Consolidated Statement of Profit or Loss [Overview of Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8-%E6%A6%82%E8%A6%BD) For the six months ended June 30, 2025, the company experienced significant declines in both revenue and profit, with revenue down **6.6%** and profit attributable to equity holders decreasing by **43.8%** Revenue and Profit Overview | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 1,400,319 | 1,498,857 | -6.6% | | Gross Profit | 669,029 | 852,093 | -21.49% | | Profit Before Income Tax | 346,511 | 521,361 | -33.54% | | Profit for the Period | 292,039 | 547,458 | -46.66% | | Profit Attributable to Equity Holders of the Company | 281,940 | 501,370 | -43.8% | Earnings Per Share | Metric | H1 2025 (RMB cents) | H1 2024 (RMB cents) | Change Rate | | :--- | :--- | :--- | :--- | | Basic EPS | 3.58 | 6.24 | -42.63% | | Diluted EPS | 3.58 | 6.23 | -42.54% | Key Cost Changes | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Cost of Services and Cost of Sales | (731,290) | (646,764) | 13.07% | | Finance Costs | (315,461) | (340,563) | -7.37% | - **Other Gains and Losses, Net**: H1 2025 recorded net gains of **24,070 RMB thousands**, compared to a net loss of **724 RMB thousands** in H1 2024, primarily due to **reversal of impairment losses on assets held for sale** and **gains from disposal of a joint venture**[4](index=4&type=chunk) Consolidated Statement of Comprehensive Income [Overview of Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8-%E6%A6%82%E8%A6%BD) Total comprehensive income for the six months ended June 30, 2025, significantly decreased by **43.9%** to **RMB 303,760 thousands**, primarily due to lower profit for the period Total Comprehensive Income | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Profit for the Period | 292,039 | 547,458 | -46.66% | | Exchange Differences on Translation | 11,721 | (6,475) | 281.19% | | Total Comprehensive Income for the Period | 303,760 | 540,983 | -43.86% | - Profit Attributable to Equity Holders of the Company: H1 2025 was **293,675 RMB thousands**, a **40.69% decreased** compared to **495,141 RMB thousands** in H1 2024[5](index=5&type=chunk) Consolidated Statement of Financial Position [Overview of Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8-%E6%A6%82%E8%A6%BD) As of June 30, 2025, total assets grew by **3.37%** to **RMB 33,212,691 thousands**, driven by property, plant and equipment, while net current assets improved significantly and total liabilities increased slightly Total Assets | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 33,212,691 | 32,129,839 | 3.37% | | Non-current Assets | 27,311,490 | 23,985,781 | 13.86% | | Current Assets | 5,901,201 | 8,144,058 | -27.54% | Total Liabilities | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Liabilities | 24,312,642 | 23,223,533 | 4.69% | | Non-current Liabilities | 18,871,245 | 15,283,280 | 23.47% | | Current Liabilities | 5,441,397 | 7,940,253 | -31.48% | Key Asset Changes | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 20,422,587 | 17,247,835 | 18.49% | | Assets Classified as Held for Sale | 84,877 | 2,777,915 | -96.95% | | Cash and Cash Equivalents | 1,983,096 | 1,693,834 | 17.08% | Key Liability Changes | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank Borrowings (Non-current) | 6,206,205 | 4,809,590 | 29.04% | | Other Borrowings (Non-current) | 11,515,808 | 9,296,012 | 23.88% | | Liabilities Directly Associated with Assets Classified as Held for Sale | 40,530 | 2,541,816 | -98.41% | - Net Current Assets: As of June 30, 2025, net current assets were **459,804 RMB thousands**, an **increased** of **125.61%** compared to **203,805 RMB thousands** as of December 31, 2024[7](index=7&type=chunk) - Gearing Ratio: As of June 30, 2025, the gearing ratio was **73.20%**, a **slightly increased** compared to **72.28%** as of December 31, 2024[45](index=45&type=chunk) Notes to the Consolidated Financial Statements [1 Basis of Preparation and Changes in Accounting Policies and Disclosures](index=6&type=section&id=1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E5%8F%8A%E6%8A%AB%E9%9C%B2%E4%B9%8B%E8%AE%8A%E6%9B%B4) This section details the basis of preparation for the interim financial report, confirming compliance with HKEX Listing Rules and HKAS 34, with consistent accounting policies and no material impact from new standards - Basis of Preparation: The report is **prepared** in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard **34** - Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk) - Accounting Policies Consistency: The accounting policies adopted in the preparation of this interim financial report are **consistent** with those applied in the **2024** annual financial statements, except for expected changes in accounting policies to be reflected in the **2025** annual financial statements[8](index=8&type=chunk) - Review Status: This interim financial report is unaudited but has been **reviewed** by KPMG in accordance with Hong Kong Standard on Review Engagements **2410**[9](index=9&type=chunk) - New Standards Impact: The Group has **applied** Hong Kong Accounting Standard **21** - The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (Amendments), but this amendment has **no material impact** on this interim report as **no** relevant transactions were conducted[9](index=9&type=chunk) [2 Segment Information](index=6&type=section&id=2%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The company segments its business into core power generation (wind and solar plant operations/investments) and 'others' (design, tech, consulting, finance lease), with power generation contributing **95.36%** of external revenue - Business Segments: The primary operating decision-maker analyzes the business from a product and service perspective, classifying operations into **power generation business** (wind and solar power plant operations and investments) and **'others'** (design, technical and consulting services, power engineering design and construction, and existing finance lease services)[11](index=11&type=chunk) - Performance Assessment Basis: The primary operating decision-maker assesses the performance of operating segments based on adjusted earnings before interest and tax (excluding non-recurring income and expenses)[12](index=12&type=chunk) [Business Segments](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%A1%9E) The company segments operations into power generation (wind/solar plant operations and investments) and 'others' (design, tech, consulting, finance lease), with performance assessed by adjusted EBIT - Power Generation Business: **Core business**, including the operation and investment of wind and solar power generation plants[11](index=11&type=chunk) - Others: **Ancillary business**, including design, technical, consulting services, and finance lease[11](index=11&type=chunk) - Internal Reports: Operating