Group 1 - The total purchase price for the financing lease arrangements is RMB 592 million [2] - The financing lease agreement A involves a purchase of equipment and facilities A for RMB 212 million, which will be leased back to the company [1] - The financing lease arrangement B1 includes multiple agreements, with a total purchase price of RMB 207 million for equipment B1-a and RMB 60 million for supporting facilities B1-b [1] Group 2 - The financing lease agreement B2 involves a purchase of equipment and facilities B2 for RMB 113 million, which will also be leased back to the company [1] - The company is required to make quarterly lease payments as part of these financing arrangements [1]

2023 Interim Results Presentation CONCORD NEW ENERGY GROUP （0182.HK） —— An Experienced Wind & Solar Developer and Operator 1st Aug. 2023 2023 Interim Result Presentation 2023 Interim Result Presentation Disclaimer 2 • This document has been prepared for general information purposes only and is not, and should be not construed as, an offer for sell or a solicitation of an offer to buy any securities • Information and opinions contained herein have been compiled in good faith by Concord New Energy Group Limit ...

Thanks CONCORD NEW ENERGY GROUP LIMITED (0182.HK) An Experienced Wind and Solar Power Developer and Supplier Annual Results Presentation 2023 协合新能源集团有限公司 2021财年业绩报告 2024 March 6th 协合新能源集团有限公司 2023财年业绩报告 Disclaimer 2 • This document is for general informational purposes only and is not intended as a credit statement for any transactions. • The information and claims contained herein are objectively and truthfully presented by Concord New Energy Group Limited based on credible materials, but no commitment or ...

August 23rd 2024 协合新能源集团有限公司 2021财年业绩报告 2021财年业绩报告 Concord New Energy Group Limited 2024 Interim Results An Experienced Wind and Solar Power Developer and Supplier CONCORD NEW ENERGY GROUP LIMITED STOCK CODE HK.0182 INTERIM RESULTS PRESENTATION 协合新能源集团有限公司 • This document is for general informational purposes only and is not intended as a credit statement for any transactions. • The information and claims contained herein are objectively and truthfully presented by Concord New Energy Group Limited based on ...

CONCORD NEW ENERGY GROUP LIMITED incorporated in Bermuda with limited liability ANNUAL RESULTS PRESENTATION 27 Feb. 2025 STOCK CODE 182 CONCORD NEW ENERGY GROUP LIMITED 2024 ANNUAL REPORT Disclaimer 1 • This document is for general informational purposes only and is not intended as a credit statement for any transactions. • The information and claims contained herein are objectively and truthfully presented by Concord New Energy Group Limited based on credible materials, but no commitment or guarantee is ma ...

Core Viewpoint - The company is pursuing a strategic listing in Singapore to enhance its long-term competitiveness without diluting existing shares, aiming to improve stock liquidity and reach a broader international investor base [1] Group 1: Industry Challenges - The company’s installed capacity is projected to grow from 2,768 MW in 2021 to 4,615 MW in 2024, with a compound annual growth rate (CAGR) of 18.58%, while revenue is expected to increase from 2.196 billion to 2.752 billion yuan, reflecting a CAGR of 7.8% [3] - The net profit has not expanded at the same rate, only increasing from 818 million to 876 million yuan, highlighting a structural imbalance in the industry [3][4] - By 2024, China's renewable energy capacity is expected to reach 1.45 billion kW, surpassing thermal power for the first time, with wind and solar accounting for over 80% of new installations [4] Group 2: Company Strategies - The company is focusing on operational efficiency by reducing financing costs, achieving an average financing cost of 3.43% and a comprehensive cost of 3.98% in 2024, both at historical lows [6] - The company plans to classify assets and liabilities of certain subsidiaries as held for sale, involving an amount of 2.778 billion yuan, to alleviate debt pressure and improve financial leverage [8] - The company has completed green electricity transactions of 811 million kWh in 2024 and sold 6.41 million green certificates, indicating a focus on enhancing asset quality and future revenue certainty [9] Group 3: International Expansion - The company has secured 1,399 MW of wind and solar projects globally in 2024, with 679 MW from international markets, and has also acquired 308 MW/616 MWh of international energy storage projects [10] Group 4: Conclusion - The company maintains a dividend payout ratio of over 30%, signaling confidence in its stable cash flow and commitment to shareholder interests amid industry fluctuations [11] - The company's approach serves as a model for global renewable energy firms, demonstrating how to navigate domestic challenges through international capital access and strategic asset management [12]

