Financial Performance - For the first quarter of 2025, the operating revenue reached RMB 9,472,103,951.62, representing a 35.72% increase compared to RMB 6,979,133,987.80 in the same period of 2024[10]. - The net profit attributable to shareholders of the listed company was RMB 568,246,130.26, a significant increase of 70.84% from RMB 332,623,657.47 in the previous year[10]. - The basic earnings per share rose to RMB 0.1299, marking a 78.93% increase from RMB 0.0726 in the same quarter last year[10]. - The net profit attributable to shareholders of the listed company for the period was RMB 568,246,130.26, an increase of 70.84% year-on-year, driven by increased gross profit and fair value changes[20]. - The basic earnings per share for the period was RMB 0.1299, an increase of 78.93% year-on-year, reflecting the growth in net profit attributable to shareholders[20]. - The net profit for the current period reached RMB 668,016,648.09, a significant increase from RMB 386,639,260.08 in the previous period, representing a growth of approximately 73.0%[35]. - Operating profit for the current period was RMB 864,967,859.54, compared to RMB 530,744,036.65 in the previous period, indicating an increase of about 63.0%[35]. - The total comprehensive income for the current period was RMB 676,686,559.16, compared to RMB 363,632,033.42 in the previous period, marking an increase of about 86.0%[36]. Cash Flow and Liquidity - The net cash flow from operating activities improved to -RMB 1,636,460,591.49, a 72.97% reduction in losses compared to -RMB 6,054,115,012.94 in the previous year[10]. - The net cash outflow from operating activities for the period was RMB 1,636,460,591.49, a decrease of 72.97% year-on-year, attributed to increased cash received from sales of goods and services[20]. - The cash flow from operating activities showed a net outflow of RMB -1,636,460,591.49, an improvement compared to RMB -6,054,115,012.94 in the previous period[37]. - Cash and cash equivalents increased to RMB 13,918,589,000.16 from RMB 11,619,404,073.57, indicating a significant liquidity improvement[30]. - The cash and cash equivalents at the end of the period totaled RMB 13,172,752,604.38, compared to RMB 9,622,787,087.34 at the end of the previous period, an increase of about 37.0%[38]. - The company generated RMB 432,284,325.13 in net cash flow from investing activities, a turnaround from a net outflow of RMB -286,416,633.54 in the previous period[38]. Assets and Liabilities - Total assets as of March 31, 2025, were RMB 159,012,094,192.62, reflecting a 2.44% increase from RMB 155,224,285,481.93 at the end of the previous year[10]. - Total liabilities rose to RMB 116,158,669,853.23, compared to RMB 114,797,204,198.26, indicating an increase of 1.2%[32]. - The equity attributable to shareholders increased to RMB 39,119,229,207.15 from RMB 38,529,305,966.52, representing a growth of 1.5%[32]. - The company reported a total current assets of RMB 73,779,113,522.53 at the end of the reporting period, up from RMB 68,600,887,505.10 at the beginning[30]. - The company’s long-term equity investments decreased to RMB 4,277,672,799.55 from RMB 4,493,344,348.22, indicating a reduction in investment holdings[30]. - The company’s total non-current assets amounted to RMB 78,000,000,000.00, with significant investments in fixed assets and intangible assets[30]. Operational Highlights - The company achieved external sales capacity of 2,587.65 MW in Q1 2025, representing a year-on-year growth of 80.16%[25]. - As of March 31, 2025, the total external orders awaiting execution amounted to 39,194.99 MW, with a year-on-year increase of 51.81% in total orders on hand, reaching 51,091.24 MW[26]. - The company plans to expand its market presence and invest in new technologies to drive future growth[34]. - The company has a total of 6,908.97 MW in overseas orders, highlighting its market expansion efforts[26]. Costs and Expenses - As of March 31, 2025, the operating cost for the period was RMB 7,409,522,329.04, an increase of 41.34% year-on-year, mainly due to increased sales scale of wind turbines and components[18]. - Total operating costs for the same period were RMB 8,801,088,137.76, up 33.9% from RMB 6,609,491,650.22 in the previous year[34]. - Research and development expenses for the three months were RMB 338,765,070.35, slightly down from RMB 368,358,225.65 in the previous year[34]. Other Financial Information - The company recognized government subsidies amounting to RMB 36,134,817.58 during the quarter, which are closely related to its normal business operations[14]. - The net profit from non-operating income and expenses totaled RMB 13,185,986.93 after accounting for tax effects and minority interests[14]. - The company reported a decrease in accounts payable from RMB 30,474,256,180.92 to RMB 27,346,233,702.01, a reduction of 7.0%[34]. - The company plans to implement a restricted stock incentive plan, granting 39.4 million shares at a price of RMB 4.09 per share to 460 eligible participants[27]. - The company will not have any adjustments related to the new accounting standards starting in 2025 in its financial statements[39]. - The Q1 2025 report of the company is unaudited[40].