segments are based on internal reports **reviewed** by the primary operating decision-maker[11](index=11&type=chunk) [Segment Revenue and Results, and Segment Assets and Liabilities](index=7&type=section&id=%E5%88%86%E9%A1%9E%E6%94%B6%E5%85%A5%E5%8F%8A%E6%A5%AD%E7%B8%BE%EF%BC%8C%E5%8F%8A%E5%88%86%E9%A1%9E%E8%B3%87%E7%94%A2%E8%88%87%E8%B2%A0%E5%82%B5) For H1 2025, power generation external revenue was **RMB 1,335,393 thousands** (**95.36%** of total), with segment results of **RMB 625,860 thousands**, both declining year-on-year H1 2025 Segment Revenue and Results | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue from External Customers | 1,335,393 | 64,926 | 1,400,319 | | Segment Results | 625,860 | (5,516) | 620,344 | Segment Assets and Liabilities as of June 30, 2025 | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Segment Assets | 31,287,237 | 1,533,936 | 32,821,173 | | Segment Liabilities | (23,412,468) | (449,314) | (23,861,782) | - Power Generation Business Revenue Composition (H1 2025): Revenue from wind power plants and other income was **1,115,501 RMB thousands**, and solar power plants was **219,892 RMB thousands**[14](index=14&type=chunk) H1 2024 Segment Revenue and Results | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue from External Customers | 1,364,318 | 134,539 | 1,498,857 | | Segment Results | 812,081 | (5,513) | 806,568 | - Power Generation Business Revenue Composition (H1 2024): Revenue from wind power plants and other income was **1,176,495 RMB thousands**, and solar power plants was **187,823 RMB thousands**[15](index=15&type=chunk) [3 Revenue](index=9&type=section&id=3%20%E6%94%B6%E5%85%A5) For H1 2025, total revenue decreased by **6.6%** to **RMB 1,400,319 thousands**, with lower benchmark/market-based tariff and green certificate income, offset by increased renewable energy subsidies and design services Revenue Composition and Changes | Revenue Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Benchmark and Market-based Tariff Revenue | 1,170,425 | 1,188,558 | -1.52% | | Renewable Energy Subsidy Income | 153,436 | 146,391 | 4.81% | | Green Certificate Income | 7,211 | 19,716 | -63.42% | | Design, Procurement and Construction Services Revenue | 26,217 | 40,109 | -34.59% | | Design Services Revenue | 20,658 | 14,099 | 46.52% | | Technical and Consulting Services Revenue | 6,763 | 12,409 | -45.50% | | Other Income (Non-finance Lease) | 6,470 | 59,751 | -89.17% | | Finance Lease Income | 9,139 | 17,824 | -48.73% | | **Total Revenue** | **1,400,319** | **1,498,857** | **-6.57%** | - Revenue Recognition Standards: Most revenue is **recognized** based on customer contracts within the scope of Hong Kong Financial Reporting Standard **15**[16](index=16&type=chunk) [4 Other Income](index=9&type=section&id=4%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For H1 2025, total other income decreased by **29.54%** to **RMB 53,960 thousands**, mainly due to lower interest and substation access income, despite a significant increase in tax refund government grants Other Income Composition and Changes | Revenue Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 8,043 | 25,585 | -68.56% | | Government Grants — Tax Refunds | 30,141 | 17,366 | 73.56% | | Step-up Substation Access and Usage Income | - | 18,868 | -100% | | Guarantee Income | 1,980 | 4,014 | -50.68% | | Rental Income | 5,003 | 2,766 | 80.87% | | **Total Other Income** | **53,960** | **76,577** | **-29.54%** | - **Tax refunds increased**: Government grants from tax refunds **increased** from **17,366 RMB thousands** in H1 2024 to **30,141 RMB thousands**, a **73.56% increased**[17](index=17&type=chunk) [5 Other Gains and Losses, Net](index=10&type=section&id=5%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%EF%BC%8C%E6%B7%A8%E9%A1%8D) For H1 2025, the company recorded net other gains and losses of **RMB 24,070 thousands**, a significant improvement from a net loss in the prior year, driven by reversal of impairment and disposal gains - **Primary source of gains**: **Reversal of impairment losses on assets held for sale** of **14,637 RMB thousands**; **net gains from disposal of a joint venture** of **11,461 RMB thousands**[18](index=18&type=chunk) - **Fair value change gains decreased**: Fair value change gains on financial assets at fair value through profit or loss **decreased** from **5,794 RMB thousands** in H1 2024 to **4,155 RMB thousands**[18](index=18&type=chunk) - **Exchange losses reduced**: Net exchange losses **reduced** from **4,061 RMB thousands** in H1 2024 to **1,307 RMB thousands**[18](index=18&type=chunk) [6 Finance Costs](index=10&type=section&id=6%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) For H1 2025, total finance costs decreased by **7.37%** to **RMB 315,461 thousands**, primarily due to increased interest capitalization despite a slight reduction in total interest expenses Interest Expense Composition and Changes | Interest Expense Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank Borrowings | 99,192 | 97,974 | 1.24% | | Other Borrowings | 238,985 | 260,603 | -8.29% | | Lease Liabilities | 12,274 | 6,660 | 84.29% | | **Total Interest Expense** | **350,451** | **365,237** | **-4.05%** | - **Interest capitalization increased**: Interest capitalization amount **increased** from **24,674 RMB thousands** in H1 2024 to **34,990 RMB thousands**, an **increased** of **41.81%**[18](index=18&type=chunk) [7 Income Tax Expense/(Credit)](index=10&type=section&id=7%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF%2F%28%E6%8A%B5%E5%85%8D%29) For H1 2025, the company recorded an income tax expense of **RMB 54,472 thousands**, a shift from a credit in the prior year, mainly due to the absence of a significant PRC withholding tax reversal Income Tax Expense/(Credit) Changes | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Current Tax — PRC Enterprise Income Tax | 65,422 | 49,294 | Increase | | Current Tax — PRC Withholding Tax | 16,842 | 53,982 | Decrease | | Under/(Over) Provision in Prior Periods — PRC Withholding Tax | - | (90,000) | Decrease (2024 was Credit) | | Deferred Tax | (37,604) | (42,991) | Decrease (Credit reduced) | | **Total** | **54,472** | **(26,097)** | From Credit to Expense | - **2024 withholding tax reversal**: In June **2024**, the company **reversed** **90,000 RMB thousands** of PRC dividend withholding tax for **2022** and **2023** due to obtaining Hong Kong resident status, which was recovered in **2024**[19](index=19&type=chunk) [8 Earnings Per Share](index=11&type=section&id=8%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For H1 2025, basic EPS decreased by **42.63%** to **RMB 3.58 cents**, and diluted EPS also fell to **RMB 3.58 cents**, primarily due to a significant reduction in profit attributable to ordinary equity holders Basic Earnings Per Share | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders (RMB thousands

