GOLDWIND (2208.HK) Resonance of Domestic and International Demand Drives High Growth Momentum in the Wind Power Sector, enhancing the company's competitive position
19 Jan 2026Overview
The company is committed to building a clean energy-centric business portfolio, spanning four key sectors: Energy Development, Energy Equipment, Energy Services, and Energy Applications. In Energy Development, the company focuses on in-depth localized clean energy resource development and management. This empowers regional energy structure optimization and delivers efficient, secure energy asset management services. In Energy Equipment, adhering to stringent intelligent manufacturing quality control standards and a green supply chain management system, the company provides smarter, more reliable, and cost-effective energy equipment, making clean energy production and access readily available. In Energy Services, leveraging its professional expertise and experience across the clean energy value chain, the company offers integrated service solutions—from planning and design, engineering and construction, to energy plant operation and maintenance which ensure consistently standardized, efficient, intelligent, transparent, and flexible customized service capabilities. In Energy Applications, the company optimizes and innovates across all energy segments—generation, grid, storage, and load—actively developing zero-carbon solutions for the new-type power system.
Industry Analysis
Data from the National Energy Administration shows that from January to November 2025, China’s total electricity consumption reached 9,460.2 billion kWh with a year-on-year increase of 5.2%. Electricity generated by industries above a designated scale amounted to 8,856.7 billion kWh. A breakdown by sector reveals the following consumption and growth: Primary Industry: 137.4 billion kWh, up 10.3%. Secondary Industry: 6,043.6 billion kWh, up 3.7%, among which Industrial consumption grew by 3.9%; consumption by high-tech and equipment manufacturing surged by 6.4%. Tertiary Industry: 1,820.4 billion kWh, up 8.5%, among which, electricity use by battery charging/swapping services and the information transmission, software & IT services sectors soared by 48.3% and 16.8%, respectively; residential consumption: 1,458.8 billion kWh, up 7.1%. Installed Power Capacity: The national total installed power generation capacity reached 3.79 billion kW with a year-on-year increase of 17.1%. Wind power capacity stood at 600 million kW, marking significant growth of 22.4%. Newly added national power generation capacity was 445.57 million kW, an increase of 128.91 million kW from the previous year, which included 82.5 million kW of new wind power capacity (up 30.76 million kW). A Historic Milestone: In Q1 2025, the combined installed capacity of wind and solar power reached 1.482 billion kW, surpassing the total installed thermal power capacity (1.45 billion kW) for the first time in history. This milestone signifies that clean energy has become the mainstay of the power system, a trend expected to continue. Wind Power Performance (Jan-Sept 2025): New Grid-Connected Capacity: 61.09 million kW total (57.59 million kW onshore; 3.5 million kW offshore). Cumulative Grid-Connected Capacity: Reached 582 million kW by end-September, a 21.3% increase. This comprises 537 million kW onshore and 44.61 million kW offshore. Power Generation & Utilization: Cumulative wind power output was 813.7 billion kWh, up 14.3%. The national average wind power utilization rate was 94.0%. Implication: The data demonstrates synchronous improvement in both the scale and efficiency of wind power, indicating a potential acceleration in the energy substitution process. Global Outlook: The Global Wind Energy Council (GWEC), in its 2025 Global Offshore Wind Report, states that most governments and developers remain committed to offshore wind, maintaining firm optimism about the medium-term global prospects. Offshore wind is projected to achieve a CAGR of 28% through 2029 and 15% through 2034. Global annual new offshore wind capacity is forecast to surpass the 30 GW milestone by 2030 and reach 50 GW by 2033.
Curbing Cutthroat Competition Drives Price Recovery
In response to national policies guiding orderly industry development, the wind power sector has actively promoted self-regulation to reverse the previous trend of low-price competition. Major players have collaboratively optimized tender rules by increasing the weighting of technical standards. Leading turbine manufacturers have proactively withdrawn from vicious price wars, shifting their focus towards value-based competition. Driven by both policy and market forces, wind turbine prices have gradually returned to rational levels. Data from International Wind Power Network shows the following average winning bid prices from January to November: Onshore Wind (including tower): RMB 2,078.17/kW; Onshore Wind (excluding tower): RMB 1,526.97/kW; Offshore Wind (including tower): RMB 3,123.49/kW; Offshore Wind (excluding tower): RMB 2,713.5/kW. The average prices for both onshore wind and offshore wind (including towers) have seen a significant recovery compared to the average price of the previous year.
Document No. 136 Encourages Concurrent Pursuit of Larger-Scale and Smarter Wind Turbines
Document No. 136 explicitly states that, in principle, all grid-connected electricity from new energy projects must enter the power market. It sets a revenue boundary through a “mechanism-based electricity price” bidding process—a difference is subsidized when the market trading price falls below this benchmark, and excess revenue is deducted when it exceeds it. This “refund or clawback” mechanism ends the previous guaranteed fixed-price scheme, forcing companies to directly face market volatility and incentivizing technological upgrades and voluntary energy storage allocation. Under this market-based competition, companies must reduce their levelized cost of energy through technological iteration to cope with electricity price pressures. The policy promotes the commercialization of technologies like larger-scale turbines and floating offshore wind power, while simultaneously accelerating the phase-out of inefficient capacity. We believe that the trend towards larger-scale wind turbines will transition from a phase of rapid growth to one of stable optimization. However, the overall trend toward upscaling remains unchanged. GOLDWIND’s accelerated R&D efforts are expected to further solidify its competitive advantage in this large-scale turbine segment.
About the author
Margaret Li
Analyst
Research
本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.
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About the author
Margaret Li
Analyst
Research
本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.

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