ANNUAL RESULTS PRESENTATION
CONCORD NEW ENERGY GROUP LIMITED
incorporated in Bermuda with limited liability
FOR THE YEAR ENDED 31 DECEMBER 2025
STOCK CODE
HONG KONG : 182 | SINGAPORE : SEG
As of 31st Dec 2025 | As of 31st Dec 2024 | Changes1 | ||
Total Assets | 33,156.99 | 32,129.84 | +3.2% | |
Net Assets | 8,652.45 | 8,906.31 | -2.9% | |
Cash and Cash Equivalents | 1,290.82 | 2,229.19 | -42.1% | |
Key Financial Data | As of 31st Dec 2025 | As of 31st Dec 2024 | Changes | |
Revenue | 2,544.01 | 2,752.05 | -7.6% | |
Profit Attributable to Owners of the Company | 139.72 | 805.13 | -82.6% | |
Fully Diluted EPS | 1.78 cents | 10.05 cents | -82.3% | |
Segment Revenue | Power Generation2 | 2,395.15 | 2,515.95 | -4.8% |
Others | 148.86 | 236.10 | -37.0% | |
Segment Results3 | Power Generation | 931.85 | 1,432.69 | -35.0% |
Others | -20.73 | 16.71 | -224.1% |
Changes rate = (current - previous)/(absolute previous)
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
2025
ANNUAL REPORT
Unit：Million RMB
Financial Performance
2025
ANNUAL REPORT
2,600
1,800
Revenue
(Million RMB)
2,588
329
2,259
2,752
236
2,516
2,544
2,395
149
500
300
Admin. Expense
(Million RMB)
404
344
277
Comprehensive Financing Rate
(%)
6
4.60 3.G8
4 3.51
2
1,000
2,600
2023 2024 2025
发电业务 其他EBITDA
(Million RMB)
100
2,508
2,443
1,986
2,400
2023 2024 2025
Net Operating Cashflows
(Million RMB)
0
2023 2024 2025
EBITDA / Finance Cost
2,191
2,293
1,581
3.9x
3.6x
3.1x
(x)
4
1,800 1,200 2
1,000
2023 2024 2025
0
2023 2024 2025
0
2023 2024 2025
Subsidiary-owned Power Generation Indicators
2025
ANNUAL REPORT
Availability of Power Plants Weighted Average Utilization Hours
(%)
(hrs)
102
68
64
68.6
66.6 66.6
68.4
68.8
66.6 66.7 66.8
68.3 68.7
3,000
2,000
1,000
2,667 2,621
1,420
1,532
2,667 2,326
1,465 1,256
2,082
1,066
60
2021 2022 2023 2024 2025
Wind Solar PV0
2021 2022 2023 2024 2025
Wind Solar PVCurtailment Rate
(%)
36 32
24 20
12 11 6 13
2 4 8
0
4
2
Average Comprehensive Electricity Price
(RMB/kWh)
0.7806
0.4865
0.5141
0.4503
0.5124
0.3604 0.3858
0.3803
0.3746
0.3513
0.6000
0.6000
0.3000
0.0000
2021 2022 2023 2024 2025
Wind Solar PV
2021 2022 2023 2024 2025
Wind Solar PV
Power Generation (GWh) | Power Generation Revenue ('000 RMB) | Power Generation Net Profit ('000 RMB) | |||||||
2025 | 2024 | Changes | 2025 | 2024 | Changes | 2025 | 2024 | Changes | |
Subsidiary-owned Total | 7,456 | 7,515 | -0.79% | 2,395,153 | 2,515,951 | -4.8% | 420,387 | 797,814 | -47.3% |
Subsidiary-owned Wind | 6,248 | 6,580 | -5.05% | 2,003,331 | 2,154,968 | -7.0% | 401,296 | 732,853 | -45.2% |
Subsidiary-owned Solar PV | 1,208 | 935 | +29.20% | 391,822 | 360,983 | 8.5% | 19,091 | 64,961 | -70.6% |
JV&Asso. Attribution Total | 1,295 | 1,485 | -12.79% | - | - | - | 103,421 | 157,898 | -34.5% |
Total | 8,751 | 9,000 | -2.77% | 2,395,153 | 2,515,951 | -4.8% | 523,808 | 955,712 | -45.2% |
2025
ANNUAL REPORT
Wind
4,044MW
82%
Solar PV
884MW
18%
Attributed Installed Capacity | 2025 | 2024 |
During the year: Newly Added | 391 MW | 566 MW |
Sold | 78 MW | 50 MW |
As the end of year: Operational Attributable Installed Capacity | 4,928 MW | 4,615 MW |
Subsidiary-owned Wind | 3,306 MW | 2,966 MW |
JV&Asso. Wind | 738 MW | 766 MW |
Subsidiary-owned Solar PV | 877 MW | 876 MW |
JV&Asso. Solar PV | 7 MW | 7 MW |
Note: capacity sold is recognized as the share capital are transferred to the new holder
Attributable Installed Capacity2025
ANNUAL REPORT
