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Company Profile
Chairman WU Gang
Share Issued (share) 774M
Par Currency RMB
Par Value 1
Industry Electric Equipment
Corporate Profile Business Summary:
The Group has three primary business, including WTG Manufacturing, Wind Power Services and Wind Farm Investment and Development, and other energy saving and environmental protection business.

Performance for the year:
For the financial year ended 31 December 2018, revenue from operations for the Group was RMB28,590.31 million, representing an increase of 14.49% compared with RMB24,970.84 million for the financial year ended 31 December 2017. Net profit attributable to owners of the Company was RMB3,216.60 million, representing an increase of 5.30% compared with RMB3,054.66 million for the financial year ended 31 December 2017. The Group reported basic earnings per share of RMB0.88.

Business Review
i.WTG R&D, Manufacturing and Sales
According to Bloomberg New Energy Finance, Goldwind has added 6.7GW of domestic installed capacity (including 400MW offshore) in 2018, with a market share of 32%. It ranked the first in China for eight consecutive years and the second in the world.

As of the end of the reporting period, the Company’s global cumulative installed capacity exceeded 50GW (31,000 units), of which China’s cumulative installed capacity exceeded 48GW (more than 30,000 units). Cumulative installed capacity exceeded 2GW overseas (more than 1,000 units).

1. Product Manufacturing and Sales
During the Reporting Period, the Group’s revenue from the sales of WTGs and components was RMB22,168.54 million, representing an increase of 14.59% YoY. The Group realized external sales of 5,861.00MW, an increase of 15.34% YoY, the WTGs sales volumes of model 2.0MW has a significant increase, the share of sales volumes increases to 74.39% from 59.67% in 2017.

During the reporting period, the Company’s order backlog increased steadily. As of December 31, 2018, the Company’s external contract orders were 12,852.35MW, which included 296.1MW of 1.5MW unit (including 1.65MW), 4,562MW of 2.0MW unit, 1,936MW of 2.2MW unit, 1,214.4MW of 2.3MW unit, 3,565MW of 2.5MW unit, 357MW of 3.0MW unit, 188.1MW of 3.3MW unit, 149.6MW of 3.4MW unit, 150.5MW of 3.5MW unit, 212.85MW of 6.45MW unit, 212.8MW of 6.65MW unit, 8MW of 8.0MW unit. The Company had 5657.6MW unsigned orders, which included: 49.5MW of 1.5MW unit, 1,300MW of 2.0MW unit, 1573MW of 2.2MW unit, 552MW of 2.3MW unit, 1,605MW of 2.5MW unit, 459MW of 3.0MW unit, 115.6MW of 3.4MW unit, and 3.5MW unit of 3.5MW unit. External orders totaled 18,509.95MW.

2.R&D and Certification
Scientific and technological innovation are the core driving forces for corporate development. Driven by technological innovation to drive enterprise development and introduce differentiated products that can add value to customers, it is the key to maintain industry leadership and achieve high quality development. During the reporting period, the Company integrated the resources and technical advantages of the seven global R&D centers, optimized and upgraded the existing R&D platforms and products according to the market and customer needs, and combined the key technology applications in various fields of WTGs with the optimization and upgrade of the software and hardware.

During the reporting period, the Company continued to promote the research and development of GW2S, GW2.5S, GW3S and GW6S series units. The GW131/2.2MW unit launched by the Company’s 2S platform is the first in the industry to complete high voltage ride-through test, and has been certified with an international type certificate and started supply in a large scale. The serialized unit under this platform has multi-impeller diameter, multi-tower height (form), and more. The technical characteristics of variable power and multiple control modes can respond to the complex and diverse needs of the market.

3.Quality Control
The company attaches great importance to the quality of wind turbine products, adheres to the “quality and efficiency” notions, formulates quality strategy, and combines 20 years of experience in WTG R&D and manufacturing to explore and gradually form a “wind power long-run” quality management model. The Company improves the quality of wind turbine products from five dimensions: cultural leadership, technology innovation, leadershipdriven, wholly excellent supply chain, and customer experience. During the reporting period, the Company implemented quality benchmarking activities and completed the selection of one quality benchmark supplier, 10 product quality benchmarks and 39 other demonstration projects during the year. To achieve high-quality management of project quality, the Company launched a senior customer quality manager training camp. The Company also organized supplier quality credit evaluation activities, covering quality benchmarking, precise delivery, lean input, etc., to promote its product quality and to optimize project management.

