Group 1 - The core point of the article is that Goldwind Technology (02208.HK) has successfully completed the issuance of its second phase of green technology innovation bonds for the year 2025, with a total issuance amount of 1 billion yuan [1] Group 2 - The bonds were issued on October 29, 2025, and the funds are expected to be received on October 30, 2025 [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。 北京，2025年10月30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 ) 股份代號：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 2025 年度第二期綠色科技創新債券發行結果的公告》，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 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 股票代码：002202 股票简称：金风科技 公告编号：2025-095 金风科技股份有限公司 关于 2025 年度第二 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-095 金风科技股份有限公司 关于 2025 年度第二期绿色科技创新债券发行结果的公告 | | 金风科技股份有限 公司2025年度第二 期绿色科技创新债 | | | | 债券简称 | 金风科技 25 MTN002(科创债) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券名称 | 券 | | | | | | | | | | 债券代码 | 102584552 | | | | 期限 | 年 3+N | | | | | 起息日 | 2025 年 10 | 月 | 30 | 日 | 兑付日 | 2099 年 月 | 12 | 31 | 日 | | 计划发行总额 | 100,000 | 实际发行总 额（万元） | 100,000 | | --- | --- | --- | --- | | （万元） | | | | | 初始基准利率 +发行利差(%) | 2.49 | 发行价（百 元面值） | 100 | | 簿记管理人 | 招商银行股份有限公司 | | | ...

Core Viewpoint - Goldwind Technology (02208.HK) experienced a significant increase in stock price, rising over 9% in early trading and currently up 6.7% at HKD 13.86, with a trading volume of HKD 364 million [1] Group 1 - The stock price of Goldwind Technology rose by over 9% in early trading [1] - As of the latest update, the stock is up 6.7% at HKD 13.86 [1] - The trading volume reached HKD 364 million [1]

Core Viewpoint - Goldwind Technology (金风科技) shares rose over 9% in early trading, currently up 6.7% at HKD 13.86, with a trading volume of HKD 364 million, driven by positive industry outlook and strong financial performance [1] Industry Summary - The Beijing International Wind Energy Conference released the "Wind Energy Beijing Declaration 2.0" on October 20, proposing an annual new installed capacity of no less than 120 GW during the 14th Five-Year Plan, with offshore wind power accounting for at least 15 GW; by 2030, the cumulative installed capacity is expected to reach 1300 GW [1] - According to Qunyi Securities, the average annual installed capacity of wind power during the 14th Five-Year Plan is expected to double compared to the 13th Five-Year Plan, indicating promising growth for the wind power industry [1] Company Summary - Goldwind Technology reported revenue of approximately CNY 48.147 billion for the first three quarters of 2025, representing a year-on-year increase of 34.34% [1] - The net profit attributable to shareholders was approximately CNY 2.584 billion, up 44.21% year-on-year, with basic earnings per share of CNY 0.5969 [1] - Revenue growth is primarily attributed to increased sales of wind turbines and components, while net profit growth is driven by higher gross profit and changes in fair value, offset by a decrease in investment income [1]

