GOLDWIND (02208) reported strong first-quarter growth for the three months ended 31 March 2026, driven by a sharp increase in wind-turbine deliveries and higher investment gains.

Revenue jumped 63.48% year-on-year to RMB 15.48 billion, supported by a 133.45% surge in external turbine sales to 6,040.89 MW. Turbines in the 6-10 MW class accounted for 71.39% of the volume, reflecting market demand for larger units.

Net profit attributable to shareholders rose 59.65% to RMB 0.91 billion, while net profit excluding non-recurring items advanced 65.54% to RMB 0.92 billion. Basic earnings per share increased to RMB 0.2091.

Gross profitability improved despite a 73.95% rise in operating costs to RMB 12.89 billion, aided by a 547.17% jump in investment income to RMB 0.28 billion and a 77.19% gain in non-operating income.

Operating cash outflow narrowed 5.49% year-on-year to RMB 1.55 billion, helped by stronger tax refunds and other operating receipts. Net cash from investing activities reached RMB 0.98 billion, more than doubling on greater recovery of investments, while net financing inflow fell 58.39% to RMB 1.39 billion as new borrowings slowed. Cash and cash equivalents stood at RMB 9.40 billion at quarter-end.

Total assets edged up 0.92% from year-end to RMB 168.03 billion. Shareholders’ equity climbed 2.93% to RMB 44.71 billion, lifting the weighted average return on equity to 2.23% (up 0.75 percentage points).

The order book remained robust: as of 31 March 2026, GOLDWIND held 41.19 GW of signed external orders and 9.51 GW of awarded but unsigned external orders, plus 3.23 GW of internal orders, bringing total orders on hand to 53.93 GW—up 5.56% year-on-year. Overseas orders contributed 9.57 GW.

Key balance-sheet movements included a 59.13% reduction in held-for-trading financial assets following structured-deposit maturities, a 203.66% rise in current derivative assets from forward currency contracts, and a 39.75% increase in short-term borrowings.

Looking ahead, GOLDWIND continues to support growth with financing initiatives. Since April 2025 the company has registered up to RMB 3 billion of green technology innovation bonds, issuing four tranches to date, and began buying back H-shares under a 10% repurchase mandate in January 2026.

Management attributes the first-quarter performance to heightened turbine demand, especially in higher-capacity models, coupled with disciplined cost control and increased investment gains.