Group 1: Domestic Wind Power Market - In the first half of 2025, the total bidding volume in the domestic market reached 71.93 GW, a year-on-year increase of 8.8% [2] - Onshore bidding volume was 66.95 GW, while offshore bidding volume was 4.99 GW [2] - Northern region accounted for 77.2% of the bidding capacity, while the southern region accounted for 22.8% [2] - The bidding volume for wind turbines of 6 MW and above maintained a high proportion [2] Group 2: International Market Expansion - As of mid-2025, the company has expanded its business to 47 countries across 6 continents, with a cumulative installed capacity of 10,025.53 MW in international markets [3] - Installed capacity in Asia (excluding China) and South America exceeded 2 GW, while North America, Africa, and Oceania each surpassed 1 GW [3] - The company had external orders totaling 7,359.82 MW in overseas markets as of June 30, 2025 [3] Group 3: Mixed Tower Business - In the first half of 2025, new orders for mixed towers in the domestic market increased by 50%, and delivery volume grew by 59% year-on-year [4] - The company secured 3 GW of international project orders [4] - A precast plant for independent concrete production has been established, enhancing the quality and reducing costs of mixed towers [4] Group 4: Wind Power Service Development - The company participated in electricity market trading for renewable energy projects, increasing demand for related products and services [4] - In the first half of 2025, the company’s wind power service revenue reached 289,620.71 million CNY, with after-service revenue of 175,470.72 million CNY, a year-on-year increase of 9.56% [4] - The operational capacity of domestic and international after-service projects approached 45.95 GW, reflecting a year-on-year growth of 37.0% [4] Group 5: Climate Change and Low-Carbon Products - The company emphasizes low-carbon attributes in its products, integrating environmental considerations throughout the product lifecycle [4] - Twelve models of wind turbines have undergone lifecycle assessments to enhance Environmental Product Declaration (EPD) certification coverage [4] - The company is identifying opportunities to improve the environmental performance of wind turbines and reduce carbon emissions [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6][7]. Core Insights - The company reported strong revenue growth of 41.26% year-on-year, reaching 28.537 billion CNY in the first half of 2025, with a net profit of 1.488 billion CNY, reflecting a 7.26% increase [1]. - The order backlog has shown robust growth, with external orders increasing by 45.58% year-on-year to 51.81 GW, including a 42.27% increase in overseas orders [2]. - The company's wind turbine sales have significantly improved, with a 106.60% increase in sales volume to 10.64 GW in the first half of 2025, driven by a recovery in domestic wind power demand [2]. - The gross margin for wind turbine and component sales improved by 4.22 percentage points to 7.97%, indicating enhanced profitability [2]. - The company is actively expanding its wind power service and investment business, achieving service revenue of 2.896 billion CNY, with a 9.56% increase in after-sales service revenue [3]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 19.065 billion CNY, a 44.18% year-on-year increase and a 101.28% quarter-on-quarter increase, with a net profit of 919 million CNY [1]. - The company expects net profits for 2025-2027 to be 3.221 billion CNY, 4.136 billion CNY, and 4.836 billion CNY respectively, with significant upward revisions of 23%, 35%, and 43% [4]. Market Position - The company is focusing on international and offshore business, which is expected to support its market share growth [2]. - The average operating hours for domestic units reached 1,255 hours, exceeding the national average by 168 hours, contributing to increased revenue from power generation [3]. Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 0.76 CNY, 0.98 CNY, and 1.14 CNY, with corresponding price-to-earnings (P/E) ratios of 16 and 11 for A and H shares respectively [4][5].

Group 1: Domestic Wind Power Market - In Q1 2025, the newly installed wind power capacity in China was 14.6 GW, a year-on-year decrease of 5.7% [3] - As of the end of Q1 2025, the cumulative installed wind power capacity reached 535.4 GW, accounting for 15.6% of the total installed power capacity, while thermal power's share decreased to 42.3% [3] Group 2: International Market Expansion - Goldwind Technology has expanded its business to 47 countries across 6 continents, with installed capacity exceeding 1 GW in North America, Australia, Asia (excluding China), and South America [3] - As of March 31, 2025, the company's external orders amounted to 6,909 MW, representing a year-on-year growth of 26.1% [3] Group 3: Product Development and Innovation - The GWHV12 platform has achieved over 10 GW in single-platform deliveries for two consecutive years, while the GWHV17 platform covers low, medium, and high wind speeds [4] - The newly launched GWH204 Ultra model addresses complex scenarios such as rural and mountainous wind power [4] - The GWHV20 platform has successfully delivered its first 1 million kW project in the same year of commissioning, showcasing high installation efficiency [4] - The new GWH300-20 (25) MW model aims to reduce the Levelized Cost of Energy (LCOE) by 10% in deep-sea applications [4] Group 4: Wind Power Service Business - By the end of 2024, the company's operational capacity in wind power services approached 40 GW, reflecting a year-on-year growth of nearly 30% [5] - In 2024, wind power service revenue reached 550,703.14 million yuan, with after-service revenue of 391,297.04 million yuan, marking a year-on-year increase of 29.26% [5] Group 5: Green Production and Operations - Goldwind Technology emphasizes resource conservation and environmental friendliness, with ISO 14001 certification covering mixed towers, energy storage, and carbon management by the end of 2024 [6] - Ten factories have established energy management systems and received ISO 50001 certification, while four factories achieved national-level green factory certification and another four received provincial-level certification [6]