Investors, good afternoon. Welcome to join us this call, the 2026 first quarter results for Goldwind Science & Technology Company.

Joining with us, we have Mr. Cao Zhigang, board director and president; Ma Jinru, board secretary and company secretary; CFO Wang Hongyan; and also group VP and GM of wind power business Chen Qiuhua.

We're going to have Ma Jinru to talk about the first quarter industry update and review, officer Wang Hongyan will go through the Q1 business review, and finally, we're going to take your questions. Now, over to you, Ms.

Ma. Thank you.

Investors, good afternoon. Thank you so much for joining this call for the Q1 earning results.

About the industry review and business review. In terms of the industry review, this is the global annual installation in 2025 and the distribution across different countries.

Not much update there, I will skip there. Back to China.

In the first quarter, the on-grid capacity was 15.8 GW, up by 7.9%. As of end of March, total wind power on-grid capacity was 655 GW, which is about 16.5% of total energy installed capacity, while thermal power dropped to 39.2%.

Also in last year, the total power consumption was actually 10,000 sorry, 10 trillion kWh, up by 5%. Also, we have seen pretty much flat in terms of the tender.

We are down by 2.2% in the first three quarters first three months this year, 28 GW. You can see on the right, the open tender average price pretty much stabilized.

Now I'm listing the Q1 industry policies. Now, first of all, it has to do with the power market.

In terms of the power market development, on January 30th, NDRC Energy Administration published notice on improving the genset capacity tariff mechanisms. On February 11th, State Council published opinion regarding the unified power market system.

The other two has to do with green and low-carbon objectives, which is on the March the 5th, the 2026 policy addressed talking about development green carbon ecology economy. On April 13th, the publication of opinion regarding the shipping green and low-carbon transition.

On the right, this is the Code of Ecological Environment. The Code further specified the general requirement of green low-carbon development, developing circular economy, energy conservation, and green and carbon transition to cope with climate change as the target, which will be effective on the 15th of April, sorry, August this year, including development of wind power, solar, as well as the consumption mechanism for renewable energy, building a new type of power system, and also promotion of the green energy consumption.

In that kind of backdrop, let's turn to our business review. In the first quarter, we have external sales capacity of 6 6,040 MW, up by 133.45%.

Below 6 MW, which is 9%; 6 to 10 MW was 4,312 MW, by accounting for 71%; 10 MW and above was 1,173 MW, about 19%. At the end of the Q1, we have order backlog of 53.9 GW, including external order 50.7 GW.

In terms of external order, tender win was 9.5 GW and the signed contract 41.2 GW. Also at the end of first quarter, our internal demand was 3.2 GW, mainly for our self-run wind farms.

If you look at the pie chart in terms of distribution, you can see again the main component was 6 to 10 MW. This is our international business footprint as of end of Q1.

Our business international installed capacity exceeds 13 1,000 MW. Asia excluding China and South America exceeds 3 GW, and also in Africa, Oceania over 2 GW, North America, Europe over 1 GW.

As of end of Q1, the order backlog overseas was 9 GW. On the left, this is the wind farms.

As you can see, Q1 newly added equity capacity was 177 MW. We have disposed 102 MW of wind farm.

End of March, our self-run wind farm equity capacity exceed 10 GW. 39% were domiciled in Northwest, 24% domiciled in East China, 16% domiciled in North China, the other was in single digit.

End of Q1, our total capacity under construction in China and overseas was about 3 GW. In the first quarter, the average utilization hour of our self-owned wind farm was 539 hours.

On the right, you can see the distribution of the capacity of grid connection. We already touched upon that.

That was the business review. I'm going to hand over to Mr.

Wang for the financial review.

Good afternoon. I'm Wang Hongyan, CFO.

Thank you so much for joining this earning call for the first quarter. I'm going to report to you the 2026 Q1 performance.

Again, we're going to talk about four areas. Firstly, we're going to talk about the consolidated profit and loss and mainly the the current assets, profitability, operating index, and solvency, and cash flows.

In the chart, we're looking at the the grey was actually the previous quarters and the blue part was Q1. This is on slide 13.

This is a consolidated profitability index. You can see we have a good beginning of the year.

On the top left, this is the operating revenue. You can see the grey bar represent the quarters in 2025, the blue bar represent Q1 in 2026.

The Q1 revenue was 15,485 million RMB, which is increased by 64%, mainly from the wind turbine manufacturing increase and also implementation of strategy. The revenue is actually hitting a record in and this is for the first time we have over 10 billion RMB in a quarter.

Then we have the gross margin. In 2026, the first margin first quarter margin was 16.26%, which is year-on-year decline.

This is really because we have higher revenue of wind turbine generator. This is first thing to watch.

Secondly, the margins, 2.5 billion, increased by 533 million, up by up by lots. The increase has to do with the business mix improvement.

In 2026 first quarter, again, this is the highest quarter in terms of gross margin dollars. Net profit margin in the first quarter, the attributable net profit, 907 million, increased by 59.65%.

Improvement in profit come from two sides. Higher GP margin; secondly, and and also lower non-recurring cost.

Also the weighted average ROE in 20 ROE in Q1 was 2.23%, which is up by 7 0.75 percentage point year-on-year thanks to the higher net profit margin and also improvement of business mix. The average ROE continued to improve.

That was a very important four profitability metrics. Then, turning on the 14th slide, which is the on the operation metrics.

The account receivable was 33.9 billion, accounted for 20% of total assets. Account receivable as well as the turnaround turnover days has been improving, the operating efficiency has been improving.

This is really thanks to our management, the full-cycle management of account receivable, putting putting customer in the center, working with the banks, and also optimizing the incentive mechanisms, achieving synergy so that we have significant outcome of improvement. On the right, we're looking at the first quarter inventory and contract asset balance, 17.5 billion RMB in total, which is reduced, is now accounted for 10% of total assets.

Which means operating efficiency improvement, also thanks to, firstly, management of turnover lead time and also improvement of deliveries. Now turning to the next slide, which is the solvency metrics.

In the first quarter, our interest-bearing debt was 5 billion, slightly down but slightly up year sorry, slightly down year-on-year, which has to do with the business schedule, which is in line with the business schedule because right now our we have abundant credit lines, we have reasonable debt ratio and we have robust funding capabilities. On the right, we're looking at the at the end of Q1, the asset-liability ratio, which is 71.1%.

As you can see, year-on-year, Q-on-Q, we have significant reduction of the liability ratio thanks to the asset liability and equity structure improvement, and also goes to show our financial management in terms of robustness and effectiveness. For the full year, we will continue to promote the deleveraging to leading the continued decline of asset-liability ratio.

Lastly, slide 16, which is the cash flow and operating cash flow on the left. This is the quarterly cash flow in the last five quarters.

At the end of first quarter this year, the balance was 11.3 billion. Ratio cash to total asset was 6.72%, will continue to see significant improvement thanks to our efficiency in the overall management.

On the right, this is the quarterly operating cash flow in 2025 and Q1 this year. Two features: first of all, there's a seasonality there, and also the net cash flow net cash net cash outflow has been narrowed year-on-year.

The cash efficiency has been has been improved. Of course, also thanks to our refined management of the cash delivery cycle, matching the revenue inflow, and for the full year, operating cash flow will continue to maintain healthy, stable, and sufficiency.

That was the overview of financial performance in the first quarter this year. Thank you.