GOLDWIND SCIENCE&TECHNOLOGY CO., LTD. — Interim / Quarterly Report 2017

Apr 27, 2017

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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2017 FIRST QUARTERLY REPORT

Summary

The Board of the Company hereby announces the 2017 First Quarterly Report of the Company which has been prepared in accordance with the PRC GAAP and is unaudited.

This announcement is made pursuant to disclosure obligations under Rule 13.09 of the Listing Rules and the Inside Information Provisions under Part XIVA of the SFO.

The board of directors (the “ Board ”) of Xinjiang Goldwind Science & Technology Co., Ltd. (the “ Company ”) hereby announces the unaudited financial results of the Company and its subsidiaries (collectively, the “ Group ”) for the three months ended 31 March 2017 (the “ 2017 First Quarterly Report ” or “ this report ”), which have been prepared in accordance with the People’s Republic of China Accounting Standards for Business Enterprise (the “ PRC GAAP ”).

This announcement is made in accordance with Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) and the inside information provisions (the “ Inside Information Provisions ”) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong ) (“ SFO ”).

The 2017 First Quarterly Report is written in both Chinese and English. In the case of any discrepancies, the Chinese version of the report shall prevail over its English version.

* For identification purpose only

1

The 2017 First Quarterly Report of Xinjiang Goldwind Science & Technology Co., Ltd.

§1 IMPORTANT NOTICE

• 1.1 The Board, the supervisory committee, as well as the directors, supervisors and senior management of the Company, collectively and individually, accept responsibility for the truthfulness, accuracy and completeness as to the contents of this report, and warrant that there are no false representations, misleading statements or material omissions of information in this report.

• 1.2 Other than the members listed below, all other members of the Board attended the board meeting in person at which this report was considered and approved:

		Reasons for Not
Name	Position		Name of Proxy
		**Attending in Person **
	Non-executive
Gao Jianjun		Work Reasons	Wu Gang
	Director
Cao Zhigang	Executive Director	Work Reasons	Wang Haibo
	Independent
Yang Xiaosheng		Work Reasons	Tin Yau Kelvin Wong
	Director

• 1.3 The legal representative of the Company, Mr. Wu Gang, the person-in-charge of accounting affairs, Mr. Huo Changbao, and the head of the accounting department, Mr. Lv Peng, jointly declare that the financial statements as set out in this report are truthful, accurate and complete.

§2 PRINCIPAL ACCOUNTING FIGURES AND SHAREHOLDER INFORMATION

2.1 Principal accounting figures

	For the Period of 1 January to 31 March 2017 (the “Reporting Period”)	For the Period of 1 January to 31 March 2016	Percentage Change Year-over-Y ear(“YoY”)
Revenue from operations (RMB)	3,583,893,365.04	3,983,560,596.61	-10.03%
Net profits attributable to shareholders of the Company (RMB)	180,636,616.55	370,512,648.85	-51.25%

2

Net profits attributable to shareholders of the Company after deducting non-recurring gains and losses(RMB)	176,301,163.51	290,853,040.75	290,853,040.75	-39.38%
Net cash flows from operating activities (RMB)	-2,243,250,009.90	-2,788,979,785.35		-19.57%
Basic earnings per share (RMB/share)	0.0596	0.1354		-55.98%*
Diluted earnings per share (RMB/share)	0.0596	0.1354		-55.98%*
Weighted average return on net assets	0.81%	2.19%		-1.38 percentage point
	As at 31 March 2017	As at 31 December 2016		Percentage Change YoY
Total assets (RMB)	61,812,650,204.84	64,437,164,996.24		-4.07%
Net assets attributable to shareholders of the Company (RMB)	20,149,910,931.67	19,976,152,035.10		0.87%
*Values for percentage change were calculated based on net profits shareholders of the Company adjusted to two decimal places.				attributable to Unit: RMB
		Amount for the
Non-recurring Gains and Losses Items				Notes
		Reporting Period
Gains or losses on disposal of non-current assets (including		-58,814.59
provisions for asset impairment write-offs)
Government grants accounted in profit and loss of the		23,548,478.94
reporting period (excluding grants that are closely related to
the normal operations of the Company, and grants in
compliance with national policies or subject to fixed amounts
under certain standards)
Gains or losses from changes in fair values of financial assets		-16,372,647.09
held for trading and financial liabilities held for trading, and
investment gains from disposal of financial assets held for
trading, financial liabilities held for trading and
available-for-sale financial assets, excluding hedging
activities related to the ordinarybusiness of the Company
		473,772.18
Other non-operating income and expenses
		1,733,677.02
Less: Relevant income tax
Relevant amount attributable to minority		1,521,659.38
shareholders(after tax)
		4,335,453.04
Total				--

*Values for percentage change were calculated based on net profits attributable to shareholders of the Company adjusted to two decimal places.

