Dear Shareholders,

On behalf of the Board, I hereby present to you the 2024 Annual Report of Goldwind.

Under the impetus of the global energy structure transformation and the “dual carbon” goals, the large-scale development of WTGs is accelerating continuously. Onshore wind power is vigorously promoting the construction of large-scale wind and photovoltaic bases in deserts, Gobi, and desert areas, while offshore wind power is moving towards large-scale and deep-sea development. According to the statistical data from NEA and China Electricity Council, the newly installed capacity of wind power in China amounted to 79.82GW in 2024, increasing by 6% compared to 2023. In 2024, the accumulated installed wind power capacity in China came in at approximately 520GW, representing a YoY growth of 18.0%.

With strong R&D and product technology advantages, forward- looking industrial layout and diversified profit model, Goldwind constantly pursues high-quality, high-efficiency and large-scale development. During the Reporting Period, the Group’s operating revenue was RMB56,516.21 million. Net profit attributable to owners of the Company was RMB1,860.45 million. According to Bloomberg New Energy Finance, the Company added 18.67GW of domestic installed wind power capacity in 2024, with a domestic market share of 22%, ranking first in China for 14 consecutive years. The Company added 19.3GW of global installed capacity, with a global market share of 15.9%, ranking first in the world for 3 consecutive years.

During the Reporting Period, the Group’s revenue from the sales of WTGs and components was RMB38,920.58 million, accounting for 68.87% of the total. The Group’s external sales totaled 16,052.99MW in 2024. By the end of the Reporting Period, the Company’s total orders on hand amounted to 47,403.91MW, representing a YoY growth of 55.93%.

In order to respond to the diversified needs of the market and customers, the Company has continuously optimised and upgraded the existing product platforms around the strategy of product and technology leadership, and has now formed a multi-platform series of GWHV11, GWHV12, GWHV15, GWHV17, GWHV20, and GWHV21, with a rich spectrum of products covering both the onshore, offshore and overseas wind power market. In the domestic onshore market, the Company relies on the synergistic advantages of the GWHV12 and GWHV17 platforms to build a full-scenario solution for wind power. In the domestic offshore market, the GWHV20 platform unit achieved the first one million kW project of delivery and grid power generation in the same year, reflecting the Company’s high efficiency in crane installation and high-quality delivery capability of offshore units. In 2024, the Company’s new overseas orders reached a record high, and it has achieved signed orders in a cumulative total of 47 countries. In terms of technological innovation, the Company released a new generation of wind resource assessment software “GoldFoam 3.0”, and obtained the first DNV certification in China. In 2024, Goldwind won the “Wind Power Leader” Best Offshore Unit Award (13~16MW) and Best Offshore Unit Award (16~18MW), Best Innovative Product Award for the Year and 3 Best Service Product Awards, totalling 6 awards.

In 2024, the Company has actively expanded hybrid towers, and energy storage businesses. In the hybrid tower business, the domestic new orders signed in 2024 increased by 104% YoY, with the market share ranking first in the industry. In terms of energy storage business, the external new order volume in 2024 increased by 2.4 times YoY, and the external shipment scale improved by 2 times YoY.

As one of the first companies in China to enter the wind power In terms of water treatment, Goldwind actively carried out municipal post-warranty service market, Goldwind has comprehensive and systematic solution capabilities in the industry, as well as a complete service network, spare parts network and digital team. Through consecutive years of exploration and testing, Goldwind’s wind power service business has made considerable progress in “unmanned wind farm” solutions, power prediction accuracy and asset management services, providing customers with diversified solutions for cost reduction and efficiency enhancement, as well as comprehensive and reliable service support. In terms of energy and carbon business, the Company has constructed load-side full- stack solutions with wind and storage as the core to promote the transformation and upgrading of energy and carbon business, and has obtained the 155MW generation in source, grid, load and energy storage project.

As of the end of the Reporting Period, the Company’s post warranty projects under operation at home and abroad totaled nearly 40GW, representing a YoY growth of 30%, the scale of the Company’s external wind farm asset management services had reached 13,776MW. During the Reporting Period, the Group’s revenue from the Wind Power Service business was RMB5,507.03 million.

During the Reporting Period, the Company successfully acquired a number of high-quality wind power projects to further consolidate its market position. At the same time, the Company focused on the development of offshore wind power resources, and successfully won the bid for large-scale offshore wind power projects, achieving the first breakthrough in offshore wind power project resources in state-controlled waters. During the Reporting Period, the Group’s revenue from electricity generation through wind power projects was RMB6,237.27 million. Gain on disposal of equity investment in wind farms totaled RMB666.24 million. In addition, the Company actively explored new business areas and deployed wind power hydrogen production, power supply in industrial parks and other businesses, so as to adapt to the changes in the industry with keen market insights and seek new growth points for development. wastewater and industrial wastewater treatment business and water plant operation service, supported by comprehensive water solutions.During the Reporting Period, the Group’s revenue from water operation business totaled RMB1,011.99 million.

Wind power industry application scenarios presented a diversified and complex trend. Technology iteration and policy guidance jointly promoted the penetration of wind power into a wider range of fields. In the face of increasingly complex wind power application scenarios, Goldwind insisted on high-quality development as the guide, and scientific and technological innovation as the core, and continued to break through the boundaries of wind power technology, products and application scenarios, and maintained its leading position in the wind power market both domestically and globally. The Company will build an innovative layout with WTGs as the main line, radiating energy development, services, hybrid tower, energy storage, energy carbon and green chemical business, and accelerate breakthroughs in the international market and new business areas.

Finally, on behalf of the Board, I would like to express my most sincere gratitude to our Shareholders and business partners for their unwavering support and encouragement in 2024, and to each of Goldwind’s employees for their contribution to the Company.

Wu Gang

Chairman

Beijing, 28 March 2025