当全球资本正以前所未有的速度涌入ESG赛道时，中国香港作为亚洲绿色金融的枢纽，已成为这一浪潮的核心承载地。 截至2025年3月31日，共有218只ESG基金获香港证监会认可，管理资产规模约1392亿美元，突破万亿港元大关。 这一数据背后，不仅映射出投资者对可持续发展的迫切需求，更揭示了资本市场的深层逻辑——ESG表现卓越的企业，正成为全球长线资金的"必选项"。 在此背景下，港股市场上深耕ESG、真正践行可持续发展的企业价值亟待重估。协合新能源（0182.HK）近期斩获"格隆汇金格奖·ESG公司治理卓越企业"奖 项，正是对这一趋势的生动注解，其ESG理念实现路径也尤为值得关注。 一、商业模式升级，打开远期成长空间 作为一家深耕绿色能源的企业，协合新能源的ESG理念绝非纸上谈兵，而是深度融入业务拓展的战略引擎。 6月19日，协合新能源与现代建设集团（Hyundai E&C）签署的韩国介水里21兆瓦光伏项目30年电力购买协议（PPA），便是其ESG战略的新里程碑。 二者的合作，可谓一场双向奔赴。 韩国是继中国、日本之后第三个宣布碳中和目标的亚洲国家，且明确提出到2050年实现该目标。新任韩国总统李在明在大选期间，甚 ...

