协合新能源集团有限公司
2021财年业绩报告
CONCORD NEW ENERGY GROUP LIMITED
Incorporated in Bermuda with limited liability
As of June 30 ,2025
STOCK CODE HK. 0182
August 1st2025
1H2025 Interim Results Summary
Concord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
Unit：Million RMB
As of 30thJune 2025 | As of 31stDec 2024 | Changes | ||
Total Assets | 33,212.69 | 32,129.84 | +3.4% | |
Net Assets | 8,900.05 | 8,906.31 | -0.1% | |
Cash and Cash Equivalents | 2,321.69 | 2,229.19 | +4.1% | |
Key Financial Data | As of 30thJune 2025 | As of 30thJune 2024 | Changes | |
Revenue | 1,400.32 | 1,498.861 | -6.6% | |
Profit Attributable to Owners of the Company | 281.94 | 501.37 | -43.8% | |
Fully Diluted EPS | 3.58RMB cents | 6.23RMB cents | -42.5% | |
Segment Revenue | Power Generation2 | 1,335.39 | 1,364.32 | -2.1% |
Others | 64.93 | 134.54 | -51.7% | |
Segment Results3 | Power Generation | 625.86 | 812.08 | -22.9% |
Others | -5.52 | -5.51 | -0.2% |
Certain transactions have been restated due to the change from the gross amount method to the net method of recognition
Revenue from subsidiary-owned 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 3
Key Operational/Financial Indicators
Concord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
1
1
Revenue（Million RMB）
,600
1,331.20 1,400.32
1,223.46
,200
800 6.6%＊
400
-
1H22 1H23 1H24 1H25
1,498.86
Attributable Installed
Generation（Billion KWh）
4.74
4.76
4.15
3.32
0.4 %＊
6
4
2
1H22 1H23 1H24 1H25
5,000
4,000
3,000
2,000
Attributable Installed
4,778
4,050
3,640
2,876
Capacity (MW)
1H22 1H23 1H24 1H25
18.0%＊
* Rate of Change from 1H2025 to 1H2024
* Rate of Change from 1H2025 to 1H2024
* Rate of Change from 1H2025 to 1H2024
Profit Attributable the
Owners of the Company（Million RMB） 6%
Average Financing costs
Net operating cash flow (billion RMB）
550
400
250
443.18
496.3 501.37
281.94
43.8%＊
4%
5.12%
4.60%
3.98%
3.63%
35
bps＊
1.1
0.9
0.7
0.83
0.67
0.85
1.04
22.5%＊
100
1H22 1H23 1H24 1H25
2%
2022 2023 2024 1H25
0.5
1H22 1H23 1H24 1H25
Rate of Change from 1H2025 to 1H2024
Changes from 1H2025 to 1H2024
Rate of Change from 1H2025 to 1H2024 4
Attributable Installed Capacity
Concord New Energy Group Limited
协合新能源集团有限公司
2021财年业绩报告
2025 Interim Results
More focusing on quality over quantity, 1H2025 attibutable installed capacity reached 4,778MW，with 3,844MW in wind power and 934MW in solar PV
Wind power plants dominated the majority part of whole asset portfolio
Attributable Installed Capacity | 1H2025 | 1H2024 |
Newly Added | 191 MW | - MW |
Sold | -28 MW | - MW |
As of the end of 1H2025: Attributable Installed Capacity | 4,778 MW | 4,050 MW |
Subsidiary-owned Wind | 3,106 MW | 2,701 MW |
Attributable Capacity Wind | 737 MW | 766 MW |
Subsidiary-owned Solar PV | 928 MW | 576 MW |
Attributable Capacity Solar PV | 7 MW | 7 MW |
Wind/Solar PV 1H2025
Solar PV 934MW
19.5%
Wind
3,844MW
80.5%
5
Power Generation Sector Results
Concord New Energy Group Limited
2021财年中期业绩报告
2025 Interim Results
Attributable Power Generation （GW·h） | Power Generation Revenue ('000 RMB) | Power Generation Attributable Net Profit ('000 RMB) | |||||||
1H2025 | 1H2024 | Changes | 1H2025 | 1H2024 | Changes | 1H2025 | 1H2024 | Changes | |
Attributable Total | 4,759 | 4,738 | +0.4% | 1,335,393 | 1,364,318 | -2.1% | 437,806 | 585,535 | -25.2% |
Subsidiary-Owned Total | 4,103 | 4,155 | -1.3% | 1,335,393 | 1,364,318 | -2.1% | 350,200 | 490,557 | -28.6% |
Subsidiary-owned Wind | 3,504 | 3,689 | -5.0% | 1,115,501 | 1,176,495 | -5.2% | 303,384 | 461,244 | -34.2% |
Subsidiary-owned Solar PV | 599 | 466 | +28.5% | 219,892 | 187,823 | +17.1% | 46,816 | 29,313 | +59.7% |
JV&Asso. Attribution | 656 | 583 | +12.5% | - | - | - | 87,606 | 94,978 | -7.8% |
Note: Attributable net profit refers to the sum of the net profits calculated based on equity holding of corresponding power plants. Revenues from joint ventures and associations is not consolidated into our financial statements.
