Investors, good afternoon. Welcome to join us this call, the 2026 First Quarter Results for Goldwind Science & Technology Company. Joining us we have Mr. Cao Zhigang, Board Director and President. Ma Jinru, Board Secretary and Company Secretary. CFO Wang Hongyan, and also Group VP and GM of Wind Power Industry, Chen Qiuhua. We're gonna have Ma Jinru to talk about the first quarter industry updates and review. Professor Wang Hongyan will go through the Q1 business review. Finally, we're gonna take your questions. Now, over to you, Ms. Ma. Thank you.
Investors, good afternoon. Thank you so much for joining this call for the Q1 earning results. First of all, about the industry review and business review. In terms of the industry review, this is the global annual installation in 2025 and the distribution across different countries. Not much update there, I will skip there. Back to China. In the first quarter, the on-grid, you know, capacity was 15.8 GW, up by 10.9% as of end of March. Total wind power on-grid capacity was 655 GW, which is about 16.5% of total energy installed capacity, where thermal power dropped to 79.2%. In last year, the total power consumption was actually 10 trillion kWh up by 5%. We have seen the pretty much flat in terms of the tender.
We are down by 2.2% the first three months this year, 28 GW. You can see on the right, the open tender average price pretty much stabilized. Now I'm listing the Q1 industry policies. Now, first of all, it has to do with the power market. In terms of the market, power market development on January 30th, NDRC National Energy Administration published notice on improving the generation capacity compensation mechanisms. On February 11th, the State Council published opinion regarding the unified power market system. The other two has to do with green and low carbon objectives, which is on March 5th, the 2026 policy address, talking about developing green carbon ecology, economy.
On April 13th, the publication of opinion regarding the shipping green and low carbon transition. On the right, this is the Law of Ecological Environment. The Law further specify the general requirement of green low carbon development, developing circular economy, energy conservation, and green and carbon transition to cope with climate change as the target, which will be effective on the 15th of August this year, including development of wind power, solar, as well as the consumption mechanism for renewable energy, building a new type of power system, and also promotion of the green energy consumption. In that kind of backdrop, let's turn to our business review. In the first quarter, we have external sales capacity of 6,040 MW, up by 133.45%.
Below 6 MW, which is, you know, 9%. 6 MW-10 MW was 4,312 MW, accounting for 71%. 10 MW and above was 1,173 MW, about 19%. At the end of the Q1, we have order backlog of 53.9 GW, including external order, 50.7 GW. In terms of external order, you know, tender win was 9.5 GW and the signed contract was 1.2 GW. At the end of first quarter, our internal demand was 3.2 GW, mainly for our self-run wind farms. Look at the pie chart in terms of distribution. You can see again the main component was 6 MW-10 MW.
This is our international business footprint as of end of Q1. Our business international installed capacity exceeds 13,000 MW. Asia, excluding China and South America, exceeds 3 GW. In Africa, Oceania, over 2 GW. North America, Europe, over 1 GW as of end of Q1. The order backlog overseas was 9 GW. This is the wind farms. On the left, this is the wind farms. As you can see, Q1 newly added equity capacity was 177 MW. We have disposed 102 MWs of wind farm. End of March, our self-run wind farm equity capacity exceeds 10 GWs, 29% was domiciled in Northwest, 24% domiciled in East China, 16% domiciled in North China.
The other was in single digits. End of Q1, our total capacity under construction in China and overseas was about 3 GW. In the first quarter, the average utilization hour of our self-owned wind farm was 549 hours. On the right, you can see the distribution of the capacity of grid connection. We already touched upon that. That was the business review. I'm going to hand over to Mr. Wang for the financial review.
Good afternoon. I'm Wang Hongyan, CFO. Thank you so much for joining this earning call for the first quarter. I'm going to report to you the 2026 Q1 performance. Again, we're gonna talk about four areas.
Firstly, we're gonna talk about the consolidated profit and loss, and mainly the, you know, the current assets, profitability, operating index, and solvency and cash flows. In the chart, the gray was actually the previous quarters, and the blue part was Q1. This is on slide 13. This is a consolidated, you know, profitability index. You can see we have a good beginning of the year. On the top left, this is the operating revenue. You can see the gray bar represent the quarters in 2025. The blue bar represent Q1 in 2026. The Q1 revenue was CNY 15,185 million, which is increased by 64%, mainly from the wind turbine manufacturing increase and also implementation of strategy.
The revenue is actually setting a record. For the first time, we have over CNY 10 billion in a quarter. We have the gross margin. In 2026, the first quarter margin was 16.76%, which is the year-on-year decline. This is really because we have higher revenue of wind turbine generator. This is the first thing to watch. Secondly, the margins, CNY 2.5 billion increased by CNY 533 million, you know, by lots. The increase has to do with the business mix improvement. In 2026 first quarter, again, this is the highest quarter in terms of gross margin RMB.
Net profit margin in the first quarter, the attributable net profit, CNY 907 million, increased by 59.65%. Improvement in profit come from two sides. First of all, higher GP margin, certainly, and also lower the non-recurrent, you know, cost. The weighted average ROE in Q1 was 2.23%, which is up by 0.75 percentage point year-over-year, thanks to the higher net profit margin and also improvement of business mix. The average ROE continued to improve. That was a very important for profitability metrics. Turning on the 14th slide, which is the on the operation metrics.
The account, you know, receivable was CNY 33.9 billion, account for 20% of total assets. Account receivable, as well as the turnover days has been improving. The operating efficiency has been improving. This is really thanks to our management, the full cycle management of account receivable, putting customer in the center, working with the banks, and also, optimizing the incentive mechanisms, achieving synergy so that we have significant outcome of improvement on the rise. We're looking at the first quarter inventory and contract asset balance, CNY 17.5 billion in total, which is reduced. It's now accounted for, you know, 10% of total assets. Which means operating efficiency improvement.
Thanks to firstly, you know, management of turnover lead time and also improvement of the deliveries. Turning to the next slide, which is the solvency metrics. In the first quarter, our interest-bearing debt was CNY 5 billion, slightly down year- on- year, which has to do with the business schedule, which is in line with the business schedule, because right now our we have an abundant credit line, so we have a reasonable debt ratio, and we have robust the funding capabilities. On the right, we are looking at the at the end of Q1, the asset liability ratio, which is 71.1%.
As you can see, year-over-year, quarter-over-quarter, we have significant reduction of the liability ratio, thanks to the asset liability and equity structure improvement, and also goes to show our financial management in terms of robustness and effectiveness. For the full year, we will continue to promote the deleveraging to, you know, leading the continued decline of asset liability ratio. Lastly, slide 16, which is the cash flow and operating cash flow on the left. This is the quarterly cash flow in the last five quarters. At the end of first quarter this year, the balance was CNY 11.3 billion, ratio cash to total assets was 6.72%. We'll continue to see significant improvement thanks to our efficiency in the overall management.
On the right, this is the quarterly operating cash flow in 2025 and Q1 this year. Two features. First of all, there's a seasonality there, and also the net cash outflow has been narrow year-on-year, the cash efficiency has been improved. Of course, also thanks to our refined management of the cash delivery cycle matching the revenue inflow. For the full year, operating cash flow will continue to maintain healthy, stable and sufficiency. That was the overview of financial performance in the first quarter this year. Okay, thank you very much.