Dear Investors, good afternoon. Welcome to join us at Goldwind Science & Technology Co., Ltd. 2025 interim results announcement. Telephone call today joining us including Sister Cao Zhigang, Vice President and Board Director, Vice President, Board Secretary and Company Secretary Ma Jinru, Chief Financial Officer Wang Hongyan, and Mr. Chen Qiuhua of Wind Power Industrial Company. Now Madam Ma Jinru is going to walk us through the Industry Development and company's operation for first half of 2025 and then Mr. Wang Hongyan is going to walk us through the financial indicators and then we'll kick off our Q& A. Please.
Thank you. Am I audible? Okay. Dear Investors, good afternoon. Welcome to join us at 2025 Goldwind Science & Technology Co., Ltd. interim results announcement and thank you for your long term support and care to the company. Let me now walk you through the Industry Development Update.
This is the GWEC Global Wind Power Market Update. As you could see previously we have updated on the Bloomberg Global data, but now GWEC as a professional council they have more authoritative data. 2024 global new installation was 117 GW onshore wind, 109 GW offshore wind totaling 8 GW. High region APAC accounts for 75% of the total installation. China represents 68% of the total installation. On the right side you could see the wind power price. From 2021 to 2024 the LCOE of onshore power declined by 70%, whereas in China it declined by 68% from 2010 to 2024. Now the global LCOE is $0.034 kWh and in China it is now $0.029 per kWh.
The LCOE of offshore wind power declined by 62% from $0.208 per kWh in 2010 to $0.079 kWh in 2024, whereas in China the offshore wind power LCOE also declined by 72%. Let's look at the grid connection. In first half of 2025, China recorded 51.4 GW of new connection increased by almost 100% of which onshore, 48.9 GW and 2.5 GW offshore. As of June 2025, China's cumulative grid connection for wind power totaled 572.6 GW taking 16.7% in China's power mix, while thermal power declined further to 40.4%. You can see that the installation of renewable energy has surpassed that of thermal. On the right side you could see the power production and utilization hour.
China in the first half of 2025 has used total power with 3.7% year-on-year increase where wind power production in China increased by 15.6% representing a penetration rate of 12.1%. Utilization rate of wind power is 93.2%. The national average wind utilization was 1,087 hours, a 47-hour decrease year-on-year. Let's look at the public market tender market in 2025 first half. You can see that the market totaled 71.9 GW in first half 2025, an 8.8% year-on-year increase. 71.9 GW is definitely a very large capacity. Five markets onshore public Canada market total 66.9 GW and offshore 5 GW. Five regions, of course, northern part of China accounting for 77% while salespods accounts for 23%. On the right side, you could see the average monthly bidding price. We can see that the bidding price is stabilizing and raising.
By the end of June, the overall average bidding price of all wind turbine generator suppliers in the market recorded RMB 1,616 per kW ending first half of 2025. In China, we have notable policies to support wind tower. Of course, there are energy policy updates. On January 1, 2025, the Energy Law of PRC came into effect, proposing to improve energy development utilization policies, optimizing energy supply consumption structure, and promoting clean and low carbon energy. On January 7, 2025, the National Development and Reform Commission issued a National Unified Market Construction Guidelines proposing establishing a national unified energy market system. On February 9, 2025, the National Development and Reform Commission and National Energy Administration jointly issued Notice on Deepening Market Oriented Reform of Onward Power Tariffs for New energy to promote high quality development. That's a very well known document.
It proposes to deepen the market oriented reform of underpower tariffs and promoting full entry of new energy generation into China's power market. On the right side, you could see policies that promote low carbon transformation. On February 27, the National Energy Administration issued the guiding opinions on energy work in 2025, proposing to increase the proportion of non fossil fuel power generation capacity to almost 60% and proportion of non fossil fuels to about 20%. On March 5, 2025, Governance Work Report, it also proposed steadily advanced carbon pitching and carbon neutrality, establishing zero carbon parks and factories. On May 25, 2025, the State Council also had reviewed and approved the manufacturing industry Green Low Carbon Development Action Plan, pointed out the need to accelerate green technology innovation and advancing the green transformation of traditional industries.
