Goldwind Technology | Leading Wind Power Company, Market Reversal?

Ask AI · Goldwind Technology Invests in Commercial Space, What Is the Strategic Intent?

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Author / Avocado Under the Starry Sky

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Typesetting / Chinese Plum Under the Starry Sky

On December 23, 2025, the future first stock of commercial space, #Landspace, officially completed its IPO guidance acceptance, and this news also became the ignition point for the rise in the stock price of #Goldwind Technology (002202). As a shareholder indirectly holding 4%-5% equity in Landspace, starting from December 24, 2025, Goldwind’s stock price officially welcomed the year-end carnival. Although there have been adjustments afterward, as of now, Goldwind’s stock price has still nearly doubled.

Source: Eastmoney Official Website - Goldwind Technology (as of February 20, 2026)

Of course, in addition to the impact of this capital investment, the performance recovery of Goldwind is also a factor in maintaining its stock price resilience. Although performance has improved, the profits are still hard-earned.

1. Revenue is Increasing, But Still Concentrated

Goldwind Technology, as the name suggests, primarily engages in wind power business. The company was officially established in 2001. In 2007 and 2010, the company was listed on the Shenzhen Stock Exchange and Hong Kong Stock Exchange, respectively, and is one of the earliest enterprises to enter the wind power generation equipment manufacturing sector in China. After more than twenty years of deep cultivation, Goldwind is not only a leader in China’s wind power industry but also ranks among the top in the global wind power sector.

Specifically, from a business perspective, Goldwind’s operations cover three major sectors: wind turbine manufacturing and sales, wind power services, and wind farm development, i.e., the complete chain of “turbines + services + wind farms.”

Focusing intensely on one industry yields significant profits during the industry’s growth phase, but risks are equally high during the saturation phase. Starting in 2021, the wind power industry transitioned from a subsidized growth period to a gradually saturated competitive period, and Goldwind also began to experience fluctuations. In terms of revenue, the company’s income fell by 10% in 2021. In 2022, revenue continued to decline by 8%. It wasn’t until 2023 that the company’s performance began to stabilize somewhat.

Source: Tonghuashun iFinD - Operating Revenue

Beginning in 2024, facing a “price war” in the domestic market, Goldwind started to accelerate its expansion into overseas markets. On the other hand, with the development of its new energy business and energy storage business, the “difficult absorption” problem in wind power has been effectively resolved, and Goldwind’s revenue began to recover. In the first three quarters of 2025, Goldwind’s operating revenue grew by about 34% year-on-year, showing a clear recovery in performance.

Although revenue has rebounded, there is limited growth potential in the wind power industry. Therefore, Goldwind has also begun actively laying out new business growth points, such as hydrogen production from water electrolysis and commercial space. However, as it stands, 98% of revenue still comes from the wind power business, with other businesses accounting for only 2%, and the new business curve has yet to bring in fresh blood.

Source: Tonghuashun iFinD - Revenue Composition

2. Gross Margin Improvement, Sustainability Requires Attention

In addition to revenue growth, Goldwind’s gross margin has also improved. In the first three quarters of 2025, the company’s overall gross margin was 14.39%, a significant increase from 13.8% in 2024.

The improvement in gross margin is mainly attributed to the company’s overseas business expansion and product structure optimization.

Data shows that since 2023, Goldwind’s overseas revenue ratio has rapidly increased. In the first half of 2025, it accounted for nearly 30%. In comparison, the gross margin of overseas business is nearly 5% higher than that of domestic business (in the first half of 2025, the gross margin of foreign revenue was 18.74%, while that of domestic revenue was 13.94%), and the increase in the proportion of high-margin overseas business naturally drives the overall gross margin upward.

Source: Tonghuashun iFinD - Operating Revenue - Foreign

Additionally, to cope with competition in the wind power market, Goldwind has started to adjust towards “higher-end” large models, and the trend toward larger machines has improved the profitability of individual units. In the first half of 2025, the gross margin for Goldwind’s largest turbine and component business was approximately 8%, showing a significant increase.

Source: Tonghuashun iFinD - Gross Margin

With dual support from products and markets, the increase in gross margin is inevitable, but given the high competition in the wind power industry and the significant uncertainties of geopolitical factors, the sustainability of the gross margin increase warrants attention.

3. High Debt-to-Asset Ratio, Short-Term Liquidity Under Pressure

Moreover, “high debt-to-asset ratio and short-term liquidity under pressure” is currently the core financial risk for Goldwind. Although high debt ratios are a common issue for capital-intensive enterprises, data for the third quarter of 2025 shows that Goldwind’s debt-to-asset ratio reached 73.11%, which is more than 10% above the industry average.

Source: Tonghuashun iFinD - Debt-to-Asset Ratio

The direct problem caused by high debt is interest expenses; in the first half of 2025, the company’s interest expenses accounted for nearly 2% of its revenue. In addition to ongoing interest expenses, another risk of high debt is cash flow pressure. In the third quarter of 2025, the company’s current ratio and quick ratio were 0.98 and 0.63, respectively, both below the industry average, indicating that the company’s short-term liquid assets are insufficient to cover short-term current liabilities. However, from the perspective of operating cash flow, although net outflow has narrowed, it still has not turned “positive.” If it cannot turn positive on schedule, the company may face the risk of short-term cash flow tightness.

As a leader in wind power, having fully experienced the industry’s growth and competitive periods, although short-term performance has recovered, for long-term development, continuous attention to the growth momentum of new businesses is necessary.

Note: This article does not constitute any investment advice. The stock market has risks; invest with caution. No transactions mean no harm.