As of Dec 31st2025, the Group attributable installed capacity of wind and solar PV is 4,928MW
Incl., 4,044MW wind power and 884MW solar PV
The Group has 3,530MW subsidy-free projects, representing 71.6%
Power Market Trading
2025
ANNUAL REPORT
Guaranteed
23.21%
2025
Among the 17 provinces participating in electricity trading,
two-thirds achieved higher trading prices than the local
market average
Green power trading volume reached 1.253 billion kWh, a
Guaranteed
28.48%
Green Power 10.88%
Spot
3.36%
Green Power 17.19%
Spot
3.05%
Medium and Long-term 57.28%
2024
Sub-owned Power Settlement
Sub-owned
Power Settlement
Medium and
long-term
56.55%
year-on-year increase of 54.5%
Onboard new international clients and lock in long-term
green certificate revenue
Commenced providing external power trading services
Independently developed an intelligent power trading system and realized its commercial value
Decline in Industry Certainty
Business Environment2025
ANNUAL REPORT
Structure Opportunities Emerging
Opportunities
Challenges
Technological advancement and upgrading enhance competitiveness of renewable energy
Major economies increased investment in power grids and new-type energy storage, enhancing power consumption
Major economies have entered a rate-cut cycle, helping to reduce investment costs
AI development boosts electricity demand expectations
Wind and solar curtailment in China has intensified
The establishment of power trading market in China has led to a decline in the comprehensive power price.
China's overall installed power capacity increased by 16%, resulting in excess power supply in most regions
Insufficient grid regulation capability and limited transmission capacity of cross-regional power corridors
Multiple Operating Achievements
2025
ANNUAL REPORT
Face challenges head-on and forge a new path forward
Refined management
of existing assets
Signed 660MW (DC) of PPA capacity with global leading technology companies to supply power to their data centers.
In the U.S. market, grid connection agreements were signed for an additional 394MW of photovoltaic and 299MW of energy storage projects.
Localization of talents
Secondary listing on the
Singapore Exchange (SGX)
Extract value from existing assets：
Safety production
Technological transformation and upgrading, with focus on rectifying high-frequency hazards, the availability rate of wind farms reached 98.8%.
Optimizing trading strategies to improve power marketing revenue.
Leveraging digital and intelligent technologies to enhance power generation efficiency at power plants.
Business Globalization
Assets Optimization
Actively developing professional services in China
Staff declined: 254 employees
Two international regional
divisions merged and eliminated
Four provincial-level branches in China abolished
Administrative expenses reduced by RMB 66.88 million
Comprehensive financing cost decreased by 47 bps
Management team took the lead in salary cuts ranging from10% to 30% respectively
Increase assets with high earnings certainty in mature markets, pursue prudent investment in the Chinese region and optimize asset layout:
Sold 78 MW
Held for sale 471 MW
Cooperative development
360 MW
Leverage the advantages of talent and project experience in the China actively develop service-orientated business:
Consulting and design services and power trading services
Jointly established an RMB
1.8 billion industry funds with Taikang Insurance to expand new energy asset management services.
