Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue was CNY 9.47 billion, an increase of CNY 2.49 billion year-over-year [14] - The comprehensive profit margin for Q1 2025 was 21.78%, down by 3.11% compared to the previous year [15] - Net profit attributable to the owners of the company was CNY 1.568 billion, growing by 17% [16] - The weighted average return on equity was 1.48%, an increase of 0.2% [17] - The cash to total asset ratio improved to 8.75% year-over-year [24] Business Line Data and Key Metrics Changes - The total external sales in the WTG segment for Q1 2025 were 2,587.65 megawatts, growing by 80.16% [9] - The wind turbine order backlog reached a historical high of 51.09 gigawatts, with 39.9 gigawatts from signed contracts [10] - The attributable under construction wind capacity was 4,117 megawatts [12] Market Data and Key Metrics Changes - In Q1 2025, China recorded 40.6 gigawatts of new grid connections, down by 5.7% [5] - Public tendering in Q1 totaled 28.6 gigawatts, growing by 22.7% [6] - The offshore public tendering was 0.8 gigawatts, while onshore was 27.8 gigawatts [7] Company Strategy and Development Direction - The company aims to optimize its asset liability ratio and improve the structure of its debt in 2025 [23] - The focus remains on enhancing the delivery cycle and controlling expenses [23] - The company is committed to supporting renewable energy development in line with government policies [8] Management Comments on Operating Environment and Future Outlook - Management noted that the public tendering market is booming, indicating strong growth momentum [6] - The company expects continued strong growth in net profit and return on equity [17] - The management emphasized the importance of improving receivable collections and operational cash flow [18][25] Other Important Information - The cumulative grid-connected power capacity in China reached 635.4 gigawatts, with thermal power declining to 42.3% [5] - The company has seen significant improvements in cash flow due to increased operational funds and prepayments for wind turbines [24][25] Q&A Session Summary Question: What are the expectations for the public tendering market? - Management indicated that the public tendering market is experiencing significant growth, with a 22.7% increase in Q1 [6] Question: How does the company plan to manage its debt? - The company plans to optimize its debt structure and control the asset liability ratio while improving delivery cycles and expenses [23] Question: What is the outlook for the WTG segment? - The WTG segment has shown strong growth, with external sales increasing by 80.16% in Q1 2025, and the order backlog reaching a historical high [9][10]
GOLDWIND(02208) - 2025 Q1 - Earnings Call Transcript