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 2025 年度財 務報表及審計報告》，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 *僅供識別 金风科技股份有限公司 财务报表及审计报告 二零二五年十二月三十一日止年度 金风科技股份有限公司 财务报表及审计报告 2025年12月31日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - 6 | | | 合并及公司资产负债表 | 7 - 11 | | | 合并及公司利润表 | 12 - | 1 ...

Core Viewpoint - The article discusses the strategic positioning of Goldwind Technology in the hydrogen energy sector, highlighting its comprehensive approach to integrating wind power and hydrogen production, which is seen as a significant shift in the company's business model [2][4]. Policy and Market Opportunities - Hydrogen energy has been officially included in China's "six major future industries," with key technologies like off-grid hydrogen production receiving institutional support, indicating a favorable policy environment [5]. - The cost of electrolysis for hydrogen production in China has decreased by nearly 40% since 2020, moving closer to commercial viability. Deloitte predicts that the global clean hydrogen market could reach $14 trillion annually by 2050, creating approximately 2 million jobs and a carbon reduction potential of 8.5 billion tons [5]. - The article emphasizes that the transition from policy support to industrial prosperity requires overcoming various technical bottlenecks and commercial barriers across the hydrogen supply chain [5]. Strategic Positioning - Goldwind Technology's transformation is rooted in its 28 years of experience in the wind power sector, with over 56,000 units in operation and expertise in extreme environmental conditions [7]. - The company aims to extend its technological capabilities from wind power to the entire hydrogen production chain, creating differentiated competitive advantages at key points in the chain [7][8]. Technological Innovations - Goldwind's solution for hydrogen production involves developing an IGBT hydrogen power supply system based on its wind power converter technology, addressing the structural tension between the natural variability of wind power and the stable power requirements of electrolyzers [8]. - This system improves production efficiency by over 2%, can withstand ±10% fluctuations in grid voltage and frequency, and reduces maintenance frequency by 50%, significantly lowering the lifecycle operating costs of hydrogen projects [8]. Digital Management Capabilities - The company has developed a digital management platform for green hydrogen production, which optimizes operational efficiency and manages safety risks through advanced control strategies [9]. - As hydrogen project scales increase, the complexity of operations will rise non-linearly, making the differentiation provided by digital platforms increasingly valuable [9]. Testing and Certification - Goldwind is the only company in China that offers testing services for wind power direct hydrogen electrolyzers, having established the largest performance database for electrolyzers under real fluctuation scenarios [11][12]. - The company received international certification from DEKRA for its testing laboratory, allowing hydrogen equipment tested there to gain global recognition, which is crucial for entering international markets [11][12]. Commercialization Steps - Goldwind has initiated two significant projects to validate its technology: a national wind power hydrogen production demonstration project in Jilin and a green methanol production base in Inner Mongolia, which has secured long-term contracts with Maersk and Hapag-Lloyd [15][16]. - The contracts with these leading shipping companies provide strong cash flow guarantees, reducing credit risk assessments for financing the green methanol project [15][16]. Long-term Strategic Vision - Goldwind's strategic move into hydrogen energy is seen as a way to leverage its existing advantages and explore a second growth curve, positioning itself early in the establishment of technical standards and commercial rules in the hydrogen market [18]. - The company is not just entering a new market but is also shaping the foundational infrastructure of the hydrogen economy, which may provide a more sustainable competitive edge than merely competing for market share [18].

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 2025 年年度報告》，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 北京，2026年3月27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 1 金风科技股份有限公司 2025 年年度报告全文 金风科技股份有限公司 2025 年年度报告 2026-025 2026 年 3 月 2 金 ...

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.* 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 2025 年年度報告摘要》，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 北京，2026年3月27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 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) 1 金风科技股份有限公司 2025 年年度报告摘要 证券代码：002202 证券简称：金风科技 公告编号：2026-024 金风科技股份有 ...

