Good afternoon, everyone. Welcome to attend Xinjiang Goldwind Science & Technology 2021 Q3 financial results announcements. After the introduction, we will open the channel for Q&A. Distinguished investors, good afternoon. Welcome to attend Xinjiang Goldwind Science & Technology Company Limited 2021 Q3 financial results announcements. Today we're very honored to have members of the management with us today. They are President Cao Zhigang, CFO Wang Hongyan, Vice President, Secretary of the Board, Madam Ma Jinru. We also have Vice President Li Fei joining us. In our announcements, we will have Madam Ma briefing the industry overview and our operation for Q1 to Q3. Mr. Wang Hongyan will then brief you on the financial results from January to September, and to be followed by Q&A session. Please also pay attention to the instructions for your questions. Let me now hand over to Madam Ma.
Thank you. Respected investors, dear friends, ladies and you, good afternoon. Do you all hear me? No problem. Please go on. First of all, I'd like to give you the first introduction, which is an industry review. Please turn to page three. The 2020 is a very important year in the last 10 years. The average annual rate of global wind power cumulative installation was 15.2%. At the end of 2020, global installation reached 733 GW, among which China ranks number one, then U.S., then Germany, followed by Spain and U.K.
We know that in the last 10 years, levelized cost of global onshore wind power declined by 66% from $0.089 per kW in 2010 to $0.39 in 2020. Meanwhile, the levelized cost of global onshore wind power also declined by 48% from $0.162 per kWh in 2010 to $0.084 in 2020. Now, on this page you see that in the first half we have recorded 20% for new grid connections. As of September, we can see that there are 273 GW increase for grid connection, increase of 32%. In October, the new connection has already surpassed more than 300 GW.
We noted that China's total power consumption was up by 12.9%, among which wind power is 400 billion, more than the general level. We also see that the penetration is 7.6% and curtailment was down by 0.3%. We also see 1,640 hours for average utilization, increasing by 91 hours. Now let's see the public tender market. We see that we have 41.9 GW for the newly added bidding capacity, up by 115.1% year-on-year. According to market segments, onshore increased by 14.9 GW, offshore by 1 GW. According to regions, 68% in northern part of China, 26% in South China, and for centralized procurement, 6%. By September 2021, we see the average price for the two series...
For three series turbines, average price CNY 2,410 versus CNY 2,326 per kWh. On page six, we have streamlined for you the policy reviews. We have noted the 2021 opinion on development of wind power and PV power, the announcement on 2021 renewable energy consumption and responsibility quota, as well as the opinions on promoting new energy production and grid connection. In September 22nd, the council also has issued opinions on achieving carbon neutrality. In January 24, central government also has introduced the new opinions promoting the New Energy and Renewable Energy Substitution Action that would advocate the percentage of solar power and wind power. We will promote centralized development and decentralized development to increase the penetration of non-fossil fuels. At the same time, we also have proposed some very important index.
For example, by 2030, the consumption of the non-fossil fuels in the energy mix accounts for 25%, and the total installation of wind and solar power accounts for more than 1.2 billion kWh. By 2060, non-fossil fuels accounts to 80% of the energy mix. All of these have showcased China's commitment and confidence in developing renewable energy. On the right side, you see. The market potential for the wind power. On one side, we have already initiated the approval for the new project by October 21st. We have nine provinces, regions, and autonomous regions have already updated the new batch of the grid parity approval project. On the other side, various and diverse development modes is now bringing wind power to thousands and millions of households in China.
On October 12th, President Xi has indicated that China will develop and boost the development of renewable energy and building the large wind farms and PV base in desert Gobi. The first batch installation of 100 GW has already been under construction in October 17. Over 600 wind farms and wind power businesses have indicated in declaration with 118 cities that during the Fourteenth Five-Year Plan, in 100 towns and 5,000 villages, we will have an installation of more than 10,000 turbines with a total capacity of reaching 50 GW. This all showcase our market potential. Now I'd like to talk about our business review.
From January to September, our external sale capacity is more than 6,347 MW, among which 2S series turbines amounting to 2,203 MW, accounting for 36.3% for 3S and 4S turbines, increased by 224%. Now taking up 39.6%, improved by 30%. 6S and 8S series turbines with a total sales capacity of 1,487 MW, increased year-on-year 332%, accounting for 23.4%, up by 19%. We're moving towards high margin. Now let's look at order backlog. Now we have a total backlog of 16.4 GW external, 15.1 GW external. Successful bids 1.7 GW. Signed contract, 13.3 GW.
As of the end of Q3 2021, our total order backlog, 1,875 MW, with a growth rate of 28% in last three years, distributing in Asia except China, South America, Middle East, and Africa. Let's look at the orders. We have the orders recorded 9.5 GW for 3S and 4S series turbines, accounting for 63%, becoming the largest one of our total structure. 2S, which is also accounting for 31%. 6S to 8S turbines accounting 1%. On page 10, we will brief you on our power production. As of September 30, we have attributable installations in our self-run farms amounting to 5,564 MW, among which 31% in Eastern China, 25% in Northwestern China, and 22% in Eastern China, 10% in southern part of China.
