CONCORD NEW ENERGY GROUP LIMITED
ANNUAL RESULTS PRESENTATION
incorporated in Bermuda with limited liability
27 Feb. 2025
STOCK CODE 182
Financial SummaryUnit：Million RMB
2024 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED
As of 31st Dec 2024 | As of 31st Dec 2023 | Changes | ||
Total Assets | 32,129.84 | 31,236.37 | +3.0% | |
Net Assets | 8,906.31 | 8,435.41 | +5.6% | |
Cash and Cash Equivalents | 2,229.19 | 3,902.92 | -42.9% | |
Key Financial Data | As of 31st Dec 2024 | As of 31st Dec 2023 | Changes | |
Continuing Operation1 Revenue Profit Attributable to Owners of the Company Fully Diluted EPS | 2,752.05 | 2,588.65 | +6.3% | |
805.13 | 963.77 | -16.5% | ||
10.05 cents | 11.39 cents | -11.8% | ||
Segment Revenue | Power Generation2 | 2,515.95 | 2,259.41 | +11.4% |
Others | 236.10 | 329.23 | -28.3% | |
Segment Results3 | Power Generation | 1,432.69 | 1,262.40 | +13.5% |
Others | 16.71 | -34.48 | +148.5%4 |
Excluding O&M Revenue
Power generation revenue from consolidated power plants
The Segment Results are the earnings before interest and tax and disposal gain. The Power Generation includes the power generation, URP release,
deferred tax contribution and shared profits of joint ventures 2
Changes rate = (current - previous)/(-previous)
1.2
＊Continuing Operation Revenue
＊ Rate of change from 2023 to 2024
0.9
1.0
1.1
10.0%＊
Net Asset Value per Share (RMB)
80%
＊ Rate of change from 2023 to 2024
Liabilities to Asset Ratio (%)
＊ Rate of change from 2023 to 2024
Comprehensive Financing Rate（%）
0.6
70.21% 72.99% 72.28%
6%
0.71
Percentage
3%
＊
5.12% 4.60%
3.98%
62 bps＊
0.0
2022 2023 2024
＊ Rate of change from 2023 to 2024
50%
2022 2023 2024
＊ Rate of change from 2023 to 2024
0%
2022 2023 2024
＊ Rate of change from 2023 to 2024
3
Major Financial Indicators2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
Revenue＊(Billion RMB)
Segment Result: Power
Generation (Billion RMB)
2.59
2.75
1.7
1,100
Profit Attributable to Owners of
the Company (Million RMB)
963.77
2.6
2.40
1.29
1.26
1.43
858.08
805.13
6.3 %＊
1.1
13.5 %＊
700
16.5 %＊
2.1
1.6
0.5
2022 2023
2024
300
2022
2023
2024
2022
2023
2024
Attributable Installed Capacity Composition (MW)
Wind
3,732
80.9%
Solar PV
883
19.1%
Attributed Installed Capacity | 2024 | 2023 | |
In the year 2024: Newly Added | 566 MW | 512 | MW |
Sold | 50 MW | 102 | MW |
As the end of year: Operational Attributable Installed Capacity | 4,615 MW | 4,050 MW | |
Subsidiary-owned Wind | 2,966 MW | 2,701 MW | |
JV&Asso. Wind | 766 MW | 766 MW | |
Subsidiary-owned Solar PV | 876 MW | 576 MW | |
JV&Asso. Solar PV | 7 MW | 7 MW | |
4
Attributable Installed Capacity2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
In 2024, attributable installed capacity reached 4,615MW, with 3,732MW in wind power and 883MW in solar PV
Capacity composition is optimized，with a higher proportion of wind power capacity
Revenue and Net Profits of Power Generation Continue to Grow
2024 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED
Attributable Power Generation (GWh) | Power Generation Revenue ('000 RMB) | Power Generation Attributable Net Profit ('000 RMB） | |||||||
2024 | 2023 | Changes | 2024 | 2023 | Changes | 2024 | 2023 | Changes | |
Subsidiary-owned Total | 7,515 | 6,024 | +24.8% | 2,515,951 | 2,259,413 | +11.4% | 797,814 | 762,048 | +4.7% |
Subsidiary-owned Wind | 6,580 | 5,199 | +26.6% | 2,154,968 | 1,893,041 | +13.8% | 732,853 | 664,885 | +10.2% |
