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].
金风科技(02208) - 2024 - 中期财报