金风科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | 单位：人民币万元 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占用方与上市公 | 上市公司核算 | 2025 年年初占 | 2025 年半年度占用累计 | 2025 年半年度 | | 占用 | 2025 年半年度偿 2025 年半年度 资金占用方名 | | | | | | | | | | 称 | | | | | | | | | 占用形成原 | | 因 | 占用性质 | | | | | | | | | | | | | | | 司的关联关系 | 的会计科目 | 用资金余额 | 发生金额（不含利息） | 资金的利息（如 | | 有） | 还累计发生金额 占用资金余额 一、控股股东及其附属企业 | | | | | | | | | | 无 | | | | | | | | | | | | 二、前控股股东及其附属企业 | | | | | | | | | | 无 | | | | | | | | ...

Core Viewpoint - The company plans to increase the estimated amount for daily related transactions for the year 2025 by 128.7 million yuan, which has been approved by the board and will be submitted for shareholder approval [1][2]. Group 1: Daily Related Transactions Overview - The company will engage in daily related transactions with several affiliated parties, including Shanghai Lipai Environmental Equipment Co., Ltd., Guangzhou Tuodao New Materials Technology Co., Ltd., Shandong Zhanggu High-tech Intelligent Manufacturing Technology Co., Ltd., Anhui Tongxin Intelligent Technology Co., Ltd., Hebei Xietong Environmental Technology Co., Ltd., and Hebei Xietong Chemical Co., Ltd. [1][2]. - The total estimated increase in daily related transaction amounts for 2025 is 128.7 million yuan [1][2]. Group 2: Transaction Categories and Amounts - The estimated increase in transaction amounts includes: - Sales and technical services to Lipai Environmental: 20 million yuan - Purchase of ceramic pumps/slurry pumps from Tuodao New Materials: 50 million yuan - Sales of pump accessories to Tuodao New Materials: 10 million yuan - Purchase of magnetic suspension fans and accessories from Zhanggu Gaofu: 20 million yuan - Sales of fans and accessories to Tongxin Intelligent: 6 million yuan - Purchase of agents from Xietong Environmental: 2 million yuan - Sales of agents to Xietong Environmental: 1 million yuan - Purchase of agents from Xietong Chemical: 1.5 million yuan [2][7]. Group 3: Affiliated Parties and Financial Performance - The company holds 9.77% equity in Lipai Environmental, which reported a revenue of 36.6 million yuan and a net loss of 537,200 yuan for 2024 [3]. - The company holds 8.49% equity in Tuodao New Materials, which reported a revenue of 74.1 million yuan and a net profit of 14.6 million yuan for 2024 [4]. - The company holds 35% equity in Zhanggu Gaofu, which reported a revenue of 53.4 million yuan and a net loss of 419,070 yuan for 2024 [4]. - The company holds 40% equity in Tongxin Intelligent, which reported a revenue of 14.6 million yuan and a net loss of 1,400 yuan for 2024 [5]. - The company holds 2,790 million yuan in registered capital for Xietong Environmental, which reported a revenue of 33.4 million yuan and a net profit of 4.09 million yuan for 2024 [6]. - The company holds 2,790 million yuan in registered capital for Xietong Chemical, which reported a revenue of 65.7 million yuan and a net profit of 13.36 million yuan for 2024 [6]. Group 4: Transaction Purpose and Impact - The related transactions are considered normal market behavior, following fair and reasonable pricing principles, and are expected to benefit the company's business development without harming the interests of the company or its shareholders [7][8]. - The transactions will not affect the company's independence or create dependency on the affiliated parties [7][8]. Group 5: Approval Process - The audit committee and independent directors have unanimously approved the proposal to increase the estimated amount for daily related transactions for 2025, which will be submitted to the board for further approval [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 17.79 billion yuan, representing a year-on-year growth of 19.1%, while the net profit attributable to shareholders is expected to decline by 9.7% to 1.81 billion yuan [8] - The gross margin for 2024 is forecasted at 16.9%, a slight decrease of 0.1 percentage points year-on-year [8] - The company has achieved record high domestic new orders exceeding 20GW in 2024, with nearly 2GW of new project contracts signed overseas [8] - The company anticipates an improvement in wind turbine gross margins in the coming quarters due to increased shipment proportions of new models and cost reductions in the supply chain [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 14.939 billion yuan - 2024: 17.792 billion yuan - 2025: 21.474 billion yuan - 2026: 25.459 billion yuan - 2027: 28.769 billion yuan - Net profit attributable to shareholders is projected to be: - 2023: 2.007 billion yuan - 2024: 1.812 billion yuan - 2025: 2.125 billion yuan - 2026: 2.658 billion yuan - 2027: 3.162 billion yuan - The earnings per share (EPS) estimates are: - 2023: 1.64 yuan - 2024: 1.48 yuan - 2025: 1.73 yuan - 2026: 2.17 yuan - 2027: 2.58 yuan [1][9]