Core Insights - The signing of the Power Purchase Agreement (PPA) for the 21MW photovoltaic project marks a significant milestone for the company as it is its first global RE100 certified project, enhancing revenue certainty and stability compared to ordinary green electricity transactions [1][2] Group 1: Project Details - The PPA was signed with Hyundai Engineering Group, a leading construction company in South Korea, with a project capacity of 21MW located in Pyeongchang-gun, Gangwon-do, expected to achieve commercial operation by 2026 [2] - The 30-year agreement locks in cash flow from electricity sales, mitigating risks associated with price fluctuations and enhancing income certainty [2] - The project is anticipated to yield higher returns than domestic projects due to higher photovoltaic electricity prices in South Korea and the RE100 premium [2] Group 2: Strategic Implications - This collaboration represents a key breakthrough in the company's international green electricity strategy, opening access to high-end customers in South Korea, a market with strong RE100 demand [2] - The partnership is expected to facilitate the company's transition from a resource developer to a green electricity service provider, aligning with global ESG investment trends and potentially attracting long-term overseas capital [2] - The project serves as a strategic stepping stone for the company, indicating a shift towards providing green energy solutions rather than merely developing power stations [2]

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]

Financial Performance - The company's total assets increased by 9.56% to RMB 29,769.29 million as of June 30, 2023, compared to RMB 27,172.52 million as of December 31, 2022[5] - Net assets increased by 2.45% to RMB 8,293.16 million as of June 30, 2023, compared to RMB 8,094.89 million as of December 31, 2022[5] - Revenue increased by 11.27% to RMB 1,490.14 million for the first half of 2023, compared to RMB 1,339.18 million for the first half of 2022[5] - Profit attributable to owners of the company increased by 11.99% to RMB 496.30 million for the first half of 2023, compared to RMB 443.18 million for the first half of 2022[5] - Fully diluted EPS increased by 16.43% to 5.81 cents for the first half of 2023, compared to 4.99 cents for the first half of 2022[5] Segment Performance - Power generation revenue increased by 14.50% to RMB 1,195.60 million for the first half of 2023, compared to RMB 1,044.20 million for the first half of 2022[5] - O&M revenue increased by 37.35% to RMB 158.94 million for the first half of 2023, compared to RMB 115.72 million for the first half of 2022[5] - Power generation profit increased by 16.29% to RMB 818.70 million for the first half of 2023, compared to RMB 704.02 million for the first half of 2022[5] - O&M profit increased by 36.62% to RMB 22.20 million for the first half of 2023, compared to RMB 16.25 million for the first half of 2022[5] Operational Capacity and Performance - Operational attributable installed capacity increased by 26.6% to 3,640 MW in 1H2023 from 2,876 MW in 1H2022[17] - Attributable installed capacity of subsidy-free projects reached 2,213 MW, accounting for 61% of the total attributable installed capacity[20] - Wind plants weighted average utilization hours increased by 2.4% to 1,353 hours in 1H2023 from 1,321 hours in 1H2022[21] - Total attributable average grid curtailment increased by 0.7 percentage points to 4.2% in 1H2023 from 3.5% in 1H2022[21] Project Development - The company acquired construction permits for 483.5 MW of projects and approvals/registrations for 706 MW of projects in 1H2023[25]