During the reporting period, Goldwind won the Nomination Award of the third “China Quality Award” and the “National Quality Benchmark” honorary title issued by China Quality Association. Goldwind’s Dafeng Assembly Plant, Hami Yandun 7th District Wind Farm, Tianyuan Science and Technology Shanxi Shenchi Project won the five-star on-site management award in the “National Site Management Star Rating” evaluation activity organized by China Quality Association.

ii.Wind Power Services
With the continuous growth of domestic wind power installed capacity, business opportunities in the service market have arrived. The traditional evaluation indicators based on internal revenues are gradually replaced by levelized cost of energy (LCOE). Goldwind has long established the strategic positioning of being a wind power solution provider and aimed to reduce costs, enhance market competitiveness, and create value for customers. In terms of business layout, it extends vertically to the industry chain, providing customers with services such as pre-tech development consulting, financing services, EPC engineering services, and life-cycle asset management for wind power projects.

Based on the big data platform, Goldwind’s digital wind farm overall solution includes self-developed customizable, intelligent direct-drive WTGs, including New Freemeso, GoldFarm, SOAMTM, EFarm, Power Nest, Resmart and other systems and technologies, which help to improve power generation and equipment reliability, reduce cost, and continuously improve the comprehensive competitiveness of wind energy. During the reporting period, the Smart Wind Farm Operation and Management Platform (SOAM) achieved large-scale commercialization, with new orders exceeding 60 million yuan, an increase of more than 50% year-on-year. User-side integrated energy management system currently has more than 297 customers and 312 sites and has initially established data analysis capabilities such as load forecasting and power diagnosis.

Goldwind together with State Grid Qinghai Electric Power Company and other cooperative organizations jointly set up Qinghai New Energy Big Data Innovation Platform to provide green power for Qinghai Province’s “9- Day Green Power” event. 6 new energy stations will use remote monitoring through the platform. This is a new practice of zero-emission electricity consumption and maximization of clean energy consumption, and is a further exploration of the domestic energy transformation path.

As of the end of the reporting period, the Company’s operation and maintenance service team provided construction, operation and maintenance services and technical support for more than 33,000 units and about 1,000 wind farms worldwide, and approximately 20,000 units were connected to the Goldwind Global Monitoring Center. The domestic and foreign operating wind farm service projects volume is 6,968MW, of which non-Goldwind projects account for 39%, increasing for 70.93% YoY. During the Reporting Period, revenue from the Wind Power Services business segment was RMB1,647.49 million.

iii. Wind Farm Investment and Development
With the continuous improvement of wind curtailment, the Company’s wind farm investment and development business achieved good results during the reporting period. The power transaction volume and power generation revenue continued to increase. The installed capacity of the grid and the projects to be built continued to grow steadily. The number of utilization hours exceeds the industry average.

During the Reporting Period, the Group’s revenue from power generation was RMB3,903.99 million, showing an increase of RMB656.63 million YoY. The market trading volume accounted for 6.9% of the Company’s total electricity production volume

During the reporting period, the Company added 780.90MW of grid-connected capacity in the domestic grid, and added 721.3MW of attributable grid-connected capacity. The capacity of wind farm projects under construction was 2,411.6MW, of which 1,540.04MW was attributable. In 2018, the approved domestic new capacity was 889MW, and the domestically approved yet undeveloped attributable capacity at the end of 2018 was 2,012.21MW. The average utilization of WTGs exceeds 2,200 hours.

In recent years, the scale of the Company’s business has continued to expand, and the volume the wind farm asset management platform manages has continued to increase. At present, the Company manages its own wind farm installed capacity of more than 4.7 million kW. It also actively develops corresponding strategies for the management of existing wind farm assets, relies on the data center and digital platform established by Che company, and uses laser radar, Efarm and other technologies to achieve live monitoring of power curve, asset management efficiency management and profitability enhancement.

