AI assistant
GOLDWIND SCIENCE&TECHNOLOGY CO., LTD. Interim / Quarterly Report 2025
50446_rns_2025-04-25_2e2b3704-dac8-49dd-8643-afa0e2b481f6.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.*
金風科技股份有限公司
(a joint stock limited liability company incorporated in the People's Republic of China)
Stock Code: 02208
2025 FIRST QUARTERLY REPORT
Summary
The Board of the Company hereby announces the 2025 First Quarterly Report, the financial data contained in this report has been prepared in accordance with the PRC GAAP and is unaudited.
This announcement is made in accordance with Rule 13.09 of the Listing Rules and the Inside Information Provisions under Part XIVA of the SFO.
The board of directors (the "Board") of GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* (the "Company") hereby announces the unaudited financial results of the Company and its subsidiaries (collectively, the "Group") for the three months ended 31 March 2025 (the "2025 First Quarterly Report" or "this report"). The financial data contained in this report has been prepared in accordance with the People's Republic of China Accounting Standards for Business Enterprise (the "PRC GAAP").
This announcement is made in accordance with Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the inside information provisions (the "Inside Information Provisions") under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) ("SFO").
The 2025 First Quarterly Report is prepared in both Chinese and English. In the case of any discrepancies, the Chinese version of this report shall prevail over its English version.
- For identification purpose only
2
The 2025 First Quarterly Report of GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.*
The Company and all members of the board of directors warrant that information contained herein is true, accurate and complete, and not deceptive or misleading, and there is no omission of any material information.
IMPORTANT NOTICE:
-
The Board, the supervisory committee, as well as the directors, supervisors and senior management of the Company, collectively and individually, accept responsibility for the truthfulness, accuracy and completeness as to the contents of this report, and warrant that there are no false representations, misleading statements or material omissions of information in this report.
-
The legal representative of the Company, the person-in-charge of accounting affairs, and head of the accounting department (accounting manager), declare that the financial statements as set out in this report are truthful, accurate and complete.
1 PRINCIPAL ACCOUNTING FIGURES
1.1 Principal accounting figures and financial indicators
| Items | For the period from 1 January to 31 March 2025 (the “Reporting Period”) | For the period from 1 January to 31 March 2024 | Percentage Change Year-over-Year (“YoY”) | |
|---|---|---|---|---|
| Before adjustments | After adjustments | After adjustments | ||
| Operating income (RMB) | 9,472,103,951.62 | 6,979,133,987.80 | 6,979,133,987.80 | 35.72% |
| Net profits attributable to shareholders of the Company (RMB) | 568,246,130.26 | 332,623,657.47 | 332,623,657.47 | 70.84% |
| Net profits attributable to shareholders of the Company after deducting non-recurring gains and losses (RMB) | 555,060,143.33 | 329,580,730.52 | 329,580,730.52 | 68.41% |
| Net cash flows from operating activities (RMB) | -1,636,460,591.49 | -6,054,115,012.94 | -6,054,115,012.94 | 72.97% |
| Basic earnings per share (RMB/share) | 0.1299 | 0.0726 | 0.0726 | 78.93% |
| Diluted earnings per share (RMB/share) | 0.1292 | 0.0726 | 0.0726 | 77.96% |
Changes in accounting policy and correction of prior period errors:
On 6 December 2024, the Ministry of Finance of the People's Republic of China issued Accounting Standards for Business Enterprises Interpretation No. 18 (《企業會計準則解釋第18號》) (hereinafter referred to as "Interpretation No. 18"). Interpretation No. 18 regulates the accounting treatment of product warranties that is not an individual performance obligation. It came into effect on 6 December 2024 and allows enterprises to implement it in advance from the year of issuance. The Company has adopted this regulation using the retrospective adjustment method for accounting treatment and restated the financial statements of the comparative periods.