Subsidiary-owned Solar PV | 935 | 825 | +13.3% | 360,983 | 366,372 | -1.5% | 64,961 | 97,163 | -33.1% |
JV&Asso. Attribution | 1,130 | 1,800 | -37.2% | - | - | - | 157,898 | 190,887 | -17.3% |
Attributable Total | 8,645 | 7,824 | +10.5% | 2,515,951 | 2,259,413 | +11.4% | 955,712 | 952,935 | +0.3% |
5
Project Development Achieves New Successes Worldwide
2024 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED
Nations | Type | Capacity (MW) |
Worldwide Wind & Solar PV | 1,399 | |
PRC. | Wind & Solar PV | 720 |
Other Nations | Solar PV | 679 |
Energy Storage | 308MW/616MWh |
6
New Projects
895MW
2024 Total Construction Scale 2,562MW
1,667MW
Previous Year Carried Over Projects
Solar PV
Wind
300MW
2024
Completed 566MW
266MW
7
Construction is Progressing in an Orderly Manner2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
In 2024, total construction scale reached 2,562 MW. It includes 1,667 MW from ongoing construction carried over from the previous year and 566 MW already became operational this year. The rest of 1,996 MW will continue to construct in year of next.
Streamlining project reserves and flexibly adopting
operational development models
Implementing multiple measures to achieve cost reduction and efficiency enhancement2024 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED
Strengthening budget management
Adjusting operations units in segment of others
15%
404
2023
344
2024
Unit：Million RMB
Optimizing/restructuring the development units in certain countries and provinces
8
Group Administrative Expenses decreased by 15% comparing to last year
Operating Indicators | As of 31thDec. 2024 | As of 31thDec. 2023 | Changes | |
Weighted Average Utilization Hours | 2,192 hours 2,326 hours 1,272 hours 1,256 hours 9.5% 8.2% 18.5% 19.5% | 2,449 hours 2,667 hours 1,455 hours 1,465 hours 3.7% 3.9% 5.9% 6.2% | -10.5% -12.8% -12.6% -14.2% +5.8 pp +4.3 pp +12.6 pp +13.2 pp | |
Wind (Attributable Installed) Incl.: Wind (Subsidiary-owned) Solar (Attributable Installed) Incl.: Solar PV (Subsidiary-owned) Curtailment Rate Wind (Attributable Installed) Incl.: Wind (Subsidiary-owned) Solar (Attributable Installed) Incl.: Solar PV (Subsidiary-owned) | ||||
Average Tariff Wind (Attributable Installed) Incl.: Wind (Subsidiary-owned) Solar (Attributable Installed) Incl.: Solar PV (Subsidiary-owned) | 0.3933 RMB/kWh 0.3803 RMB/kWh 0.4552 RMB/kWh 0.4503 RMB/kWh | 0.4042 RMB/kWh 0.3858 RMB/kWh 0.5196 RMB/kWh 0.5141 RMB/kWh | -0.0109 RMB/kWh -0.0055 RMB/kWh -0.0644 RMB/kWh -0.0638 RMB/kWh | |
Notes: According to data from the National Energy Administration of China, the average utilization hours of wind power in China in 2024 were 2,127 hours; the 9
average utilization hours of photovoltaics in China were 1,211 hours.
Power Plants Operating Indicators2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
1
Focusing on electricity marketing, build a intelligent trading platforms IO support decision-making
Guaranteed Procurement 28.48%
Sub-owned Power Settlement
Green
3
Mid- to long-term Trading
Green electricity settled 811 million kWh, increased by 31.5% comparing to last year. Contribute over 24.03 million RMB revenue
2
Subsidiary-owned power plants settled in total 7.45 billion kWh, among which trading party is
5.33 billion kWh, accounting for 71.5%
Electricity
10.88%
Spot Trading 3.36%
57.28%
4
Green certificates 100Ooissued, 100Oosold with zero inventory. Sale profits exceeds 27 Million RMB
10
C¿E:.:,.
