3. Industry Review Business Review Financial Results Outlook
Global Wind Turbine Demand Accelerated in 2014
Newly installed wind power capacity jumped 44% to over 51 GW in 2014, rebounding off
of a weak 2013. Wind power is the fastest growing power source in some countries.
2014 Global Market Share (%)
Page 2
Source: Global Installations: Global Wind Energy Association. Global market share: MAKE Consulting.
Global Newly Installed Capacity (MW)
• Newly installed wind capacity rose to a new high
of 51.5 GW in 2014, up 44% from 35.7 GW in
2013.
• Demand was particularly strong in the U.S. and
China, due adjustments to wind-related policies
in those countries.
• China remains the largest wind market in the
world, with 23 GW of new wind capacity installed
in 2014, representing 45% of the global market.
• As a result, five of the top 10 wind OEMs are
Chinese manufacturers.
• Goldwind ranked #1 in China and #4 in the global
wind turbine market.
Goldwind
9.2%
United Power
5.0%
Mingyang
4.0%
Envision
3.8%
XEMC
3.4%
Others China
19.5%
Siemens
10.8%
GE
10.2%
Vestas
10.1%
Enercon
7.8%
Gamesa
4.2%
Others
12.1%
#4
#6
#8
#9
#10
#1
#2
#3
#5
#7
9,918 10,281
12,416 12,031
12,820
18,928 17,631 12,960 16,088
23,351
5,489 8,077 14,059
2,683
6,725
38,989
40,637
45,161
35,708
51,477
2010 2011 2012 2013 2014
North America
China
Europe
Asia ex. China
Latin America and
Caribbean
Pacific Region
Africa and Middle
East
4. Industry Review Business Review Financial Results Outlook
3.3
6.2
13.8
18.9
17.6
13.0
16.1
23.2
2007 2008 2009 2010 2011 2012 2013 2014
5.8
12.1
25.8
44.7
62.4
75.3
91.4
114.6
17.7
31.0
47.0
62.4
76.6
96.4
69%
75%
83%
84%
84%
2007 2008 2009 2010 2011 2012 2013 2014
Cumulative Installed Capacity
Cumulative Connected Capacity
12th Five-Year Plan Target: 100 GW
China Wind Demand Exceeded Official Targets
China added over 23 GW of new wind power in 2014, significantly higher than
most industry targets and forecasts.
Sources：Installed capacity: Chinese Wind Energy Association; Connected capacity: China Electricity Council and NEA; Target Installations: NEA and China Wind
Road Map 2050.
Page 3
China Annual Newly Installed Capacity (GW)
Installed vs. Connected Capacity (GW)
• The Chinese Wind Energy Association announced
that China added 23.2 GW of wind power in 2014,
exceeding the 18 GW target set by the National
Energy Administration.
• Wind farm development activity may have
accelerated due to a planned reduction of the wind
FIT that was announced in September 2014.
• NEA reported 96.4 GW of connected wind power
capacity as of 31 December 2014, up from 76.6 GW
as of 31 December 2013.
• With 115 GW of installed capacity, China has already
exceeded its 12th 5-Yr Plan goal of 100 GW by 2015.
• China Electricity Council targets 19 GW of newly
connected capacity in 2015.
5. Industry Review Business Review Financial Results Outlook
Goldwind is #1 OEM in the Largest Wind Market
Goldwind is leading the way toward a cleaner energy mix in China.
Source: The Chinese Wind Energy Association.
• CWEA reported that 4,434 MW of
Goldwind wind turbines were
installed in 2014, representing 19%
of the domestic market.
• Goldwind’s newly installed capacity
rose 18% year-over-year.
• Some manufacturers achieved
record high sales in 2014, but other
manufactures are still selling less
than in 2010.
• Developers choose wind turbine
equipment based on anticipated
ROI, which depends on equipment
price, power output, reliability and
O&M costs.
China Domestic Market Share
Page 4
6. Industry Review Business Review Financial Results Outlook
2014 Utilization Affected by Slow Wind Speeds
China experienced slow winds during 2014, which contributed to lower wind
farm utilization and reduced curtailment.
Source：National Energy Administration. Page 5
• Wind speeds were slow in 2014,
resulting in below-average wind farm
utilization hours of 1,893 hours, down
181 hours compared to 2013.
