Based on PRC accounting standards and a preliminary assessment of the unaudited accounts of the Company, during the reporting period, revenue from operations, profits from operations, total profit, net profit attributable to shareholders of the Company, and basic earnings per share declined 26.85%, 74.06%, 69.12%, 73.50%, and 76.77%, respectively, compared with last year. In its 2011 third quarterly report, Goldwind reported that it expected a decrease in net profits attributable to owners of the Company of 50% to 100% as compared to last year due to slower growth in the wind industry and a decrease in the average selling price for wind turbine generators. Based on the announced preliminary results, the Company’s operating results for 2011 were in line with expectations.
Growth of the domestic wind turbines industry slowed in 2011 as the Chinese government enforced new regulations to support the wind farm industry’s long-term stability and development. On December 30, 2011, the Standardization Administration of the People´s Republic of China (SAC) announced the approval of "Regulations for Wind Farm Connection to Power Grid Technology" (GB/T 19963-2011) which will officially be put into effect starting June 1st of this year. Together with the “Design Regulations for Large-Scale Wind Power Connecting to the System”, these two policies clarify requirements for wind farm grid connection technology.
Goldwind´s permanent magnet direct drive (PMDD) turbine model was the first within China´s wind turbines industry to achieve successful ride-through at zero volts during the Germanischer Lloyd (GL) LVRT certification field test, exceeding national standards. In accordance with stricter national standards, Goldwind has upgraded over 5,000 units to satisfy and exceed the national requirements for "low-voltage ride through" (LVRT).
Goldwind Chairman and CEO Wu Gang said: "As the wind power industry implements higher standards, Goldwind continues to focus on technological innovation and improving product quality. We have become a more diversified wind power company, expanding into overseas markets. We have strengthened our ability to respond to potential risks in the market and enhanced our competitive advantages, in order to maintain our leading position in the global wind energy market."
Recently, Goldwind was once again nominated by the Massachusetts Institute of Technology’s (MIT’s) Technology Review magazine as one of the 50 most innovative companies in 2012. Goldwind was recognized for its ability to optimize wind farms in China, using its specially designed high altitude and low wind speed series wind turbines in order to adapt to China’s diverse operating conditions. These specialized units demonstrate Goldwind’s innovative talent.
Applying its strong R&D capabilities, Goldwind has developed the 1.5 MW, 2.5 MW, and 3.0 MW PMDD turbine series. Goldwind also commercialized its 1.5 MW high altitude, low wind speed, low temperature, high temperature turbine series, and 2.5 MW low wind speed and tidal turbine series. To date, hundreds of low wind speed and high altitude PMDD turbines have been installed and put into operation, achieving a strong performance.
Goldwind has not only received global recognition for its innovative capabilities, but has also received national recognition for the quality of its products. In September 2011, Goldwind was named a “2009-2010 National Quality Advanced Unit” by the General Administration of Quality Supervision, Inspection and Quarantine of the People´s Republic of China (AQSIQ). Goldwind was the only wind turbine manufacturer in China’s wind power industry to be honored with this award.
During 2011, Goldwind achieved significant success in overseas expansion, creating a global footprint across six continents. The Shady Oaks project in Illinois, USA, the Adama project in Ethiopia, the Mortons Lane project in Australia, the Villonaco project in Ecuador, and a project in Pakistan have all begun construction. Goldwind’s two Chilean wind farm projects, established in cooperation with Mainstream Renewable Power, are also progressing well.
As a world leading comprehensive wind power solutions provider, Goldwind’s business includes wind turbine R&D, manufacturing and sales, wind services and wind farm investment. As Goldwind has expanded globally, it has extended its comprehensive wind power solutions to overseas markets.