Analysis of Strategic Considerations and Financial Impacts of Goldwind Science & Technology's Termination of Public Offering REITs Application

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Goldwind Science & Technology (002202.SZ) convened the 10th Meeting of the 9th Board of Directors on January 16, 2026, and reviewed and approved the “Proposal on Terminating the Application and Issuance Work of Infrastructure Public Offering REITs”, officially announcing the termination of its public offering REITs application project that had been ongoing for nearly three years [1][2]. The project was first launched on September 28, 2021, and originally planned to include the Quannan Tianpaishan Project held by Quannan Tianrun Tianpaishan New Energy Co., Ltd., the Chongyi Longgui Project and Chongyi Tianxing Project held by Chongyi Tianrun Longgui Wind Power Co., Ltd. as underlying assets [3]. On September 4, 2023, the fund manager CCB Fund and the asset-backed special plan manager CCB Capital formally submitted application materials to the China Securities Regulatory Commission (CSRC) and Shenzhen Stock Exchange (SZSE), adjusting the planned underlying assets to the single asset of the Quannan Tianpaishan Project, and received the acceptance notice on the same day [2].

The company’s announcement clearly states that the termination is to further integrate project resources and optimize operation and management, while emphasizing that this matter will not have an adverse impact on the company’s daily operations and financial condition, nor will it harm the interests of the company and minority shareholders [1][2]. The company will subsequently submit an application for termination of review to the regulatory authorities through relevant management parties to conclude this application process.

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Goldwind’s decision to terminate the REITs application at this juncture is closely related to the current macro background of electricity marketization reform. In January 2022, the National Development and Reform Commission (NDRC) and the National Energy Administration issued the “Guiding Opinions on Accelerating the Construction of a Unified National Electricity Market System”, clearly requiring that new energy participate in market transactions in an all-round way by 2030 [4]. The “Notice on Deepening the Market-Oriented Reform of Grid-Connected Electricity Prices for New Energy and Promoting High-Quality Development of New Energy” released in January 2025 further promoted the full market-based formation of grid-connected electricity prices for new energy.

Against this background, the proportion of guaranteed electricity volume has continued to decline, while the proportion of market-based electricity volume has been rising. Taking Guangdong Province and Jiangsu Province, which have strong absorption capacity, as examples, the average transaction price of traded electricity in 2025 was RMB 0.3919 per kWh and RMB 0.4125 per kWh respectively, down 15.8% and 8.9% compared with 2024, and the decline was as high as 29.2% and 11.6% compared with 2023 [4]. The downward pressure on electricity prices directly weakens the profit expectations of wind power projects, thereby affecting the valuation level and issuance conditions of REITs products.

As of the end of March 2025, a total of 7 energy public offering REITs products have been issued and listed in China, with a total issuance scale of RMB 18.89 billion, of which wind power assets account for 53.9% of the issuance scale, making it the most important issuance category [4]. However, in 2024, except for the Harvest PowerChina Clean Energy REIT and CITIC Securities Construction Investment SPIC New Energy REIT, the operating revenue of other energy REITs products declined to varying degrees [4].

Entering 2026, the energy facilities sector continues to face pressure. In the third week of January 2026, the sector fell by 0.97%, ranking first among all asset types in terms of decline, with the CITIC Securities Construction Investment Mingyang Smart Energy New Energy REIT falling by 3.07% in the week [5]. The wind power projects were significantly affected by the absorption pressure brought by new regional installed capacity in the fourth quarter of 2025. The power generation, settlement electricity price, and settlement electricity fee of the Hongtujingzi Wind Farm Project decreased by 33.10%, 9.16%, and 39.29% year-on-year respectively [5]. Against this market environment, Goldwind’s decision to terminate the REITs application may be to avoid potential valuation risks and the possibility of issuance failure.

From the perspective of Goldwind’s own strategy, the termination of the REITs application may be based on the following considerations: First, the company achieved operating revenue of RMB 48.147 billion and net profit attributable to parent shareholders of RMB 2.584 billion in the first three quarters of 2025, with strong performance growth [6], so the urgency of financing through REITs has decreased. Second, the company has continued to promote its wind farm development business in recent years, achieving operating revenue of RMB 10.85 billion from the wind farm development business in 2024 [7], and its asset scale has continued to expand, making the demand for resource integration and optimized operation and management increasingly prominent.

The company’s announcement clearly mentions the termination reason of “further integrating project resources and optimizing operation and management”, indicating that the company may be adjusting its asset allocation strategy to focus resources on business segments or projects with greater development potential. Considering that public offering REITs usually require a long time and complex process from application to issuance, terminating the application allows the company’s management to focus on the development of core businesses.