Group 1 - The core viewpoint of the article highlights the positive market response to Goldwind Technology's stock, which saw an increase of over 9% in early trading, reflecting investor optimism following the release of the "Beijing Wind Energy Declaration 2.0" [1] - The "Beijing Wind Energy Declaration 2.0" sets ambitious targets for wind energy installation during the 14th Five-Year Plan, aiming for an annual new installed capacity of no less than 120GW, with offshore wind power accounting for at least 15GW, and a cumulative installed capacity of 1300GW by 2030 [1] - According to Guotai Junan Securities, the average annual installed capacity of wind power during the 14th Five-Year Plan is expected to double compared to the previous plan, indicating strong growth potential for the wind energy industry [1] Group 2 - Goldwind Technology reported its performance for the first three quarters of 2025, with revenue of approximately 48.147 billion yuan, representing a year-on-year increase of 34.34% [1] - The net profit attributable to shareholders was approximately 2.584 billion yuan, reflecting a year-on-year growth of 44.21%, with basic earnings per share at 0.5969 yuan [1] - The revenue growth is primarily attributed to an increase in the sales volume of wind turbines and components, while the net profit growth is driven by higher gross profit and changes in fair value, offset by a decrease in investment income [1]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of RMB 48,146,709,129.40, with a net profit attributable to the parent company of RMB 2,584,374,593.56, resulting in a basic earnings per share of 0.5969 and a weighted average return on equity of 6.67% [3] Wind Turbine Sales - From January to September 2025, the company realized an external sales capacity of 18,449.70 MW, representing a year-on-year growth of 90.01% [3] - Sales capacity breakdown: - Below 4 MW: 22.50 MW (0.12%) - 4 MW to 6 MW: 2,550.05 MW (13.82%) - Above 6 MW: 15,877.15 MW (86.06%) [3] International Market Expansion - As of the end of Q3 2025, the company had a cumulative installed capacity of 11,214.62 MW in international markets, with significant installations in: - Asia (excluding China): over 3 GW - South America and Oceania: each exceeding 2 GW - North America and Africa: each exceeding 1 GW [3][4] Self-owned Wind Farms - As of September 30, 2025, the total equity installed capacity of the company's self-owned wind farms was 8,688 MW, with 4,062 MW under construction domestically [5] - From January to September 2025, the company added 745 MW of new equity grid-connected capacity and sold wind farm capacity of 100 MW [5] - The average utilization hours of self-owned wind farms during this period were 1,730 hours [5] Carbon Management Initiatives - The company has developed a new management model for carbon reduction across various energy sectors, integrating clean energy with digital technology through its zero-carbon platform [6] - By the end of 2024, over 500 zero-carbon projects have been promoted, covering industries such as logistics, steel, petrochemicals, and data centers [6] Low-Carbon Wind Turbine Practices - The company incorporates low-carbon and environmentally friendly principles throughout the lifecycle of its wind turbine products [7] - As of the end of 2024, 12 turbine models have undergone lifecycle assessments and received international environmental product declaration (EPD) certification, with carbon emissions as low as 3.52g per kWh, significantly lower than traditional coal-fired power [7]

Core Viewpoint - The report from Yuanta Securities indicates that Goldwind Technology (002202)(02208) has a strong presence in both domestic and international wind power markets, with significant growth in orders and stable pricing for new wind turbine orders, suggesting a positive outlook for the company's performance [1][6]. Company Performance - In the first three quarters of 2025, the company achieved revenue of 48.15 billion yuan, a year-over-year increase of 34%, and a net profit of 2.58 billion yuan, up 44.2% year-over-year (non-recurring net profit was 2.42 billion yuan, a 36.2% increase) [2][3]. - For Q3, the company reported revenue of 19.61 billion yuan, a year-over-year increase of 25.4%, and a net profit of 1.097 billion yuan, up 170.6% year-over-year (non-recurring net profit was 1.05 billion yuan, a 160.5% increase) [3][4]. - The company sold 7,809 MW of wind turbines in Q3, representing a 71% year-over-year increase, and cumulative sales for the first nine months reached 18,449.7 MW, a 91% increase [3][4]. Order Backlog - As of the end of September, the company had an order backlog of 49.9 GW, a year-over-year increase of 20.6%, with 7.16 GW of overseas orders, accounting for 14.3% of the total [3][4]. Profitability and Margins - The company's gross margin for Q3 was 13%, an increase of 0.84 percentage points from Q2, attributed to stable wind turbine prices and a higher proportion of high-margin overseas products [4]. - The average bidding price for wind turbines reached 1,610 yuan/kW in September, a year-over-year increase of 9.2% [4]. Industry Outlook - The wind power industry is expected to maintain a favorable outlook, with domestic new wind power installations reaching 61.09 GW in the first nine months of 2025, a year-over-year increase of 56% [5]. - The total installed capacity for wind power is projected to reach around 110 GW for the year, a 39% year-over-year increase [5]. - The report anticipates that the wind power installation capacity will double during the "14th Five-Year Plan" period compared to the previous plan, with significant growth expected [5]. Earnings Forecast - The company is expected to achieve net profits of 3.46 billion yuan, 4.51 billion yuan, and 5.81 billion yuan in 2025, 2026, and 2027, respectively, representing year-over-year growth of 86%, 30%, and 29% [6]. - The earnings per share (EPS) are projected to be 0.82 yuan, 1.07 yuan, and 1.38 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 14, 11, and 8.5 times [6].

