Goldwind Science & Technology (002202) Q3 2026 earnings summary

Executive summary

• 9M26 revenue was RMB52,023m, up 8.05% YoY; attributable net profit was RMB2,875m, up 11.25%.

• Total turbine backlog reached 56.97 GW at September 30, up 8.60% YoY, including 55.10 GW of external orders and 11.05 GW of overseas orders.

Financial highlights

• 9M26 revenue was RMB52,023m; attributable net profit was RMB2,875m.

• Q3 revenue was RMB18.28bn, down 6.76% YoY; attributable net profit was RMB1.02bn, down 6.95%.

• Adjusted 9M net profit was RMB2.98bn, up 23.34% YoY; Q3 adjusted net profit was RMB962.4m, down 8.46%.

• Comprehensive profit margin was 15.95%; weighted average ROE was 6.94%.

• 9M operating cash flow was a net outflow of RMB29.7m, versus RMB633.4m in the prior-year period.

Outlook and guidance

• Management aims to further reduce the asset-liability ratio by year-end 2026.

• China’s 2030 targets include 3.5bn kW of renewable capacity and 6tn kWh of annual generation; wind and solar capacity is targeted to exceed 2.8bn kW.

• The 15th Five-Year Plan targets non-fossil energy at 50% of electricity generation by 2030 and virtual power plant maximum regulation capacity above 50m kW.

• Renewable-energy non-electricity use is targeted at 1.5 times the 2025 level by 2030; targeted average confidence output is 11% for wind and 5% for solar.