2025 Third Quarter Results Presentation

2025 Third Quarter Results

Industry Review Business Review Financial Results

3

Global Wind Power Market Global Annual New Installation (GW) 2024 Global Wind Power Generation (TWh) Onshore Offshore

95.3 93.6

116.6 117.0

10.9 8.0

China

US

Germany

Brazil

United Kingdom

India

138.9

108.5

84.1

81.5

458.0

8.0%

7.8%

997.0

Spain France Canada

Sweden

62.6

47.1

46.8

40.5

69.9%

68.4%

22.3%23.5% Center: 2023

Periphery: 2024

Fossil, nuclear and other enegy

Wind

Other renewables

• Global new installations in 2024 was 117.0GW, with onshore wind of

  109.0GW and offshore wind totaling 8.0GW.

• By region, APAC accounted for 75% of total installations, Europe represented 14% of total, and North America contributed 5%. The top market in 2024 for installations were China, which represented 68% of total. Meanwhile, US and Germany contributed 3% and 3% of total, respectively.

• In 2024, the total global power generation increased 4.4% to 31,256 TWh, of which renewable energy generated 9,868TWh, accounting for 31.6%, with an increase of 9.6%.

• Wind power generation increased by 8% yoy to 2,511TWh in 2024, accounting for 8.0% of global total electricity generation, with an increase of 0.27ppts.

• By country, China's wind power generation is the highest, amounting to 997.0 TWh, accounting for 40% of the global wind power generation; the United States and Germany were ranked in the second and third place, accounting for 18% and 6% respectively.

  Note: data from GWEC, EI (Energy Institute).

  
  
  

  4

  Wind Power Development in China Grid Connection (GW) Electricity Production (100 million kWh)

  New Grid-connection Cumulative Grid-connection

  Wind Power Production (100 million kWh)

  Utilization hours Penetration Rate

  365

  328

  441

  521

  573

  6,867

  5,667

  8,858

  9,916

  5,880

  12.1%

  47.6 37.6

  75.7

  79.8

  51.4

  2,031

  2,221

  2,225

  2,127

  1,087

  2021 2022 2023 2024 1H25

• In the first half of 2025, China recorded 51.4GW of new grid-connection, an increase of 98.9% yoy, of which 48.9GW of onshore wind and 2.5GW of offshore wind.

• As of the end of June 2025, China's cumulative grid-connected wind power capacity totaled 572.6GW, taking 15.7% in China's power mix. Meanwhile, thermal power declined to 40.4%.

  2021 2022 2023 2024 1H25

• In the first half of 2025, China's total power consumption was 4,841.8 billion kWh, with 3.7% yoy increase.

• Wind power production increased 15.6% yoy to around 588.0 billion kWh, representing a penetration rate* of 12.1%. The utilization rate of wind power is 93.2%.

  Note: data from National Energy Administration and China Electricity Council.

  *Wind Penetration rate=wind power production/total power consumption.

  
  
  

  5

  Chinese Public Tender Market Public Tender Market (GW) Average Bidding Price (Rmb/kW)

  164.1

  98.5

  86.3

  102.1

  1,475

  1,527

  1,590

  1,616 1,610

  54.2

  2021 2022 2023 2024 9M25

• Domestic public tender market totaled 102.1 GW in 9M25, representing a

  14.3% yoy decrease.

• Onshore public tender totaled 97.1GW and offshore totaled 5.0GW.

• In September 2025, the overall average bidding price of all WTG suppliers in the

market recorded Rmb 1,610/kW.

Note: data from public information.

State Policies and Projects Recent Policies

On July 17th, 2025, the National Energy Administration released the "2024 China Electricity Market Development Report"

-- The Report proposes that key priorities for power market development in 2025 including the preliminary establishment of a unified national power market system , achieving near-universal coverage of spot markets , enabling full participation of renewable energy generation in the market , establishing a power market evaluation system, and further refining the power market regulatory framework.

On August 25, 2025, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinions on Promoting Green and Low-Carbon Transformation and Strengthening the National Carbon Market."

-- By 2027, the national carbon emissions trading market will fundamentally cover major emitting industries in the industrial sector, while the national voluntary greenhouse gas emissions reduction trading market will achieve full coverage in key sectors. By 2030, a national carbon emissions trading market will be fundamentally established, based on total quota control and combining free and paid allocation.

On September 12, 2025, the National Development and Reform Commission and the National Energy Administration issued the "Notice on Improving Price Mechanisms to Promote Local Consumption of New Energy Power Generation."

--The Notice stipulates that local consumption projects shall connect to the user side at the property boundary point between the user and the public grid. The proportion of annual self-generated and self-consumed electricity from new energy sources shall account for no less than 60% of the total available power generation capacity and no less than 30% of the total electricity consumption. For projects added starting in 2030, this proportion shall be no less than 35%.