• Wind power curtailment decreased to
8% in 2014, down from 11% in 2013.
• Wind speeds were particularly slow in
Northern China during 2014. For
example, Shanxi utilization averaged just
1,853 hours.
• Northeast China continues to
experience relatively high curtailment.
Jilin averaged just over 1,500 hours.
China Average Wind Farm Utilization by Region
1,920 1,890
2,074
1,893
2011 2012 2013 2014
Northwest North Central Northeast National Average
7. Industry Review Business Review Financial Results Outlook
China Wind Industry Policy Update
China reiterated strong government support for wind power by introducing several
policies that promote the healthy and orderly development of wind industry.
Page 6Source: Government announcements.
On 20 March 2015, the NDRC and NEA issued the “Directives for
improving grid operation and promote the utilization of clean
energy”.
• Reserves room for clean energy in the annual plan;
• New electricity demand should be allocated to clean energy;
• Encourages direct trade to achieve full utilization;
• Pushes for clean energy's share of electricity transmission to be
quantified and increased;
• Encourages a compensation mechanism for peak shaving be
completed; and,
• Promotes utilization inspections.
Policy Encouraging Utilization of Renewable Energy
On 31 December 2014, NDRC issued the Notice for the Appropriate
Adjustment of Onshore Wind Power Benchmark Feed-In Tarrif.
• The FIT for Tier 1, 2 and 3 wind zones will be cut by RMB
0.02/KWh, to RMB 0.49/KWh, RMB 0.52/KWh, and RMB
0.56/KWh, respectively. The FIT for Tier 4 remains at
Rmb0.61/KWh.
• Developers will pay greater attention to wind turbine quality
and power output, speed up the move toward grid parity and
marginalize weaker competitors.
Reduction of Wind Tariff by 3-4% in Parts of China
Renewable Portfolio Standard May Be Issued
Media reported that the latest updated proposed renewable
portfolio standard plan was submitted to the State Council for final
approval. Some details of the plan were also released:
• Wind, solar and bio-mass are the key renewable power
resources covered by the plan.
• Basic and advanced renewable consumption ratios proposed
for 6 tiers with targets for 2015, 2017 and 2020.
• Local grid and government authorities are responsible for
achieving the renewable power consumption targets.
On 25 June 2014, the NEA introduced the “Notice on Relevant
Requirements for Regulating Orders in the Wind Power Equipment
Market”.
• Establishes requirement for “type approval” certification for
wind turbine bids submitted for public tenders starting 1 July
2015 in an effort to ensure quality.
• Proposes quality acceptance standards to reduce delayed or
failed quality acceptance and expedite payments to wind
equipment manufacturers.
• Encourages fair and open wind turbine tender market and
seeks to prevent anti-competitive practices such as regional
protectionism.
• Enhances information disclosure and the regulation of the wind
equipment market.
NEA Set New Standards for Public Tenders and Bids
8. Industry Review Business Review Financial Results Outlook
Wind Turbine Bidding Prices Relatively Stable
Source: Company estimates. No public tenders held in July 2012.
China’s average public bidding prices were relatively stable in 2014, with continued
strong demand for low wind speed wind turbines.
Page 7
China Average Public Bidding Price
for 1.5 MW Units (RMB/KW)
• Average bidding price for 1.5 MW units was
stable at approx. RMB 4,100 per kW during
2014.
• Monthly variations are partly due to the
differences in project requirements.
Jan ‘10
5,071
Jun ‘11
3,615
Jan ‘14
4,099
Jan ‘15
4,101
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Goldwind
Average
China Average Public Bidding Price
for 2.0 & 2.5 MW Units (RMB/KW)
Jul ‘13
3,923
Jan ‘14
4,041
Jan ‘15
4,227
Jan ‘14
4,685
Jan ‘15
4,420
Jul-13 Jan-14 Jul-14 Jan-15
Average 2.0MW
Average 2.5MW
• Average bidding price for 2.0 MW units
increased to over RMB 4,200 per kW in Jan.
2015 from over RMB 4,000 per kW in Jan. 2014.
• Bidding data are limited for 2.5 MW units.
• Goldwind typically bids above market average.