Financial Performance - Goldwind Technology reported a revenue of RMB 20 billion for the fiscal year 2024, representing a year-on-year increase of 15%[8]. - The company achieved a net profit of RMB 3 billion, which is a 10% increase compared to the previous year[8]. - The company achieved a revenue of RMB 56,516.21 million in 2024, representing a 12.48% increase from RMB 50,243.73 million in 2023[13]. - Net profit attributable to shareholders reached RMB 1,860.45 million, a 39.78% increase compared to RMB 1,330.99 million in 2023[14]. - The company’s total assets increased by 8.17% to RMB 155,224.29 million in 2024, up from RMB 143,494.60 million in 2023[16]. - The total liabilities rose by 11.17% to RMB 114,797.20 million in 2024, compared to RMB 103,265.69 million in 2023[16]. - The company’s cash flow from operating activities was RMB 2,315.85 million, an increase from RMB 1,854.04 million in 2023[19]. - The company’s gross profit for the year ended December 31, 2024, was RMB 7,716.76 million, reflecting an increase of RMB 1,371.67 million or 21.62% from RMB 6,345.09 million in 2023[96]. - The gross margin for the group improved to 13.65% in 2024 from 12.63% in 2023, with the wind turbine manufacturing segment showing a significant increase in gross margin from -0.28% to 4.91%[97]. Market Expansion and Strategy - Goldwind plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[8]. - The company is actively expanding into international markets and new business areas, focusing on high-quality development and technological innovation[28]. - The company is actively exploring new business areas such as mixed towers, energy storage, and carbon management, aiming to enhance its comprehensive competitive strength[63]. - The company is expected to contribute 10% of new installed capacity through the renovation and upgrading of onshore wind power during the 14th Five-Year Plan period[135]. - The company aims to achieve breakthroughs in business structure, product innovation, and market expansion in 2025, focusing on high-quality growth driven by innovation and efficiency[137]. Product Development and Innovation - The company is investing RMB 1 billion in R&D for new wind turbine technologies, aiming to improve efficiency by 15%[8]. - New product launches include a next-generation wind turbine model, projected to increase output by 20%[8]. - The company launched the new generation wind resource assessment software "Wind Craftsman 3.0," receiving the first DNV certification in the country[23]. - The newly launched GWH204 Ultra flagship model has been recognized as the "Best Innovative Product" at the 2024 Wind Power Leader Awards, showcasing the company's commitment to product innovation[70]. - The new flagship product GWH300-20(25)MW is expected to reduce the Levelized Cost of Energy (LCOE) by 10% in future deep-sea applications[71]. Operational Efficiency and Cost Management - The company reported a 5% reduction in operational costs due to improved supply chain management[9]. - The company achieved a 5.4 times increase in inspection efficiency through the implementation of an unmanned operation solution in wind farms[78]. - Selling and distribution expenses increased by 19.44% to RMB 1,321.53 million in 2024 from RMB 1,106.44 million in 2023, primarily due to rising employee costs[99]. - Administrative expenses rose by 20.94% to RMB 4,934.14 million in 2024 compared to RMB 4,079.67 million in 2023, driven by increased R&D and employee costs[100]. Corporate Governance and Leadership - The company has a diverse board with expertise in finance, law, and energy, enhancing its strategic decision-making capabilities[151]. - The company is committed to maintaining high standards of corporate governance through its experienced board members[152]. - The management team is committed to leveraging their expertise to drive the company's strategic initiatives and growth in the renewable energy sector[163]. Sustainability and Environmental Commitment - Future strategies include a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company is committed to sustainable development by continuously launching higher quality, lower cost, and better performance products and solutions[139]. - The company is actively promoting the development of offshore wind power projects and expanding renewable energy applications in key sectors such as industry, transportation, and construction[135]. Shareholder Returns and Dividends - The company plans to distribute a final dividend of RMB 1.4 per 10 shares for the fiscal year ending December 31, 2024, subject to shareholder approval[183]. - The company has established a cash dividend policy, aiming for a minimum cash dividend proportion of 80% during profit distribution in a mature stage without significant capital expenditure[182]. - The company emphasizes active cash dividend distribution when profits are positive and cash flow supports normal operations and long-term development[180]. Risks and Challenges - The company faces potential risks including policy changes affecting the wind power industry, intensified market competition, and economic fluctuations impacting international business expansion[139].