Overseas revenue increased by over 50%! Goldwind Technology's net profit last year grew nearly 50% to 2.7 billion yuan.

In 2025, Goldwind Technology (002202) achieved nearly a 50% year-on-year growth in both overseas revenue and net profit.

On March 27, Goldwind Technology disclosed its annual report, showing that the company achieved revenue of 73.023 billion yuan in 2025, a year-on-year increase of 28.79%; net profit was 2.774 billion yuan, up 49.12% year-on-year. The company stated that during the reporting period, revenue from wind turbine and component business reached 57.205 billion yuan, a year-on-year increase of 46.98%, accounting for over 78% of total revenue; the external sales capacity of turbines was 26,626.37 MW, a year-on-year increase of 65.87%.

The announcement indicated that in 2025, Goldwind Technology made significant progress in its overseas and offshore business, guided by the “Two Seas” strategy. Among these, overseas revenue grew by 50.59% to 18.082 billion yuan, accounting for 21.18% of total revenue; the gross profit margin was 24.29%, an increase of 10.45 percentage points year-on-year, nearly 14 percentage points higher than the domestic market; overseas orders on hand totaled 9,270.17 MW, a year-on-year increase of 31.83%.

As of the end of 2025, Goldwind Technology’s business has expanded to six continents and 49 countries, with installed capacity exceeding 2 GW in Asia (excluding China), South America, and Oceania, and over 1 GW in North America, Africa, and Europe.

At the same time, the company’s offshore business achieved a historic breakthrough, leading the domestic offshore wind power turbine manufacturers for the first time in 2025 with an installed capacity of 2.089 million kilowatts and a market share of 37.9% in newly installed offshore wind power.

In addition, the trend toward larger wind turbines in the wind power industry is rapidly accelerating. The announcement showed that in 2025, turbines of 6 MW and above became the company’s main models, with sales capacity for 6 MW (inclusive) to 10 MW turbines increasing by 137.81% year-on-year, accounting for over 70% of total sales capacity; sales capacity for turbines of 10 MW and above increased by 150.54% year-on-year.

From the perspective of order structure, as of the end of 2025, the total external pending orders for the company amounted to 39,480.34 MW, consisting of: 4,492.95 MW for turbines below 6 MW, 26,152.49 MW for 6 MW (inclusive) to 10 MW turbines, and 8,834.9 MW for turbines of 10 MW and above. The total orders on hand reached 53,732.64 MW, a year-on-year increase of 13.35%.

According to Bloomberg New Energy Finance (BNEF), the company’s new installed capacity of domestic wind power reached 25.9 GW in 2025, with a domestic market share of 21%, ranking first in the country for fifteen consecutive years; globally, new installed capacity was 29.3 GW, with a global market share of 17.3%, ranking first in the world for four consecutive years.

From an industry perspective, the high prosperity of the wind power industry provides strong support for the company’s growth. In 2025, the public bidding scale for wind power turbines remained high, with a total domestic bidding volume reaching 121.24 GW, of which land-based bidding was 112.1 GW, and offshore bidding was 9.14 GW. Data from the National Energy Administration shows that new installed capacity for wind power reached 120 million kilowatts in 2025, a year-on-year increase of 51%. By the end of 2025, the cumulative installed capacity of wind power nationwide was approximately 640 million kilowatts, a year-on-year increase of 22.9%.

Wood Mackenzie analysis suggests that under the self-regulatory agreement of the industry and policy guidance, price competition for land-based wind turbines in China will ease in 2025, with expectations that prices will stabilize in 2026. The agency also predicts that during the “14th Five-Year Plan” period, the average annual new installed capacity of wind power in China will reach 104 GW, an increase of 44% compared to the average annual new installed capacity during the “13th Five-Year Plan” period, with land-based wind power contributing 84% of the five-year new installed capacity.

Regarding dividends, in 2025, Goldwind Technology proposed a cash dividend of 2 yuan (tax inclusive) for every 10 shares to all shareholders, totaling 845 million yuan, accounting for 30.45% of net profit.

In the secondary market, Goldwind Technology’s stock price has increased by over 195% in the past year. As of the market close on March 27, it was priced at 27.45 yuan per share, with a total market value of 115.943 billion yuan.

(Source: The Paper)