As with Sinovel, which has also been hit, the decline was attributed to falling turbine prices as a result of market competition amid continuous slowdown of the Chinese wind power industry, and increased management and financial expenses.
In the first quarter, Goldwind had CNY 1.7 billion gross revenues, down 8.4% compared to the same period in 2011.
By the end of March, Goldwind had 4,400MW orders to be implemented, including 3,562.5MW for 1.5MW turbines, 822.50MW for 2.5MW turbines and 15.00MW for 3.0MW turbines.
In addition, Goldwind had won but not yet signed contracts for 1,877.25MW turbines, which comprised 2.25MW for 750kW turbines, 1,339.50MW for 1.5MW turbines, 532.50MW for 2.5MW turbines, and 3MW for 3.0MW turbines.
As a way to break out of the sluggish market, Ma Jinru, vice-president of Goldwind, said: "This year, we will give priority to sustaining R&D and technological innovation, and explore the overseas market so as to actively cope with changes in the wind power industry and wind power market."
Goldwind has tapped the modes of selling turbines and investing to construct wind farms to expand its presence in the overseas market. In the course of continually developing the mature markets in the United States and Australia, Goldwind will exert greater efforts to develop emerging markets in Africa, South America and Asia this year, said Ma.
Ma said that in the first three months of 2012, Goldwind had substantially increased international orders, compared with the fourth quarter of 2011. The company has delivered turbines for the 16.5MW Villonaco project in Ecuador, 19.5MW Mortons Lane project in Australia, and the 10MW Camelot project in the United States. Goldwind also plans to set up new offices in key target markets.
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