Goldwind Bundle
What is Goldwind's Story?
Discover the remarkable rise of a company that has become synonymous with wind power innovation. From its beginnings in China to its current status as a global leader, this company's journey is a testament to vision and technological prowess. Explore how a commitment to renewable energy has propelled it to the forefront of the industry.
Founded in 1998, the company's early years were focused on establishing robust wind turbine manufacturing capabilities within China. This foundational period set the stage for significant advancements, particularly with its pioneering Permanent Magnet Direct Drive (PMDD) technology, which greatly improved energy conversion efficiency and became a cornerstone of its competitive advantage. The history of Goldwind is deeply intertwined with the growth of the renewable energy sector.
The company's growth over time has been extraordinary, evolving from a domestic player to the world's biggest wind turbine supplier in 2024, a position it has held for three consecutive years. This impressive market position is supported by a comprehensive business model that includes not only the manufacturing and sale of Goldwind BCG Matrix but also wind farm development, construction, and operation. The Goldwind company history is marked by strategic expansion and a consistent focus on delivering smart energy solutions globally, significantly impacting the wind energy landscape.
What is the Goldwind Founding Story?
The genesis of Goldwind's journey began in 1985 with the establishment of its predecessor, Xinjiang Wind Energy. This foundational step was significantly supported by a substantial grant of $3.2 million from the Danish government. The purpose of this funding was to spearhead the development of China's very first wind farm, located at Dabancheng. This pioneering project, which commenced operations in 1989, was equipped with thirteen 150-kilowatt wind turbines sourced from the Danish manufacturer Bonus Energy, effectively marking the inception of China's wind power sector.
Xinjiang Goldwind Science & Technology Co., Ltd. was officially incorporated in 1998 in Urumqi, Xinjiang, China. A pivotal figure in its founding was Wu Gang, who also held a position in the 12th National People's Congress. The company's establishment was intrinsically linked to China's ambitious 863 Program, a state-backed initiative designed to accelerate high-tech advancements. This government backing enabled Goldwind to inaugurate its inaugural assembly plant in Urumqi. A critical element of its early growth was a technology transfer agreement with the German turbine manufacturer Vensys. This partnership culminated in Goldwind's acquisition of Vensys's Permanent Magnet Direct Drive (PMDD) technology in 2008, a technological cornerstone that would define its product development for years to come. The company's initial business model focused on the research, development, and manufacturing of wind turbines, with early products including the Jacobs 43/600 and Jacobs 48/600 models. This strategic emphasis on cutting-edge technology, bolstered by state-level support, positioned Goldwind to capitalize on the burgeoning demand for wind energy within China's rapidly expanding industrial landscape.
Goldwind's Foundational Years
Goldwind's origins are deeply rooted in China's early efforts to embrace wind energy, supported by international collaboration and government initiatives.
- Established in 1985 as Xinjiang Wind Energy, with Danish government support.
- Opened China's first wind farm at Dabancheng in 1989.
- Officially founded as Xinjiang Goldwind Science & Technology Co., Ltd. in 1998.
- Acquired key PMDD technology from Vensys in 2008.
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What Drove the Early Growth of Goldwind?
Following its founding, the company experienced a period of rapid development, marked by significant breakthroughs in advanced wind technology and the establishment of a comprehensive industrial chain. A pivotal moment in the Goldwind company history was its initial public offering on the Shenzhen Stock Exchange in December 2007, which generated approximately CNY 1.97 billion and provided crucial capital for further expansion. This was followed by a listing on the Hong Kong Stock Exchange in October 2010, solidifying its financial footing and market presence.
Early Financial Milestones
The company's IPO in December 2007 on the Shenzhen Stock Exchange raised around CNY 1.97 billion. This infusion of capital was instrumental in fueling its subsequent growth and technological advancements. The subsequent listing on the Hong Kong Stock Exchange in October 2010 further broadened its access to global financial markets.
Workforce Expansion
The Goldwind company growth over time was also reflected in its expanding workforce. By 2009, the company had grown to employ 1,500 individuals. This increase in personnel supported its expanding manufacturing capabilities and growing project pipeline.
