2021 Interim Results

2

Business Review Financial Results

Industry Review

Outlook

全球风电市场健康发展3

全球风电累计容量创新高（GW）

• Over the past ten years, the average annual rate of global wind power cumulative installation was 15.3%, and exceeded 17.5% in 2020. As the end of 2020, global installation of wind power reached 733.3GW, of which the top three were China (38.5%), the US (16.1%), Germany (8.5%), followed by Spain and the UK. One of the driving forces for global wind power to flourish is cost reduction.

• In the last ten year, the levelized cost of global onshore wind power declined by 56%, from 0.089 USD/kWh in 2010 to 0.039 USD/kWh in 2020.

• Meanwhile, the levelized cost of global offshore wind power declined by 48%, from 0.162 USD/kWh in 2010 to 0.084 USD/kWh in 2020.

Note：Data from BP，IRENA

风电正逐步成为最经济的可再生能源USD/kWh

4

Grid Connection (GW)

Wind Power Development in China

• In the first half of 2021, China recorded 10.84GW new grid-connection, an increase of 71.5% yoy.

• As of 30 June 2021, cumulative grid-connection of wind power totaled* 291.9GW , an increase of 34.7% yoy. Wind power took 12.9% in China’s power mix. Wind power is the only power source with a cumulative installed capacity growth rate of more than 30%.

Electricity Production (100 million kWh)

• In 1H21, China’s total power consumption was 3933.9 billion kWh, an increase of 16.2% yoy.

• 344.2 billion kWh of wind power production represented an increase of 44.6% yoy and a penetration rate* of 8.7%. National average curtailment rate was 3.6%, decreasing by 0.3 percentage points yoy.

• Wind average utilization was 1,212 hours in 1H21, increasing by 89 hours.

19.3 15.0 20.6 25.7 71.7

10.8

148.7 163.7184.0

210.0

281.5

291.9

2016 2017 2018 2019 2020 1H21

新增并网 累计并网

4,665

3,442

2,097

1,212

6.2% 8.7%

3.0% 3.6%

-20.0%-17.0%-14.0%-11.0%-8.0%-5.0%-2.0%1.0%4.0%7.0%10.0%13.0%16.0%19.0%

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

3,500.0

4,000.0

4,500.0

5,000.0

2016 2017 2018 2019 2020 1H21

风电发电量 利用小时数 消纳比例 弃风率

Note: data from National Energy Administration and China Electricity Council.*Wind Penetration rate=wind power production/total power consumption.

5

• Domestic public tender market totaled 31.5GW in 1H21, up 168% YoY. All were onshore public tender.

• 69% of the public tenders domiciled in North of China, an increase of 19 ppts. YoY. 23% of the public tenders domiciled in South of China. The remainder is centralized procurement.

Public Tender Market (GW)

Chinese Public Tender Market

• Average bidding price of 3S-series turbines was Rmb 2,616/kW in June 2021, and that of 4S-series turbines was Rmb 2,473/kW.

Average Bidding Price (Rmb/kW)

28.40 27.20 33.50

65.20

31.10

14.2 17.2

2016 2017 2018 2019 2020 1Q21 2Q21

3,507 3,250

3,098 3,043 3,007 2,860

2,718 2,672 2,616

3,497

3,163 3,038 2,991 3,052

2,940

2,626 2,639 2,473

3S 4S

Note: data from Company files.

6

State Policies

Policy Review• On 24 February, 2021, the National Development and Reform Commission

(NDRC), the Ministry of Finance (MoF), the People’s Bank of China, ChinaBanking and Insurance Regulatory Commission, and the National EnergyAdministration (NEA) jointly published the Notice on Guiding and StrengtheningFinancial Support to Promote Healthy and Orderly Development of Wind andSolar Power Industry

——requiring financial institutions to issue subsidy-backed debts as per marketed andlawful principles, as well providing reasonable policy support for subsidy-backed debts to solvecash flow tightness of some renewable corporates

• On 26 April 2021, the NDRC and NEA jointly issued the Notice on DoingFurther Well in Pilot Power Spot Market Development.