3

2.2 Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period

Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period	Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period	Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period	Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period	Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period	Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period	Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period	Total number of shareholders and shareholdings of the top 10 shareholders as at the end of the Reporting Period
Unit: Shares
Total Number of Shareholders			144,546
Shareholdings of Top 10 Shareholders
					Number	**Pledged or Frozen **
		Percentage		Number	of Shares
Name	Type
		of Total		of Shares	Subject to	Condition	Amount
					Lock-up
HKSCC Nominees Limited (香港中央結算 (代理人)有限公司)	Overseas legal person	18.23%		498,788,620
Xinjiang Wind Power Co., Ltd. (新疆風能有 限責任公司)	State- owned legal person	13.74%		375,920,386
						Pledged	74,624,000
China Three Gorges New Energy Co., Ltd. (中國三峽新能源有限 公司)	State- owned legal person	10.52%		287,659,287
Anbang Life Insurance Co., Ltd. – Conservative Portfolios Account (安 邦人壽保險股份有限 公司－保守型投資組 合)	Other	7.84%		214,541,738
Hexie Health Insurance Co., Ltd. – All-powerful Products Account (和諧 健康保險股份有限公 司－萬能產品)	Other	4.14%		113,248,111
Central Huijin Asset Management Co., Ltd. (中央匯金資產管理有 限責任公司)	State- owned legal person	1.68%		46,059,700
Wu Gang (武鋼)	Domestic natural person	1.47%		40,167,040	30,125,280
Anbang Annuity Insurance Co., Ltd.- Group All-powerful Products Account (安邦養老保險股份有	Other	0.87%		23,930,127

4

限公司－團體萬能產 品)
Haitong Securities Asset Management - China Merchants Securities – Haitong Goldwind Collective Asset Management Plan 2 (海通證券資管－招 商證券－海通金風2號 集合資產管理計畫)	Other	0.72%	19,563,000	19,563,000
Wang Xiangming（王 相明）	Domestic natural person	0.70%	18,850,400
Shareholdings of Top 10 Shareholders Not Subject to Lock-up
			Number of		Share Category
Name			Shares		Category		Amount
HKSCC Nominees Limited (香港中央結算（代理 人）有限公司)			498,788,620		Overseas listed		498,788,620
					foreign shares
Xinjiang Wind Power Co., Ltd. (新疆風能有限責 任公司)			375,920,386		RMB
							375,920,386
					denominated
					ordinaryshares
China Three Gorges New Energy Co., Ltd. (中國 三峽新能源有限公司)			287,659,287		RMB
							287,659,287
					denominated
					ordinaryshares
Anbang Life Insurance Co., Ltd. – Conservative Portfolios Account (安邦人壽保險股份有限公司 －保守型投資組合)			214,541,738
					RMB
							214,541,738
					denominated
					ordinary shares
Hexie Health Insurance Co., Ltd. – All-powerful Products Account (和諧健康保險股份有限公司 －萬能產品)			113,248,111
					RMB
							113,248,111
					denominated
					ordinary shares
Central Huijin Asset Management Co., Ltd. (中央 匯金資產管理有限責任公司)			46,059,700		RMB
							46,059,700
					denominated
					ordinaryshares
Anbang Annuity Insurance Co., Ltd.- Group All-powerful Products Account (安邦養老保險股份有限公司－團體萬能產品)			23,930,127		RMB
							23,930,127
					denominated
					ordinary shares
Wang Xiangming（王相明）			18,850,400		RMB
							18,850,400
					denominated
					ordinaryshares
Anbang Insurance Group Co., Ltd. – Traditional Insurance Product (安邦保險集團 股份有限公司－傳統保險產品)			17,113,600
					RMB
							17,113,600
					denominated
					ordinary shares
Xinjiang New Energy (Group) Co., Ltd. (新疆新能源（集團）有限責任公司)			15,216,405		RMB
							15,216,405
					denominated
					ordinaryshares
Details of connected relations of the above			Connected relations between XinjiangWind Power

5

shareholders or whether or not they are acting in	Co., Ltd. and China Three Gorges New Energy Corporation: China Three Gorges New Energy Co., Ltd. is a wholly-owned subsidiary of China Three Gorges Corporation. China Three Gorges Co., Ltd. holds 33.89% and 9.44% of the issued share capital of Xinjiang Wind Power Co., Ltd. through China Three Gorges New Energy Co., Ltd. and Yangtze New Energy Development Co., Ltd., respectively. China Three Gorges Co., Ltd. holds 43.33% of the issued share capital of Xinjiang Wind Power Co., Ltd. in total. Anbang Insurance Group Co., Ltd. is the substantial shareholder of Anbang Life Insurance Co., Ltd., Hexie Health Insurance Co., Ltd. and Anbang Annuity Insurance Co., Ltd., holding 99.98% of Anbang Life Insurance Co., Ltd., 98.31% of Hexie Health Insurance Co., Ltd. and 99.99% of Anbang Annuity Insurance Co., Ltd., respectively. The above companies have not signed concerted action agreements nor agreed on acting in concert. But the above companies are concerted action persons because of the connected relationship.
concert
Participation of Securities Margin	Nil
Trading by Top 10 Ordinary Shareholders

§3 SIGNIFICANT EVENTS

3.1 Significant changes, and respective explanations, to key accounting items and financial indicators during the Reporting Period

1. Currency funds as at 31 March 2017 was RMB4,254,321,223.52, representing a decrease of 48.58% compared with the balance as at 31 December 2016, mainly due to an increase in the Group’s expenses of purchasing and construction of wind farms during the Reporting Period.