Cost reduction and efficiency enhancement
Technology | Capacity (MW) | Location | Status | Capacity (MW) | |
Wind | 600 | China | Commissioned Wind* | 400 | |
Solar PV | 396 | Rest of World | Commissioned Solar PV | 51 | |
Energy Storage | 299 | Rest of World | CIP carry forward | 1,560 | |
Note: total capacity, corresponding to attributable capacity of 340MW. |
2025
ANNUAL REPORT
Newly Secured Projects
Construction
More than 9,200 enterprises worldwide participated in the selection, with 848 being selected in the end. Only 26 enterprises across the globe made the list (Electric Utilities Sector), among which merely 3 are from Asia.
Selected for S&P Global Sustainability Yearbook for our outstanding performance in sustainable development.
First Time Named in
S&P Global Sustainability Yearbook
ESG performance remain leading position
2025
ANNUAL REPORT
2026 Operating Strategy
2025
ANNUAL REPORT
Amid complex and tough industry environment, operating performance is under significant pressure
Consolidate global business layout, responde flexibly , deliver steady and sustainable result
Maximum and extract value from existing assets
Advance the business globalization
Focus on projects with assured earnings
Ensure sound management of project construction
Develop professional services business
Optimize the asset portfolio on an ongoing basis
Continue cost reduction and efficiency enhancement
2025
ANNUAL REPORT
E
1 NEW
r
CONCORD ENERGY
AppendixProfit or Loss (RMB'000) | 2025 | 2024 |
Continuing Operations | ||
Revenue | 2,544,013 | 2,752,054 |
Cost of sales and service rendered | (1,505,069) | (1,236,206) |
Gross profit | 1,038,944 | 1,515,848 |
Other income | 126,093 | 183,840 |
Other gains and losses, net | (46,319) | 31,684 |
Impairment losses under expected credit loss model, net of reversal | (10,974) | (702) |
Distribution and selling expenses | (6,680) | (13,849) |
Administrative expenses | (276,876) | (343,759) |
Finance cost | (633,710) | (683,945) |
Share of profit of joint ventures, net | 91,741 | 166,503 |
Share of profit of associates, net | (10,008) | 11,152 |
Profit before income tax | 272,211 | 866,772 |
Income tax expense | (115,577) | 8,803 |
Profit from continuing operations | 156,634 | 875,575 |
Profit from discontinued operation, net of tax | - | - |
Profit for the period | 156,634 | 875,575 |
Profit Attributable to: | ||
Owners of the Company | 13G,720 | 805,133 |
Non-controlling Interests | 16,914 | 70,442 |
Assets (RMB'000) | 2025 | 2024 |
Current Assets Non-current Assets Total Assets Current Liabilities Non-current liabilities Total liabilities Net Current Assets Net Assets Share capital Reserves | 6,775,058 26,381,935 33,156,993 (6,648,048) (17,856,496) (24,504,544) 127,010 8,652,449 67,422 8,448,737 | 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 |
Cash Flows (RMB'000) | 2025 | 2024 |
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 | 2,293,030 (2,709,797) (376,547) (793,314) 1,290,816 | 2,190,825 (3,418,196) 525,043 (702,328) 2,229,188 |
