Industry Review Business Review Financial Results Global Wind Power Market Onshore Offshore 2025 Interim Results 88.4 72.5 68.8 105.7 109.0 6.9 21.1 8.8 10.9 8.0 95.3 93.6 77.6 116.6 117.0 2020 2021 2022 2023 2024 Global Annual New Installation (GW) Wind power has become the most economical renewable energy source（USD/KWh） 0.087 0.06 0.057 0.043 0.092 0.079 0.034 0.086 0.055 0.044 0.417 0.402 0.208 0.113 Bioenergy Geothermal Hydropower Solar PV Concentrated solar power Offshore wind Onshore wind global LCOE ...

| | 本报告期 | 上年同期 | | --- | --- | --- | | 营业收入(元) | 28,537,097,264.35 | 20,202,142,527.50 | | 归属于上市公司股东的净利 | 1,487,542,447.03 | 1,386,844,101.23 | | 润(元) | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 1,367,914,509.93 | 1.373.435.816.59 | | (元) | | | | 经营活动产生的现金流量净 | -2.949.384.794.81 | -8.150.780.678.61 | | 额(元) | | | | 基本每股收益(元/股) | 0.3421 | 0.3187 | | 稀释每股收益(元/股) | 0.3421 | 0.3187 | | 加权平均净资产收益率 | 3.85% | 3.73% | | | 本报告期末 | 上年度末 | | 总资产(元) | 161,553,273,565.94 | 155,224,285,481.93 | | 归属于上市公司股东的净资 | 39,769,742,256.87 ...

羊城晚报记者 陈泽云 8月22日，广东省统计局发布了今年前7月广东主要经济数据：1-7月，全省规模以上工业增加值同比增 长2.4%，社会消费品零售总额同比增长3.4%，固定资产投资同比下降11.4%，CPI下降0.4%。 广东省统计局分析指出，整体来看，广东积极应对外部环境复杂多变和高温、暴雨极端天气以及基孔肯 雅热疫情等不利影响，加力推动各项宏观政策持续落地见效，全省经济运行总体平稳。 见"活力"：人货两旺消费稳步增长 数据显示，1-7月，广东客运量、旅客周转量分别增长3.6%、6.1%，货运量、货物周转量分别增长 1.0%、5.7%，其中港口货物吞吐量增长1.6%。 人货两旺折射经济第一大省活力，"流动"的广东市场需求庞大。1-7月，全省社会消费品零售总额同比 增长3.4%。按经营单位所在地分，城镇消费增长3.6%，乡村消费增长1.4%。 以旧换新政策持续显效，限额以上单位通信器材类、家用电器和音像器材类、文化办公用品类、家具 类、建筑及装潢材料类商品零售额分别增长23.5%、42.1%、33.7%、65.4%、35.7%。 见"新质"：工业机器人增产33.3% 1-7月，广东规模以上工业增加值同比增长2 ...

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Goldwind Technology Co., Ltd. in the first half of 2025, driven by strong performance in wind turbine manufacturing and services, alongside a robust market for renewable energy solutions [1][2][9]. Company Overview and Key Financial Indicators - Goldwind Technology Co., Ltd. operates in wind turbine manufacturing, wind power services, and wind farm investment and development, providing diversified revenue streams [3][9]. - The company reported a revenue of approximately CNY 28.54 billion, a 41.26% increase year-on-year, and a net profit attributable to shareholders of CNY 1.49 billion, up 7.26% [2][9]. - The total assets of the company reached CNY 161.55 billion, reflecting a 4.08% increase compared to the previous year [2]. Industry Situation Overview - The global economic growth is projected to slow down, with the IMF forecasting growth rates of 3.0% and 3.1% for 2025 and 2026, respectively [3]. - In China, the GDP for the first half of 2025 was CNY 66.05 trillion, with a year-on-year growth of 5.3%, and the equipment manufacturing sector saw a 10.2% increase [4]. - The demand for electricity in China continues to grow, with policies being implemented to promote clean energy and carbon neutrality [4][5]. Main Business Analysis - The wind power industry in China has surpassed traditional coal power in installed capacity, marking a shift towards renewable energy as a primary energy source [9][18]. - Goldwind's wind turbine and component sales revenue increased by 71.15%, accounting for 76.58% of total revenue, with a sales capacity of 10,641.44 MW, a 187.01% increase year-on-year [9][10]. - The company maintains a strong order backlog, with external orders totaling 34,082.63 MW as of June 30, 2025 [10]. Future Development Outlook - The global wind power market is expected to see significant growth, with BNEF predicting 143 GW of new installations in 2025 and cumulative capacity reaching 3 TW by 2035 [18]. - Goldwind aims to leverage its technological advancements and market position to capitalize on the growing demand for renewable energy solutions, including wind power and related services [19][20].