With the continuous advancement of the power market reform, the mode of fixed-on-grid power prices has gradually phased out, and the price of power outside the indemnificatory renewable energy purchase has entered the market. In terms of promoting market-oriented power trading, the Company currently has six power-selling companies to ensure the price of electricity through the establishment of power-supply companies in technology and management, and to ensure the price of electricity through the power market. The Company is devoted to managing investment income from a full life cycle perspective in order to maximize the return on investment during the entire life cycle for customers.

iv. Promotion of “Offshore and Overseas” Strategy
Under the guidance of the “two seas” strategy, the overseas and offshore businesses were smoothly boosted in 2018, which played an active and important role in strengthening the Company’s market leading position of the wind power industry and in expanding market share and brand influence. In 2018, in the context of the accelerated development of offshore wind power in China, Goldwind continuously strengthened the construction of offshore wind power technology, engineering and talent teambuilding, providing customers with highreliability WTGs, accurate wind farm resource assessment, intelligent hoisting, and operation and maintenance plan.

Focusing on offshore wind power projects, the Company pursues the optimal electricity cost plan and creates a three-dimensional integrated solution for “offshore wind turbines, offshore engineering, and offshore operation and maintenance”. Among them, GW154-6.7MW and GW171-6.45MW products launched by GW6S platform have successively obtained type certificates and started mass application. On this basis, the GW184-6.45MW, GW168-6.45MW and GW168-8.0MW series units were further upgraded. These products not only take advantage of the technical advantages of Goldwind’s permanent magnet direct-drive (PMDD) technology, but also carry out special adaptation studies on the complex marine environment. This entitles the Company with regional-targeted adaptation models that adapt to various climatic conditions, from low-temperature and low wind speed in the north, low wind speed in the middle intertidal zone, to hightemperature, typhoon and high wind speed in the south. They played a leading and demonstrating role for resource intensive utilization.

During the reporting period, the Company achieved business breakthroughs in various overseas markets and international customer development. The AKSU RES project signed by the Company in Turkey became its first overseas 3S customer order. Mataraca project’s first non-Goldwind WTG generator replacement work was completed in Brazil and the WTG successfully connected to the grid for power generation. The Company also signed new generator supply and service agreement with the project owner, providing technical renovation and operation and maintenance services for 223 wind turbines for its 14 wind farms. WTGs for Chilik (Kazakhstan) 5MW wind power project and 32 GW121- 2.5MW WTGs of the Punta Sierra project in Chile were all hoisted and entered their commercial operation periods. In terms of international major customer expansion, Goldwind International Holdings (Hong Kong) Limited has made to the supplier list of five major international customers: EDF R, Engie, E.ON, Enel Green Power and EDPR. In the reporting period, the Company received 13 tender invitations from major customers. With a total capacity of 4.2GW, in December 2018, as the exclusive WTG supplier of EDPR, the Company participated in the bidding of the Greek Aerorrachi project (14MW) and was successful in the bidding.

As of the end of the reporting period, the Company had invested in 1.5GW attributable wind power projects, with a total project capacity of 1.34GW and an attributable capacity of 1.22GW under construction. Installed capacity of the completed overseas wind farms was 739MW and the attributable capacity was 303.1MW.

During the reporting period, the Group achieved international sales revenue of RMB2,048.33 million.

v. Water Treatment Business
In August 2018, the State Council issued the “Opinions on Strengthening Ecological Environment Protection and Resolutely Fighting for Pollution Prevention and Pollution Control” (《關於全面加強生態環境保護,堅決打好污染防治攻堅戰的意見》 ), arranging “Efforts to Fight for Clean Water” and “Fighting the Battle of Black and Stinky Waters in Cities” to promote the three-year action plan of “quality and efficiency improvement” of sewage treatment. It will speed up the recovery of short-term sewage collection and treatment in urban areas, and fully cover, fully collect and fully deal with sewage water as soon as possible. The water industry will also usher in a period of rapid development.

