Dear investors, good afternoon. Thank you for joining the Goldwind 2026 Q3 earnings call. Joining us today, we have Mr. Cao Zhigang, Vice Chairman and President, and Vice President, Mr. Chen Qiuhua, and also Board Secretary, VP, Ms. Ma Jinru. We are going to start with Ms. Ma talking about Q3 industry development and company operations, and also CFO Mr. Wang Hongyan will talk about financial performance. Then we are going to follow by Q&A. May I give the floor to Ms. Ma?
Dear investors, good afternoon. Thank you so much for joining the Q3 earnings call. First of all, let me go through the industry and company's performance. In terms of the industry, on this slide, we are showing you the global wind development and power generation. In the intermediate results, we have already covered that. On the right, let me just briefly talk about the picture on the right.
In 2025, the global power generation improved by 2.7% to 3.2 TWh . Renewable energy improved by 8.8%, is over 10,000 TWh , accounting for 33.4%. Last year, the wind power grew by 7.9% to 2,714 TWh, accounting for 8.4% of total, improved by 0.4 percentage point than the previous year. By way of country, you can see China's wind power has accounted for 42% of total wind generation in the world. This is the Chinese industry development. The latest number is from January to September. We have over 100,000 MWh .
In terms of total open tender, as of end of September, the Chinese open tender increased by 91.5 GW, which is down by 10.37% year-on-year. The decrease has been narrow because in the first half it is actually down by more than 20%. Whether interim or Q3, the open tender, we can see in 2024, 2025, that was a robust year for tender with a high base. That has to do with the decline this year in terms year-on-year. In terms of tenders average. The onshore, 87.2 GW, offshore, 4.3 GW. If you look at the right, which is the average price of tender, it is rather stable, I would say.
In Q3, again, we have some new policy being issued, which includes the July 21st NDRC, National Energy Administration, with the notice of 15th Five-Year Plan for the Construction of a New Power System on July 30. The National Energy Administration with the new type ESS report and also the Power Safety Production 15th Five-Year Action Plan on August 7th. On July 23rd, NDRC, National Energy Administration, published 15th Five-Year Plan for Renewable Energy, which are overarching document for the renewable energy. According to 2030, renewable energy will achieve 1.8 billion metric tons of coal equivalent. That is aiming at 2030. The install capacity will be 3.5 billion kilowatts with annual output of 6 trillion kilowatt hours.
Wind and solar will account for 2.8 billion kilowatts, account for more than 50% with the overall annual output or 4 trillion kilowatt hours accounting for 30% of total output. For the non-electricity utilization target, we are also aiming the total use of renewable energy, the non-electricity utilization will grow by 1.5x compared with 2025. In terms of effective substitution, there have been also objectives like average confidence output will be 8%, 11% in the case of wind and 5% for solar. All these are very much in favor of the wind power development in the 15th Five-Year Plan . In that background, let us look at the company's performance. In January to September, our sales has been over 19 GW, up by 3.2%.
Main models will be in 6-10 MW, which accounted for 70.48% of total sales and less than 10% for those model below 6 MW and close to 10% for 10 MW and larger. In terms of backlog, if you look at the backlog, we have a new high backlog. As of end of Q3, we have 57 GW of backlog, including external order, 55 GW. And also the order that we have won the bid at 15.2 GW, and also order that we have signed contract to be executed, including 39.9 GW. On the right, you are seeing the distribution of external megawatts. You can see 6-10 MW remain the important model in the order. This is a global business footprint. Order has been covering 49 countries.
In interim results, in the report we talked about 42 countries, now we are covering 48 countries in the world. By the end of September, the order backlog has been setting new record high, at interim 9.48 GW. By the end of September, it is over 11 GW in terms of order backlog for overseas. In terms of wind farm, in terms of KPI, from January to September, the new installed capacity was 868 MW for wind farm projects, where we have sales of wind farm, 102 MW. As of end of September, the self-run attributable wind farm capacity was 10.7 GW. And also, we have 2,766 MW of the wind farm under construction. In the first nine months, the average utilization hours, 1,564 hours. We do not have the public number for the average new industry.
