GOLDWIND SCIENCE&TECHNOLOGY CO., LTD. — Interim / Quarterly Report 2018

Apr 25, 2018

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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2018 FIRST QUARTERLY REPORT

Summary

The Board of the Company hereby announces the 2018 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 2018 (the “ 2018 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 2018 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

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The 2018 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 of Proxy
Name	Position
		**Attending in Person **
	Non-executive Director		Wu Gang
Gao Jianjun		Work Reasons
	Independent Director		Tin Yau Kelvin Wong
Luo Zhenbang		Work Reasons
	Independent Director		-
Yang Xiaosheng		Work Reasons

• 1.3 The legal representative of the Company, Mr. Wu Gang, the person-in-charge of accounting affairs, Mr. Wang Haibo, 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 2018 (the “Reporting Period”)	For the Period of 1 January to 31 March 2017	Percentage Change Year-over-Year (“YoY”)
Revenue from operations (RMB)	3,859,685,676.80	3,583,893,365.04	7.70%
Net profits attributable to shareholders of the Company (RMB)	239,734,624.27	180,636,616.55	32.72%

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Net profits attributable to shareholders of the Company after deducting non-recurring gains and losses(RMB)	224,858,819.34	176,301,163.51	27.54%
Net cash flows from operating activities (RMB)	-1,578,867,467.58	-2,243,250,009.90	29.62%
Basic earnings per share (RMB/share)	0.0625	0.0459	36.17%
Diluted earnings per share (RMB/share)	0.0625	0.0459	36.17%
Weighted average return on net assets	1.04%	0.81%	0.23 percentage point
	As at 31 March 2018	As at 31 December 2017	Percentage Change **YoY **
Total assets (RMB)	71,316,087,748.94	72,787,839,384.30	-2.02%
Net assets attributable to shareholders of the Company (RMB)	22,853,570,901.03	22,686,693,494.06	0.74%

Note:

Basic earnings per share and diluted earnings per share for the period of 1 January to 31 March 2017 and for the Reporting Period were re-calculated based on the number of shares after the implementation of 2016 profit distribution plan, which is the distribution of 3 bonus shares per every ten shares held by the Company’s shareholders based on the total capital as at the end of 2016. The 2016 profit distribution plan has been approved on the annual general meeting convened on 28 June 2017.

Unit: RMB	Unit: RMB	Unit: RMB
	Amount for the	Notes
Non-recurring Gains and Losses Items
	Reporting Period
Gains or losses on disposal of non-current assets (including	-2,630,432.91
provisions for asset impairmentwrite-offs)
Tax refund or credits pursuant to an ultra vires approval or not	0.00
supported byanyofficial document
Government grants accounted in profit and loss of the reporting	20,626,240.01
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)
Fund possession fee received from non-financial enterprises and	0.00
credited to profit or loss for the current period
Gains arising from the investment costs for acquisition of	0.00
subsidiaries, associates and joint ventures being less than the fair
value of attributable identifiable net assets of such investees at the
time of acquisition
Gains /losses from non-monetary assets swap	0.00
Gains/losses from entrusted investment or asset management	0.00
Provision for impairment of assets due to force majeure i.e. natural	0.00
disaster
Gains/losses from debt restructuring	0.00
Corporate restructuring expenses, i.e. expenses on employee	0.00

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placement, consolidation costs, etc.
Profit/loss from the excess over the fair value in a transaction at an	0.00
apparently unfair consideration
Current net gains/losses of subsidiaries from business combination	0.00
under common control from the beginning of the period to the date
of combination
Gains/losses from contingencies irrelevant to the normal operations	0.00
of the Company
Gains or losses from changes in fair values of financial assets held	-2,116,173.17
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 ordinary business of the
Company
Reverse of the provision for impairment of receivables	0.00
individually tested for impairment
Gains/losses from entrusted loans granted to external parties	0.00
Gains/losses from changes in fair value of investment properties	0.00
subsequently measured at fair value
Effects of one-off adjustment to current profit or loss in accordance	0.00
with tax, accounting or other laws and regulations
Income of entrustment fees from entrusted operations	0.00
	934,886.46
Other non-operating income and expenses
Other gains or losses items falling within the definition of a	0.00
non-recurring gains and losses items
	2,068,028.75
Less: Relevant income tax
Relevant amount attributable to minority shareholders	-129,313.29
(after tax)
	14,875,804.93
Total		--

