Haili Wind Power Cancels $1 Billion Energy Project, Shifts to Fuel Storage Tanks Amid Loss
Haili Wind Power (301155.SZ) terminated its planned 1 billion yuan high-end energy equipment manufacturing project in Rudong County, Jiangsu Province, originally approved in March 2024. The company simultaneously redirected the investment to a fuel storage tank project through its subsidiary Beijing Jirui Xingji Technology Co., Ltd., targeting commercial aerospace applications. The new project will be built in two phases on existing factory land, with Phase I construction expected to start in October 2026. Haili reported a 90.85% revenue decline and net loss of 93.45 million yuan in the first half of 2026.
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Common ground
- Both sides agree that China's wind power sector faces overcapacity and price compression, making a pivot necessary for companies like Haili.
- Both acknowledge that China's industrial ecosystem allows for faster corporate pivots than in Western markets, due to policy coordination and local government support.
- Both agree that commercial aerospace is a growing sector with strong government backing in China.
Points of contention
- Eastern Agent sees the six-month reversal from doubling to canceling a billion-yuan project as strategic agility, while Neutral Agent views it as a board-level failure of due diligence.
- Eastern Agent argues that Haili's heavy manufacturing skills transfer easily to aerospace fuel tanks, but Neutral Agent insists the certification and supply chain gaps are significant and take years to bridge.
- Eastern Agent frames the 2026 construction timeline as realistic planning, while Neutral Agent calls it a placeholder to mask a lack of readiness and customers.
- Eastern Agent says the public investment doubling was a negotiating tool, but Neutral Agent argues it misled shareholders and shows poor decision-making.
Blind spots
- Neither side fully addresses how Haili will secure aerospace customers and contracts, given its zero track record in that industry.
- The debate overlooks the potential financial strain of a two-year gap without revenue from the new project, especially given Haili's recent losses.
- Both agents assume the local government will continue full support, but don't consider possible shifts in policy or local priorities over the next two years.
WorldAttention’s read
Haili Wind Power's pivot from wind equipment to aerospace fuel tanks is a rational response to overcapacity in wind power and strong policy support for commercial aerospace in China. However, the debate reveals a sharp divide: Eastern Agent sees this as a smart, agile move within a coordinated industrial system, while Neutral Agent views it as a hasty, poorly planned shift driven by survival rather than strategy. The key blind spots are Haili's lack of aerospace customers and certifications, and the financial risk of a two-year gap before the new project starts. Ultimately, the company's success will depend on whether it can actually execute on its pivot—something neither side can confirm from the available evidence.
Reporting timeline
Haili Wind Power Redirects $1 Billion Investment from Wind Equipment to Aerospace Fuel Tanks
Haili Wind Power (301155), a Chinese wind power component supplier, announced on September 18 that it has terminated its original 1 billion yuan plan for a 'High-End Energy Equipment Manufacturing Project' and will instead allocate the same land to its controlling subsidiary, Beijing Jirui Xingji Technology Co., for producing fuel tanks for the commercial space sector. The project, located in Rudong County, will be built in two phases with a total investment of 1 billion yuan. Jirui Xingji is in early development, reporting a net loss of 5.38 million yuan on revenue of just 1.38 million yuan from January to May 2026, with a high asset-liability ratio of 77%. The company aims to leverage synergies between its large-scale equipment manufacturing experience and Jirui Xingji's fuel tank technology. However, risks include substantial R&D investment needs, uncertain commercialization, potential regulatory hurdles in the satellite launch sector, and increased debt pressure. Haili Wind Power itself reported a 90.85% revenue drop and a net loss of 93.45 million yuan in the first half of 2026. Market analysts note the strategic logic but caution that Jirui Xingji's current scale and losses pose challenges.
Read sourceHaili Wind Power Redirects 1 Billion Yuan Investment from Equipment to Aerospace Fuel Tanks
Haili Wind Power, a Chinese wind power equipment manufacturer, has terminated a planned 1 billion yuan high-end energy equipment project in Rudong County and redirected the investment to a fuel storage tank project through its subsidiary Jirui Xingji. The new project, also valued at 1 billion yuan, will be built on Haili's existing facility in Yangkou Town and aims to produce storage tanks for commercial aerospace applications, including satellite launches. The project will be implemented in two phases, with Phase I expected to start in October 2026. However, Jirui Xingji is in early development, with minimal revenue and growing losses. The company's net assets dropped to 13.9 million yuan with a 77% asset-liability ratio as of May 2026. Haili Wind Power cited technological complementarity and existing coastal infrastructure as synergies, but the announcement warns of risks including uncertain R&D commercialization, regulatory changes in the aerospace sector, and potential order shortfalls. Haili Wind Power itself reported a 90.85% revenue decline and a net loss of 93.4 million yuan in the first half of 2026. Market analysts note the strategic logic but highlight multiple challenges from technical validation to order acquisition.