1.2 Non-recurring gains and losses items and amount
Unit: RMB
| Items | For the period from 1 January to 31 March 2025 | Note |
|---|---|---|
| Gains or losses on disposal of non-current assets (including provisions for asset impairment write-offs) | -25,500,077.27 | None |
| Government grants accounted in profit and loss of the reporting period (excluding grants that are closely related to the normal operations of the Company, grants in compliance with national policies or subject to determined standards, and grants which have a continuous impact on gains or losses of the Company) | 36,134,817.58 | None |
| Gains or losses from changes in fair values of financial assets and financial liabilities, gains or losses on disposal of financial assets and financial liabilities held by non-financial enterprises, excluding hedging activities related to the ordinary business of the Company | 18,475,577.52 | None |
| Fund possession fee received from non-financial enterprises and credited to profit or loss for the current period | 0.00 | None |
| Gains/losses from entrusted investment or asset management | 0.00 | None |
| Gains/losses from entrusted loans granted to external parties | 0.00 | None |
| Impairment loss of assets due to force majeure i.e. natural disaster | 0.00 | None |
| Reverse of the provision for impairment of receivables individually tested for impairment | 0.00 | None |
| Gains arising from the investment costs for acquisition of subsidiaries, associates and joint ventures being less than the fair value of attributable identifiable net assets of such investees at the time of acquisition | 0.00 | None |
| Current net gains/losses of subsidiaries from business combination under common control from the beginning of the period to the date of combination | 0.00 | None |
| Gains /losses from non-monetary assets swap | 0.00 | None |
| Gains/losses from debt restructuring | 0.00 | None |
| One-off expenses incurred due to the discontinuation of related business activities, such as expenses on employee placement | 0.00 | None |
| One-off effects on current gains or losses due to adjustments to | 0.00 | None |
| investment | ||
| Gains/losses from non-financial enterprises and credited to loss for the current period | 0.00 | None |
| Gains/losses from non-monetary assets | 0.00 | None |
| Gains/losses from non-denoising assets | 0.00 | None |
| tax, accounting or other laws and regulations | ||
|---|---|---|
| One-off expenses for share-based payments recognized due to the cancellation or modification of equity incentive plans | 0.00 | None |
| Gains/losses from changes in fair values of employee benefits payable for cash-settled share-based payments after the exercise date | 0.00 | None |
| Gains/losses from changes in fair value of investment properties subsequently measured at fair value | 0.00 | None |
| Gains from transactions at an apparently unfair consideration | 0.00 | None |
| Gains/losses from contingencies irrelevant to the normal operations of the Company | 0.00 | None |
| Income of entrustment fees from entrusted operations | 0.00 | None |
| Other non-operating income and expenses | -14,629,971.36 | None |
| Other gains or losses items falling within the definition of a non-recurring gains and losses items | 0.00 | None |
| Less: Relevant income tax | 357,789.22 | None |
| Relevant amount attributable to minority shareholders (after tax) | 936,570.32 | None |
| Total | 13,185,986.93 |
The Company has no other gains or losses items falling within the definition of a non-recurring gains and losses item.
The Company has not determined any item defined as non-recurring profit and loss item under the Explanatory Notice no. 1 on information disclosure by companies with publicly issued securities – non-recurring profit and loss (《公開發行證券的公司信息披露解釋性公告第 1 號——非經常性損益》) to be a recurring profit and loss item.
1.3 Significant changes and respective explanations to key accounting items and financial indicators during the Reporting Period
- Held for trading financial assets as at 31 March 2025 were RMB440,000,000.00, representing a decrease of 56.00% compared with the balance as at 31 December 2024, mainly due to the maturity of structured deposits held by the Company during the Reporting Period.
- Derivative financial assets (current portion) as at 31 March 2025 were RMB12,936,660.79, representing a decrease of 64.51% compared with the balance as at 31 December 2024, mainly due to a decrease in fair value of the forward currency contracts held by the Company during the Reporting Period.
- Prepayments as at 31 March 2025 were RMB1,789,161,717.33, representing an increase of 36.20% compared with the balance as at 31 December 2024, mainly due to the increase in the prepayments of materials by the Company during the Reporting Period.
- Derivative financial assets (non-current portion) as at 31 March 2025 were RMB0.00, representing a decrease of 100.00% compared with the balance as at 31 December 2024, mainly due to a decrease in fair value of the forward currency contracts held by the Company during the Reporting Period.
- Long-term deferred expenses as at 31 March 2025 were RMB361,900,308.54, representing an increase of 79.30% compared with the balance as at 31 December 2024, mainly due to an increase in shared equipment usage fee held by the Company during the Reporting Period.
- Short-term borrowings as at 31 March 2025 were RMB2,381,097,952.72, representing an increase of 51.07% compared with the balance as at 31 December 2024, mainly due to an increase in short-term bank loans by the Company during the Reporting Period.
- Derivative financial liabilities (current portion) as at 31 March 2025 were RMB54,759,141.13, representing an increase of 77.21% compared with the balance as at 31 December 2024, mainly due to a decrease in fair value of the forward currency contracts held by the Company during the Reporting Period.
- Employee benefits payable as at 31 March 2025 were RMB703,660,002.60, representing a decrease of 30.70% compared with the balance as at 31 December 2024, mainly due to the payment of accrued employee benefits by the Company during the Reporting Period.
- Other payables as at 31 March 2025 were RMB1,819,772,386.25, representing an increase of 39.42% compared with the balance as at 31 December 2024, mainly due to an increase in intercourse funds by the Company during the Reporting Period.
- Minority interests as at 31 March 2025 were RMB3,734,195,132.24, representing an increase of 96.77%
compared with the balance as at 31 December 2024, mainly due to an increase in capital injection from minority shareholders during the Reporting Period.
- Operating income for the Reporting Period was RMB9,472,103,951.62, representing an increase of 35.72% YoY, mainly due to the increase in sale volume of WTG and components by the Company during the Reporting Period.