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2.2 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	Total Number of Shareholders	Total Number of Shareholders	98,999	98,999	98,999	98,999	98,999
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	18.24%		648,582,585
Xinjiang Wind Power Co., Ltd. (新疆風能有 限責任公司)	State- owned legal person	13.74%		488,696,502
						Pledged	97,011,200
China Three Gorges New Energy Co., Ltd. (中國三峽新能源有限 公司)	State- owned legal person	10.52%		373,957,073
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%		278,904,260
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%		147,222,544
National Social Security Fund -Portfolio 113 （全國社保基金一一 三組合）	Other	2.06%		73,375,213
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%		59,877,610
Wu Gang (武鋼)	Domestic natural person	1.47%		52,217,152	39,162,864

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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)	Other	0.87%	31,109,165
National Social Security Fund -Portfolio 413 （全国社保基金四一 三组合）	Other	0.82%	28,999,792
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)			648,582,585		Overseas listed		648,582,585
					foreign shares
Xinjiang Wind Power Co., Ltd. (新疆風能有限責 任公司)			488,696,502		RMB
							488,696,502
					denominated
					ordinaryshares
China Three Gorges New Energy Co., Ltd. (中國 三峽新能源有限公司)			373,957,073		RMB
							373,957,073
					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)			278,904,260
					RMB
							278,904,260
					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)			147,222,544
					RMB
							147,222,544
					denominated
					ordinary shares
National Social Security Fund -Portfolio 113（全 國社保基金一一三組合）			73,375,213		RMB
							73,375,213
					denominated
					ordinaryshares
Central Huijin Asset Management Co., Ltd. (中央 匯金資產管理有限責任公司)			59,877,610		RMB
							59,877,610
					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)			31,109,165		RMB
							31,109,165
					denominated
					ordinary shares
National Social Security Fund -Portfolio 413（全 國社保基金四一三組合）			28,999,792		RMB
							28,999,792
					denominated
					ordinaryshares
National Social Security Fund -Portfolio 115（全 國社保基金一一五組合）			27,860,787		RMB
							27,860,787
					denominated
					ordinaryshares
			Connected relations between Xinjiang Wind Power Co., Ltd. and China Three Gorges New Energy Corporation: China Three Gorges New Energy Co., Ltd. holds 43.33% of the issued share capital of Xinjiang Wind Power Co., Ltd. in total. AnbangInsurance GroupCo.,Ltd. is the substantial
Details of connected relations of the above
shareholders or whether or not they are acting in
concert

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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.

§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 2018 was RMB4,622,541,834.10, representing a decrease of 40.27% compared with the balance as at 31 December 2017, mainly due to an increase in the Group’s expenses of purchasing and construction of wind farms during the Reporting Period.

2. Prepayments as at 31 March 2018 was RMB1,108,874,701.27, representing an increase of 58.16% compared with the balance as at 31 December 2017, mainly due to the increased prepayments for purchasing inventory during the Reporting Period.

3. Non-current assets due within one year as at 31 March 2018 was RMB227,332,400.10, representing a decrease of 54.30% compared with the balance as at 31 December 2017, mainly due to the decreased in receivables for finance lease payments due within one year during the Reporting Period.

4. Employee benefits payable as at 31 March 2018 was RMB315,066,829.46, representing a decrease of 49.91% compared with the balance as at 31 December 2017, mainly due to the Group’s payment of salaries accrued at the end of last year during the Reporting Period.

5. Tax payables as at 31 March 2018 was RMB224,351,169.28, representing a decrease of 33.11% compared with the balance as at 31 December 2017, mainly due to the Group’s payment of the added-value-tax and income tax accrued at the end of last year during the Reporting Period.

6. Other comprehensive income as at 31 March 2018 was RMB-102,961,266.99, representing a decrease of 234.20% compared with the balance as at 31 December 2017, mainly due to the fair value decline of the financial assets at fair value through other comprehensive income.

7. Financial expenses for the Reporting Period was RMB304,178,239.47, representing an increase of 84.08% YoY, mainly due to the increased average loan balance and the increased exchange loss caused by fluctuation of foreign currency exchange rate during the Reporting Period.

8. Impairment loss of assets for the Reporting Period was RMB111,483,651.82 representing an increase of 423.35% YoY，mainly due to the increase of provision for impairment related to the Group’s overdue accounts receivable during the Reporting Period.