On the right side, you could see the green certificate market development and how the energy innovation was going to be expanded. For example, on March 6, 2025, farm industries included the NDRC issued opinions on promot development, Renewable energy, Green Power Certificate market propelling beside 2027 Green Certificate Market Trading System will be completed in April 11, 2025. NDRC also issued a guiding opinion on building virtual power plants by 2027. The construction, operation and management mechanism for virtual power plants will be mature and there are going to be at least 20 million kW adjusted capacity provided by virtual power plants by then by May 21. NDRC also issued a notice on developing green power direct connection proposing to strengthen the overall building of the market. All these policies will definitely facilitate a low carbon energy like wind power's steady development.
Against that background, let's now talk about our performance from the company. You know we have four segments. We issue our results in different segments including WTG manufacturing sales, wind farm development, wind power service and other business. In first half, all of these four segments presented sound development. WTG sales definitely grew by almost 100% accounting for 76% above of all our revenue. The wind farm development also developed robustly now accounting for 11% of our total revenue. We will walk you through the different segmental performance now. The first segment during the first half of 2025 we have external cell capacity of 10,641 MW representing increase of 106% year-on-year. Sales capacity of WTG at 6 MW and above totaled 8,672 MW taking 81.5% of total sale and that of 4 MW - 6 MW taking 18.3% and below 4 MW taking 0.2% of total cell capacity.
If you look at the order backlog we could see the total order backlog was 54.8 and the external order backlog 51.8 GW including 10.4 GW of successful bid and 41.4 GW of fan contract. If you look at the external order mix we can see that there are capacity units below 4 MW accounting for 1%, between 4 MW - 6 MW accounting for 15% and for about 6 MW accounting for 84%. If you look at our global expansion, we have seen very steady growth where we have cumulative installation in overseas market for example in South America exceeding 2 GW in Asia exceeding 2 GW. As of June 30, the order backlog and overseas market totaled 7,360 MW. If you look at the grid connection, the company has added 709.04 MW of attributable bridge connection wind power capacity. We sold about 100 MW at home and abroad.
If you look at the 8 GW capacity on the right side pie chart, you could see the distribution. For example, in Central China it talks about 32% and North, Northwestern part of course a big chunk, other parts. For example, North China 22% and Northwestern 28%. East China 32%. If you look at the right side, most of this capacity is in Northwestern China. Now let's talk about the utilization. You can see that in the first half of 2025, our south blown wind farms recorded 1,255 hour utilization. That is 168 hours higher than that of the national average. Let's look at the wind power service business. By June 30, the company's under operation capacity totaled 45.95 GW, up by 37% year-on-year. That's all for my introduction.
Now I'll hand over to our CFO to walk you through our financial results.
Dear investors, good afternoon.
Goldwind Science & Technology Co., Ltd. is very happy to report to you our profitability index. Thank you for your support to us, especially for your interest in wind power markets. Thank you for joining us today at the results announcement. Let me now walk you through the 2025 first half financial index. On page 15, you could see the consolidated revenue GP margin. On the left side, you could see on the left side upper corner, you could see the revenue. You could see the list of our revenue in gray and in blue representing the revenue in 2024 Q4 and in 2025. Our revenue is very historically high, which is definitely attributable to our wind turbine generator (WTG) manufacturing. Our revenue totaled RMB 2,821.852 billion. If you look at the profit margin, it is 15.35%, which is much higher than the second quarter.
