Goldwind Science & Technology (002202) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 28,537 million (¥28.54 billion), up 41.26% year-over-year, with net profit attributable to shareholders at RMB 1,488 million (¥1.49 billion), a 7.26% increase year-over-year.

• Wind turbine and components sales surged 71.15% year-over-year, with external sales capacity up 106.6% year-over-year.

• International sales accounted for 29.36% of revenue, up 75.34% year-over-year.

• All four business segments—WTG manufacturing, wind farm development, wind power service, and other business—showed sound development.

• Cash flow from operations improved significantly, with net outflow reduced by 63.81% year-over-year.

Financial highlights

• Gross profit margin for H1 2025 was 15.35%, with net margin at 5.21% and basic/diluted EPS at ¥0.3421, up 7.34% year-over-year.

• Trade receivables at June 2025 were RMB 33,728 million (21% of total assets); days of trade receivables was 173.

• Inventory and contract assets totaled RMB 20,019 million (12% of total assets); days of inventory was 130.

• Asset-liability ratio at June 2025 was 73.08%, with total assets at ¥161.55 billion.

• Cash to total assets ratio was 5.93% at June 2025; net operating cash outflows for H1 2025 were RMB 2,949 million.

Outlook and guidance

• The company is drafting its 15th Five Year Strategy to improve asset-liability ratio and support long-term growth.

• Policy support in China is accelerating the transition to clean energy, with targets for non-fossil fuel power generation capacity to reach 60% and non-fossil fuels in total energy consumption to reach 20%.

• The green certificate market and virtual power plant development are expected to mature by 2027.

• The company expects continued growth in wind power demand, driven by AI, data centers, and global decarbonization trends.

• Ongoing focus on lean management and cash flow optimization to support profitability.