Distinguished investors, good afternoon. I'd like to welcome you to join us for Goldwind Science & Technology 2022 annual results announcement. Today, we have President of the Company, Mr. Cao Zhigang, and VP and the Secretary of the Board and Secretary of the Company, Ms. Ma Jinru . Chief Financial Officer, Mr. Wang Hongyan, and VP Mr. Chen Quihua, VP Mr. Chen Quihua to be here for this annual result announcement. First of all, we're going to have Ms. Ma and Ms. Wang to walk you through the industrial review, business review, and financial results and outlook. Later, we're going to get into the Q&A session. Now, let's welcome Ms. Ma first.
Distinguished investors, I'd like to thank you very much for joining us here for this annual results announcement.
First of all, please allow me to walk you through the industrial growth and also our own performance of the company. You can see, first of all, I'd like to show you the global wind power market. On page three, they show you the global wind power market. You can see in the year of 2022, the newly installation is 85.7 gigawatts, a decrease of 50% year-wide with onshore wind of 76.6 GW, a decrease of 9% on year-wide basis and offshore wind totaling 9.1 GW, an increase of 46% on year-wide basis. On the right side, we show you the new installation in different countries. China is the world's largest wind market.
Newly added 48.8 GW of new capacity accounted for more than 57% of the global build and supports the second-largest market in the U.S. With nearly 40 GW, the U.K. took the third place in the ranking. Its installed capacity decreased significantly to 3.4 GW in 2022, and more than 3 GW come from the offshore wind installation. Next page show you the wind power development in China. Last year, the China recorded 37.6 GW of new grid connection, a decrease of 20.9% on year wide basis. At end of 2022, China's cumulative grid-connected wind power capacity totaled 665.4 GW, taking 30.3% of the power mix. Thermal power declined to 52%. On the right side, we show you electricity production by billion kilowatt-hour.
In 2022, total power consumption in China was 8,637 billion kilowatt-hour, an increase of 3.6%. 762.4 billion kilowatt-hour of wind power production presented an increase of 60.3 year wide and a penetration rate of 8.8%. 27 member state of European Union and the U.K. has an average wind energy share above 70% in 2022. Denmark has the highest share of the wind, which is 55%. Let's also take a look at utilization and the utilization rate. The national average wind utilization was 2,221 hours in 2022, down by 9 hours compared with 2021. National average wind power utilization rate was 96.8%, decreased by 0.1 percentage point year wide.
Especially in Beijing, Tianjin, Shanghai, Jiangsu, Zhejiang, Anhui, Guangxi, and Henan, the utilization rate is 100%. On the right side, we show you the cost advantage. You can see that the LCOE in China onshore has dropped to a more competitive price. You have 0.028 per kilowatt-hour in 2021, decreased by 51% in the past five years. Let's also take a look at the public tender market. In the year of 2022, the domestic public tender market totaled 98.53 GW in 2022, representing 82% of the year-wide increase, the highest number in the history. Onshore public tender was 83.83 GW. Offshore was 40.70 GW. By region, 69% close to 70% of the tender originated from northern part of China.
The rest of part are coming from the south part of the China. On the right side, we show you average bidding price. You can also see that in December of 2022, the overall average bidding price is around CNY 1,840 per kW. On the next page, I show you the policy support from the central government. Especially, you know that, after the pricing being stabilized, the government continue to roll out the policies regarding the wind power and the new energy power, continue to seek for the green and the low carbon transformation of the new energy industry. There are four column of the policy. First of all, the government issue policy accelerate the new energy system planning and the designing and promote high quality development of the new energy.
Last year, the NDRC and NEA issued the 14th Five-Year Plan for a Modern Energy System proposing that by 2035, a modern energy system will be basically built. It mentioned the 14th Five-Year Plan for Renewable Energy Development and also the 2030 renewable energy targets under the 14th Five-Year Plan for Renewable Energy Development, where on the same time, we also have coordinating energy security and green low carbon transition to build a new power system that adopt to the increasing proportion of the new energy. NDRC and NEA issued the opinions and policies and measures to improve the mechanism of a green oriented transition of energy. It mentioned that by the end of 2030, a complete basic system and policy system for green and low carbon development of energy will be basically established.