6
Operating in China
Indicators of Power Plants
协合新能源集团有限公司
2023财年中期业绩报告
Concord New Energy Group Limited
2025 Interim Results
Operating Indicators | As of 30thJune 2025 | As of 30thJune 2024 | Changes |
Wind and solar curtailment rates Wind (Attributable Installed) Incl.: Wind (Subsidiary-owned) Solar (Attributable Installed) Incl.: Solar PV (Subsidiary-owned) | 15.4% 12.9% 11.4% 32.6% 33.6% | 10.7% 9.7% 8.3% 19.5% 20.8% | +4.7pp +3.2pp +3.1pp +13.1pp +12.8pp |
Weighted Average Utilization Hours Wind (Attributable Installed) Incl.: Wind (Subsidiary-owned) Solar (Attributable Installed) Incl.: Solar PV (Subsidiary-owned) | 1,142 hours 1,197 hours 531 hours 526 hours | 1,220 hours 1,343 hours 659 hours 650 hours | -6.4% -10.9% -19.4% -19.1% |
Average Tariff Wind (Attributable Installed) Incl.: Wind (Subsidiary-owned) Solar (Attributable Installed) Incl.: Solar PV (Subsidiary-owned) | 0.3653 RMB/kWh 0.3503 RMB/kWh 0.4278 RMB/kWh 0.4245 RMB/kWh | 0.3838 RMB/kWh 0.3703 RMB/kWh 0.4714 RMB/kWh 0.4662 RMB/kWh | -0.0185 RMB/kWh -0.0200 RMB/kWh -0.0436 RMB/kWh -0.0417 RMB/kWh |
7
协合新能源集团有限公司
2023财年中期业绩报告
Industry ChangesConcord New Energy Group Limited
2025 Interim Results
The global renewable energy industry sustained its rapid growth trend.
Policy
China has promoted the full market-oriented trading coverage for new energy, the direct connection of green power, the enhancement of the green certificate consumption system and its international recognition.
Wind power
The upsizing trend of wind turbine capacity has slowed down, focusing more on incremental innovation across
multiple segments.
International wind turbine prices rose on a year-on-year basis, due to supply chain cost and tariffs impacts.
Global
The price of wind turbines in China rebounded slightly, due to the impact of temperately installation rush and changes of procurement strategies, but the overall price remained at low level.
Solar PV
TOPCon as the mainstream module technology continues to iterate and improve, while the power output of string inverters continues to increase, contributing to a further reduction in overall levelized cost of energy.
Chinese module production advocates self-discipline production cuts，while PV module prices remained
generally at a low level.
Energy
storage
Global energy storage innovation is active, technology continues to becoming more mature, and energy storage investment in many countries around the world has grown strongly.
The European Central Bank has already cut its key policy rates four times.The market widely expects rate
Financing
cuts to occur in the second half of 2025.