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 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 年半年度报告全文 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 年半年度報告》，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 北京，2025年8月22日 金风科技股份有限公司 2025 年半年度报告 2025-065 2025 年 08 月 ...

Core Points - The Daqing Lindian 600,000 kW wind-solar power generation project has successfully completed the installation of its first wind turbine, marking a transition from foundation construction to equipment installation [1][4] - This project is a key initiative for the Daqing Oilfield to promote green and low-carbon development, involving the construction of 10 wind turbines with a single capacity of 6.25 MW, supporting collection lines, and a 220 kV booster station [2][4] Project Progress - The project team completed the concrete pouring for all 10 turbine foundations within 105 days, demonstrating efficient project management and construction capabilities [4] - The construction of the 220 kV booster station is progressing in parallel, indicating an overall acceleration in the project's development [4] Industry Impact - The successful assembly of the first wind turbine showcases the technical service company's expertise in the renewable energy sector and enhances the momentum for the overall completion of the project [4]

Core Viewpoint - Tianqi Co., Ltd. reported a decline in revenue but a significant improvement in profitability for the first half of 2025, indicating a potential recovery in operational efficiency and financial health [1][3]. Financial Performance - The company achieved an operating revenue of 1.247 billion yuan, a year-on-year decrease of 4.92%, while the net profit attributable to shareholders reached 56 million yuan, a substantial increase of 171.11% [1]. - Profitability indicators showed a notable enhancement, with the net profit margin rising from -5.97% in the first half of 2024 to 4.46%, and the gross profit margin increasing from 13.55% to 17.15% [3]. Operational Efficiency - Tianqi Co., Ltd. demonstrated improved operational efficiency, as evidenced by a reduction in inventory turnover days to 103.90 days, down 16.2% from the first half of 2024, indicating better inventory management [6]. - The net cash flow from operating activities was -6 million yuan, an improvement from -207 million yuan in the same period last year, although it remains negative, highlighting the need for better cash recovery [6]. Debt Management - The asset-liability ratio for the first half of 2025 was 64.73%, a decrease of 1.74 percentage points year-on-year, suggesting a reduction in the company's debt burden [6]. Institutional Investment - As of the first half of 2025, the number of institutional investors holding Tianqi Co., Ltd. shares decreased to 3, down from 29 in the same period of 2024, indicating a significant drop in institutional participation [8]. - The company's market capitalization was reported at 7.345 billion yuan, down from a peak of 12.914 billion yuan in June 2015, requiring a 75.83% increase in stock price to reach its historical high [8].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report highlights the increasing potential demand for AIDC and energy storage in emerging markets, driven by the photovoltaic industry's anti-involution catalysts [7][15] - The overall market sentiment is optimistic, with the CJ Electric New Index rising by 5.57% this week, indicating a strong performance across all sub-sectors [7][31] Summary by Sections 1. Photovoltaics - The photovoltaic sector is experiencing a stable price environment, with the Ministry of Industry and Information Technology planning a meeting to discuss component procurement results [18][21] - The report emphasizes the importance of the anti-involution strategy in the photovoltaic industry, with expectations for price stability and potential recovery in demand due to new pricing mechanisms in regions like Shandong and Gansu [27][35] - Recommended stocks include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar, focusing on those benefiting from the anti-involution strategy [15][35] 2. Energy Storage - The energy storage sector is witnessing unexpected demand growth, particularly in emerging markets, with Indonesia announcing a 320GWh distributed battery storage plan [40][41] - The report notes that major players like Sungrow Power and CATL are strengthening their market positions, with significant projects enhancing their competitive edge [44][48] - Recommended stocks in this sector include Sungrow Power, DeYe, and Airo Energy, focusing on those with strong growth potential in both domestic and international markets [15][49] 3. Lithium Batteries - The lithium battery sector remains stable, with a focus on solid-state battery advancements and the ongoing demand for electric vehicles [15][35] - Key players such as CATL and other second-tier companies are expected to benefit from the stable market conditions and potential price rebounds in lithium carbonate [15][35] 4. Wind Power - The wind power sector is seeing accelerated offshore wind project approvals, with companies like Mingyang Smart Energy and Haili Wind Power expected to benefit from this trend [15][35] - The report highlights the importance of supply chain recovery and profitability restoration in the wind turbine segment [15][35] 5. Power Equipment - The power equipment sector is experiencing growth driven by high-voltage projects and increasing overseas demand [15][35] - Recommended stocks include Mingyang Electric and Sifang Co., focusing on those involved in high-voltage and data center projects [15][35] 6. New Directions - The report discusses the rising demand for humanoid robots and AIDC technologies, with significant growth expected in AI applications and related sectors [15][35] - Companies like Sanhua Intelligent Control and Zhejiang Rongtai are highlighted as key players in this emerging market [15][35]