At the same time, the NEA issued the guidance and Energy Week work in 2022 clearly mentioned the related work for each of the province. The third part is to deepen the reform of the power system and accelerate the construction of a unified national power market system. NDRC and NEA issued the guiding opinion on accelerating the construction of the national unified electricity market system, proposing that by 2025, the national unified electricity market system will be initially completed. The general office of the NDRC and the General Department of NEA issued a notice on accelerating the construction of electricity spot market, proposing to further deepen the reform and power system. The fourth part is promoting the development of the large wind power base and the decentralized wind power and encourage wind power to accelerate the going global.
NEA and MARA has already mentioned the implementation period are accelerating the transformation and the development of rural energy and assist rural revitalization. With all those policy support in China, the wind industry is going to seek for high quality growth to support China to hit the dual carbon strategy. With such a backdrop, let's also take a look at the business review of the company. These are the four major businesses that we will be engaged in, including wind turbine manufacturing sales, wind farm investment development, wind power service and other business. You can say that in the year of 2022, after almost six years here, our new installation being ranking number one in the world for 12 consecutive years.
We have eight global R&D center to drive innovative features, and we also have 6,500 domestic and foreign patents with four hundred - 4,300 authorized patents. We also have more than 500 suppliers to build a green industrial environment together. Let's also take a look at the other part by segment. From a revenue or from a business structure perspective, let me show you that with the China accounting rules, you can see our full business line. Altogether, the revenue is close to CNY 32.3 billion, CNY 32 billion. Also accounted for 70% of the total revenue, 50% of the revenue, and wind power service close to 12% of the total revenue. Coming next, let me just give you some key highlights of our business slides. First of all, let's also take a look at the turbine manufacturing and sales business.
You can see that our sales capacity and last year the external sales capacity totaled 30.871 MW, representing an increase of 29.8% YoY. You can see the sales capacity of 2S actually, it's actually in the decline stage after the rush to build. Generally speaking, you know that the capacity of some of the small turbines being decreased. Last year, and you see the capacity of MSPM being increased remarkably to more than 62.2% of the total sales capacity. Let's also take a look at the orders in our hands. You can see that by the end of last year, the total order backlog is 27.1 GW.
External order is 26.6 watts, including 5.8 GW of a successful bid and 20.8 GW for signed contract. We have another 509 MW of the order that are for company's own wind farm development projects. Well, let's take a look at the right side, that is our external order mix. You can see that our MSPM, the order is close to 80.2 GW of the external order, and the proportion increased from 29% in 2021 to 68% in 2022. Let's also take a look at our global business expansion. By the end of last year, you can see our overseas external order backlog is actually 4,467 MW. Majority of them are in Vietnam, Chile, Egypt, Uzbekistan, South Africa.
You can see our order backlog in Middle East and Africa increased by 369% compared with 2021. Overseas operating capacity totaled 881 MW, attributable under construction capacity totaled 1,164 MW, which was mainly domiciled in Australia. You can say that in different countries, in different regions, we make sure that our products being adaptable to the local weather environment. We also have the highly efficient turbine product to the earth striking area and some special climate zone area. All in all, we'll be able to further improve our turbine production competitiveness and making sure that we will be able to provide effective performance and also clean energy to our customers. We are talking about the wind power generation.
You can see currently the company's attributable grid-connected wind power projects totaled more than 7,078 MW, 28 are in northern China, 26 in eastern China, 33 in northeastern part of China. Other regions are with a single-digit proportion. In the year of 2022, you can see that we have 1,745 MW of the attributable grid-connected wind power capacity at home and abroad. With 1,164 MW are in China, the rest part are in overseas countries. Company's attributable the construction wind capacity at home and abroad are around 2,639 megawatts. On the right side, let's also take a look at the utilization. We have already mentioned about the industrial average.
A company's self-run wind farm utilization with hour is 2,546 hour utilization, 235 hours higher than that of the national average. Due to our experience, you can say that we also have a very strong wind power services. You can say that at the end of last year, the on operation capacity totaled at 28 GW, a nice increase compared with the past few years. The company also continued to improve our competitiveness on ESG and continue to innovate our business on sustainability. Last year, through energy saving and consumption reduction and the use of green electricity, the company achieved a new carbon neutrality by purchasing carbon offsets, and achieved the carbon neutrality at the operational level.
