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Company Profile
Chairman WU Gang
Share Issued (share) 650M
Par Currency RMB
Par Value 1
Industry Electric Equipment
Corporate Profile Business Summary:
The Group is principally engaged in three business segments: (1) WTG Manufacturing; (2) Wind Power Services; and (3) Wind Farm Investment and Development.

Performance for the year:
For the financial year ended 31 December 2017, revenue from operations for the Group was RMB24,970.84 million, representing a decrease of 4.60% compared with RMB 26,173.89 million for the financial year ended 31 December 2016. Net profit attributable to owners of the Company was RMB3,054.66 million, representing an increase of 1.72% compared with RMB 3,002.98 million for the financial year ended 31 December 2016. The Group reported basic earnings per share of RMB 0.84.

Business Review
Affected by reasons like red warning mechanism, increased environmental protection, and limited development in some areas, in 2017, China’s installed wind power capacity dropped to the lowest level in three years, and industrial competition intensified. Within this context, the Group positively dealt with the challenges posed by the industry and the market, insisted on the improvement of customer experience, considered technological innovation as the driving force, and implemented multiple measures to achieve the Group’s profit growth. In the meanwhile, the Group launched new products that gained popularity among clients, and the Group’s share in domestic wind power market has consistently topped the list. The Group’s international business has achieved rapid development, and the Group’s backlog has reached record highs.

i. WTG R&D, Manufacturing and Sales
According to data from Bloomberg New Energy Finance, Goldwind installed more than 5.3 GW of newly-installed capacity in China in 2017, capturing a market share of 29% and making the Group the largest WTG manufacturer in China for the seventh consecutive year. According to Bloomberg New Energy Finance’s 2017 Global Wind Turbine Manufacturers Market Share Report, Goldwind ranked number three in the world for wind power market share.

As of the end of the Reporting Period, the Group’s accumulated installed capacity exceeded 44 GW worldwide, comprising of over 42 GW and 27,816 units in China and over 1.45 GW and 770 units overseas.

1. Product Manufacturing and Sales
During the Reporting Period, the Group’s revenue from the sales of WTGs and components was RMB19,346.00 million, representing a decrease of 13.11% YoY. The Group realized external sales of 5,081.50 MW, a decrease of 13.62% YoY. The sales volume of 2.0MW WTGs increased significantly, of which the sales proportion increased from 37.63% in 2016 to 59.67% in 2017.

During the Reporting Period, Goldwind had a steady increase in backlog. As at 31 December 2017, Goldwind’s backlog of orders under contract totaled 9,353.45 MW, including 6 MW of 750 KW WTG unit, 520.5 MW of 1.5 MW unit, 5,378 MW of 2.0 MW WTG unit, 422.4 MW of 2.2 MW WTG unit, 34.5 MW of 2.3 MW WTG unit, 2,267.5 MW of 2.5 MW WTG unit, 78 MW of 3.0 MW WTG unit, 471.9 MW of 3.3 MW WTG unit, 161.25 MW of 6.45 MW WTG unit, and13.4 MW of 6.7 MW WTG unit. Furthermore, there were 6,502.4 MW of additional orders awaiting contracts, including 49.5 MW of 1.5 MW WTG unit, 3,982 MW of 2.0 MW WTG unit, 1,029.6 GW of 2.2 MW WTG unit, 48.3 MW of 2.3 MW WTG unit, 895 MW of 2.5MW WTG unit, and 498 MW of 3.0 MW WTG unit. In total, Goldwind had 15,855.85 MW combined external orders, including 602.2 MW internal orders.

2. R&D and Certification
The Group has set up seven R&D centers across the world, employing over 2,000 foreign and domestic technical personnel that provided a solid foundation for the realization of maximizing customer’s value through continued improvement of R&D capabilities. Goldwind emphasized the importance of meeting market and customer demands and strengthened its product competitiveness by continually enriching product lines through new product development and product optimization, and consolidating and strengthening the Group’s technical advantages, key technology applications in various fields, and hardware and software optimization.

(1) Product R&D
During the Reporting Period, in order to ensure the continued competitive advantage of Goldwind in the low-speed wind market, the crew of 2MW unit focused on the R&D of a new generation of products represented by 131/2S and 126/2S. The R&D and design philosophies have enabled the new series a number of technical features, including multiple impeller diameters, multiple tower heights (structure), multiple adjustable powers, and multiple control modes, which could respond to the complex and diverse needs of the market. The 2.5 MW platform has developed two new products with low wind speed of 130/2500 and 140/2500, expanding the coverage of the 2.5MW product line to market segments. The 3S platform has been upgraded and optimized from the aspects of product capacity lifting strategy, life management strategy, tower series configuration strategy, unit intelligence, power generation capacity enhancement, and marine adaptability design.

