Ge Long Hui·2025-09-04 09:41Core Insights - The wind power equipment industry in China experienced a significant increase in demand in the first half of 2025, with record high installation capacity, sales volume, and revenue, but leading companies faced a "revenue growth without profit growth" dilemma [1][2][3] Industry Performance - In the first half of 2025, China's cumulative wind power installed capacity reached 573 million kilowatts, a year-on-year increase of 22.7%, with new grid-connected capacity soaring to 51.39 GW, nearly doubling year-on-year [2] - Major manufacturers collectively secured a bidding scale of 94 GW, a 32.7% increase year-on-year, with expectations that new installations for the year will exceed 100 GW, maintaining China's position as the world's largest wind power market [2] Sales and Profitability - Despite strong sales figures, profitability was under pressure; SANY Renewable Energy reported a revenue of 8.594 billion yuan with a net profit of only 210 million yuan, a year-on-year decline of 51.54% [3] - Mingyang Smart Energy's revenue grew by 45.33% to 17.143 billion yuan, but net profit fell by nearly 8%, while Goldwind Technology's revenue reached 28.537 billion yuan with a net profit growth of only 7.26% [3] Challenges in Profitability - The primary issue affecting profitability is the concentration of low-priced orders, with bidding prices for wind turbines dropping significantly from 3,000-4,000 yuan per kilowatt in 2021 to 1,000-2,000 yuan in 2023 [4] - Rising costs of raw materials and increased operational expenses due to market competition further compressed profit margins [4][5] Product Structure and Market Dynamics - The imbalance in product structure, with high-margin offshore wind turbines and large megawatt units having limited delivery ratios, has exacerbated profitability issues [5] - Companies are increasingly focusing on offshore wind power, large megawatt units, and overseas markets to improve margins, with SANY Renewable Energy reporting a recovery in gross margin in Q2 [6][7] Future Outlook - Signs of an industry turning point are emerging, with the average bidding price for wind turbines in the first half of 2025 rising by approximately 20% compared to the same period in 2024 [6] - The industry is shifting from price competition to value competition, with leading companies leveraging brand, technology, and service advantages to differentiate themselves [7] - The wind power sector's growth logic remains intact, with expectations for annual new installations exceeding 130 GW during the 14th Five-Year Plan period, and significant growth potential in Southeast Asia and Central Asia [7]