- Operating costs for the Reporting Period were RMB7,409,522,329.04, representing an increase of 41.34% YoY, mainly due to the increase in sale volume of WTG and components by the Company during the Reporting Period.
- Investment income for the Reporting Period was RMB43,502,607.85, representing a decrease of 77.92% YoY, mainly due to a decrease in gains from disposal of equity investment in subsidiaries by the Company during the Reporting Period.
- Gains from changes in fair values for the Reporting Period were RMB147,005,278.10, representing an increase of 253.99% YoY, mainly due to an increase in fair value of other non-current financial assets held by the Company during the Reporting Period.
- Impairment loss of credit for the Reporting Period was RMB33,693,480.50, representing an increase of 361.40% YoY, mainly due to an increase in impairment loss of credit for trade receivables by the Company during the Reporting Period.
- Impairment gains of assets for the Reporting Period were RMB413,415.03, representing an increase of 165.94% YoY, mainly due to an increase in reversal of the provision for contract assets by the Company during the Reporting Period.
- Losses on disposal of assets for the Reporting Period were RMB25,500,077.27, representing an increase of 476.58% YoY, mainly due to an increase in losses on disposal of non-current assets by the Company during the Reporting Period.
- Non-operating income for the Reporting Period was RMB4,630,562.49, representing an increase of 213.24% YoY, mainly due to an increase in penalty income by the Company during the Reporting Period.
- Non-operating expenses for the Reporting Period were RMB19,260,533.85, representing an increase of 92.03% YoY, mainly due to an increase in penalty expenses by the Company during the Reporting Period.
- Income tax expense for the Reporting Period were RMB182,321,240.09, representing an increase of 34.50% YoY, mainly due to an increase in taxable income for the Company during the Reporting Period.
- Net profits attributable to shareholders of the Company for the Reporting Period were RMB568,246,130.26 and net profits attributable to shareholders of the Company after deducting non-recurring gains and losses for the Reporting Period were RMB555,060,143.33, representing an increase of 70.84% and 68.41% YoY, respectively, mainly due to an increase in gross profit and an increase in gains from changes in fair values by the Company during the Reporting Period, deducting a decrease in investment income, etc.
- Basic earnings per share for the Reporting Period was RMB0.1299/share and diluted earnings per share for the Reporting Period was RMB0.1292/share, representing an increase of 78.93% and 77.96% YoY, respectively, mainly due to the increase in net profits attributable to shareholders of the Company during the Reporting Period.
- Net cash outflows from operating activities for the Reporting Period were RMB1,636,460,591.49, representing a decrease of 72.97%, mainly due to an increase in cash received from sales of goods, provision of services by the Company during the Reporting Period.
- Net cash inflows from investment activities for the Reporting Period were RMB432,284,325.13, representing an increase of 250.93% YoY, mainly due to an increase in cash received from recovery of investments by the Company during the Reporting Period.
2 SHAREHOLDER INFORMATION
2.1 Total number of ordinary shareholders, preliminary shareholders with recovered voting rights, and shareholdings of the top 10 shareholders as at the end of the Reporting Period
Unit: Share
| Total Number of Ordinary Shareholders at the end of the Reporting Period | 223,125 | Total Number of Preliminary Shareholders with Recovered Voting Rights at the end of the Reporting Period (if any) | 0 |
|---|---|---|---|
| Shareholdings of Top 10 Shareholders (not including shares lent under refinancing business) | ||||||
|---|---|---|---|---|---|---|
| Name | Type | Shareholding Percentage (%) | Number of Shares | Number of Shares Subject to Lock-up | Pledged, Tagged or Frozen | |
| Condition | Amount | |||||
| HKSCC NOMINEES LTD. (香港中央結算(代理人)有限公司) | Overseas legal person | 18.28% | 772,489,513 | 0 | Not applicable | 0 |
| Xinjiang Wind Power Co., Ltd. (新疆風能有限責任公司) | State-owned legal person | 11.78% | 497,510,186 | 0 | Pledged | 4,611,700 |
| Hexie Health Insurance Co., Ltd. - All-powerful Products Account (和諧健康保險股份有限公司-萬能產品) | Other | 11.21% | 473,720,642 | 0 | Not applicable | 0 |
