Ming Yang’s revenue in 2015 was RMB 6,797.1 million (US$ 1,049.3 million), compared to RMB 5,872.4 million in 2014. The increase was mainly attributable to an increase in sales of WTGs in 2015 and the approximately 3.5% and 3.1%increase in average 1.5MW WTG and 2.0MW WTG selling price on a per KW basis, respectively, in 2015 compared with the corresponding period of 2014.
WTGs for which revenue was recognized in 2015 amounted to an equivalent wind power project output of 2,032.5MW, or 507 units of 1.5MW WTGs and 636 units of 2.0MW WTGs. Gross profit was RMB 1,103.5 million (US$ 170.4 million), compared to RMB 813.1 million in 2014. Gross margin in 2015 was 16.2%, compared to 13.8% in 2014. The increase in gross margin was attributable to the increase in gross margin for WTG sales and the decrease of production cost as a result of the synergy effect from acquisition of RENergy. Total comprehensive income for 2015 was RMB 298.6 million (US$ 46.1 million), compared to RMB 350.0 million in 2014. As of December 31, 2015, the Company's order backlog was approximately 3.7GW, representing 357 units of 1.5MW WTGs, 1,505 units of 2.0MW WTGs, 53 units of 3.0MW SCD WTGs.
