a net buy of 1.35 billion [3]. - The top three net selling stocks were: - Tianyin Machinery (300342) with a net sell of 1.04 billion [7]. - Xue Ren Group (002639) with a net sell of 1.01 billion [7]. - Qingshan Paper (600103) with a net sell of 722.08 million [7]. Sector Highlights - The commercial aerospace sector saw significant interest, with stocks like Shenjian Co. and Shengtong Energy performing well due to their involvement in aerospace technology and robotics [4]. - The paper sector also attracted attention, with Qingshan Paper and other related stocks showing notable trading activity [4]. Company Developments - Jinfeng Technology reported a 34.34% year-on-year increase in revenue for the first three quarters, reaching 48.15 billion, and a 44.21% increase in net profit, amounting to 2.58 billion [13]. - The Long March 12 reusable rocket's successful first flight marks a significant milestone for China's recoverable technology, indicating a period of intensive validation [12].

金风科技今日涨停，全天换手率7.95%，成交额49.83亿元，振幅9.17%。龙虎榜数据显示，机构净卖出 4918.97万元，营业部席位合计净买入7.16亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.37%上榜，机构专用席位净卖出4918.97万元。 融资融券数据显示，该股最新（12月24日）两融余额为15.66亿元，其中，融资余额为15.47亿元，融券 余额为1998.45万元。近5日融资余额合计减少2813.55万元，降幅为1.79%，融券余额合计减少170.56万 元，降幅7.86%。（数据宝） 金风科技12月25日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 国泰海通证券股份有限公司南京太平南路证券营业部 | 46341.42 | 65.69 | | 买二 | 国泰海通证券股份有限公司宜昌沿江大道证券营业部 | 22237.26 | 50.13 | | 买三 | 华泰证券股份有限公司北京东三环北路证券营业部 | 8083.68 | 220.38 | | 买四 | 机构专用 | 7 ...

| 序号 | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | | 机构专用 | | 1562次 41.23% 2 | 7939.41 | 1.59% | | 2 机构专用 | Bast money.com | 1562次 41.23% | 0.00 | 0.00% | | 3 | 招商证券股份有限公司北京安外大街证券营业部 | 1次 0.00% | 48.37 | 0.01% | | 机构专用 4 | | 1562次 41.23% | 0.00 | 0.00% | | 5 机构专用 | | 1562次 41.23% | 7723.42 | 1.55% | | | (买入前5名与卖出前5名)总合计: | | 92373.57 | 18.54% | 金风科技(002202.SZ)今日涨停，股价创逾4年新高，换手率7.95%，成交额49.83亿元。龙虎榜数据显示，四家机构净卖出4019万元；游资"作手新一"位列买 一席位，净买入4.63亿元；"消闲派"位列买二席位，净买入2.22亿元。上榜席位全天买入9.24亿元，卖出2.57亿元，合计净 ...

Group 1 - The Indian wind power market has achieved a milestone order with Goldwind successfully entering the market through a technology licensing model using its GWH182-5.3MW wind turbine, which is currently the largest in India [1] - Goldwind announced that its major shareholder, Harmony Health Insurance Co., Ltd., will reduce its stake by selling 31,890,599 shares, representing 0.754795% of the total share capital, between December 19 and December 22, 2025 [1] - After the share reduction, Harmony Health will hold 211 million shares, accounting for 4.999998% of the total share capital, and will no longer be classified as a major shareholder [1]

Core Viewpoint - Goldwind Technology (002202.SZ) has seen a significant increase in stock price, rising over 8% to reach a peak of 18.96 yuan, with a total market capitalization exceeding 78 billion yuan. This surge is attributed to a milestone order in the Indian wind power market, where Goldwind has successfully entered through a technology licensing model with its GWH182-5.3MW wind turbine, the largest in India [1][1][1]. Group 1 - Goldwind Technology's stock price reached a new high of 18.96 yuan, marking an increase of over 8% [1] - The company's total market capitalization surpassed 78 billion yuan [1] - A significant milestone order in the Indian wind power market has been achieved, allowing Goldwind to enter this market [1] Group 2 - Goldwind announced that its major shareholder, Harmony Health Insurance Co., Ltd., will reduce its stake by selling 31,890,599 shares, representing 0.754795% of the total share capital [1] - After the reduction, Harmony Health will hold 211 million shares, which is 4.999998% of the total share capital, thus no longer being a major shareholder [1]

资料显示，金风科技股份有限公司位于北京市经济技术开发区博兴一路8号,香港铜锣湾礼顿道9-11号合 诚大厦17楼1701室，成立日期2001年3月26日，上市日期2007年12月26日，公司主营业务涉及风力发电 机组开发制造和销售、风电服务、风电场投资与开发、水务业务。主营业务收入构成为：风机及零部件 销售76.58%，风电场开发11.12%，风电服务10.15%，其他2.16%。 从金风科技十大流通股东角度 数据显示，南方基金旗下1只基金位居金风科技十大流通股东。南方中证500ETF（510500）三季度减持 57.08万股，持有股数3015.81万股，占流通股的比例为0.73%。根据测算，今日浮盈赚取约3076.13万 元。连续3天上涨期间浮盈赚取3709.45万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益30.61%，同类 排名1637/4197；近一年收益26.85%，同类排名1698/4170；成立以来收益147.81%。 12月25日，金风科技涨5.85%，截至发稿，报18.45元/股，成交6.05亿元，换手率1.00%，总市值779. ...