9. Industry Review Business Review Financial Results Outlook
2.2 2.3
1.4
2.5
3.8
4.8
4.0
4.8
6.8
5.8
4.7
10.2
2.9
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1-2/15
China Tenders Anticipate Further Growth in 2015
China Public Tenders for Wind Equipment (GW)
• Chinese developers tendered for over 10 GW of new wind
equipment in 4Q 2014, setting a new high-water mark.
• As a result, full-year public tenders increased to 27.5 GW in
2014, up 58% compared to 17.4 GW in 2013, and also more
than the previous high of 21 GW in 2011.
• There were 2.9 GW of public tenders during Jan.-Feb. 2015.
Source: Company estimates.
Public tenders for new wind equipment rose sharply in the fourth quarter of 2014.
As a result, full-year 2014 public tenders rose to over 27 GW.
Page 8
2013: 17.4 GW
2014: 27.5 GW
+58% Near-Term:
• Government targets
• Regulatory
requirements
• Wind Feed-In Tariff
• Capital costs
Long-term:
• Thermal power cost
• Power demand growth
Minimal Impact in China:
• Global oil & gas prices
Key Drivers of Wind Turbine
Demand in China
11. Industry Review Business Review Financial Results Outlook
3,851
2,882
2,216 2,262
3,549
224
368
650
633
4,007
3,106
2,583
2,923
4,190
2010 2011 2012 2013 2014
Wind Turbines Sales Volumes Increased 43%
Wind turbines sales volumes rose due to robust domestic and international demand
for clean, reliable wind power.
Source: Company filings. Page 10
Realized External Sales Volumes (MW)
• Goldwind sold 4,190 MW of permanent
magnet direct-drive wind turbines in 2014,
up 43% from 2,923 MW in 2013.
• Sales volumes surpassed the previous
record high level of 4,007 MW in 2010.
• Goldwind also sold over 392MW to its own
wind farms during 2014. Those internal
sales are eliminated from revenues.
750 kW1.2 MW and 1.5 MW2.5 MW and larger
+43%
12. Industry Review Business Review Financial Results Outlook
Wind Turbine Order Backlog (MW)
3,931 4,086
3,364
4,291
4,972 4,831
5,828
2,397 2,515 4,157
3,718
3,928 4,097
6,119
6,327 6,600
7,520
8,125
8,900 8,928
11,947
31-Dec-11 31-Dec-12 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14
Goldwind Achieved Strong Order Intake in 2014
Goldwind anticipates strong sales in 2015 and 2016. The order backlog increased to
11,947 MW at the end of 2014, up 3,020 MW from 8,928 MW on 30 Sept. 2014.
Source: Company filings. Page 11
Successfully Bid
Under Final Contract
• During 4Q 2014,
Goldwind’s backlog
increased 3,020 MW
despite achieving high
sales volumes during
the same period.
• During the full-year
2014, Goldwind realized
4.2 GW of external
sales and added 4.4
GW to the backlog,
implying new order
intake of over 8.6 GW.
4Q 2014:
+3,020 MW
Our backlog is scheduled for delivery throughout 2015 and 2016. Based on the delivery schedule, we
expect strong sales volumes in both 2015 and 2016.
13. Industry Review Business Review Financial Results Outlook
Goldwind Gains Momentum in Overseas Markets
Goldwind announced large new orders in several growth markets in 2014, including
Southeast Asia, Central America, and Eastern Europe.
Source: Company filings.
Australia
165.5 MW
Completed & Sold
Thailand
80 MW
New Contract
Romania
50 MW
Completed
Panama
215 MW
New Contract
Goldwind’s backlog included 488 MW
of international projects at the end of 2014.
Panama
55 MW
Completed
Page 12
Investment in
Goldwind-owned wind farms
Export sales to third-party
wind farms
14. Industry Review Business Review Financial Results Outlook
Developing China’s Energy Future
Goldwind completed installation of 7 wind farms, including 463 MW of attributable
installed capacity. Another 1,454 MW was under construction at the end of 2014.
Source: Company filings.
417
572
740
1,306
1,644
2010 2011 2012 2013 2014 '15-16
+1,454
Attributable installed capacity (end of period)
Attributable sold capacity
Newly installed attributable capacity
Attributable Installed Capacity (MW)
In 2014, Goldwind completed installing
463 MW of attributable wind farm capacity.
In 2014, Goldwind sold 124 MW of
attributable wind farm capacity.