In May 2025, the People's Bank of China announced an additional 10-basis-point reduction in the over-5-year
Loan Prime Rate (LPR), bringing it down to 3.5%. 8
Business strategy
Concord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
Promote project development guided by the principle of efficiency
Convert the construction model, strengthen the BT business
Do better on the operating and optimization of existing power plants
Prioritize Efficiency, Focus on Quality and Enhance Profit Certainty
Actively explore and cultivate service-oriented businesses
Global layout, increase the proportion of promising assets
Optimize business, optimize structure, optimize employee, reduce costs and increase efficiency
10%
Power
Generation
Losses Caused
Group
Revenue per employee
by Equipment
Failure
40%
9
Electricity trading capabilities improved steadily
Concord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
1
Guaranteed transactions, 23.80%
Green electricity, 12.28%
Spot, 6.18%
1H2025
Subsidiary-Owned electricity settlement
2
3
Medium and long-term transaction, 57.74%
4
Guaranteed transactions, 28.48%
Green electricity, 10.88%
Spot,
3.36%
2024
Subsidiary-Owned electricity settlement
Medium and 5
long-term transaction, 57.28%
10
协合新能源集团有限公司
2023财年中期业绩报告
New projects acquiredConcord New Energy Group Limited
2025 Interim Results
Nations | Type | Capacity (MW) |
PRC. | Wind power | 600 |
Other Nations | Solar PV | 152.5 |
Total Wind & Solar PV | 752.5 | |
Energy Storage | 300 |
11
Total construction scale
Concord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
Wind put into operation*
200
MW
51 MW
1,755
MW
1H2025
Total construction scale
2,006MW
Solar PV put into operation
Under
Construction
Note: The wind put into production with total capacity of 200MW,
corresponding to the equity capacity of 140MW 12
Development strategy and business outlook for 2H2025
Concord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
Implement a new development strategy centered on the core philosophy of "Strengthening the Group and Increasing Assets with Return Certainty".
Elaborately operate existing power plants, improve production efficiency, and continuously optimize assets portfolio.
Continue to build the leading power trading team to improve the accuracy and efficiency of trading decisions.
Prioritize quality, avoid blindly pursue scale, and focus on high-quality projects in areas with high investment efficiency
and strong certainty of returns.
Eyes on the goal, solidly processing construction, and ensure that the projects under construction are connected to the grid on schedule with quality.
Expand global sections, guided by the principle of efficiency, to reserve a number of international project resources with
highly financeable and high certainty of returns.
Explore new business sectors, such as electricity retailing, private equity fund business of renewable energy , and explore renewable energy REITs issuance.
Adhere to refined and professional management, to furtherly reduce cost and improve efficiency.
13
ESG performance remains outstandingConcord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
MSCI ESG rating remains AA, ranking among the top 10 in the global renewable energy industry
Selected for S&P Global's Sustainability Yearbook (China) for two consecutive years
14
Rating Performance
MSCI Rating
S&P Special
Commendation
Emission Reduction and Carbon Reduction
CO2Emission Reduction
4,534Kilotons
Accumulated Reduction
66,249Kilotons
SO2Emission Reduction
1,131Tons
Accumulated Reduction
32,870 Tons
Standard Coal Savings
1,854Kilotons
Accumulated Savings
26,051Kilotons
Water Savings
7,320Kilotons
Accumulated Savings
133,458Kilotons
§11E
CONCORD NEW
Appendix
2025 Interim Results
15
Summary of Financial Statements
