Xinjiang Goldwind Science & Technology Co Ltd Class A

Goldwind Science and Technology released its 2026 interim report. Total operating revenue was 33.739 billion yuan, up 18.23% year on year, and net profit attributable to the parent company was 1.855 billion yuan, up 24.67% year on year. Net cash flow from operating activities was negative 1.578 billion yuan, an improvement of 1.371 billion yuan compared with the same period last year. The asset-liability ratio was 71.81%, down 1.28 percentage points from a year earlier. Gross margin was 16.76%, up 1.41 percentage points. Return on equity was 4.17%, up 0.43 percentage points. Diluted earnings per share were 0.43 yuan, up 24.93% year on year. Total asset turnover was 0.20 times and inventory turnover was 1.52 times, both rising for consecutive periods. The company had 592,300 shareholders, and the top ten shareholders held 47.34% of total share capital.

Goldwind's Wenzhou base in the Marine Economic Development Zone, the nation's largest wind turbine assembly facility, has seen its production schedule fully booked through the end of 2026 since commencing operations in early 2024. In the first half of this year, output value reached 1.814 billion yuan, up 22.3 percent year-on-year. The base has an annual capacity of 200 ultra-large deep-sea offshore units. In 2025, it produced over 50 large units and fulfilled more than 100 overseas orders, helping drive the zone's first-half GDP growth to 13.9 percent and industrial value-added growth above designated size to 25.5 percent, both ranking first in Wenzhou. The company posted 2025 revenue of 73.023 billion yuan and net profit attributable to shareholders of 2.774 billion yuan, up 28.79 percent and 49.12 percent respectively. New offshore wind installations reached 2.1 gigawatts, capturing a 38 percent market share and making Goldwind the top offshore wind player in China for the first time. Overseas business has become a key lever for profit recovery. International revenue in 2025 hit 18.082 billion yuan, a 50.59 percent increase, accounting for 24.8 percent of total revenue. Gross margin reached 24.29 percent, nearly 14 percentage points higher than the domestic market. As of end-March 2026, Goldwind's overseas external order backlog stood at 9.57 gigawatts, spanning 49 countries across six continents.

Yuehai Feed expects net profit for the first half of 2026 to come in between 38 million and 50 million yuan, representing year-on-year growth of 965.92% to 1,302.52%, driven mainly by improved product quality, effective marketing, raw material cost control and refined management. Goldwind Science & Technology saw net institutional seat buying of 350 million yuan, with Huatai Securities bullish on its wind turbine profit recovery and commercial aerospace catalysts. A subsidiary of Dongyangguang signed a computing power service procurement contract with an estimated total value of 13 billion to 15 billion yuan, delivering computing resources through leasing. The State Council executive meeting called for accelerating the construction of a computing power network, as intelligent computing capacity grows rapidly and the nationwide integrated computing power network continues to advance. National electricity load hit a record high, reaching 1.518 billion kilowatts, highlighting the backstop value of thermal power. The 15th Five-Year Plan for traditional Chinese medicine was approved, adhering to the principle of upholding fundamentals while pursuing innovation and accelerating the modernisation of traditional Chinese medicine. Semiconductor-themed ETFs saw net inflows exceeding 100 billion yuan over the past 15 trading days, with multiple ETFs hitting record highs in both turnover and units.