If you look at the gross profit, it increased by RMB 693 million, mostly coming from the WTG manufacturing business. On the left side, you could see the net attributable profit, which totaled RMB 1,488 million, a RMB 110 million increase year-on-year. Mostly it's a much improvement because of the optimized business operation. If you look at the ROE, the weighted average return on equity in the first half of 2025 is 3.85%, up by 0.12 percentage point. This is because of our net profit increase of all quarters in this year. The weighted average return on equity will optimize quarter by quarter. It is because of the first half in 2025. If you look at the revenue, the profit margin, the attributable net profit and the weighted ROE, it is improving. Comparing the performance last year, our operation is improved. Now let's look at page 16.
Just now we talk about our sales capacity as Madame Ma has raised. First segment is our WTG manufacturing and sales revenue is RMB 21,852 million and our margin is 7.9%. In first half of 2025 our WTG manufacturing sales structure is much which delivered us a scale based performance and wind farm development revenue RMB 3,172 million and profit margin 57.5% year-on-year while last year it was 56.4% with the wind power. It is because of the policy the data is going to change in the future. Now let's look at wind power services revenue RMB 2,896 million profit margin 22.5% and the business is very stable. The revenue and profit margin changes coming from the EPC revenue increase from overseas and other businesses very stable. The very last segment is other business. We call it environmental protection business.
The revenue shrank a little bit because some water treatment solutions have seen decreased revenue. In the future the profit margin is going to rely on the water tariff increase. Of course we have seen less investment return from our investment projects which is quite normal for the company as we start to steer upon our main principal business. Now you can see the days of trade receivables at the end of June 2025, trade receivable taking 21% of total assets increased by 2 percentage point where the days of trade receivable is 173 days much more improved because of our revenue increase in 2025 we will continue to improve our base of trade receivables so that we could reduce our trade receivables proportion out of our total assets and total revenue.
On the right side you could see days of inventory and contract asset in first half of 2025, inventory contract assets account for 12% of total assets down by 2% and the days of inventory is 130 days much more improved compared to first quarter of 2025. On page 18 you're going to look at the solvency position on the left side you could see the interest bearing debt end of 2025, company's interest bearing debt taking up 41% of our total liabilities. If you look at quarter by quarter or year-on-year performance, these position is decreasing. The interest bearing and non interest bearing debt structure has been much improved. If you look at interest bearing debt itself, the structure is much more improved to where capital utilization cost has been much improved and the financial cost is also decreasing, which reflects the debt structure improvement.
On the right side you could see the asset-liability ratio. In the beginning of the year, debt ratio was 73.96%. Whereas in the first half of 2025, the asset-liability ratio is 73%, totaling RMB 161 billion. That means our asset-liability ratio is continuously improving and the company will continue to focus on its improvement. We are going to manage our long-term assets, current ratio, improving our debt structure to make sure we have more growth out of our equitable assets. The company is now drafting our 15th Five Year Strategy so that we could further improve our asset-liability ratio. While we are mitigating financial costs proactively, we want to make sure of the sound health of our asset-liability ratio. The last page is our cash flow, especially the net operating cash flow. On the left side you could see our cash.
In the first half of June 2025, total ratio of cash to total assets is 5.93%. year-on-year it's very flat and quarter by quarter it is decreasing, which means capital utilization efficiency is much more improved. On the very right side you could see the net operating cash flow. Here there are three factors. Number one, our operating cash flow trend is very much aligned with the seasonal changes in the industry over the years. The trend is very similar. Second feature is you could note that the net operating cash outflow is shrinking. In the first half, the outflow is RMB 2.9 billion, which is much more improved. It is the smallest outflow in the last five years. It is because we have more lean management tools, especially on how we manage our key accounts, how we manage our cash structure.
Secondly, it is also attributable to the May 31 policy and the last year of the 14th Five Year Plan and the increase of the overseas orders. In the first half of 2025, our operating cash flow is improved. The third feature is the inflow is not going to be less than attributable net profit, which means that while we continue to improve our profitability, we continue to increase more cash balance in our account. That's all for me. Thank you to all shareholder support. Thank you.