Core Viewpoint - Goldwind Technology (02208) has launched a new generation of Ultra series wind power products, enhancing its market position and expected profitability due to strong order reserves and improved market conditions [1] Group 1: Product Launch - Goldwind Technology has officially introduced the new Ultra series wind power product matrix, which covers both onshore and offshore scenarios [1] - The GWH204-Ultra model shows a 2% improvement in power generation performance compared to the same power 242-meter rotor unit, with power generation equal to that of the 300-meter rotor unit [1] - The design lifespan of the onshore model has been extended to 25 years, while the offshore model's lifespan is now 30 years [1] Group 2: Market Outlook - Nomura's report indicates that Goldwind Technology, as a leading global wind turbine manufacturer, is expected to benefit from strong order reserves delivery in 2025-2026 [1] - The report highlights a gradual recovery in wind turbine prices and profit margins due to easing market competition and increased contributions from offshore wind and export sales [1] - The company is projected to achieve an average annual compound growth rate of 41% in earnings from 2024 to 2027 [1]

Core Viewpoint - Goldwind Technology (002202) is actively engaging in providing guarantees for its subsidiaries, indicating a strategic focus on supporting its international operations and maintaining financial stability. Group 1: Trading Information - As of October 21, 2025, Goldwind Technology closed at 14.83 yuan, up 2.28%, with a turnover rate of 4.47%, trading volume of 1,498,300 hands, and a transaction amount of 2.234 billion yuan [1]. - On the same day, the net inflow of main funds was 124 million yuan, suggesting a positive sentiment from major investors towards Goldwind Technology [3]. Group 2: Company Announcements - Goldwind Technology provided a guarantee of approximately 61.71 million yuan for its wholly-owned subsidiary Goldwind Australia, which has a debt-to-asset ratio exceeding 70%. This guarantee is part of a parent company guarantee agreement with a total amount of 13,345,995.62 AUD, effective from October 20, 2025, to September 20, 2043 [1][2]. - The company also provided guarantees totaling up to 34.65 million euros (approximately 286.67 million yuan) for its subsidiaries Goldwind International Renewable Energy and Goldwind Turkey, which also have a debt-to-asset ratio exceeding 70%. This guarantee is related to a wind turbine supply and installation agreement [2][3]. - As of the announcement date, the total external guarantee balance for the company and its subsidiaries was 1.279 billion yuan, accounting for 3.32% of its net assets, with no overdue or litigation guarantees reported [2].

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 公司關於為全資子公司金風國際可再生能源和金風土耳其提供擔保的公告》，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10月21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 本次拟担保的被担保对象 Goldwind Turkey Enerji Anonim Şirke ...

特别提示： 股票代码：002202 股票简称：金风科技 公告编号：2025-091 本次拟担保的被担保对象 Goldwind Turkey Enerji Anonim Şirketi 资产负债率超过 70%，请投资者充分关注担保风险。 一、担保情况概述 金风科技（下称"公司"）的全资子公司金风国际控股（香港） 有限公司（下称"金风国际"）的全资子公司金风国际可再生能源有 限公司（下称"金风国际可再生能源"）与 Goldwind Turkey Enerji Anonim Şirketi（下称"金风土耳其"）作为联合供应商，与 Errol Enerji Üretimi Sanayi ve Ticaret Anonim Şirketi（下称"Errol"）及 Tunna Enerji Üretimi Sanayi ve Ticaret Anonim Şirketi（. 下称"Tunna"）分别签署《风 机供货及安装协议》，其中金风国际可再生能源作为离岸供应商，负 责上述合同中的机组供货以及中国港口集港和海运工作；金风土耳其 作为在岸供应商，负责土耳其港口的接货，土耳其内陆运输和机组安 金风科技股份有限公司 关于为全 ...