Global Market Entry
The early 2010s marked a significant phase of Goldwind company international expansion history, with the company entering markets across North America, Europe, and the Asia-Pacific region. This strategic move aimed to diversify its revenue streams and establish a global footprint in the renewable energy sector.
Technological Advancements and Capacity Growth
Goldwind consistently invested in research and development, leading to the introduction of advanced turbine technologies like the GW 132-2.5MW and GW 140-4.0MW models. By 2015, the company had installed over 20 GW of wind power capacity globally, showcasing its rapid growth and technological prowess. By the end of 2024, its cumulative overseas installations reached 8,780.60 MW across 38 countries.
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What are the key Milestones in Goldwind history?
The history of Goldwind is marked by significant advancements in wind energy technology and market expansion. Key developments include the pioneering of Permanent Magnet Direct Drive (PMDD) technology, which has been central to the company's growth and innovation. This technology, initially developed through a partnership, has led to a substantial patent portfolio in wind energy. The company has consistently introduced new generations of wind turbines, including an 8 MW model with advanced smart grid capabilities launched in 2023, reflecting a commitment to larger and more efficient solutions. Goldwind's market performance in 2024 saw its external wind turbine sales capacity reach 16,053 MW, an increase of 16.6% year-over-year. Turbines with capacities of 6 MW and above constituted 61% of these sales. The company has also maintained its leadership position within China for 14 consecutive years and secured the title of the world's largest wind turbine supplier in 2024, with over 20 GW installed globally. This trajectory highlights a consistent pattern of growth and technological leadership in the renewable energy sector.
| Year | Milestone |
|---|---|
| 2023 | Launched an 8 MW wind turbine with advanced smart grid capabilities. |
| 2024 | Achieved 16,053 MW in external wind turbine sales capacity, a 16.6% year-over-year increase. |
| 2024 | Maintained market leadership in China for the 14th consecutive year. |
| 2024 | Became the world's biggest wind turbine supplier, installing over 20 GW globally. |
Goldwind's innovation is strongly tied to its Permanent Magnet Direct Drive (PMDD) technology, which enhances energy conversion efficiency and has resulted in a portfolio of over 7,500 patents related to wind energy by 2024. The company's continuous development of larger capacity turbines, such as the 8 MW model with smart grid features, demonstrates its forward-thinking approach to meeting evolving market demands.
Permanent Magnet Direct Drive (PMDD) Technology
This pioneering technology significantly improves energy conversion efficiency and has been a key differentiator for the company. It underpins a substantial portion of Goldwind's over 7,500 wind energy patents as of 2024.
Advanced Smart Grid Capabilities
The introduction of turbines like the 8 MW model in 2023 showcases the integration of smart grid functionalities. This aligns with the global trend towards more interconnected and intelligent renewable energy systems.
High-Capacity Turbine Development
Goldwind's focus on developing and deploying higher-capacity turbines, with 6 MW and above models making up 61% of its 2024 sales, indicates a strategic move towards larger, more efficient wind energy solutions.
Despite its successes, Goldwind has faced significant challenges within the global wind energy sector, including fluctuating logistics, intense market competition, and profitability pressures. The company, along with other Chinese original equipment manufacturers (OEMs), experienced a decline in profitability in 2024 due to oversupply and fierce competition, leading to agreements to foster healthier competition and a subsequent price rebound in Q4 2024. Furthermore, while international expansion is a focus, Chinese manufacturers, including Goldwind, remain heavily reliant on the domestic market, which accounted for 70% of global installations in 2024. This reliance presents a challenge as the company works to strengthen its overseas footprint and explore opportunities in emerging markets, particularly as Western OEMs face increasing difficulties outside China.
Profitability Pressures
In 2024, Chinese OEMs, including Goldwind, saw reduced profitability due to intense competition and component oversupply. This led to industry-wide agreements to promote healthier competition and price stabilization.
Market Dependence and International Expansion
Goldwind, like other Chinese manufacturers, is heavily reliant on its domestic market, which represented 70% of global installations in 2024. Strengthening its international presence is a key strategy to diversify and improve profit margins.
