# Xinjiang Goldwind Science & Technology (002202.SHE)

Canonical: https://gigainvestors.com/s/002202.SHE

Analysis as of: 2026-10-16T07:36:04.047Z. Financial observations: FY2004–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 14.80 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.14×

- FY2018: 0.13×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.09×

- FY2022: 0.06×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.9%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: 4.9 pp

- Typical gross margin (annual median): 18.2%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.5%

- ROIC including acquisitions, ten-year median: -0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.1%

- FY2017: 10.2%

- FY2018: 8.2%

- FY2019: 5.5%

- FY2020: 6.2%

- FY2021: 7.0%

- FY2022: 4.5%

- FY2023: 3.0%

- FY2024: 3.1%

- FY2025: 3.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -7.3B

- Net income, five-year total: CNY 12B

- Return on incremental invested capital: 0.2%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 19.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -1.39×

- FY2022: -1.94×

- FY2023: -0.50×

- FY2024: 0.55×

- FY2025: 0.76×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.1% vs 3.1%

- Per-share earnings: 0.77 to 0.44 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: CNY 24B

- Cumulative retained earnings: CNY 14B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.6%

- Per-share value change: CNY -0.32

- Per-share value, starting three-year median: CNY 0.77

- Per-share value, ending three-year median: CNY 0.44

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 3.9%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 7.0B

- Cumulative net income, 10 years: CNY 27B

- ROIC, first three-year median: 10.1%

- ROIC, last three-year median: 3.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.77

- FY2017: CNY 0.77

- FY2018: CNY 0.81

- FY2019: CNY 0.51

- FY2020: CNY 0.67

- FY2021: CNY 0.84

- FY2022: CNY 0.56

- FY2023: CNY 0.32

- FY2024: CNY 0.44

- FY2025: CNY 0.66

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: -0.0%

- FY2018: 0.1%

- FY2019: -3.6%

- FY2020: -2.2%

- FY2021: -1.0%

- FY2022: -2.6%

- FY2023: -0.4%

- FY2024: -0.3%

- FY2025: -0.8%

## Holders

## Price story

Down 48% since Feb 2026 · sales +28.5%

Story as of 2026-10-16T10:00:06.665Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +28.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 26B 

- FY2017: CNY 25B 

- FY2018: CNY 29B 

- FY2019: CNY 38B 

- FY2020: CNY 56B 

- FY2021: CNY 51B 

- FY2022: CNY 46B 

- FY2023: CNY 50B 

- FY2024: CNY 57B 

- FY2025: CNY 73B 

### Gross margin · FY2025

gross margin 13.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 29.2% 

- FY2017: 30.2% 

- FY2018: 26.0% 

- FY2019: 18.9% 

- FY2020: 17.3% 

- FY2021: 22.1% 

- FY2022: 17.5% 

- FY2023: 12.8% 

- FY2024: 13.7% 

- FY2025: 13.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are CNY 72.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2025: revenue 72886214697; grossProfit 9727681818; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002202.SHE: Goldwind Science&Technology Co., Ltd., together with its subsidiaries, provides wind power solutions in China and internationally. It operates through four segments: Wind Turbine Generator Manufacturing and Sale, Wind Power Services, Wind Farm Development, and Others. The company engages in the research and development, manufacture, and sale of wind turbine generators and component; investment, development, sale, and operation of wind farms, which consists of wind power generation services through its wind farms, as well as offers technical services; and development and operation of water treatment plants. it also offers wind power construction, warranty, and asset management services. In addition, the company engages in the supply of wind power equipment and accessories; development and operation of solar power generation projects; energy storage business; and financial leasing business. The company was formerly known as Xinjiang Goldwind Science & Technology Co., Ltd. Goldwind Science&Technology Co., Ltd. was founded in 1998 and is headquartered in Beijing, China.

### Why customers stay

Margins ranged from 12.8% to 13.7% during 2023–25; it earns 5.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2023: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2024: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); 10-year return on capital observations [[2016,0.10116554857417712],[2017,0.10166641437116701],[2018,0.08150211460879225],[2019,0.05518474178633508],[2020,0.06230550645010348],[2021,0.07046082346243206],[2022,0.045247868525137236],[2023,0.030136962452524122],[2024,0.031280149824973055],[2025,0.035196753431477906]]; median 0.05874512411821928. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 0.2% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2018: growth capex 2672737182.1376534; upkeep 3353144817.8623466; owner earnings 1211920182.1376534. Growth capex / owner earnings = 2.205373935949584.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2020: growth capex 5823250000; upkeep 1837452000; owner earnings 2963514000. Growth capex / owner earnings = 1.9649814375771466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2024: growth capex 4566712000; upkeep 3103818000; owner earnings 1017222951.222. Growth capex / owner earnings = 4.489391430378133.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); FY2025: growth capex 3288792324; upkeep 4189853676; owner earnings 2106692116.2979999. Growth capex / owner earnings = 1.5611167377315933.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); Incremental return on capital 0.0022958873721118304, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); Dividend observations: [[2016,1980462000],[2017,1420623000],[2018,1885248000],[2019,2242046000],[2020,1738045000],[2021,2458951000],[2022,2660102000],[2023,1931243639.67],[2024,1773716000],[2025,590829000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002202.SHE SharesStats.PercentInsiders = 28.418 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.047Z); Closing price 14.8 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 17.42505651890301; price multiple 0.8493516209800926. FY2025 cash earnings/share 0.5036511958677831. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 14.14 per share