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The manufacturing sector's profit has turned positive, and there is optimism regarding the continued recovery of profitability [5] - The company achieved a revenue of 56.699 billion RMB in 2024, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.86 billion RMB, up 39.8% year-on-year [7] - The company maintains its leading market share in the global wind power equipment sector, with a sales capacity of 16.05 GW, a year-on-year increase of 16.6% [7] - The average selling price of wind power equipment has slightly increased, with a sales price of 2,425 RMB/kW, up 33 RMB/kW year-on-year [7] - The company expects net profits for 2025-2027 to be 2.58 billion, 3.33 billion, and 3.88 billion RMB respectively, with growth rates of 38.4%, 29.2%, and 16.5% [7] Financial Summary - The company's total market capitalization is approximately 20.914 billion HKD, with a closing price of 4.95 HKD [3] - The company's debt-to-asset ratio stands at 73.96% [3] - The projected revenue for 2025 is 72.661 billion RMB, with a year-on-year growth rate of 28.6% [6] - The projected net profit for 2025 is 2.575 billion RMB, with a year-on-year growth rate of 38.4% [6] - The company’s return on equity (ROE) is expected to improve from 3.5% in 2023 to 7.9% in 2027 [6]

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 56,516,210 thousand, representing an increase of 12.5% compared to RMB 50,243,726 thousand in 2023[4]. - Gross profit for the same period was RMB 7,716,757 thousand, up from RMB 6,345,091 thousand, indicating a growth of 21.6%[4]. - The net profit attributable to shareholders for 2024 was RMB 1,860,446 thousand, a significant increase of 40% from RMB 1,330,998 thousand in 2023[4]. - The company reported a total comprehensive income of RMB 1,786,640 thousand for 2024, compared to RMB 1,290,942 thousand in the previous year, reflecting a growth of 38.5%[5]. - The basic and diluted earnings per share for 2024 were RMB 0.42, compared to RMB 0.29 in 2023, representing a growth of 44.8%[5]. - The company reported a pre-tax profit of RMB 2,103,786 thousand for 2024, down from RMB 2,519,226 thousand in 2023, representing a decrease of approximately 16.5%[10]. - The company’s joint ventures reported a net income of RMB 121,418 thousand in 2024, compared to RMB 243,114 thousand in 2023[27]. - The company reported a significant increase in trade payables and accrued expenses, with a net increase of RMB 5,165,372 thousand compared to a decrease of RMB 575,518 thousand in 2023[10]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 126,924,285 thousand, an increase from RMB 113,495,600 thousand in 2023[6]. - The company’s non-current assets totaled RMB 86,623,398 thousand, up from RMB 79,665,123 thousand, marking an increase of 8.7%[6]. - Current liabilities increased to RMB 71,873,940 thousand in 2024 from RMB 63,019,604 thousand in 2023, indicating a rise of 14.5%[7]. - The total liabilities and equity as of December 31, 2024, stand at RMB 40,427,081,000, indicating the company's financial position[8]. - The company’s total liabilities increased to RMB 114,797,204 thousand in 2024 from RMB 103,265,687 thousand in 2023[27]. - The total trade receivables amounted to RMB 32,840,414,000 as of December 31, 2024, compared to RMB 27,225,218,000 in 2023, representing an increase of approximately 20%[62]. - The total amount of notes receivable reached RMB 2,437,112,000 as of December 31, 2024, up from RMB 954,510,000 in 2023, indicating a significant increase of about 155%[62]. Cash Flow and Investments - The company’s cash and cash equivalents decreased to RMB 11,132,904 thousand from RMB 13,693,908 thousand, a decline of 18.6%[6]. - The net cash used in investing activities for the year was RMB 5,724,052 thousand, significantly higher than RMB 1,823,702 thousand in the previous year, indicating an increase of approximately 213.5%[11]. - The net cash inflow from financing activities for the year ended December 31, 2024, was RMB 1,650.28 million, mainly from new bank borrowings of RMB 13,220.69 million[159]. - The net cash flow from operating activities for 2024 was RMB 2,315.85 million, compared to RMB 1,854.04 million in 2023, reflecting a growth of 24.85%[154][155]. Dividends and Shareholder Returns - The company declared a dividend of RMB 422,507,000 for the year 2023, with an additional RMB 99,969,000 attributed to non-controlling interests[8]. - The board proposed a