9. Losses from changes in fair values for the Reporting Period was RMB13,524,280.07, representing a decrease of 40.12% YoY, mainly due to the decrease in the decline range of fair value of the financial assets at fair value through profit or loss during the Reporting Period.

10. Investment income for the Reporting Period was RMB193,208,757.24, representing an increase of 465.61% YoY, mainly due to the increase of investment income from associated enterprises and joint ventures of the Group.

11. Losses arising from disposal of assets for the Reporting Period was RMB2,630,432.91, representing an increase of 4,372.42% YoY, mainly due to the increase in the losses of the Group’s disposal assets during the Reporting Period.

12. Other income for the Reporting Period was RMB37,995,229.88, representing an increase of 100.00% YoY, mainly due to the transfer of government subsidies related to daily activities from non-operating income to other income in accordance with Accounting Standards for Business Enterprises No.16 Government Grants during the Reporting Period.

13. Non-operating income for the Reporting Period was RMB324,133.78, representing a decrease of 99.13% YoY, mainly due to the transfer of government subsidies related to daily activities from

7

• non-operating income to other income in accordance with Accounting Standards for Business Enterprises No.16 Government Grants during the Reporting Period.

• Non-operating expenses for the Reporting Period was RMB2,019,680.23, representing an increase of 91.08% YoY, mainly due to the increased expenses relating to social responsibilities of the Group during the Reporting Period.

• Income tax expense for the Reporting Period was RMB-1,305,859.58, representing a decrease of 109.26% YoY, mainly due to the increase in the profits of the companies enjoying the tax benefits and the increase in the deferred income tax assets during the Reporting Period.

• Net cash flows used in investment activities was RMB851,302,620.40, representing a decrease of outflow of 31.91% YoY, mainly due to the increased cash received from recovery of investment during the Reporting Period.

• Net cash flows used in financing activities for the Reporting Period was RMB331,391,842.89, representing an increase of 542.51% YoY, mainly due to the increased repayment of maturing bank loans 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. Group Orders As at 31 March 2018, Goldwind’s signed external backlogs totalled 10,433.05MW, including 6MW of 750kW WTGs, 399MW of 1.5MW WTGs, 5,904MW of 2.0MW WTGs, 1003.2MW of 2.2MW WTGs, 34.5MW of 2.3MW WTGs, 2,260MW of 2.5MW WTGs, 78MW of 3.0MW WTGs, 471.9MW of 3.3MW WTGs, 108.5MW of 3.5MW WTGs, 161.25MW of 6.45MW WTGs and 6.7MW of 6.7 MW WTGs. Furthermore, the Company had won bids for projects totalling 6,349.65MW for which contracts have not yet been signed, including 51MW of 1.5MW WTGs, 3,254MW of 2.0MW WTGs,875.6MW of 2.2MW WTGs, 299MW of 2.3MW WTGs, 1,180MW of 2.5MW WTGs, 522MW of 3.0MW WTGs, 3.3MW of 3.3MW WTGs, 68MW of 3.4MW WTGs, and 96.75MW of 6.45MW WTGs. In total, the combined backlog of external orders was 16,782.7MW, of which the overseas backlog orders was 813MW. In addition, the Company had a total of 591.7MW internal orders.

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

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

3.4 Operating results forecast for January to June 2018

Expected range of percentage change in
	0.00%		50.00%
net profits attributable to shareholders of		to
the Companyfor Januaryto June 2018
Expected range of net profits attributable
	113,291.83		169,937.75
to shareholders of the Company for		to
Januaryto June 2018(RMB ten thousand)
Net profits attributable to shareholders of
	113,291.83
the Company for January to June
2017(RMB ten thousand)
Reasons for increase/decrease	Mainly due to the business growth of the Group .

3.5 Financial Assets at Fair Value

Unit:RMB

			Cumulative
	Initial	Fair Value	Change in the			Cumulative	Amount at the
				Purchase	Sale			Capital
Assets Class	Investment	Losses or	Fair Value			Investment	end of the
				Amount	Amount			Source
	Cost	Gains	recorded in			Income	Reporting Period
			owner’s equities
Derivative								Existing
	6,509,990.00	107,687.28	21,647,905.63	0.00	0.00	6,255,633.66	28,213,529.76
Instruments								Funds
	1,829,034,988	-13,634,497.1		1,208,000,00	1,550,000,0			Existing
Others			46,307,784.71			13,660,669.21	1,855,513,622.70
	.55	9		0.00	00.00			Funds

