Good afternoon. I'd like to thank you for joining us for Xinjiang Goldwind and the 2021 annual result release. I'm the IR of the company. Today, we're very happy to welcome the management team to be here to join us for the presentation. We have Mr. Cao Zhigang, the Chairperson, and also the Board Secretary, Madam Ma, and also CFO, Mr. Wang, and also our VP, Mr. Liu. Today, first of all, we'd like to welcome Madam Ma to walk us through the industrial development, our operations. Then we have Mr. Wang to share with us the financials. Then we have Madam Ma to share with us the market outlook.
Right after that, we will get into the Q&A session. I'd like to remind all investors to be noted, and please press star and press one to queue for the Q&A session. For those investors who would like to raise a question, please queue for the Q&A session. Now let's welcome Madam Ma, please.
I'd like to thank you. Thanks to all the investors. Thanks for being here to join us for the 2021 annual results release. Now, please allow me to walk you through the industry and our performance. Please go to page 3. As you can see, the wind power industry continued to outperform especially, and the offshore part reached a historical high number. The global new installation in 2021 reached 99.2 GW, and the onshore 82.3 GW, offshore totaling 16.9 GW, and achieved 161% year-over-year growth. On the right side, you can see for the new installation, where are they?
You can see that China ultimately accounted for 56% of the global total installation. Altogether, 55.8 GW. You can see that China's offshore wind new installation is also 40.2 MW and 2.5 times of that of the 2020, where we can see for other countries, they also made new breakthroughs. Please go to page 4, and then let's go back to the China situation. First of all, you can see that China records a new level for grid connection in 2020. Right after the rush to build, and still the wind industry maintained very good connection. The record of 47.6 GW for the new grid connection, even it was down by 32.6% year-over-year. Still, it was higher than what is being forecasted during the 13th Five-Year Plan.
During the 13th Five-Year Plan, this new grid connection would be only around 20 GW. In 2021, this number was 47.6 GW. In the year 2020, because of the rush to build, the new grid connection reached more than 70 GW. In last year, the number was 47.6 GW, still show very good demand. Where they can say that, the same patterns will be set to the onshore wind, and the grid connection is 30.7 GW. By the end of 2021, China's accumulated grid connection wind power capacity totaled to 328.5 GW, taking 13.8% of China's power mix, and the thermal power declined to 54.6%.
In 2021, China's total power consumption is already 8,312.8 billion kWh, an increase of 10.3% year-over-year. The 652.6 billion kWh of wind power produced presented an increase of 41%. Even if the penetration ratio continued to go up, but still, we have a bigger threshold market to go. For the 27 member states of the European Union, actually their wind power energy share is already more than 60%, and especially Denmark makes this number 44%. China also maintained a very high wind utilization rate. In 2021, the number is 2,246 hours and 149 hours up compared with the 2020. Xinjiang demonstrated the highest utilization rate.
National average wind power utilization rate is 96.9%, up by 0.4% on year-on-year basis. As you can see, LCOE of China onshore wind dropped to 0.027 kWh, down by 40% for the past five years. Construction cost is already $1,264/kW, and that's decreased by 8% compared with 2016. You can also see the public tendering. Actually, the domestic public tendering market last year was 54.15 GW. Especially besides the rush to build year in 2020, in other years, this number only meant to be around 20%. Still last year, the public tender market released 54.15 GW still show very good demand.
The onshore market represents 51.37 GW and offshore market at 2.97 GW. On the right side, it shows you average bidding price. Please go to slide 7. You can see that in 2021, based on the dual carbon strategy from the central government, and we also started to have a comprehensive energy trading and mechanism being available to promote the healthy development of the industry. First of all, we further started to see the scale development of the renewable energy.
NEA published a notice, making sure that the market truly work for the new energy development. Especially in May 2021, NDRC published the notice of 2021 wind power and solar power project construction, and clearly stated that the wind and solar power production reach 11% of the energy consumption and make it 20% in 2025. We're at the same time we'd like to make sure that we implement the guaranteeing and the marketing by the grid connection. We're gonna take multiple levels in order to improve the penetration ratio of the wind power. The government also would like to further improve the carbon trading and also to promote the green energy consumption.
Especially last year NDRC released the notice on the responsibility weight of renewable energy power consumption, and also the guidance about to build integrated long-term effective mechanism of clean energy consumption for consumers, which will sustain the market growth. At the same time, the NEA published a notice to actively promote the grid connection and power generation of the new energy. Thirdly, the government also started to build new power energies, especially promoting the source-grid-load-storage integration and wind-solar-hydro-thermal integration, which can help to build a new energy-oriented power system. Last May, NDRC and NEA published the guidance opinion on advancing the integrated source-grid-load-storage power system. Also at the same time, more guarantee policies being launched along with the financial measures to promote the wind power industrial development.