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From the perspective of short-term financial impact, Goldwind’s termination of the REITs application will have the following impacts:

: As an innovative financing tool, public offering REITs can help enterprises revitalize stock assets, recover funds, and optimize capital structure. Wind data shows that Goldwind’s asset-liability ratio was 74.0% at the end of 2024, an increase of 2 percentage points compared with the same period of the previous year [7], indicating a slight increase in debt pressure. Terminating the REITs application means that the company needs to solve its capital needs through other channels, which may increase its dependence on bank loans or bond financing.

: If the Quannan Tianpaishan Project, the underlying asset, had successfully issued REITs, it would have brought one-time capital recovery for the company, which could be used to repay debts or invest in new project development. After the termination of the application, the capital recovery of this project will be delayed, which may have a certain impact on the company’s investment rhythm.

: The project lasted nearly three years from its launch in 2021 to its termination in 2026, and the application fees, intermediary agency fees and related labor costs incurred during this period have become sunk costs.

Although financing channels are narrowed in the short term, from a long-term perspective, Goldwind has sufficient financial buffer capacity:

: In 2024, the company achieved operating revenue of RMB 56.70 billion, a year-on-year increase of 12%; net profit attributable to parent shareholders of RMB 1.86 billion, a year-on-year increase of 40%; non-recurring net profit attributable to parent shareholders of RMB 1.78 billion, a year-on-year increase of 38% [7]. In the first three quarters of 2025, the company achieved revenue of RMB 48.147 billion and net profit attributable to parent shareholders of RMB 2.584 billion [6], continuing the good growth trend.

: In 2024, the company’s net cash flow from operating activities was RMB 2.316 billion [8]. Although it fluctuated due to changes in the accounting calibre of wind farm productization and the rhythm of payment collection, it maintained a positive inflow overall. The company has sufficient bank credit lines and smooth financing channels, with strong external financing capabilities [9].

: As of the end of 2024, the company’s total assets reached RMB 155.224 billion, and owners’ equity was RMB 40.427 billion [8]. Its asset scale is in a leading position in the wind power equipment industry, providing a solid foundation for responding to changes in the financing environment.

: The announcement clearly states that the termination will not have an adverse impact on daily operations and financial condition [1][2]. Considering the company’s current operating status and financial strength, this statement has a certain degree of credibility.

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From the perspective of secondary market performance, Goldwind’s stock price has shown a strong trend recently. As of January 19, 2026, the company’s stock price closed at RMB 27.70, with a cumulative increase of 174.80% in the past year, 179.52% in the past six months, and 85.91% in the past three months [10]. From December 1, 2025 to January 19, 2026, the stock price rose from USD 15.40 to USD 27.70, an increase of 79.87%, hitting a high of USD 37.03 during the period [11].

It is worth noting that the company achieved operating revenue of RMB 20.86 billion in the fourth quarter of 2025, a month-on-month increase of 33%, indicating sufficient business growth momentum. Although the net profit attributable to parent shareholders was only RMB 0.7 billion in the fourth quarter due to the provision of RMB 1.04 billion in asset and credit impairment losses [7], the overall stock price trend was not significantly affected, reflecting the market’s optimistic attitude towards the company’s medium and long-term development.

There are obvious differences in the market’s interpretation of Goldwind’s decision to terminate the REITs application:

: Some investors believe that terminating the REITs application means that the company does not need to finance through additional share issuance or asset mortgage, reducing the risk of dilution of existing shareholders’ equity, which can be regarded as a positive factor [12].

: Some analysts believe that terminating the REITs application will deprive the company of the opportunity to revitalize stock assets and recover cash, and the termination after nearly three years of application may be interpreted by the market as a setback in project progress, which may exert certain pressure on the stock price in terms of short-term sentiment [12].

From the actual market performance, the company’s stock price rose by 2.44% on the day after the announcement was released (January 19, 2026) [10], and the market reaction was relatively mild, indicating that investors’ negative interpretation of this event is limited.

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As a capital-intensive industry, the wind power industry has a high degree of dependence on external financing. In recent years, driven by the “Dual Carbon” (carbon peaking and carbon neutrality) policy, the scale of wind power installed capacity has continued to grow, but it also faces multiple challenges such as subsidy reduction, competitive bidding for grid connection, and electricity price fluctuations. Against this background, the financing strategies of wind power enterprises have become increasingly diversified, including various methods such as bank loans, bond issuance, equity financing, and asset securitization.

