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Innovation Drives Goldwind’s Growth in 1H 2016

 Xinjiang Goldwind Science & Technology Co., Ltd. (“Goldwind” or the “Company”, Shenzhen stock code 002202, Hong Kong stock code 2208) announced its unaudited results of the Company for the six months ended June 30, 2016, in accordance with the rules of the Shenzhen Stock Exchange. In the first six months of 2016, Goldwind has successfully achieved sales revenue growth YoY, improved its profitability and strengthened its leading position as a leader.

The results have been prepared in accordance with the International Financial Reporting Standards. During the Reporting Period, revenue for the Group was RMB10,839.59 million, representing an increase of 15.61% compared with RMB9,375.66 million for the corresponding period in 2015. Net profit attributable to owners of the Company was RMB1,450.12 million, representing an increase of 16.43% compared with RMB1,245.46 million for the corresponding period in 2015. Basic earnings per share for the first half of 2016 were RMB0.53, representing year-over-year growth of 15.22%.
Wind Turbine Business Grew Steadily
As the global leader of wind turbine manufacturer rank by newly installations in 2015, Goldwind solidified its business foundation in this year. For the six months ended 30 June 2016, Goldwind realized total sales capacity was 2,373 MW, an increase of 13.27% YoY. The newly installed capacity of the Group totaled 2,468MW, representing an increase of 18.50% YoY, indicating a significant growth on domestic market share.
For the six months ended 30 June 2016, the Group’s revenue from sales of WTGs and components was RMB9,134.94 million, an increase of 14.07% YoY. Revenue from Wind Power Services was RMB445.49 million. Revenue from power generation was RMB1,138.64million, representing an increase of 36.58% YoY.
Goldwind has continued to optimize its total cost by promoting lean and value-added management and eliminating low-efficiency process nodes. The 2.0MW’s gross margin improved significantly due to economies of scale, while all of other units got gross margin improvements too. During the reporting period, Gross margin of Goldwind’s 1.5MW, 2.0MW and 2.5MW units improved by 2.4 percentage points, 1.5 percentage points and 1.9 percentage points, to 27.69%、24.21% and 27.75%, respectively.
As at 30 June 2016, the Group’s backlog of orders under contract totaled 7,666.50MW. There were 4,657.00MW of additional orders awaiting contract. The Group had 12,323.50MW of combined backlog orders. Backlog was closed to historical record-high.
During the Reporting Period, Goldwind reported that its newly connected attributable capacity was 377MW. As at 30 June 2016, attributable connected wind farm capacity was 3,024 MW. The installed attributable capacity of projects still under construction was 1,256 MW, of which 1,265.14 MW was attributable installed capacity. The Group’s international installed capacity was 246 MW, of which 121.7 MW was attributable installed capacity.
Products Line Was Enriched
The Company continued to increase investment in R&D to satisfy market and customer demands. During the Reporting Period, with its established mature technological platform, Goldwind has developed high temperature and high altitude models for the 2.5MW WTG series, as well as the 2.5 MWVP (Value Plus) WTGs. Combined with Goldwind’s leading-edge technologies such as smart wind farm control systems, those new turbine models can improve economic value of wind farm projects furtherly. The Company has also made breakthrough progress with respect to tower designs. The Group developed hybrid tower technology and soft tower technology. Goldwind has already installed its first project of 34 sets of 121/2500 WTGs with soft towers in Thailand.
To grasp the opportunity of Chinese offshore wind power market acceleration in the future, Goldwind finished installation of its first batch of offshore 3.0MW WTGs. The project will help the Group’s industrialization of offshore WTGs and increase relevant engineering experience in offshore WTGs. The Company’s prototype for an offshore 6.0MW WTG operated normally. In order to satisfy the future offshore WTG market demands, Goldwind has already begun a large amount of product testing. The aforementioned offshore projects became a strong and efficient basis to optimize the offshore WTGs of the Group.
“Technical innovation is the key-driver of China’s new energy sector, and will continue to promote transformation and upgrade of wind power sector.” Mr. Wu Gang, Goldwind’s Chairman, said,” in the past 18 years, Goldwind has kept on R&D and innovation, which has formed its core competitive advantages. By practicing the spirit of the craftsman, Goldwind will keep on winning customers and market reputation through value-added products and services. That will lead to maximization of our shareholders’ benefit. Innovation is the way that we contribute to China’s clean energy development.”
Successful Digitization
During the Reporting Period, in order to improve Goldwind’s service and the customer’s experience, the Group developed a digital operation and maintenance system as a smart energy efficient solution. It combines wind power digital operation and maintenance platform and Internet-of-things to establish smart large scale wind farm operation and maintenance service system. The system will create more economic value for customers. These research works were also recognized by professional field. China Ministry of Industry and Information Technology announced that our “Wind Power Equipment Far-end Service Demonstration Project” succeeded in being selected in the 2016 Smart Manufacturing Pilot Demonstration Project List. This is the very first time a wind power project was chosen as the national smart manufacturing demonstration project. The Company’s “Manufacturing and Application Demonstration Project based on Big Data and Internet-of-things” was also chosen by China Ministry of Science and Technology’s major R&D projects – Cloud Computing and Big Data Specialized Project.
The smart energy efficiency solution centralizes smart micro-grid, energy supervision and control system, and load-side system, developed by Goldwind independently, now have been launched market promotion successfully, and nailed several power-saving service contracts.
International Projects Proceeds smoothly
Goldwind has been developing wind projects in mature markets such as the United States and Australia for many years, and cumulated a lot successful experience. In 2016, The company acquired good achievements in these two markets. During the Reporting Period, Goldwind transferred its 75% equity share in Australia’s White Rock wind farm to CECEP Wind-power Corporation Co., Ltd., Australia Branch Company. The White Rock farm’s total capacity was 175 MW, of which Goldwind installed 70 GW121/2.5MW WTGs. Goldwind will also supply EPC, quality insurance and operation and maintenance service. White Rock wind farm, once completed, will be the largest wind farm in New South Wales State of Australia. As at the date of the announcement, Goldwind USA Inc., as a wholly-owned subsidiary of the Group, has reached an agreement with Renewable Energy Systems America Inc. to acquire its Rattlesnake wind farm in Texas, of which the capacity is 160MW. The wind farm will install 64 GW109/2.5MW WTGs and will be Goldwind’s largest wind farm in the North America upon completed construction.
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