Goldwind Science & Technology (002202) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 9.47 billion (up 35.72% year-over-year), with net profit attributable to owners at RMB 568 million (up 70.84% year-over-year), and a comprehensive profit margin of 21.78%.

• External wind turbine sales surged 80.16% year-over-year to 2,587.65 MW, with 6 MW+ models accounting for over 70% of sales and a record order backlog of 51.09 GW.

• Overseas external orders reached 6,909 MW, up 26.1% year-over-year, reflecting strong international growth.

• Attributable grid-connected wind power projects totaled 8,043 MW, with self-owned wind farms achieving 635 utilization hours, 57 hours above the national average.

• Policy support continues with new energy targets, laws, and reforms promoting renewables and non-fossil fuel generation.

Financial highlights

• Q1 2025 operating income was RMB 9.47 billion, up 35.72% year-over-year, with net profit attributable to owners at RMB 568 million, up 70.84% year-over-year.

• Comprehensive profit margin for Q1 2025 was 21.78%, down 3.11 percentage points year-over-year.

• Weighted average return on equity was 1.48% for Q1 2025.

• Operating cash outflow was RMB 1.64 billion, a 72.97% improvement year-over-year; cash to total asset ratio was 8.75%.

• Basic EPS was RMB 0.1299, up 78.93% year-over-year.

Segment performance

• WTG external sales in Q1 2025 were 2,587.65 MW, up 80.16% year-over-year, with 6 MW+ models making up over 70% of sales.

• Overseas external orders reached 6,909 MW, up 26.1% year-over-year.

• Order backlog as of March 31, 2025, was 51.09 GW, up 51.81% year-over-year.

• Attributable grid-connected wind power projects totaled 8,043 MW, with 4,117 MW under construction.

• Self-run wind farms achieved 635 utilization hours in Q1 2025, 57 hours above the national average.