Goldwind Technology's net profit in 2025 is expected to increase by over 49% year-on-year, marking its first time at the top among domestic offshore wind turbine manufacturers. However, revenue from wind farm development business declined nearly 20% year-on-year.

Our reporter | Cai Ding    Our editor | Dong Xingsheng

On the evening of March 27, Windey Co., Ltd. (SZ002202, share price: 27.45 yuan, market cap: 115.9 billion yuan) released its 2025 annual report. In 2025, the company achieved revenue of 73.023 billion yuan, up 28.79% year over year; attributable net profit to shareholders of 2.774 billion yuan, up 49.12% year over year; non-recurring profit net of tax attributable to shareholders of 2.613 billion yuan, up 47.03% year over year; and basic earnings per share of 0.6369 yuan. The company plans to distribute cash dividends of 2 yuan per 10 shares to all shareholders (including tax).

According to data compiled from the Wind Financial Terminal, 17 institutions’ consensus forecast for Windey’s 2025 attributable net profit to shareholders is about 3.379 billion yuan. Therefore, the company’s disclosed figure of 2.774 billion yuan is 17.88% lower than the consensus forecast.

Looking at the figures vertically, this is the first year in which Windey’s single-year revenue has crossed the 70-billion-yuan threshold. However, its attributable net profit has only reached a new high since 2022 (23.83 billion yuan). By quarter, Windey’s attributable net profit in the fourth quarter of 2025 was 190 million yuan, down 82.68% quarter over quarter from approximately 1.097 billion yuan in the third quarter.

A reporter from The Daily Economic News noted that the core driver of Windey’s positive growth in 2025 performance is that the gross margin in its wind turbine manufacturing main business saw some recovery. In the reporting period, the gross margin of the company’s sales business for wind turbines and components was 8.95%, up 3.9 percentage points year over year. At the same time, Windey’s net cash flow from operating activities was 3.543 billion yuan, up 53.01% year over year.

In terms of product structure, in the reporting period, the trend toward larger wind turbine units was evident. The company’s 6MW and above models became its main product line. Sales volume of 6MW (inclusive) to 10MW turbines increased 137.81% year over year, and their share of total sales volume exceeded 70%. Sales volume of 10MW and above turbines increased 150.54% year over year. In newly added domestic offshore wind power installations in 2025, Windey ranked first among domestic offshore wind turbine OEMs for the first time, with an installed capacity of 2.089 million kW and a market share of 37.9%.

The annual report shows that in 2025, Windey’s wind farm development segment recorded operating revenue of 8.694 billion yuan, down 19.9% year over year. Although the segment’s gross margin increased by 3.15 percentage points year over year to 43.16%, the nearly 20% contraction in revenue reflects that Windey has experienced a slowdown at the stage level in the development or transfer pace of wind farm resources. In addition, from the perspective of changes in installed capacity, in the reporting period, the company added 2,496.63MW of attributable grid-connected installed capacity to self-operated wind farms, and at the same time transferred 138.45MW of attributable grid-connected capacity.

The annual report discloses that, besides water services business remaining steady (revenue of 1.078 billion yuan, up 6.48% year over year), Windey’s green methanol business also gradually took shape in 2025. In 2025, the company signed new orders for green methanol of 150,000 tons, and outstanding orders exceeded 750,000 tons. Among them, the Xing’an League green methanol project (Phase I, 250,000 tons) successfully completed a one-time startup in September 2025. In addition, for the mixed-tower business, the company’s newly signed orders in China exceeded 10GW.

In overseas markets, Windey’s international business achieved sales revenue of 18.082 billion yuan in 2025, up 50.59% year over year. Its share of total revenue increased to 24.76%.

The annual report also shows that as of the end of 2025, Windey’s external orders on hand totaled 50.49GW; together with internal orders, total orders on hand reached 53.73GW, up 13.35% year over year. Of this, overseas orders on hand were 9.27GW, up 31.83% year over year.

The reporter also noted that the consolidated income statement shows that in 2025, Windey’s investment income was 727 million yuan, down sharply by about 62.9% from 1.962 billion yuan in 2024. At the same time, in the reporting period, the company’s asset impairment losses reached 1.085 billion yuan, further expanding from 859 million yuan in 2024 (an increase of about 26.3%). Combined with credit impairment losses of 253 million yuan, the two together absorbed more than 1.3 billion yuan of operating profit.

In addition, although Windey’s overall asset-liability ratio fell slightly from 73.96% last year to 71.66%, short-term solvency indicators deteriorated. The current ratio at period end decreased from 0.9545 to 0.9094 (a drop of 4.72%), and the quick ratio fell from 0.6733 to 0.5886 (a drop of 12.58%). This means the company’s immediate liquidity for dealing with short-term debt has been tightening.

Cover image source: The Paper Media Data AI image library

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