With the policy support, you can see the wind power industry in China actually witnessing a big addressable market. With such a backdrop, we would like to walk you through the company's business development. You can see that for the wind turbine manufacturing itself, we maintain the 11th consecutive years of the number one market share, and especially you can see that the percentage of the net profit, the cash dividends accounted for more than 50% of the net profit. We have 8 R&D centers worldwide. We have 5,300 domestic and foreign patent applications, and we joined more than 500 suppliers to build a great industrial environment together with 350 standards being made. On slide 10, it shows you the segmental result according to the continued growth in China.
From the revenue perspective, you can see that 79% of the revenue are for the WTG manufacturing itself and 10.6% for wind farm development, 8.1% for wind power service, and 2.1% for other businesses. The slide 10 showing you the sales capacity. Actually, our total sales capacity last year is around 10.683 MW. Especially the two series turbines, 2S turbines sold 4,140 MW decreased by 61.6%. 3S and 4S turbines, they increased by 41.6%. Especially 6S and 8S, and the total sales is already more than 1,951 MW and also up by 305%. On slide 12, it shows you the backlog we have.
By the end of 2020, the total backlog we have is 74.4 GW, 60.9 GW from the external order, and 3.6 GW for successful bid, and 30.3 GW for the site contract. On the right side, you can also clearly see the optimization of our business, and especially by the end of last year, for example, 3S and 4S various products accounted for 8.8 GW of the total external order. 2S various products totaled 3.2 GW of the external order, representing 22%. Also MSPM turbines represent 29% of the order mix with a great potential to further grow in the near future. On Slide 13, we show the global business expansion.
By the end of last year, and we all together have 2,282 MW of the overseas backlog, mainly in Vietnam, Pakistan, Philippines, Chile and Brazil. The overseas operating capacity reached 452 MW, and, the under-construction capacity reached 893 MW, and which further sustain our success story in the rest of market. On slide 14, we show you the wind power generation. By the end of last year and our total power projects totaled 6,068 MW, 29% in North China, 26% in East China, 25% in Northwestern China, and 9% in Southern China. The company added 1,408 MW of the attributable grid-connected wind power and around the...
We can say that by the end of last year, and we also sold the disposal of around 827 MW. By the end of last year, the attributable under-construction wind capacity at home and abroad totaled 2,595 MW. On the right side, we already show you the grid connection by region and under-construction by region. Please go to page 15. You can also see the wind farm operation and the wind power service. Actually, our company's self-run wind farm recording a 2,546-hour utilization, 300 hours higher than the industrial average. Because of our capacity and the technological know-how, our O&M business contains a very good growth.
By the end of last year, our O&M actually being 23.1 GW, 4.6 times higher than the capacity of 2017. I also show you the sustainability and the ESG practice in 2021. With total installation is more than 86 GW of the wind turbines worldwide. We generated the wind power for 1,193 billion kWh. Actually it reduced the carbon dioxide emission by 161 million tons.
We already finished our supplier certification regarding the production and the product delivery for many years, and they will be included into the MSCI and S&P for good, as well as other rating agencies. We also got a very good rating performance last year, and we have already got the AA rating from MSCI and FTSE4Good. You can also see we also have a 2.9 score for FTSE4Good. Coming next, I'm going to welcome Mr. Wang to walk you through the financials. Please.
Hello, dear investors, good afternoon. Please allow me to walk you through the financials of 2021. Please go to slide 18. You can see the profitability index of the company. I can say that in 2021 our revenue declined a little bit. It's because right after 2020, the onshore rush to build actually makes the revenue jumped up a lot. We can say that even if in 2021 we stayed also a year rush to build for the offshore market, and actually the onshore revenue also being increased a lot.
As you can see, we have the larger scale of production trend and which can also stay very good itself in the market. Generally speaking, the revenue still declined with RMB 16.416 billion. You can see that we still have 16.87 GW as a backlog, and which can lay a very solid foundation for our future development. That's for revenue. Well, regarding the GP margin, our GP margin is at 22.90%, highest in recent three years, up by 5% on year-on-year basis. From the profit margin perspective, you can say that gross profit reached the highest one. For the first time, we make it more than RMB 10 billion. I think this is because our business lines and their GP margin were all being improved greatly.
For turbine manufacturing, actually, in 2020, it's only 40.41%, but later it increased a lot, especially. You see the profit has been greatly improved a lot. Well, for the power generation, the GP margin continue to maintain at about 67%, which also provides a very good boost to our financial performance. For the wind service business, actually the GP margin used to be a negative number, but it's now already 12.04%, and, which also helped us further improve the profitability of the company as a whole. You can also see the net profit attributable to the owner of the company and which reached the highest level in our history, which make it RMB 3.457 billion, the highest in our history, with an increase of 16.65% on year-on-year basis.
The weighted average return on equity has also been increased to 10.72%, which is also because our net attributable profit to the owner of the company continued to grow on yearly basis, which also reflects our company's innovation and continuous generation of profit and increased asset efficiency. Next slide shows you the revenue and the margin for each business segment. You can say that WTGs and actually the revenue and the sales being declined and especially the wind turbine manufacturing and the revenue being decreased by 14%. The reason is because actually the year of 2020 and 2021, there will be a time lag between the order being placed to the project being delivered for the onshore projects. Where at the same time, we already see that the majority of the products or especially the turbines, are going for the larger scale trend.