Economic Overview - The national economy shows a steady growth trend, with industrial added value above designated size increasing by 5.7% year-on-year in July and 6.3% from January to July [1][3] - The service industry continues to grow rapidly, contributing significantly to economic stability [6] Industrial Production - Industrial production maintains robust growth, with high-quality development progressing steadily, showcasing resilience and potential [1] - High-tech manufacturing added value increased by 9.3% year-on-year in July, with significant growth in integrated circuits and electronic materials [2] - Equipment manufacturing and high-tech manufacturing sectors are key contributors, with respective growth rates of 8.4% and 9.3% [1][2] Investment Trends - Fixed asset investment continues to expand, with a total of 288,229 billion yuan from January to July, marking a 1.6% year-on-year increase [3] - Manufacturing investment grew by 6.2%, with high-tech industries such as aerospace and information services seeing substantial increases [3] Consumer Market - Retail sales showed positive growth, with total retail sales reaching 38,780 billion yuan in July, up 3.7% year-on-year [4] - Online retail sales increased by 9.2%, indicating a strong shift towards e-commerce [4][5] - The consumption upgrade policy, including trade-in programs, has positively impacted sales of upgraded goods [5] Service Sector Growth - The service sector's contribution to economic growth is significant, with a 5.5% year-on-year increase in added value in the first half of 2025 [6] - The service production index rose by 5.8% in July, with information technology services growing at 11.9% [6]

Group 1 - The core viewpoint emphasizes the need for macroeconomic policies to continuously exert force and adapt as necessary to stabilize and stimulate economic growth, especially in light of recent economic indicators showing a slowdown [2][8][10] - The National Bureau of Statistics reported a decline in key economic indicators for July, including a 3.7% year-on-year growth in retail sales of consumer goods, which is the lowest for the year [3][4] - Investment in fixed assets (excluding rural households) reached 288.229 billion yuan in the first seven months, showing a year-on-year growth of 1.6%, with infrastructure investment growing by 3.2% [4][6] Group 2 - The government is expected to implement new incremental policies, including timely budget increases, interest rate cuts, and measures to support the real estate sector and foreign trade enterprises [2][8][9] - The manufacturing sector, particularly high-tech industries, has shown resilience, with significant year-on-year growth in sectors such as integrated circuit manufacturing (26.9%) and electronic materials (21.7%) [3][6] - The service sector's retail sales remained stable, with a 5.2% growth from January to July, indicating a sustained expansion in consumption [4][6] Group 3 - The government plans to enhance fiscal policies by accelerating the issuance of special bonds and improving the effectiveness of fiscal measures to stimulate economic activity [10][11] - The People's Bank of China aims to maintain a moderately loose monetary policy while optimizing the structure of financial resource allocation to support innovation and advanced manufacturing [11][12] - The focus on expanding domestic demand and enhancing the adaptability of supply and demand in consumer goods is a priority for the Ministry of Industry and Information Technology [12]