Research Brief | Goldwind Technology receives research from 6 institutions including Changjiang Securities. In 2025, China's new wind power installations are expected to increase by 51%, with on-hand orders exceeding 53GW.

On March 30, 2026, Goldwind Technology (002202.SZ) held a performance briefing via an online meeting, receiving research visits from six institutions, including Yangtze River Securities, CITIC Securities, Citibank, HSBC, Huachuang Securities, and CICC. Attending the meeting were曹志刚, Vice Chairman of the Board and General Manager; 马金儒, Vice President and Secretary to the Board and Company Secretary; 王宏岩, Chief Financial Officer; and 陈秋华, Vice President and General Manager of the Wind Power Industry Group, who exchanged views with institutional investors on issues including industry development, company performance, order situation, and overseas expansion.

Basic information on investor activity

Key research focus: Industry growth and standout orders for the company

Global and China wind power installation volume: China’s newly added capacity up 51% year over year

At the meeting, institutions first focused on the performance of the global and China wind power installation market in 2025. The company cited data from BloombergNEF to introduce that in 2025, the world added 169.2GW of new wind power capacity, up 37.9% year over year; among them, onshore wind added 161.0GW (+45.1%), and offshore wind added 8.1GW (-30.2%).

In the domestic market, according to data from the National Energy Administration and the China Electricity Council, in 2025 China added 120 million kW (i.e., 12GW) of wind power capacity, up sharply 51% year over year. Looking at the details, onshore wind added 110 million kW and offshore wind added 6.59 million kW. As of the end of 2025, the country’s cumulative installed wind power capacity was about 640 million kW, up 22.9% year over year, including 590 million kW for onshore wind and 47.39 million kW for offshore wind.

Company orders on hand: total over 53GW, up 13.35% year over year

Regarding the company’s order situation, Goldwind Technology disclosed that as of December 31, 2025, the total orders on hand reached 53,732.64MW (i.e., 53.73GW), up 13.35% year over year. The specific breakdown is as follows:

It is worth noting that the company’s overseas orders performed strongly. The company’s external overseas orders on hand totaled 9,270.17MW, accounting for 18.36% of the total external orders.

Overseas market expansion: business covering 49 countries, cumulative installed capacity over 12GW

In terms of overseas market layout, the company said it has been deeply engaged in traditional regions such as North Africa and the Northeast Africa region, Southeast Asia, and South America, and actively expanded into high-end markets such as Europe, the United States, and Australia. As of the end of 2025, its business covered 49 countries across 6 continents globally. Its international business had accumulated installed capacity of 12,599.00MW. Among them, installations in Asia (excluding China) exceeded 3GW; both South America and Oceania exceeded 2GW; and Europe, North America, and Africa each exceeded 1GW. In addition, the company’s overseas projects already put into operation have an equity capacity of 433MW.

Self-operated wind farms: equity installed capacity nearly 10GW, average utilization hours 2,290 hours

The operation of the company’s self-operated wind farms also drew attention. In 2025, for domestic and international wind power projects, the company added 2,497MW of equity-connected installed capacity, and sold equity-connected wind power capacity of 588.45MW (including sales of power station products). As of the end of 2025, the total equity-connected installed capacity of self-operated wind farms was 9,951MW. The regional distribution was: Northwest region 39%, East China 24%, North China 16%, Northeast region 9%, Southern region 8%, and international region 4%. In 2025, the average utilization hours of self-operated wind farms were 2,290 hours.

Summary

This research shows that in 2025 the global and China wind power markets maintained rapid growth. With solid performance in areas such as order reserves, overseas expansion, and operations of self-operated power stations, Goldwind Technology has continued to strengthen its leading position in the industry. The industry growth dividends that institutions are focused on, as well as the company’s capacity release schedule, will become important support for future performance.

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Editor: Xiaolang Express Report