Goldwind Technology: Roadshow scheduled for April 1, with participation from multiple institutions including Guotai Haitong Securities and Minsheng Securities.

Securities Star News, on April 1, 2026, Guofeng Technology (002202) released an announcement stating that the company held a roadshow on April 1, 2026. Ma Jingjing from Guotai Haitong Securities, Wang Yiru from Minsheng Securities, and Yang Zhifang from Tianfeng Securities participated.

The specific details are as follows:

Q: What were the company’s international and China market shares in 2025, respectively?

A: According to BloombergNEF statistics, in 2025, the company’s domestic wind power newly installed capacity reached 25.9GW, accounting for a 21% share in the domestic market; it ranked No. 1 nationwide for 15 consecutive years. The company’s globally newly installed capacity was 29.3GW, accounting for a 17.3% global market share; it ranked No. 1 globally for four consecutive years.

Q: How was the company’s self-operated wind farm operating situation in 2025?

A: In 2025, the company’s newly added equity grid-connected installed capacity for wind power projects inside and outside China was 2,497MW; the grid-connected scale of sold equity wind power inside and outside China was 588.45MW (including the scale of power station product sales). By the end of 2025, the company’s total equity grid-connected installed capacity of self-operated wind farms inside and outside China was 9,951MW. Of this, 39% was located in the Northwest region, 24% in the East China region, 16% in the North China region, 9% in the Northeast region, 8% in the Southern region, and 4% in the international region. The company’s wind farm equity under-construction capacity inside and outside China was 2,521MW. In 2025, wind power assets within the scope of the company’s domestic consolidated financial statements had covered 21 provinces nationwide; the electricity generation of wind power projects within the company’s domestic and international consolidated financial statements scope was 18.330 billion kWh, and the grid-supplied electricity was 17.898 billion kWh. The company’s average utilization hours for self-operated wind farms were 2,290 hours, which was 311 hours higher than the industry average level.

Q: What progress has the company made in its international business in 2025?

A: The company’s internationalization strategy has continued to deepen, and its international business has achieved breakthroughs in market expansion, sales revenue, and order backlog on hand. The business has been expanded to 49 countries worldwide. While it has continued to cultivate traditional regions such as North Africa, Southeast Asia, and South America, it has also actively expanded international markets such as Europe, the U.S., and Australia, winning multiple global benchmark projects in succession, including Saudi Arabia’s largest planned onshore wind power project worldwide, Oman’s largest wind power project, and South Africa’s largest single commercial project. In Thailand, it achieved the first deployment in Southeast Asia of the company’s self-developed steel-concrete hybrid tower, among others. In the offshore wind power field, it has also made milestone progress. In Korea, the first offshore project’s first wind turbine was successfully lifted, which is the company’s first overseas China-South Asia far seas offshore project. Meanwhile, the company has actively laid out localized supply chains and localized manufacturing centers in South America, Europe, and Asia, driving economic development in international regions through deep localization, and the influence of its international brand has continued to improve.

By the end of the fourth quarter of 2025, the company’s international business had accumulated installed capacity of 12,599.00MW. Of this, installed capacity in Asia (excluding China) exceeded 3GW; installed capacity in South America and Oceania was both already over 2GW; and installed capacity in Europe, North America, and Africa was all over 1GW. During the reporting period, the company’s international business achieved sales revenue of RMB 1,808,161.36 million, a year-on-year increase of 50.59%; overseas order backlog of 9,270.17MW, a year-on-year increase of 31.83%.

Q: In 2025, what progress did the company make in low-carbon and sustainability related aspects?

A: The company has embedded the low-carbon and environmental protection理念 in the full life cycle of its wind turbine products. Through technological innovation, optimizing process flows, and other measures, it has built an environment-friendly wind turbine; it has continued to carry out lifecycle assessment (LC) analysis to identify environmental impact factors of wind turbines across their entire life cycle, identify opportunities to improve wind turbines’ environmental performance at different stages, and explore the potential and opportunities to reduce carbon emissions, gradually reducing its carbon footprint. By the end of 2025, the company had continued to carry out lifecycle assessments for 12 wind turbine models, and all of them had passed international Environmental Product Declaration (EPD) certifications. The data shows that across the full lifecycle of Goldwind Technology’s turbine units, the carbon emissions per kWh are as low as 3.52g at minimum, which is less than 1% of traditional thermal power—fully demonstrating the low-carbon nature of Goldwind’s turbine products. In 2025, the company, in accordance with ISO 14067, completed carbon footprint certification for 1 energy storage product and 1 hybrid tower product.

Goldwind Technology (002202) principal businesses: wind turbine manufacturing, wind power services, and wind farm investment and development, as well as three other principal businesses and other businesses such as water services.

Goldwind Technology’s 2025 annual report shows that the company’s main operating revenue for the year was 73.023 billion yuan, up 28.79% year on year; attributable net profit to shareholders was 2.774 billion yuan, up 49.12% year on year; net profit after deducting non-recurring items was 2.613 billion yuan, up 47.03% year on year. Of this, in the fourth quarter of 2025, the company’s single-quarter main operating revenue was 24.877 billion yuan, up 19.26% year on year; single-quarter attributable net profit was 190 million yuan, up 178.02% year on year; and single-quarter net profit after deducting non-recurring items was 194 million yuan, up 63417.47% year on year. The liabilities ratio was 71.66%, investment income was 727 million yuan, financial expenses were 724 million yuan, and gross margin was 14.18%.

In the most recent 90 days, a total of 11 institutions issued ratings for this stock: 7 buy ratings and 4 buy-increase ratings; in the past 90 days, the average target price set by institutions was 22.5.

The following is detailed earnings forecast information:

Margin financing and securities lending data shows that in the past 3 months, the net inflow of margin financing for this stock was 1.137 billion yuan, and the margin financing balance increased; the net inflow of securities lending was 15.9168 million yuan, and the securities lending balance increased.

The above content has been compiled by Securities Star based on publicly available information and generated by an AI algorithm (Internet Information Security Filing 310104345710301240019), and does not constitute an investment recommendation.