2. Financial assets measured at fair value through profit or loss for the current period as at 31 March 2017 was RMB4,327,172.72, representing a decrease of 83.32% compared with the balance as at 31 December 2016, mainly due to the decreased fair value of the financial assets held for trading of the Group during the Reporting Period.

3. Available-for-sale financial assets as at 31 March 2017 was RMB1,100,000,000.00, representing an increase of 46.67% compared with the balance as at 31 December 2016, mainly due to the purchase of available-for-sale financial assets during the Reporting Period.

4. Prepayments as at 31 March 2017 was RMB1,007,875,775.96, representing an increase of 71.25% compared with the balance as at 31 December 2016, mainly due to the increased prepayments for purchasing inventory during the Reporting Period.

5. Interest receivable as at 31 March 2017 was RMB822,416.58, representing an increase of 287.02% compared with the balance as at 31 December 2016, mainly due to the recognition of interest for investment held to maturity by the Group during the Reporting Period.

6. Non-current assets due within one year as at 31 March 2017 was RMB461,072,305.31, representing an increase of 37.07% compared with the balance as at 31 December 2016, mainly due to the increased in receivables for finance lease payments due within one year during the Reporting Period.

7. Construction in progress as at 31 March 2017 was RMB1,292,456,590.59, representing a decrease of 45.81% compared with the balance as at 31 December 2016, mainly due to the re-categorization from construction in progress to fixed assets following the completion of certain wind farm projects during the Reporting Period.

6

1. Employee benefits payable as at 31 March 2017 was RMB288,712,056.93, representing a decrease of 56.74% compared with the balance as at 31 December 2016, mainly due to the Group’s payment of salaries accrued at last year during the Reporting Period.

2. Taxes payable as at 31 March 2017 was RMB180,060,817.76, representing a decrease of 70.48% compared with the balance as at 31 December 2016, mainly due to the Group’s payment of added-value tax and income tax accrued at the end of last year during the Reporting Period.

3. Financial expenses for the Reporting Period was RMB165,239,361.41, representing an increase of 84.09% YoY, mainly due to the increased average loan balance as well as due to the Group’s completed wind farms transferred to fixed assets which led to interest payments for associated project bank loans re-categorised as interest expense rather than capital expenditure.

4. Impairment loss of assets for the Reporting Period was RMB21,301,905.75, representing a decrease of 58.20% YoY, mainly due to the Group’s decrease of overdue accounts receivable YoY which led to a decrease of provision for impairment during the Reporting Period.

5. Gains or losses from changes in fair values for the Reporting Period was RMB-22,587,455.79, representing an increase 100% YoY, mainly due to the decrease of fair value of the financial assets held for trading of the Group during the Reporting Period.

6. Investment income for the Reporting Period was RMB34,159,107.57, representing a decrease of 79.70% YoY, mainly due to the decrease of investment income of the available for sale financial assets and gains arising from investments in associated enterprises and joint ventures during the Reporting Period.

7. Non-operating expenses for the Reporting Period was RMB1,160,623.81, representing a decrease of 43.03% YoY, mainly due to the decreased expenses relating to social responsibilities of the Group during the Reporting Period.

8. Net cash flows used in investment activities for the Reporting Period was RMB1,250,297,954.81, representing an increase of 45.28% YoY, mainly due to the decreased gains from disposal of available for sale financial assets during the Reporting Period.

9. Net cash flows from financing activities for the Reporting Period was RMB74,889,892.92, representing a decrease of 87.32% YoY, mainly due to the increased payment due for bank loans of the Group during the Reporting Period.

3.2 Analysis and discussion on the progress of significant events, their impact and resolutions

1. The Company does not have controlling shareholders or de facto controllers, and has not provided funds to any of its shareholders or any of their connected persons, nor has it provided any guarantees to any parties that are not in compliance with the relevant regulations.

2. Company Orders As at 31 March 2017, the Group had a total of 7,917.2MW of outstanding orders, including 6MW of 750kW WTGs, 1,656MW of 1.5MW WTGs, 3,730MW of 2.0MW WTGs, 250.8MW of 2.2MW WTGs, 2,225MW of 2.5MW WTGs, 36MW of 3.0MW WTGs, and 13.4MW of 6.7 MW WTGs. In addition, the Company had won bids for projects totalling 7,685.4MW for which contracts have not yet been signed, including 444MW of 1.5MW WTGs, 4,816MW of 2.0MW WTGs, 477.4MW of 2.2MW WTGs, 1,750MW of 2.5MW WTGs, and 198MW of 3.0MW WTGs. The combined backlog of orders was 15,602.6MW.

