Good afternoon, investors. Welcome to the 2025 Q3 earnings call for Goldwind Science & Technology Co., where I'm happy to have the management with us: Chairman Mr. Wu Gang, Deputy Chair and also President, and also Ms. Ma, Board Secretary, Mr. Wang Hongyan, Vice President, and Group General Manager Chen. So we have two parts of this call. We have Ms. Ma to kick off the Q3 industry and development, and Mr. Wang will take you through the financial results. And the second part, we're going to move on to the Q&A, and I'm going to hand over to Ms. Ma.
Okay, dear investors, good afternoon. Thank you so much for your interest to the company. So I'm to take you through the industry and company performance, and CFO will talk about the financial highlights.
So if you look at the industry review, now on this slide, we're showing you the global wind power market. On the left, this represents 2024, the full-year wind power installation. I'm not going to go into great details. In the interim result, we have demonstrated this number, and on the right, this is really the pie chart for the 2024 global wind power generation. The 2024 global power generation improved by 4.4% with renewable energy improving by 9.6% to 9,868 TWh, coming for 31.6%, and also, the global wind power generation increased by 8% to 2,511 TWh, representing 8% of global power generation, so China is by far the leader in wind power, reaching 997 TWh, which is 40% of the total wind power, followed by the U.S. and Germany.
Even though China is a core leader by absolute amount by 40%. However, in terms of the penetration, we maintain it at about 50% of the share compared with Denmark. They are in over 50%. In Europe, they are at 30%. So in China specifically, now in terms of the grid connection, gradually expand and rising power generation from January to September, the new connection was increased by 15.6%. The full-year accumulated wind power connection was 572 GWh, which is a total of 15.7% of total installation, and thermal power reduced to 40%. And also, you could look at, again, from January to June, the total power consumption increased by 3.7% year-on-year in China. And also, in terms of the Chinese public tender, so we have seen an incremental 102 GWh in the nine months of this year, representing a 14% increase year-on-year by different markets.
Onshore tender was 97.1 and offshore 5 GW, so you can see the wind power tender price, as you can see, a rising trend among stability. Now, in Q3, the government has launched many policies to promote renewable energy, wind power, low carbon, and green transition, including in July, the National Energy Administration released the 2024 China Electricity Market Development Report. In August, the Central Office of CPC Central Committee and State Council issued an immediate opinion promoting green and low carbon transformation. In September, NDRC and NEA issued notice on improving price mechanism to promote local consumption of new energy, as well as the guiding principle on promoting high-quality development of energy equipment. This all providing support to this sector.
Remarkably, on September 24, President Xi Jinping issued a video presentation on the U.N. Climate Summit, really announcing a new round of contribution targets for the positive contribution to Paris Accord. The overall target, which means China's greenhouse emissions will drop again by 7%-10% by 2030. For promoting the non-fossil fuel consumption mix, we're aiming at 30% non-fossil fuel. Wind and solar installed capacity will be six times as high as that of 2020, and also, the forestry stock volume will be 24 billion cubic meters. So all this is effectively driving the global low carbon transition. So amid the macro background, the company's performance. Now, first of all, if you look at the sales, from Q1 to Q3, we have made 18.4 GW, increased by 90% from the first three quarters. We have exceeded the total sales of last year.
As you can see, particularly, we are seeing like the 4 MW and below is only 0.12%. However, 4 MW-6 MW was 13.8%, and 6 MW and higher includes 86% to 15 TW. In terms of backlog, end of Q3, the backlog was 52.5 GW with external backlog 49.9 GW, and also we have an external order backlog total of 49.9 GW, including 11 GW of successful bids and 38.9 GW of signed contracts. As you can see, external order mix, primarily 41 TW, was 83% coming from the unit above 6 MW. Now, our international business has been going on well in 41 countries around the world where we have business presence. By the end of Q3, the accumulated ex-China installation was 11 GW. In Asia ex-China, it's more than 3 GW. In Latin America or China, we have more than 2 GW of installation.