final dividend of RMB 1.4 per 10 shares, totaling RMB 591,113,526.36, subject to shareholder approval at the 2024 annual general meeting[185]. - The company repurchased shares amounting to RMB 442,460,000 during the year, affecting the capital structure[8]. Market and Operational Insights - The company is engaged in the research, development, manufacturing, and sales of wind turbine units and components, as well as providing services related to wind farm construction and asset management[15]. - The company plans to expand its market presence and enhance its service offerings in the wind power sector, focusing on both domestic and international markets[33]. - The company maintained a domestic wind power new installed capacity of 18.67 GW in 2024, capturing a market share of 22%, ranking first in the country for 14 consecutive years; globally, it achieved a new installed capacity of 19.3 GW, with a market share of 15.9%, ranking first for three consecutive years[106]. - The company is actively pursuing green and low-carbon development strategies in line with national policies aimed at achieving carbon neutrality by 2035[85]. Research and Development - The company’s R&D team consists of over 3,000 experienced professionals, continuously driving innovation and enhancing core competitiveness[101]. - The company launched the new wind resource assessment software "Wind Artisan 3.0," which received the first DNV certification in the country[112]. - The company is actively exploring new business areas such as mixed towers, energy storage, and carbon management, aiming to expand the boundaries of wind energy resource development[103]. Compliance and Governance - The company has complied with all applicable provisions of the Corporate Governance Code as of December 31, 2024[187]. - The company’s audit committee approved the annual performance for 2024, confirming the financial statements for the year[199].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5][8]. Core Views - The company is positioned as a leading player in the wind turbine manufacturing sector, benefiting from both manufacturing and wind power development, with expectations for profitability recovery [7][10]. - The report highlights the potential for improved profitability driven by overseas exports and a rebound in offshore wind projects, alongside a stable performance in wind power operations [10][55]. Summary by Relevant Sections Market Performance - The closing price of the company's stock is HKD 5.26, with a market capitalization of approximately HKD 22.22 billion [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: - 2024E: CNY 58.85 billion - 2025E: CNY 72.72 billion - 2026E: CNY 85.96 billion - Net profit forecasts are: - 2024E: CNY 1.74 billion - 2025E: CNY 2.54 billion - 2026E: CNY 3.23 billion - The report estimates a target market value of CNY 34.5 billion, representing a 68% upside from the current valuation [6][8]. Investment Logic - The company is expected to benefit from: 1. Increased offshore wind project activity and accelerated overseas exports, which are anticipated to enhance overall profitability [10]. 2. High-quality wind power assets, with a return on equity (ROE) in the power generation business that ranks among the best in the industry [10][55]. 3. The introduction of a green electricity pricing mechanism, which is expected to provide stable returns for both operational and manufacturing segments [10]. Business Overview - The company has a strong market position, being the largest wind turbine manufacturer in China, with a cumulative installed capacity exceeding 100 million kilowatts [7][34]. - The company’s revenue from wind turbine manufacturing peaked at CNY 466.6 billion in 2020 but has since declined, with 2023 revenue around CNY 32.9 billion [18][21]. - The offshore wind market is projected to recover, with several provinces announcing new projects, which could significantly boost the company's revenue and profitability [49][50]. Operational Assets - The company has a total installed capacity of 814,000 kilowatts as of Q3 2024, with a focus on high-utilization areas such as Xinjiang [55]. - The company is actively developing and operating wind power projects, with a significant number of projects in the pipeline, indicating strong future growth potential [55]. Market Trends - The report notes a trend towards larger wind turbines, which is expected to continue driving down costs and improving efficiency in the sector [35]. - The company is also adapting to market pressures by diversifying its product offerings, including semi-direct drive models, which may help mitigate cost pressures [31][33]. This comprehensive analysis indicates a favorable investment opportunity in the company, supported by strong market positioning and growth potential in the wind energy sector.