3. No other significant events.

7

• 3.3 Overdue completed commitments given by the actual controllers, shareholders, connected persons, Acquirer related parties of the Company during the Reporting Period

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----- Start of picture text -----

Date of
Categories of Content of Period for Performed or
Commitments Responsible Parties Commitment
Commitments Commitments Commitments not
s
Xinjiang Wind Power Commitment to
Commitment to avoid
Co., Ltd.; avoid competition
competition within the 9 May 2007 Yes
China Three Gorges within the same
same industry
New Energy Co., Ltd. industry
Wang Haibo, Cao Commitment
Commitments Zhigang, Wu Kai, Huo regarding no
given upon initial Changbao, Ma Jinru, transfer within 36
public offering or Liu Wei, Zhou Yunzhi, months from 18
other issuances of Yang Hua, Haitong August 2015 which
14 August
shares Goldwind Collective is the first date of 36 months Yes
2015
Asset Management listing of the
Plan 1 and Haitong non-public issue on
Goldwind Collective Shenzhen Stock
Asset Management Exchange.
Plan 2
Whether or not commitments were
Yes
performed on time
----- End of picture text -----

3.4 Operating results forecast for January to June 2017

Expected range of percentage
change in net profits attributable	0.00%		50.00%
		to
to shareholders of the Company
forJanuarytoJune 2017
Expected range of net profits
attributable to shareholders of	145,011.58		217,517.37
		to
the Company for January to June
2017(RMB ten thousand)
Net profits attributable to
shareholders of the Company for	145,011.58
January to June 2016(RMB ten
thousand)
	Mainly due to the increased installed volume of WTGs in our own
Reasons for increase/decrease
	wind farmprojects resultingin increasedgeneration capacityYoY

3.5 Financial Assets at Fair Value

3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value	3.5 Financial Assets at Fair Value
Unit:RMB
			Cumulative
			Change in the
						Cumulative	Amount at the
	Initial	Fair Value	Fair Value	Purchase	Sale			Capital
Assets Class						Investment	end of the
	Investment Cost	Losses or Gains	recorded in	Amount	Amount			Source
						Income	Reporting Period
			owner’s
			equities
Derivative	6,509,990.00	-22,587,455.79	0.00	0.00	0.00	-197,038.60	6,312,951.40	Existing

8

Instruments								Funds
								Existing
Others	1,142,204,494.41	0.00	71,311,069.91	350,000,000.00	0.00	102,615,825.96	1,594,820,320.37
								Funds
Total	1,148,714,484.41	-22,587,455.79	71,311,069.91	350,000,000.00	0.00	102,418,787.36	1,601,133,271.77	--

3.6 Violated Guarantee

During the Reporting Period, there is no violated guarantee by the Company.

3.7 Non-business Capital Utilized by the Controlling Shareholders and Their Respective Connected Persons to the Company

During the Reporting Period, there is no non-business capital utilized by the controlling shareholders and their respective connected persons to the Company.

3.8 Investigations, Communications and Interviews Checklist during the Reporting Period

Time	Mode	Object Type	Basic Information
	Phone		Wind Power Industry Outlook
6 January 2017		Institution
	Communication		R&D of Wind Power Industry
	Field		Wind Power Market and Industry
6 January 2017		Institution
	Investigation		Outlook
			Development of Wind Power
	Phone
9 January 2017		Institution	Technologies and Wind Power
	Communication
			Industry Policies
	Phone		Circumstance of Wind Power
9 January 2017	Communication	Institution	Market and Competitive
			Advantages
	Phone		Interpretation of Wind Power
10 January 2017	Communication	Institution	Policies and Analysis of Wind
			Power Market
	Phone		Circumstance of Wind Power
12 January 2017	Communication	Institution	Market and Competitive
			Advantages
	Field		Interpretation of Wind Power
16 January 2017	Investigation	Institution	Policies and Analysis of Wind
			Power Market Outlook
17 January 2017	Field	Institution	Circumstance of Wind Power

9

	Investigation		Market, Wind Power Outlook and
			Company Business
	Field		Interpretation of Wind Power
18 January 2017	Investigation	Institution	Policies, Wind Power Market
			Outlook and New Products
	Phone		Circumstance of Wind Power
18 January 2017	Communication	Institution	Market, Wind Power Industry
			Outlook and Company Business
	Phone		Interpretation of Wind Power
23 January 2017	Communication	Institution	Policies, Wind Power Market
			Outlook and Company Business

