Distinguished investors, a very good afternoon. Welcome to Goldwind Science & Technology Co, Ltd First Quarter Results of 2023. Today, we have the management here with us, President Cao Zhigang, Vice President and Board Secretary Madam Ma Jinru, CFO Wang Hongyan, Vice President Xue Naichuan, Vice President Chen Qiuhua. Today, the meeting will consist of two parts. First, we will have Madam Ma Jinru to talk to us about the first quarter industry review, business review, and followed by Mr. Wang Hongyan to talk to us about the financial results. Then we will have our questions and answers session. Now, first of all, we'll give the floor to Madam Ma Jinru.
Dear investors, a very good afternoon to everybody. Welcome to our first quarter results announcement of Goldwind Science & Technology Company. First of all, I'm going to talk about the industry review and business review of our company. If you go to the page number three. You could have a look at the global wind power markets, and especially the annual new installations and their geographical locations. I'll skip the details. Overall speaking, there was a decrease of 15% of global new installations. The main reason is because of the installation decrease in China and the wind power company, wind power, this is about 57% of them are in China. And if you look at the China domestic market, you will realize that in the first quarter, we registered an increase in the whole country with 10.4 GW of new grid connection with an increase of 31.6% year-over-year.
And the total accumulated grid-connected wind power capacity was 375 GW, taking 14% of China's total power mix. On the right-hand side, you will realize the overall electricity production in China for the year 2022 and also for the first quarter. You could see that utilization hours was 615 hours in the first quarter. The utilization on the national average, with an increase of 60 hours relatively to the first quarter. Public tender markets. There is a total market of 26.5 GW in the first quarter, representing 7.3% year-over-year growth. Onshore public tender total 24.9 GW and offshore total 1.6 GW.
And then you could see the bidding price of all WTG suppliers in the markets recorded another decrease down to RMB 1,607 /kW . The next slide is about the state policies and projects updates. Now basically covers the three phased development path for the new energy including the regulation over the power generation and power market as well as the transactions. There are also policies about the rural area development when it comes to power and transformation as well as green development. Among them, you could see that there are pilot programs on the rural areas when it comes to energy generation based on the county level.
By 2025, the renewable power will account for about 30% of the total power and in over 60% of the incremental power generation in the rural areas. They are also encouraging policies to support local generation and local consumption, and also to further push forward the development of wind power. On the right-hand side, you could see the guideline on energy development for 2023. For instance, pushing forward the proportion of non-fossil energy in total energy consumption to about 18%. Some non-fossil energy power generation installed capacity will increase to about 51.9%, and wind power and PV power generation accounted for 15.3% of the total electricity consumption.
And then we also have the third phase of the projects related to PV and wind power development. And then it has also been mentioned that there will be a total installation target of wind power and PV power to about 160 million kW. This give us a big room for development. Against this policy backdrop, I'd like to talk about our business review. The sell capacity we have about 1,100 MW, amongst which you could see that we have 32.7% of that for 3S and 4S series. The MSPM totaled at 717 MW.
When it comes to the order backlogging, you could see that we have a 29.6 GW of total backlog of order and externally 28.9%. We also have a 25.7 GW of signed contract. You could see that our contract order backlog is a very sustainable one. On the right-hand side, you could see the mix for MSPM. You could see that it has accounted for 73.3% of our total mix. With the rest accounting for about 20%-17% of the total order mix. Our overseas backlog is about 5.29 GW. You could see that there was an increase of 65.7%, mainly in Vietnam, Chile, Uzbekistan, South Africa, Australia, and so forth.
Wind power generation. As of the end of the first quarter, our attributable grid-connected power projects are 6,500 MW, 28% of that in northwestern area, 26% in the East China, and 23% in North China. For the first quarter, we added 171 MW of attributable grid-connected with power capacity at home and abroad, with the sale of 744 MW. Other construction wind capacity at home and abroad, 2,747 MW. The self-built wind farms recorded 637 hours utilization, with 22 hours higher than the national average.
I'll give the floor to our CFO, Mr. Wang.
Thank you very much. A very good afternoon. This is the CFO. I'm going to talk about the financial numbers of our company. In this slide you could see that our revenue and our profit margin. You could see that in the first quarter, we have a revenue of RMB 5.56 billion, with a decrease. Main reason was because of the WTG sales capacity, as well as the price also went down. We have a 1.1 GW of delivery decreased by 21.34% in terms of price. The WTG price on average is still decreasing, on decline, and that is another reason for our decline in revenue. On the right-hand side, you could see our profit margin. We had a 25.23% of the gross margin, of the profit margin, for the first quarter.
This is mainly because of the sales price dropped at a bigger percentage compared with the drop in our costs. However, it still has a quarter-over-quarter increase. The other three sectors of our business remained stable except the WTG one. The net profit attributable to the owner of the company in the first quarter was RMB 1.235 billion, which is quite flattish versus the same period last year. There's a mix change because the gross margin for the WTG dropped versus the previous period. We will continue to control the price and trying to improve the margin level. On the right-hand side, you see the weighted average return on equity. We had a 3.38 GW with a drop of 0.1%.
This is mainly due to the weighted average calculation on the return on equity. In next slide, you could see the solvency positions of the company that we have. The current ratio, RMB 1.08, and quick ratio was RMB 0.72. If you refer to the numbers, you would realize that we have a net current asset, RMB 41.76 billion. In the year of 2022, we turned that into a positive, meaning that we are better in our solvency position. On the right-hand side, you could see the asset-liability ratio that we have. As of the end of March, the asset-liability ratio was at 67.93%, improved from 70% in the fourth quarter of 2022.
You could see that we had returned some loans, interest-bearing loans, and then we also had disposed some assets that are liquid, and then basically have improved our overall solvency position. Next slide is the cash flow of our company. As you could see that in the first quarter, the net cash outflows from operating activities for the first quarter was RMB 7.5 billion. This is a result of our proactive management of the cash flow as well as the fact that the business and economy overall has emerged out of the COVID stress. You could see that we're pretty much at the same pace as we did in terms of seasonality with the previous year.
On the right-hand side, you could see that, the ratio of cash to total assets was at 7.95%. We had a strike a dedicated balance between the liquidity and the safety of our cash versus the total assets. You could see that, 7.95%, as a ratio is pretty much in line with the requirement from the management. We are in a safe and healthy condition, when it comes to the cash flow and finance-wise. Thank you.