Mr. Chen Qiuhua, Group VP and the GM of Wind Power Industrial Company. First of all, we're going to have the company to introduce the performance of 2023. Then we're going to have Mr. Wang Hongyan to walk you through the financials of 2023, and then later we're going to get into the Q&A session. Madam Ma, please. Okay, thank you very much. Dear investors, I'd like to welcome you, and, thanks for supporting Goldwind. So first of all, please allow me to walk you through the wind power industry and our industrial development. Please go to page three. You can see that, this is actually the data being published. In 2023, the global new installation in 2023 was 75.7 GW, grew by 101%.
And especially the onshore new installation was 441.3 GW, accounted for 50.1%. And also, we can see that the thermal power has been reduced to 47.6%. On the right side, we can also see that, world speaking, there are more countries who have the total installation, and you can also see that, the global wind power generation was being grown by 16.2%. We are also in 2023, and we also continue to see 27 European Union countries and the UK, altogether 28 countries. The penetration rate continue to be improved, and we can take a look at the wind power development in China.
In the year of 2023, newly installed installation was 75.7 GW, grew by 101%, whereby the end of 2023, the total grid-connected new installation was 441.3 GW, accounted for 51.1% of the total power installation, and the thermal power has been reduced to 47.6%. On the right side, we can also see that, the wind power is becoming the new trend. Especially in 2023, the total consumption of the power in the society was increasing very fast, grew by 6.7%. Where at the same time, the wind power power generation has been grown by 16.2%.
In the year of 2023, 27 European countries and the UK, altogether 28 countries, the total wind power penetration rate is being improved to 20%. Denmark makes 56%. So you can see that in China, we actually see an average increasing rate of the wind power installation, and we still have further room to further improve this rate. Well, coming next, let's also take a look at the utilization hours. On the left side, you can see that the utilization hours, averagely speaking, was 2,225 hours, improved by 7 hours. In 2022, the average utilization rate of wind power was 97.3%, improved by 0.5 percentage points, especially Tianjin, Shanghai, Zhejiang, Anhui. For the 12 provinces, the wind power utilization reached 100%.
On the right side, we also show you the construction cost and health safety. And you can also see that the wind power become more competitive, and we're not going to elaborate you on the specific number. Well, coming next, let's also take a look at public tender market in China. In 2023, in the public tendering market, the newly installed, newly added value was 86.27 GW, down by 12.5%. Onshore tendering was 77.38 GW, offshore was 8.89 GW. In northern part of China, the public tendering was 71% of the national total, southern part of China, 29%. The majority of the public tendering has been done in northern part of China.
On the right side, you can also see average bidding price of the different series of the product. So by the end of last year, and the average bidding price was CNY 1,555 per kilowatt. This is another slide in showcasing the policy to drive the growth momentum of the industry. In 2023, with carbon neutrality and the peak carbon emission new strategy, the China Energy Bureau and also the Reform and Development Commission continued to roll out policies to continue to promote the wind power industrial development. For example, we do have the China Green Development White Paper. It proposed we're going to march towards low and green carbon development, and continue to build the wind PV power large industrial base, and also continue to promote the distributed wind power in the rural area.
At the same time, China also started to build the 2023 energy work guidance and also continue to build the infrastructure to further support the wind power development. At the same time, we've also published the policies to continue to improve the renewable power penetration responsibility quota. For example, the China, the regulator has already proposed the key areas, especially proposing of having the biomass power generation and the maritime power generation, and the renewable power generation projects supportive measures, and also continue to have the green certificate full coverage. At the same time, the government also proposed to continue to improve the management of the global warming greenhouse emissions, and also continue to strengthen the management of the carbon footprint.
With all those measures being available, the wind power industry in China going to make continuous and high quality development. So with such an industrial backdrop, please allow me to walk you through the industrial development of the company. We have four major business. Let me just, show them one by one. The first business is regarding the wind turbine manufacturing and the sales. It was accounting 65.28% of the total revenue. The second one was wind farm investment development, accounting for 21% of our total revenue. The third part is wind power service, accounting for 10% of our total revenue.