10

§4 FINANCIAL STATEMENTS

4.1 Financial Statements

4.1.1 Consolidated Balance Sheet

Prepared by: Xinjiang Goldwind Science & Technology Co., Ltd. Unit: RMB

Items	As at 31 March 2017	As at 31 December 2016
CURRENT ASSETS:
Currency funds	4,254,321,223.52	8,274,366,868.84
Financial assets measured at fair value through profit or loss for the currentperiod	4,327,172.72	25,937,258.63
Available for sale financial assets	1,100,000,000.00	750,000,000.00
Bills receivable	1,591,809,773.40	2,198,843,661.96
Accounts receivable	15,501,278,817.31	14,547,611,855.88
Prepayments	1,007,875,775.96	588,546,007.01
Interest receivable	822,416.58	212,500.00
Dividends receivable	23,461,218.30	20,634,084.65
Other receivables	739,373,381.47	796,087,393.03
Inventories	3,807,531,398.53	3,192,279,891.28
Non-current assets classified as held for sale and assets included in disposal groups classified as held for sale	1,872,440,264.99	1,793,648,688.63
Non-current assets due within one year	461,072,305.31	336,382,474.75
Other current assets	603,060,075.74	572,069,436.70
Total current assets	30,967,373,823.83	33,096,620,121.36
NON-CURRENT ASSETS:
Financial assets measured at fair value through profit or loss for the currentperiod	1,985,778.68	1,985,778.68
Available for sale financial assets	1,168,582,769.03	1,191,324,624.79
Held to maturity investments	49,984,209.85	49,995,188.87
Long-term receivables	4,184,688,249.98	4,439,961,705.12
Long-term equity investments	1,316,431,416.24	1,307,962,324.09
Investment properties	70,076,271.18	70,800,303.81

11

Fixed assets	17,926,678,974.30	17,093,558,213.29
Construction in progress	1,292,456,590.59	2,385,132,862.85
Intangible assets	999,504,116.96	1,002,592,295.93
Development expenses	65,066,081.21	65,543,417.21
Goodwill	483,564,035.10	474,428,591.28
Long-term deferred expenses	54,725,947.60	57,380,639.35
Deferred tax assets	1,547,611,959.45	1,517,390,543.69
Other non-current assets	1,683,919,980.84	1,682,488,385.92
Total non-current assets	30,845,276,381.01	31,340,544,874.88
Total assets	61,812,650,204.84	64,437,164,996.24
CURRENT LIABILITIES:
Short-term borrowings	1,931,201,470.36	1,803,654,209.83
Bills payable	4,837,467,659.34	4,879,121,239.10
Accounts payable	7,879,378,591.74	9,593,599,429.40
Receipts in advance	3,288,856,651.07	3,225,052,940.79
Employee benefits payable	288,712,056.93	667,335,035.26
Tax payables	180,060,817.76	610,055,365.44
Liabilities included in disposal groups classified as held for sale	820,441,430.72	650,099,914.79
Interest payable	64,061,700.02	91,077,139.11
Dividend payable	50,000,000.00	50,000,000.00
Other payables	555,849,392.62	603,437,537.65
Non-current liabilities due within one year	793,619,785.20	890,434,323.30
Provisions	1,897,502,645.86	1,599,111,002.61
Other current liabilities	0.00	0.00
Bonds payable	0.00	0.00
Total current liabilities	22,587,152,201.62	24,662,978,137.28
NON-CURRENT LIABILITIES:
Long-term borrowings	11,512,386,685.10	11,866,545,667.10
Bonds payable	3,486,191,883.04	3,552,492,825.17
Long-term payables	924,043,397.59	864,298,781.25
Provisions	2,030,085,533.21	2,366,768,883.13
Deferred income	332,451,333.68	324,420,248.32
Deferred tax liabilities	98,728,272.14	100,866,111.98

12

Total non-current liabilities	18,383,887,104.76	19,075,392,516.95
Total liabilities	40,971,039,306.38	43,738,370,654.23
OWNERS’ EQUITY:
Share capital	2,735,541,000.00	2,735,541,000.00
Other equity instruments	1,495,118,490.57	1,495,118,490.57
Including: Preferred stock	0.00	0.00
Perpetual medium-term notes	1,495,118,490.57	1,495,118,490.57
Capital reserve	8,185,295,097.28	8,185,295,097.28
Other comprehensive income	-123,721,154.41	-113,231,785.83
Special reserve	3,611,648.60	0.00
Surplus reserve	1,094,425,869.42	1,094,425,869.42
Unappropriated profit	6,759,639,980.21	6,579,003,363.66
Total equity attributable to owners of the parent company	20,149,910,931.67	19,976,152,035.10
Minority interests	691,699,966.79	722,642,306.91
Total owners’ equity	20,841,610,898.46	20,698,794,342.01
Total liabilities and owners’ equity	61,812,650,204.84	64,437,164,996.24

Legal Representative Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Huo Changbao Lv Peng

4.1.2 Parent Company Balance Sheet

Prepared by: Xinjiang Goldwind Science & Technology Co., Ltd. Unit: RMB

Items	As at 31 March 2017	As at 31 December 2016
CURRENT ASSETS:
Currency funds	1,605,459,758.84	4,326,147,657.01
Available for sale financial assets	1,100,000,000.00	750,000,000.00
Bills receivable	1,284,307,554.93	2,185,804,941.97
Accounts receivable	10,731,566,047.31	10,060,426,424.77
Prepayments	712,539,526.86	276,640,350.60
Interest receivable	261,297,763.74	205,774,784.30
Dividends receivable	1,773,402,314.13	1,773,402,314.13
Other receivables	5,106,612,419.88	3,718,024,843.94
Inventories	1,716,543,375.55	1,488,302,948.77

