Goldwind Science&Technology Co., Ltd. (OTCPK:XJNGF) Q1 2025 Earnings Conference Call April 28, 2025 4:00 AM ET
Company Participants
Ma Jinru – VP, Board Secretary and the Company Secretary
Wang Hongyan – CFO
Conference Call Participants
Operator
Good afternoon. I’d like to welcome you to join us for Goldwind Science & Technology 2025 Q1 Results. The management team joining us here today are President of the Company, Mr. Cao Zhigang; Madam Ma Jinru, VP, Board Secretary and Company Secretary; Mr. Wang Hongyan, CFO; and Mr. Chen Qiuhua, Group VP and GM of the Wind Power Industry Group.
The meeting will be divided into two parts. First of all, we will invite Madam Ma to walk you through the Q1 industrial trends and the company’s operations. Then, we will have the CFO, Mr. Wang Hongyan to walk you through the Q1 financials, and then we will get into the Q&A session. Madam Ma, please.
Ma Jinru
Okay. Great. Thank you very much. Dear investors, good afternoon. I’d like to welcome you to join us for the Q1 performance release. Please allow me to walk you through the industry and the business review.
Let’s first go to Slide 3. The global new installation in 2024 was 121.6 gigawatts, grew by 3.9%, with onshore wind power of 109.9 gigawatts, grew by 3.7%. Offshore wind totaling 11.7 gigawatts increased by 6%. On the right side, you can also see the new installation country distribution. You can see that in China, China new installation accounted for 70% of the global new build.
Let’s go back to China. In Q1 of 2025, China record 40.6 gigawatts of the new grid connection, down by 5.7%. At the end of 2025 Q1, cumulative grid connected grid power capacity was 535.4 gigawatts, taking 15.6% of the power mix. Thermal power declined to 42.3%. We also see that the power
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