Summary of the Conference Call for Wind Power Company Industry Overview - The wind power industry in China is expected to add approximately 130 GW of new installed capacity in 2025, representing a year-on-year increase of 50% [2][3] - The market is showing a clear trend of concentration among leading companies, with the company ranking second in domestic bidding volume [3] - The order conversion rate in the industry is expected to remain between 40% and 50% [2][3] - The geopolitical situation in the Middle East may impact logistics for equipment exports, particularly in the Red Sea and Persian Gulf regions [3] Company Performance - The company anticipates a revenue of 29.4 billion yuan in 2025, a 32% increase, but a net profit decline of 26.87% due to the digestion of low-priced orders from 2024 [2][3] - The company had a backlog of orders totaling 45.48 GW by the end of 2025, with a shipment target of no less than 20 GW for 2026 [2][4] - The company achieved a sales revenue of 26.43 billion yuan from wind turbine sales, with an external sales capacity of 18.16 GW, a 56% increase year-on-year [3][4] Supply Chain and Cost Implications - Supply chain costs are influenced by the geopolitical situation, with potential long-term oil prices exceeding $100 per barrel affecting raw material prices [2][5] - The overall procurement volume for 2026 is expected to exceed that of 2025, with a stable supply situation for leading companies [5] - The company has experienced a slight increase in wind turbine gross margin in 2025, but remains affected by low-priced orders from 2024 [6][13] Business Strategy and New Initiatives - The company is shifting its strategy to focus on high-margin regions and avoid low-price competition in markets like Saudi Arabia [2][10] - New business initiatives include green electricity parks and collaborative electricity solutions, with a successful integration of an 80,000 kW green ferroalloy project in Inner Mongolia [2][4][16] - The company aims to add at least 1 million kW of new grid-connected capacity in 2026 and accelerate asset transfers [4][17] Research and Development - The company plans to increase R&D investment, targeting a research expense ratio of 4% in line with government guidelines [17] - R&D efforts will focus on developing larger wind turbine models to meet market demands in various marine environments [17] Market Outlook - The company aims for overseas new orders of no less than 2 GW in 2026, with a focus on securing profitable contracts [15][18] - The company is diversifying its international market strategy, focusing on regions like North Africa, Eastern Europe, and South America, while being cautious about low-price competition in the Middle East [18][19] Conclusion - The company is positioned to navigate the challenges of the wind power industry while focusing on profitability and strategic growth in both domestic and international markets. The emphasis on R&D and new business models will be crucial for long-term success.

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the European offshore wind market, highlighting a structural shortage in the capacity for large megawatt (MW) models, particularly those above 14MW, with an annual production capacity of only about 3GW for 12MW+ models. This presents a clear opportunity for Chinese supply chains to penetrate core components and complete machine markets [1][2]. Core Insights and Arguments - **Profitability in Europe**: The price for offshore wind in Europe is approximately 10,000 RMB/kW compared to 2,500 RMB/kW domestically. In the onshore wind market in Africa, Asia, and Latin America, profitability per watt is about 0.2-0.3 RMB, which is ten times higher than domestic levels, with gross margins reaching 20-30% [1][3]. - **Export Penetration**: The export penetration rate of Chinese wind turbines is expected to rise from less than 10% in 2023 to 19% by 2025, with overseas orders reaching 40GW in 2025, a year-on-year increase of 45%. Leading companies include Mingyang, Goldwind, and Envision [1][9]. - **Order Performance**: Mingyang has secured over 1GW in European offshore orders, with each 1GW sale potentially generating 1-2 billion RMB in performance elasticity. Goldwind holds a market share exceeding 60% in Africa, Asia, and the Middle East [1][3]. - **Competitive Landscape**: Siemens and Vestas dominate 90% of the existing European market, while GE has strategically withdrawn from new offshore wind orders. Chinese manufacturers are advancing in technology with 20MW+ models [1][4]. Emerging Markets - **Africa and Latin America**: The onshore wind market in Africa and Latin America is expected to see annual installation demand of about 30GW starting in 2027. Chinese companies like Goldwind and Mingyang are performing exceptionally well, with order growth rates of 50% to 100% annually [3][8]. - **Profitability Comparison**: Onshore wind projects in Africa and Latin America show significantly higher profitability compared to domestic projects, with prices reaching 2,000-3,000 RMB/kW and net profit margins nearing 10% [3][8]. Global Market Dynamics - **Regional Characteristics**: The global wind turbine market exhibits significant regional characteristics, with major brands in Europe and the U.S. like Vestas, Siemens, and GE dominating. Chinese companies are making inroads in Latin America and have a strong presence in the Middle East and Africa [4][5]. - **Market Entry Barriers**: Chinese manufacturers face political and security-related barriers when entering the European offshore wind market. However, there are signs of easing, such as the UK encouraging overseas supply chains to establish local production [6][7]. Future Growth Potential - **Forecast for Emerging Markets**: The global onshore wind market is projected to reach an average annual installation of over 60GW from 2025 to 2030, with developing countries contributing about 30GW. The offshore wind market outside Europe is also expected to grow, with Japan and South Korea initiating new projects [8][9]. - **Export Potential**: The export penetration of Chinese wind turbine manufacturers is expected to increase significantly, with potential cumulative exports reaching 78-233GW from 2026 to 2030, representing a growth of 100% to 500% compared to 2025 [9][10]. Conclusion - The European offshore wind market presents substantial opportunities for Chinese manufacturers due to structural shortages and high profitability. Emerging markets in Africa, Asia, and Latin America are also becoming critical growth areas, with Chinese companies poised to capitalize on these trends through strategic investments and competitive pricing.