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Other current assets	120,883,027.23	124,102,958.35
Total current assets	24,412,611,788.47	24,908,627,223.84
NON-CURRENT ASSETS:
Available for sale financial assets	2,400,000.00	2,400,000.00
Held to maturity investments	49,984,209.85	49,995,188.87
Long-term receivables	2,486,933,531.63	2,540,593,857.21
Long-term equity investments	12,141,984,141.69	12,130,431,319.82
Investment properties	62,268,630.48	62,803,102.08
Fixed assets	169,603,008.38	172,856,272.75
Construction in progress	4,148,177.64	2,969,537.57
Intangible assets	88,308,015.70	87,059,797.42
Development expenses	184,910,162.45	183,191,452.68
Long-term deferred expenses	221,638.98	444,777.96
Deferred tax assets	651,416,039.95	647,932,449.85
other non-current assets	175,061,604.46	175,061,604.46
Total non-current assets	16,017,239,161.21	16,055,739,360.67
Total assets	40,429,850,949.68	40,964,366,584.51
CURRENT LIABILITIES:
Short-term borrowings	1,795,873,613.47	1,655,873,613.47
Bills payable	4,752,563,156.34	4,317,318,928.84
Accounts payable	5,272,885,964.68	5,926,364,606.43
Receipts in advance	3,115,052,687.56	2,530,190,218.47
Employee benefits payable	171,891,096.58	228,145,724.15
Tax payables	2,700,509.79	213,429,053.63
Interest payable	124,917,292.07	131,861,587.74
Dividend payable	50,000,000.00	50,000,000.00
Other payables	2,930,705,324.66	3,577,052,944.44
Provisions	1,469,454,769.35	1,243,789,359.67
Non-current liabilities due within one year	183,236,537.86	184,236,537.86
Bonds payable	0.00	0.00
Total current liabilities	19,869,280,952.36	20,058,262,574.70
NON-CURRENT LIABILITIES:
Long-term borrowings	364,965,000.00	365,850,000.00

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Bonds payable	1,456,716,494.59	1,519,340,897.77
Long-term payables	641,647,596.07	591,660,934.30
Provisions	1,552,188,435.88	1,885,480,210.09
Deferred income	121,034,709.67	122,538,679.88
Total non-current liabilities	4,136,552,236.21	4,484,870,722.04
Total liabilities	24,005,833,188.57	24,543,133,296.74
OWNERS’ EQUITY:
Share capital	2,735,541,000.00	2,735,541,000.00
Other equity instruments	1,495,118,490.57	1,495,118,490.57
Including: Preferred stock	0.00	0.00
Perpetual medium-term notes	1,495,118,490.57	1,495,118,490.57
Capital reserve	8,264,710,486.29	8,264,710,486.29
Other comprehensive income	-1,442,314.53	-1,569,144.23
Special reserve	151,366.12	0.00
Surplus reserve	1,095,482,471.82	1,095,482,471.82
Unappropriated profit	2,834,456,260.84	2,831,949,983.32
Total owners’ equity	16,424,017,761.11	16,421,233,287.77
Total liabilities and owners’ equity	40,429,850,949.68	40,964,366,584.51

Legal Representative Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Huo Changbao Lv Peng

4.1.3 Consolidated Income Statement

Prepared by: Xinjiang Goldwind Science & Technology Co., Ltd. Unit: RMB

Items	For the Period of	For the Period of
	1 January to	1 January to
	31-Mar-17	31-Mar-16
I. Total operating income	3,583,893,365.04	3,983,560,596.61
Including: Operating income	3,583,893,365.04	3,983,560,596.61
II. Total operating costs	3,409,315,936.19	3,740,403,974.25
Including: Operating costs	2,402,229,688.35	2,791,395,673.72
Tax and surcharge	12,539,138.83	17,246,982.35
Selling and distribution expenses	388,882,618.23	410,181,018.85
Administrative expenses	419,123,223.62	380,856,158.34

15

Financial expenses	165,239,361.41	89,759,156.95
Impairment loss of assets	21,301,905.75	50,964,984.04
Add: Gains or losses from changes in fair values	-22,587,455.79	0.00
Investment income	34,159,107.57	168,238,120.99
Including: Gains arising from investments in associated enterprises and joint ventures	22,504,469.69	28,825,948.68
III. Operating profits (loss will be shown with “-” sign)	186,149,080.63	411,394,743.35
Add: Non-operating income	37,283,676.74	40,573,593.11
Including: Gain arising from disposal of non-current assets	44,850.43	52.93
Less: Non-operating expenses	1,160,623.81	2,037,153.47
Including: Loss arising from disposal of non-current assets	103,665.02	569,019.26
IV. Total profits (loss will be shown with “-” sign)	222,272,133.56	449,931,182.99
Less: Income tax expenses	14,101,774.24	63,817,683.18
V. Net profits (loss will be shown with “-” sign)	208,170,359.32	386,113,499.81
Net profits attributable to owners of theparent company	180,636,616.55	370,512,648.85
Gains or losses from minority interests	27,533,742.77	15,600,850.96
VI. Earningsper share
(I) Basic	0.0596	0.1354
(II) Diluted	0.0596	0.1354
VII. Other comprehensive income	3,987,342.94	-13,728,079.18
Other comprehensive income items which will not be reclassified subsequently to profit or loss	0.00	0.00
Cash flow hedges	0.00	0.00
Other comprehensive income items which will be reclassified subsequently to profit or loss when specific conditions are met	3,987,342.94	-13,728,079.18
Available-for-sale investments	7,238,355.76	-31,722,014.61
Exchange differences on translation of foreign operations	-3,251,012.82	17,993,935.43

