Goldwind Science & Technology (002202) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached CNY 33.739 billion (up 18.23% year-over-year), with a comprehensive profit margin of 16.76% and net profit attributable to shareholders of CNY 1.855 billion (up 24.67% year-over-year).

• International sales grew 29.94% year-over-year, with overseas cumulative installations at 14,853MW and an order backlog of 9,489MW.

• Sale capacity increased 16.2% year-over-year to 12,364MW, with 66% in the 6–10MW segment.

• The company operates in 49 countries, with a backlog order of 54.1 GW, including 9.5 GW overseas.

• R&D investment increased 10.3% year-over-year, supporting product innovation and global expansion.

Financial highlights

• H1 2026 revenue was CNY 33.739 billion, mainly driven by wind turbine manufacturing and strong onshore-offshore growth.

• Comprehensive profit margin rose to 16.76%, up 4.1 percentage points year-on-year.

• Attributable net profit reached CNY 1.855 billion, up 24.67% year-on-year.

• Weighted average ROE improved to 4.51%, up 0.66 percentage points.

• Net cash flow from operations was -CNY 1.58 billion, improved 46.48% year-on-year.

Outlook and guidance

• China's 15th Five-Year Plan targets over 50% wind and solar installed capacity and 30% power generation from these sources by 2030.

• Policy support targets non-fossil energy to reach 25% of total energy consumption by 2030, with installed wind and solar capacity expected to exceed 2.8 billion kW by 2030.

• Market reforms, carbon neutrality initiatives, and policy support are expected to drive further industry growth.

• Global wind power installed capacity expected to grow 12% in 2026, with China’s new onshore wind capacity forecast at 90GW.

• The company aims to shift from scale-driven to value-driven growth, focusing on high-quality development and global market expansion.