Market Overview - The A-share market is experiencing an adjustment pattern, with the Shanghai Composite Index opening lower and showing volatility, primarily due to weak support from heavyweight sectors [5] - The Shenzhen Component and ChiNext Index have seen larger adjustments, with previously leading sectors such as computing power, CPO, and consumer electronics collectively realizing profits, contributing to the decline [5] Trading Activity - A total of 915 stocks rose, but there is a clear divergence with more stocks declining than rising [6] - Lithium materials stocks, including lithium mines, electrolytes, and membranes, performed well, while the power sector continued to show strength. However, popular sectors like photovoltaic equipment, insurance, wind power, national defense, and AI applications have seen adjustments [7] Capital Flow - The total trading volume in both markets decreased by 10.8%, indicating a shift towards risk aversion among investors, with funds moving from high-valuation tech growth sectors (AI, photovoltaic, telecommunications) to undervalued defensive and cyclical sectors [7] - Institutional investors are reallocating funds significantly from sectors such as electronics, computers, media, and gaming, while increasing positions in energy metals, basic chemicals, and power reform stocks [9] Investor Sentiment - Retail investors are entering the market to buy low-priced, small-cap defensive stocks (batteries, lithium mines, power), while reducing exposure to high-valuation tech stocks and speculative themes [9] - The sentiment among retail investors shows that 75.85% are optimistic about the market [10] Positioning - As of March 26, 30.20% of investors increased their positions, while 15.78% reduced their holdings, with another 30.20% remaining neutral [13] - The average position held by investors indicates a significant portion is still holding onto their investments, with 51.66% fully invested and 9.82% in cash [19] Profitability - A survey indicates that 4.35% of investors have achieved over 50% profit, while 4.05% have profits between 20% to 50%. Conversely, 45.05% are facing losses of less than 20% [21]

Market Overview - The A-share market experienced a collective decline today, with the Shanghai Composite Index falling by 1.09% to close at 3889.08 points, the Shenzhen Component Index down 1.41% to 13606.44 points, and the ChiNext Index decreasing by 1.34% to 3272.49 points. The total trading volume in the Shanghai and Shenzhen markets was 195.71 billion, a decrease of 23.59 billion compared to the previous day [3]. Market Sentiment and Performance - The core factors influencing market trading include short-term sentiment, mid-term performance, and long-term valuation. Currently, during the annual report disclosure season, market sentiment is the key driver of investment trading. Many companies reported annual results that exceeded expectations but still performed poorly due to a lack of growth expectations. Conversely, companies with disappointing results faced significant declines. Overall, market sentiment is cautious, leading to a conservative outlook for the future, which results in a tendency for stocks to decline regardless of whether their performance is above or below expectations [4]. Insurance Sector Analysis - The insurance sector was notably impacted today, particularly due to the annual report disclosure of China Life Insurance. Despite a 44% growth in retail business performance, the stock price fell sharply due to over 10 billion yuan in investment losses in the fourth quarter. Comparatively, China Life's third-quarter performance showed a 60% year-on-year increase, leading the market to view the annual report as underwhelming, which directly contributed to the stock's decline. Similarly, China Ping An reported a 22% year-on-year increase in net profit, with a significant improvement from an 11% increase in the third quarter. However, its stock also experienced a substantial drop, making its future performance a critical indicator for market sentiment. From a valuation perspective, China Ping An's annual dividend is 2.7 yuan per share, with a current stock price of 56 yuan, indicating a high investment value in terms of dividend yield [5][6]. Long-term Valuation Perspective - From a long-term valuation standpoint, the fundamentals of the insurance sector remain positive, particularly with significant growth in premium income this year. However, short-term trends are still heavily influenced by market sentiment. The A-share market showed a retracement today, with over 4000 stocks declining and only about 900 stocks rising, indicating a broad market downturn. The sectors leading the decline included wind power, solar energy, and insurance, while the oil service sector benefited from a rebound in oil prices [6]. Market Outlook - Currently, both the A-share market and the Hang Seng Technology Index are awaiting the resolution of negative sentiment. The ongoing disclosure of annual reports from major companies may serve as a pivotal point for the market. This turning point could not only impact individual stocks but also help establish a clear direction for the overall market trend [7].

