A-share wind power listed companies have completed their mid-year report disclosures. In the first half of the year, all five major wind power equipment listed companies achieved revenue growth, while net profits showed significant differentiation.

As the currently largest wind power equipment manufacturer, Goldwind Science & Technology Co., Ltd. achieved total operating revenue of 28.537 billion yuan, an increase of 41.26% year-over-year, with net profit attributable to shareholders of 1.488 billion yuan, up 7.26% year-over-year. Judging solely by mid-year performance, it was the most outstanding.

However, the company's non-GAAP net profit was 1.368 billion yuan, down 0.40% year-over-year, indicating that the profitability of its core business has not actually improved synchronously.

More concerning is the debt issue behind the impressive performance. As of the end of June 2025, Goldwind Science & Technology's asset-liability ratio was 73.08%, at a moderate level within the industry; however, its interest-bearing debt ratio has remained persistently high compared to comparable companies.

From a debt amount perspective, at the end of June this year, Goldwind Science & Technology's total interest-bearing debt reached as high as 43.8 billion yuan, which has been significantly higher than other comparable companies for many years.

From a debt structure perspective, Goldwind Science & Technology primarily relies on long-term borrowings, which reached 30.017 billion yuan at the end of June this year. Financial expenses in the first half were 345 million yuan, decreasing by approximately 10% year-over-year against the backdrop of generally declining market interest rates, but still much higher than other comparable companies in the same period.

Additionally, since 2008, Goldwind Science & Technology's annual operating cash flow has been less than capital expenditure in the same period, with consecutive years of cash flow shortfalls. To alleviate funding pressure, Goldwind Science & Technology has sold assets multiple times, further accelerating the pace of asset disposal and cash recovery in recent years.

Since 2022, Goldwind Science & Technology has successively sold 100% equity in Hami Xintian, partial equity in Stockyard Hill and Mooraboll wind farms, 100% equity in Xiaxian Tianrun, 100% equity in Muniushan Holdings, 4.40% equity in Swancor Advanced Materials, and other assets, with a rough estimated total transaction value exceeding 3 billion yuan.

While asset sales are certainly an important means of improving cash flow, they also reflect Goldwind Science & Technology's predicament of insufficient long-term cash generation capability from its main business.