——encouraging new energy projects to enter into electricity market, advising new energyprojects to trade 10% of their expected current electricity in the market, which may not beincluded in the guaranteed acquisition hours, and promoting green power transaction.• On 11 May, 2021, the NEA published the Guiding Opinions on Energy Work

of 2021 and the Notice on 2021 Wind Power and Solar Power ProjectConstruction——proposing that wind and solar power production take 11% of national energy

consumption by; making plans of grid-connected and approved new wind and solar projectcapacity according to non-hydro renewable power consumption responsibility quota; establishmechanisms including guaranteed and marketed grid connection• On 21 May 2021, the NDRC released the Notice on Responsibility Weight of

Renewable Energy Power Consumption and Related Matters.—Issuing the provincial weight , and publishing responsibility weight in the

current year and following year at the same time since 2021• On 7 June 2021, the NDRC released the Notice on On-grid Pricing Policy for

New Energy.——stipulating that newly approved onshore wind projects can execute grid

parity and can also participate in the market-based price transactions since 2021;forming electricity price of newly approved offshore wing projects throughcompetitive allocation.

2020-2022 Non-hydro Renewable Power Consumption Responsibility Quota

•Among 30 provinces (regions and municipalities)in 2020, 4 provinces’spenetration rate of non-hydro renewable power exceeded 20%, of wihich 15provinces recorded 10-20%, 9 provinces recorded 5-10% , and 2 provincesunder 5%. 31.4% is the maximum increased where the minimum target in 2021exceeding actual completion value.(Henan). There are 5 provinces where theminimum target value in 2022 increased by more than 20% over 2021, 10provinces at 10-20%, and 15 provinces at 5-10%.

地区 年度 非水电消纳责任权重 地区 年度 非水电消纳责任权重 地区 年度 非水电消纳责任权重2020最低目标 15.00% 2020最低目标 12.50% 2020最低目标 7.50%2020实际完成 16.10% 2020实际完成 13.70% 2020实际完成 7.50%2021最低目标 17.50% 2021最低目标 18.00% 2021最低目标 8.50%2022最低目标 18.75% 2022最低目标 19.25% 2022最低目标 9.75%2020最低目标 14.00% 2020最低目标 8.00% 2020最低目标 12.50%2020实际完成 15.10% 2020实际完成 9.10% 2021征求意见稿 14.50%2021最低目标 16.00% 2021最低目标 10.00% 2021最低目标 14.00%2022最低目标 17.25% 2022最低目标 11.25% 2022最低目标 15.25%2020最低目标 12.50% 2020最低目标 9.00% 2020最低目标 6.00%2020实际完成 13.50% 2020实际完成 11.10% 2020实际完成 7.30%2021最低目标 16.00% 2021最低目标 13.50% 2021最低目标 7.50%2022最低目标 17.25% 2022最低目标 17.45% 2022最低目标 8.75%2020最低目标 16.00% 2020最低目标 4.50% 2020最低目标 9.00%2020实际完成 16.80% 2020实际完成 5.40% 2020实际完成 10.60%2021最低目标 19.00% 2021最低目标 5.00% 2021最低目标 12.00%2022最低目标 20.50% 2022最低目标 6.25% 2022最低目标 13.25%2020最低目标 16.50% 2020最低目标 7.00% 2020最低目标 11.00%2020实际完成 19.50% 2020实际完成 8.90% 2020实际完成 11.40%2021最低目标 19.50% 2021最低目标 10.00% 2021最低目标 12.50%2022最低目标 20.75% 2022最低目标 11.25% 2022最低目标 13.75%2020最低目标 12.50% 2020最低目标 6.50% 2020最低目标 12.00%2020实际完成 13.60% 2020实际完成 7.40% 2020实际完成 13.60%2021最低目标 13.50% 2021最低目标 8.00% 2021最低目标 15.00%2022最低目标 14.75% 2022最低目标 9.25% 2022最低目标 16.25%2020最低目标 18.50% 2020最低目标 3.50% 2020最低目标 16.50%2020实际完成 21.30% 2020实际完成 4.20% 2020实际完成 17.80%2021最低目标 21.00% 2021最低目标 4.00% 2021最低目标 18.00%2022最低目标 22.25% 2022最低目标 5.25% 2022最低目标 19.25%2020最低目标 20.00% 2020最低目标 6.00% 2020最低目标 25.00%2020实际完成 21.50% 2020实际完成 6.10% 2020实际完成 25.40%2021最低目标 20.00% 2021最低目标 6.00% 2021最低目标 24.50%2022最低目标 21.25% 2022最低目标 7.25% 2022最低目标 25.75%2020最低目标 4.00% 2020最低目标 6.00% 2020最低目标 20.00%2020实际完成 4.80% 2020实际完成 7.30% 2020实际完成 21.40%2021最低目标 4.00% 2021最低目标 8.50% 2021最低目标 22.00%2022最低目标 5.25% 2022最低目标 9.75% 2022最低目标 23.25%2020最低目标 7.50% 2020最低目标 15.00% 2020最低目标 10.50%