| China Three Gorges Renewables (Group) Co., Ltd. (中國三峽新能源(集團)股份有限公司) | State-owned legal person | 9.16% | 386,909,686 | 0 | Not applicable | 0 |
| HKSCC LTD. (香港中央結算有限公司) | Overseas legal person | 2.11% | 89,081,061 | 0 | Not applicable | 0 |
| Wu Gang (武鋼) | Domestic natural person | 1.48% | 62,538,411 | 46,903,808 | Not applicable | 0 |
| Agricultural Bank of China Limited - CSI 500 Trading Open-end Index Fund (中國農業銀行股份有限公司-中證500交易型開放式指數證券投資基金) | Other | 0.84% | 35,471,894 | 0 | Not applicable | 0 |
| China Securities Finance Co., Ltd. (中國證券金融股份有限公司) | Domestic general legal person | 0.70% | 29,626,904 | 0 | Not applicable | 0 |
| Industrial Bank Co., Ltd. - Xingquan Trend Investment Mixed Securities Investment Fund (興業銀行股份有限公司-興全趨勢投資混合型證券投資基金) | Other | 0.43% | 17,999,902 | 0 | Not applicable | 0 |
| National Social Security Fund - Portfolio 102 (全國社保基金一零二組合) | Other | 0.41% | 17,508,463 | 0 | Not applicable | 0 |
| Shareholdings of Top 10 Shareholders Not Subject to Lock-up (not including shares lent under refinancing business and locked shares of senior management) | ||||||
| Name | Number of Shares Not Subject to Lock-up | Share Category | ||||
| Category | Amount | |||||
| HKSCC NOMINEES LTD. (香港中央結算(代理人)有限公司) | 772,489,513 | Overseas listed foreign shares | 772,489,513 | |||
| Xinjiang Wind Power Co., Ltd. (新疆風能有限責任公司) | 497,510,186 | RMB denominated ordinary shares | 497,510,186 | |||
| Hexie Health Insurance Co., Ltd. - All-powerful Products Account (和諧健康保險股份有限公司-萬能產品) | 473,720,642 | RMB denominated ordinary shares | 473,720,642 | |||
| China Three Gorges Renewables (Group) Co., Ltd. (中國三峽新能源(集團)股份有限公司) | 386,909,686 | RMB denominated ordinary shares | 386,909,686 | |||
| HKSCC LTD. (香港中央結算有限公司) | 89,081,061 | RMB denominated ordinary shares | 89,081,061 |
| Agricultural Bank of China Limited - CSI 500 Trading Open-end Index Fund (中國農業銀行股份有限公司－中證 500 交易型開放式指數證券投資基金) | 35,471,894 | RMB denominated ordinary shares | 35,471,894 |
|---|---|---|---|
| China Securities Finance Co., Ltd. (中國證券金融股份有限公司) | 29,626,904 | RMB denominated ordinary shares | 29,626,904 |
| Industrial Bank Co., Ltd. - Xingquan Trend Investment Mixed Securities Investment Fund (興業銀行股份有限公司－興全趨勢投資混合型證券投資基金) | 17,999,902 | RMB denominated ordinary shares | 17,999,902 |
| National Social Security Fund - Portfolio 102 (全國社保基金一零二組合) | 17,508,463 | RMB denominated ordinary shares | 17,508,463 |
| Bosera Fund - Portfolio 16012 of Social Security Fund (博時基金管理有限公司－社保基金16012組合) | 11,580,096 | RMB denominated ordinary shares | 11,580,096 |
| Details of related-party relationships of the above shareholders or whether or not they are acting in concert | 1. Related-party relationship between Xinjiang Wind Power Co., Ltd. and China Three Gorges Renewables (Group) Co., Ltd. is as follows: China Three Gorges Renewables (Group) Co., Ltd. holds 43.33% of the issued share capital of Xinjiang Wind Power Co., Ltd. | ||
| 2. The Company is not aware of any related-party relationship or concerted action relationship among the other above-mentioned shareholders. | |||
| Explanation on the top ten shareholders participating in financing securities business (if any) | Nil |
3 OTHER SIGNIFICANT EVENTS
-
The Company does not have controlling shareholders or de facto controllers. There is no non-operational occupation of the Company's funds by any of the related parties. The Company has not provided any guarantees to any third parties that are not in compliance with the relevant regulations.
-
External sales volume of the Company during the Reporting Period
From 1 January to 31 March 2025, the external sales volume of the Company was 2,587.65MW, representing an increase of 80.16% year-on-year. In which included 3.00MW for units below 4MW, representing 0.12% of the sales volume; 760.95MW for units 4MW (inclusive)-6MW, representing 29.41% of the sales volume; 1,823.70MW for units 6MW and above, representing 70.47% of the sales volume.
- Orders
As at 31 March 2025, the Company had 39,194.99MW external orders to be executed, including 587.12MW for units below 4MW, 7,460.26MW for units from 4MW (inclusive) to 6MW, and 31,147.61MW for units of 6MW and above. The Company had 9,424.92MW external unsigned contract orders which won bids, including 711.20MW for units from 4MW (inclusive) to 6MW, 8,713.72MW for units of 6MW and above. The Company's external order on hand totaled 48,619.91MW, including 6,908.97MW overseas orders. In addition, the Company had a total of 2,471.33MW internal orders. The Company's total orders on hand amounted to 51,091.24MW, representing a year-on-year growth of 51.81%.
