Credit Brief — GOLDWIND SCIENCE&TECHNOLOGY CO., LTD. (金风科技)
002202.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 武钢
- Registered address: 新疆乌鲁木齐市经济技术开发区上海路 107 号
- Office address: 北京市经济技术开发区博兴一路 8 号
- Controlling shareholder: None (stated in the filed report)
- Actual controller: None (stated in the filed report)
- Employees: 11,890
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 15,628.0 | 14,245.2 | 11,619.4 | 10,322.5 | 11,296.3 |
| Trading financial assets | 500.0 | 700.0 | 1,000.0 | 1,000.0 | 0.0 |
| Accounts receivable | 24,286.4 | 25,548.0 | 30,825.5 | 32,344.6 | 34,897.7 |
| Other receivables | 3,045.5 | 2,137.0 | 2,473.0 | 1,556.1 | 1,391.8 |
| Inventories | 9,847.7 | 15,257.2 | 14,827.6 | 16,878.8 | 20,007.9 |
| Long-term equity investments | 5,400.5 | 4,854.4 | 4,493.3 | 3,890.1 | 3,980.6 |
| Fixed assets | 30,261.4 | 34,010.7 | 35,347.9 | 41,823.0 | 39,809.4 |
| Construction in progress | 7,199.6 | 7,794.7 | 10,626.0 | 10,224.3 | 12,725.0 |
| Intangible assets | 6,664.8 | 6,977.1 | 7,705.9 | 7,737.7 | 7,618.1 |
| Total assets | 136,822.4 | 143,494.6 | 155,224.3 | 166,495.2 | 170,908.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,171.8 | 386.1 | 1,576.2 | 713.5 | 1,380.2 |
| Notes payable | 13,552.1 | 14,143.6 | 10,304.6 | 12,621.9 | 15,082.4 |
| Accounts payable | 25,981.0 | 27,501.2 | 30,474.3 | 31,632.3 | 30,574.3 |
| Contract liabilities | 6,274.7 | 10,179.1 | 18,181.2 | 21,060.3 | 18,914.5 |
| Other payables | 2,114.6 | 1,151.5 | 1,305.2 | 1,210.3 | 2,130.5 |
| Current portion of non-current liabilities | 5,311.8 | 4,299.3 | 4,240.5 | 4,124.8 | 4,612.2 |
| Long-term borrowings | 28,366.2 | 28,150.6 | 29,505.8 | 28,264.5 | 29,702.7 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 96,476.1 | 103,265.7 | 114,797.2 | 119,314.5 | 122,723.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 4,225.1 | 4,225.1 | 4,225.1 | 4,225.1 | 4,223.8 |
| Capital reserve | 12,148.1 | 12,156.7 | 12,037.3 | 12,123.7 | 12,142.1 |
| Retained earnings | 16,936.1 | 17,540.6 | 18,839.2 | 20,843.1 | 21,727.9 |
| Equity attributable to owners of the parent | 38,095.1 | 37,609.9 | 38,529.3 | 43,436.5 | 44,431.1 |
| Minority interests | 2,251.2 | 2,619.0 | 1,897.8 | 3,744.3 | 3,754.0 |
| Total equity | 40,346.3 | 40,228.9 | 40,427.1 | 47,180.7 | 48,185.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 46,436.8 | 50,457.2 | 56,699.2 | 73,023.5 | 33,739.2 |
| Cost of sales | 38,237.3 | 41,807.4 | 48,876.3 | 62,665.8 | 28,085.6 |
| Selling expenses | 3,193.3 | 1,106.4 | 1,321.5 | 1,496.6 | 703.7 |
| Administrative expenses | 1,923.8 | 1,958.1 | 2,174.9 | 2,250.1 | 901.1 |
| Finance costs | 1,077.8 | 1,131.2 | 906.9 | 724.4 | 355.7 |
| Investment income | 2,368.2 | 2,245.6 | 1,962.1 | 727.5 | 323.1 |
| Operating profit | 2,775.3 | 2,599.2 | 2,167.7 | 4,043.5 | 2,559.5 |
| Profit before tax | 2,771.8 | 2,519.2 | 2,103.8 | 3,989.0 | 2,476.0 |
| Net profit | 2,436.9 | 1,522.2 | 1,856.4 | 3,024.6 | 1,963.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.05x | 1.01x | 0.95x | 0.91x | 0.95x |
| Quick ratio | 0.89x | 0.77x | 0.75x | 0.69x | 0.70x |
| Debt-to-asset ratio | 70.5% | 72.0% | 74.0% | 71.7% | 71.8% |
| Total debt / EBITDA | 5.14x | 4.69x | 5.58x | 3.92x | 5.77x |
| EBITDA interest coverage | 6.29x | 6.18x | 6.99x | 11.65x | 17.38x |
| Gross margin | 17.7% | 17.1% | 13.8% | 14.2% | 16.8% |
| Net margin | 5.2% | 3.0% | 3.3% | 4.1% | 5.8% |
| Return on equity (ROE) | 6.0% | 3.8% | 4.6% | 6.4% | 4.1% |
| Revenue growth | — | 8.7% | 12.4% | 28.8% | -53.8% |
| Net profit growth | — | -37.5% | 22.0% | 62.9% | -35.1% |
| Receivable days | 191 | 185 | 198 | 162 | 378 |
| Cash received / revenue | 106.8% | 116.9% | 117.3% | 108.2% | 100.0% |
| Operating CF / net profit | 2.41x | 1.22x | 1.25x | 1.17x | -0.80x |
| Free cash flow | -257.6 | 30.3 | -3,408.2 | -2,752.7 | -1,123.3 |
Mechanical risk flags
- ⚠ Current ratio: 0.91 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.69 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.72 (level: medium, reference threshold: <0.75)
- ⚠ Gross margin: 0.14 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 1,106.4 vs 3,164.8 CNY mn (deviation 65.04%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,058.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -2,208.6 vs -1,382.8 CNY mn (deviation 37.39%, severity mid)
Sources: 2023年年度报告.pdf p.113 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.104 「货币资金」. CF-statement figure below the balance-sheet movement by 825.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -1,603.9 vs -2,625.8 CNY mn (deviation 38.92%, severity mid)
Sources: 2024年年度报告.pdf p.105 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.97 「货币资金」. CF-statement figure above the balance-sheet movement by 1,021.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -2,449.5 vs -1,296.9 CNY mn (deviation 47.05%, severity mid)
Sources: 2025年年度报告.pdf p.96 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.89 「货币资金」. CF-statement figure below the balance-sheet movement by 1,152.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 1,860.3 vs 973.8 CNY mn (deviation 47.65%, severity mid)
Sources: 2026年半年度报告.pdf p.62 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf 「货币资金」. CF-statement figure above the balance-sheet movement by 886.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 10,322.5 | 2025年年度报告.pdf | 89 | 货币资金 | 10322536792.43 (元) |
| Total assets | 2025 | 166,495.2 | 2025年年度报告.pdf | 90 | 资产总计 | 166495203880.5 (元) |
| Accounts receivable | 2025 | 32,344.6 | 2025年年度报告.pdf | 89 | 应收账款 | 32344640857.74 (元) |
| Fixed assets | 2025 | 41,823.0 | 2025年年度报告.pdf | 90 | 固定资产 | 41823049744.57 (元) |
| Short-term borrowings | 2025 | 713.5 | 2025年年度报告.pdf | 90 | 短期借款 | 713517220.11 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.