Group 1: Company Overview and Industry Context - Yunda Energy Technology Group Co., Ltd. is involved in the energy sector, focusing on wind and solar power projects [2] - The company reported a total of 31,475.84 MW in cumulative orders as of December 2025, with new orders amounting to 24,600.27 MW in the same year [2][3] Group 2: Order and Pricing Trends - The bidding prices for wind turbine projects increased slightly in 2025 due to several factors, including a commitment from 12 domestic manufacturers to fair competition and adjustments in bidding rules [3] - The total capacity of wind turbines in hand includes 967.30 MW for 2-4 MW units, 8,089.10 MW for 4-6 MW units, and 36,419.44 MW for units above 6 MW [3] Group 3: International Business Development - Chinese companies hold eight out of the top ten positions among global wind turbine manufacturers, with a significant increase in international influence and recognition [4] - The company aims to accelerate its global strategy and expand its overseas order scale, which is expected to become a key growth point for future profits [4] Group 4: Clean Energy Operations and Engineering - In 2025, the company achieved a new capacity of 3,118.26 MW in approved/registered renewable energy projects, with a total grid-connected capacity of 1,463.14 MW [4] - The company’s EPC (Engineering, Procurement, and Construction) business is focused on optimizing its structure and expanding its market presence, targeting a revenue of 14.54 billion yuan from renewable energy EPC contracts in 2025 [4] Group 5: Green Energy Consumption and Future Prospects - The company is advancing its green energy consumption initiatives, focusing on local conversion of green electricity and developing green methanol and related fuel projects [5] - A dual-driven development model combining "new energy equipment manufacturing" and "green fuel solutions" is expected to enhance the company's long-term growth and market recognition [5]

Group 1 - The report highlights concerns over global "stagflation," with market expectations shifting towards potential interest rate hikes within the year, leading to adjustments across various asset classes [2] - The analysis of 62 multinational companies operating in China indicates that 51% of them expect improved performance in Q4 2025, while 40% foresee potential declines [3] - Sectors such as finance, consumer goods, and healthcare show higher optimism regarding future performance, with notable growth in paint, food and beverage, and high-end beauty segments [3] Group 2 - The automotive sector report indicates that the economic viability of electric vehicles (EVs) compared to fuel vehicles is improving, particularly in Europe and Southeast Asia, which are expected to drive EV penetration [4] - The report on China Pacific Insurance shows a significant profit increase, with a net profit of HKD 27.1 billion in 2025, reflecting a 221% year-on-year growth, driven by improved investment performance [5] - China Telecom's revenue reached CNY 523.9 billion in 2025, with a net profit of CNY 33.2 billion, indicating a modest growth trajectory despite challenges in revenue acceleration [5] Group 3 - Yancoal Australia is positioned to benefit from a new cycle of coal prices, with production expected to reach historical highs in 2025, capitalizing on geopolitical tensions [6] - Kingsoft Office reported a revenue of CNY 5.929 billion in 2025, driven by successful AI strategy implementation, with a notable increase in active users [7] - Beijing Enterprises Water Group's revenue decreased to CNY 22.06 billion in 2025, but free cash flow significantly improved, indicating potential for future dividend increases [8] Group 4 - Yuyuan Group's revenue fell to CNY 36.37 billion in 2025, with a net loss of CNY 4.9 billion, attributed to asset impairment during its restructuring phase [9] - Kunlun Energy's revenue reached CNY 193.98 billion in 2025, with a proposed dividend of CNY 0.3198 per share, reflecting a commitment to shareholder returns despite a decline in net profit [9] - The report on 361 Degrees shows a revenue increase to CNY 11.15 billion in 2025, with a net profit of CNY 1.31 billion, supported by strong brand positioning and e-commerce growth [17] Group 5 - The report on China Chemical indicates a revenue of CNY 190.1 billion in 2025, with a net profit of CNY 6.44 billion, benefiting from successful execution of overseas projects and improved gross margins [32] - The analysis of Nongfu Spring reveals a revenue of CNY 52.55 billion in 2025, with a net profit of CNY 15.87 billion, driven by strong performance in packaged water and ready-to-drink tea segments [30] - The report on Ruifeng Power highlights a revenue of CNY 3.1 billion in 2025, with a net profit of CNY 410 million, reflecting growth in the clean energy sector [31]