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	1,835,544,978	-13,526,809.9		1,208,000,00	1,550,000,0
Total			67,955,690.34			19,916,302.87	1,883,727,152.46	--
	.55	1		0.00	00.00

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
2 January 2018	Field Investigation	Institution	Industry Outlook, Wind Power Technologies
			Interpreting of Wind Power Industry and Policy,
3 January 2018	Field Investigation	Institution
			Market Analysis
5 January 2018	Phone Communication	Institution	Market Outlook, Industry Prospect
			Technology Development, Wind Power Industry
8 January 2018	Phone Communication	Institution
			Policy
8 January 2018	Field Investigation	Institution	Market Situation, Competitive Edge
			Wind Power Industry Recent Situation, Market
9 January 2018	Field Investigation	Institution	Outlook, Company Operation, Financial Standing,
			International Business
10 January 2018	Field Investigation	Institution	Market Situation, Competitive Edge
			Interpreting of Wind Power Industry and Policy,
10 January 2018	Field Investigation	Institution
			Market Outlook
			Market Recent Situation, Industry Outlook, Company
11 January 2018	Field Investigation	Institution
			Business
			Interpreting of Wind Power Industry and Policy,
11 January 2018	Field Investigation	Institution
			Market Outlook, New Product
			Market Recent Situation, Industry Outlook, Company
12 January 2018	Field Investigation	Institution
			Business
			Interpreting of Wind Power Industry and Policy,
16 January 2018	Field Investigation	Institution
			Market Outlook, CompanyBusiness
16 January 2018	Field Investigation	Institution	Wind Power Industry Outlook, Company Products
17 January 2018	Field Investigation	Institution	Company Operation and Financial Standing, Industry

10

			Development Trends
19 January 2018	Field Investigation	Institution	Company Recent Situation, Industry Outlook
			Company Recent Situation, Wind Power Industry
22 January 2018	Phone Communication	Institution
			Policy
23 January 2018	Field Investigation	Institution	Situation of the Company and Wind Power Industry
23 January 2018	Field Investigation	Institution	Wind Power Market Situation, Company Business
			Wind Power Industry Recent Situation, Market
24 January 2018	Field Investigation	Institution	Outlook, Company Operation, Financial Standing,
			International Business

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§4 FINANCIAL STATEMENTS

4.1 Financial Statements

From 1 January 2018, The Group implement International Financial Reporting Standards NO.9 — Financial instruments issued by International Accounting Standards Board, Accounting Standards for Business Enterprises NO.22 — Recognition and Measurement of Financial Instruments , Accounting Standards for Business Enterprises NO.23 — Financial Assets Transfer ， Accounting Standards for Business Enterprises NO.24 — Hedging accounting ， and Accounting Standards for Business Enterprises NO.37 — Reported of Financial instruments (the “new guidelines” ) revised by the China Ministry of Finance. According to the new guidelines, the Group shall not be required to restate the previous comparable figures, and the difference adjustments between the new guidelines and the original guidelines in the first day will be included in the initial undistributed profit or other comprehensive income. The Group has disclosed its balance sheet after the first day of implementation of the new guidelines on January 1, 2018

4.1.1 Consolidated Balance Sheet

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

Items	As at 31 March 2018	As at 1 January 2018
CURRENT ASSETS:
Currency funds	4,622,541,834.10	7,739,533,306.12
Financial assets at fair value through profit or loss	718,640,000.00	1,062,640,000.00
Bills receivable	2,468,231,094.00	2,046,937,949.34
Accounts receivable	16,036,961,466.56	15,001,281,910.47
Prepayments	1,108,874,701.27	701,101,348.50
Interest receivable	8,538,517.61	8,574,960.31
Dividends receivable	11,616,980.75	11,616,980.75
Other receivables	1,011,941,570.23	966,631,531.75
Inventories	4,112,220,644.89	4,083,011,646.34
Non-current assets due within one year	227,332,400.10	497,480,629.61
Other current assets	1,134,688,242.85	962,516,705.55
Total current assets	31,461,587,452.36	33,081,326,968.74
NON-CURRENT ASSETS:
Financial assets at fair value through profit or loss	452,902,393.80	472,623,857.08
Financial assets at fair value through other comprehensive income	696,736,852.56	695,268,448.44
Derivative financial instrument	15,447,906.10	16,052,497.26