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [1] Core Views - The wind power sector is experiencing significant growth, with land-based wind power tenders increasing substantially since the beginning of the year. The offshore wind project by Three Gorges Group has commenced full construction [1][4] - 2025 is expected to be a record year for tenders, with over 25GW of projects approved and awaiting bidding. The average annual installation of offshore wind power during the 14th Five-Year Plan is projected to exceed 20GW, significantly surpassing the previous plan [4] - The industry is anticipated to see a historical high in installed capacity for land-based wind power, exceeding 90GW in 2025, with stable main engine prices and a rebound in profitability driven by technological cost reductions [4] Summary by Sections Industry News - The report highlights the significant increase in land-based wind power tenders and the commencement of major offshore projects [1][4] Market Performance - Recent performance in the wind power sector has shown a divergence, with the top-performing segments being castings (+11.4%), blades (+10.4%), and bearings (+5.6%). Notable individual stock performances include Guangda Special Materials (+14.8%) and Times New Material (+14.8%) [3] Investment Recommendations - The report suggests focusing on four key areas: 1) Leading companies in tower/pile production with high export potential 2) Leading submarine cable companies with expected recovery and opening export markets 3) Leading complete machine manufacturers with domestic profitability bottoming out and accelerating exports 4) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025 - Recommended companies include Goldwind Technology, Oriental Cable, Times New Material, Hewei Electric, Sany Renewable Energy, Daikin Heavy Industries, Sun Moon Shares, Zhongji United, and Jinlei Shares [5] Tender and Installation Data - As of 2025, the cumulative public tender capacity for wind turbines in China has reached 24.3GW (+151%), with land-based wind turbine tender capacity at 23.7GW (+145%). The average winning bid price for land-based wind turbines (excluding towers) in 2025 is 1,499 CNY/kW [11] - In 2024, the total public tender capacity for wind turbines was 107.4GW (+61%), with land-based capacity at 99.1GW (+70%) and offshore capacity at 8.4GW (-3%) [11] Company Announcements - The report notes the full construction of the 800MW offshore wind project by Three Gorges Group and the commencement of a 500kW wind power project in Xinjiang by Sany Renewable Energy [10]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.82, indicating a potential upside of 26% from the current price of HKD 6.23 [5][12]. Core Insights - The company's overall gross margin is expected to improve, with a projected gross margin of over 16% for 2024 and further growth to 8% in 2025, driven by increased deliveries of offshore and international wind turbines [2][9]. - The company has successfully expanded its international market presence, demonstrating strong core competitive capabilities in the global supply chain and financing [3][10]. - The company anticipates a total wind turbine shipment of 18-20 GW for 2024, with continued growth expected in 2025, supported by a robust order backlog [4][11]. Financial Summary - The company reported a revenue of RMB 46,254 million in 2022, with projections of RMB 50,244 million in 2023, RMB 57,278 million in 2024, and RMB 61,860 million in 2025, reflecting a growth rate of 14% in 2024 [6][17]. - The net profit is expected to rebound significantly from RMB 1,331 million in 2023 to RMB 2,634 million in 2024, with a further increase to RMB 3,015 million in 2025 [6][17]. - The company’s earnings per share (EPS) is projected to rise from RMB 0.29 in 2023 to RMB 0.57 in 2024, and RMB 0.66 in 2025 [6][17].