Goldwind Science & Technology (002202) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached CNY 15,485 million, up 63.48% year-over-year, with net profit attributable to shareholders at CNY 907 million, up 59.65% year-over-year, and a comprehensive profit margin of 16.76%.

• External sales capacity for Q1 was 6,040.89 MW, up 133.45% year-over-year, with 71.39% in the 6MW–10MW segment and 19.44% in 10MW and above.

• International installed capacity exceeded 13,000 MW, with overseas order backlog at 9.57 GW as of March 31, 2026.

• Total order backlog at quarter-end was 53.93 GW, with 50.7 GW external orders.

• Total assets at quarter-end were CNY 168.03 billion, a 0.92% increase from year-end 2025.

Financial highlights

• Gross margin was 16.76%, with a year-over-year decline due to higher wind turbine generator revenue.

• Weighted average ROE was 2.23%, up 0.75 percentage points year-over-year.

• Operating cash flow at quarter-end was negative CNY 1.55 billion, a slight improvement from the previous year.

• Cash to total assets ratio was 6.72% at quarter-end.

• Basic EPS was CNY 0.2091, up 60.97% year-over-year.

Outlook and guidance

• Management expects operating cash flow to remain healthy and sufficient for the full year.

• Total external orders on hand as of March 31, 2026, were 50.7 GW, with total orders (including internal) at 53.93 GW, up 5.56% year-over-year.

• Continued focus on deleveraging and further reduction of asset liability ratio.

• Management notes forward-looking statements are subject to risks and uncertainties, with actual results potentially differing materially from projections.