16

VIII. Total comprehensive income	212,157,702.26	372,385,420.63
Total comprehensive income attributable to owners of the parent company	184,623,959.49	356,784,569.67
Total comprehensive income attributable to minorityshareholders	27,533,742.77	15,600,850.96
Legal Representative Person-in-charge of accounting affairs: Wu Gang Huo Changbao		Head of accounting department: Lv Peng

4.1.4 Parent Company Income Statement

Prepared by: Xinjiang Goldwind Science & Technology Co., Ltd. Unit: RMB

Items	For the Period of	For the Period of
	1 January to	1 January to
	31-Mar-16	31-Mar-15
I. Operating income	2,179,030,510.88	3,034,302,653.57
Less: Operating costs	1,902,777,649.31	2,520,720,983.18
Tax and surcharge	3,058,134.18	10,780,657.17
Selling and distribution expenses	216,595,146.38	213,833,989.40
Administrative expenses	71,930,482.58	54,741,235.63
Financial expenses	-19,203,072.81	-38,314,549.84
Impairment loss of assets	14,654,635.20	33,238,503.58
Add: Gains or losses from changes in fair values
Investment income	4,767,630.57	8,480,513.51
Including: Gains arising from investments in associated enterprises andjoint ventures	-1,447,178.13	113,554.87
II. Operating profits (loss will be shown with “-” sign)	-6,014,833.39	247,782,347.96
Add: Non-operating income	9,269,959.04	11,312,068.38
Including: Gain arising from disposal of non-current assets	796.97	0.00
Less: Non-operating expenses	337,451.55	1,041,079.58
Including: Loss arising from disposal of non-current assets	15,276.62	13,356.92
III. Total profits (loss will be shown with “-” sign)	2,917,674.10	258,053,336.76
Less: Income tax expenses	411,396.58	38,219,737.50
IV. Net profits (loss will be shown with “-” sign)	2,506,277.52	219,833,599.26
V. Earningsper share
(I) Basic	-0.0046	0.0804

17

(II) Diluted	-0.0046	0.0804
VI. Other comprehensive income	126,829.70	69,823.74
Other comprehensive income items which will be reclassified subsequentlytoprofit or loss when specific conditions are met	126,829.70	69,823.74
Exchange differences on translation of foreign operations	126,829.70	69,823.74
VII. Total comprehensive income	2,633,107.22	219,903,423.00
Legal Representative Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Huo Changbao Lv Peng

4.1.5 Consolidated Statement of Cash Flows

Prepared by: Xinjiang Goldwind Science & Technology Co., Ltd. Unit: RMB

Items	For the Period of	For the Period of
	1 January to	1 January to
	31-Mar-16	31-Mar-15
I. Cash flows from operatingactivities
Cash received from sales of goods, provision of services	3,561,045,150.17	2,920,014,121.57
Tax refund received	72,500,695.20	43,788,002.64
Other cash received relating to operating activities	225,813,894.03	91,209,425.32
Subtotal of cash inflows	3,859,359,739.40	3,055,011,549.53
Cash paid for goods purchased, services rendered	4,212,897,127.78	4,231,624,662.39
Cash paid to or on behalf of employees	801,888,870.93	666,828,589.25
Taxes paid	559,216,987.29	528,588,887.25
Other cash paid relating to operating activities	528,606,763.30	416,949,195.99
Subtotal of cash outflows	6,102,609,749.30	5,843,991,334.88
Net cash flows from operating activities	-2,243,250,009.90	-2,788,979,785.35
II. Cash flows from investment activities:
Cash received from recovery of investments	50,900,000.00	145,199,996.59
Cash from investment income	12,485,484.71	138,541,394.59
Net cash from disposal of fixed assets, intangible assets and other long-term assets	152,924.21	16,511,002.05
Net cash from disposal of subsidiaries and other operating entities
Other cash received relating to investment activities	8,194,858.48	67,655,852.15
Subtotal of cash inflows	71,733,267.40	367,908,245.38