- 2024 Restricted Share Incentive Scheme
The twenty-sixth meeting of the eighth session of the Board and the twelfth meeting of the eighth session of the supervisory committee of the Company considered and approved the "Proposal on the Company's 2024 Restricted Share Incentive Scheme (Draft) and its Summary" on 23 September 2024. And on 19 November 2024, it was considered and approved at the Company's 4th extraordinary general meeting in 2024, agreeing to the
implementation of the Company's 2024 restricted share incentive scheme. The Twenty-eighth meeting of the eighth session of the Board and the fourteenth meeting of the eighth session of the supervisory committee of the Company considered and approved the "Proposal on Adjustment of Matters Relating to the 2024 Restricted Share Incentive Scheme" and the "Proposal on the First Grant of Restricted Shares to Participants" on 13 December 2024. It was agreed that the first grant date of the incentive scheme shall be 13 December 2024, and 39,400,000 restricted shares have been granted to 460 eligible participants at the grant price of RMB4.09 per share. On 27 December 2024, the Company completed the registration of the first grant of the 2024 restricted share incentive scheme, and 39,400,000 restricted shares have been granted to 460 eligible participants. The listing date of the first grant of restricted shares is 27 December 2024, and the grant price is RMB4.09 per share.
For details, please refer to the relevant announcements disclosed by the Company on the Cninfo (www.cninfo.com.cn), the designated information disclosure website of the Shenzhen Stock Exchange, and the website of The Stock Exchange of Hong Kong Limited (https://www.hkexnews.hk).
4 FINANCIAL STATEMENTS
4.1 Financial Statements
4.1.1 Consolidated Balance Sheet
Prepared by: GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.
Unit: RMB
| Items | As at 31 March 2025 | As at 31 December 2024 |
|---|---|---|
| CURRENT ASSETS: | ||
| Currency funds | 13,918,589,000.16 | 11,619,404,073.57 |
| Deposit reservation for balance | 0.00 | 0.00 |
| Lending to banks and other financial institutions | 0.00 | 0.00 |
| Held for trading financial assets | 440,000,000.00 | 1,000,000,000.00 |
| Derivative financial assets | 12,936,660.79 | 36,452,298.13 |
| Bills receivables | 0.00 | 0.00 |
| Trade receivables | 31,236,277,882.54 | 30,825,466,061.69 |
| Receivables financing | 3,154,434,368.38 | 2,437,111,625.83 |
| Prepayments | 1,789,161,717.33 | 1,313,659,080.11 |
| Premium receivables | 0.00 | 0.00 |
| Reinsurance account receivables | 0.00 | 0.00 |
| Receivable deposit for duty of reinsurance | 0.00 | 0.00 |
| Other receivables | 2,297,143,914.32 | 2,473,025,835.99 |
| Including: Interest receivables | 9,839,991.60 | 4,952,666.89 |
| Dividend receivables | 810,277,218.98 | 684,601,010.86 |
| Redemptory monetary capital for sale | 0.00 | 0.00 |
| Inventories | 16,932,718,662.02 | 14,827,632,371.13 |
| Including: Data resources | 0.00 | 0.00 |
| Contract assets | 1,156,895,552.19 | 1,241,859,457.40 |
| Held for sale assets | 0.00 | 0.00 |
| Non-current assets due within one year | 813,957,338.24 | 804,813,785.09 |
| Other current assets | 2,026,998,426.56 | 2,021,462,916.16 |
| Total current assets | 73,779,113,522.53 | 68,600,887,505.10 |
| NON-CURRENT ASSETS: | ||
|---|---|---|
| Disbursement of loans and advances | 0.00 | 0.00 |
| Derivative financial assets | 0.00 | 930,443.13 |
| Debt investment | 200,344,244.23 | 200,345,091.85 |
| Other debt investments | 0.00 | 0.00 |
| Long-term receivables | 3,226,408,577.93 | 3,318,647,034.23 |
| Long-term equity investments | 4,277,672,799.55 | 4,493,344,348.22 |
| Other equity instrument investments | 165,164,892.58 | 164,995,603.42 |
| Other non-current financial assets | 3,572,484,890.07 | 3,562,016,416.91 |
| Investment properties | 8,906,907.77 | 8,976,066.09 |
| Fixed assets | 35,528,318,739.70 | 35,347,884,207.57 |
| Construction in progress | 10,516,881,240.46 | 10,625,990,799.00 |
| Productive biological assets | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 |
| Right-of-use assets | 1,908,516,713.23 | 1,976,911,775.66 |
| Intangible assets | 7,584,468,379.18 | 7,705,940,029.56 |
| Including: Data resources | 0.00 | 0.00 |
| Development expenditures | 131,766,449.70 | 108,459,887.24 |
| Including: Data resources | 0.00 | 0.00 |
