Goldwind Science & Technology (002202) Q3 2025 earnings summary

Executive summary

• Global wind power generation rose 8% year-over-year to 2,511 TWh in 2024, with China contributing 40% and leading global installations; global new wind installations reached 117.0 GW, with APAC accounting for 75% and China 68%.

• Sales volume for the first nine months was 18,449.70 MW, up 90.01% year-over-year, with 86.06% from 6MW and above turbines.

• Overseas cumulative installations reached 11,214.62 MW across 47 countries, with an overseas order backlog of 7,161.72 MW as of September 30, 2025.

• Total order backlog stood at 52,460.84 MW as of September 30, 2025, up 18.48% year-over-year, with 49,900 MW external and 83% from 6MW and above units.

Financial highlights

• Revenue for January–September 2025 was RMB 48.15 billion, up 34.34% year-over-year, a historical high.

• Net profit attributable to shareholders was RMB 2.58 billion, up 44.21% year-over-year.

• Comprehensive profit margin for the period was 14.39%, down 2.04 percentage points due to revenue mix changes.

• Weighted average ROE reached 6.67%, up from 1.90% a year earlier.

• Net operating cash outflow narrowed to RMB 633 million, a 90.27% improvement year-over-year.

Segment performance

• Wind turbine manufacturing was the main revenue growth driver, with 6MW and above units accounting for 86.06% of sales volume.

• Attributable, grid-connected wind power projects totaled 8,688 MW, with 4,062 MW under construction at period end.

• Self-run wind farms recorded 1,730 hours of utilization in 9M25.