（於中華人民共和國註冊成立的股份有限公司） （股份代號：02208） GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公 司 出席公司將於2025年12月19日星期五緊隨臨時股東會及A股類別股東會議結束後，於中國北京經濟技術開發區博 興一路8號公司會議室舉行的H股類別股東會議（「H股類別股東會議」）或任何相關續會，並按以下指示代表本人╱ 吾等就H股類別股東會議通知所載的決議案投票。在無任何指示的情況下，受委任代表可自行酌情投票表決。 於2025年12月19日召開H股類別股東會議的代表委任表格 本人╱吾等1 地址為 為金風科技股份有限公司（「公司」） 股股份的登記持有人2 茲委任大會主席或3 為本人╱吾等的受委代表， ， | | 特別決議案 | 贊成4 | 反對4 | 棄權4 | | --- | --- | --- | --- | --- | | 1 | 審議並批准建議回購註銷部分A股限制性股票激勵計 | | | | | | 劃項下之限制性股票。 | | | | | 2 | 審議並批准變更註冊資本及建議修訂公司章程。 | | | | 日期 簽名 附註： 1. 請用正 ...

金風科技股份有限公 司 本人╱吾等1 地址為 為金風科技股份有限公司（「公司」） 股股份的登記持有人2 茲委任大會主席或3 為本人╱吾等的受委代表， 出席公司將於2025年12月19日星期五下午2:50，於中國北京經濟技術開發區博興一路8號公司會議室舉行的臨時 股東會（「臨時股東會」）或任何相關續會，並按以下指示代表本人╱吾等就臨時股東會通知所載的決議案投票。在 無任何指示的情況下，受委任代表可自行酌情投票表決。 | | 特別決議案 | 贊成4 | 反對4 | 棄權4 | | --- | --- | --- | --- | --- | | 1 | 審議並批准建議回購註銷部分A股限制性股票激勵計 劃項下之限制性股票。 | | | | | 2 | 審議並批准變更註冊資本及建議修訂公司章程。 | | | | | | 普通決議案 | 贊成4 | 反對4 | 棄權4 | | 3 | 審議並批准關於申請2026年度日常關聯交易（A股）預 計額度的議案。 | | | | （於中華人民共和國註冊成立的股份有限公司） （股份代號：02208） GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 於20 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-105 金风科技股份有限公司 关于召开 2025 年第三次临时股东会及 2025 年第三次 A 股类 别股东会议、2025 年第三次 H 股类别股东会议的通知 公司 A 股股东可通过现场或委托投票，也可以通过网络进行投 票。公司 A 股股东投票表决时，同一股东账户只能选择现场投票或 网络投票中的一种，不能重复投票。如果同一股东账户通过现场及网 络重复投票，以第一次投票为准。 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。 金风科技第九届董事会第八次会议决议召开公司 2025 年第三次 临时股东会及 2025 年第三次 A 股类别股东会议、2025 年第三次 H 股类别股东会议（H 股类别股东会议通知参见公司 H 股公告），会议 采取现场投票与网络投票相结合的方式召开，现将有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会及 2025 年第三次 A 股类别股东会议、2025 年第三次 H 股类别股东会议 2、股东会的召集人：董事会 3、会议召开的合法、合规性：本 ...