In 2017, the completion of the systematic microgrid solution of wind-solar-diesel hybrid energy generation and storage system can smooth the system output of renewable energy and reach the goal of “friendship” with the large grid and supporting the large grid.

In order to maintain its competitive advantage in the energy internet, the Group further improved and optimized its spectrum of micro-grid products and formed a product technology landscape of “five sets of products and a set of platforms”, including protection system of micro-grid from dynamic disturbance, protection system of micro-grid from malfunction, micro-grid load monitoring and energy-saving power sales system, micro-grid integrated control system, and big data cloud platform for energy internet within the park. In 2017, based on the experience of successful commercialization, the integrated control system for micro-grids has undergone an overall upgrading of products in response to changes in market demand. At the same time, the protection system of micro-grid from dynamic disturbance has obtained type certificate from China General Certificate Center.

(2) Certification
In 2017, the group got an important breakthrough on certification work. In addition to certification work of conventional products, the platform development and innovative technology got certification both domestically and internationally. On product certification, GW2.0 series, GW2.5 series and GW3.0 series got over 20 domestic and international appraisal certificates of design and several type appraisal certificates. Gold Wind obtained a number of platform authentication certificates based on product platforms, which covered multiple configuration to guarantee rail-end product delivery. On innovative technology, the group continued to strengthen efforts to integrate with international advanced technology and deepen the technology discussion and cooperation with international certification authorities, whose both radar technology and group control technology of wind power plant were successfully endorsed in the international certification authorities. Oriented by customers, Gold Wind Technology developed products, platforms and innovative technology shoulder to shoulder and mutually integrated applications to guarantee unit safety and power optimization for continuous improvement of market competitiveness of units.

(3) Intellectual Property Protection
In recent years, Goldwind continued to focus on R&D investment, and actively adopted core intellectual property protection technologies. The number of patent applications at home and abroad has gradually increased, and the patent application structure has been continuously optimized. The total number of patent applications and the proportion of patent licenses are both in the leading position in the industry.

As of the end of the Reporting Period, Goldwind had 2,669 patent applications in China, including 1,421 invention applications; 1,335 authorized patents in China, including 363 authorized inventions. Goldwind had 161 patent applications overseas, including 42 authorized patents. Goldwind owned 468 software copyrights, 97 registered and approved national trademarks, and 95 internationally approved registered trademarks.

The Group actively participated in the revision of international and domestic standards in the field of wind power technology. In terms of international standards, it participated in the preparation and revision of 7 IEC standards. 13 technicians became IEC/TC88 registered experts; the Group also participated in the preparation and modification of 151 standards in China (76 of them were national standards, 57 industrial standards, and 18 local and association standards).

According to the results of the annual best wind turbine selection conducted by Windpower Monthly, a global professional magazine on wind power, Goldwind’s GW140/3MW model won the gold medal for the best high-power onshore wind turbine (more than 3 MW), and the GW115/2.0MW model won the bronze model for the best onshore wind turbine (less than 2.9 MW).

3. Quality Control
In 2017, the Group continued to promote quality benchmarks through basing on on-site circumstances, driving innovation, and improving overall quality. Starting from the source, the Group optimized and improved the R&D quality control system and the new product quality control process, established a quality index library covering the entire industry chain, as well as a full life cycle of quality management as a collaborative segment for management team, and formed a closed-loop of quality management comprising R&D, manufacturing, sales, operation, maintenance, and customer experience. Through establishing quality benchmarks, the Company completed benchmarking project assessment, including assessing one supplier, 10 products, and 39 others sectors. Through open, mutually beneficial cooperation, the Group fostered the maturity of supplier, contractor and constructor. The Group was also committed to building a full-fledged industrial chain and promoting the overall efficiency of the industrial chain in all directions.

During the Reporting Period, Goldwind was nominated by the Third China Quality Award and was awarded the “National Quality Demonstration” issued by the China Quality Association.

ii. Wind Power Services
In recent years, post-wind-power service market has developed rapidly and become a promise zone of the wind power industry. With scientific innovation and technological advancement, wind power services are gradually moving towards a digital era. The customer's demand has also shifted from conventional services to the achievement of cost-cutting and efficiency-enhancing, full-life-cycle operation and maintenance management, and high-value-added service models.

