Goldwind Science & Technology (002202) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB15,485 million (¥15.48 billion), up 63.48% year-over-year, with net profit attributable to owners at RMB907 million, up 59.65% year-over-year, and a comprehensive profit margin of 16.76%.

• External sale capacity reached 6,040.89MW, up 133.45% year-over-year, with 71.39% in the 6MW–10MW segment and 19.44% in 10MW and above.

• Total order backlog stood at 53.93GW, with 50.7GW external orders and 9,567MW in overseas backlog as of March 31, 2026.

• Total assets at quarter-end were ¥168.03 billion, a 0.92% increase from year-end 2025.

Financial highlights

• Weighted average return on equity for 1Q26 was 2.23%, up 0.75 percentage points year-over-year.

• Trade receivables totaled RMB33,936 million (20% of total assets), with 150 days outstanding.

• Inventory and contract assets were RMB17,505 million (10% of total assets), with 95 days outstanding.

• Interest-bearing debt reached RMB50,846 million (43% of total liabilities); asset-liability ratio was 71.10%.

• Operating cash flow was negative RMB1,547 million, a slight improvement from -¥1.64 billion last year; cash to total assets ratio was 6.72%.

Outlook and guidance

• Management notes forward-looking statements are subject to risks and uncertainties, with actual results potentially differing materially from projections.

• Total external orders on hand as of March 31, 2026, were 50.7GW, with total orders (including internal) at 53.93GW, up 5.56% year-over-year.