Where last year, you can also see that the company did two major actions in order to practice our sustainability and ESG. Last year, we have completed a green evaluation on 202 supplier of the wind turbine, and we have 24 supplier being rated as Level 4 and Level 5 green suppliers. Level 3 suppliers and above accounted for 49%. The supplier evaluated this year, a total of 112 suppliers use green power, and the ratio of green power used by the major supplier of Goldwind wind product was already 45.89%.
By the end of last year, the company has a cumulative installed capacity of more than 97 GW worldwide, with an annual power generation of about 250.4 billion kWh, which can reduce carbon dioxide emission by around 178 million tons per year compared with the thermal power. It can also help to reduce the green gas emission by 1 billion tons compared with the thermal power. Now let me welcome our CFO to walk you through financial results.
Dear investors, good afternoon. Now I'm gonna walk you through our financials of 2022. Well, talking about the financials, you can say these are the four major results after the financial consolidation. You can say that, for the whole year, actually our revenues being totaled to and CNY 46 billion.
The reason is very obviously to say the turbine manufacturing and the sales business, the profit and the revenues being on the downtrend. The reason is because the price issue. When we confirm the order, and you see that many of the order price continued to go down. In domestic China, the decrease was 41%, and in the rest of the world, the price go down by 9%. For other business altogether, and the business was on the growth perspective. You see that because of the revenue of the turbine manufacturing, the sales business was down. That's the reason the overall revenue was down. On the right side, that is our profit GP margin. In 2022, our GP margin was 17.66%. Last year, this number used to be 22.98%.
It was down with the same reason as the revenue decline. You know that for the turbine manufacturing and the sales. And its sales profit is being reduced from a double-digit number to a single-digit number. Why it was dropped down a lot? There are two reasons. First of all, we can say that power mix started to be achieved in China. We mentioned actually majority of our installation are coming from the newly added installation from the onshore market in domestic China where for offshore market and also overseas market, you see that there are some business impact. The second reason is also price. With the fierce market competition, and we see that the price reduction is even higher than that of the product we use.
For MSPM, we already have the economy of the scale, but which has not yet been translated into profit in our concrete measure. Where at the same time, we also say that the performance is aligned with our operation. For the turbine manufacturing sales business, actually the GP margin still on the downtrend. The next slide showing you the net profit attributable to the owner of the company and the weighted average return on equity. You can see that the net profit attributable to owners of the company of 2022 was CNY 2.3 billion. The reason is the weighted average return on equity was 6.38%. In 2021, our margin is CNY 11 billion. In 2022, altogether our GP margin was CNY 8.3 billion.
GP margin was being down by CNY 3.5 billion. A major reason is still because the turbine manufacturing themselves, GP margin was on the downtrend. For the turbine manufacturing, the margin was down by almost CNY 5 billion, along with the goodwill impairment, asset impairment, and ROI. All those factors are working together to help to narrow down the margin reduction caused by the turbine manufacturing and the sales business. On the right side, we show you the weighted average return on equity. It was 6.38%, down by 5.17%. The reason still because the reduce of the revenue, the GP margin, and also net asset structure has been changed. That's the reason weighted average return on equity also on the downtrend. This is actually the consolidated result.
Coming next, let me just give you a look at the solvency position. Madam Ma has already mentioned this number. You can see from this slide, black statistics actually for 2021, and the colored highlighted area are actually for 2022. You can see that, on the turbine manufacturing itself business, the revenue and the GP margin was on the downtrend. For the wind farm development business and, for the wind power service and other business, their revenue was on the uptrend, which is also in line with our management expectation. Especially for wind farm development, the GP margin was going down slightly. The reason is still because, there are grid parity of farms started to show up right after the rush to build.
That's the reason you can also see that for the wind farm development, the GP margin was somewhat lower than 2021. Just now, I show you the financials of the different business lines. Coming next, let's also take a look at the assets of the company. You can see by the end of 2022, our current ratio and quick ratio was improving in a positive trend, where at the same time our total net assets being greatly improved. This is actually used to be a negative number for the past three years. In 2022, the number become a positive one. For the company, our short-term solvency capacity is being greatly improved. The solvency competence still be cost, continue to go upward. On the right side, that is our asset-liability ratio. The result is 17.51%.