We also have other business, where we can say that the company, according to our latest data, you can also see that Goldwind will continue to rank number 1 in terms of the market share in China for 30 consecutive years, and the top 3 market share worldwide for 9 consecutive years. By the end of 2023, our total installation was 140 GWs, covering 36 countries and regions. We also have 8 global R&D centers to continue to drive high quality and intelligent development of the company. Well, within all those business development, so please allow me to share with you the sales capacity of the company. First of all, let's talk about the wind power business. In the year of 2023, our total external sales capacity was improved to 30,000 MWs, down by 0.7%.
From the structure perspective, the large capacity turbine, the total sales has already become 44.6% of the total, and the 4-MW to 6-MW turbine accounted for 54.3% of the total sales. Well, let's also take a look at the order backlog. By the end of last year, the total backlog was 30.4 GW. External order was 29.8 GW. For the external order, 9.1 GW being contracted, and we have 20.7 GW that has already signed the contract waiting to be implemented. On the right side, we also show the external order mix, and still we have more order from the 6-MW above sales.
And you can also see that 4-MW to 6-MW turbine sales accounted for a very major part of the total sales mix and order mix. For the past few years, the company also continued to promote global business. After many years of the development, our global business also continued to further consolidate its position, and in last year, we have already covered 36 countries. So altogether, we have a 6.8 GW being installed, and especially in North America, in Oceania and in Europe, Asia, and the South American market and African markets, we continue to improve our development. And you can also see that out there, our overseas external order continued to rise. Well, let's also take a look at the wind power generation business. Please go to page 30.
So at the end of 2024, our attributable grid-connected wind power projects totaled 7,289 MW. 29% is being located in north east the northwest part of China, 23% in northern part of China, 27% in eastern part of China, and 6% in the rest of the world. So on the right side, we already show you the pie chart. In 2023, the attributable under construction wind capacity at home and abroad totaled 1,793 MW, where at the same time, and for the total attributable grid-connected wind power sites also be further improved. Well, let's also take a look at the utilization hours.
The utilization hours of our self-operated wind farm was 2,441 hours, 260 hours higher than the industrial average. Our wind power service industry, we will be able to continue to further improve our operational and maintenance service. Because of our very robust and technological accumulation for the past few years, we continue to improve our wind power service business. By the end of 2023, and the total, maintenance service was close to 31 GWs, 2.8x higher than what we had in 2022. So for the company, we continue to improve our financial performance, but also seek to advance the sustainable practice. Our company has already published more than 10 social responsibility and sustainable development report.
And also in 2023, we renamed our social responsibility report into ESG report, which is fully in line with what is being required by the Hong Kong Stock Exchange. And also in 2023, we also made our sustainable development strategy.... in our ESG targets, we continue to advance ESG practice and the sustainable development, including the five parts: compliant operation, green and environmental operation, sustainable supply chain, fair and healthy work environment, and harmonious community relationship. So for the five sectors, we do have the qualitative data and key projects being arranged. For example, last year, our qualitative data and the quantitative data all been demonstrated on the slide, with 90 key projects being named. So the qualitative data, for example, on the integrity and the compliance operation in 2023, we actually got the A result from the Shenzhen Stock Exchange annual information disclosure assessment result.
You can also see only 30% of the Shenzhen Stock Exchange-listed companies could get the A result. In 2023, the compliance acceptance and settlement rate reached 100%, and in 2023, the self interest conflict application completion rate was 100%. For green and environmental operation in 2023, and the company on the operational level, we have already reached the carbon neutrality for Scope 1 and Scope 2. In 2023, our self green power generation has accounted for 51% of the total power consumption. By the end of 2023, we have eight factories that have been certified by ISO 50001, five with a 50001 energy management system.
We also did a very good job for social responsibility audit, where you can also see that last year, and we also have 90 key projects that has been conducted to further advance our ESG practice. For example, last year, the company actually started the life cycle assessment, LCA, over our four turbine types. So you can also say that in the year of 2022, and we started the LCA, and we will be able to continue to provide the LCA over our product. So ESG and the green sustainable development has already been a part of the design, R&D, production, and the whole life cycle of the wind turbine. In that way, we will be able to continue to reduce the carbon emission. And the carbon emission is less than 30% of the total power being consumed by PV.
