Concord New Energy Group (182) H2 2025 earnings summary

Executive summary

• Revenue declined 7.6% year-over-year to RMB 2,544 million, with net profit attributable to owners dropping 82.6% to RMB 140 million due to higher curtailment, lower tariffs, and non-recurring items.

• Basic and diluted EPS dropped to RMB 1.78 cents from RMB 10.06 and RMB 10.05 cents, respectively, in 2024.

• Operating performance was under significant pressure from industry headwinds, but the group focused on asset optimization, cost reduction, and business globalization.

• Attributable installed capacity reached 4,928 MW, with continued international expansion and long-term PPAs secured for 502 MW of projects.

• Achieved high operational availability (98.8%) for wind farms and advanced digitalization and intelligent power trading.

Financial highlights

• Total assets increased 3.2% year-over-year to RMB 33,157 million, while net assets decreased 2.9% to RMB 8,652 million; net assets per share at RMB 1.08.

• Gross profit fell 31.5% to RMB 1,039 million, with gross margin dropping due to increased cost of sales and services.

• EBITDA was RMB 2,443 million, down from RMB 2,508 million the previous year.

• Cash and cash equivalents fell 42.1% to RMB 1,291 million.

• Administrative expenses decreased 20% year-over-year, and headcount was reduced by 31%.

Outlook and guidance

• The industry environment is expected to remain challenging, with continued pressure from curtailment and supply-demand imbalances in China.

• The group will focus on prudent operations, global expansion, cost reduction, and asset optimization.

• Emphasis will be placed on safe production, power trading, and developing projects with return certainty in mature markets.