Haili Wind Power Scraps 1B Yuan Wind Equipment Project, Bets on Aerospace Fuel Tanks
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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.
Source report
Shanghai – Haili Wind Power has announced the termination of a high-end energy equipment manufacturing project initially launched in March 2024, while simultaneously approving a RMB 1 billion investment in a fuel storage tank project through its subsidiary Jirui Xingji.
Project Termination Details
According to the company announcement, the original project was launched in March 2024 with an initial investment of no less than RMB 500 million. In July 2024, the investment was increased to RMB 1 billion, with plans to construct a high-end energy equipment manufacturing base in the Rudong Coastal Economic Development Zone.
The company stated that the decision to terminate was made based on strategic considerations and long-term development needs, following friendly consultations. There is no breach of contract liability, and the termination will not have a material impact on the company's overall business development or financial condition.
New Fuel Storage Tank Project
Jirui Xingji has signed a "Project Construction Agreement" with the Yangkou Town People's Government of Rudong County, planning to invest RMB 1 billion to build a fuel storage tank project. Key details include:
- Land use: 165 mu at the existing facility of Haili Wind Power Equipment (Rudong) Co., Ltd.
- Construction: Approximately 59,000 square meters of new workshops and auxiliary buildings
- Equipment: Over 300 sets, including five-axis laser cutters, friction stir welders, and CNC machining centers
Phased Implementation
| Phase | Investment | Expected Start | Construction Period | |-------|------------|----------------|---------------------| | Phase I | ~RMB 612 million | October 2026 | ~1 year | | Phase II | ~RMB 388 million | Dependent on Phase I and market conditions | TBD |
Jirui Xingji's Financial Position
The company noted that Jirui Xingji is in early-stage business development with a relatively small scale and no profitability yet. Financial data reveals:
- January–May 2026: Revenue of RMB 1.3783 million; net loss of RMB 5.3801 million
- Full-year 2025: Net loss of RMB 202,900
- As of end of May 2026: Net assets decreased to RMB 13.9073 million; asset-liability ratio rose to approximately 77%
The announcement also stated that Jirui Xingji has limited orders on hand, contributing minimally to Haili Wind Power's revenue and profits. Its business model, technical route, and market competitiveness remain to be validated.
Strategic Rationale
Haili Wind Power stated that this investment aims to explore new growth drivers. Jirui Xingji possesses technological accumulation and customer resources in fuel storage tanks, while Haili Wind Power has experience in large-scale equipment processes. The two parties intend to achieve technological complementarity in structural design, precision manufacturing, and process standards, thereby enhancing their capability to manufacture large-diameter storage tanks.
The project site is located near the company's existing coastal bases, allowing reliance on docks, heavy lifting equipment, and hoisting capabilities to shorten logistics from product completion to shipping.
Risk Factors
The announcement highlighted several risks:
- R&D uncertainty: Jirui Xingji requires sustained substantial R&D investment, with uncertainty regarding the conversion of R&D outcomes into commercial products
- Financial risk: Failure to achieve commercialization or convert R&D into orders may further increase losses and cash flow pressures
- Funding: The total project investment of RMB 1 billion will be funded through own capital and bank financing
- Regulatory risk: Downstream applications involve fields related to national security and public interests (e.g., satellite launches), subject to strict regulation. Unfavorable adjustments to access policies, launch licenses, or frequency resource management, or delays in major constellation projects, could result in product demand falling short of expectations
Company Background
Founded in 2009, Haili Wind Power listed on the ChiNext board of the Shenzhen Stock Exchange in November 2021. Its main business focuses on the R&D, production, and sales of wind power towers, pile foundations, jacket structures, and booster stations.
First Half 2026 Performance
- Revenue: RMB 186 million (year-on-year decrease of 90.85%)
- Net loss: RMB 93.4493 million (year-on-year decline of 145.55%)
Market Analysis
Market analysts noted that extending from wind power equipment to commercial aerospace support components has logical synergies. However, Jirui Xingji's current operational scale and loss-making trend mean the commercial prospects of this project still face multiple challenges, from technical validation to order acquisition.
The company explicitly stated that the signing of this agreement does not constitute a material impact on current operating performance and financial condition, with long-term impacts depending on subsequent progress and implementation.
(Source: The Paper)
Source
东方财富网-公司资讯Eastern
Part of this Story
Haili Wind Power Cancels $1 Billion Energy Project, Shifts to Fuel Storage Tanks Amid Loss