Ming Yang’s Signed Orderbook Hits 3.3GW

China Ming Yang Wind Power Group Limited (Ming Yang), a leading wind turbine manufacturer in China, today announced its unaudited financial results for the first quarter ended March 31, 2014.

“We have signed new orders of 671.5MW during the quarter, and our signed orderbook continues to grow strongly and has now reached a historic high of 3.3GW,” commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang.

“This continues the trend established in late 2013. As China continues to work towards a cleaner environment, we expect wind power to continue to become a viable alternative to traditional sources of power generation. We have already seen our customers taking advantage of this opportunity, and we expect the upstream supply chain including Ming Yang to be in a stronger position to harness this market trend.”

First Quarter 2014 Operating and Financial Highlights:

• Total wind turbine generators (“WTGs”) for which revenue was recognized amounted to an equivalent wind power project output of 386.0MW, or 224 units of 1.5MW and 25 units of 2.0MW WTGs, an increase of 57.2% compared to 245.5MW in Q1 2013.
• Total revenue was RMB1,224.0 million (US$196.9 million), an increase of 52.0% compared to RMB805.4 million in Q1 2013.
• Gross profit was RMB192.0 million (US$30.9 million), compared to RMB89.7 million in Q1 2013. Gross margin was 15.7%, an increase of 4.6 percentage points compared to 11.1% in Q1 2013.
• Total comprehensive income was RMB185.8 million (US$29.9 million), compared to that of RMB4.5 million in Q1 2013. Total comprehensive income for the period excluding the one-off gain on loss of control of subsidiaries wasRMB61.3 million (US$9.9 million).
• Basic earnings per share and diluted earnings per share were RMB1.54 (US$0.25) and RMB1.51 (US$0.24), respectively, compared to basic and diluted earnings per share of RMB0.19 and RMB0.19 in Q1 2013.