On the right, you can see the pie chart. Capacity under construction in different geography, mostly in the Northwest China and North China, and some in the South. Mostly, it is concentrated in Northwest of China. That concludes my industry and business performance. I am going to hand over to CFO for the business review.
Dear shareholders, investors, good afternoon. I am going to take you through Goldwind's Q3 2026 financial highlights. I am going to cover the following contents, including, again, Q1 to Q3. Again, the legends remain the same. The light color represent the previous year. Dark blue represent the reporting period, starting with page 13, which is the consolidated P&L for the company, with four key metrics. On the top right, this is the operating income. This is the trend of the seven quarters. As of Q3 2026, the revenue was CNY 52 billion.
For the first time, we exceeded CNY 50 billion, which is up by CNY 3.7 billion. It is mainly coming from the WTG manufacturing, onshore, coastal component. The revenue has all achieved growth in the revenue. On the upper right is the GP margin. The margin over the last seven quarters. As of end of Q3, the comprehensive GP was 15.95%, up by 1.56%. GP was improved by CNY 1.3 billion, so we have achieved a growth of revenue and margin. On the bottom left is attributable for net profit. As of Q3 2026, the attributable net profit was CNY 2.875 billion, up by 11.2%. Profit growth was attributable, similar to the interim results. The higher margin, and also low expenses as a result. We are able to achieve higher revenue and lower costs and expenses. On the bottom right is the average ROE as of Q3 2026.
The average weighted ROE was 6.94%, up by 0.27% year-on-year, mainly thanks to the net profit growth as well as the synergies. As you see, the ROE from 2023, the weighted average ROE has continued to recover, and in this period, 6.93% was the highest since 2023. In terms of consolidated financial statement, in 2023, in the consolidated basis, we have seen the continuation of revenue margin, net profit, ROE. We are seeing a stable improvement year-on-year. On the next slide, on slide 14, first of all, the account receivables. As of end of September, account receivable balance was CNY 34.9 billion, which accounted for 20% of total assets compared with last year, with improvement of 1%. Account receivable on income was 49%, which a big improvement by 5 percentage points. Turnover days, 165 days, which is the improvement of 10 days.
Account receivable has been very well managed with good results on the right. This is inventory and contract assets. End of September, the balance was CNY 19.4 billion, accounted for 11% of total assets compared with last year, improvement by 2 percentage points. Turnover days was 117 days inventory compared with last year, also improved by 21 days. We have seen improvement of operating efficiency thanks to the management synergy as well as the refined management of delivery lead times. Both have been effectively improving the metrics. On the slide 15, the main solvency metrics. On the right, interest-bearing liabilities. End of September, the balance was CNY 56.4 billion, accounted for 45% total liability. It was higher year-on-year because this is the same reason for the interim result, because the dynamic adjustment of the mix of the interest-bearing debt.
We are able to achieve the maximization of the benefit effectiveness and also interest-bearing debt reserve and the credit line has continued to be optimized with significant improvement, contributing to the development of the company with funding support. This is again, continuation of the trend that we have shown you in the interim result. On the right, this is asset liability ratio. End of September, the ratio was 71.27% compared with last year and at beginning of year. Also compared with the interim result, we have seen a decrease of the asset liability ratio, thanks to what we have been doing from last year to this year where we are reducing liability, reducing debt. We have been effectively dropping down debt, which goes to show we have healthy and robust financial strategy. End of 2026, we try to drive the asset liability ratio further down.
Now moving on to slide 16. Funding and cash on the left. This is the monetary funding. We are showing the seven quarters in terms of the cash versus total asset. In the first three quarters, the monetary cash accounted, we are seeing a decrease of the ratio accounting for the total asset. This is really optimizing the cash management and also the cross-border settlement. On the right, this is the operating cash flow as of Q3 2026. The net cash flow was a negative CNY 30 million compared with 2025. This is the best level. Usually in Q3, we have a loss of a negative cash in Q3. But this year in Q3, we have turned around to achieve a positive cash flow. The positive cash flow has supported the effective use of cash for the company now, which is continuation of our strategy since the interim report.
That was the Q3 financial performance. With that, thank you.