Chinese Goldwind, which in 2022 ranked as the world’s second-largest wind turbine manufacturer after Danish Vestas, is, like its rivals, also experiencing pressure on earnings, but the company has come out of the first half of the year with a positive net profit.

The half-year results show a 14.5% growth in revenue to CNY 18.9bn (EUR 2.4bn), but the shareholders’ share of the net profit has shrunk 35% to CNY 1.25bn. Almost all of the profit was generated in the first quarter, as the second quarter only saw a profit of CNY 16m.

Like Vestas, Goldwind’s activities consist of both manufacturing and selling wind turbines, a service business and a part that invests in wind farms.

Gross profit for the combined activities fell in the first half of the year to CNY 3.2bn from CNY 4.1bn in the same period last year. Thus, the gross margin fell to 16.9% from 24.7%.

Looking specifically at turbine production and sales, the margin fell significantly to 3.5% from a gross margin of 12.4% in the first half of last year. The margin for the service business was somewhat higher at 15.2%, but this has also decreased, as it was 19.8% in the same period last year.

Goldwind has also calculated the wind turbine capacity sold for the first half of the year at 5,784MW, which was 41.6% higher than in the first half of last year.

At the end of the half-year, the company had an external order book of 28.2GW, of which 21.6GW are signed agreements and 6.6GW are in the category initially described as ”successful bids”.

Goldwind’s shares fell 8.4% on the Hong Kong Stock Exchange on Tuesday after the results.

(Translated using DeepL with additional editing by Simon Øst Vejbæk)