Total Liabilities (RMB'000) | 18,G55,65G | 16,64G,824 |
Incl.：Short-term liabilities Long-term Liabilities mature within one year Long-term liabilities | 522,006 1,750,213 16,683,440 | 588,228 1,537,451 14,524,145 |
2025
ANNUAL REPORT
2015 | Feixi | Anhui | 34 | 100% | 34 |
2016 | Jiepai | Hunan | 48 | 100% | 48 |
2016 | Jiagou | Anhui | 48 | 100% | 48 |
2017 | Wuhe | Anhui | 48 | 100% | 48 |
2017 | Qiaotoupu | Hunan | 48 | 100% | 48 |
2017 | Hongtang | Hunan | 48 | 100% | 48 |
2017 | Jingmen | Hubei | 48 | 100% | 48 |
2018 | Yushan | Hubei | 48 | 100% | 48 |
2018 | Lixi | Hubei | 48 | 100% | 48 |
2018 | Jindashan | Anhui | 50 | 100% | 50 |
2019 | Baimangying | Hunan | 48 | 100% | 48 |
2019 | Wulanhua D | Jilin | 49.5 | 100% | 49.5 |
2019 | Wulanhua E | Jilin | 49.5 | 100% | 49.5 |
2019 | Wulanhua F | Jilin | 49.5 | 100% | 49.5 |
2020 | Mengzhuling | Hunan | 50 | 100% | 50 |
2020 | Yingshanmiao | Henan | 50 | 100% | 50 |
2020 | Yilan | Heilongjiang | 200 | 100% | 200 |
2021 | Guazhou | Gansu | 100 | 100% | 100 |
2021 | Shiziling Phase I | Guangxi | 48 | 100% | 48 |
2021 | Dongda | Hunan | 48 | 100% | 48 |
2021 | Fuxin Hailiban | Liaoning | 50 | 100% | 50 |
2021 | Xinfa D | Jilin | 49.5 | 100% | 49.5 |
2021 | Wuying | Hubei | 20 | 100% | 20 |
2022 | Shiziling Phase II | Guangxi | 42 | 100% | 42 |
2022 | Shiziling Phase III | Guangxi | 48 | 100% | 48 |
2022 | Chaoyang | Liaoning | 49.5 | 100% | 49.5 |
2022 | Kaiyuan | Yunan | 350 | 100% | 350 |
2022 | Danfeng | Yunan | 300 | 100% | 300 |
2022 | Guazhou Phase II | Gansu | 100 | 100% | 100 |
2022 | Huilong | Hunan | 21 | 100% | 21 |
2022 | Jinbi | Hunan | 30 | 100% | 30 |
2022 | Xiangbei I | Hubei | 100 | 100% | 100 |
2023 | Tonghe | Heilongjiang | 300 | 60% | 180 |
2023 | Xiangbei Fengchu II | Hubei | 100 | 100% | 100 |
2023 | Donglan | Guangxi | 100 | 100% | 100 |
2024 | Qiaodong II | Anhui | 51 | 100% | 51 |
2024 | Songbei I | Heilongjiang | 100 | 100% | 100 |
2024 | Alashan Distribute | Inner Mongolia | 15 | 100% | 15 |
2024 | Wenan Jianzhong | Guizhou | 100 | 100% | 100 |
2025 | Yilan Hungan I | Heilongjiang | 200 | 70% | 140 |
2025 | Tuojiang | Hunan | 100 | 100% | 100 |
2025 | Baimangying III | Hunan | 100 | 100% | 100 |
(MW)
(MW)
Attributable
CNE's Stake Capacity
Capacity
Province
Project
Year
(MW)
(MW)
Attributable
CNE's Stake Capacity
Capacity
Province
Project
Year
Installed Capacity2025
ANNUAL REPORT
Subsidiary-owned Wind Capacity 3,306.5 MW
Year | Project | Province | Capacity (MW) | CNE's Stake | Capacity (MW) |
| ||
2006 | Chantu Phase I | Liaoning | 50.25 | 25% | 12.56 | Capacity | CNE's | Attributable |
Mongolia
2010 | Huadeng Phase I |
2010 | Huadeng Phase II |
2010 | Zhalute Phase II |
2010 | Zhalute Phase III |
2010 | Guazhou |
2011 | Kailu |
Inner Mongolia
Inner Mongolia
2008 | Erlianhaote Phase I | Inner Mongolia | 21 | 49% | 10.29 |
2009 | Linchang Phase I | Jilin | 49.5 | 49% | 24.26 |
2009 | Zhaqi Phase I | Inner | 49.5 | 49% | 24.26 |
2009 | Heiyupao Phase I | Jilin | 49.5 | 49% | 24.26 |