There are a few ways behind this number. By the end of 2022, in order to guarantee the capital safety and allow by offsetting the possible second peak of the pandemic, we proactively leave two months of the cash position in order to take care of the rigid payment. Where you can see the asset-liability ratio, 7.51%. This is actually a number we've shared with many of the major banks. Till now, our credit extension still be greatly maintained. The interest about liability costs has still been well controlled. The assets quality is being robust and also healthy. In recent days, you probably also noticed, because of the possible risks of the second peak of the pandemic being mitigated, we are reducing our position reserve. In Q1 of this year, you're going to see a more robust asset structure.
The final slide is our cash flow. In 2022, the net operating cash flow is around CNY 5,881 million, up by 30% and the best ever in our history. This also shows three major improvements made by the company. On one side, we continue to improve our customer management according to their credit profile and also have a follow-up and a trace system to our customer. In this way, it can actually help to further improve our cash flow and also the net operating cash flow, where at the same time, we continue to strengthen our work on receivables, and to have a time-specific management measure in place. That's the reason we have less receivables, and that can further improve our net operating cash flow.
The company also started to have centralized management of the capital to further improve the capital utilization efficiency. On the right side, we show you the cash to total asset ratio. You can see that the cash to total asset ratio is being well-kept. The number is 11.42%. Generally speaking, for the company for three consecutive years, actually, our cash to total assets was being within a very good number. We always believe 7% is being a good number. For this year, because we'd like to make sure we have a safe operation, we reserve another two months of the position to make sure we're ready for any of the uncertainties.
Right after the second peak of pandemic's been mitigated, still we're going to further optimize our cash to total asset ratio to improve our liquidity and the financial safety. That's all for the financials. Thank you. Thank you very much. Let me just brief you on the global wind power industry outlook in the next coming years. This is a slide showing you the data from the IEA. As well as the installation forecast. On the right side, it show you the renewable annual net capacity addition by technology, main and accelerated cases. In 2027, renewable capacity additions are forecasted to increase continuously to reach 460 GW in 2027. Majority of them are coming from wind power and solar.
By 2027, the onshore installation would reach 109 GW, and the newly additional offshore capacity would reach 30 GW. On the right side, this is another forecast made by GWEC. It expects the new wind power installation will exceed 100 GW in 2023. By 2024, the global onshore wind capacity will exceed 100 gigawatt for the first time. By 2025, new offshore wind power capacity will reach a new height, reaching 26 GW. In the next five years, 680 GW of the new capacity will be added to the market, which means close to 136 gigawatts of the new installation per year till 2027. Let's also take a look at the next slide. As you can see that renewable energy already being accelerated in China.
As been mentioned by me, and we are in the process of building the upper reaches of the Yellow River, the Hexi Corridor and the Yellow River curve and Xinjiang, and the two major comprehensive water and the scenery bases in the southeastern part of China, where we can say that by 2025, you can say China's new wind power grade connection will reach 245 GW. Especially we believe renewable energy would be around 80% of the total power consumption. On the right side, this is another numbers being predicted by Wood Mackenzie. It mentioned from 2022 to 2025, China's new wind power grade connection will reach 245 GW, of which new offshore wind grade connection expected to reach 44 GW.
The new grid connection of the onshore is expected to reach 201 GW, accounting for 82% of the total new grid connection. The annual new grid connection capacity will reach 50 GW. By the end of 2025, the cumulative grid connection of China wind power market will be 573 GW. This is another slide showing us the sustainability and ESG, where attaches great importance to sustainable growth. We have already formulated our sustainable development strategy, which has already been passed by the board. Our sustainable development will be focused on five things, including honest and compliant operations, green and environmental friendly operations, sustainable industrial chain, and also fair and sound work environment, and harmonious community relations.
We are targeting the five key areas to formulate our sustainability and ESG practice in 2022. We have already reached the carbon neutrality on the operational level. For this year, we are also going to continue with this good practice. Where you can see that, we are also going to make sure 100% of the wind turbine should be able to be recycled and being reused in 2040. There are a few indicator I'm going to share with you. Example, by the end of 2025, the hazardous waste per megawatt generated by the wind turbine should be 20% lower than that of the 2020. In 2040, we have 100% of the wind turbine should be able to be recycled and reused.
We hope that we will be able to further reduce the greenhouse gas emission by 25% in the near future. These are very challenging tasks for us, but this actually shows our social responsibility practice. That's all for my presentation. Thank you.
Thank you. Thanks for the management team for the nice introduction.