Concord New Energy Group Limited
协合新能源集团有限公司
2023财年中期业绩报告
2025 Interim Results
Profit or Loss (RMB'000) | 1H2025 | 1H2024 |
Revenue | 1,400,319 | 1,498,857 |
Cost of sales and services rendered | (731,290) | (646,764) |
Gross profit | 669,029 | 852,093 |
Other income | 53,960 | 76,577 |
Other gains and losses, net | 24,070 | (724) |
Impairment losses under expected credit loss model, net of eversal | (2,306) | - |
Distribution and selling expenses | (3,668) | (6,051) |
Administrative expenses | (160,838) | (162,642) |
Finance costs | (315,461) | (340,563) |
Share of profit of joint ventures,net | 82,550 | 94,466 |
Share of profit of associates, net | (825) | 8,205 |
Profit before income tax | 346,511 | 521,361 |
Income tax (expenses) / credit | (54,472) | 26,097 |
Profit for the period | 292,039 | 547,458 |
Attributable to: | ||
Equity shareholders of the Company | 281,940 | 501,370 |
Non-controlling interests of the | 10,099 | 46,088 |
Company |
Assets (RMB'000) | 1H2025 | 2024 |
Current Assets Non-current Assets Total Assets Current Liabilities Non-current liabilities Total liabilities Net Current Assets Net Assets Share capital Reserves | 5,901,201 27,311,490 33,212,691 (5,441,397) (18,871,245) (24,312,642) 459,804 8,900,049 67,422 8,645,150 | 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) | 1H2025 | 1H2024 |
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 | 1,040,855 (1,334,527) 527,487 233,815 2,321,693 | 849,097 (2,136,256) 1,184,739 (102,420) 2,798,706 |
16
协合新能源集团有限公司
2023财年中期业绩报告
III
100
350
Mongolia
Installed Capacity | Concord New Energy Group Limited 2025 Interim Results | ||||||||||||||
| |||||||||||||||
Year | Project | Regions | Province | Capacity (MW) | CNE's Stake Attributable Capacity(MW) | Year | Project | Regions | Province | Capacity (MW) | CNE's Stake | Attributable Capacity(M W) | |||
2015 | Feixi | E | Anhui | 34 | 100% | 34 | 2022 | Shiziling Phase II | CS | Guangxi | 42 | 100% | 42 | ||
2016 2016 2017 | Jiepai Jiagou Wuhe | CS E E | Hunan Anhui Anhui | 48 48 48 | 100% 100% 100% | 48 48 48 | 2022 2022 2022 | Shiziling Phase Chaoyang Kaiyuan | CS NE SW | Guangxi Liaoning Yunan | 48 49.5 350 | 100% 100% 100% | 48 49.5 | ||
2017 2017 2017 | Qiaotoupu Hongtang Jingmen | CS CS CS | Hunan Hunan Hubei | 48 48 48 | 100% 100% 100% | 48 48 48 | 2022 2022 | Danfeng Guazhou Phase II | SW NW | Yunan Gansu | 300 | 100% 100% | 300 100 | ||
2018 | Yushan | CS | Hubei | 48 | 100% | 48 | 2022 | Huilong | CS | Hunan | 21 | 100% | 21 | ||
2018 | Lixi | CS | Hubei | 48 | 100% | 48 | 2022 | Jinbi | CS | Hunan | 30 | 100% | 30 | ||
2018 | Jindashan | E | Anhui | 50 | 100% | 50 | 2022 | Xiangbei I | CS | Hubei | 100 | 51% | 51 | ||
2019 | Baimangying | CS | Hunan | 48 | 100% | 48 | 2023 | Tonghe | NE | Heilongjiang | 300 | 60% | 180 | ||
2019 2019 | Wulanhua D Wulanhua E | NE NE | Jilin Jilin | 49.5 49.5 | 100% 100% | 49.5 49.5 | 2023 | Xiangbei Fengchu II | CS | Hubei | 100 | 100% | 100 | ||
2019 | Wulanhua F | NE | Jilin | 49.5 | 100% | 49.5 | 2023 | Donglan | CS | Guangxi | 100 | 100% | 100 | ||
2020 | Mengzhuling | CS | Hunan | 50 | 100% | 50 | 2024 | Qiaodong II | E | Anhui | 51 | 100% | 51 | ||
2020 | Yingshanmiao | CS | Henan | 50 | 100% | 50 | 2024 | Songbei I | NE | Heilongjiang | 100 | 100% | 100 | ||
2020 2021 | Yilan Guazhou | NE NW | Heilongjiang Gansu | 200 100 | 100% 100% | 200 100 | 2024 | Alashan Distribute | N | Inner | 15 | 100% | 15 | ||
2021 | Shiziling Phase I | CS | Guangxi | 48 | 100% | 48 | 2024 Wengan SW Guizhou 100 100% 100 Jianzhong | ||||||||
2021 | Dongda | CS | Hunan | 48 | 100% | 48 | 2025 | Yilanhungai I | NE | Heilongjiang | 200 | 70% | 140 | ||
2021 | Fuxin Hailiban | NE | Liaoning | 50 | 100% | 50 | |||||||||