- 2016-11: CNY 17.15 per share

- 2016-12: CNY 15.57 per share

- 2017-01: CNY 15.19 per share

- 2017-02: CNY 15.35 per share

- 2017-03: CNY 14.62 per share

- 2017-04: CNY 13.66 per share

- 2017-05: CNY 13.83 per share

- 2017-06: CNY 14.08 per share

- 2017-07: CNY 13.86 per share

- 2017-08: CNY 10.91 per share

- 2017-09: CNY 11.89 per share

- 2017-10: CNY 13.11 per share

- 2017-11: CNY 14.38 per share

- 2017-12: CNY 17.16 per share

- 2018-01: CNY 16.50 per share

- 2018-02: CNY 16.08 per share

- 2018-03: CNY 16.49 per share

- 2018-04: CNY 15.69 per share

- 2018-05: CNY 14.69 per share

- 2018-06: CNY 11.50 per share

- 2018-07: CNY 12.69 per share

- 2018-08: CNY 11.08 per share

- 2018-09: CNY 10.93 per share

- 2018-10: CNY 8.00 per share

- 2018-11: CNY 10.03 per share

- 2018-12: CNY 9.09 per share

- 2019-01: CNY 11.70 per share

- 2019-02: CNY 12.58 per share

- 2019-03: CNY 14.55 per share

- 2019-04: CNY 11.56 per share

- 2019-05: CNY 11.43 per share

- 2019-06: CNY 12.43 per share

- 2019-07: CNY 11.96 per share

- 2019-08: CNY 12.95 per share

- 2019-09: CNY 12.52 per share

- 2019-10: CNY 12.57 per share

- 2019-11: CNY 11.59 per share

- 2019-12: CNY 11.95 per share

- 2020-01: CNY 11.77 per share

- 2020-02: CNY 10.52 per share

- 2020-03: CNY 9.50 per share

- 2020-04: CNY 9.98 per share

- 2020-05: CNY 9.48 per share

- 2020-06: CNY 9.97 per share

- 2020-07: CNY 13.00 per share

- 2020-08: CNY 10.92 per share

- 2020-09: CNY 10.23 per share

- 2020-10: CNY 11.58 per share

- 2020-11: CNY 12.51 per share

- 2020-12: CNY 14.25 per share

- 2021-01: CNY 14.49 per share

- 2021-02: CNY 15.15 per share

- 2021-03: CNY 14.17 per share

- 2021-04: CNY 12.19 per share

- 2021-05: CNY 12.22 per share

- 2021-06: CNY 12.16 per share

- 2021-07: CNY 14.45 per share

- 2021-08: CNY 14.59 per share

- 2021-09: CNY 17.39 per share

- 2021-10: CNY 18.53 per share

- 2021-11: CNY 18.30 per share

- 2021-12: CNY 16.47 per share

- 2022-01: CNY 14.93 per share

- 2022-02: CNY 14.95 per share

- 2022-03: CNY 13.13 per share

- 2022-04: CNY 11.29 per share

- 2022-05: CNY 12.36 per share

- 2022-06: CNY 14.80 per share

- 2022-07: CNY 14.92 per share

- 2022-08: CNY 12.83 per share

- 2022-09: CNY 11.34 per share

- 2022-10: CNY 10.45 per share

- 2022-11: CNY 11.51 per share

- 2022-12: CNY 11.00 per share

- 2023-01: CNY 11.72 per share

- 2023-02: CNY 11.36 per share

- 2023-03: CNY 11.04 per share

- 2023-04: CNY 10.96 per share

- 2023-05: CNY 10.88 per share

- 2023-06: CNY 10.62 per share

- 2023-07: CNY 11.20 per share

- 2023-08: CNY 9.50 per share

- 2023-09: CNY 9.23 per share

- 2023-10: CNY 8.79 per share

- 2023-11: CNY 8.70 per share

- 2023-12: CNY 8.00 per share

- 2024-01: CNY 6.98 per share

- 2024-02: CNY 7.64 per share

- 2024-03: CNY 7.53 per share

- 2024-04: CNY 7.63 per share

- 2024-05: CNY 7.80 per share

- 2024-06: CNY 6.72 per share

- 2024-07: CNY 8.01 per share

- 2024-08: CNY 8.26 per share

- 2024-09: CNY 10.02 per share

- 2024-10: CNY 10.88 per share

- 2024-11: CNY 11.16 per share

- 2024-12: CNY 10.33 per share

- 2025-01: CNY 9.61 per share

- 2025-02: CNY 9.05 per share

- 2025-03: CNY 8.88 per share

- 2025-04: CNY 8.75 per share

- 2025-05: CNY 9.25 per share

- 2025-06: CNY 10.25 per share

- 2025-07: CNY 9.63 per share

- 2025-08: CNY 11.42 per share

- 2025-09: CNY 14.97 per share

- 2025-10: CNY 15.70 per share

- 2025-11: CNY 15.41 per share

- 2025-12: CNY 20.40 per share

- 2026-01: CNY 26.11 per share

- 2026-02: CNY 28.45 per share

- 2026-03: CNY 26.30 per share

- 2026-04: CNY 27.55 per share

- 2026-05: CNY 23.42 per share

- 2026-06: CNY 23.90 per share

- 2026-07: CNY 18.39 per share

- 2026-08: CNY 18.34 per share

- 2026-09: CNY 17.22 per share

- 2026-10: CNY 15.87 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 4.46 per share, central CNY 4.92 per share, high CNY 5.53 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.