Goldwind Science & Technology (002202) Q4 2025 earnings summary

Executive summary

• Global wind power installations in 2025 reached 169.2 GW, up 37.9% year-over-year, with China accounting for three-quarters of new capacity additions.

• Maintained number one position in new installations in China for 15 years and globally for 4 years, with cumulative installations of 165 GW across 42 countries by end-2025.

• Overseas cumulative installations reached 12,599 MW across 49 countries, with an overseas external order backlog of 9,270 MW.

• Robust growth in business performance, with external WTG sales capacity up 65.9% to 26.626 GW and a total order backlog of 53.7 GW at year-end.

• Revenue for 2025 reached RMB 73,023 million, with net profit attributable to owners at RMB 2,774 million and a comprehensive profit margin of 14.18%.

Financial highlights

• Revenue for 2025 was RMB 73,023 million, up RMB 16.3 billion year-over-year, driven by strong WTG sales and business execution.

• Consolidated profit margin improved to 14.18%, up 0.38 percentage points; attributable net profit rose 49.12% to RMB 2,774 million.

• Weighted average ROE increased to 7.08%, up 2.17 percentage points year-over-year.

• Net operating cash flows for 2025 totaled RMB 3,543 million, with cash to total assets ratio at 6.20%.

• Interest-bearing debt at year-end was RMB 48,972 million (41% of total liabilities), with an asset-liability ratio of 71.66%.

Outlook and guidance

• IEA forecasts global new wind capacity to reach 4,600 GW from 2025 to 2030; GWEC projects offshore wind CAGR of 28% (2024–2029) and 15% (2029–2034).

• China’s 2035 NDCs target over 30% non-fossil energy consumption and wind/solar capacity exceeding 3,600 GW.

• Company targets operational carbon neutrality by 2030 and 100% green electricity for global production by 2031.