So as we have a very robust technology, reliable quality, we will also be able to improve our environmental protection practice. We also have other measures for sustainable development. For example, reutilization of the logistics and packaging materials. We will be able to continue to reduce the weight of the logistic packaging, and we also have a renewable blade. For example, leveraging resin to be the material of the blade and continue to improve the recyclability of the turbine product. This all lay a very solid foundation for our future sustainable practice. Last year, it is also the third time for us to publish the Climate Action White Paper, which truly showcase our philosophy and actions we've taken. Ladies and gentlemen, coming next, let me just welcome Mr. Wang to walk you through the financials.
Distinguished shareholders, good afternoon. My name is Wang Hongyan.
I'm the CFO of the company. This is actually the slide that's showing our financial indicators. On the left upper corner, you see this is actually the revenues being made. So in 2023, the total revenue was CNY 50.4 billion, grew by 8.66%. On the right side, we show you the GP margin, and you can see in 2023, the comprehensive GP margin was 17.14%, which is slightly decreased compared with 2022. And just now, Madam Ma has already mentioned, for turbine manufacturing, the revenue will be a key part of the total revenue. So it contributed 65% of the total revenue, where compared with other three business lines, turbine, wind turbine making, the business revenue was relatively low.
So that's the reason the revenue and the GP margin, the overall development is being impacted by the turbine delivery. Well, if we have additional turbines being delivered, and it's also going to and drive the revenue, but also to some extent, dilute the GP margin. This is what we saw from the upper pictures. Well, for the left down corner, we show you the net profit attributable to the shareholders of the parent company. The net profit attributable to the shareholder of the parent company was CNY 1.321 billion down compared with last year. There are three reasons. From the GP margin perspective, we see that domestic turbine manufacturing, the business contribution was lower than what is being expected by the company.
In the year 2023, we continued to make R&D expenses, where at the same time, and we have already circulated a notice of making the impairment provision, where at the same time, due to the VAT reason and, the net profit attributable to the shareholder of the parent company continued to go down. And, you can also see that, the average weighted net asset return rate was 3.45%, down by 3%. The attributable assets will also be further reduced. So that's the reason the average weighted net asset return rate is being reduced. So that is regarding the overall financials. Let me just, give you the business-specific financial performance introduction. This is the product line specific financial indicator.
There are some, for example, for wind turbine and spare parts sales, the total revenue was CNY 32.9 billion. The GP margin was 6.41%, and you can see it's being improved compared with the 2022. And more importantly, in 2023, the wind turbine, the business structure is being further optimized. There are two reasons for that. First of all, for the onshore overseas turbine, the delivery skills be further improved, where at the same time, for the domestic onshore delivery, it was being reduced. So that's the reason the turbine GP margin, as the overall bidding price of the whole industry continued to go down. But still, we will be able to safeguard the GP margin by optimizing our turbine business structure.
Well, at the same time, we continue to explore the new market, which bring us extra stream of the revenue. So that's the reason we have a very good revenue growth compared with the 2022 regarding the turbine and the component sales business. And the second business was wind farm development, and, the revenue was the CNY 10.9 billion, accounted for 21.63% of the total revenue. GP margin was 47%. This business, I have to say, it is actually the key contributor of the GP margin of the company. The third business is wind power service. Wind power service business, the total size was 31 GW. Revenue was CNY 5.2 billion. The GP margin is being further diluted. The reason is because of the actual promotions we made.
But excluding the promotions we made, we say GP margin of the wind power service is flat with what we saw in 2022. But for sure, in 2023, we further optimized the wind power service business with two points. First of all, we can see the post-service revenues being improved, where at the same time, the EPC projects being out of China being further shrunk. We are more focusing our product and the service for the post-service market. And we also have an environmental protection business with all other business. The revenue and the GP margin all be improved compared with 2022. So this is actually the business-specific financial performance of the company. Coming next, please allow me to walk you through the operational indicators and performance. This is a slide re-showcasing the receivables.
In 2023, the total receivable balance of the company was CNY 25.5 billion, accounted for 80% of the total assets. It was having a flat growth. Receivable turnover days has been reduced to 180 days. But benchmarking with our industrial peers, and we'll still be able to further improve our receivable turnover days. On the right side, we show you the inventory turnover days, and you can see that the inventory balance by the end of 2023 was CNY 16.61 billion, accounted for 12% of the total assets. And the inventory and the contractual assets turnover days being 126 days. The reason is because we have the wind farm business, we have to consider the inventories.
