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Goldwind Announces its 2017 Annual Results

Goldwind Reports Remarkable Results from Strategic Layout

BEIJING, China, March 23, 2018 -- Xinjiang Goldwind Science & Technology Co., Ltd. (the “Company”, Shenzhen stock code 002202, Hong Kong stock code 2208, “Goldwind” or the “Group” ) today announced its annual results for the year ended December 31, 2017.

In accordance with China GAAP, during the year ended December 31, 2017, the Group’s total revenue was RMB 25,129 million, a decrease of 4.8% YoY. Net profits attributable to owners of the parent company increased by 1.7% to RMB 3,055 million. Benefitting from our visionary strategy, innovation and optimization of management, the Company’s profitability continued to increase, with its net margin increased by 0.8 percentage point to 12.2%.

Mr. Wu Gang, Goldwind’s Chairman, said, “ While strengthening our core business in the past year, Goldwind accelerated innovation and actively expanded the market of overseas and offshore wind power, and has achieved remarkable performance in power generation business. Meanwhile, Goldwind accomplished progress in Internet+ Smart Energy and smart water treatment business. Looking forward, Goldwind will keep on focusing on clients’ demand and accelerating the R&D and innovation of product, technology and service pattern, to lead technological advancement of industrial digitalization and to continue creating more return for shareholders. ”

WTG Manufacturing and Power Generation

In 2017, Goldwind’s worldwide newly installed capacity reached 5.6GW. According to Bloomberg New Energy Finance, Goldwind captured 29% domestic newly installation market share, making the Company the largest WTG manufacturer in China for the seventh consecutive year, while global newly installation market share reaches 11% last year. During the Reporting Period, the revenue generated from WTG Manufacturing & Sales business segment was RMB 19,445 million.

Goldwind won a large number of new WTG orders in China last year, representing over 30% of public tender market share. By the end of 2017, the Group’s signed backlogs totaled 9353.5MW; successful bid orders totaled 6502.4MW. Total backlog reached 15.9GW, setting a new record in history.

Thanks to the rapid development of wind power generation and service businesses, the Group’s business mix further optimized. Goldwind’s comprehensive gross margin increased by 0.9 percentage point to 30.2%. The Group’s revenue from power generation business reached RMB 3,255 million, with an increase of 34.7% YoY; revenue from wind power service was RMB 2,061 million, rising 64.99% YoY.

By the end of 2017, Goldwind’s attributable connected wind power capacity was 3,868MW; the Company’s attributable under-construction capacity was 1,496MW.

Offshore and Overseas Market Expansion

With the accelerated development of offshore wind power in China, Goldwind installed 207.8MW offshore wind power capacity in 2017. Prototype turbines of Goldwind’s self-innovated GW6.X Product Platform were successfully installed in Fujian and Jiangsu Province of China, which settled a solid foundation for further exploring offshore wind power market.

During the Reporting Period, the Group progressed impressively in overseas market expansion and development. Goldwind successfully acquired the Stockyard Hill wind power farm in Australia, with a planned capacity of nearly 530MW; the project has commenced construction smoothly and will become Goldwind’s largest wind farm in Australia after completion. The installment of WTGs in the 160MW-Rattlesake project in the United States has already been completed this year. The Group has also made breakthrough in six emerging markets, including Uzbekistan, Turkey, Kazakhstan, the Philippines, Argentina and Brazil. By the end of 2017, Goldwind had oversea turbine backlog of 704.5MW and total capacity for oversea investment of over 1GW.

R&D & Innovation

In 2017, Goldwind insisted upon the goal of fulfilling market and customer demands; with its distinctive innovation capability and leading-edge technologies, the Group released a number of innovative products that achieved outstanding performance in the market. Both Goldwind’s brand new GW6.X offshore product platform featuring large rated capacity and its offshore comprehensive life-cycle solutions, as well as its new product of 2MW, 2.5MW and 3.0MW (S) turbine platform, received positive response once they were released on the market.

Besides wind turbine products, a series of digitalized innovative products were realized by Goldwind and realized mass application, including SOAMTM smart operation comprehensive solution, EFarm radar anemometer system and POWERNESTTM smart wind farm control system, basing on “minimum LCOE and maximum profitability” goals. Those wind farms achieved optimal generation performance and performed more efficiently after being upgraded by Goldwind’s superior solutions.

Being tailor-made for domestic broad low-wind-speed region, the Group’s EPC comprehensive solution for distributed wind power has successfully implemented in CGN’s Lanyang distributed windfarm in Henan Province of China, with its self-innovated hybrid wind towers. This project was a model distributed wind power asset.

New Businesses

Goldwind dedicates itself to being an international leader of providing superior solutions for clean energy, energy-saving and environmental protection. In 2017, Goldwind actively expanded its businesses in Internet+ Smart Energy, smart water treatment and green power sales, serving as driving force for the Group’s sustainable development.

Goldwind continued proceeding the R&D of core expertise of smart micro-grid and completed micro-grid solution of wind-solar-diesel hybrid energy generation and storage system to help clients improve green electricity consumption prominently, optimize power quality and save the cost of power consumption. In addition, as an important strategic partner of State Grid Qinghai Electric Power Company, Goldwind was responsible for the planning, construction and establishment of the basic IoT platform of the first big data innovation platform for new energy in China. Goldwind also provided technological service and expert support, including remote monitoring, power output prediction and malfunction pre-warning, to support innovation practice of speeding up the development of new energy.

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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: 2208). 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.