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Goldwind Reports Strong CY2024 Results Amid China's Wind Energy Boom

China’s wind energy giant, Goldwind, reported 12% revenue growth in CY2024, reaching RMB 56.7 billion, with a 40% jump in net profit to RMB 1.86 billion.

Key Financial Highlights:

• Profit Margins: 13.8% (up from 13.1% in 2023).
• Return on Equity: 4.9% (up from 3.5% in 2023).
• Order Book: 47.4 GW at year-end 2024 (vs 30.4 GW in 2023).

China’s Record-Breaking Wind Market

• 164.1 GW of public wind tenders were held in China in 2024, a 90% YoY increase.
• 80 GW of wind capacity was installed (76 GW onshore, 4 GW offshore), outpacing global peers:
  • U.S.: 5.4 GW
  • Brazil: 4.2 GW
  • Germany: 3.9 GW

Shifting to Larger Turbines

• 60% of Goldwind’s 16.1 GW sales in 2024 were >6MW turbines (vs 44% in 2023).
• 80% of the order book consists of turbines >6MW.
• In 2020, 90% of sales were for <4MW>

Cost & Competitiveness

China’s onshore wind LCOE dropped to an ultra-low $19/MWh in 2023, 60% lower than five years ago, driven by:

• 19?cline in construction costs.
• Improved capacity factors.

International Expansion

Goldwind’s global footprint has reached 8,780 MW across North America, Australia, Europe, Asia, South America, and Africa.

Why is China Leading in Wind Energy?

• To tackle climate change?
• To dominate zero-emission industries?
• To enhance energy security?
• To drive domestic investment and jobs?

Regardless of the reason, China's scale and speed in renewables remain unmatched!