But excluding this new business, you can see our inventory turnover and efficiency is better than what we had in 2022, and also stay ahead of the industrial average. But actually, in the year of 2023, we continued to improve our operational efficiency to further improve our performance. The next slide show you the liability indicator. On the left side, you see the interest-bearing liability. Interest-bearing liability, the total balance was CNY 51.8 billion, accounted for 50% of the total liability, which was being reduced. Last year, it was 53% of the total liability, but for this year, interest-bearing liability only accounted for 50% of the total liability. Where at the same time, we also strictly follow the business model to have the short-term debt and the long-term debt. The net gearing ratio also be further improved.
On the right side, we show you our total assets was 143.5 billion, and the net gearing ratio was 71.96% by the end of 2023. So still, for the past few years, our power generation assets continued to be further extended. Starting from our financial statement, you can see for wind farm development, the asset was around CNY 75.6 billion, the highest number for the past few years. So that's the reason our net gearing ratio is more than 70%, where for sure, the company going to take multiple measures to help to further stabilize the net gearing ratio, making sure it will stay rational and comfortable with the industry. Coming next, let me also share with you the cash in hands and also the cash reserve.
On the left side, you can see the capital reserve was around. The capital reserve to total asset ratio was 9.93% by the end of 2023. We made very stringent management over that, but at the same time, every month or every quarter, we also make sure that we have enough reserve to guarantee enough liquidities for the safe operation of the company. On the right side, that is operating cash flow. The operating cash flow will still be quite strong. Generally speaking, we do more inventories in Q1. We spend more cash flow. In Q2, we start to deliver projects and narrow down the gap. In Q3, we have positive cash flow. In Q4, we have centralized the delivery of the project so that we will be able to have a good cash flow, be a positive number.
The operating cash flow is also in line with the pace of our business. That's all for our financials. Thank you very much. Okay, thank you very much. Thanks for Mr. Wang. Coming next, please allow me to walk you through the future prospects. You can see that, IEA also forecasted what the future of the market would be. The renewable energy installation from 2023 to 2028 will reach 7,300 GW. In 2028, wind power and PV power newly installation would be close to 710 GW, 2 times higher than that of 2022. Based upon the power generation cost advantage and the policy support in the next five years, PV and wind power newly installed capacity would make 96%.
Where on the right side, GWEC also forecasted by 2027, the newly installed offshore installation CAGR would be 31%. In the next one decade, there will be some very robust growth. So with that 31% of the CAGR, in the next 10-year, the CAGR would be slow to 12%. So in other words, in 2026, the newly added offshore installation would be more than 30 GWs and more than 50 GWs in 2030. So in other words, offshore would be a great opportunity for the wind power market. Well, coming next, let's also take a look at how IEA going to forecast the energy structure. IEA forecasted from 2023 to 2028, the renewable energy installation capacity would be more than 2 terawatts, which was three times higher than the past five years.
Now, in China, wind, thermal, and PV power generation, the economic performance is much better than thermal power. So in the near future, wind power and PV power installation still going to have a very strong growth. By 2030 in China, the accumulative wind power and PV power installation will be more than 1,200 GW. On the right side, Wood Mackenzie and the forecast data from 2023 to 2032, the onshore wind power industry, the average newly installation capacity would be more than 59 GW. Also, you see that renewable needs of the onshore wind power going to start to show up, which also be a strong driving force of the future wind power development in China.
As I have already introduced, the company continued to dive deep in the five sectors of the sustainable development, and we also proposed many challenging targets for the future. So for Goldwind, we're going to continue to improve our performance in the following five sectors. On the right side, we show you the internal target we have for sustainable development. Those are indeed very challenging and stretchable targets. For example, for green and operational operation, in 2025, unit MW greenhouse emission will be reduced by 25% compared with 2020.
In 2025, production water consumption density will be 50% lower than 2020, and we also, by 2031, we're going to make sure our production and operation have 100% of the green power to support our operation, where at the same time, we also make sure in the near future, we're going to have 100% of the sustainable practice over our suppliers. Where at the same time, in 2023, we're going to have our key suppliers of reaching 100% of the green power to produce the key components. In 2040, we're going to make sure 100% of our turbine could be recyclable and be reused. So as a company, we seek for sustainable development to benefit the society and the company, and also supporting the whole society for sustainable growth. That's all for my presentation.