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通知的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通知全部或任何 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） 臨時股東會通知 茲公告金風科技股份有限公司（「公司」）謹定於2025年12月19日星期五下午2:50， 於中國北京經濟技術開發區博興一路8號公司會議室舉行臨時股東會（「臨時股東 會」），以審議並酌情批准下列事項。除非另有所指，本通知所用詞彙與公司日期為 2025年11月28日之通函所界定者具有相同涵義。 特別決議案： * 僅供識別 1 馬金儒 2025年11月28日 附註： 2 1. 每位有權出席臨時股東會並於會上投票的股東，有權委派受託代表代表其本人出席臨時股東 會及投票。受託代表毋須為公司股東。股東的受託代表可以以投票方式進行表決。股東應就其 擁有的每股股份擁有一票。 2. 公司將於2025年12月15日星期一至2025年12月1 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀人或持牌 證券交易商、銀行經理、律師、會計師或其他專業顧問。 閣下如已將名下之金風科技股份有限公司股份全部售出或轉讓，應立即將本通函連同隨附 之代表委任表格送交買主或承讓人或經手買賣或轉讓之銀行、股票經紀人或其他代理商，以 便轉交買主或承讓人。 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通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函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。 (1) 建議回購註銷部分A股限制性 股票激勵計劃項下之限制性股票 (2) 變更註冊資本及 建議修訂公司章程 及 (3) 臨時股東會通知及 H股類別股東會議通知 茲公告金風科技股份有限公司謹定於2025年12月19日星期五下午2:50，於中國北京經濟技術 開發區博興一路8號公司會議室舉行臨時股東會、A股類別股東會議及H股類別股東會議，臨 時股東會及H股類別股東會議通知載於本通函第8至11頁。A股類別股東會議的資料請參閱公 司登載於巨潮資訊網(www.cninfo.com.c ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of approximately 48.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34%, and a net profit attributable to shareholders of approximately 2.6 billion yuan, up 44% year-on-year. In Q3 2025 alone, the revenue was about 19.6 billion yuan, a 25% increase year-on-year, with a net profit of approximately 1.1 billion yuan, reflecting a significant 171% year-on-year growth [2][4] Summary by Relevant Sections Revenue Performance - In Q3 2025, the company achieved wind turbine sales of approximately 7.8 GW, a 71% increase year-on-year. The breakdown of sales includes 0.6 GW in the 4-6 MW range (7.7% of total) and 7.2 GW in the 6 MW and above category (92.3% of total) [12] - The company had no new power station transfers in Q3, with an added grid capacity of about 0.04 GW, and a total self-operated wind farm capacity of approximately 8.7 GW [12] Profitability Metrics - The gross profit margin for Q3 was approximately 13.0%, a decrease of 1.1 percentage points year-on-year, primarily due to increased land wind turbine sales. The expense ratio for Q3 was about 9.2%, down 4.0 percentage points year-on-year, attributed to the dilution effect from increased revenue [12] - The net profit margin for Q3 was approximately 5.9%, showing an improvement year-on-year [12] Order Backlog and Financial Position - As of September 2025, the company had an order backlog of 52.5 GW, with 7.2 GW from overseas orders. The external orders totaled 49.9 GW, with 11.0 GW in bids not yet signed and 38.9 GW in signed contracts awaiting execution [12] - The company reported inventory and contract liabilities of approximately 21.7 billion yuan and 19.9 billion yuan, respectively, both at historical highs, which is expected to support future delivery performance [12] Industry Context - In the first three quarters of 2025, domestic wind turbine public bidding was approximately 102.1 GW, a 14% year-on-year decrease. The average bidding price for wind turbines in Q3 was above 1,500 yuan/KW, reaching 1,610 yuan/KW in September [12] - The company anticipates that stabilized bidding prices and increased overseas orders will support future delivery performance and profitability recovery [12]

Core Viewpoint - The report from Huayuan Securities indicates that Goldwind Technology has shown significant improvement in profitability, with a strong outlook for the wind power industry and profit recovery trend [1] Financial Performance - In Q1-Q3 of 2025, Goldwind Technology achieved a net profit attributable to shareholders of 2.58 billion yuan, representing a year-on-year increase of 44.2% [1] - In Q3 of 2025, the net profit attributable to shareholders reached 1.097 billion yuan, marking a year-on-year increase of 170.6% [1] - The overall gross margin for the company in Q3 of 2025 was 13%, an increase of 0.84 percentage points quarter-on-quarter [1] Profitability Outlook - The gross margin for the wind turbine segment is expected to remain on an upward trend, contributing to continued profit improvement [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised upwards to 3.08 billion, 4.83 billion, and 5.75 billion yuan, respectively, from the previous estimates of 2.66 billion, 3.85 billion, and 4.47 billion yuan [1] Industry Trends - The pace of large-scale wind power development is slowing, but the profitability of the wind turbine manufacturing segment is expected to recover, indicating potential for further profit recovery [1] - The company maintains a "Buy" rating based on the positive outlook for the wind power sector and the anticipated recovery in profitability [1]

Core Viewpoint - The report from Huayuan Securities maintains a "buy" rating for Goldwind Technology (002202), highlighting strong performance in the first three quarters of the year, with revenue and net profit attributable to shareholders increasing by 34.3% and 44.2% year-on-year, respectively. The growth is primarily driven by the high demand in the wind power industry, with wind turbine sales surging by 90% year-on-year, and an ongoing improvement in gross margins [1]. Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 48.15 billion yuan (up 34.3% year-on-year) and a net profit attributable to shareholders of 2.58 billion yuan (up 44.2% year-on-year). In Q3 2025, the company reported revenue of 19.61 billion yuan (up 25.4% year-on-year) and a net profit of 1.097 billion yuan (up 170.6% year-on-year) [1]. Wind Turbine Sales and Margins - Wind turbine sales remained high, with external sales capacity reaching 18.4 GW in the first three quarters of 2025 (up 90% year-on-year), and Q3 sales alone were 7.8 GW (up 124% year-on-year), making it the main contributor to revenue. The overall gross margin for Q3 reached 13%, an increase of 0.84 percentage points quarter-on-quarter, indicating a continued upward trend in profitability [2]. - As of September 30, the company had an order backlog of 52.5 GW (up 18.5% year-on-year), with over 7 GW of overseas orders [2]. Capacity and Utilization - From January to September, the company added 745 MW of new installed capacity and sold a wind farm of 100 MW. By the end of September, the self-operated installed capacity was 8,688 MW, with 4,062 MW under construction, and the average utilization hours reached 1,730 hours [3]. Future Outlook - The "14th Five-Year Plan" is expected to sustain high levels of wind power installations, with an annual average of no less than 120 million kW of new capacity. The recovery in wind turbine prices over the past year is anticipated to continue, with the average bidding price for wind turbines in September being 1,610 yuan per kW, indicating a rebound from the bottom and potential for improved profitability [4]. Profit Forecast and Rating - Due to better-than-expected recovery in wind turbine gross margins and changes in the fair value of equity holdings, the profit forecast for 2025-2027 has been revised upwards to 3.08 billion yuan, 4.83 billion yuan, and 5.75 billion yuan, respectively, with year-on-year growth rates of 65%, 57%, and 19%. The current stock price corresponds to P/E ratios of 15, 9, and 8 times. The company is expected to see further recovery in wind turbine manufacturing profitability, leading to a maintained "buy" rating [5].

