Sinovel said it attributed the poor performance to the slow growth in the Chinese wind power market and low turbine prices.
Profits were also adversely affected by the firm's attempt to address the cooling domestic market through various measures to enhance marketing capacity, cement domestic competitiveness and explore overseas market.
These measures all increased expenses by big margins and, in turn, affected Sinovel's profits in 2012, the firm's annual report claims.
In 2012, Sinovel had 1,203MW new turbines installed in China, representing 9.3% of the country's wind turbine market share.
Sinovel said it was exerting all efforts to explore the overseas market. It sold CNY 472 million worth of turbines to overseas buyers in 2012, which made up 11.8% of the total sales revenues, compared with less than 1% in 2011.
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