Operational Performance - The company achieved a total installed capacity of 4,615 MW and generated 8.65 billion kWh of electricity in 2024, both representing historical highs for the group[12]. - The company secured new wind and solar projects totaling 1,399 MW in 2024, with 720 MW located in China and 679 MW in other countries[11]. - The company obtained new international energy storage investment projects amounting to 308 MW/616 MWh, while also reserving a number of high-quality international project resources[11]. - The company's total revenue from continuing operations for 2024 reached RMB 2,752,054 thousand, a 6.3% increase compared to RMB 2,588,646 thousand in 2023[22]. - The net profit attributable to equity holders was RMB 805,133 thousand, a decrease of 16.5% from RMB 963,774 thousand in the previous year[22]. - The total installed capacity of the company reached 4,615 MW by the end of 2024, representing a 14.0% increase from 4,050 MW in 2023[27]. - The equity generation volume increased by 10.5% year-on-year, with wind power generation up by 10.2% and solar power generation up by 12.8%[31]. - Total revenue from power plants reached RMB 2,515,951 thousand, an increase of 11.35% compared to 2023, while net profit rose by 4.69% to RMB 797,814 thousand[33]. Financial Performance - The company's management expenses, total asset liability ratio, comprehensive financing costs, and comprehensive electricity generation costs all decreased year-on-year[11]. - The average financing cost for new withdrawals has decreased to 3.43%, while the overall financing cost has dropped to 3.98%, both at historical lows[29]. - The company's net asset value reached RMB 8,906,306 thousand by December 31, 2024, up from RMB 8,435,414 thousand in 2023[22]. - The group's cash holdings are approximately RMB 2,229,188 thousand as of December 31, 2024, down from RMB 3,902,924 thousand in 2023[47]. - The group maintains an asset-liability ratio of 72.28% as of December 31, 2024, a slight decrease from 72.99% in 2023[47]. - The group has signed contracts for capital expenditures amounting to RMB 2,680,010 thousand as of December 31, 2024[50]. Strategic Initiatives - The company plans to accelerate its global layout and expand its international development space by promoting a "secondary listing" in Singapore[11]. - The company aims to enhance its management capabilities and strengthen its core competitiveness by focusing on project development, construction, production, and marketing[13]. - The company is committed to achieving its strategic goals and aims to deliver better results in 2025, benefiting shareholders and society[13]. - The company will actively track and analyze market changes, optimizing assets to match strategic goals and market demands[60]. - The company aims to enhance operational awareness and crisis management, focusing on cost reduction and efficiency improvement through detailed analysis of costs and expenses[61]. - The company is dedicated to enhancing its management capabilities through refined and specialized management practices[61]. Market Trends and Investments - The global renewable energy investment reached $728 billion in 2024, marking an approximate 8% year-on-year increase, setting a new record for investment scale[14]. - The average cost of battery energy storage systems decreased by 40% in 2024, driving significant growth in new energy storage projects[20]. - The global market share of TOPCon technology in photovoltaic components rose to 60%, solidifying its position as the mainstream technology[19]. - The company anticipates a continued clear trend in global energy transition and expects a further loosening of financing conditions in major international economies[12]. Environmental and Social Responsibility - The group achieved a CO2 emission reduction target of 6,255 thousand tons for 2024, with a cumulative reduction of 61,715 thousand tons[45]. - The company completed green electricity transactions of 811 million kWh and sold 6.41 million green certificates, both showing year-on-year growth[34]. - The company received an AA rating from MSCI ESG and was recognized as one of the top 10% of Chinese companies in S&P Global ESG ratings[12]. Corporate Governance - The board consists of 13 members, including 7 executive directors, 1 non-executive director, and 5 independent non-executive directors[152]. - The company has established four committees, including the nomination committee, remuneration committee, audit committee, and ESG committee, to ensure effective governance[161]. - The independent non-executive directors have confirmed their independence according to the relevant listing rules[154]. - The board reviewed the corporate governance practices and confirmed compliance with the relevant corporate governance code[149]. - The company has implemented a share incentive plan for directors and eligible employees as part of its compensation policy[143]. Shareholder Information - The proposed final dividend for the year ending December 31, 2024, is HKD 0.035 per ordinary share, amounting to approximately HKD 279,371,000 based on the number of shares issued[95]. - The company repurchased a total of 138,480,000 ordinary shares at a total cost of HKD 74,495,000 during the fiscal year ending December 31, 2024[90]. - The total number of reward shares available for grant under the share incentive plan is 148,161,748, which represents approximately 0.04% of the weighted average number of shares issued during the year[100]. - The total number of unvested shares held by the trustee under the share incentive plan as of December 31, 2024, is 17,250,000[102]. - The company has no provisions in its articles of association regarding preemptive rights for existing shareholders when issuing new shares[92]. Risk Management - The company has implemented a comprehensive risk management framework that includes risk identification, assessment, response, and monitoring[194]. - The audit committee is responsible for overseeing the design and implementation of the risk management and internal control systems[195]. - The board reviewed the effectiveness of the risk management and internal control systems throughout the year[195]. - The company has established various risk management and internal control policies to ensure compliance with financial, operational, and regulatory monitoring[194].

Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, with utilization hours for wind and solar projects declining by over 10% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange to expand its financing options and investor base, which is expected to support its future growth [3][4]. - The company is focused on increasing its market share in overseas renewable energy projects, which is anticipated to contribute positively to its growth trajectory [4].

Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, including a decline in utilization hours for wind and solar projects, with wind power curtailment rates at 9.5% and solar at 18.5% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from equity power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange, aiming to expand its financing options and investor base while enhancing its overseas project acquisition efforts [3][4]. - The company’s capital expenditure for 2024 is projected at 4 billion RMB, with ongoing projects totaling 1,996 MW [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.78, indicating a potential upside of 58% from the current price of HKD 0.495 [6][12]. Core Views - The company's revenue for 2024 is projected to be RMB 2.752 billion, reflecting a year-on-year growth of 6.31%, while net profit is expected to decline by 16.46% to RMB 805 million due to factors such as falling electricity prices and power restrictions [3][9]. - The company has a robust project reserve, planning to add 1GW of new capacity in 2025 with a capital expenditure of RMB 4 billion. As of the end of 2024, the company has accumulated over 10.75GW of wind and solar resources in China [4][10]. - The company is actively repurchasing shares to stabilize dividends, with a projected dividend payout ratio of 30%-33% and a dynamic PE ratio of approximately 3.8 times, indicating undervaluation [5][11]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve a revenue of RMB 27.52 billion, a 6.31% increase from the previous year, while net profit is forecasted to decrease to RMB 8.05 billion, a decline of 16.46% [3][9]. - The basic earnings per share for 2024 is projected at RMB 0.1006, with a proposed final dividend of HKD 0.035 per share, increasing the payout ratio from 27% in 2023 to 32% [3][9]. Project Development - The company secured 1,399MW of new wind and solar projects globally in 2024, with 720MW in China and 679MW in other countries. The total wind and solar resource reserve in China exceeds 10.75GW [4][10]. - The company plans to commission 1GW of new capacity in 2025, with 50% expected to come online in the first half of the year, primarily from projects delayed from the previous year [4][10]. Valuation and Share Buyback - The company repurchased 8.97 million shares at a price between HKD 0.470 and HKD 0.480, totaling HKD 4.2596 million. The buyback is expected to be more aggressive in 2025 compared to 2024 [5][11]. - The company is currently trading at a dynamic PE of about 3.8 times and a PB of approximately 0.4 times, with a dividend yield of around 8.08%, indicating a high margin of safety [5][11].