Financial Performance - The company's total assets increased by 150% to RMB 3123637 million as of December 31, 2023[6] - Net assets increased by 42% to RMB 843541 million[6] - Revenue from continuing operations increased by 78% to RMB 258865 million[6] - Profit attributable to owners of the company increased by 105% to RMB 96377 million[6] - Fully diluted EPS increased by 155% to 1139 cents[6] - The company's share of profits attributable to equity holders reached RMB 964 million in 2023, with a 5-year compound growth rate of 124%[7] Operational Performance - Newly added installed capacity in 2023 was 512 MW, with an attributable installed capacity of 4050 MW by year end[18] - Attributable power generation increased by 172% to 7824 GWh[14] - Weighted average utilization hours for wind (attributable installed) were 2449 hours, a decrease of 37%[22] - Weighted average utilization hours for solar PV (attributable installed) were 1455 hours, a decrease of 59%[22] - The curtailment rate for wind (attributable installed) was 37%, an increase of 11 percentage points[22] - The curtailment rate for solar PV (attributable installed) was 59%, an increase of 21 percentage points[22] Green Energy Initiatives - Trading volume of green electricity increased by 117%[30] - Sale revenue of green certificates increased by 78% to RMB 4546 million[31] - Green electricity revenue additionally increased by 135% to RMB 3075 million[32] Installed Capacity Composition - Subsidiary-owned wind capacity is 2701 MW, representing 667% of the total attributable installed capacity[19] - Subsidiary-owned solar PV capacity is 576 MW, representing 142% of the total attributable installed capacity[19] - JV&Asso capacity is 773 MW, representing 191% of the total attributable installed capacity[19]

Financial Performance - The company's total assets increased by 3.6% to RMB 32362.63 million[4] - Net assets increased by 4.0% to RMB 8775.22 million[4] - Revenue increased by 31.7% to RMB 1753.26 million[4] - Profit attributable to owners of the company increased by 1.0% to RMB 501.37 million[4] - Fully diluted EPS increased by 7.2% to 6.23 RMB cents[4] Operational Performance - Attributable installed capacity increased by 11.3% to 4050 MW[11] - Attributable power generation increased by 14.1% to 4738 GWh[9] - Power generation revenue increased by 14.1% to RMB 1364.32 million[4] - The curtailment rate for wind power (attributable installed) increased by 5.7 percentage points to 9.7%[19] - The curtailment rate for solar power (attributable installed) increased by 13.2 percentage points to 19.5%[19] Strategic Initiatives - Newly secured construction approvals for 720 MW of solar PV projects[27] - Projects under construction reached 2513 MW, including 2211 MW of wind and 303 MW of solar PV[26] - Bank loans accounted for 33% of total financing, an increase of 10 percentage points[36] - Group average financing cost decreased by 45 bps to 4.15%[36] - Green certificate issuance increased by 98.2% year-on-year, with newly signed sales contracts totaling approximately RMB 27.38 million[45]

Financial Performance - Concord New Energy Group's total assets reached RMB 32,129.84 million, a 3.0% increase[5] - Net assets increased by 5.6% to RMB 8,906.31 million[5] - Revenue from continuing operations increased by 6.3% to RMB 2,752.05 million[5] - Profit attributable to owners of the company decreased by 16.5% to RMB 805.13 million[5] - The comprehensive financing rate decreased by 62 bps to 3.98%[14] Operational Highlights - Attributable installed capacity reached 4,615 MW, with 3,732 MW in wind power and 883 MW in solar PV[20] - Newly added attributable installed capacity was 566 MW[17] - Subsidiary-owned total power generation increased by 24.8% to 7,515 GWh[21] - Group administrative expenses decreased by 15%[28] Project Development - Worldwide wind & solar PV project development reached 1,399 MW[23] - Total construction scale reached 2,562 MW, including 566 MW completed in 2024[25] Operating Indicators - Wind power curtailment rate (Attributable Installed) increased by 5.8 percentage points to 9.5%[31] - Solar power curtailment rate (Attributable Installed) increased by 12.6 percentage points to 18.5%[31]

Group 1 - Zhengrong Real Estate (06158.HK) has appointed joint liquidators by its controlling shareholder, and trading of its shares will resume from 9 AM on Wednesday, with business operations continuing as usual [1] - XPeng Motors (09868.HK) plans to hold a board meeting on May 21 to approve its first-quarter results [1] - Xiehe New Energy (00182.HK) reported a total equity generation of 3,330.69 GWh in the first four months, a year-on-year decrease of 2.24%, with April's generation at 809.84 GWh, down 6.48% year-on-year [1] Group 2 - Touyun Biotechnology (01332.HK) plans to sell 70% of its stake in Weidao International for 13 million yuan [1] - Gilead Sciences (01672.HK) will present early research findings on its obesity candidate drug ASC47 at the 32nd European Congress on Obesity (ECO 2025) through oral and poster presentations [1] - Yuanda Pharmaceutical (00512.HK) has successfully reached clinical endpoints in its Phase II clinical study of the global innovative product STC3141 for the treatment of sepsis in China [1] Group 3 - Shanggao New Energy (01250.HK) reported a cumulative operational generation of approximately 1.0196 million MWh in the first two months, representing a year-on-year increase of about 13.1% [1]

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]