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)’s overseas revenue and net profit both increased year over year by nearly 50%.

Goldwind Technology’s annual report disclosed on March 27 shows that in 2025 the company achieved operating revenue of 73.023 billion yuan, up 28.79% year over year; net profit was 2.774 billion yuan, up 49.12% year over year. The company said that during the reporting period, revenue from its wind turbine and component business reached 57.205 billion yuan, up 46.98% year over year, accounting for more than 78% of total operating revenue; the capacity sold to external customers was 26,626.37 MW, up 65.87% year over year.

According to the announcement, in 2025 Goldwind Technology made important progress in its overseas and offshore business guided by the “Two Seas” strategy. Among them, overseas revenue increased 50.59% year over year to 18.082 billion yuan, accounting for 21.18% of total operating revenue; gross margin was 24.29%, up 10.45 percentage points year over year, which is nearly 14 percentage points higher than the domestic market; overseas orders in hand were 9,270.17 MW, up 31.83% year over year.

As of the end of 2025, Goldwind Technology has expanded its business to six continents and 49 countries worldwide. In Asia (excluding China), South America, and Oceania, installed capacity has all exceeded 2 GW, while in North America, Africa, and Europe, installed capacity has all exceeded 1 GW.

Meanwhile, the company’s offshore business achieved a historic breakthrough. In 2025’s domestic newly added offshore wind power installations, Goldwind Technology topped the domestic offshore wind turbine manufacturer rankings for the first time, with a scale of 2.089 million kilowatts and a 37.9% market share.

In addition, the trend toward larger wind turbine sizes in the wind power industry is accelerating. The announcement shows that in 2025, 6MW and above turbines became Goldwind Technology’s main product lineup. Of these, the sales volume of 6MW (including)–10MW turbines rose 137.81% year over year, and the proportion of total sales capacity exceeded 70%; the sales volume of 10MW and above turbines rose 150.54% year over year.

Judging from the order structure, as of the end of 2025, the company’s total externally pending orders to be executed were 39,480.34 MW, consisting of 4,492.95 MW for turbines below 6MW, 26,152.49 MW for 6MW (including)–10MW turbines, and 8,834.9 MW for 10MW and above turbines. Orders in hand totaled 53,732.64 MW, up 13.35% year over year.

According to Bloomberg New Energy Finance (BNEF) statistics, in 2025 the company’s domestic newly added wind power installed capacity reached 25.9 GW, with a domestic market share of 21%, ranking first nationwide for 15 consecutive years. Globally, newly added installed capacity was 29.3 GW, with a global market share of 17.3%, ranking first worldwide for four consecutive years.

From the industry perspective, high industry momentum in the wind power sector provides strong support for the company’s growth. In 2025, the scale of publicly tendered wind turbine bids for the whole wind turbine industry remained high. In the domestic market, the total tendering volume reached 121.24 GW, including 112.1 GW for onshore tenders and 9.14 GW for offshore tenders. Data from the National Energy Administration shows that in 2025 newly added wind power installed capacity was 120 million kilowatts, up 51% year over year. As of the end of 2025, the country’s cumulative installed wind power capacity was about 640 million kilowatts, up 22.9% year over year.

Wood Mackenzie’s analysis believes that, under industry self-discipline agreements and policy guidance, competition for onshore wind turbine prices in China eased in 2025, and it expects onshore wind turbine prices to stabilize in 2026. The institution also expects that during the “14th Five-Year Plan plus the 15th Five-Year Plan period” (”15th Five-Year Plan” and onward), China’s average annual newly added wind power installed capacity will reach 104 GW, which is 44% higher than the average annual newly added wind power installed capacity during the “14th Five-Year Plan” period. Of this, onshore wind power will contribute 84% of the newly added installed capacity over the five-year period.

Regarding dividends, in 2025, Goldwind Technology plans to distribute cash dividends of 2 yuan per 10 shares to all shareholders (including tax), totaling 845 million yuan in cash dividends, accounting for 30.45% of net profit.

In the secondary market, Goldwind Technology’s stock price has risen cumulatively by more than 195% over the past year. As of the close on March 27, it was 27.45 yuan per share, with a total market capitalization of 115.943 billion yuan.

A vast amount of information and precise analysis—only on the Sina Finance app

责任编辑：宋雅芳