2021实际 9.00% 2020实际完成 15.10% 2020实际完成 10.90%2021最低目标 10.50% 2021最低目标 15.00% 2021最低目标 12.50%2022最低目标 11.75% 2022最低目标 16.25% 2022最低目标 13.75%

上海 贵州 宁夏

江苏 云南 新疆

吉林 重庆 甘肃

黑龙江 四川 青海

内蒙古 广西 山东

辽宁 海南 陕西

河北 湖南 福建

山西 广东 江西

北京 河南 浙江

天津 湖北 安徽

Note: data from National Energy Administration.

Industry Review Financial Results

Business Review

Outlook

Segmental Results

15.6%

RMB 2,780 mm

72.1%

RMB 12,872 mm

3.1%

RMB 555 mm

9.2%

RMB 1,645 mm

% of Revenue % of Revenue

% of Revenue % of Revenue

75.2% 10.8%

11.5% 2.5%

1H211H20

1H211H20

1H211H20

1H211H20

Note: data in compliance with IFRS.

19.9% 12.1%

1H21 1H20

72.4% 71.2%

1H21 1H20

6.9%-8.6%

1H21 1H20

41.0% 57.0%

1H21 1H20

Sales Capacity (MW)

627 360 131 302 2

4,410 5,105 7,086

10,714

1,017

45 342

701

1,434

1,152

54

253

482

795

5,082 …

8,171

12,932

2,966

2017 2018 2019 2020 1H21

1.5 MW 2S 3S/4S 6S/8S External sale capacity of WTGs totaled 2,966MW in the first half of 2021.

Sale capacity of 2S-series products reached 1,017MW, representing 34.3% of total sales volume.

Sale capacity of 3S/4S-series products totaled 1,152MW, an increase of 316.8%YoY, taking 38.8% of total sales capacity, an increase of 32ppts. YoY.

6S/8S-series products booked a sales volume of 795MW, an increase of 379.4%YoY, accounting for 26.8% of total sale capacity, an increase of 22.8 ppts. YoY.

During the reporting period, the sale capacity of 3S/4S and 6S/8S series saw a significant rise

Note: data from Company files.

10

• As of the end of 30 June, 2021, Company’s order backlog* totaled 16.4GW, of which 15.0GW was external order, including 2.1GW of successful bids and 13.0GW of signed contracts.

• Additional 1,357MW order for Company’s wind farm investments at home and abroad.

• The external order of overseas market took 12% in order mix, offshore turbines order took 6% in external order mix.

External Order Mix (MW，%)Order Backlog (MW)

Order Backlog

Note: data from Company files.*External order backlog = successful bid + signed contract.

• As of 30 June, 2021, 3S/4S-series turbines recorded 8.6GW, from 39% to 58% of total external order.

• 2S-series turbines took 36% of total external order.

• 6S/8S-series turbines took 6% of total external order.