Core Viewpoint - The report from Huayuan Securities maintains a "buy" rating for Goldwind Technology (02208), highlighting strong performance in the first three quarters of the year, with revenue and net profit attributable to shareholders increasing by 34.3% and 44.2% year-on-year, respectively. The growth is primarily driven by the high demand in the wind power industry, with wind turbine sales surging by 90% year-on-year, and an ongoing improvement in gross margins [1]. Group 1: Performance Overview - For the first three quarters of 2025, the company achieved operating revenue of 48.15 billion yuan (up 34.3% year-on-year) and a net profit attributable to shareholders of 2.58 billion yuan (up 44.2% year-on-year). In Q3 2025, the company reported revenue of 19.61 billion yuan (up 25.4% year-on-year) and a net profit of 1.097 billion yuan (up 170.6% year-on-year) [1]. Group 2: Wind Turbine Sales and Margins - Wind turbine sales remained robust, with external sales capacity reaching 18.4 GW in the first three quarters of 2025 (up 90% year-on-year), and Q3 sales alone were 7.8 GW (up 124% year-on-year), significantly contributing to revenue [2]. - The overall gross margin for the company reached 13% in Q3 2025, an increase of 0.84 percentage points quarter-on-quarter, indicating a continued upward trend in the gross margin for the wind turbine segment [2]. Group 3: Capacity and Utilization - From January to September 2025, the company added 745 MW of new equity grid-connected capacity and sold a wind farm of 100 MW. As of the end of September, the company's self-operated equity installed capacity was 8,688 MW, with 4,062 MW under construction, and the average utilization hours reached 1,730 hours [3]. Group 4: Industry Outlook - The "14th Five-Year Plan" is expected to sustain high levels of wind power installations, with an annual average of no less than 120 million kW of new wind power capacity. The recovery in wind turbine prices over the past year is anticipated to continue, enhancing profitability in the wind turbine segment [4]. Group 5: Profit Forecast and Rating - Due to the better-than-expected recovery in wind turbine gross margins, the profit forecast for the company has been revised upwards for 2025-2027 to 3.08 billion yuan, 4.83 billion yuan, and 5.75 billion yuan, respectively, with year-on-year growth rates of 65%, 57%, and 19%. The current stock price corresponds to P/E ratios of 15, 9, and 8 times for the respective years. The company is expected to see further recovery in wind turbine manufacturing profitability [5].

Core Viewpoint - Goldwind Technology's stock has shown significant volatility, with a year-to-date increase of 43.18%, but recent declines in the short term indicate potential market fluctuations [1][2]. Group 1: Stock Performance - As of November 24, Goldwind Technology's stock price was 14.59 CNY per share, with a market capitalization of 61.644 billion CNY [1]. - The stock experienced a net outflow of 11.1234 million CNY from main funds, with large orders accounting for 28.46% of total buying and 21.08% of total selling [1]. - Over the past 60 days, the stock price increased by 38.16%, while it has decreased by 2.21% in the last 5 trading days and 6.29% in the last 20 days [1]. Group 2: Company Overview - Goldwind Technology, established on March 26, 2001, and listed on December 26, 2007, specializes in the development, manufacturing, and sales of wind turbines, as well as wind farm investment and development [2]. - The company's revenue composition includes 76.58% from turbine and component sales, 11.12% from wind farm development, 10.15% from wind power services, and 2.16% from other sources [2]. - As of September 30, 2025, Goldwind Technology reported a revenue of 48.147 billion CNY, reflecting a year-on-year growth of 34.34%, and a net profit of 2.584 billion CNY, up 44.21% year-on-year [2]. Group 3: Shareholder Information - Goldwind Technology has distributed a total of 11.683 billion CNY in dividends since its A-share listing, with 1.521 billion CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased by 2.66% to 202,400, with the average circulating shares per person remaining at 0 [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3].