On September 15, 2025, the National Energy Administration and other relevant departments issued the "Guiding Opinions on Promoting High-Quality Development of Energy Equipment."

--The Guidelines propose enhancing the quality and efficiency of renewable energy equipment such as wind power, solar power, and hydropower. Breakthroughs will be achieved in key equipment including high-performance, long-life offshore wind turbine blades, high-power gearboxes, ultra-high composite towers, and highly reliable, low-cost floating foundations. Research and development will focus on key technologies for high-performance, wide-range operation of wind turbines in complex and harsh environments, improving operational reliability in challenging scenarios such as desert and grassland areas, as well as deep offshore regions.

6

China's Nationally Determined Contributions

President Xi unveiled China's 2035 Nationally Determined Contributions (NDCs) on September 24th, marking China's entry into a new phase of more systematic and comprehensive low-carbon and resilient development, and will make a positive contribution to achieving the longterm goals of the Paris Agreement.

The overall target

China will reduce economy-wide net greenhouse gas emissions by 7 percent to 10 percent from peak levels by 2035.

Increase the share of non-fossil fuels in total energy consumption

Increase the share of non-fossil fuels in total energy consumption to over 30 percent; expand the installed capacity of wind and solar power to over six times the 2020 levels, striving to bring the total to 3,600GW; scale up the total forest stock volume to over 24 billion cubic meters.

Basically establish a climate adaptive society

Make new energy vehicles the mainstream in the sales of new vehicles; expand the National Carbon Emissions Trading Market to cover major high-emission sectors; and basically establish a climate adaptive society.

Note: information from the General Office of the CPC Central Committee, NDRC (National Development and Reform Commission), NEA (National Energy Administration ), and other government agencies.

Industry Review Business Review Financial Results

8

Sale Capacity（MW）

6MW and Above 4MW (incl.) ~6MW Below 4MW

10,683

13,871 13,772

143

16,053

159

9,710

70

18,450

23

From January 1 to September 30, 2025, the Company′s external sale capacity totaled 18,449.70MW, with an increase of 90.01% yoy, among which:

• The sale capacity of WTG below 4MW totaled 22.50MW，

  taking 0.12% of total sale capacity

• The sale capacity of WTG 4MW(inclusive)-6MW totaled

  2,550.05MW, taking 13.82% of total sale capacity

• The sale capacity of WTG 6MW and above totaled

15,877.15MW, taking 86.06% of total sale capacity

2021 2022 2023 2024 9M24 9M25

Note: Data from Company files

Wind Turbine Order Backlog Order Backlog (MW) Signed Contract Successful Bid Internal Order

54,835

External Order Mix（MW） ＜4MW 4MW (incl.) - 6MW ≥6MW

9,425

605 , 1%

9

Sep 30, 2025

47,404

44,279

2,898

51,091

52,461

2,587

7,716 ,

16%

39,195

38,861

41,553 ,

83%

2024/9/30 2024/12/31 2025/3/31 2025/6/30 2025/9/30

• As of the end of 3Q25, Company's total order backlog was 52.5GW.

• External order backlog* totaled 49.9GW, including 11.0GW of successful bid and 38.9GW of signed contract.

• As of September 30, 2025, among the company's external orders, the capacity of units below 4MW is 605MW, accounting for 1%. The capacity of 4MW (inclusive) -6MW units is 7,716MW, accounting for 16%. The capacity of units above 6MW is 41,553MW, accounting for 83%.

  Note: data from Company files.

  *External order backlog = successful bid + signed contract.

  
  
  Global Business Expansion North America Cumulative installation 1,116.20MW

  Ecuador

  Adapt to

  earthquake areas

  Strong earthquake

  of magnitude 8.0

  South America Cumulative installation 2536.9MW
  
  
  Europe
  
  
  

  Cumulative installation

  987.99 MW

  10

  June 30, 2023

  Global Installations by country
  
  41 Africa

  Cumulative installation

  1481.1MW

  Pakistan

  Adapt to high temperature areas

  45℃

  Asia (ex.China) Cumulative installation 3074.75MW Australia

  Cumulative installation

  2016.48MW
  Global Regional Centers
  
  7
  Global R&D Centers
  
  8

  • Currently, the Company's business spreads across 47 countries in six continents worldwide. As of September 30, 2025, the cumulative installation in overseas market is 11,214.62MW, of which the installation in Asia (excluding China) has exceeded 3GW, the installation in Australia and South America has exceeded 2GW, and the installation in North America and Africa has exceeded 1GW.

  • As of September 30, 2025, the order backlog in overseas market totaled 7,161.72MW.

Note: data from Company files.