At the end of 2014, Goldwind had 1,644 MW
of attributable installed capacity.
Attributable capacity under construction
Northwest
149 MW newly installed
1,044 MW in operation
Northeast
68 MW newly installed
133 MW in operation
North Central
27 MW newly installed
345 MW in operation
South
0 MW in operation
282 MW under
construction
Outside of China
221 MW newly installed
124 MW sold
122 MW in operation
Attributable Capacity by Region
Page 13
15. Industry Review Business Review Financial Results Outlook
Wind Farms Achieve Above-Average Performance
Although a majority of Goldwind’s installed capacity is located in its home regions – the
northeast and north central of China, capacity under construction is more diverse.
Wind Utilization Hours by Region
• Northwest and North Central represented 84% of our
attributable installed capacity on 31 Dec. 2014.
• Goldwind typically achieves a higher average utilization
rate than China’s national average utilization rate.
• That’s partly because Goldwind has less exposure to
the Northeast, but also because we outperform in the
Northwest and North Central regions.
Page 14
Goldwind China
Average
Northwest
North Central
Northeast
1,454 MW
under
construction
1,644 MW
installed
Northwest
North
Central
Northeast
Overseas
South
Goldwind Attributable Capacity by Region (% as of 31 Dec 2014)
Source: Company filings and estimates. For China’s 2014 utilization data, all of Inner Mongolia is included in North Central. In previous periods, it is split into the
North Central and Northeast regions.
19. Industry Review Business Review Financial Results Outlook
Pre-Tax Profit Excluding Wind Farm Disposal
Goldwind sold 75% of Gullen Range Wind Farm in Australia during 3Q 2014 resulting in
an investment gain of RMB 333 million. Excluding that, 4Q 2014 pre-tax profits rose 10%.
Source: Company filings.
333
62
315
666
733
4.3%
10.4%
10.8%
10.3%
1Q14 2Q14 3Q14 4Q14
Investment Gain on Gullen Range Wind Farm (GRWF) Disposal
Pre-Tax Profit Ex. GRWF Gain
Pre-Tax Profit Margin Ex. GRWF Gain
+10%
Pre-Tax Profit (RMB million) & Margin Excluding Wind Farm Gain
Page 18
20. Industry Review Business Review Financial Results Outlook
293 363 392 590 649
17,005
12,254
10,581
11,222
15,704
178
139
252
385
1,169
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2010 2011 2012 2013 2014
Wind Farm Development
Wind Power Services
Wind Turbine Sales
Annual Business Segment Results
Stronger gross profit driven by higher sales of WTGs, stronger WTG margins, and an
increase in high-margin connected wind farm capacity.
Source: Company filings. Financial data are in accordance with IFRS. Page 19
Segment Revenues (RMB million) Gross Profit (RMB million) & Margin
3,852
1,884 1,384
2,167
3,681
115
84
131
246
762
2010 2011 2012 2013 2014
Comprehensive Gross Profit Margin
Wind Farm Development
Wind Power Services
Wind Turbine Sales
22.7%
15.4%
13.1%
19.3%
23.4%
64.5%
60.8%
51.9%
63.9% 65.2%
23.0%
16.1%
14.2%
20.1%
26.0%
Comprehensive GPM rises above
Wind Turbine Sales GPM as Wind
Farm Development business
segment grows larger.
21. Industry Review Business Review Financial Results Outlook
-1,587
1,447 1,436
1,205
-732
-489
1,835 1,316
-1,909
-804
2,657
2,886
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Goldwind Achieves Record Operating Cash Flow
The Group reported record net operating cash flow of over RMB 2.8 billion in 2014.
Stronger operating profit was a key driver of improved operating cash flow.
Note: Quarterly financial data are in accordance with PRC GAAP. Days-on-Hand are calculated on an annualized basis, comparing the one-year average of
inventory or receivables to 12 months of cost of sales or revenues. Receivables includes current and long-term notes and accounts receivable.
Page 20
Net Operating Cash Flow (RMB millions)
• Net operating cash flow was RMB 2,829
million in 2014, up from RMB 1,930 million in
2013.