75 , 0%

5,457 , 36%

8,676 , 58%

831 , 6%

1.5MW 2S 3/4S 6/8S

7,667 9,09310,850

14,793 16,350

10,771 12,953

4,6575,971

6,651

6,404 1,072

3,627 2,085

1,155

713

537

1,702 1,357 12,324

15,064

18,656

21,910

17,959 16,100 16,395

30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-20 31-Dec-20 30-Jun-21

Signed Contract Succesful Bid Internal Order 30 June, 2021

North AmericaOrder Backlog 4

South AmericaOrder Backlog 519

Asia (ex. China)Order Backlog 1,184

AustraliaUnder-construction581Pipeline 311

Middle East & AfricaOrder Backlog 139

EuropeOrder Backlog 24.4

11

Foreign Business Expansion

• As of 30 June 2021, Company’s overseas external order backlog totaled 1,871MW, an increase of 18% YoY. Orders scatter in Vietnam, Chile, Kazakhstan, Pakistan, the Philippines, etc.

• Overseas attributable under-construction and pipeline capacity totaled 893MW, scattering in Australia.

Note: data from Company files.

阿根廷，Loma Blanca 风电场

30 June, 2021

12

• As of the end of 1H21, Company’s attributable, grid-connected wind power projects totaled 5,619MW, of which 31% domiciled in Northwestern region and 30% domiciled in East China and Southern region.

• Company added 302MW of attributable, grid-connected wind power capacity at home and abroad in 1H21, of which 199MW domiciled in China, and disposed of 273MW.

• As of the end of 1H21, Company’s attributable, under-construction wind capacity at home and abroad totaled 2,531MW, of which 29% domiciled in North China and Southern region, 29% domiciled in North China, 11% domiciled in Northwestern, 8% in Northeastern, and 23% overseas.

Grid-connection by Region (MW，%)Grid-connection (MW)

Power Generation Business

National and Company Wind Utilization (hr)

Note: data from Company files.Projects invested by Goldwind yet unconstructed are not included in this slide.

581

154

200

275

586

736

6%

8%

11%

23%

29%

国际

南方

东北

西北

华东

华北

23%

345 900

291

1,238

302

3,869

4,719 4,686 5,487 5,619

2017 2018 2019 2020 1H21

Annual New Installation Cumulative Installtion 30 June, 2021

Northwester

n

28%

North

China

31%East China

20%

Southern

Region

9%

Northeastern

4%

Overseas

8%

13

• In the first half of 2021, Company’s self-run wind farms recorded 1,392-hour utilization, an increase of 18.7% YoY, 180hr higher than the national average.

• the Company’s consolidated power production totaled 4.92 billion kWh, an increase of 28% YoY.

National and Company Wind Utilization (hr)

Note: data from Company files.

Under-operation Fleet (MW)

• As of 30 June, 2021, Company’s under-operation capacity in China and abroad totaled 17.2GW, an increase of 69.4% YoY.

Energy Production and Wind Power Service

6,968

10,992

14,121

10,135

17,170

2018 2019 2020 1H20 1H21

1,948 2,095 2,082 2,097

1,123 1,212

1,994 2,243 2,212 2,223

1,173 1,392

2017 2018 2019 2020 1H20 1H21

National Average Company Average

财务数据符合中国会计准则

Financial Results

Business ReviewIndustry Review Outlook

• During the first half of 2021, the Company realized revenue of RMB17.853 billion

• Gross profit for the first half of 2021 was RMB4.919 billion, an increase of 48.3%YoY; gross margin was 27.6%, an increase of 10.5 percentage points YoY. This was mainly attributed to increased percentage of offshore sale capacity YoY, and increased margin from wind farm investment and development YoY

• EBITDA for the first half of 2021 increase by 43.3% YoY, the ratio of EBITDA to revenue increased by 7.8 percentage points YoY to 21.9%.

• Net profit attributable to owners of the company was RMB1.849 billion, an increase of 45.0% YoY; ratio of net profit attributable to owners of the company to revenue increased by 3.8 percentage points YoY to 10.4%

Gross Profit (million RMB)&Margin

Attri-net Profit(million RMB)&MarginEBITDA(million RMB)&Margin

Interim Financial ResultsRevenue (million RMB)

Note: data in compliance with IFRS.

