Good morning, ladies and gentlemen. I'm very happy to meet all the investors and analysts. I'd like to welcome you to join us to cover Xinjiang Goldwind Science and Technology Company 2022 Q1 results release. Today we are very happy to welcome the management team from the company to talk to our investors. We have the Board Secretary and also the CFO of the company, Madam Ma Jingru and Mr. Wang, the CFO of the company. First of all, I'm gonna welcome Madam Ma to walk you through the Q1 industrial review and the business review of the company.
Later we're gonna have Mr. Wang to walk you through the financials. Then we have a joint Q&A arranged at the end of the meeting. I'd like to remind the audience to pay attention to the instructions for asking questions. To ask questions press number 1 and star. Thank you.
Thanks once more. Dear investors, ladies and gentlemen, I'd like to thank you for tuning in on Xinjiang Goldwind, and I also welcome you to join us for the 2022 Q1 results. Please go to page three. On page three it shows that the global wind power market, especially the annual new installation. You can see that this year, especially the offshore installation actually reached a historically high level, high number. China accounted for 56% of the total yearly installation. Actually China's offshore installation capacity accounted for 80% of the development. On slide 4, it shows the development in Q1.
First of all, you can see that in 2022, it is actually a very important year for the grid parity. In Q1, you can see that newly installed growth was grown by 49% and already reached a very high number at the end of 2021. At the same time, we have a very high number installed. At the end of page two, China's accumulated wind power capacity reached 236.5 GW, taking 40% of China's power mix, where solar power was 50%.
On the right side, you can see we have two introductions and all performed very well, no matter for power productivity, vibration, consumption or component. You can also say that in Q1 of 2022, China's power consumption reached 3,070 between the third period in one hour, an increase of 5%. That's also because it has public tender market situation.
Generally speaking, the total of 20.27 GW in Q1, increasing at 67 GW year-over-year growth. Offshore public 90.3 GW and offshore total of 5.4 GW. On the right side it shows you the average bidding price in the public market. At the end of March, the overall average bidding price for all WTG suppliers is around CNY 1,876/kW. Also many policy and project issues. For example, continuously promoting the energy transformation and also the national unified electricity market system for the challenge. Also specifically, as mentioned, NDRC and NEA jointly launched the forty-five year plan for modern energy system. Also mentioned, Goldwind will be more active and also be strategic in developing the thermal power and build a large and major new energy development.
Also making sure that decentralized the wind power projects in Middle Eastern China, and offshore wind power projects in southern coastal areas. On the right side it shows you the wind power planning in China, which can actually help to promote the decentralized wind power projects in Middle Eastern China, and offshore wind power projects in southern coastal areas, and specifically promoting the rural wind power deployment plan and especially the onshore and CSP project development in the western part of China and making sure the offshore wind power plants will be built in Guangdong and Zhejiang, and other provinces. We believe a market growth will be accelerated during the 45-year plan. Now I'm gonna walk you through the business review. On slide eight, we show you sales capacity.
In Q1, actually the sales capacity is around 111 MW, representing 39.7% year-over-year growth. Especially 2S series of 279 MW that represent 13.6% year-over-year and 33% of total sales capacity. The 3S series increased by 155.2% on year-over-year basis to 780 MW, which is 65.2% of total sales capacity. MS-PM series in total is 182 MW, 88.2% of total sales capacity and 39.2% of the sales. You can see if we take a look at the order backlog, the company's total backlog is 16.94 GW. External order backlog total 60.5 GW, including 2.9 GW.
If you take a look at the right side, especially our external orders over the country achieved 2,734 MW. Especially you can see on 3S 8.45 GW external order, representing 81.2% of the order mix. MS-PM system become associated with international orders. It used to be 22.9% at the end of 2021. By the end of Q1 the external order from overseas markets actually accounted for 2,734 MW, representing 37.7% YOY growth, mainly in Vietnam, Chile, Australia, Brazil, and Egypt. Q1 company's attributable grid-connected wind power projects totaled 5,888 MW.
29 are in North China, 25 in Eastern China, 25 in Northeast region, 9% in Southwest region, 8% in West region, China. Our company added 51.3 MW in attributable grid-connected wind power capacity at home and abroad. By the end of Q1, our attributable under construction capacity at home and abroad is around 2,562 MW. We also perform pretty well for the self-run wind farm circles at 571 hours of utilization, six hours higher than the national average. Now we're gonna still ask Mr. Wang to walk us through the financials in Q1. Good morning. Let me walk you through the financials of Q1.
If you take a look at the slide, you can see actually our GP margin is around 26.51%. The reason is because we have a lesser than orders from the actual market in order to find out because of the shipping cost being ever-increasing, which also lead to the cost increase. Also in Q1, you can see the winter season always cause the utilization hours impacted. That's the reason. Actually our GP margin increased by around 3%. You can also see that in Q1, actually our total revenue is around CNY 6.383 billion. The reason is because our turbine manufacturing segment also started to become a decrease. There are two reasons we suffered for such a big drop or decrease.
Last year was a rush to build year for the offshore wind farm business. That's the reason we don't see a very good result in Q1 of this year. The onshore turbine sales continued to grow, but the average price compared with the same period of last year also saw obvious performance increase. That's the reason you can see for turbine manufacturing. The investment in capacity is 1.4 GW increased by 30% for the turbine sales. Because we don't have enough wind resources in Q1, especially for the utilization. That's the reason in 2020 the south pricing decrease has now been also stabilized. Turbine manufacturing still achieve performance within our manageable. The second slide shows you net profitability. It's actually the net profit attributable to the owners of the company and the weighted average return on equity.
The net profit attributable to the owners of the company equals CNY 1.265 billion, increased by 16.27% YOY. Last year, financial ministry issued a document fifteen and for the accounting rules consistency and mentioned that the trial production cost and the revenue will be built into the total revenue of the company. That's the reason we say that, actually, we have the revenue increased of 16.27%. Then talking about the weighted average return on equity, it was up by 0.14 percentage point. The reason here because the net profit growth that is due to the weighted average return on equity increase. On this slide, you can clearly see that our net profit attributable to the company and the weighted average return on equity.
In both Q1 in 2021 and in 2022, there was still a very steady growth being recorded by those financial indicators. Let's also take a look at the operating cash flows and last year our total revenues increased accordingly very well. Well, in Q1, the net cash flows is actually recorded as -CNY 6.747 billion, a negative number and it also shows the seasonality of the company, where in order to make sure that we can have a decent business with a client. We will need to have some prepayment. Actually the available funds, operating cash flow is always a negative number in Q1.
There will be some year turnaround in Q2, but in Q3 and Q4 it's going to be increased a lot. You can see the company also started to improve the management efficiency to make sure that we have very good operation cash flows being achieved as the business grows up. You can see actually our asset liability structure is always lower than 70%. Our rating is also AAA. No matter for the interest bearing liability or not interest bearing liability or our asset structure all comply with the management principles of the company. Our asset liability ratio is lower than 70%, which also show our robust performance. Just for now, I walk you through the financials of Q1 and thanks to all investors for listening. Okay, thank you.
And thanks for Madam Ma, and thanks for Mr. Wang .