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Goldwind Technology, reported a 22% year-on-year revenue growth to 35.8 billion RMB in the first three quarters of 2024, with a net profit increase of 42% to 1.792 billion RMB [2][3] - The company achieved a record high of 44.3 GW in hand orders, with large turbine models accounting for 73% of these orders [2][3] - The wind turbine sales volume increased by 9% to 9.7 GW, with large turbine models (6 MW and above) making up 57.6% of total sales [3] - The industry is showing signs of recovery, with a 93% increase in bidding volume for wind turbines this year [3] Summary by Sections Company Performance - In Q3 2024, the company's revenue grew by 52% year-on-year to 15.6 billion RMB, with a stable gross margin of 14.1% [3] - The gross margin for the first three quarters increased by 2.2 percentage points to 16.4% [3] - The significant growth in net profit is attributed to increased gross margins and optimized asset and tax structures [3] Order and Sales Dynamics - The company’s hand orders reached a historical high of 44.3 GW, with 41.4 GW from external orders [3] - The sales structure has improved, with a higher proportion of high-margin large turbine models [3] Market Trends - The domestic wind turbine bidding volume increased significantly, with a 17% year-on-year growth in new wind power installations [3] - The bidding price for wind turbines stabilized at an average of 1475 RMB per kW in September 2024 [3] International Expansion - Goldwind Technology has expanded its international presence, with installations in 42 countries across six continents [3] - As of Q3 2024, the company has 8.1 GW of cumulative international installations, with significant contributions from North America, Oceania, and South America [3] Investment Recommendation - The report suggests that Goldwind Technology, as a traditional leader in the wind turbine sector, has significant growth potential due to its record high orders and expected strong performance in Q4 2024 [3]

Business Segments and Market Position - Goldwind Technology has three main business segments: wind turbine manufacturing, wind power services, and wind farm investment and development, providing diversified revenue streams [14]. - The company has maintained the number one market share in China's wind power market for 13 consecutive years and ranked first globally in the wind power market in 2023 [15]. - Goldwind's wind turbines are designed for various operating environments, including high temperature, low temperature, high altitude, low wind speed, and offshore conditions [14]. - The company is actively expanding its global footprint, having established a presence across six continents while consolidating its domestic market [14]. - Goldwind has developed comprehensive solutions that meet customer needs across multiple segments of the wind power industry value chain [14]. - The company leverages advanced technology and years of experience in wind turbine research and manufacturing to maintain its competitive edge [15]. - Goldwind's wind turbine products are backed by proprietary intellectual property, enhancing its market position [15]. - The company is committed to research and development, continuously innovating to improve its product offerings and services [14]. Financial Performance - In the first half of 2024, the company achieved operating revenue of RMB 20,143.15 million, representing a year-on-year growth of 6.53% [42]. - The net profit attributable to the parent company for the same period was RMB 1,386.84 million, an increase of 10.83% year-on-year [42]. - Sales revenue from wind turbine units and components amounted to RMB 12,767.68 million, accounting for 63.38% of total operating revenue [43]. - The total external orders on hand as of June 30, 2024, reached 35,589.23 MW, reflecting a year-on-year increase of 26.40% [47]. - The sales capacity of wind turbine units in the first half of 2024 was 5,150.72 MW, with a significant increase of 97.05% for units of 6 MW and above [43]. - The total installed wind power capacity in China reached 467 million kW by the end of June 2024, a year-on-year increase of 19.9% [37]. - The average utilization hours for wind power in the first half of 2024 were 1,134 hours, with an average utilization rate of 96.1% [37]. - The domestic market bidding volume for wind power in the first half of 2024 was 66.11 GW, a year-on-year increase of 47.88% [38]. Research and Development - The company is committed to becoming a leader in providing comprehensive clean energy and energy-saving solutions, focusing on smart water management and environmental protection [20]. - The company has developed multiple product platforms, including GWHV12 and GWHV20, to meet diverse market demands and enhance product reliability [48][49]. - The company is actively developing new business areas such as mixed towers, energy storage, and carbon management, aiming to enhance the efficient development and utilization of wind energy resources [20]. - The company has established eight overseas regional centers to facilitate the internationalization