Dear Shareholders,

On behalf of the Board, I hereby present to you the 2025 Annual Report of Goldwind (the "Company").

In 2025, driven by policies prioritizing the development of renewable energy, accelerating the establishment of a new electricity system, promoting market-based electricity trading and the development of a unified market, and expanding green energy consumption, China's wind power sector entered a new phase of high-quality development. New grid-connected wind power capacity has reached a historic breakthrough, and its share of total installed capacity has steadily increased. According to statistics from the NEA and the China Electricity Council, in 2025, the newly installed capacity of wind power amounted to 120GW, increasing by 51% compared to 2024; the accumulated installed wind power capacity in China came in at approximately 640GW, up by 22.9% YoY.

Goldwind has accurately seized development opportunities and remained committed to the concept of high-quality development. On the one hand, by focusing on niche markets and strengthening technological innovation, the Company has continued to consolidate its core advantages in traditional businesses such as wind power manufacturing and services. On the other hand, it has also actively expanded into offshore wind power and overseas markets, as well as emerging fields such as green methanol, hybrid towers, energy storage, and energy carbon sectors. The Company has established a synergistic and efficient four-in-one business structure integrating wind power manufacturing, services, investment, and load-side "Wind Power+" initiatives, thereby achieving dual enhancements in both competitiveness and scalability. During the Reporting Period, the Group's operating revenue was RMB72,782.45 million, representing an increase of 28.78% YoY. Net profit attributable to owners of the Company was RMB2,774.36 million, representing an increase of 49.12% YoY. According to Bloomberg New Energy Finance, the Company added 25.9GW of domestic installed capacity of wind power in 2025, with a domestic market share of 21%, ranking first in China for 15 consecutive years. The Company added 29.3GW of installed capacity of wind power on a global basis, with a global market share of 17.3%, ranking first in the world for 4 consecutive years.

In 2025, the Company continued to expand its multi-platform product portfolio. Building on the proven strengths of the GWHV series, the Company introduced the latest Ultra series to meet diverse market demands with a more comprehensive product matrix. During the Reporting Period, the Group's revenue from the sales of WTGs and components was RMB57,205.22 million, representing an increase of 46.98% YoY, accounting for 78.60% of the total operating revenue of the Group. During the Reporting Period, units of 6MW and above became the Company's main models. Among which, sales capacity of units of 6MW (inclusive)-10MW increased by 137.81% YoY, sales capacity of units of 10MW and above increased by 150.54% YoY. The Group's external sales totaled 26,626.37MW in 2025, representing an increase of 65.87% YoY. As of the end of the Reporting Period, the Company's total orders on hand amounted to 53,732.64MW, representing a YoY growth of 13.35%.

Guided by the "offshore and overseas" strategy, the Company's overseas and offshore operations advanced smoothly in 2025 and achieved significant progress. In 2025, the Company topped the list of domestic offshore wind turbine manufacturers for the first time, with 2.089 million Kw of new installed capacity securing a 37.9% market share. During the Reporting Period, the Company's revenue from international business was RMB18,041.65 million, representing an increase of 50.95% YoY. The Company's overseas orders on hand totaled 9,270.17MW, representing a YoY growth of 31.83%.

With the full implementation of "Document No. 136," the wind power industry has shifted entirely from fixed tariff rates to market-based competition. Goldwind has accurately identified market trends and is driving the transformation and upgrading of its wind service business through strategic initiatives focused on technological innovation, market-oriented revenue models, and standardized services. As of the end of the Reporting Period, the Company's post warranty projects under operation at home and abroad exceeded more than 50GW, representing an increase of 25.9% YoY. During the Reporting Period, the Group's revenue from the Wind Power Service business was RMB5,715.54 million.

In terms of Wind Farm Investment and Development, the company has achieved incremental expansion by seizing emerging market segments, promoting the transformation of thermal power generation, and deeply engaging with the user side. In terms of existing operations, it has achieved "dual breakthroughs" in both asset scale and power generation. During the Reporting Period, the newly added grid-connected attributable installed capacity in wind farms run by the Company at home and abroad amounted to 2,496.63MW. During the Reporting Period, the Group's revenue from wind farm investment and development through wind power projects was RMB8,693.90 million.

While continuing to develop its wind power equipment and services businesses and vigorously investing in wind farm development, the Company deepened its involvement in the water treatment and environmental protection industry chain. During the Reporting Period, the Group's revenue from water operation business totaled RMB1,077.59 million. Additionally, the Company also actively seize opportunities in emerging growth sectors, achieving breakthroughs in green methanol, hybrid towers, energy storage, and energy carbon businesses. In terms of green methanol operations, the Company leveraged its wind power resources to consume green electricity locally and produces green methanol through biomass gasification coupled with green hydrogen technology. Meanwhile, it has signed long-term agreements with clients such as major international shipping companies, creating a virtuous cycle that spans from capacity expansion to market absorption. In terms of hybrid tower, the Company secured over 10GW in new domestic orders in 2025, and maintained its leading market share in the industry. In terms of energy storage, the Company's new domestic energy storage orders in 2025 increased by 12% YoY, while overseas energy storage product orders and shipments both achieved significant breakthroughs in scale. In terms of energy carbon, the Company drove its transition toward a light-asset service model, focusing on energy services, and has established full-chained service capability encompassing "consulting and planning, investment and construction, trading services, and carbon-neutral operations."

As 2026 marks the first year of the 15th Five-Year Plan, Goldwind will set its course toward high-quality development, seize development opportunities, transition from scale-driven to value-driven growth, expand from energy equipment manufacturing into clean energy services and green energy applications, and advance from international business operations to global operations. The Company will continue to enhance its overall strength and international influence, and drive the realization of value through full-chained solutions.

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 2025, and to each of Goldwind's employees for their contribution to the Company.

Wu Gang

Chairman

Beijing, 27 March 2026