Goldwind Science & Technology Co., Ltd. (002202) announced on October 31, 2025, that it conducted a roadshow with participation from Everbright Securities analyst Song Lichao. Key discussion points included:

1. **Financial Performance for Q1-Q3 2025**: The company reported revenue of RMB 48.15 billion, with a gross margin of 14.39%. Net profit attributable to shareholders reached RMB 2.58 billion, while basic EPS stood at RMB 0.5969. ROE was 6.67%.

2. **Debt Structure as of September 2025**: The debt-to-asset ratio was 73.11%, with interest-bearing liabilities totaling RMB 49.81 billion (41% of total liabilities).

3. **Cash Position and Operating Cash Flow**: Cash holdings accounted for 5.65% of total assets. Net operating cash outflow for the first nine months was RMB 633 million.

4. **Carbon Management Initiatives**: Goldwind completed third-party verification of its 2024 carbon emissions through Beijing鑑衡認證中心. Scope 1 and 2 location-based emissions totaled 198,773.81 tCO2e, while market-based emissions were 18,459.33 tCO2e. The company’s proprietary "Goldwind Carbon Account Platform" enables real-time emissions monitoring.

5. **Product Safety Measures**: The company integrates safety reviews into its Integrated Product Development (IPD) process, involving safety personnel from the design phase to minimize risks. Training programs enhance intrinsic safety standards for turbine operations.

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

**Q3 2025 Highlights**: - Revenue: RMB 48.15 billion (+34.34% YoY) - Net profit: RMB 2.58 billion (+44.21% YoY) - Q3 revenue: RMB 19.61 billion (+25.4% YoY) - Q3 net profit: RMB 1.1 billion (+170.64% YoY)

**Analyst Ratings**: 19 institutions issued ratings over 90 days—15 "Buy" and 4 "Outperform"—with an average target price of RMB 17.85. Margin trading data showed RMB 647 million net financing inflow and RMB 11.85 million net securities lending inflow over three months.