of capital, market, technology, talent, and management [21]. Governance and Management - Goldwind's financial performance and market strategies are supported by a strong governance structure and experienced management team [11]. - The company has established partnerships with major banks to support its operational and expansion strategies [11]. - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period [139]. Market Trends and Economic Outlook - The Chinese government's GDP growth for the first half of 2024 was reported at 5.0%, with a stable economic outlook despite global uncertainties [22]. - The total electricity consumption in China for the first half of 2024 was 4,657.5 billion kWh, reflecting a year-on-year increase of 8.1% [25]. - The company is positioned to benefit from the ongoing energy transition and the government's focus on achieving carbon peak and carbon neutrality goals by 2030 and 2060, respectively [27]. Operational Efficiency - The company emphasizes product quality and efficiency, leveraging over 20 years of experience to reduce the levelized cost of electricity throughout the product lifecycle [17]. - The company achieved a significant milestone with the successful installation of its first overseas medium-speed permanent magnet unit in Brazil and completed the first phase of a 504MW wind power project in Egypt, with a second phase order of 150MW [51]. - The company received the first-class award for the "Offshore Wind Power Safety and Efficient Development Technology and Equipment" project and the second-class award for the "High-Performance Service Key Technology and Application of Ultra-Large Capacity Wind Power Energy Conversion System" from the National Science and Technology Progress Awards [51]. Financial Position and Cash Flow - Total assets as of June 30, 2024, were RMB 144,211.91 million, a slight increase from RMB 143,494.60 million as of December 31, 2023 [97]. - The company's income tax expense decreased by 35.68% to RMB 408.94 million, primarily due to a reduction in taxable profits [94]. - The group's current liabilities decreased to RMB 59,663.91 million from RMB 63,019.60 million, primarily due to a reduction in trade payables and notes payable [98]. - The net cash outflow from operating activities for the six months ended June 30, 2024, was RMB 8,150.78 million, compared to RMB 8,071.25 million for the same period in 2023 [100]. - The net cash inflow from financing activities increased to RMB 4,085.82 million in 2024 from RMB 953.73 million in 2023, driven by new bank loans [100]. Shareholder Information - The total issued share capital as of June 30, 2024, was 4,225,067,647 shares, with A-shares constituting 81.69% of the total [13]. - As of June 30, 2024, the total number of shareholders is 248,306, with 247,292 holding A-shares and 1,014 holding H-shares [138]. - Major shareholders include Xinjiang Wind Power with 497,510,186 A-shares (14.41% of A-shares) and China Three Gorges Energy with 386,909,686 A-shares (25.62% of total shares) [135]. Employee and Training Initiatives - The company had a total employee count of 10,375 as of June 30, 2024, down from 10,655 a year earlier [148]. - Employee compensation for the six months ended June 30, 2024, amounted to RMB 2,061,107,000, compared to RMB 1,835,521,000 for the same period in 2023, representing an increase of approximately 12.3% [148]. - The company introduced 583 new training courses in the first half of 2024, with an average of 21.6 training hours per employee [153].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 20,143,154 thousand, an increase of 6.5% compared to RMB 18,909,115 thousand for the same period in 2023[2]. - Gross profit for the period was RMB 3,693,741 thousand, with a gross margin of approximately 18.3%, compared to RMB 2,415,061 thousand in the previous year[2]. - Net profit for the period was RMB 1,435,992 thousand, representing an increase of 6.7% from RMB 1,345,335 thousand in the same period last year[2]. - The company reported a total comprehensive income of RMB 1,446,062 thousand for the period, an increase from RMB 1,095,896 thousand in the same period last year[3]. - The company reported a total profit of RMB 2,217,389 thousand for the six months ended June 30, 2024, compared to RMB 2,299,936 thousand for the same period in 2023, indicating a slight decrease of about 3.6%[15][16]. - The company achieved operating revenue of RMB 20,143.15 million, a year-on-year increase of 6.53%, and a net profit attributable to the parent company of RMB 1,386.84 million, up 10.83% year-on-year[138]. Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 80,163,740 thousand, up from RMB 79,665,123 thousand at the end of 2023[4]. - As of June 30, 2024, current liabilities totaled RMB 59,663,910 thousand, a decrease of 5.4% from RMB 63,019,604 thousand as of December 31, 2023[5]. - Non-current liabilities amounted to RMB 43,856,737 thousand, an increase of 8.1% from RMB 40,246,083 thousand[5]. - The company's total equity as of June 30, 2024, was RMB 40,691,263 thousand, compared to RMB 40,228,913 thousand at the end of 2023, reflecting a growth of 1.15%[5]. - The company's total assets as of June 30, 2024, were RMB 144,211,910,000, compared to RMB 143,494,600,000 at the end of 2023, reflecting a growth of 0.5%[18]. - The total liabilities increased to RMB 103,520,647,000 as of June 30, 2024, from RMB 103,265,687,000 at the end of 2023, marking a rise of 0.2%[18]. Cash Flow and Financing - Cash and cash equivalents decreased to RMB 8,054,356 thousand from RMB 13,693,908 thousand, a decline of 41.2%[4]. - The net cash flow used in operating activities was RMB 8,150,780 thousand, slightly increased from RMB 8,071,245 thousand in the previous year[8]. - Cash flow from investing activities showed a net outflow of RMB 836,625 thousand, a significant decrease from a net inflow of RMB 1,751,715 thousand in the prior year[9]. - The company’s cash flow from financing activities showed a net inflow of RMB 4,085,818 thousand, a substantial increase from RMB 953,731 thousand in the previous year[9]. - The company’s total liabilities and equity reached RMB 84,691,263 thousand, reflecting a balanced growth in financial structure[6]. Revenue Breakdown - The manufacturing and sales segment generated revenue of RMB 14,608,056 thousand, while the wind farm development segment contributed RMB 4,409,318 thousand, and the wind power services segment accounted for RMB 3,426,652 thousand[15]. - Revenue from wind turbine and component sales was RMB 12,767,677,000, slightly up from RMB 12,740,915,000 in the previous year, indicating a marginal increase of 0.2%[22]. - Revenue from wind farm development reached RMB 4,401,088,000, a significant increase of 31.5% compared to RMB 3,347,156,000 in the same period last year[22]. - The company reported external customer sales of RMB 15,367,226,000 in China and RMB 4,775,928,000 in other countries, with total external sales amounting to RMB 20,143,154,000[19]. Research and Development - The company continues to focus on research and development in wind power technology, aiming to enhance its competitive edge in the renewable energy market[14]. - The company has established eight R&D centers and employs over 3,000 experienced R&D personnel to enhance its innovation capabilities[124]. - The company is actively involved in research and development (R&D) related to wind turbines[190]. Market Position and Strategy - The company maintained its leading position in the domestic wind power market for 13 consecutive years and ranked first in the global wind power market in 2023[123]. - The company is actively pursuing market expansion strategies, including the development of new wind farms and potential acquisitions to strengthen its market position[14]. - The company is committed to becoming a leader in clean energy and environmental solutions through its comprehensive service offerings in the wind power sector[126]. Operational Efficiency - The cost of sold inventory decreased to RMB 12,269,398 thousand from RMB 13,080,924 thousand, reflecting a reduction of about 6.2% year-over-year[31]. - The company’s average utilization hours for domestic wind turbines were 1,268 hours, exceeding the national average by 134 hours[151]. - The company’s operational capacity for after-sales services reached approximately 33.55 GW, representing a year-on-year growth of 13%[149]. Challenges and Risks - The company faces policy risks that could impact the production and sales of its main products due to changes in national and industry development policies[182]. - Market competition risks are heightened as the dual carbon goals in China create unprecedented opportunities for the wind power industry, intensifying competition among companies[182]. - The company is addressing economic environment and exchange rate fluctuation risks by focusing on technological innovation and product upgrades to enhance its competitive advantage[183].