Haili Wind Power Cancels $1 Billion Equipment Project, Shifts to Fuel Tank Manufacturing
Haili Wind Power (301155) announced on September 18 the termination of its 'Haili High-end Energy Equipment Manufacturing Project' in Rudong Coastal Economic Development Zone, Jiangsu Province, with a planned investment of RMB 1 billion. The decision was made through friendly negotiations based on strategic considerations and long-term development needs, with the company stating it bears no liability for breach of contract and that the termination will not materially affect its financial condition or operations. Simultaneously, the company's controlled subsidiary, Jirui Xingji, signed a new 'Project Construction Agreement' with the Yangkou Town government in Rudong County to invest RMB 1 billion in producing fuel storage tanks on 165 mu of existing factory land. The new project will be implemented in two phases: Phase I with an investment of approximately RMB 612 million, expected to commence construction in October 2026 with a one-year build period; Phase II involves approximately RMB 388 million, with progress dependent on Phase I outcomes, policy, and market conditions. Haili Wind Power cautioned that the project has a long construction cycle and may face challenges in achieving economies of scale and full capacity due to factors like equipment commissioning and market development.
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Haili Wind Power Terminates $1 Billion Equipment Project, Redirects Investment to New Venture
Haili Wind Power, a Chinese offshore wind equipment manufacturer, announced on September 18 the termination of its planned 1 billion yuan ($137 million) 'Haili High-End Energy Equipment Manufacturing Project' in Rudong County, Jiangsu Province. The project, initially approved in March 2024 and expanded in July 2024, was canceled through friendly negotiations with local authorities, with the company stating it bears no liability for breach of contract. Simultaneously, the company's controlled subsidiary, Jirui Xingji, signed a new 1 billion yuan project construction agreement with the Yangkou Town People's Government of Rudong County. The new project will be implemented in two phases: Phase I involves approximately 612 million yuan, with construction expected to start in October 2026 and last about one year; Phase II involves approximately 388 million yuan, with timing dependent on progress, policy, and market conditions. Haili Wind Power cautioned that the project has a long construction cycle and may face challenges in achieving economies of scale and full production capacity due to factors including equipment commissioning, process integration, and market expansion. The company's main business focuses on offshore wind power components, including towers, pile foundations, jacket structures, and booster stations.
Read sourceHaili Wind Power Terminates 1 Billion Yuan Energy Equipment Manufacturing Project
Haili Wind Power (301155.SZ) announced the termination of its 'Haili High-End Energy Equipment Manufacturing Project' in Jiangsu Rudong Coastal Economic Development Zone. The project, initially approved in March 2024 with a minimum investment of 500 million RMB, was increased to 1 billion RMB in July 2024. The company stated the termination was a strategic decision based on friendly consultation to optimize industrial layout and maximize resource utilization efficiency. The land originally allocated for this project will be repurposed for fuel storage tank-related products production by Beijing Jirui Xingji Technology Co., Ltd., a controlled subsidiary. Haili Wind Power emphasized there is no breach of contract liability and that the termination will not materially impact its overall business development, financial condition, or operating activities, nor harm shareholder interests.
Haili Wind Power Cancels $1 Billion Energy Project, Shifts to Fuel Storage Tanks Amid Loss
Haili Wind Power has terminated its planned 'Haili High-End Energy Equipment Manufacturing Project' in Jiangsu Rudong Coastal Economic Development Zone, originally announced in March 2024 with an investment of no less than RMB 500 million, later increased to RMB 1 billion in July 2024. The company stated the decision was made through friendly consultation based on strategic considerations and long-term development needs, optimizing resource allocation, and that it bears no liability for breach of contract. The cancellation is not expected to impact overall business development or financial condition. The company is pivoting to fuel storage tank products. Haili Wind Power's performance has been under sustained pressure, with first-quarter 2024 revenue and net profit declining 81.66% and 53.58% year-on-year respectively, and the first half of the year swinging from profit to loss with a non-recurring net loss of RMB 96.18 million.
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