Group 1: Wind Power Industry Development - In the first half of 2025, China's newly installed wind power capacity reached 51.39 million kW, a year-on-year increase of 98.9% [3] - By the end of June 2025, the cumulative installed wind power capacity in China was 573 million kW, representing a year-on-year growth of 22.7%, accounting for 15.7% of the total grid-installed capacity [3] - The cumulative wind power generation in the first half of 2025 was 588 billion kWh, up 15.6% year-on-year, with an average utilization hour of 1,087 hours and an average utilization rate of 93.2% [3] Group 2: Company Financial Performance - In the first half of 2025, the company achieved operating revenue of 28.537 billion yuan, with a comprehensive gross margin of 15.35% [4] - Revenue from the wind turbine and components sales segment was 21.852 billion yuan, accounting for 76.58% of total revenue, with a gross margin of 7.97% [4] - The wind farm development segment generated revenue of 3.172 billion yuan, representing 11.12% of total revenue, with a gross margin of 57.47% [4] - The wind power service segment's revenue was 2.896 billion yuan, making up 10.14% of total revenue, with a gross margin of 22.48% [4] Group 3: Energy Storage Business Development - In the first half of 2025, the company saw a 99% year-on-year increase in domestic energy storage orders [4] - The GoldBlock L200 and GoldBlock L700 energy storage products achieved significant breakthroughs in orders and shipments [4] - The company's energy storage system after-sales service received a five-star certification from NECAS and a seven-star certification from CTEAS, indicating industry-leading service levels [4] Group 4: Carbon Reduction Initiatives - The company has implemented over 50 energy-saving and carbon reduction measures, including new water plants, photovoltaic construction at wind farms, and precise aeration [4] - These measures are expected to reduce electricity consumption by approximately 6.55 million kWh annually and decrease carbon emissions by about 3,949 tons per year [4] Group 5: Wind Turbine Recycling Progress - The company has established a nationwide recycling network for wind turbines and initiated the development of the GWBD-A recyclable blade, which has over 97% recyclable material [4] - The blade has completed all functional tests and is ready for mass production, addressing the challenges of blade recycling [4]

Core Viewpoint - The wind power industry in the first half of 2025 experienced a surge in installed capacity, with a national increase of 51.39 GW, representing a year-on-year growth of 98.9%. However, major turbine manufacturers faced a "revenue without profit" dilemma, with only Goldwind Technology achieving positive net profit growth, while others reported varying degrees of decline or losses [1][4]. Group 1: Company Performance - Goldwind Technology reported revenue of 28.537 billion yuan, a year-on-year increase of 41.26%, and a net profit of 1.488 billion yuan, up 7.26% year-on-year [2]. - Mingyang Smart Energy, Yunda Co., and Sany Renewable Energy saw revenue growth but net profit declines due to low-price orders from 2024, with revenues of 17.143 billion yuan, 10.894 billion yuan, and 8.594 billion yuan respectively [4]. - Electric Wind Power continued to incur losses, with revenue of 2.664 billion yuan, a year-on-year increase of 118.61%, but a net loss of 279 million yuan [4]. Group 2: Market Trends - The average bidding price for onshore wind turbines reached a historical low of 1382 yuan/kW during the low-price competition period, impacting overall profit margins [4]. - The average bidding price for onshore wind turbines in the first half of 2025 rose to 2096 yuan/kW, a year-on-year increase of 21%, indicating a recovery trend in the market [8]. - The international market's revenue share for Goldwind Technology increased to 29.36%, reflecting a growing trend of "going overseas" in the wind power industry [3]. Group 3: Blade Manufacturing Sector - China National Materials achieved revenue of 13.331 billion yuan, a year-on-year increase of 26.48%, with net profit soaring by 114.92% [5]. - Times New Material reported revenue of 9.256 billion yuan, a year-on-year increase of 6.87%, with wind blade business revenue reaching 3.911 billion yuan, up 39.38% [6]. - Ailong Technology, focusing on wind blade structural adhesives, reported a revenue of 3.238 billion yuan in 2024, maintaining steady growth [7]. Group 4: Future Outlook - The wind power industry is expected to maintain a long-term positive trend, with a shift in competitive logic from scale expansion to value creation [10]. - Companies with core technologies and global layouts are likely to occupy more advantageous positions in future competition [10]. - The average profit margin for turbine manufacturers is projected to recover to 16%-18% by 2026, particularly benefiting those focusing on offshore and international markets [9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [5][45]. Core Insights - The company is experiencing a recovery in wind turbine profitability, with significant growth potential in overseas markets. The domestic wind power project bidding volume increased by 8.8% year-on-year in the first half of 2025, reaching 71.9GW, with onshore wind projects dominating [2][18]. - The company has a robust order backlog, with external orders totaling 41.4GW as of the end of the first half of 2025, including a notable increase in overseas orders, which grew by 42.27% year-on-year [2][29]. - Revenue for the first half of 2025 reached 285.37 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 14.88 billion yuan, up 7.26% year-on-year [9][31]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 285.37 billion yuan, a 41.26% increase year-on-year, and a net profit of 14.88 billion yuan, reflecting a 7.26% growth. The second quarter alone saw revenues of 190.65 billion yuan, a 44.18% increase year-on-year and a 101.28% increase quarter-on-quarter [9][31]. - The sales revenue from wind turbines and components was 218.52 billion yuan, a 71.15% increase, accounting for 76.58% of total revenue, with a gross margin of 7.97% [14][31]. Business Segments - Wind turbine and component sales are the primary revenue drivers, with significant growth in this segment. Wind farm development revenue decreased by 27.93% year-on-year, while wind power service revenue increased by 21.99% [14][31]. - The company is diversifying its business, focusing on wind turbine manufacturing, wind power services, and wind farm investment and development, with a strong emphasis on technological innovation and international market expansion [23][18]. Future Outlook - The company forecasts revenues of 778.1 billion yuan, 881.4 billion yuan, and 959.1 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 33.6 billion yuan, 42.7 billion yuan, and 49.7 billion yuan [3][45]. - The report highlights the expected recovery in wind turbine profitability and the growth of international business as key drivers for future performance [2][45].