As an emerging financing tool, public offering REITs provide a new capital operation path for wind power enterprises. However, affected by the in-depth advancement of electricity marketization reform, the profit stability of the underlying assets of energy REITs is facing challenges. The operating performance of some products failed to meet expectations in 2024 [4], which has affected investors’ confidence in new energy REITs.

As of January 16, 2026, among the REITs projects that have been accepted by the exchanges but not yet issued, energy projects similar to Goldwind include CCB Fund Goldwind New Energy (feedback on October 22, 2023), Huatai Three Gorges Clean Energy (accepted on December 26, 2025), etc. [5]. The approval progress of these projects has also faced certain delays, reflecting that the overall review pace of energy REITs has slowed down.

Against this background, Goldwind’s choice to take the initiative to terminate the application is both an adaptive adjustment to the market environment and may reserve space for the subsequent re-evaluation of its financing strategy.

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Based on the above analysis, the strategic considerations for Goldwind’s termination of the public offering REITs application mainly include three levels:

: The continuous deepening of electricity marketization reform has led to increased downward pressure on electricity prices, the energy REITs market has shown differentiated performance, and the issuance conditions and valuation levels are facing uncertainty.

: The company’s operating performance has grown steadily, reducing the urgency of financing; meanwhile, the demand for resource integration and operational optimization brought by the expansion of business scale has become increasingly prominent.

: Against the background of market fluctuations and uncertain approval cycles, taking the initiative to terminate the application can avoid potential time costs and failure risks.

From the perspective of financial impact, terminating the REITs application will narrow the company’s financing channels in the short term, but given the company’s stable operating performance, sound cash flow situation and strong asset scale, this event will not have a substantial adverse impact on the company’s daily operations and financial condition.

Looking ahead, Goldwind may consider the following strategic options:

: Continue to leverage the advantage of sufficient bank credit lines to meet capital needs through traditional channels such as bank loans and bond issuance; meanwhile, pay attention to innovative financing tools such as green bonds and carbon finance.

: Continue to promote the development of wind turbine and component sales business, whose gross profit margin increased by 4.9 percentage points year-on-year to 5.1% in 2024 [7], showing an obvious profit improvement trend; meanwhile, strengthen project selection and operation management of the wind farm development business to improve asset return rate.

: After the market environment improves, re-evaluate the feasibility of REITs issuance; during the application preparation process, further improve the screening criteria for underlying assets and the quality of information disclosure.

In general, Goldwind’s termination of the public offering REITs application is a prudent decision based on the current market environment and the company’s strategic needs, and has limited impact on the company’s long-term development. Against the background of the continuous prosperity of the wind power industry and the steady growth of the company’s business, the company still has good development prospects.

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[1] CFI.net - Goldwind Science & Technology (002202): Terminates Public Offering REITs Application and Issuance Work (https://www.cfi.net.cn/p20260119001796.html)

[2] Securities Times - Goldwind Science & Technology: Terminates Public Offering REITs Application and Issuance Work (https://www.stcn.com/article/detail/3600590.html)

[3] Eastmoney - Goldwind Science & Technology: Terminates Public Offering REITs Application and Issuance Work (https://wap.eastmoney.com/a/202601193623448445.html)

[4] CRHCC - Special Research on the Energy Public Offering REITs Market (https://www.crhcc.com/hglc/hg/2025/5/1c55e7dcd0da40589abcda595ae4d640.htm)

[5] Sina Finance - REITs Market Adjusts Slightly (https://finance.sina.com.cn/jjxw/2026-01-19/doc-inhhuziz8080294.shtml)

[6] Sina Finance - Terminates After Nearly 3 Years of Application: Goldwind Halts Public Offering REITs for Wind Power Projects (https://finance.sina.com.cn/stock/zqgd/2026-01-19/doc-inhhvwpr1163830.shtml)

[7] Guosen Securities - 2024 Annual Report Commentary on Goldwind Science & Technology (002202.SZ) (https://pdf.dfcfw.com/pdf/H3_AP202504031650883465_1.pdf)

[8] Goldwind Science & Technology Co., Ltd. - 2024 Annual Report (https://www.hkexnews.hk/listedco/listconews/sehk/2025/0424/2025042401338_c.pdf)

[9] China Chengxin International - 2024 Credit Rating Report on Goldwind Science & Technology Co., Ltd. (http://qxb-pdf-osscache.qixin.com/AnBaseinfo/0b91eb68c362c435c4ae0479a4096205.pdf)

[10] Jinling API - Company Profile Data of Goldwind Science & Technology (002202.SZ)

[11] Jinling API - Historical Price Data of Goldwind Science & Technology (002202.SZ)

[12] Eastmoney - Financial Commentary (https://wap.eastmoney.com/a/202601193623448445.html)