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Cash paid for purchase of fixed assets, intangible assets and other long-term assets	855,304,587.20	1,049,261,259.05
Cash paid for investments	49,721,278.48	36,850,000.00
Cash paid for subsidiaries and other business entities	12,906,599.01	12,710,460.27
Other cash paid relating to investment activities	404,098,757.52	129,691,400.07
Subtotal of cash outflows	1,322,031,222.21	1,228,513,119.39
Net cash flows from investment activities	-1,250,297,954.81	-860,604,874.01
III. Cash flows from financingactivities
Cash received from investments	1,400,000.00	1,804,037.40
Including: Cash received from investments of minority shareholders through subsidiaries
Cash received from borrowings	756,757,349.06	848,607,237.14
Cash received relating to other financing activities	0.00	3,174,430.00
Subtotal of cash inflows	758,157,349.06	853,585,704.54
Cash paid for repayment of debts	473,582,275.70	110,883,878.13
Cash payments for distribution of dividends, profits or interest expenses	209,685,180.44	146,060,091.61
Including: Dividends and profits paid to minority shareholders bysubsidiaries	0.00	1,600,000.00
Other cash paid relating to financing activities	0.00	6,060,985.17
Subtotal of cash outflows	683,267,456.14	263,004,954.91
Net cash flows from financing activities	74,889,892.92	590,580,749.63
IV. Effect of exchange rate changes on cash	25,428,690.37	40,012,868.17
V. Net increase in cash and cash equivalents	-3,393,229,381.42	-3,018,991,041.56
Add: Balance of cash and cash equivalents at the beginning of theperiod	7,526,462,777.07	6,141,430,225.75
VI. Balance of cash and cash equivalents at the end of the period	4,133,233,395.65	3,122,439,184.19
Legal Representative Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Huo Changbao Lv Peng

4.1.6 Parent Company Statement of Cash Flows

Prepared by: Xinjiang Goldwind Science & Technology Co., Ltd. Unit: RMB

Items	For the Period of	For the Period of
	1 January to	1 January to

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	31-Mar-16	31-Mar-15
I. Cash flows from operatingactivities
Cash received from sales of goods, provision of services	2,280,566,395.70	2,052,693,925.61
Tax refund received	35,340,014.91	14,385,196.76
Other cash received relating to operating activities	1,694,815,845.28	1,949,425,779.29
Subtotal of cash inflows	4,010,722,255.89	4,016,504,901.66
Cash paid for goods purchased, services rendered	2,703,952,869.97	4,676,989,568.26
Cash paid to or on behalf of employees	113,184,006.58	104,989,604.10
Taxes paid	222,946,203.45	244,413,574.21
Other cash paid relating to operating activities	2,598,118,977.37	1,170,070,618.96
Subtotal of cash outflows	5,638,202,057.37	6,196,463,365.53
Net cash flows from operating activities	-1,627,479,801.48	-2,179,958,463.87
II. Cash flows from investment activities:
Cash received from recovery of investments	0.00	0.00
Cash from investment income	5,588,287.72	8,366,958.64
Net cash from disposal of fixed assets, intangible assets and other long-term assets	0.00	0.00
Other cash received relating to investment activities	117,529,964.69	0.00
Subtotal of cash inflows	123,118,252.41	8,366,958.64
Cash paid for purchase of fixed assets, intangible assets and other long-term assets	14,206,798.76	10,207,514.22
Cash paid for investments	17,000,000.00	30,000,000.00
Other cash paid relating to investment activities	1,228,900,675.88	352,236,178.66
Subtotal of cash outflows	1,260,107,474.64	392,443,692.88
Net cash flows from investment activities	-1,136,989,222.23	-384,076,734.24
III. Cash flows from financingactivities
Cash received from borrowings	140,000,000.00	198,000,000.00
Cash received from investments
Including: Cash received from investments of minority shareholders through subsidiaries
Cash received from borrowings
Cash received relating to other financing activities
Subtotal of cash inflows	140,000,000.00	198,000,000.00
Cash paid for repayment of debts	65,000,000.00	103,883,878.13
Cash payments for distribution of dividends, profits or interest expenses	30,845,022.48	8,616,748.68

20

Including: Dividends and profits paid to minority shareholders by subsidiaries
Other cashpaid relatingto financingactivities
Subtotal of cash outflows	95,845,022.48	112,500,626.81
Net cash flows from financing activities	44,154,977.52	85,499,373.19
IV. Effect of exchange rate changes on cash	-373,851.98	-751,517.97
V. Net increase in cash and cash equivalents	-2,720,687,898.17	-2,479,287,342.89
Add: Balance of cash and cash equivalents at the beginning of the period	4,326,147,657.01	4,139,014,583.52
VI. Balance of cash and cash equivalents at the end of the period	1,605,459,758.84	1,659,727,240.63
Legal Representative Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Huo Changbao Lv Peng

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4.2 Auditors’ Report

4.2.1 The 2017 First Quarterly Report is unaudited.

By order of the Board Xinjiang Goldwind Science & Technology Co., Ltd. Ma Jinru Company Secretary

Beijing, 27 April 2017

As at the date of this announcement, the executive Directors are Mr. Wu Gang, Mr. Wang Haibo and Mr. Cao Zhigang; the non-executive Directors are Mr. Zhao Guoqing, Mr. Feng Wei and Mr. Gao Jianjun; and the independent non-executive Directors are Dr. Tin Yau Kelvin Wong, Mr. Yang Xiaosheng and Mr. Luo Zhenbang.

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