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Goldwind Science & Technology (002202) investor relations material

Goldwind Science & Technology Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary25 Oct, 2025

Executive summary

  • Operating income for the first nine months of 2025 reached RMB48.15 billion, up 34.34% year-on-year, driven by record wind turbine sales and international expansion.

  • Net profit attributable to shareholders rose 44.21% year-on-year to RMB2.58 billion, with basic EPS up 45.83% to RMB0.5969.

  • External sales volume totaled 18,449.70MW, a 90.01% increase year-on-year, with 86.06% from 6MW and above turbines.

  • Overseas cumulative installations reached 11,214.62MW across 47 countries, with an overseas order backlog of 7,161.72MW as of September 30, 2025.

  • Total order backlog stood at 52.5GW, with 49.9GW external, dominated by 6MW and above units (83%).

Financial highlights

  • Comprehensive profit margin for the period was 14.39%, down 2.04 percentage points due to revenue mix changes.

  • Gross margin increased by CNY 1.39 billion, mainly from turbine manufacturing.

  • Weighted average ROE improved to 6.67%, up 1.9 percentage points year-on-year.

  • Operating costs increased 37.63% year-on-year to RMB41.22 billion, reflecting higher sales volume.

  • Net cash outflows from operating activities improved significantly, decreasing 90.27% year-on-year to RMB633 million.

Key financial ratios and metrics

  • Trade receivables totaled RMB34,590 million (21% of total assets) with 175 days outstanding.

  • Inventory and contract assets were RMB22,421 million (13% of total assets), with 130 days outstanding.

  • Interest-bearing debt was RMB49,809 million (41% of total liabilities); asset-liability ratio was 71.11% as of September 30.

  • Cash to total assets ratio was 5.65% as of September 2025.

  • Total assets as of September 30, 2025 were RMB167.31 billion, up 7.78% from year-end 2024.

What is the impact of 6MW+ unit sales dominance?
Future plans for subsidiary disposals?
Is positive operating cash flow sustainable?
Capitalize on China's 2035 wind/solar targets?
Impact of 6MW+ turbine shift on margins?
Strategy for converting 7GW overseas backlog?
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