Market Trading of Electricity2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
0.28
Select projects with strong risk resistance and good benefits
0.18
0.38
0.18
Power Plants LCOE (RMB/kWh)
0.2529
0.2504
0.2434
2022 2023 2024
2022 2023 2024
Engineering Construction:
Apply new technologies and new process to build
Amortized LCOE (RMB/kWh)
0.3059
0.2965
0.2813
efficient power plants
Operating：
Refine O&M, carry out targeted technical improvements, enhance the reliability of wind power plants and units, and increase the power generation of units
11
LCOE Strategy2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
Investment and Development
1
2
3
Comprehensive financing rate dropped 62 bps, newly withdraw
4 has 3.43% interest rate in average, newly signed contracts with
the lowest interest rate at 2.7%5
12
Annual Results Outlines2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
Industry Changes
2024 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED
Electricity
Consumption
Global
Wind Turbine
PV Module
Novel Energy Storage
Financing Cost
AI drives US electricity consumption growth, multiple countries firmly support the development of renewable energy
China issued "Energy Law", and recently released the "Notice on Deepening the Market-Oriented Reform of new Energy on-Grid Pricing."
Large-scale wind turbines tread slowed down, design approaches showed differentiation
Wind turbine price remain high, with a slightly increase compared to 2023
China's cost per kilowatt remains low, wind turbine price generally remain stable
TOPCon market share exceeded 60%, firming its position in mainstream photovoltaic technology
Module price is at a low level , which benefit power plant investments by reducing the cost
The average cost of global electrochemical energy storage systems has decreased by 40%, with
new types of storage experiencing explosive growth
Global inflation is easing, central banks like the Federal Reserve and the European Central Bank are entering into a rate-cutting phase
The People's Bank of China has consecutively lowered the five-year Loan Prime Rate (LPR) three
times, with a total reduction of 60 basis points to 3.60% 13
Focus on safety and equipment management, to improve efficiency
Strengthen power trading and marketing capabilities
Adjust business strategies and focus on developing high-quality projects
Enhance adequate preparation of construction, ensure new capacity installed
Lower financing cost
Analyze market changes and continuously optimize assets
Implement refined and specialized management to continue reducing costs and increasing
efficiency
Carry out corporate culture development to enhance cohesion 14
2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
Declined inflation and loose monetary policies by various economies will boost global economic activity
Global renewable energy sector continues to grow rapidly, energy transition trend remains clear
Insights in new conditions and changes, focus on key markets, plan and achieve robust development goals
A
MSCI ESG
Rating
AA
S&P CSA
Outperformed
＆ over 84%*
Peers Worldwide
MSCI ESG latest rating is A level, score increases by 9%
2021-2025 MSCI ESG rating result
Received
"Top 10% S&P Global ESG Score (China)"
Received
"Industry Mover
(Power Generation)"
15
*data as of the end of 2024
Leading Position of ESG Performance2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
Value the ESG management, ESG ratings maintain at a leading position among peers
