Goldwind Science & Technology Co., Ltd. (“Goldwind”) published its interim report for the six months ended 30 June 2026, revealing double-digit growth across key metrics despite a mixed global macro environment.
Financial Highlights • Revenue rose 18.25 % year on year to RMB 33.70 billion, driven by strong wind-turbine generator (WTG) deliveries. • Net profit attributable to shareholders advanced 24.67 % to RMB 1.85 billion. • Gross profit expanded 27.99 % to RMB 5.57 billion; overall gross margin improved to 16.53 % (H1 2025: 15.27 %). • Operating cash outflow was RMB 1.58 billion, while net financing inflow reached RMB 3.11 billion. • Cash and cash equivalents stood at RMB 10.83 billion; interest-bearing debt totalled RMB 42.29 billion, pushing the gearing ratio slightly to 64.42 % (FY 2025: 63.78 %). • No interim dividend was declared.
Segment Performance • WTG Manufacturing & Sales remained the core contributor, generating revenue of RMB 27.26 billion, up 24.73 %, and accounting for 80.9 % of group turnover. External WTG sales capacity rose 16.19 % to 12.36 GW, with turbines ≥ 6 MW representing over two-thirds of volume. • Wind Farm Investment & Development delivered revenue of RMB 3.15 billion and a disposal gain of RMB 248.74 million, lifting segment gross margin to 54.43 %. Attributable installed capacity reached 10.39 GW, with 3.09 GW under construction. • Wind Power Services produced revenue of RMB 2.73 billion; post-warranty service income climbed 19.83 % to RMB 2.10 billion. O&M contracts now cover more than 60 GW globally. • Other businesses, including water treatment, green methanol, hybrid towers and energy storage, contributed revenue of RMB 561.84 million.
Order Book & Market Expansion • Total WTG orders on hand reached 54.14 GW, comprising 50.96 GW external and 3.18 GW internal. • Overseas orders grew 28.93 % to 9.49 GW; H1 2026 international revenue surged 29.98 % to RMB 10.89 billion. Goldwind’s turbines now operate in 49 countries with installed capacity exceeding 13 GW outside China. • Offshore wind momentum continued: domestic offshore installations increased 48 %, supported by seven coastal bases and new 20 MW and 16 MW models.
R&D and Innovation • R&D spending during the period totalled RMB 1.05 billion. The company added 92 new turbine certificates and holds 4,334 domestic patents, ranking first in China’s wind sector. • Goldwind’s 20 MW offshore turbine entered the Fujian grid, the world’s largest unit in commercial marine operation.
Capital Expenditure & Investments • Capex reached RMB 2.98 billion, primarily for manufacturing upgrades and offshore facilities. • Green methanol, hybrid tower and energy-storage initiatives progressed, with cumulative green methanol orders surpassing 0.75 million tonnes and hybrid-tower orders exceeding 5 GW.
Outlook Management highlights sustained global demand for renewables and China’s “15th Five-Year Plan” targets, expecting wind and solar installations to exceed 2.8 TW by 2030. Goldwind will prioritise value-driven growth, accelerated offshore deployment and deeper international localisation to capture emerging opportunities.