Goldwind Science & Technology Co., Ltd. (002202) announced on October 29, 2025, that it conducted a roadshow with participation from analysts including Hu Junying of Soochow Securities, Yang Zhifang of Tianfeng Securities, and Ma Jingjing of Guotai Haitong Securities. Key discussion points included:

1. **Financial Performance for the First Three Quarters of 2025**: The company reported revenue of RMB 48.15 billion and net profit attributable to shareholders of RMB 2.58 billion. Basic earnings per share stood at RMB 0.5969, with a weighted average ROE of 6.67%.

2. **Wind Turbine Sales**: From January to September 2025, Goldwind sold 18,449.7MW of wind turbines, a 90.01% year-on-year increase. Sales breakdown: - Below 4MW: 22.5MW (0.12%) - 4MW–6MW: 2,550.05MW (13.82%) - 6MW and above: 15,877.15MW (86.06%)

3. **International Expansion**: By Q3 2025, cumulative overseas installed capacity reached 11,214.62MW, including over 3GW in Asia (excluding China), 2GW+ in South America and Oceania, and 1GW+ in North America and Africa. External orders totaled 7,161.72MW as of September 30, 2025.

4. **Self-operated Wind Farms**: Total equity installed capacity stood at 8,688MW globally, with 4,062MW under construction domestically. New grid-connected capacity added 745MW, while 100MW of wind farms were sold. Average utilization hours were 1,730.

5. **Smart Energy & Carbon Initiatives**: Goldwind’s zero-carbon platform integrates carbon accounting, microgrid dispatch, and energy management systems, serving 500+ projects across industries like logistics, steel, and data centers. The upgraded Carbon Account V2.0 now tracks green power emissions precisely.

6. **Low-carbon Turbine Practices**: Twelve turbine models have received international EPD certification, with lifecycle emissions as low as 3.52g/kWh—less than 1% of coal power’s footprint.

**Business Overview**: Goldwind operates in turbine manufacturing, wind services, farm investment/development, and water utilities.

**Q3 2025 Financials**: - Revenue: RMB 48.15B (+34.34% YoY) - Net Profit: RMB 2.58B (+44.21%) - Q3 Single-quarter revenue: RMB 19.61B (+25.4%) - Gross margin: 14.39%; Debt ratio: 73.11%

**Analyst Ratings**: 18 institutions issued ratings in 90 days—14 "Buy," 4 "Overweight"—with an average target price of RMB 15.48. Margin trading data showed net inflows of RMB 768M in financing and RMB 9.48M in securities lending over three months.