Goldwind H1 2026 Revenue Climbs 18% to RMB33.70 Billion, Net Profit Jumps 24.67%

Bulletin Express
Yesterday

Goldwind Science & Technology Co., Ltd. released unaudited interim results for the six months ended 30 June 2026.

Revenue and Earnings • Group revenue grew 18.25% year on year to RMB33.70 billion, driven mainly by a 24.73% increase in wind turbine generator (WTG) sales to RMB27.26 billion. • Net profit attributable to owners of the Company rose 24.67% to RMB1.85 billion. • Basic earnings per share were RMB0.43, compared with RMB0.34 a year earlier. • Group gross profit improved 27.99% to RMB5.57 billion; overall gross margin expanded to 16.53% from 15.27%.

Segment Performance • WTG Manufacturing and Sale: revenue RMB27.26 billion; gross margin 11.38% (up 3.50 ppts). External turbine sales reached 12.36 GW, with units ≥10 MW doubling year on year. • Wind Farm Investment and Development: revenue RMB3.15 billion; gross margin 54.43%. • Wind Power Services: revenue RMB2.73 billion; gross margin 21.76%. • Other businesses (water treatment, hybrid towers, green methanol, energy storage): revenue RMB0.56 billion; gross margin 28.17%.

Order Book • External WTG orders on hand totalled 50.96 GW; additional 10.36 GW of successful tenders await contract signing. Including internal projects, total orders on hand reached 54.14 GW. • Overseas orders on hand were 9.49 GW, up 28.93% year on year.

Cash Flow and Balance Sheet • Net operating cash outflow was RMB1.58 billion, versus an outflow of RMB2.95 billion in the prior‐year period. • Net investing cash inflow amounted to RMB0.46 billion, mainly from disposal of financial assets. • Financing activities generated RMB3.11 billion, supported by RMB7.85 billion in new borrowings and RMB0.90 billion raised from other equity instruments. • Cash and cash equivalents stood at RMB10.83 billion (31 Dec 2025: RMB9.51 billion). • Interest-bearing borrowings totalled RMB42.29 billion; gearing ratio (net debt/total capital) was 64.42% (31 Dec 2025: 63.78%).

Capital Expenditure • Capex decreased 21.47% to RMB2.98 billion, allocated mainly to property, plant and equipment.

Share Repurchases • During the period the Company repurchased 13.02 million A-shares for RMB300.00 million and 3.44 million H-shares for HKD45.57 million; 1.28 million restricted A-shares were cancelled.

Dividends • The Board does not recommend an interim dividend.

Post-Reporting Event • On 19 August 2026 Goldwind issued RMB1.00 billion of green perpetual technological-innovation bonds at an initial coupon of 2.00%.

Outlook Management reiterated its focus on high-quality growth, continued R&D investment, and expansion of offshore and overseas markets while maintaining a diversified clean-energy portfolio.

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