GOLDWIND (02208) extended its rally by more than 11%, reaching an intraday high of HK$9.9 to establish a new year-to-date peak. As of press time, the stock climbed 11.17% to HK$9.85 with trading volume of HK$131 million.
According to research analysis, the wind power equipment sector demonstrated robust performance in the first half of the year. Based on SW wind power equipment sector statistics, the segment generated revenue of RMB104.7 billion, representing a 45.6% year-over-year increase, while achieving net profit attributable to shareholders of RMB4.23 billion, up 15.5% compared to the same period last year.
The second quarter of 2025 showed particularly strong momentum, with the wind power sector recording revenue of RMB66.4 billion, marking a 52.4% year-over-year growth, and net profit attributable to shareholders of RMB2.9 billion, up 19% year-over-year, reaching the highest quarterly performance in approximately 23 years. Against the backdrop of substantial revenue growth, period expense ratios across all segments improved significantly by 1-3 percentage points.
Analysis indicates that during the first half, major manufacturers including Goldwind, Windey, and Ming Yang experienced gross margin improvements of 2-4 percentage points year-over-year, with Goldwind leading the margin expansion. This improvement is primarily attributed to fewer low-price contract wins in earlier periods and a greater proportion of higher-priced contracts secured.
Market research reveals that as of the end of June 2025, the company's outstanding external orders increased 45.58% year-over-year to 51.81GW, with overseas orders growing 42.27% year-over-year to 7.36GW. Domestic wind turbine prices have shown signs of recovery, while the company continues to prioritize international and offshore business development alongside ongoing cost reduction and efficiency improvement initiatives.
The wind turbine and components sales business gross margin rose 4.22 percentage points year-over-year to 7.97% in the first half of 2025, demonstrating significant profitability improvement. Industry analysts believe that the combination of wind power services and wind farm investment businesses advancing simultaneously may provide support for the company's full-year performance.
Market observers note that given the current trend of slower wind turbine upsizing and the potential bottoming out of the company's wind turbine manufacturing segment profitability, further recovery in the manufacturing business remains possible going forward.