业绩简评 2025 年 8 月 27 日公司披露 25 年半年报，上半年公司实现营收 171.4 亿元，同比增长 45.3%；实现归母净利润 6.1 亿元，同比下 降 7.7%；其中，公司 Q2 实现营收 94.4 亿元，同比增长 40.4%， 环比增长 22.5%，实现归母净利润 3.1 亿元，同比下降 13.6%，环 比增长 1.9%。 经营分析 收入规模大幅增长，制造盈利预计小幅修复：上半年公司实现产 品销售收入 158 亿元，同比增长 51.2，毛利率约为 10.1%，同比 改善 0.20pct；其中风机及配件销售业务实现收入 124.8 亿元，同 比增长 57.5%，占比 79%，同比提升 3pct；电站产品销售业务收入 31.4 亿元，同比增长 48.6%，占比 20%，同比持平。考虑到上半年 产品销售收入中风机制造业务占比略有提升，以及在"136"号文 落地背景下电站产品销售毛利率大概率下降，我们预计风机及配 件销售业务毛利率存在小幅改善。展望后续，在风机价格企稳回升 的背景下，看好公司制造端毛利率持续回暖。 "两海"战略稳步推进，有望逐步贡献业绩弹性：海风方面，上半 年公司成功实现全球单体容量 ...

Summary of Key Points Core Viewpoint - The report provides a detailed summary of non-operating fund occupation and other related fund transactions for Goldwind Technology Co., Ltd. for the first half of 2025, highlighting the financial interactions with various related parties and subsidiaries. Group 1: Non-Operating Fund Occupation - There were no non-operating fund occupations reported from controlling shareholders or their subsidiaries in the first half of 2025 [2] - The total amount of non-operating funds occupied by other related parties was not specified, indicating a lack of significant financial interactions in this area [2] Group 2: Fund Transactions with Subsidiaries - The total fund transactions with subsidiaries amounted to RMB 2,952,139.02 million, with a cumulative occurrence of RMB 5,874,150.93 million in the first half of 2025 [3] - Specific subsidiaries such as Goldwind International Holdings (HK) Limited and its subsidiaries were involved in significant fund transactions, with a total of RMB 1,836,272.01 million reported [2][3] Group 3: Fund Transactions with Other Related Parties - The report indicates that transactions with other related parties, including significant shareholders' controlled enterprises, were recorded, with a total of RMB 261,059.45 million in transactions [3] - The report also notes that accounts receivable from sales of wind turbines and accessories have been settled, reflecting a positive cash flow situation [4] Group 4: Summary of Financial Data - The total amount of funds occupied and transactions reported in the summary table reflects a comprehensive overview of the company's financial interactions, with a focus on maintaining transparency in related party transactions [4] - The report concludes with a total of RMB 422,008.28 million in various financial categories, indicating a robust financial structure [4]

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]