BUSINESS

China’s Wind Turbine Makers Rebuild Margins as Price Wars Ease

Published: Apr. 29, 2026 11:35 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Zhuhai Jinwan Offshore Wind Farm in Guangdong province, where technicians conduct routine inspections and install auxiliary control systems atop 100-meter-high turbines. Photo: VCG

Ming Yang Smart Energy Group Ltd. nearly doubled its net profit in 2025, as recovering wind turbine prices and surging delivery volumes helped ease years-long domestic price wars.

The strong earnings reflect a broader stabilization in China’s wind power sector, where policy guidance and industry self-discipline have curbed excessive competition, allowing leading manufacturers to rebuild profit margins while pursuing expansion overseas.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Save an extra $50. Introductory offer for new readers. Subscribe now.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Ming Yang's 2025 net profit jumped 90.7% to 660M yuan, revenue up 40.3% to 38.1B yuan; delivered 18.3 GW turbines, 2nd in China (>15% share).
Turbine prices stabilized (onshore ~1,600 yuan/kW, offshore 2,500 yuan/kW); gross margin rose to 6.4%; China added 119 GW wind (+49%).
Goldwind added 29.3 GW globally; exports surged 48.7%, but UK blocks Ming Yang's Scotland plant over security.

AI generated, for reference only

Who’s Who

Ming Yang Smart Energy Group Ltd.: Ming Yang Smart Energy Group Ltd. nearly doubled 2025 net profit to 660 million yuan (up 90.7%), with revenue at 38.1 billion yuan (up 40.3%). Delivered 18.3 GW turbines, ranking 2nd in China (>15% market share). Wind turbine gross margin rose to 6.4%. UK factory plans face security opposition.

Goldwind Science & Technology Co. Ltd.: Goldwind Science & Technology Co. Ltd. reported 2025 revenue of 73 billion yuan (+28.8% YoY) and net profit of 2.8 billion yuan (+49.1%). It held top global position for fourth year, adding 29.3 GW worldwide (BloombergNEF), including 25.9 GW in China, leading domestically for 15th year.

AI generated, for reference only