| Goodwill | 56,758,570.40 | 56,764,905.94 |
| Long-term deferred expenses | 361,900,308.54 | 201,842,704.03 |
| Deferred tax assets | 6,278,619,986.03 | 6,136,494,097.66 |
| Other non-current assets | 11,414,767,970.72 | 12,713,854,566.32 |
| Total non-current assets | 85,232,980,670.09 | 86,623,397,976.83 |
| Total assets | 159,012,094,192.62 | 155,224,285,481.93 |
| CURRENT LIABILITIES: | ||
| Short-term borrowings | 2,381,097,952.72 | 1,576,163,777.85 |
| Borrowings from the central bank | 0.00 | 0.00 |
| Borrowings from banks and other financial institutions | 0.00 | 0.00 |
| Held for trading financial liabilities | 0.00 | 0.00 |
| Derivative financial liabilities | 54,759,141.13 | 30,900,328.22 |
| Bills payable | 9,096,268,069.47 | 10,304,612,728.81 |
| Trade payable | 27,346,233,702.01 | 30,474,256,180.92 |
| Receipts in advance | 10,715,170.56 | 9,705,021.08 |
| Contract liabilities | 21,201,783,528.19 | 18,181,188,483.37 |
| Financial assets sold for repurchase | 0.00 | 0.00 |
| Receipt of deposit and deposit from other banks | 0.00 | 0.00 |
| Receiving from vicariously traded securities | 0.00 | 0.00 |
| Receiving from vicariously sold securities | 0.00 | 0.00 |
| Employee benefits payable | 703,660,002.60 | 1,015,371,866.47 |
| Tax payables | 2,034,904,612.92 | 1,997,868,775.87 |
| Other payables | 1,819,772,386.25 | 1,305,231,796.54 |
| Including: Interest payables | 3,676,989.37 | 763,537.81 |
| Dividend payables | 88,405,619.05 | 88,743,727.75 |
| Handling charges and commissions payable | 0.00 | 0.00 |
4.1.2 Consolidated Income Statement from 1 January to 31 March 2025
Unit: RMB
| Items | For the period from 1 January to 31 March 2025 | For the period from 1 January to 31 March 2024 (Restated) |
|---|---|---|
| Income | For the period from 1 January to 31 March 2025 | For the period from 1 January to 31 March 2024 |
| Income from 1 January to 31 March 2025 | For the period from 1 January to 31 March 2024 | For the period from 1 January to 31 March 2024 |
| Income from 1 January to 31 March 2024 | For the period from 1 January to 31 March 2024 | For the period from 1 January to 31 March 2024 |
| Income from 1 January to 31 March 2024 | For the period from 1 January to 31 March 2024 | For the period from 1 January to 31 March 2024 |
| I. Total operating income | 9,472,103,951.62 | 6,979,133,987.80 |
|---|---|---|
| Including: Operating income | 9,472,103,951.62 | 6,979,133,987.80 |
| Interest income | 0.00 | 0.00 |
| Premium Income | 0.00 | 0.00 |
| Commission Income | 0.00 | 0.00 |
| II. Total operating costs | 8,801,088,137.76 | 6,609,491,650.22 |
| Including: Operating costs | 7,409,522,329.04 | 5,242,340,164.09 |
| Interest expense | 0.00 | 0.00 |
| Commission expense | 0.00 | 0.00 |
| Surrenders | 0.00 | 0.00 |
| Claim paid | 0.00 | 0.00 |
| Appropriate of deposit for duty | 0.00 | 0.00 |
| Policyholder dividend | 0.00 | 0.00 |
| Reinsurance expense | 0.00 | 0.00 |
| Tax and surcharge | 47,170,175.03 | 37,291,154.23 |
| Selling and distribution expenses | 396,434,580.75 | 390,709,208.07 |
| Administrative expenses | 423,995,841.35 | 382,502,732.69 |
| Research and development expenses | 338,765,070.35 | 368,358,225.65 |
| Financial expenses | 185,200,141.24 | 188,290,165.49 |
| Including: Interest expenses | 250,198,152.22 | 301,014,702.25 |
| Interest income | 110,947,358.60 | 120,347,115.49 |
| Add: Other income | 62,224,302.47 | 71,854,799.63 |
| Investment income (losses will be shown with “-” sign) | 43,502,607.85 | 197,065,682.05 |
| Including: Gains from investments in associated enterprises and joint ventures | 76,572,578.09 | 80,650,975.71 |
| Gains from de-recognization of financial assets at amortized cost | 0.00 | 0.00 |
| Exchange gains (loss will be shown with “-” sign) | 0.00 | 0.00 |
| Gains from net exposure hedging (loss will be shown with “-” sign) | 0.00 | 0.00 |
| Gains from changes in fair values (losses will be shown with “-” sign) | 147,005,278.10 | -95,466,726.73 |
| Impairment loss of credit (losses will be shown with “-” sign) | -33,693,480.50 | -7,302,461.65 |
| Impairment loss of assets (losses will be shown with “-” sign) | 413,415.03 | -626,920.32 |
| Gains from disposal of assets (losses will be shown with “-” sign) | -25,500,077.27 | -4,422,673.91 |
| III. Operating profits (losses will be shown with “-” sign) | 864,967,859.54 | 530,744,036.65 |
| Add: Non-operating income | 4,630,562.49 | 1,478,287.46 |
