Concord New Energy (0182.HK) Released 2025 Interim Results
HONG KONG, Aug 1, 2025 - (ACN Newswire via SeaPRwire.com) - Concord New Energy Group (“CNE” or "the Group", Stock Code: 0182.HK), announced its interim results for the six months ended 30 June, 2025 (the "Period"). In the first half of 2025, the Group's newly built power plants were successively commissioned, and financing costs were further reduced. However, facing the dual challenges of worsening curtailment in certain regions of China and a decline in comprehensive electricity prices, the Group's core business came under pressure, resulting in a decrease in both revenue and profit. In response, the Group promptly adjusted its development strategy in light of the changing environment. With the goal of enhancing profit certainty, we adjusted our business strategies to prioritize quality. Guided by the principles of improving efficiency and creating value, the Group focused on enhancing the profitability of its power plants, strengthening its power trading capabilities.During the period, the Group achieved the continuing operations revenue of RMB1.4 billion, representing a year-on-year drop of 6.6%. Profit attributable to equity holders of the Group amounted to RMB282 million, with a net profit margin of 20%. Basic earnings per share was RMB3.58 cents. As of 30 June 2025, the Group had net assets of RMB8.9 billion and net assets attributable to equity shareholders of the Group per share was RMB1.11.In the first half of 2025, the Group continued to expand the presence in key international markets and strengthened project development capabilities. The Group secured 600 MW of new wind investment projects (listed in annual construction plans) in China, and 152.5 MW of solar projects and 300 MW of energy storage projects outside China. Additionally, during the development of power plant projects, the Group created multi-dimensional synergies with its professional service businesses, including power plant O&M, design, consulting and power trading. The contract value of newly signed external agreements for power plant O&M, design and consulting grew significantly.During the period, the Group successfully achieved the on-schedule grid connection of multiple projects through meticulous planning and organization. In the first half of 2025, the Group's newly commissioned projects added an attributable capacity of 191 MW, including 140 MW of wind and 51 MW of solar power. As of 30 June 2025, the Group owned operational wind and solar power plants with an attributable installed capacity of 4,778 MW, representing a year-on-year increase of 18.0%. This includes 3,844 MW from wind farms, an improvement of 10.9% year-on-year, and 934 MW from solar PV power plants with a year-on-year growth of 60.0%. The attributable installed capacity of the Group’s subsidy-free power plants has reached 3,380 MW, accounting for 70.7% of the Group’s total attributable installed capacity.In the first half of 2025, affected by adverse factors such as unfavorable wind resources, increased curtailment at some power plants and a decrease in the comprehensive electricity price, the Group's power generation revenue declined by 2.1%, accompanied by a decrease in net profit from power generation. During the period, the Group's attributable power generation remained stable compared to the same period last year, reaching 4,759GWh. The Group's weighted average utilization hours for wind farms were 1,142 hours, and for solar PV power plants, they were 531 hours. Additionally, the Group strengthened green electricity trading and green certificate sales, with green electricity transaction volume increasing by 26% year-on-year, effectively offsetting the adverse impact of the overall decline in electricity prices.Meanwhile, the Group concentrated on refined and professional management, reduced financing costs continuously and improved the efficiency of power plants. During the period, the average financing cost for newly drawn loans decreased to 3.15%, and the Group's overall financing cost fell to 3.63%, both remaining at low levels. The Group reduced power generation losses caused by equipment failure by 40%.Mr. Liu Shun Xing, Chairman of the Board of Directors of Concord New Energy Company Limited indicates, “In response to the rapidly evolving landscape of the new energy sector, the Group has implement a series of operational adjustments. Guided by the principles of enhancing efficiency and creating value, we have optimized our business strategies. At the same time, we strengthened management through a focus on ‘refinement and specialization.’ These efforts have yielded meaningful cost reductions and efficiency gains. We have also made concerted efforts to strengthen our power trading capabilities, with a strong focus on electricity marketing, expanding green power transactions and green certificate sales, and actively developing our global business. These initiatives have begun to show promising results. Looking ahead, the Group has formulated and is executing a new development strategy, underpinned by the objective of ‘strengthening the enterprise and enhancing the certainty of profitability.’ We will place greater emphasis on the quality of growth, with the aim of delivering greater returns to our shareholders.” Copyright 2025 ACN Newswire via SeaPRwire.com.
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