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Financial assets at amortized cost	49,984,209.84	49,996,051.56
Long-term receivables	6,899,591,109.49	7,116,003,647.00
Long-term equity investments	2,499,308,241.96	2,390,744,909.69
Investment properties	67,180,140.83	67,904,173.46
Fixed assets	18,875,204,484.56	18,079,675,175.19
Construction in progress	4,276,106,832.48	4,758,803,462.68
Intangible assets	2,425,912,437.01	2,469,287,907.71
Development expenses	103,039,491.59	87,362,556.19
Goodwill	486,109,844.12	497,600,557.91
Long-term deferred expenses	62,745,056.18	58,839,791.78
Deferred tax assets	1,654,557,669.03	1,601,385,015.97
Other non-current assets	1,289,673,627.03	1,344,628,687.71
Total non-current assets	39,854,500,296.58	39,706,176,739.63
Total assets	71,316,087,748.94	72,787,503,708.37
CURRENT LIABILITIES:
Short-term borrowings	1,447,041,923.21	2,054,925,591.15
Bills payable	4,666,468,853.83	4,665,721,538.54
Accounts payable	9,848,498,955.46	10,591,160,646.17
Receipts in advance	4,427,611,086.47	4,658,157,361.45
Employee benefits payable	315,066,829.46	628,999,849.83
Tax payables	224,351,169.28	335,407,541.41
Interest payable	89,184,929.61	95,577,012.12
Dividend payable	76,658,058.06	76,388,058.07
Other payables	732,037,021.17	728,504,473.76
Non-current liabilities due within one year	3,829,281,235.70	3,992,186,586.39
Provisions	1,751,807,863.08	1,773,288,499.52
Total current liabilities	27,408,007,925.33	29,600,317,158.41
NON-CURRENT LIABILITIES:
Long-term borrowings	15,630,522,195.07	15,076,041,072.80
Bonds payable	701,463,876.20	809,768,907.08
Long-term payables	964,007,806.81	923,133,945.95
Provisions	2,108,948,670.78	2,096,890,732.26
Deferred income	346,293,274.90	354,266,059.84

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Deferred tax liabilities	448,182,661.32	452,420,434.22
Total non-current liabilities	20,199,418,485.08	19,712,521,152.15
Total liabilities	47,607,426,410.41	49,312,838,310.56
OWNERS’ EQUITY:
Share capital	3,556,203,300.00	3,556,203,300.00
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	8,174,813,601.31	8,175,182,436.65
Other comprehensive income	-102,961,266.99	-30,808,560.96
Special reserve	0.00	0.00
Surplus reserve	1,197,319,273.85	1,197,319,273.85
Unappropriated profit	8,533,077,502.29	8,293,342,878.02
Total equity attributable to owners of the parent company	22,853,570,901.03	22,686,357,818.13
Minority interests	855,090,437.50	788,307,579.68
Total owners’ equity	23,708,661,338.53	23,474,665,397.81
Total liabilities and owners’ equity	71,316,087,748.94	72,787,503,708.37

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

4.1.2 Parent Company Balance Sheet

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

Items	As at 31 March 2018	As at 1 January 2018
CURRENT ASSETS:
Currency funds	1,700,390,860.39	3,181,767,925.35
Financial assets at fair value through profit or loss	706,000,000.00	1,050,000,000.00
Bills receivable	2,199,827,078.55	1,510,573,364.84
Accounts receivable	9,777,302,380.42	9,646,472,617.10
Prepayments	529,137,996.51	288,022,816.35
Interest receivable	179,717,815.99	153,160,305.01
Dividends receivable	619,245,787.38	619,245,787.38
Other receivables	6,531,987,421.30	5,898,623,519.14