So right now, our overseas backlog was 7 GW. So for international delivery and sales, this is going to be a strong support with such a volume backlog. Now, from January to September, we added 745 MW of attributable grid connection wind power. As of end of September, our attributable grid connected wind power project total 9 GW. And also, we are having an attributable under construction wind capacity at home and abroad total of 4 GW. So if you look at the pie chart, you can see the highest is Northwest, which is 67%, followed by North China 25%, East China was 8%. So the 4 MW under construction, so most of it was the Northwest and North China. So January to September, the utilization hours were 1,700 hours. So that was the industry background. I'm going to hand over to CFO for the financial results. Thank you.
Thank you. Good afternoon, everyone, and Wang Hongyan from Goldwind. Thank you so much for your interest in wind power, and thanks for joining this call, and I'd like to take you through the 2025 financial results in Q3, so there are four parts of my talk, like consolidated profitability, operating cash flow, so again, as a rule, the dark was previous year, well, dark was this year, and the gray bar was previous year, so you can see from this chart, there are four metrics on the upper left, revenue in 2024 compared with the three quarters in 2025, represented in gray bar and blue bars. As of September 30, the revenue was CNY 48.1 billion, which is a historical high, increased by CNY 10.0 billion. As you can see, Q1, Q2, Q3, we have seen increase year-on-year.
The growth was mainly coming from the wind turbine manufacturing on the upper right. This is the comprehensive profit margin. As of September 30, the comprehensive profit margin was 14.39%, down by 2.04%. It's mainly because revenue mix changes. And the turbine manufacturing increased revenue. As you can see, manufacturing has a lower margin compared with the other three. So comprehensive margin was slightly down. As of September, our gross margin was up by CNY 1.39 billion. So higher margin, dollar amount, coming from the turbine manufacturing. And lower left, this is attributable net profit. Our net profit, CNY 2.08 billion, increased by CNY 792 million. And it's mainly because of the improvement of the profitability. On the lower right, this is the weighted average of ROE as of September 30. The comprehensive ROE was 6.67%, increased by 1.9 percentage points.
Again, you can see Q1, Q2, Q3, ROE has all been improving on a quarter-to-quarter basis, so as of September 30, the revenue, margin, attributable profit, and weighted average ROE is really matching to our operational plans, and we have seen further improvement of the profit structure, so now this is about the operating index on the left. This is the accounts receivable. As of September 30, our AR has a total mix of assets 21%, one percentage point higher, and the turnover days of 175 days, which is nine days shorter. This is thanks to the increase of revenue, and we'll continue to collect in Q4 so that we can reduce the AR days to meet our target on the right. This is the inventory and contract assets. As of September 30, it accounts for 13% of total assets, which is down by two percentage points.
The average turnover days are under 30 days, and inventory has been improving as efficiency, so as the inventory efficiency, we have seen improvement year-on-year, and now on the 15th slide, this is the solvency metrics. On the left, this is the interest-bearing debt. As of September 30, interest-bearing debt accounts for 41% of total liability, which is down by 7 percentage points. As you can see, compared with last year, we have been lower. We've been lower by CNY 5.3 billion, so we optimized the interest-bearing debt, improving the cost of fund using. On the right, this is the asset liability ratio. At the beginning of the year, it was something 3.96%, which is CNY 1,502 billion. As of September 30, it was 71.11%. Total assets, CNY 167 billion in total assets. Asset liability ratio has been lower compared with historical number or compared with the peer.
They have all shown the asset liability ratio has been well-managed to achieve good results thanks to two measures. First of all, the equity asset improvement, which includes the profit improvement and also the equity financing, and also, we have been managing and optimizing the current and non-current assets, so when we are controlling the financial risk, we will further enhance our equitable assets to make sure we maintain a reasonable and healthy asset liability ratio. The last slide is the cash flows and cash in stock. On the left, this is our cash and total assets. As of September 30, it accounted for 5.65% of cash total assets. This is actually lower compared with the past. On the right, we are seeing the net operating cash flow with two features. First of all, the cash flow is in line with the seasonality.
In the last few years, the trend of net operating cash flow has been consistent, and the second feature is clearly, you can see, the net operating net cash outflow has been narrowed. As of September 30, it was CNY 633 net cash outflow, so narrowed by CNY 58.7 billion compared with last year, so it really helped attributable to improving the management of collection and payment, so we are actually having results in enhancing profitability and also benefiting from better cash flow, so this is the Q3 2025 result. Thank you.
Thank you, management, for that presentation.