49.5 32.16% 15.92
49.5 32.16% 15.92
Subsidiary-owned Projects: 877.22MW attributable installed capacity
Inner Mongolia | 49.5 | 32.16% | 15.92 | 2015 | Eryuan | China (Yunnan) | 30 | 100% | 30 |
Inner Mongolia | 49.5 | 32.16% | 15.92 | 2015 | Yanyuan | China (Sichuan) | 30 | 100% | 30 |
Gansu | 201 | 51.45% | 103.41 | 2015 | Rhode Island (Johnston) | USA | 1.5 | 100% | 1.5 |
2012 | Hawaii (Hoku) | USA | 0.9 | 80% | 0.72 |
2013 | Wisconsin (Jefferson) | USA | 1 | 100% | 1 |
2014 | Naidong | China (Tibet) | 20 | 100% | 20 |
2015 | Indiana | USA | 10 | 100% | 10.2 |
Inner
Mongolia
49.5 32.16% 15.92
2015
Rhode Island (North USA 0.5 100% 0.5
2016 | Ohio (Minster) | USA 4.3 100% 4.3 | |||
2017 | Cuomei | China (Tibet) | 20 | 100% | 20 |
2017 | Jiangzi | China (Tibet) | 15 | 100% | 15 |
2018 | Haerbin | Heilongjiang | 1 | 100% | 1 |
2021 | Xiangbei Agri-PV | China (Hubei) | 100 | 100% | 100 |
2021 | Xishui | China (Hubei) | 40 | 100% | 40 |
2021 | Dachaidan | China (Qinghai) | 100 | 100% | 100 |
kingstown)
2014 | Yantai Gaotuan | Shandong | 48 | 49% | 23.52 | 2022 | Nandagang | China (Hebei) | 70 | 100% | 70 |
2016 | Lingshan | Anhui | 48 | 49% | 23.52 | 2023 | Dachaidan II | China (Qinghai) | 100 | 100% | 100 |
2018 | Shenzhagtang | Hunan | 48 | 25% | 12 | 2023 | Eastern distributed PV | - | 2 | 100% | 2 |
2018 Jingtang Hunan 48 | 25% | 12 | 2023 | Cuomei II | China (Tibet) | 30 | 100% | 30 | |||
2019 | Kailu Phase II | Inner | 50 | 32% | 16.08 | 2024 | Chengde Fengning | China (Hebei) | 200 | 100% | 200 |
2019 | Yushan Phase II | Hubei | 89 | 49% | 43.61 | 2024 | Gaoyou | China (Jiangsu) | 100 | 100% | 100 |
2019 | Zhaqi Phase IV | Inner | 50 | 32.16% | 16.08 | 2025 Ferrara | Italy | 1 | 100% | 1 | |
2011 | Maniuhu | Liaoning | 49.5 | 30% | 14.85 |
2011 | Gulibengao | Liaoning | 49.5 | 30% | 14.85 |
2013 | Chaoyang Wanjia | Liaoning | 49.5 | 30% | 14.85 |
2013 | Guanshan | Anhui | 48 | 49% | 23.52 |
2013 | Suzhou Fuli | Anhui | 48 | 49% | 23.52 |
2014 | Zilingpu | Hubei | 48 | 59.30% | 28.46 |
2014 | Huolonggang | Henan | 49.5 | 59.30% | 29.35 |
Mongolia
Mongolia
Mongolia
2020 Kailu Phase II Inner
200 32.16% 64.32
JVsAsso.：6.43MW attributable installed capacity
2023 Binxian Heilongjiang 200 49% 98
2015 Zhaer China (Inner
20 32.16% 6.43
Mongolia)
Installed Capacity2025
ANNUAL REPORT
JV&Asso. Wind Attributable Capacity 737.17 MW
Attributable
Year
Projects
Regions
（MW）
Stake
Capacity
(MW)
concordnewenergy.com https://www.cnegroup.com
Welcome to Contract Us
Niu Wenhui
Executive Director C CEO Email: niuwh@cnegroup.com
Joe Zhou
Vice President
Email: zhouxl@cnegroup.com
Andrew Liu Financing Director
Cell: +86-15001266739
Email: liuny@cnegroup.com
Renee Wang
IR and Financing Manager
Cell: +86-13901047384
Email: wangxuan@cnegroup.com
CONCORD NEW ENERGY GROUP LIMITED
incorporated in Bermuda with limited liability
FOR THE YEAR ENDED 31 DECEMBER 2025
STOCK CODE
HONG KONG : 182 | SINGAPORE : SEG
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