Goldwind announces its Interim Results in 2018

Goldwind reports higher revenue and profitability

BEIJING, China, August 25, 2018 -- Xinjiang Goldwind Science & Technology Co., Ltd. (the “Company”, Shenzhen stock code 002202, Hong Kong stock code 02208, “Goldwind” or the “Group”) announced its interim results for the first six months ended June 30, 2018 today. During the Reporting Period, Goldwind’s revenue and profitability improved steadily, and backlog of orders reached a peak level in history.

In accordance with China GAAP, during the first six months of 2018, the Company’s revenue was RMB 11,030 million, rising12.10% YoY. Net profits attributable to owners of the parent company were RMB 1,530 million, rising 35.05% YoY. Basic earnings per share for the first half of 2018 was RMB 0.42, rising 36.15% YoY. During the Reporting Period, the Company’s profitability continued to increase significantly with its net margin increased by 2.4 percent points to 13.9%.

Mr. Wu Gang, Goldwind’s Chairman, said, “China’s wind power industry continued to develop stably in the first half of 2018. Goldwind has maximized our competitive advantages in industrial chain, performed well in product sales and digital solution, and actively expanded both domestic and overseas market, which led to continuous progress in our comprehensive capabilities. Looking forward, we have full confidence in the development of renewable energy in the face of the global energy reform. Goldwind will grasp this opportunity, keep on focusing on our customers’ needs, making efforts on R&D and innovation to achieve sustainable development, and creating more economic value for shareholders through our well-proven diversified business model.”

WTG Manufacturing and Power Generation

For the six months ended 30 June 2018, with superior R&D capability, wind turbine products and services, Goldwind had 2,094MW of WTG sales, an increase of 11.71% YoY. The Group’s revenue from the sales of WTGs and components was RMB 8,013 million, representing an increase of 9.80% YoY.

Benefiting from the improvement of the Company’s attributable installed capacity and hours of utilization, revenue generated from wind farm investment and development business was RMB 2,019 million, representing an increase of 21.62% YoY. As of 30 June 2018, Goldwind’s attributable connected wind power capacity was 4,033MW; attributable under-construction capacity was 3,053MW.

The Company’s WTG backlog continued to increase in the first half in 2018. As of 30 June 2018, the Company’s signed backlog totaled 10.8GW; successful bid totaled 6.7GW. Total external backlog reached 17.5GW, reaching a peak level in history.

R&D and Innovations

In 2018, the Group continued to advance the R&D, application and promotion of serial units. The GW131/2200 low wind speed unit was the first in the industry to have completed high voltage ride-through test. Widely praised by the market, the unit obtained type certificate and has begun its mass supply. A prototype of GW140/2500 has connected to the grid and obtained type certificate, which marked recognition of the world’s first 2.5MW product with impeller diameter and tower height of 140 meters. In addition, the unit design of GW136/4200 product has been completed. It is expected that the prototype will be connected to the grid in the second half of the year.

Goldwind supported the maximization of project profitability by providing fast and accurate technical solutions with optimal levelized cost of energy (LCOE), including the mobile version of wind farm macro location product Freemeso, the wind farm planning and design platform GoldFarm1.0, smart operation solution SOAMTM and field monitoring and management system WFM. Those digital solutions had been launched into market successfully and realized mass application.

Offshore and oversea markets

In the context of accelerated development of offshore wind power in China, the Group has continuously strengthened offshore wind power technology, engineering, and team-building. In February 2018, the Company’s independently-innovated, largest-capacity offshore wind turbine in the Asia-Pacific region, GW154/6700 offshore unit, was successfully commissioned, which symbolized that Goldwind has taken solid steps towards the industrialization of high-capacity offshore wind power equipment. By the end of the first half in 2018, the Company’s offshore backlog was 1,315MW, an increase of 110% YoY.

During the Reporting Period, the Group progressed smoothly in overseas market expansion and development. The construction of Stockyard Hill Wind Farm went smoothly, with a planned capacity of 530 MW; it will become Goldwind’s largest wind farm in Australia after completion. The Company has made outstanding progress in South American market, with its international service business making breakthroughs in Brazil and receiving 315MW of generator service orders; 32 of Goldwind’s 2.5MW units were all installed in Chile, Punta Sierra project. As of 30 June 2018, Goldwind had 742.7MW of overseas order backlog; the Company’s under-construction and to-be-developed capacity in foreign markets totaled 1,856MW.

Emerging Business

While strengthening its core business, Goldwind has been actively exploring the correlative industrial development of the renewables and environmental protection. With its cutting-edge technologies and abundant industry experiences, the Group dedicates itself to providing smart energy solutions for water plants. The solution covers the entire energy consumption process of a water plant, from power generation side to power supply and load side, and energy operation and maintenance. It helps to realize high-efficiency management of water plant energy consumption and clean energy utilization, which is a valuable demonstration of implementing China’s Internet+ Smart Energy action plan.

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About Goldwind

Xinjiang Goldwind Science & Technology Co., Ltd is a world leading wind turbine technology and energy solutions provider (SZSE: 002202) (HK: 02208). With more than 44 GW of capacity worldwide, Goldwind’s revolutionary Permanent Magnet Direct Drive (PMDD) technology is shaping a new standard in wind energy. Goldwind offers its innovative comprehensive solutions for renewable energy development, including equipment manufacturing and sales, service and investment.