Chinese manufacturers of turbines for offshore wind farms have suffered dramatic decline in profits due to a weak phase in the segment. China’s third-largest turbine manufacturer, Mingyang Smart Energy, reported a decline in net profit for 2023 of almost 90 percent to between 354 and 530 million yuan (46-69 million euros) compared to 2022. Shanghai Electric’s turbine division even recorded losses of well over one billion yuan. Both are particularly active in the offshore sector. At Shanghai Electric, the share of offshore turbine production was over 70 percent.