• Due to stronger wind turbine sales and new
wind farms, pre-tax profit rose dramatically to
RMB 2.1 billion in 2014, over four times
higher than RMB 0.5 billion in 2013.
2013
RMB 1,930 million
2014
RMB 2,829 million2012
RMB 2,500 million
Goldwind achieved higher turnover of its
inventory and receivables in 2014,resulting in
lower inventory and receivables days-on-hand
and improved management of the Group’s
working capital.
Inventory & Receivables Days-on-Hand
334
376 358
309 316 307 296
273 255
165 177 180 183
123 121 140 155
94
31 Dec
2012
30 Mar
2013
30 Jun
2013
30 Sep
2013
31 Dec
2013
31 Mar
2014
30 Jun
2014
30 Sep
2014
31 Dec
2014
Receivables DOHInventory DOH
22. Industry Review Business Review Financial Results Outlook
Strong Liquidity and Conservative Net Debt
Stronger profitability boosted Goldwind’s cash balance to RMB 9.5 billion, resulting
in modest net debt of RMB 2.4 billion.
Source: Company filings. Financial data are in accordance with IFRS. Page 21
Cash and Total Debt (RMB millions)
• Goldwind benefited from stronger profitability during 2H 2014, resulting in a cash balance of RMB 9.5
billion at the end of 2014.
• Net debt decreased to RMB 2.4 billion as of 31 December 2014, down from RMB 3.6 billion a year ago.
• As the company continues to invest in new wind farms, Goldwind will continue to utilize an appropriate
level of debt to finance those projects.
< bonds repaid
Feb.2015
< bank loans
Net
Debt
Cash
Total
Debt
24. Industry Review Business Review Financial Results Outlook
Goldwind’s Outlook for Wind Turbine Demand
The Group anticipates strong, steady wind turbine demand in China and overseas for the
next five years.
Page 23
25. Industry Review Business Review Financial Results Outlook
China Wind Power Outlook
China’s wind power capacity has grown quickly, but wind only represents a small part of
China’s energy mix. Policy will encourage increased wind power consumption.
Source: Electricity consumption: NEA; Installation targets: China Wind, Solar, and Biomass Roadmap 2050, December 2014.
China Power Demand (10,000 kWh)
• China’s connected wind capacity increased at a
CAGR of 39% during 2008 – 2014, but wind still
represents less than 3% of total consumption.
• Other countries have demonstrated feasibility of
consuming a larger proportion of wind power.
• Denmark: 39% wind power in 2014
• Portugal: 24% wind power in 2014
• Spain: 21% wind power in 2013
Page 24
96.4 GW 200 GW
1,200 GW
2014 2020E 2030E
Actual connected capacity
Aggressive Scenario
Basic Scenario
+ 17-34 GW
per year
+ 20-90 GW
per year
China Wind Power Roadmap 2050
400 GW
300 GW
26. Industry Review Business Review Financial Results Outlook
Onshore Wind can compete with Thermal Power
According to BNEF, the global average cost of thermal power has increased to
US$ 91/MWh, higher than the average cost of onshore wind power at US$ 85/MWh.
Source: Levelized Cost of Energy data: Bloomberg New Energy Finance.
$91
$85
$176
0
50
100
150
200
250
Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14
Offshore Wind
Onshore Wind
Coal Thermal
Global Levelized Cost of Energy (LCOE) (US$/MWh)
• The global average cost of
thermal power has risen in recent
years, as higher emissions
standards seek to capture
environmental costs.
• On average, onshore wind has
become cost-competitive with
thermal coal power, but offshore
wind energy is still 2 times more
expensive.
wind farm development cost + operating cost
wind farm energy output
wind energy cost/kWh =
How has the wind industry reduced the cost of wind energy?
Page 25
27. Industry Review Business Review Financial Results Outlook
How wind pulled ahead in the power race
Wind power is now cost-competitive with thermal power in some markets, thanks to
technological improvements that have significantly boosted power output.
$96
$85
$60
$70
$80
$90
$100
2009 2014
Levelized Cost of Onshore Wind (US$/MWh)
• Larger rotor diameter
• Improved pitch control
• Higher towers
• More efficient
aerodynamics
Technological & Design Innovation
Source: Bloomberg, Company estimates.