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Inventories	1,693,959,015.45	1,800,841,546.10
Other current assets	199,302,080.28	166,171,950.41
Total current assets	24,136,870,436.27	24,314,879,831.68
NON-CURRENT ASSETS:
Financial assets at fair value through other comprehensive income	52,400,000.00	2,400,000.00
Financial assets at amortized cost	49,984,209.84	49,996,051.56
Long-term receivables	4,387,643,133.56	4,536,211,794.43
Long-term equity investments	12,124,640,687.83	12,174,640,687.83
Investment properties	60,130,744.42	60,665,216.02
Fixed assets	208,587,349.46	207,541,812.98
Construction in progress	11,068,774.48	9,895,600.55
Intangible assets	146,253,462.55	149,323,813.63
Development expenses	175,924,043.05	156,792,129.64
Long-term deferred expenses	549,549.55	0.00
Deferred tax assets	630,313,461.22	641,873,968.65
Other non-current assets	0.00	0.00
Total non-current assets	17,847,495,415.96	17,989,341,075.29
Total assets	41,984,365,852.23	42,304,220,906.97
CURRENT LIABILITIES:
Short-term borrowings	1,447,041,923.21	1,336,158,323.21
Bills payable	4,167,389,256.44	3,919,726,104.59
Accounts payable	6,631,132,472.22	6,470,235,994.88
Receipts in advance	3,329,343,462.75	3,301,986,163.08
Employee benefits payable	179,403,397.95	212,870,034.48
Tax payables	1,966,052.45	10,099,064.92
Interest payable	126,796,702.10	129,031,541.37
Dividend payable	50,000,000.00	50,000,000.00
Other payables	3,743,509,133.75	4,470,444,986.31
Provisions	1,258,637,884.05	1,367,929,278.43
Non-current liabilities due within one year	1,039,709,830.53	1,039,709,830.53
Bonds payable	0.00	0.00
Total current liabilities	21,974,930,115.45	22,308,191,321.80
NON-CURRENT LIABILITIES:

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Long-term borrowings	4,695,000.00	17,000,000.00
Bonds payable	701,463,876.20	809,768,907.08
Long-term payables	631,356,360.02	603,060,065.61
Provisions	1,685,136,180.40	1,648,373,639.03
Deferred income	86,472,992.67	84,834,299.09
Total non-current liabilities	3,109,124,409.29	3,163,036,910.81
Total liabilities	25,084,054,524.74	25,471,228,232.61
OWNERS’ EQUITY:
Share capital	3,556,203,300.00	3,556,203,300.00
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	-19,368.27	-635,601.91
Special reserve	0.00	0.00
Surplus reserve	1,198,375,876.25	1,198,375,876.25
Unappropriated profit	2,385,922,542.65	2,319,220,123.16
Total owners’ equity	16,900,311,327.49	16,832,992,674.36
Total liabilities and owners’ equity	41,984,365,852.23	42,304,220,906.97

Legal Representative: Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Wang Haibo 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-18	31-Mar-17
I. Total operating income	3,859,685,676.80	3,583,893,365.04
Including: Operating income	3,859,685,676.80	3,583,893,365.04
II. Total operating costs	3,790,435,301.98	3,409,315,936.19
Including: Operating costs	2,469,070,350.77	2,402,229,688.35
Tax and surcharge	13,702,297.81	12,539,138.83
Selling and distribution expenses	367,493,611.40	388,882,618.23

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Administrative expenses	524,507,150.71	419,123,223.62
Financial expenses	304,178,239.47	165,239,361.41
Impairment loss of assets	111,483,651.82	21,301,905.75
Add: Gains or losses from changes in fair values	-13,524,280.07	-22,587,455.79
Investment income	193,208,757.24	34,159,107.57
Including: Gains arising from investments in associated enterprises and joint ventures	181,800,650.34	22,504,469.69
Gains or losses arising from disposal of assets	-2,630,432.91	-58,814.59
Other income	37,995,229.88	0.00
III. Operating profits (losses will be shown with “-” sign)	284,299,648.96	186,090,266.04
Add: Non-operating income	324,133.78	37,238,826.31
Less: Non-operating expenses	2,019,680.23	1,056,958.79
IV. Total profits (losses will be shown with “-” sign)	282,604,102.51	222,272,133.56
Less: Income tax expenses	-1,305,859.58	14,101,774.24
V. Net profits (losses will be shown with “-” sign)	283,909,962.09	208,170,359.32
Continuous operating net profits (losses will be shown with “-” sign)	283,909,962.09	208,170,359.32
Discontinuous operating net profits (losses will be shown with “-” sign)	0.00	0.00
Net profits attributable to owners of theparent company	239,734,624.27	180,636,616.55
Gains or losses from minority interests	44,175,337.82	27,533,742.77
VI. Other comprehensive income	-72,152,706.03	3,987,342.94
Other comprehensive income attributable to owners of theparent company	-72,152,706.03	3,987,342.94
Other comprehensive income items which will not be reclassified subsequentlytoprofit or loss	-47,422,469.92	0.00
Gains or losses from fair value changes of financial assets at fair value through other comprehensive income	-47,422,469.92	0.00
Other comprehensive income items which will be reclassified subsequentlyto	-24,730,236.11	3,987,342.94