The Group utilizes technologies such as the Internet of Things, big data, and cloud computing to turn winds in the physical sense into digital ones, and has launched a number of digital product services in the fields of exploring the potential of wind resources, designing smart wind farms, and improving the efficiency of wind turbines. During the Reporting Period, the batch application of the POWERNESTTM system was realized. The system integrates a variety of wind turbine performance optimization function modules and advanced control technology, which can increase the annual average wind power generation capacity of 2-5%; EFarm radar intelligence technology can reduce the unit load by 7%-15%, improving the unit's adaptability and stability, creating a "smart operating O2O model", and highly integrating the digital platform and business goals. The SOAMTM (Smart Operation Administration & Maintenance) system is an integrated, intelligent energy solutions for advanced applications such as power forecasting, intelligent fault diagnosis, health warning, and wind turbine optimization.

In addition, as an important strategic partner of the State Grid Qinghai Electric Power Company, Goldwind is responsible for the planning and construction of the Green Energy Interconnect platform (Qinghai New Energy Big Data Innovation Service Platform) and the construction of the IoT platform for the underlying energy and Internet of Things. Goldwind also develops application services such as centralized monitoring, power forecasting, equipment health management, asset management, and business intelligence analysis, as well as expert technical support. The platform can reduce the labor costs of new energy plants by more than 20%. Power generation can be increased by 1%-5% and energy consumption of new energy plant can be reduced by 10%.

As of the end of the Reporting Period, the Group’s operation and maintenance service team has provided services and technical support for construction, operation and maintenance for more than 35,337 units and 992 wind farms worldwide. 20,176 units were connected to the Goldwind Global Monitoring Center. During the Reporting Period, revenue from the Wind Power Services business segment was RMB2,056.62 million, representing an increase of 65.12%.

The Group’s wind farm life cycle service management project was listed as demonstration of service project by the Ministry of Industry and Information Technology; Ningxia Jiaze (5-7 phases) operation and maintenance project won a five-star rate in China Quality Association’s “National Evaluation of Site Management of the Year 2017”. iii. Wind Farm Investment and Development

Wind farm project development is one of the core businesses. With strong R&D support, professional project development team and efficient project management model, the Group has become among the mainstream developers. During the Reporting Period, it further improved the strategic development layout and established 14 provincial-level companies in major provinces. While exploring diversified demonstration projects, the Group obtained reasonably-priced on-grid wind power project in Liangmianjing, Hebei and renewable energy micro-grid demonstration project in Erenhot, Inner Mongolia.

In order to further increase the proportion of wind power consumption and realize the effective use of resources, the Group actively promoted the development of distributed wind power projects and obtained 140MW of distributed project approvals. Thanks to the power reform and improved wind curtailment, in 2017 the Group achieved 1.756 billion kWh of power trade (including 0.55 billion kWh of cross-regional transactions) with a total transaction value of RMB 1.108 billion (including RMB 0.873 billion in subsidies). During the Reporting Period, the Group’s revenue from power generation was RMB3,247.36 million, representing an increase of 34.51% YoY. The gain on investment from sale of wind farms was RMB649.60 million, representing an increase of 11.61 times YoY.

During the Reporting Period, the Group signed a strategic cooperation agreement with Shanghai Sineng Investment Co., Ltd. (hereinafter referred to as “Shanghai Sineng”) on “Goldwind Asset Management Platform”. Goldwind was to provide efficient asset management services for Shanghai Sineng’s 100MW wind farms. It indicated that Goldwind’s asset management service sharing platform basically matured and had the ability to provide lifecycle asset management services for new energy investors.

During the Reporting Period, the Group’s domestic newly installed generating capacity was 515.94MW, of which 344.82MW was attributable capacity. As at the end of the Reporting Period, the Group’s accumulated installed generating capacity was 4,713.50MW, of which 3,868 MW was attributable capacity. Goldwind reported 1,523.15MW of capacity under construction at the end of the Reporting Period, of which 1,496.15MW was attributable capacity. As at the end of the Reporting Period, the Group’s approved still not started construction attributable capacity was 2,780MW. WTG utilization hours was 1,994 hours.

During the Reporting Period, the Group’s 200 MW wind farm project in Xintiandun Seven (C) District, Hami, was awarded the “China Power Industry Quality Project Award”, “National Quality Project Award” and “China Installation Quality Project Award”.

iv. Promotion of “Offshore and Overseas” Strategy
In 2017, the Group vigorously promoted the practical implementation of the “Offshore and Overseas” strategy, taking offshore and overseas markets as the main entry points, participating in foreign and offshore market competitions with high-quality products, expanding market share, enhancing the visibility and influence of the Group’s products and brand, and strengthening the sustainable development of the Group.