| Less: Non-operating expenses | 19,260,533.85 | 10,029,813.97 |
| IV. Total profits (losses will be shown with “-” sign) | 850,337,888.18 | 522,192,510.14 |
| Less: Income tax expense | 182,321,240.09 | 135,553,250.06 |
| V. Net profits (losses will be shown with “-” sign) | 668,016,648.09 | 386,639,260.08 |
| (I) Classification by operating continuity | ||
| 1. Continuous operating net profits (losses will | 668,016,648.09 | 386,639,260.08 |
| be shown with “-” sign) | ||
|---|---|---|
| 2. Discontinuous operating net profits (losses will be shown with “-” sign) | 0.00 | 0.00 |
| (II) Classification by ownership | ||
| 1. Net profits attributable to shareholders of the Company | 568,246,130.26 | 332,623,657.47 |
| 2. Net profits attributable to minority interests | 99,770,517.83 | 54,015,602.61 |
| VI. Other comprehensive income | 8,669,911.07 | -23,007,226.66 |
| Other comprehensive income attributable to owners of the parent Company | 10,255,791.81 | -23,149,626.61 |
| i. Other comprehensive income items which will not be reclassified subsequently to profit or loss | 0.00 | 0.00 |
| 1. Remeasurement of defined benefit plans | 0.00 | 0.00 |
| 2. Other comprehensive income which will not be transferred to profit or loss under equity method | 0.00 | 0.00 |
| 3. Gains or losses from fair value changes of Other equity instrument investments | 0.00 | 0.00 |
| 4. Changes in fair value of credit risk of the Company | 0.00 | 0.00 |
| 5. Other | 0.00 | 0.00 |
| ii. Other comprehensive income items which will be reclassified subsequently to profit or loss when specific conditions are met | 10,255,791.81 | -23,149,626.61 |
| 1. Other comprehensive income/(loss) could be transferred to profit or loss under equity method | 40,782.17 | 0.00 |
| 2. Changes in fair value of Debt investments designated at fair value through other comprehensive income | 0.00 | 0.00 |
| 3. Amount recognized to other comprehensive income as a result of reclassification of financial assets | 0.00 | 0.00 |
| 4. Credit Impairment of debt investments designated at fair value through other comprehensive income | 0.00 | 0.00 |
| 5. Cash flow hedging reserve | -41,717,304.57 | 2,056,088.95 |
| 6. Exchange differences on translation of foreign financial statements | 43,190,339.40 | -47,722,250.46 |
| 7. Fair value changes of receivables financing | 7,693,829.27 | 25,950,876.73 |
| 8. Overseas operating net investment hedging reserve | 0.00 | 0.00 |
| 9. Hedging costs | 1,048,145.54 | -3,434,341.83 |
| 10. Others | 0.00 | 0.00 |
| Other comprehensive income attributable to minority shareholders, net of tax | -1,585,880.74 | 142,399.95 |
| VII. Total comprehensive income | 676,686,559.16 | 363,632,033.42 |
| Total comprehensive income attributable to shareholders of the Company | 578,501,922.07 | 309,474,030.86 |
| Total comprehensive income attributable to minority shareholders | 98,184,637.09 | 54,158,002.56 |
| VIII. Earnings per share |
4.1.3 Consolidated Statement of Cash Flows from 1 January to 31 March 2025
Unit: RMB
| Items | For the period from 1 January to 31 March 2025 | For the period from 1 January to 31 March 2024 |
|---|---|---|
| I. Cash flows from operating activities: | ||
| Cash received from sales of goods, provision of services | 15,006,196,321.12 | 9,912,278,130.72 |
| Net increase in deposit from customers and placements from cooperation in the same industry | 0.00 | 0.00 |
| Net increase in loan from central bank | 0.00 | 0.00 |
| Net increase in funds borrowed from banks and other financial institutions | 0.00 | 0.00 |
| Cash premium received on original insurance contracts | 0.00 | 0.00 |
| Cash received from re-insurance business | 0.00 | 0.00 |
| Net increase in deposit and investment from insurers | 0.00 | 0.00 |
| Interest, handling charges, and commission received | 0.00 | 0.00 |
| Net increase in fund deposit | 0.00 | 0.00 |
| Net increase in re-purchase business funds | 0.00 | 0.00 |
| Net cash received on security brokerage business | 0.00 | 0.00 |
| Tax refund received | 218,279,919.60 | 219,827,970.55 |
| Other cash received relating to operating activities | 621,105,744.62 | 448,945,855.01 |
| Subtotal of cash inflows from operating activities | 15,845,581,985.34 | 10,581,051,956.28 |
| Cash paid for goods purchased, services rendered | 13,953,691,826.13 | 13,316,643,127.79 |