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profit or loss when specific conditions are met
Fair value changes of available-for-sale investments	0.00	7,238,355.76
Exchange differences on translation of foreign operations	-24,730,236.11	-3,251,012.82
Other comprehensive income attributable to minorityshareholders	0.00	0.00
VII. Total comprehensive income	211,757,256.06	212,157,702.26
Total comprehensive income attributable to owners of the parent company	167,581,918.24	184,623,959.49
Total comprehensive income attributable to minorityshareholders	44,175,337.82	27,533,742.77
VIII. Earningsper share
(I) Basic	0.0625	0.0459
(II) Diluted	0.0625	0.0459
Legal Representative: Person-in-charge of accounting affairs: Wu Gang Wang Haibo		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-18	31-Mar-17
I. Operating income	1,984,294,397.38	2,179,030,510.88
Less: Operating costs	1,651,206,167.78	1,902,777,649.31
Tax and surcharge	2,505,566.65	3,058,134.18
Selling and distribution expenses	142,821,782.13	216,595,146.38
Administrative expenses	74,094,670.72	71,930,482.58
Financial expenses	25,211,175.78	-19,203,072.81
Impairment loss of assets	25,961,305.18	14,654,635.20
Add: Gains or losses from changes in fair values	0.00	0.00
Investment income	11,408,106.90	4,767,630.57
Including: Gains arising from investments in associated enterprises andjoint ventures	0.00	-1,447,178.13
Gains or losses arising from disposal of assets	-154,981.12	-14,479.65

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Other income	5,155,300.00	0.00
II. Operating profits (losses will be shown with “-” sign)	78,902,154.92	-6,029,313.04
Add: Non-operating income	190,683.00	9,269,162.07
Less: Non-operating expenses	829,911.00	322,174.93
III. Total profits (losses will be shown with “-” sign)	78,262,926.92	2,917,674.10
Less: Income tax expenses	11,560,507.43	411,396.58
IV. Net profits (losses will be shown with “-” sign)	66,702,419.49	2,506,277.52
Continuous operating net profits (losses will be shown with “-” sign)	66,702,419.49	2,506,277.52
Discontinuous operating net profits (losses will be shown with “-” sign)	0.00	0.00
V. Other comprehensive income	933,542.32	126,829.70
Other comprehensive income items which will not be reclassified subsequentlytoprofit or loss	0.00	0.00
Other comprehensive income items which will be reclassified subsequentlytoprofit or loss when specific conditions are met	933,542.32	126,829.70
Exchange differences on translation of foreign operations	933,542.32	126,829.70
VI. Total comprehensive income	67,635,961.81	2,633,107.22
VII. Earningsper share
(I) Basic	0.0139	-0.0042
(II) Diluted	0.0139	-0.0042
Legal Representative: Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Wang Haibo 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-18	31-Mar-17
I. Cash flows from operatingactivities
Cash received from sales of goods, provision of services	3,826,244,737.24	3,561,045,150.17
Tax refund received	36,622,861.24	72,500,695.20
Other cash received relating to operating activities	127,049,917.10	225,813,894.03
Subtotal of cash inflows	3,989,917,515.58	3,859,359,739.40
Cash paid for goods purchased, services rendered	3,811,073,683.42	4,212,897,127.78

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Cash paid to or on behalf of employees	850,752,050.92	801,888,870.93
Taxes paid	295,902,951.70	559,216,987.29
Other cash paid relating to operating activities	611,056,297.12	528,606,763.30
Subtotal of cash outflows	5,568,784,983.16	6,102,609,749.30
Net cash flows from operating activities	-1,578,867,467.58	-2,243,250,009.90
II. Cash flows from investment activities:
Cash received from recovery of investments	370,350,000.00	50,900,000.00
Cash from investment income	21,563,281.95	12,485,484.71
Net cash from disposal of fixed assets, intangible assets and other long-term assets	460,252.30	152,924.21
Net cash from disposal of subsidiaries and other operating entities	0.00	0.00
Other cash received relating to investment activities	22,622,441.73	8,194,858.48
Subtotal of cash inflows	414,995,975.98	71,733,267.40
Cash paid for purchase of fixed assets, intangible assets and other long-term assets	1,143,264,021.75	855,304,587.20
Cash paid for investments	862,715.90	49,721,278.48
Cash paid for subsidiaries and other business entities	103,181,397.55	12,906,599.01
Other cash paid relating to investment activities	18,990,461.18	404,098,757.52
Subtotal of cash outflows	1,266,298,596.38	1,322,031,222.21
Net cash flows from investment activities	-851,302,620.40	-1,250,297,954.81
III. Cash flows from financingactivities
Cash received from investments	19,577,015.40	1,400,000.00
Including: Cash received from investments of minority shareholders through subsidiaries	19,275,000.00	0.00
Cash received from borrowings	1,143,950,084.20	756,757,349.06
Cash received relating to other financing activities	2,519,494.56	0.00
Subtotal of cash inflows	1,166,046,594.16	758,157,349.06
Cash paid for repayment of debts	1,246,682,175.02	473,582,275.70
Cash payments for distribution of dividends, profits or interest expenses	243,419,262.00	209,685,180.44
Including: Dividends and profits paid to minority shareholders bysubsidiaries	0.00	0.00
Other cash paid relating to financing activities	7,337,000.03	0.00
Subtotal of cash outflows	1,497,438,437.05	683,267,456.14
Net cash flows from financing activities	-331,391,842.89	74,889,892.92

