Goldwind Science&Technology Co., Ltd.

Goldwind reported first-half 2025 revenue of CNY 21.852 billion, gross margin of 15.35%, and net attributable profit of CNY 1,488 million, up CNY 110 million year over year. The WTG manufacturing and sales business generated CNY 21,852 million of revenue with a 7.9% gross profit margin; Wind Farm Development contributed CNY 3,172 million with a 57.5% margin; and Wind Power Service generated CNY 2,896 million with a 22.5% margin. External sales capacity was 10,641 MW, up 106% year over year, and the external order backlog was 51.8 GW. Management did not give explicit next-quarter or full-year financial guidance, but said it will continue improving receivables, debt structure, and cash collection, and highlighted a 15th five-year strategy in preparation.

The lead management commentary emphasized a favorable industry backdrop: strong global and China wind additions, lower LCOE, and a series of policy measures supporting renewable power market reform, green certificates, virtual power plants, and green power direct connection. Management framed these developments as supportive for sustained wind power growth and used them to underscore confidence in the company’s multi-segment operating model. Tone was constructive and policy-focused, with repeated emphasis on industry momentum and long-term low-carbon transition themes.

The CFO said first-half revenue was historically high at CNY 21.852 billion, driven mainly by WTG manufacturing, and gross profit increased by CNY 693 million. Net attributable profit reached CNY 1,488 million, up CNY 110 million year over year, while weighted average ROE improved to 3.85% from the prior year period. On balance sheet and cash flow, trade receivables were 21% of total assets and days of receivables were 173 days; inventory and contract assets were 12% of total assets and days of inventory were 130 days. The asset-liability ratio improved to 73.0% from 73.96% at the beginning of the year, and operating cash outflow narrowed to CNY 2.9 billion, the smallest first-half outflow in five years.

No detailed analyst Q&A was included in the transcript provided, so there were no management responses to specific questions on margins, pricing, or demand. The closest items to Q&A were management’s own comments on receivables, debt structure, and cash flow improvement, plus a reference to overseas order growth helping operating cash flow. Management did, however, acknowledge that other business revenue declined somewhat and that future profitability there will depend on water tariff increases.