Less cost-effective products withdraw from the market. That's the reason there's a decline in revenue from the turbine manufacturing. Well, at the same time, the wind power service business is being further optimized in the revenue structure. You can also see that. That's for the revenue of the wind power service. Slide 21 shows you the revenue for power generation and other business, and a very dramatic increase has been identified, especially for the wind power generation, the revenue has been increased by 32.55%. The reason is because we have a favorable resource acquisition capacity of the company, and we also increased the installation capacity. We also leverage technology to improve the quality and efficiency.
For example, the above rate of the equipment has been further reduced and which can further improve the operational efficiency for the power generation. Well, revenue for other businesses, it was up by 3.87%. The reason is because actually our O&M operation business been greatly improved. With the 45% year-on-year basis, this can actually help us to further drive the revenue for other businesses. Well, we can clearly say for the GP margin of all different segments, we also took a proactive adjustment of the business mix and making sure the GP margin could be further improved. You can see that for the wind power farm development, actually it also make the best margin in history and being stabilized at about 67%.
For wind power service segment, actually, the GP margin is already more than RMB 0.491 billion, up by 12.04%. The reason is because we're still truly robust on O&M capacity. You can also see that the percentage to the wind power service revenue increased from 41% in 2020 to 57% in 2021. Let me also show you the operating efficiency. You can see that our inventory management has been further optimized and the inventory turnover days been decreased by two days year-on-year, and make it 60 days.
You can see that for the whole group, actually we improved our days of inventory and the days of the trade receivables, while at the same time, the receivable turnover days being increased by 46 days to 174 days. We actually took the so-called payment differentiation to optimize the payment management and also to optimize the structure for the interest bearing and the non-interest bearing liabilities. You can also see that, because many of our operating assets, including environmental business and the power generation business as assets been further improved. Both business are actually have a longer payment period, and that's the reason the payables turnover days being increased. While at the same time, you can also see our current and the quick ratio capacity has been further improved.
Well, for sure, the company also prepared to improve the liquidity ratio and still we have a healthy current and a quick ratio. Please go to page 24. 24 shows you the asset quality. The first part is operating cash flow and available funds. You can see that in 2020 and 2021, our operating cash flow and available funds have been greatly stabilized. At the same time, the net cash flow to revenue ratio being stabilized at around 10% to guarantee a healthy development of the company. Where you can also see that we have a very healthy operating cash flow and making sure that we will always make this number more than 7%, and which also shows our cash balances being sufficient and being stabilized.
For the asset-liability ratio, as Madam Ma has already mentioned in her presentation, by maintaining a high dividend payout ratio, we are always be making the asset-liability ratio below 70%. When we benchmark with peers, actually our asset-liability ratio has been much lower than other industrial peers, and which is truly stabilized and healthy. Thank you. That's all for the company's financials. Okay. Coming next, let me just share with you the industrial outlook. Please go to page 18. You can see that, in the year 2021, with the dual carbon strategy, according to IEA's World Energy Outlook 2021, wind and solar power lead the way with capacity increase that far outstrips the resources of electricity.
By 2030, the combined capacity additions for wind and solar power need to reach 210 and 417 GW, while at the same time, 497 countries reached the COP26 and has already made the consensus, making sure that to limit the surface warming by 1.5 degrees to prevent a catastrophic climate change. Conservatively forecast from 2030 - 2050, actually, the global wind power capacity need to reach 180 GW during 2020 - 2030. In other words, in the next few years, there are going to be more additional wind power capacities being needed. Please go to next page. With the dual carbon strategy and China still have a big addressable market to go, and especially 2021 is the first year for the 14th Five-Year Plan.
Last week, the 14th Five-Year Plan, more energy system plans being just released by the government. It has clearly stated wind power, solar PV power, are being taken as the non-integrated clean energy basis to improve the power generation and the supplying capacity of the decentralized wind power in Mid-East China and offshore wind power. Especially we're probably gonna have the onshore wind powers as well as the hydro wind solar integration, cross region transportation and the synergy power generation, the local consumption. But at the same time, along with the policies and the plans being launched by different provinces, during the 14th Five-Year Plan, China's overall wind power installation expected to reach 250-280 GW and up by 50% compared with the 13th Five-Year Plan.
Next page show you the sustainable development of the company. As a leading company in this industry, we further exercise sustainable development strategy and we align our operations, while at the same time to further improve our sustainable practice. We already formulate a very clear procedure and standard. By 2020 we have our carbon neutral. In 2020, we hope that we could actually further improve our carbon practice. We also hope that by 2040 we'll be able to have 100% utilization rate. In the near future, we're gonna seek for sustainable development by aligning the interest of the shareholders, working with multiple parties to promote the sustainable development of the business. Then to set a good example for the sustainable energy development for a better future. That's all for my presentation, thank you.
Thanks for the management team for your presentation.