| Net increase in loans and advances from customers | 0.00 | 0.00 |
| Net increase in deposit in central bank and other financial institutions | 0.00 | 0.00 |
| Payments of claims for original insurance contracts | 0.00 | 0.00 |
| Net increase in funds lend to banks and other financial institutions | 0.00 | 0.00 |
| Interest, handling charges, and commission paid | 0.00 | 0.00 |
| Payment of policy dividend | 0.00 | 0.00 |
| Cash paid to or on behalf of employees | 1,353,025,425.81 | 1,287,119,921.25 |
| Taxes paid | 675,692,026.06 | 913,798,094.95 |
| Other cash paid relating to operating activities | 1,499,633,298.83 | 1,117,605,825.23 |
| Subtotal of cash outflows from operating activities | 17,482,042,576.83 | 16,635,166,969.22 |
| Net cash flows from operating activities | -1,636,460,591.49 | -6,054,115,012.94 |
|---|---|---|
| II. Cash flows from investment activities: | ||
| Cash received from recovery of investments | 2,194,809,138.43 | 1,302,738,929.62 |
| Cash from investment income | 169,717,381.94 | 25,524,224.45 |
| Net cash from disposal of fixed assets, intangible assets and other long-term assets | 14,066,009.60 | 14,365,861.77 |
| Net cash from disposal of subsidiaries and other operating entities | 259,142,837.94 | 168,283,178.58 |
| Other cash received relating to investment activities | 3,162,149.84 | 173,609,500.00 |
| Subtotal of cash inflows from investment activities | 2,640,897,517.75 | 1,684,521,694.42 |
| Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 698,682,008.24 | 718,236,284.65 |
| Cash paid for investments | 1,472,669,484.65 | 1,101,184,944.47 |
| Net increase in secured loan | 0.00 | 0.00 |
| Cash paid for subsidiaries and other business entities | 0.00 | 0.00 |
| Other cash paid relating to investment activities | 37,261,699.73 | 151,517,098.84 |
| Subtotal of cash outflows from investment activities | 2,208,613,192.62 | 1,970,938,327.96 |
| Net cash flows from investment activities | 432,284,325.13 | -286,416,633.54 |
| III. Cash flows from financing activities1 | ||
| Cash received from investments | 1,738,235,178.00 | 1,004,908,000.00 |
| Including: Cash received from investments of minority shareholders through subsidiaries | 1,738,235,178.00 | 4,908,000.00 |
| Cash received from borrowings | 3,982,139,944.16 | 5,311,160,308.93 |
| Cash received relating to other financing activities | 900,814,680.66 | 313,521,772.30 |
| Subtotal of cash inflows from financing activities | 6,621,189,802.82 | 6,629,590,081.23 |
| Cash paid for repayment of debts | 1,646,347,007.86 | 794,288,762.29 |
| Cash payments for distribution of dividends, profits or interest expenses | 324,996,803.08 | 345,359,286.43 |
| Including: Dividends and profits paid to minority shareholders by subsidiaries | 0.00 | 0.00 |
| Other cash paid relating to financing activities | 1,307,291,631.67 | 2,135,123,391.50 |
| Subtotal of cash outflows from financing activities | 3,278,635,442.61 | 3,274,771,440.22 |
| Net cash flows from financing activities | 3,342,554,360.21 | 3,354,818,641.01 |
| IV. Effect of exchange rate changes on cash | 4,098,530.91 | -25,713,032.18 |
| V. Net increase in cash and cash equivalents | 2,142,476,624.76 | -3,011,426,037.65 |
| Add: Balance of cash and cash equivalents at the beginning of the period | 11,030,275,979.62 | 12,634,213,124.99 |
| VI. Balance of cash and cash equivalents at the end of the period | 13,172,752,604.38 | 9,622,787,087.34 |
4.2 Adjustments to relevant items in the financial statements at the beginning of the year of first application when the Company applies the new accounting standards for the first time from 2025
The Company has no adjustments to relevant items in the financial statements at the beginning of the year of first application when the Company applies the new accounting standards for the first time from 2025.
15
4.3 Auditor’s Report
The 2025 First Quarterly Report is unaudited.
By order of the Board
GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.*
Ma Jinru
Company Secretary
Beijing, 25 April 2025
As of the date of this announcement, the executive directors of the Company are Mr. Wu Gang, Mr. Cao Zhigang and Mr. Liu Rixin; the non-executive directors of the Company are Mr. Gao Jianjun, Ms. Yang Liying and Mr. Zhang Xudong; and the independent non-executive directors of the Company are Ms. Yang Jianping, Mr. Tsang Hin Fun Anthony and Mr. Wei Wei.