• Even higher towers will reach stronger winds
• Even larger rotor diameters will capture more of the
wind’s power
• Laser wind speed sensors will enhance wind resource
assessment and reduce excess stress on operating
wind turbines
• Predictive turbine maintenance will reduce wind farm
operating costs
• More wind farms and better grid integration will smooth
intermittency
• Data collection & analysis will identify new areas for
improvement
Page 26
• Improved wind
forecasting
• Smarter control system
• Optimized turbine layout
• Streamlined O&M
process
Wind Farm Design and Operations
Economies of Scale
Stronger demand for wind turbine equipment enabled
manufacturers to achieve economies of scale
The Future of Wind Power: Further Improvements in the R&D Pipeline
Source: Levelized Cost of Energy data: Bloomberg New Energy Finance. Key drivers of lower costs: Company estimates.
28. Industry Review Business Review Financial Results Outlook
Manufacturing
Services
Wind Turbines
Electric Controls
Smart Grid
Investment
Wind Power
Green Business
Other Clean Energy
Wind Services
Energy Saving
Assisted by our financing,
technical and managerial
capabilities, embrace
opportunities in renewable
and accelerate growth of our
business in wind power and
other clean energy industries.
Extensive experience in wind power
manufacturing, improve our
competitiveness through
comprehensive solutions, meet
varied demands of our customers,
and strengthen development of
electronic controls and smart
micro-grid products.
Build on our current
technology, experience and
service business, integrate
data collection and IT
platforms, develop new
strategic service businesses.
Target international
standards, compete with
global pears, push for
internationalization.
Goldwind Aims to Become a Comprehensive
Global Provider of Environmental Technology
Page 27
29. Industry Review Business Review Financial Results Outlook
2015 Strategic Focus
1. Investing in new technologies: In 2015, the Company will invest more time and resources in R&D and focus on our product development
framework.
2. Improving product quality: We will improve our quality assessment system with a focus on customer value and customer experience.
3. Focusing on value-added services : We will adjust our internal business practices to emphasize practices which add value to our customers.
4.Promoting lean management :The Company will continue to pursue lean management practices in order to improve the quality of product,
service and work, raise efficiency and eliminate inefficient processes.
5.Reinforcing basic financial management : The Company will seek an optimal capital structure, improve capital turnover, strengthen cost
accounting, and establish realistic objectives, and track their implementation.
30. Page 29
DISCLAIMER
This document does not constitute, or form part of any offer for subscription or sale of, or solicitation of any offer to subscribe for
or sale of any securities of Xinjiang Goldwind Science & Technology Co., Ltd. (the Company), nor shall it be construed as calculated
to invite any such offer, nor shall it form the basis of, nor can it be relied on in connection with, or act as an inducement to enter
into any contract or commitment whatsoever. Accordingly, any decision in connection with the subscription or acquisition of
securities of the Company pursuant to or in connection with any offering must be made solely on the basis of the information to
be contained in the prospectus or other offering circular to be issued by the Company in connection with such offering; and no
representation is made by the Company in respect of any information in this document, except as contained in such prospectus or
offering circular.
FORWARD-LOOKING STATEMENTS
This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and
business of the Company, the wind industry in the PRC and certain of the plans and objectives of the management of the
Company. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
the actual results of performance of the Company to be materially different from any future results or performance expressed or
implied by such forward-looking statements. Such forward-looking statements were based on assumptions regarding the
Company’s present and future business strategies and the political and economic environment in which the Company and its
subsidiaries operate currently and will operate in the future. Reliance should not be placed on these forward-looking statements,
which reflect the view of the Company’s management as of the date of this presentation only.
31. Goldwind Investor Relations Hotline:
+86-10-6751-1996
Corporate Contacts:
Ms. Jinru Ma
Vice President, Secretary of the Board, and Corporate Secretary
Ms. Kathryn Tsibulsky
kathryntsibulsky@goldwind.com.cn
Ms. Jessie Wang
wangweiqi@goldwind.com.cn
+ 86-10-6751-1888 x 1021
SZEx Stock Code: 002202 HKEx Stock Code: 2208
WeChat ID ：：：：GoldwindIR
We welcome you to join our investor relations
channel on WeChat