Among which domestic attributable installation is 450 MW, among which 355 MW are newly added and transferred 473 MW. As of the end of Q3 2021, the total attributable wind farm capacity amounting to 2,406 MW, among which, Eastern China 29%, Northern China 29%, Eastern China 24%, Southern China 5%. The average operation hours is 1,896 hours higher than the national average by 256 hours, increased by 14.4% year-on-year. Now Mr. Wang will brief you on the financial results.
Hello, everyone. Now I'd like to brief you on our financial results. Just now, Madam Ma has talked about our sales and capacity. Of course, these indicators are very important for our financial results, so I will also brief you some of our financial results. If you look at our company realized a very big and important sales performance, among which 1.5 MW and the 2S are becoming the driving force. Order reduction, it is also very serious. For example, 2S-4S series in January to September, compared with last year, month-on-month decreased by 67.14%. In terms of the percentage from January to September, accounting for 36.28%. Last year, the absolute number was 80.29%. It's 48% reduction year-on-year. That is a major shift in the whole industry, depending on 4S, 2S turbines, 6S, 8S turbines, a big increase.
The 8S turbines increased by 332%. The total turbine sales has moved towards the same trend in the market with larger capacity that's on our sales. The sales will also impact on our financial results differently. You can see from January to September, the revenue was CNY 33.55 billion. The gross profit was 26.3%. Last year it was 17%, so we have realized a 9% increase for gross profit. Why? In Shanghai, our turbine business, our total sales capacity and total sales volume has increased. This has driven the gross margin of our components of our turbines. Also, you see there is a clear improvement of over 331% for our offshore turbines this year, accounting for more than 25%. Therefore, this shift has contributed to the growth of our gross margin.
The second is the EPC business percentage has been reduced. That's why our total margin has been up by 9%. Secondly, from January to September, the total profit attributable to the owners of the company also increased. Why? First element is the improvement of the general margin. Secondly, it is the non-concurrence return reduction. You could see that in Q3 it is CNY 150 million. Last year it is more than CNY 200 million. Now the shift means we're more focused on our major business, and that's why the profit attributable to the owners of company has also changed. The third thing to clarify is the profit margin attributable to the owners of the company also increased largely, especially the onshore business percentage has been increased also for 6S and 8S. We have shortened the lead time.
We also have moved according to market trends, which also contributed to the percentage increase and the shifts in our business operations. In Q3, as you see, our company realized a revenue of CNY 17 billion in the first half. Net profit attributable to owners of the company increased. Ratio of net profit attributable to owners of the company, which are also in line with our projections. I will not clarify additionally on these figures as it is obvious in the financial report. Now I'd like to give you an overview on the working capital and cash flow. From Q1 to Q2, we see the cash flow was not performing really well. As of the end of Q3, cumulative operating cash flow outflow is CNY 2.23 billion, inflow CNY 1.86 billion, which also indicates the features in the market today.
It also signifies the ending of last year's business and the status quo of the market this year. We forecast that in Q4 our cash flow will continue to improve. On the working capital turnover, we also have made a clear analysis. In terms of the cash conversion cycle, it has increased by 15 days. It showcases the management attaches great importance to the efficiency of our cash conversion. There are three aspects. First, by shorten the turnover days of cash conversion. You all know that in the whole company, also in the latest wind energy exhibition, we have over 15 products. On that basis, we also need to manage our inventories for faster turnover. That cash conversion cycle shorten is very, very difficult to achieve. Therefore, it is a very enlightening achievement. Secondly, for accounts receivable turnover increased by four days. Why?
As for the Environmental Protection, as for the international business increase. We have a year-on-year increase of the inventory turnover by four days. It is also very compliant with the market practice. It is also well under control for the four days increase. The whole company will also adapt our management style to better improve the turnover of the accounts receivable. Now let's look at the turnover of the accounts payable, increased by 17 days year-on-year. For accounts payable days and turnover increase, it is beneficial for the whole company to adapt our liability, especially loans with interest and loans without interest, as well as our working capital and cash flow. That's all for the operating cash flow and working capital. Additionally, let's look at our liabilities like cash, loans, and bonds, as well as net gearing ratio and ROE.
In terms of our debt structure and liability, you could see the liquidity of the whole company also complies with the requirements. If you look at the asset to liability ratio, it is also slightly increasing. There are two additional explanations. From January to September, the asset percentage on the wind farms and power generation plants are increasing, therefore, it has impacted on our asset to liability ratio. Secondly, in our announcements, investors could also see that we have some loan with interest. We also issued bonds. In May and September, we have reduced CNY 1.5 billion bonds, and we will have a further reduction. Therefore, as the company has reinforced and expand our investment on heavy assets, we also have done our best to control the liability to strike for the liability.
The liability as well as the asset to liability ratio has increased slightly, but it is totally under control. Now, let's also look at the interest. For the four items of fees increased by 3.25% year-on-year. Normally, it has something to do with the gross margin. It is much lower than the increase of the gross margin. Why are they increasing? Four aspects. First, the onshore wind turbines have realized leap forward sales by 370%. Therefore, the offshore business will impact on this phase. Second, R&D expenses to the development of new products, new models, as well as the press release for the new products at the wind power exhibition. The third reason is the Social Security issue.
Last year, we had a reduction on the Social Security expenses, but we do not have any reduction or waived fees for Social Security this year. First, we see the company has seized the market opportunities. Second, we have improved our business operations. Number three, we have better managed the expenditures so that we have increased the ROE. That's all for my explanation on the financial end results.