Core Viewpoint - Morgan Stanley believes that the stock price of Goldwind Technology will decline in the next 15 days, with a probability of occurrence estimated at 70% to 80% [1] Summary by Relevant Sections - **Impact of VAT Refund Cancellation** - The cancellation of the VAT refund may reduce the internal rate of return for wind power operators by 0.5% to 0.6% [1] - Morgan Stanley anticipates upward pressure on wind turbine prices [1] - **Financial Projections** - Goldwind Technology has accounted for a VAT refund of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - **Market Position and Rating** - Morgan Stanley maintains a "Market Perform" rating for Goldwind Technology, considering the company's increasing exposure to overseas markets and a mild recovery in gross margins [1]

Core Viewpoint - Morgan Stanley believes that the stock price of Goldwind Technology will decline in the next 15 days, with a probability of 70% to 80% for this scenario to occur [1] Group 1: Financial Impact - The cancellation of the value-added tax (VAT) rebate may reduce the internal rate of return (IRR) for wind power operators by 0.5% to 0.6% [1] - Morgan Stanley anticipates upward pressure on wind turbine prices [1] Group 2: Company Projections - Goldwind Technology has accounted for a VAT rebate of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - The company is increasing its exposure to overseas markets alongside a moderate recovery in gross margins [1] Group 3: Rating - Morgan Stanley maintains a "Market Perform" rating for Goldwind Technology [1]

Core Viewpoint - The Hong Kong wind power stocks experienced a general increase, driven by the opening of the 2025 Beijing International Wind Energy Conference, which aims to enhance global consensus in the wind power industry and set ambitious installation targets for the coming years [1][2]. Group 1: Market Performance - Wind power stocks in Hong Kong saw significant gains, with Goldwind Technology rising over 6%, Dongfang Electric increasing by 4.4%, China High-Speed Transmission up nearly 3%, Xintian Green Energy rising by 1.6%, and Longyuan Power gaining 0.39% [2]. Group 2: Industry Developments - The 2025 Beijing International Wind Energy Conference opened on October 20, where the "Beijing Wind Energy Declaration 2.0" was released, proposing an annual new installed capacity of no less than 120 million kilowatts during the 14th Five-Year Plan period, doubling the annual installation target set in 2020 [1]. - Industry insiders indicated that with the offshore wind power entering the bidding season, the profitability of the industry is expected to improve continuously, particularly as the third quarter marks the peak season for wind power project commencement, suggesting an acceleration in industry prosperity [1].

Group 1 - The Hong Kong wind power stocks have generally risen, with Goldwind Technology up over 6%, Dongfang Electric up 4.4%, China High-Speed Transmission up nearly 3%, Xintian Green Energy up 1.6%, and Longyuan Power also increasing [1][2] - The 2025 Beijing International Wind Energy Conference and Exhibition, regarded as a "barometer" for China's wind power industry, opened on October 20, where the "Wind Energy Beijing Declaration 2.0" was officially released [1] - The declaration aims to unify global consensus in the wind power industry, proposing an annual new installed capacity of no less than 120 million kilowatts during the 14th Five-Year Plan period, which is double the annual installation target set in 2020 [1] Group 2 - Industry insiders indicate that with the offshore wind power entering the bidding peak season, the profitability of the industry will continue to improve, especially as the third quarter sees a peak in wind power project commencements [1] - The industry is expected to enter a phase of accelerated prosperity, with performance improvements across the entire supply chain, including complete machines and components [1]

每经AI快讯，金风科技(02208.HK)涨超3%，截至发稿，涨3.13%，报13.2港元，成交额3088.01万港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The wind power industry in China is poised for significant growth, with the recent Beijing International Wind Energy Conference highlighting ambitious installation targets and market reforms that will enhance profitability and operational efficiency in the sector [1] Industry Summary - The 2025 Beijing International Wind Energy Conference has set a new target for annual installed capacity of no less than 120 million kilowatts during the 14th Five-Year Plan, doubling the previous goal set in 2020 [1] - Analysts suggest that the wind power sector is benefiting from market-oriented reforms, which will facilitate a transition from rapid growth to high-quality development, laying a solid foundation for the start of the 14th Five-Year Plan [1] - The upcoming peak season for offshore wind power bidding is expected to improve industry profitability, with the third quarter marking a busy period for wind power project commencements, indicating a potential acceleration in industry prosperity [1] Company Summary - Goldwind Technology (金风科技) has seen its stock price increase by over 3%, reaching HKD 13.2, with a trading volume of HKD 30.88 million, reflecting positive market sentiment towards the company amid favorable industry developments [1]