During the Reporting Period, the Group accelerated the development of offshore market, resource reserves and quality capacity building, and launched the integrated solution for offshore wind power development - “6.X model + integrated design solutions for single pile”, achieving low infrastructure costs, low lifting costs, low land acquisition costs, low-cost cable costs, and low maintenance costs while combining the large impeller and large capacity of wind turbines to achieve high returns on offshore wind power in the region. Tianrun’a Experimental Station 2 # 6.45MW β wind turbines in Dafeng, Yancheng have been hoisted at the end of the Reporting Period.

In 2017, the Group’s new offshore projects had a bid of 650MW, accounting for 19.58% of the national total fixed target. Newly installed capacity was 207.8MW in the offshore market, and the cumulative installed capacity was 373.8MW.

During the Reporting Period, the Group’s overseas market expansion achieved breakthroughs in six emerging markets: installed power grids in Uzbekistan, installed the first direct-drive units in Turkish market, signed orders for Kazakhstan’s reconstruction projects, obtained the first order in the Philippines, entered Argentina's wind power market for the first time to carry out project investment, and achieved a new breakthrough in Brazilian generator service business.

In addition, the Group acquired orders for smart micro-grid projects in Nigeria. It will be the first micro-grid project in the African continent. In the United States, the Group realized expansion in distributed projects and innovation in sales model.

As of the end of the Reporting Period, the Group’s newly-added development and storage projects in overseas market have reached a record high of 1.2 GW, including Australia's 720 MW (of which the Stockyard Hill project is Australia's largest wind power project, 527.5MW), the United States’ 160MW, and Argentina’s 350MW. International wind power projects have completed 421 MW of installed capacity, 124.1 MW of equity capacity, 690 MW of wind power capacity under construction, and 690 MW of attributable capacity. In 2017, the Group achieved international sales revenue of RMB2,087.74 million.

v. Water Treatment Business
Goldwind takes the mission of “giving white cloud and blue sky to human and leaving more resources for the future”. While solidifying its main business, it also actively expands other energy conservation and environmental protection businesses and contributes more to the sustainable development of the environment and society.

In 2017, the Group’s water business progressed smoothly, with significant increase in both scale and profitability. The Group actively carried out research and application of new processes, technologies and equipment, and continuously improved the efficiency of water treatment and the quality of effluent water. The quality of effluent from each sewage treatment plant was above the designated standard.

Adhering to the development concept of green, low-carbon, and environmental protection, the Group actively promoted the construction of smart water treatment services, giving full play to the advanced technologies and rich experience accumulated in new energy, energy networks, and the Internet of Things, and building an energy network that covers the whole plant’s power equipment in Caoxian, Shandong Province. The demonstration project featured IoT platform of each process section of the water treatment plant and the smart water treatment plant of the distributed, solar, smart micro-grid was the first project of this kind in China.

As of the end of the Reporting Period, the Group operated a total of 17 water treatment plants, designed a total water treatment scale of 1.70 million tons/day, and processed 169.51 million tons of domestic sewage and industrial wastewater throughout the year; The water business realizes a sales revenue of RMB 161.70 million, representing an increase of 70.73% as compared with the same period of last year and a net profit of RMB 81.33 million, representing an increase of 245.55% over the same period of last year.

Prospects:
With the growing consensus on the development of renewable energy in the globe, and in the face of increasingly prominent energy and environmental issues, the development of low-carbon electricity has become an important part of energy development in the future. China regards the development of clean energy as the main direction of implementing structural reforms on the energy supply side, and has determined that the target of non-fossil energy in primary energy consumption will reach 15% and 20% in 2020 and 2030, respectively. As one of the power generation methods with the most mature technology, the most extensive development conditions and the prospects for commercialization in the new energy field, wind energy will play a more important role in the reform of China's energy system and the development of new energy.

i. Industry Outlook
According to the “Revolutionary Strategy for Energy Production and Consumption (2016-2030)” (《能源生產和 消費革命戰略(2016-2030)》) issued by the NDRC and the NEA, by 2030, non-fossil energy will account for 50% of all power generation. And the country will vigorously develop wind energy and solar energy, and continue to increase their efficiency, reduce their cost, and make them as equally competitive as conventional power.