Core Viewpoint - The wind power market is currently experiencing favorable conditions, with significant growth in both domestic and international orders for Goldwind Technology (02208), leading to an optimistic outlook for the company's performance [1][5]. Company Performance - For the first three quarters of 2025, the company achieved revenue of 48.15 billion yuan, a year-over-year increase of 34%, and a net profit of 2.58 billion yuan, up 44.2% year-over-year (net profit after deduction was 2.42 billion yuan, up 36.2%) [2][3]. - In Q3, the company reported revenue of 19.61 billion yuan, a year-over-year increase of 25.4%, and a net profit of 1.097 billion yuan, up 170.6% year-over-year (net profit after deduction was 1.05 billion yuan, up 160.5%) [3][4]. - The company's wind turbine sales volume saw a significant increase, with external sales capacity reaching 7,809 MW, a year-over-year growth of 71% [3]. Order Backlog - As of the end of September, the company had an order backlog of 49.9 GW, a year-over-year increase of 20.6%, with overseas orders accounting for 14.3% of the total [3][5]. Profitability and Margins - The company's gross margin in Q3 was 13%, an increase of 0.84 percentage points from Q2, attributed to stable wind turbine prices and a higher proportion of high-margin overseas products [4]. - The average public bidding price for wind turbines reached 1,610 yuan/kW in September, a year-over-year increase of 9.2% [4]. Industry Outlook - The wind power industry is expected to maintain a favorable outlook during the "14th Five-Year Plan" period, with domestic new wind power installations reaching 61.09 GW in the first three quarters, a year-over-year increase of 56% [5]. - The company is projected to achieve net profits of 3.46 billion, 4.51 billion, and 5.81 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.82, 1.07, and 1.38 yuan [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][7][9]. Core Insights - The company achieved a revenue of 48.15 billion RMB in the first three quarters of 2025, representing a year-over-year increase of 34%. The net profit reached 2.58 billion RMB, up 44.2% year-over-year [7][8]. - The wind power market remains robust, with significant growth in both domestic and international orders. The company has a strong market position, with a notable increase in high-margin overseas business [7][9]. - The report forecasts net profits for 2025, 2026, and 2027 to be 3.46 billion RMB, 4.51 billion RMB, and 5.81 billion RMB, respectively, reflecting year-over-year growth rates of 86%, 30%, and 29% [9][11]. Company Overview - The company operates in the power equipment industry, with a current H-share price of 12.99 HKD and a market capitalization of 21.55 billion HKD [3][4]. - The major shareholder holds an 18.28% stake in the company, and the book value per share is 9.09 HKD, resulting in a price-to-book ratio of 1.43 [3][4]. Financial Performance - The company reported a gross margin of 13% in Q3 2025, an increase of 0.84 percentage points from Q2, attributed to stable wind turbine prices and a higher proportion of overseas high-margin products [8]. - The company’s Q3 revenue was 19.61 billion RMB, with a year-over-year increase of 25.4%, and a net profit of 1.10 billion RMB, up 170.6% year-over-year [7][8]. Market Outlook - The wind power industry is expected to maintain a favorable outlook, with a projected annual installed capacity of 110 GW for the year, a 39% increase year-over-year [8][9]. - The report anticipates a significant rebound in bidding volumes for new wind projects in Q4, driven by the implementation of competitive pricing mechanisms [8][9].