Global Logistics and Competition
The broader wind energy sector has contended with challenging logistics supply conditions and significant competitive pressures. These external factors impact operational efficiency and market dynamics for all players, including those in the Competitors Landscape of Goldwind.
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What is the Timeline of Key Events for Goldwind?
The Goldwind company history is a testament to strategic growth and technological advancement in the renewable energy sector. Established initially as Xinjiang Wind Energy in 1985 with support from a Danish grant, it pioneered wind farming at Dabancheng. The company was officially founded as Xinjiang Goldwind Science & Technology Co., Ltd. in Urumqi, Xinjiang, in 1998, undergoing a restructuring into a limited company in 2001. A significant milestone was its listing on the Shenzhen Stock Exchange in 2007, followed by the acquisition of Permanent Magnet Direct Drive (PMDD) technology from Vensys in 2008. Further expansion occurred with its listing on the Hong Kong Stock Exchange in 2010 and a substantial $6 billion low-interest loan from the China Development Bank. The early 2010s saw Goldwind begin its international expansion, and by 2015, it briefly held the position of the largest turbine manufacturer globally. Recent achievements include the launch of new generation 8 MW wind turbines in 2023 and retaining its status as the biggest wind turbine supplier worldwide in 2024, installing over 20 GW globally. In Q1 2025, the company reported a significant year-on-year increase in operating income and net profit, alongside a substantial growth in its total order backlog.
| Year | Key Event |
|---|---|
| 1985 | Predecessor Xinjiang Wind Energy established with Danish grant; first wind farm at Dabancheng. |
| 1998 | Xinjiang Goldwind Science & Technology Co., Ltd. officially founded in Urumqi, Xinjiang. |
| 2001 | Restructured into a limited company. |
| 2007 | Listed on the Shenzhen Stock Exchange (SZSE: 002202), raising CNY 1.97 billion. |
| 2008 | Acquired Permanent Magnet Direct Drive (PMDD) technology from Vensys. |
| 2010 | Listed on the Hong Kong Stock Exchange (HKEx: 2208); secured $6 billion low-interest loan from China Development Bank. |
| Early 2010s | Began international expansion into North America, Europe, and Asia-Pacific. |
| 2015 | Became the largest turbine manufacturer globally (briefly). |
| 2023 | Launched new generation 8 MW wind turbines with advanced smart grid capabilities. |
| 2024 | Retained global leadership as the biggest wind turbine supplier for the third consecutive year, installing over 20 GW worldwide. Reported total revenue of RMB 56,699 million and net profit attributable to owners of RMB 1,860 million. |
| Q1 2025 | Operating income reached RMB 9.47 billion, a 35.72% increase year-on-year, with net profit attributable to shareholders rising by 70.84% to RMB 568.25 million. |
Continued Global Leadership and Market Position
In 2024, the company solidified its position as the world's largest wind turbine supplier for the third year running, installing over 20 GW globally. This sustained market leadership highlights its manufacturing prowess and extensive reach. The company's financial performance in 2024 reflected this strength, with total revenue reaching RMB 56,699 million and a net profit of RMB 1,860 million.
Robust Order Backlog and Future Growth Pipeline
The company's order backlog reached an impressive 47.4 GW by the end of 2024, with a significant portion, 45.1 GW, from external orders. This robust pipeline indicates strong demand for its products and services. The focus on higher-capacity turbines, with 6MW and above units dominating the backlog, signals a strategic shift towards more advanced and efficient wind energy solutions.
Technological Innovation and International Expansion
The company's future growth is underpinned by a commitment to technological innovation, particularly in developing larger and more efficient wind turbines. This is complemented by a strategy to deepen its international expansion into key markets. Understanding the Target Market of Goldwind is crucial to appreciating its global strategy.
Financial Projections and Strategic Alignment
Analyst forecasts project continued strong revenue growth, with net turnover expected to reach RMB 68,443 million by 2026. Net profit is also anticipated to double from the previous year, reaching RMB 2,673 million in 2024. These financial projections align with the company's overarching goal of contributing to global renewable energy targets by providing affordable, reliable, and sustainable energy solutions worldwide.
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