Appendix
2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
Profit or Loss (RMB'000) | 2024 | 2023 |
Continuing Operations | ||
Revenue | 2,752,054 | 2,588,646 |
Cost of sales and service rendered | (1,236,206) | (1,183,020) |
Gross profit | 1,515,848 | 1,405,626 |
Other income | 183,840 | 104,887 |
Other gains and losses, net | 31,684 | 404,149 |
Impairment losses under expected credit loss model, net of reversal | (702) | (1,130) |
Distribution and selling expenses | (13,849) | (6,141) |
Administrative expenses | (343,759) | (404,458) |
Finance cost | (683,945) | (644,165) |
Share of profit of joint ventures, net | 166,503 | 172,836 |
Share of profit of associates, net | 11,152 | 17,029 |
Profit before income tax | 866,772 | 1,048,633 |
Income tax expense | 8,803 | (153,825) |
Profit from continuing operations | 875,575 | 8G4,808 |
Profit from discontinued operation, net of tax | - | G3,G42 |
Profit for the period | 875,575 | G88,750 |
Profit Attributable to: | ||
Owners of the Company | 805,133 | G63,774 |
Non-controlling Interests | 70,442 | 24,976 |
Assets (RMB'000) | 2024 | 2023 |
Current Assets Non-current Assets Total Assets Current Liabilities Non-current liabilities Total liabilities Net Current Assets Net Assets Share capital Reserves | 8,144,058 23,985,781 32,129,839 (7,940,253) (15,283,280) (23,223,533) 203,805 8,906,306 68,390 8,646,560 | 6,986,439 24,249,929 31,236,368 (6,878,585) (15,922,369) (22,800,954) 107,854 8,435,414 72,598 8,210,438 |
Cash Flows (RMB'000) | 2024 | 2023 |
Net cashflow from operating Net cashflow used in investing Net cashflow from financing Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents | 2,190,826 (3,418,196) 525,042 (702,328) 2,229,188 | 1,580,634 (4,587,639) 1,973,670 (1,033,335) 3,902,924 |
Total Liabilities (RMB'000) | 16,649,824 | 16,692,318 |
Incl.：Short-term liabilities Long-term Liabilities mature within one year Long-term liabilities | 588,228 1,537,451 14,524,145 | 754,185 1,136,733 14,801,400 |
Financial Reports
2024 ANNUAL REPORT
CONCORD NEW ENERGY GROUP LIMITED
Installed Wind Capacity
Subsidiary-owned projects: 2,966.5MW attributable installed capacity ⮚ JV&Asso. projects: 765.63MW attributable installed capacity
2024 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED
Year Project Regions Province Capacity (MW) CNE's Stake Attributable )
Capacity(MW
2015
Feixi
E
Anhui
34
100%
34
2016
Jiepai
CS
Hunan
48
100%
48
2016
Jiagou
E
Anhui
48
100%
48
2017
Wuhe
E
Anhui
48
100%
48
2017
Qiaotoupu
CS
Hunan
48
100%
48
2017
Hongtang
CS
Hunan
48
100%
48
2017
Jingmen
CS
Hubei
48
100%
48
2018
Yushan
CS
Hubei
48
100%
48
2018
Lixi
CS
Hubei
48
100%
48
2018
Jindashan
E
Anhui
50
100%
50
2019
Baimangying
CS
Hunan
48
100%
48
2019
Wulanhua D
NE
Jilin
49.5
100%
49.5
2019
Wulanhua E
NE
Jilin
49.5
100%
49.5
2019
Wulanhua F
NE
Jilin
49.5
100%
49.5
2020
Mengzhuling
CS
Hunan
50
100%
50
2020
Yingshanmiao
CS
Henan
50
100%
50
2020
Yilan
NE
Heilongjiang
200
100%
200
2021
Guazhou
NW
Gansu
100
100%
100
2021
Shiziling Phase I
CS
Guangxi
48
100%
48
2021
Dongda
CS
Hunan
48
100%
48
2021
Fuxin Hailiban
NE
Liaoning
50
100%
50
2021
Xinfa D
NE
Jilin
49.5
100%
49.5
2021
Wuying
CS
Hubei
20
100%
20
2022
Shiziling Phase II
CS
Guangxi
42
100%
42
2022
Shiziling Phase III
CS
Guangxi
48
100%
48
2022
Chaoyang
NE
Liaoning
49.5
100%
49.5
2022
Kaiyuan
SW
Yunan
350
100%
350
2022
Danfeng
SW
Yunan
300
100%
300
2022
Guazhou Phase II
NW
Gansu
100
100%
100
2022
Huilong
CS
Hunan
21
100%
21
2022
Jinbi
CS
