Ming Yang Reports Full Year 2014 Results

"We are pleased with our performance in the year of 2014, in particular the fourth quarter when we saw record sales volume of WTG products in terms of power capacity, and realized nearly RMB2 billion in revenue," said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, "We believe this represents a milestone for our company. We are delighted to see that the Chinese government announced a series of policies at different levels to promote renewable and clean energy sources. By focusing on technological innovations and delivering high quality products to our customers, we are well-positioned to satisfy the growing market demand for WTG products as well as related value-added services."

Mr. Zhang concluded, "Based on our current delivery schedule and our order backlog, we are confident in further solidifying our market position in China in 2015, particularly in offshore wind power market, thanks to our unique advantages of offshore engineering solutions."

Industry Overview

According to the Global Wind Energy Council, 2014 recorded the highest increase in newly installed wind power capacity in a single year. Global wind power expanded by 16%, or 51GW, to a global total of 370GW. China saw the largest jump in new capacity, adding about 23GW in 2014 after expanding by 16GW in 2013, according to the same source. Despite the correction of oil prices throughout the year, there was no material negative impact on the wind energy industry given the low-cost, stable and reliable nature of wind energy, according to the Global Wind Energy Council.

The PRC government released a number of favorable policies to encourage renewable energy investments in 2015 in an effort to combat air pollution, which are expected to continue to boost the China's wind sector in 2015. For example, the wind resource-rich areas along the "New Silk Road" are set to enjoy substantial infrastructure financing supports, which will in turn drive wind farm construction in western China. Most recently, an official guideline on China's electricity system reform urged local grid companies to give priority to electricity from renewable sources in an effort to improve current curtailment rates.

Recent Business Developments

MY completed and connected to the grid a 6.5MW SCD prototype in Jiangsu Province - In March 2015, Ming Yang announced that its 6.5MW SCD offshore WTG prototype began commercial operation in Rudong, Jiangsu Province, China. This cutting-edge, award-winning prototype is expected to be expanded and developed into a series of wind turbine generators with capacity ranging from 5.0MW to 7.0 MW.

MY's two-blade 3.0 MW SCD onshore WTG demonstrated full availability - In Dabancheng, Xinjiang Province, Ming Yang's 3MW SCD turbines are now working at full capacity. In response to the strong customer demand for reliable and cost-effective products in various weather conditions, Ming Yang is planning to launch an innovative three-blade SCD wind turbine model, which will be specializing in generating power from low wind speeds.

MY announced strategic partnerships with two leading research institutes – In November 2014, Ming Yang signed official cooperation agreements with Fraunhofer-Gesellschaft, Europe's largest application-oriented research organization, and Energy Research Centre of the Netherlands, the largest energy research institute in the Netherlands, as part of the Company's efforts to improve the design of its wind turbine products and enhance the Company's overall research and development productivity.

MY expected to start installation of approximately 29 units of 3.0MW SCD wind turbines in Guishan Island, Guangdong Province – In this project, which is expected to be the first ever offshore wind farm project in China and a milestone in China's offshore wind energy sector, Ming Yang will provide the wind farm project owner with a complete technology and construction solution, including WTGs, turbine towers and foundation structures, as well as overall project management of the 45 km² offshore wind farm around Guishan and its nearby islands..

Ming Yang consolidated its third position in terms of the newly installed capacity in China in 2014, with an increase of approximately 1% from 2013 in the market share of China's total newly installed capacity, according to the preliminary statistics of Chinese Wind Energy Association (CWEA).In addition, Ming Yang took 8th in the world's top 10 wind turbine original equipment manufacturers ("OEMs") ranking in 2014, raised from 9th last year, according to the report of Global Wind Turbine OEM Market Share Study released by MAKE Consulting. The same source also revealed that the market share of Ming Yang hit 9.9% in total in 2014, with an 11.1% increase of the whole market growth.