+43.3%

+48.3%

+45.0%

24,971 28,590

37,878

56,146

19,366 17,853

2017 2018 2019 2020 1H20 1H21

7,466 7,344 6,964

9,647

3,317

4,919

29.9% 25.7% 18.4% 17.2%17.1%

27.6%

2017 2018 2019 2020 1H20 1H21

5,432 6,107

5,288 6,114

2,733

3,917

21.8% 21.4% 14.0% 10.9%

14.1%21.9%

2017 2018 2019 2020 1H20 1H21

3,055 3,217

2,210

2,964

1,275

1,849

12.2% 11.3%5.8% 5.3%

6.6%

10.4%

2017 2018 2019 2020 1H20 1H21

• Revenue for the second quarter of 2021 totaled RMB11.082 billion

• Gross profit for the second quarter of 2021 was RMB3.072 billion, an increase of 39.4% YoY; gross margin increased by 11.9 percentage points YoY to 27.7%

• Recurring net profit attributable to owners of the Company for the second quarter of 2021 was RMB806 million, an increase of 116.1% YoY; the ratio of recurring profit attributable to owners of the company to revenue increased by 4.6 percentage points YoY to 7.3%

• Net profit attributable to owners of the company for the second quarter of 2021 was RMB877 million, an increase of 130.8% YoY; ratio of net profit attributable to owners of the company to revenue increased by 5.2 percentage points YoY to 7.9%

Quarterly Financial ResultsGross Profit (million RMB)&Margin

Attri-net Profit(million RMB)&MarginRecurring Net Profit (million RMB)&Margin

Revenue (million RMB)

Note: data in compliance with PRC GAAP.

10,338 9,002

13,510

5,467

13,958

17,606 19,234

6,822

11,082

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

1,856 1,721 2,259

1,177

2,203

3,012 3,583

1,937

3,072

17.9% 19.1%16.7%

21.5%15.8% 17.1% 18.6% 28.4% 27.7%

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

833

408

192

772

373

711

907 917 806

8.1%

4.5%1.4%

14.1%

2.7% 4.0% 4.7%13.4%

7.3%

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

956

406 619

895

380

794 894 972 877

9.2%

4.5%4.6%

16.4%

2.7%4.5% 4.7%

14.2%7.9%

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

Working Capital Turnover (days)

Operating Cash Flow & Working CapitalNet Operating Cash Flow (million RMB)

FY19 5,929 FY20 5,377 1H21 (4,088)

• During the first half of 2021, the turnover of Company’s operating assets showed improvement. Cash conversion cycle shortened by 23 days YoY to 88 days

• During the first half of 2021, the Company’s Inventory turnover shortened 17 days YoY to 81 days

• During the first half of 2021, the Company’s Receivables turnover shortened 34 days YoY to 130 days

Note: data in compliance with PRC GAAP.

(2,104) (1,069)

3,588 5,514

227 1,441 652

3,057

(3,682)

(406)

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

The net operating cash outflow for the first half of 2021 was RMB4.088 billion

Days of 1H21 1H20 2020

Cash conversion 88 111 52

Inventory 81 98 62

Receivables 130 164 118

Payables 123 151 128

Financial Indexes

• During January to June in 2021, the Company’s Cash decreased from the

beginning balance of RMB8.274 billion to RMB5.572 billion, and the

Net Gearing Ratio increased from 43% to 63%

5,572 27,229 143

21,800 1H2163%

Net DebtNet Gearing Ratio

1H21

Cash Loan Bond

8,274 23,137 300 2020

15,163 202043%

Capital Structure (million RMB)

• As of 30 June 2021, the Company’s Debt Service Indexes remained a

healthy level

0.92

0.71 68.00%

0.96

0.65 68.90%

2020 2021H1

Debt Service Indexes

Note: data in compliance with PRC GAAP.