Hunan
30
100%
30
2022
Xiangbei I
CS
Hubei
100
51%
51
2023
Tonghe
NE
Heilongjiang
300
60%
180
2023
Xiangbei Fengchu II
CS
Hubei
100
100%
100
2023
Donglan
CS
Guangxi
100
100%
100
2024
Qiaodong II
E
Anhui
51
100%
51
2024
Songbei I
NE
Heilongjiang
100
100%
100
2024
Alashan Distribute
N
Inner Mongolia
15
100%
15
2024
Wenan Jianzhong
SW
Guizhou
100
100%
100
Year Project Regions Province Capacity (MW) CNE's Stake Attributable )
Capacity(MW
2006
Chantu Phase I
NE
Liaoning
50.25
25%
12.56
2008
Erlianhaote Phase I
N
Inner Mongolia
21
49%
10.29
2009
Linchang Phase I
NE
Jilin
49.5
49%
24.26
2009
Zhaqi Phase I
N
Inner Mongolia
49.5
49%
24.26
2009
Heiyupao Phase I
NE
Jilin
49.5
49%
24.26
2010
Huadeng Phase I
N
Inner Mongolia
49.5
32.16%
15.92
2010
Huadeng Phase II
N
Inner Mongolia
49.5
32.16%
15.92
2010
Zhalute Phase II
N
Inner Mongolia
49.5
32.16%
15.92
2010
Zhalute Phase III
N
Inner Mongolia
49.5
32.16%
15.92
2010
Guazhou
NW
Gansu
201
51.45%
103.41
2011
Kailu
N
Inner Mongolia
49.5
32.16%
15.92
2011
Maniuhu
NE
Liaoning
49.5
30%
14.85
2011
Gulibengao
NE
Liaoning
49.5
30%
14.85
2013
Chaoyang Wanjia
NE
Liaoning
49.5
30%
14.85
2013
Guanshan
E
Anhui
48
49%
23.52
2013
Suzhou Fuli
E
Anhui
48
49%
23.52
2013
Jianghua
CS
Hunan
48
59.3%
28.46
2014
Zilingpu
CS
Hubei
48
59.3%
28.46
2014
Huolonggang
CS
Henan
49.5
59.3%
29.35
2014
Yantai Gaotuan
E
Shandong
48
49%
23.52
2016
Lingshan
E
Anhui
48
49%
23.52
2018
Shenzhagtang
CS
Hunan
48
25%
12
2018
Jingtang
CS
Hunan
48
25%
12
2019
Kailu Phase II
N
Inner Mongolia
50
32%
16.08
2019
Yushan Phase II
CS
Hubei
89
49%
43.61
2019
Zhaqi Phase IV
N
Inner Mongolia
50
32.16%
16.08
2020
Kailu Phase II
N
Inner Mongolia
200
32.16%
64.32
2023
Binxian
NE
Heilongjiang
200
49%
98
Installed Solar PV Capacity883 MW Attributable Installed Capacity
2024 年报協合新能源集 團有限公司
Subsidiary-owned Projects: 876.22MW attributable installed capacity
2012 | Hawaii (Hoku) | -- | USA | 0.9 | 80% | 0.72 |
2013 | Wisconsin (Jefferson) | -- | USA | 1 | 100% | 1 |
2014 | Naidong | WS | Tibet | 20 | 100% | 20 |
2015 | Indiana | -- | USA | 10 | 100% | 10.2 |
2015 | Eryuan | WS | Yunnan | 30 | 100% | 30 |
2015 | Yanyuan | WS | Sichuan | 30 | 100% | 30 |
2015 | Rhode Island (Johnston) | -- | USA | 1.5 | 100% | 1.5 |
2015 | Rhode Island (North kingstown) | -- | USA | 0.5 | 100% | 0.5 |
2016 | Ohio (Minster) | -- | USA | 4.3 | 100% | 4.3 |
2017 | Cuomei | WS | Tibet | 20 | 100% | 20 |
2017 | Jiangzi | WS | Tibet | 15 | 100% | 15 |
2018 | Haerbin | NE | Heilongjiang | 1 | 100% | 1 |
2021 | Xiangbei Agri-PV | CS | Hubei | 100 | 100% | 100 |
2021 | Xishui | CS | Hubei | 40 | 100% | 40 |
2021 | Dachaidan | NW | Qinghai | 100 | 100% | 100 |
2022 | Nandagang | N | Hebei | 70 | 100% | 70 |
2023 | Dachaidan II | NW | Qinghai | 100 | 100% | 100 |
2023 | Eastern distributed PV | - | - | 2 | 100% | 2 |
2023 | Cuomei II | WS | Tibet | 30 | 100% | 30 |
2024 | Chengde Fengning | N | Hebei | 200 | 100% | 200 |
2024 | Gaoyou | E | Jiangsu | 100 | 100% | 100 |
JVsAsso.：6.43MW attributable installed capacity | ||||||
2015 | Zhaer | N | Inner Mongolia | 20 | 32.16% | 6.43 |
Year
Projects
Regions
Province
/Country
Capacity
CNE's
（MW） Stake
Welcome
https://www.cnegroup.com
to Contract Us
Niu Wenhui
Executive Director s CFO Email: niuwh@cnegroup.com
Andrew Liu Financing Director
Cell: +86-1500126673G
Email: liuny@cnegroup.com
Renee Wang
IR and Financing Manager
Cell: +86-13G01047384
Email: wangxuan@cnegroup.com
股票代码 182
C
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