2021 2021 | Xinfa D Wuying | NE CS | Jilin Hubei | 49.5 20 | 100% 100% | 49.5 20 | 17 | ||||||||
MW
协合新能源集团有限公司
2023财年中期业绩报告
Subsidiary-owned Projects: 927.81MW attributable installed capacity
Installed Capacity | Concord New Energy Group Limited 2025 Interim Results | |||||||||||||
| installed capacity：737MW |
| Subsidiary-owned Solar PV installed capacity: 934MW | |||||||||||
Year 2006 | Project Chantu Phase I | Regions NE | Province Liaoning | Capacity (MW) 50.25 | CNE's Stake 25% | Attributable Capacity(MW) 12.56 | Year | Project | RegionsP | Provience/ Capacity Nation （ ） | CNE's Stake | Attributable Capacity （MW） | ||
2008 | Erlianhaote Phase I | N | Inner Mongolia | 21 | 49% | 10.29 | 2012 | Hawaii (Hoku) | -- | USA | 0.9 | 80% | 0.72 | |
2009 | Linchang Phase I | NE | Jilin | 49.5 | 49% | 24.26 | 2013 | Wisconsin (Jefferson) | -- | USA | 1 | 100% | 1 | |
2009 | Zhaqi Phase I | N | Inner Mongolia | 49.5 | 49% | 24.26 | 2014 | Naidong | WS | Tibet | 20 | 100% | 20 | |
2009 | Heiyupao Phase I | NE | Jilin | 49.5 | 49% | 24.26 | 2015 | Indiana | -- | USA | 10 | 100% | 10.2 | |
2010 | Huadeng Phase I | N | Inner Mongolia | 49.5 | 32.16% | 15.92 | 2015 | Eryuan | WS | Yunnan | 30 | 100% | 30 | |
2010 | Huadeng Phase II | N | Inner Mongolia | 49.5 | 32.16% | 15.92 | 2015 | Yanyuan | WS | Sichuan | 30 | 100% | 30 | |
2010 | Zhalute Phase II | N | Inner Mongolia | 49.5 | 32.16% | 15.92 | 2015 | Rhode Island (Johnston) | -- | USA | 1.5 | 100% | 1.5 | |
2010 | Zhalute Phase III | N | Inner Mongolia | 49.5 | 32.16% | 15.92 | 2015 | Rhode Island (North | -- | USA | 0.5 | 100% | 0.5 | |
2010 2011 | Guazhou Kailu | NW N | Gansu Inner Mongolia | 201 49.5 | 51.45% 32.16% | 103.41 15.92 | 2016 | kingstown) Ohio (Minster) | -- | USA | 4.3 | 100% | 4.3 | |
2011 | Maniuhu | NE | Liaoning | 49.5 | 30% | 14.85 | 2017 | Cuomei | WS | Tibet | 20 | 100% | 20 | |
2011 | Gulibengao | NE | Liaoning | 49.5 | 30% | 14.85 | 2017 | Jiangzi | WS | Tibet | 15 | 100% | 15 | |
2013 | Chaoyang Wanjia | NE | Liaoning | 49.5 | 30% | 14.85 | 2018 | Haerbin | NE | Heilongjiang | 1 | 100% | 1 | |
2013 | Guanshan | E | Anhui | 48 | 49% | 23.52 | 2021 | Xiangbei Agri-PV | CS | Hubei | 100 | 100% | 100 | |
2013 | Suzhou Fuli | E | Anhui | 48 | 49% | 23.52 | 2021 | Xishui | CS | Hubei | 40 | 100% | 40 | |
2014 2014 | Zilingpu Huolonggang | CS CS | Hubei Henan | 48 49.5 | 59.3% 59.3% | 28.46 29.35 | 2021 2022 2023 | Dachaidan Nandagang Dachaidan II | NW N NW | Qinghai Hebei Qinghai | 100 70 100 | 100% 100% 100% | 100 70 100 | |
2014 | Yantai Gaotuan | E | Shandong | 48 | 49% | 23.52 | 2023 | Eastern distributed PV | - | - | 2 | 100% | 2 | |
2016 | Lingshan | E | Anhui | 48 | 49% | 23.52 | 2023 | Cuomei II | WS | Tibet | 30 | 100% | 30 | |
2018 | Shenzhagtang | CS | Hunan | 48 | 25% | 12 | 2024 | Chengde Fengning | N | Hebei | 200 | 100% | 200 | |
2018 | Jingtang | CS | Hunan | 48 | 25% | 12 | 2024 | Gaoyou | E | Jiangsu | 100 | 100% | 100 | |
2019 | Kailu Phase II | N | Inner Mongolia | 50 | 32% | 16.08 | 2025 | Nandagang II | N | Hebei | 50 | 100% | 50 | |
2019 2019 2020 | Yushan Phase II Zhaqi Phase IV Kailu Phase II | CS N N | Hubei Inner Mongolia Inner Mongolia | 89 50 200 | 49% 32.16% 32.16% | 43.61 16.08 64.32 | 2025 Feilala I - Italy 1 100% 1 JV&Asso.：6.43MW attributable installed capacity 2015 Zhaer N Inner 20 32.16% 6.432 Mongolia | |||||||
2023 | Binxian | NE | Heilongjiang | 200 | 49% | 98 | 18 | |||||||
Welcome to Contact
Generate协合新能源集团有限公司
2021财年业绩报告
For Generationhttps://www.concordnewenergy.com
Niu Wenhui
Executive Director & CFO
Andrew Liu Financing Director
Cell: +86-15001266739
Email: liuny@cnegroup.com
Renee Wang
IR & Financing Manager
Cell: +86-13901047384
Email: wangxuan@cnegroup.com
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