The exploration and practice of Goldwind’s water treatment business are aimed at realizing the combination of environmental water technology and new energy technology, and actively promote the development and transformation of water treatment business. The “Smart Water Plant Energy Solution” launched by the Company covers the entire energy consumption process of the water plant from the power generation side, the power supply to the load side, and the energy operation and maintenance, so as to realize the water plant energy usage and intelligent management in a more precise and dynamic way. Distributed energy can make full use of the clean energy resources of the water plant’s territory and reduce the energy cost. It conducts aeration precisely, undertaking on-demand aeration based on big data and ensuring that the water reaches the standard while reducing energy consumption. The Company purchases and sells electricity to assist the water plants with enjoying the benefit of new energy policies. With intelligent energy efficiency system, it is easy to achieve visual monitoring of water plant energy consumption and high efficiency management.

The second phase expansion and upgrading project of Hannan Maosha Wastewater Treatment Plant undertaken by the Company won the honor of “Huanghelou Cup” and “Municipal Engineering Gold Award” of Wuhan construction engineering safety civilization demonstration project, and won the silver award in 2018 “Hubei Municipal Demonstration Project”.

The first phase of the distributed solar project of Beijing Drainage Group, “Qinghe Reclaimed Water Plant Distributed Solar Project” was officially put into operation in November 2018. The project is an important cooperation between Goldwind and Beijing Drainage Group in the field of green smart energy. It aims to transform the traditional sewage treatment plant into an “energy water plant” and a “resource water plant”, leading the transformation of intelligent water treatment industry.

By the end of 2018, the Company’s cumulative water treatment business scale exceeded 3 million tons per day, showing an increase of 80%. The Company owned 52 water treatment projects, including 46 sewage projects, 4 water supply projects, 1 sludge project, and 1 outsourcing project.

During the reporting period, the water business realizes a sales revenue of RMB581.96 million, representing an increase of 259.90% as compared with the same period of last year and a net profit of RMB114.43 million, representing an increase of 40.70% over the same period of last year.

vi. Major Subsidiaries
As at 31 December 2018, the Group had 344 subsidiaries, which included 39 directly owned subsidiaries and 305 indirectly owned subsidiaries. In addition, we had 18 joint ventures, 24 associated companies and held 25 equity investments categorised as available-for-sale investments. The Group’s subsidiaries included R&D and manufacturing companies for WTG components, wind farm investment and development companies, wind power service companies, and water treatment plants, finance lease service companies and etc.

Prospects:
Company strategy
Goldwind is committed to becoming a global leader in providing clean energy and a comprehensive solution provider of energy conservation and environmental protection by adhering to the mission of “offering white clouds and blue sky to human beings and leaving more resources for the future”. The Company insists on the customer-centric business philosophy and provides customers with a complete lifecycle solution. The Company continues to vigorously develop wind power equipment and wind power service business, providing onshore wind power and offshore wind power solutions. At the same time, it actively deploys the “source-network-load” industrial chain of smart energy Internet, actively develops and invests in wind farms, and accelerates the cultivation of distributed energy and energy service business. In the field of environmental protection, the Company quickly accumulates water treatment and environmental protection assets and cultivates a comprehensive solution for smart water services.

The “Two Seas” strategy formulated by the Company aims to actively develop offshore wind power, expand the overseas wind power market, and promote the overseas development of the core business of Goldwind. The Company’s digital strategy helps customers achieve digital manufacturing by providing customers with comprehensive digital products and solutions. Through digitization, service, platform and internationalization of business, the Company will build core competitiveness and promote the continuous growth of the Company’s business.

Company Business Plan and Main Objectives
Goldwind will continue to adhere to the development policy of survival, transformation and development, innovation and breakthrough, value-added and efficiency, with steady operation and sustainable development as the core, consolidate the main business foundation, and leverage the advantages of diversified profit model to earn market share. The Company aims to increase information management coverage, implement project management, improve one-stop integrated energy solutions and asset management service levels. It continues to carry out lean management activities, improve organizational efficiency, and achieve high-quality, sustainable development.
Information from the financial statements of listed companies
Last Update: 2019/05/17
 
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