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IV. Effect of exchange rate changes on cash	-91,599,206.96	25,428,690.37
V. Net increase in cash and cash equivalents	-2,853,161,137.83	-3,393,229,381.42
Add: Balance of cash and cash equivalents at the beginning of theperiod	6,746,183,497.10	7,526,462,777.07
VI. Balance of cash and cash equivalents at the end of the period	3,893,022,359.27	4,133,233,395.65
Legal Representative: Person-in-charge of accounting affairs: Head of accounting department: Wu Gang Wang Haibo 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
	31-Mar-18	31-Mar-17
I. Cash flows from operatingactivities
Cash received from sales of goods, provision of services	2,056,239,511.53	2,280,566,395.70
Tax refund received	1,322,944.74	35,340,014.91
Other cash received relating to operating activities	1,744,273,999.20	1,694,815,845.28
Subtotal of cash inflows	3,801,836,455.47	4,010,722,255.89
Cash paid for goods purchased, services rendered	2,776,481,317.95	2,703,952,869.97
Cash paid to or on behalf of employees	92,102,355.35	113,184,006.58
Taxes paid	15,770,919.16	222,946,203.45
Other cash paid relating to operating activities	2,535,130,158.02	2,598,118,977.37
Subtotal of cash outflows	5,419,484,750.48	5,638,202,057.37
Net cash flows from operating activities	-1,617,648,295.01	-1,627,479,801.48
II. Cash flows from investment activities:
Cash received from recovery of investments	333,830,000.00	0.00
Cash from investment income	11,903,281.95	5,588,287.72
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	1,251,900,123.90	117,529,964.69
Subtotal of cash inflows	1,597,633,405.85	123,118,252.41
Cash paid for purchase of fixed assets, intangible assets and other long-term assets	13,386,625.99	14,206,798.76
Cash paid for investments	0.00	17,000,000.00

21

Other cash paid relating to investment activities	1,419,751,773.04	1,228,900,675.88
Subtotal of cash outflows	1,433,138,399.03	1,260,107,474.64
Net cash flows from investment activities	164,495,006.82	-1,136,989,222.23
III. Cash flows from financingactivities
Cash received from investments	0.00	0.00
Cash received from borrowings	110,883,600.00	140,000,000.00
Cash received relating to other financing activities	2,519,494.56	0.00
Subtotal of cash inflows	113,403,094.56	140,000,000.00
Cash paid for repayment of debts	109,997,000.00	65,000,000.00
Cash payments for distribution of dividends, profits or interest expenses	30,286,419.82	30,845,022.48
Other cash paid relating to financing activities	0.00	0.00
Subtotal of cash outflows	140,283,419.82	95,845,022.48
Net cash flows from financing activities	-26,880,325.26	44,154,977.52
IV. Effect of exchange rate changes on cash	-1,343,451.51	-373,851.98
V. Net increase in cash and cash equivalents	-1,481,377,064.96	-2,720,687,898.17
Add: Balance of cash and cash equivalents at the beginning of the period	2,681,767,925.35	4,326,147,657.01
VI. Balance of cash and cash equivalents at the end of the period	1,200,390,860.39	1,605,459,758.84

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

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4.2 Auditors’ Report

4.2.1 The 2018 First Quarterly Report is unaudited.

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

Beijing, 25 April 2018

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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