Core Insights - The company reported a revenue of 28.537 billion yuan for H1 2025, representing a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 1.488 billion yuan, up 7.26% year-on-year [1] - In Q2 2025, the company achieved a revenue of 19.065 billion yuan, with a year-on-year increase of 44.18% and a quarter-on-quarter increase of 101.28%, while the net profit was 919 million yuan, down 12.80% year-on-year but up 61.78% quarter-on-quarter [1] - The wind turbine segment saw significant growth, with revenue reaching 21.852 billion yuan in H1 2025, a year-on-year increase of 71.15%, and sales of 10.64 GW, up 106.60% year-on-year [1] Revenue and Profitability - The company's gross margin for H1 2025 was 15.35%, and the net margin was 5.83%, both showing a decline of 2.90 percentage points and 1.28 percentage points year-on-year, respectively [1] - The gross margin for the wind turbine and components segment was 7.97% in H1 2025, an increase of 4.22 percentage points year-on-year [2] International Expansion - The company actively expanded its overseas business, achieving overseas revenue of 8.379 billion yuan in H1 2025, a year-on-year increase of 75.34%, with overseas business accounting for 29.36% of total revenue [2] - The gross margin for overseas business was 18.74%, higher than the domestic margin of 13.94% [2] - As of H1 2025, the company had a cumulative installed capacity of 10.03 GW in international business [2] Wind Farm Development - The pace of wind farm development has slowed, with new equity grid-connected capacity of 0.71 GW and transferred equity grid-connected capacity of 0.10 GW in H1 2025 [2] - The company reported a total of 8.65 GW of cumulative equity grid-connected capacity and 3.71 GW of equity under construction as of the end of H1 2025 [2] Wind Power Service Business - The wind power service business showed steady growth, with a project capacity of nearly 45.95 GW, a year-on-year increase of 37.0% [3] - The company generated service revenue of 2.896 billion yuan in H1 2025, up 21.99% year-on-year, with after-service revenue of 1.755 billion yuan, an increase of 9.56% year-on-year [3] Investment Outlook - The company is positioned to benefit from the high demand for domestic wind power installations and improvements in turbine pricing, which may lead to a recovery in profitability [4] - Revenue projections for 2025-2027 are 78.833 billion yuan, 84.064 billion yuan, and 92.153 billion yuan, with year-on-year growth rates of 39.0%, 6.6%, and 9.6%, respectively [4] - Net profit projections for the same period are 3.146 billion yuan, 3.983 billion yuan, and 4.766 billion yuan, with year-on-year growth rates of 69.1%, 26.6%, and 19.7%, respectively [4]

Core Insights - The company reported a revenue of 28.537 billion yuan for H1 2025, representing a year-on-year increase of 41.26% [1] - The net profit attributable to shareholders was 1.488 billion yuan, up 7.26% year-on-year, while the non-recurring net profit slightly decreased by 0.4% to 1.368 billion yuan [1] - The gross margin was 15.35%, down 2.9 percentage points year-on-year, and the net margin was 5.83%, down 1.3 percentage points year-on-year [1] Revenue Breakdown - Wind turbine and component sales reached 21.9 billion yuan in H1 2025, a year-on-year increase of 71.2%, with a gross margin of 8.0% [2] - Wind farm development revenue was 3.17 billion yuan, down 27.9% year-on-year, but with a high gross margin of 57.5% [2] - Wind service revenue was 2.9 billion yuan, up 22.0% year-on-year, with a gross margin of 22.5% [2] - The company added 709 MW of new grid-connected capacity, bringing the total installed capacity to 8.6 GW [2] Cost and Cash Flow Analysis - Total operating expenses for H1 2025 were 2.81 billion yuan, a year-on-year increase of 3.6%, resulting in an expense ratio of 9.8%, down 3.6 percentage points [3] - As of Q2 2025, inventory stood at 18.9 billion yuan, up 28% quarter-on-quarter [3] - Operating cash flow was negative at -2.9 billion yuan for H1 2025, indicating short-term cash flow pressure [3] Profit Forecast and Investment Rating - The company has revised its profit forecasts for 2025-2027, expecting net profits of 3.35 billion, 4.09 billion, and 4.84 billion yuan respectively, reflecting increases of 80%, 22%, and 18% [3] - The corresponding price-to-earnings ratios are projected at 13.3x, 10.9x, and 9.2x for the same years [3] - The investment rating is maintained at "Buy" [3]

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 ...