The “Guidelines for Energy Work in 2018” (《2018年能源工作指導意見》) promulgated by the NEA proposed to pay more attention to green and low-carbon development, adhere to the strategic direction of green and low-carbon, accelerate the optimization of energy structure, expand the clean energy industry, and steadily push forward the scale of developing renewable energy. It also emphasized to strengthen the monitoring and early warning mechanism for investment in wind power, control the scale of the newly-constructed in areas with severe wind curtailment, and ensure that the curtailment and curtailment rate of wind power can both be reduced. It encouraged the promotion of wind power projects, planned to arrange a new construction scale of about 25 million KW and newly installed capacity of about 20 million KW. The preparatory work for wind power projects in certain regions will be solidly promoted. The project will have a scale of about 20 million KW. Offshore wind power will be actively and steadily promoted too, though exploring the establishment of demonstration of wind power project in Shanghai’s deep seas and accelerating the development of distributed wind power.

ii. Market Trends
In order to realize the goal of “same price for wind and coal-fired electricity” in 2020, wind power manufacturing companies will continue to improve their technological innovation capabilities, and will also accelerate the speed of product iterations, increase the capacity of stand-alone machines, and reduce the cost of electricity; on the other hand, considering the factors of electricity price adjustment policy, it is expected that 2018 and 2019 will be another peak period for wind power construction.

The “Planning of the Thirteenth Five-Year Plan for the Development of the Nation’s Marine Economy (Public Edition)” (《全國海洋經濟發展“十三五”規劃(公開版)》) issued by the NDRC and the NEA proposed that offshore wind power industry should be adapted to local conditions and be distributed reasonably, and that offshore wind farms should be encouraged to be established in the deep sea. It also proposed to adjust policies regarding connecting wind power to grid network, improve the system of offshore wind power industry technical standards and standards of sea utilization. With the introduction of a series of policies, the accumulation of experience and the highlight of economy, China’s offshore wind power continues to advance and is expected to usher in the golden age during the “Thirteenth Five-Year Plan” period.

According to the “Worldwide Market Report on Wind Turbine Operation and Maintenance” (《全球風機運維市 場報告》) issued by MAKE, a Danish energy consulting institute, a large number of lifting projects in the Chinese market will prompt China to reach its peak market in 2026, which is approximately USD6.7 billion. With the surge in the volume of China's wind turbine lifting capacity and the increased attention from the industry to the performance of wind turbines, the operation and maintenance market will encounter intensified competition and further integration.

iii. Corporate Strategy
Goldwind is dedicated to its corporate mission: providing white cloud and blue sky for the human being and leaving more resources for the future, and is committed to becoming an international leader in providing clean energy and energy-saving environmental protection solutions. Adhering to the customer-centric business philosophy, Goldwind provides customers with the entire life cycle of the overall solution. The Group continues to vigorously develop wind power equipment and wind power service businesses, and provides complete solutions for onshore wind power and offshore wind power. At the same time, it actively lays out the “source-grid-load” industrial chain of smart energy internet, vigorously develops and invests in wind farms, and accelerates the development of distributed energy and energy service business. In the field of environmental saving and protection, it quickly accumulates water treatment and environmental protection assets and nurtures smart water treatment service solutions.

The Group has formulated the “Offshore and Oversea Strategy” to actively develop offshore wind power, expand overseas wind power market, and at the same time promote the development of the core business of Goldwind overseas. The digital strategy developed by the Group helps customers achieve digital production by providing customers with comprehensive digital products and solutions. Through digitization, service, platform, and internationalization of its business, Goldwind will create core competitiveness and push forward continuous growth of the Group’s business.

iv. Operation Plan and Major Goal
Oriented by customers' demands and adhering to technology-leading and quality-leading management concept, the group will expedite information construction and digital transformation to provide assets management service of full life circle for customers, and continue to improve overall competitiveness of the enterprise to realize the expansion of offshore and overseas market shares; positively lay out in distributed, smart micro-grid and energy internet projects, promote fast expansion of power selling business and establish value-added service system of power selling; create smart water affairs and cultivate projects of energy conservation and environment protection to provide new power for profitability of the group as well as achieve the sustainable development of the enterprise by diversified profit model to ensure earnings of the company and shareholders.

v. Capital Needs
According to the Group’s 2018 operations plan and major targets, the Group’s working capital requirement will be met with a combination of existing funds, operating cash flow, and bank loans in 2018. The Group has a strong capacity to service its debt, a sound reputation in the financial community, ample capital resources and ease of access to additional capital.
Information from the financial statements of listed companies
Last Update: 2018/03/30
 
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