The year 2025 marked a key period of structural divergence in China’s wind power industry. Supported by record-high installation volumes, upstream component manufacturers were the first to see a strong recovery in profitability, while midstream turbine manufacturers continued to face pressure.

According to the National Energy Administration, China added 119.33 GW of new wind power capacity in 2025, setting a new historical high. Supported by policy-driven installation demand, upstream suppliers benefited from full order books and smooth deliveries. Companies in segments such as bearings, towers, and fasteners reported significant profit growth, driven by overseas market expansion, product mix optimization, and improved cost control.

In contrast, performance among turbine manufacturers remained mixed. While Mingyang Smart Energy reported strong profit growth, Electric Wind Power continued to post losses, highlighting the lag in earnings recovery for the midstream segment. However, rising turbine bid prices in 2025 and the gradual clearance of low-priced orders have laid the groundwork for margin improvement.

Looking ahead, as higher turbine prices take effect in 2026, profitability across the midstream turbine manufacturing segment is expected to recover more meaningfully, supporting a broader improvement in overall industry fundamentals.