财务数据符合中国会计准则

Financial ResultsBusiness Review

Outlook

Industry Review

20

The Global Consensus on Carbon Net Zero

Note：Data from UNFCCC, IEA, IRENA

• As of 23 April 2021, 44 countries and the European Union have pledged to meet a net‐zero emissions target: in total they account for around 70% of global CO2 emissions and GDP. Ten countries have made meeting their net zero target a legal obligation, eight are proposing to make it a legal obligation, and the remainder have made their pledges in official policy documents.

• IRENA’s “1.5°C Pathway” analysis shows that over 90% of the solutionsshaping a successful outcome in 2050 involve renewable energy throughdirect supply, electrification, energy efficiency, green hydrogen andbioenergy combined with carbon capture and storage.

Number of national net zero pledges and share of global CO2 emissions covered

Evolution of emissions with phaseouts of coal and oil, 2021-2050

21

Global Wind Power Outlook

• IRENA’s analysis shows that, by 2050, electricity will be the main energy carrier, increasing from a 21% share of total final energy consumption in 2018 to over 50% in 2050. IEA predicted that，by 2050, the share of renewables in total global generation from 29% in 2020 to over 60% in 2030 and nearly 90% in 2050. Solar PV and wind becoming the leading sources of electricity globally, which total near 70% of power consumption.

• As the major contributor to carbon neutrality, wind installations will be 390GW annual installation between 2021and 2030.

Global electricity generation by source in the NZE Global electricity generation by source in the NZE，%

Note：Data from IRENA，IEA

22

Carbon Neutral Practices

Innovation for carbon neutral

• Goldwind has prospectively completed the first wind turbine environmentalproduct declaration(EPD) of China in 2020. IVL Swedish Environmental ResearchInstitute conducted a Life Cycle Assessment (LCA) on Goldwind GW155-4.5MWturbine, and the result demonstrates that carbon emissions of 7.25g per kWhelectricity generated (thermal power: 838g/kWh) ， and 2.6-month carbonemission offset cycle and 6-month energy payback cycle.

• Goldwind completed the first “carbon neutral” demonstration park in Chinafor Yizhuang Smart Park in 2020, and completed the“carbon neutral”demonstration park for DaFeng Park in Jiangsu Province, providing a typicalmodel for the future market of "carbon neutral" economy

ESG Ratings

MSCI ESG Leaders IndexYear 2021 2020 2019 2018

Rating AA AA A BBB

Hang Seng Corporate Sustainability IndexYear 2020 2019 2018

Rating AA A+ A+

FTSE4Good Index Series

Year 2021 2020 2019

Rating 2.90/5.0 2.90/5.0 2.90/5.0

• The Company is also a constituent of ISS ESG Index (B-)、SynTao Green Finance(B+)、China Alliance of Social Value Investment(A+), etc.

Note: data from IVL Swedish Environmental Research Institute.

DISCLAIMER

This presentation and the information contained herein does not constitute or take the form of any recommendation for the purchase or sale of any securities of Xinjiang Goldwind Science & Technology Co. Ltd (“the Company”), and does not constitute an offer to purchase or sell any securities of the Company, nor does it constitute the foundation or basis of any contract or commitment. No representation or warranty, express or implied, is made as to, and no reliance should be place on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of the Company’s advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially.

FORWARD-LOOKING STATEMENTS

This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company, the wind industry in the PRC and certain of the plans and objectives of the management of the Company. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such forward-looking statements were based on assumptions regarding the Company’s present and future business strategies and the political and economic environment in which the Company and its subsidiaries operate currently and will operate in the future. Reliance should not be placed on these forward-looking statements, which reflect the view of the Company’s management as of the date of this presentation only.

Goldwind Investor Relations Hotline:+86-10-6751-1996 | goldwind@goldwind.com.cn

Corporate Contacts:Ms. Jinru MaVice President and Company Secretary

Ms. Monica Guoguozimo@goldwind.com.cn(8610) 6751-1888 *2920

Xinjiang Goldwind Science & Technology Co., LtdSZEx Stock Code: 002202 HKEx Stock Code: 2208

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