Addressing Industry Challenges with Multi-Pronged Strategies and Advancing Global Expansion

Concord New Energy Group Limited (“CNE” or the “Group”; Stock Codes: 0182.HK, SEG.SG) announced its annual results for the year ended 31 December 2025. During the period, China’s installed power capacity expanded rapidly. Combined with slower growth in electricity demand, limited grid absorption capacity, increased wind and solar curtailment, and downward pressure on market-based electricity prices, profit margins came under further strain. Meanwhile, technological advancements, increased investment in power grids and energy storage, and rising electricity demand driven by AI development have provided strong long-term growth momentum for the sector. 

Against this complex and challenging backdrop, Concord New Energy maintained its strategic focus and continued to advance its operational objectives. Despite market headwinds, the Group emphasized quality and efficiency improvements while expanding its global presence, further strengthening its foundation for long-term growth. During the period, revenue from continuing operations reached RMB 2,544 million, with profit attributable to shareholders of RMB 140 million. Basic earnings per share were RMB 1.78 cents. As of 31 December 2025, the Group’s net assets stood at RMB 8,652 million, with net assets per share of RMB 1.08. 

In response to structural changes in China’s renewable energy industry, the Group refined its strategic direction and advanced its execution. A series of initiatives were introduced, including global expansion, enhanced asset management, portfolio optimization, expansion of service offerings, and ongoing cost and efficiency improvements, to address evolving market challenges. 

In 2025, the Group made significant progress in its international business development. A total of 502 MW of projects secured grid connection agreements and long-term power purchase agreements (PPAs). Among these, the Group partnered with a leading global technology company to sign long-term PPAs for three major U.S. solar PV projects totaling 469 MW (660 MW DC), meeting growing demand for green energy from data centres. In addition, 33 MW of solar PV projects in South Korea, New Zealand, and Singapore secured PPAs, locking in electricity prices through long-term contracts to mitigate market volatility. In the U.S., grid connection agreements were also secured for 394 MW of solar PV and 299 MW of energy storage projects, further strengthening the pipeline of high-quality project reserves. 

During the period, the Group’s attributable installed capacity for wind and solar PV power plants reached 4,928 MW (2024: 4,615 MW), including 4,044 MW of wind power and 884 MW of solar PV, with wind assets accounting for 82% of the total. Subsidy-free projects accounted for 3,530 MW, representing 72% of total capacity. In addition, 78 MW of attributable capacity was divested during the period, and 360 MW of development projects were monetized ahead of schedule. 

Adhering to a prudent investment approach, the Group advanced project construction across regions on a differentiated basis, prioritizing projects with higher return certainty. Total construction capacity reached 2,011 MW during the period, with newly commissioned projects contributing 391 MW of attributable capacity, including 340 MW of wind power and 51 MW of solar PV. 

In line with China’s ongoing power market reforms, the Group continued to strengthen its capabilities in electricity trading. Across 17 provinces participating in power trading, the Group achieved trading returns above the average market settlement price in 11 provinces, including Guangxi, Hubei, and Heilongjiang, covering approximately two-thirds of its trading footprint. In 2025, green electricity transaction volume increased by 54.5% year-on-year to 1.253 billion kWh. Newly signed green certificate sales contracts amounted to RMB 38.8 million, including long-term partnerships with several internationally recognized enterprises, securing future revenue streams. 

During the period, the Group further advanced cost reduction and efficiency initiatives. Underperforming regional operations were streamlined, resulting in a 31% year-on-year reduction in headcount. Together with disciplined cost control and voluntary salary reductions by senior management and administrative expenses decreased by 20% year-on-year. On the financing front, the Group capitalized on declining interest rates by refinancing with lower-cost debt and optimizing its capital structure. The overall financing cost decreased to 3.51%, easing financial pressure and improving cash flow and asset efficiency. 

Mr. Liu Shunxing, Chairman of the Board of Directors of Concord New Energy Group Limited, commented: 
“Amid increasing curtailment of wind and solar power, weaker resource conditions, declining electricity prices, and certain non-recurring factors, the Group faced significant operational challenges in 2025, resulting in a decline in performance. In response, we refined and implemented new development strategies. On the one hand, we made significant progress in global expansion, including signing long-term PPAs for multiple U.S. solar PV projects with leading global technology companies and completing our secondary listing on the Singapore Exchange. On the other hand, we strengthened the management of existing power plants and electricity marketing, while adopting a prudent approach to new investments. At the same time, we continued to optimize our asset portfolio, accelerate value realization, and deepen cost reduction and efficiency initiatives. Looking ahead, we remain confident in the long-term prospects of renewable energy and will continue to focus on high-quality development to deliver sustainable returns for our shareholders.” 

About Concord New Energy Group Limited
Headquartered in Singapore, Concord New Energy Group Limited is listed on mainboard of HKEX and SGX. Concord New Energy focuses in renewable energy industry for two decades and is mainly engaged in the investment and operation of wind power, solar energy, energy storage and AI power infrastructure projects. The Group possesses strong capabilities in project development, investment, construction, and long-term asset management, and currently holds an attributable installed capacity of over 5 gigawatts (GW) globally. Concord New Energy has always been committed to promoting clean energy applications, providing integrated energy solutions, and supporting low-carbon sustainable development.