ANNUAL RESULTS PRESENTATION CONCORD NEW ENERGY GROUP LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025 STOCK CODE HONG KONG : 182 | SINGAPORE : SEG incorporated in Bermuda with limited liability 2025 ANNUAL REPORT Disclaimer CONCORD NEW ENERGY GROUP LIMITED 2 • The Concord New Energy Group Limited (the "Company") hereby reminds prospective investors, financial analysts, shareholders, and other recipients of this document (the "Summary") that the contents of this Summary and any related oral discussions are for re ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [5]. Core Insights - The company reported a total revenue of 18.88 billion RMB for the year, representing a year-on-year increase of 19%. The net profit attributable to shareholders was 3.29 billion RMB, up 38% year-on-year, while the non-recurring net profit reached 3.48 billion RMB, marking a 95% increase [2]. - In Q4 2025, the company achieved a revenue of 4.98 billion RMB, an 18% increase year-on-year, but the net profit attributable to shareholders decreased by 21% due to a high base effect from Q4 2024 [2]. - The gross margin for Q4 2025 was 35.1%, showing a recovery of 2.2 percentage points from the previous quarter, indicating a positive trend in profitability [3]. Summary by Relevant Sections Performance Overview - The company’s revenue growth was driven by strong performance in the yarn and electronic fabric segments, with yarn sales increasing by 8% year-on-year in the second half of 2025 [3]. - The electronic fabric segment saw a remarkable 38% increase in sales volume in the second half of 2025, with prices rising significantly due to supply constraints and rising copper prices [4]. Business Segments - The yarn and products segment showed resilience during the off-season, with inventory levels performing better than the industry average. The company’s inventory at the end of Q4 2025 was valued at 3.55 billion RMB, down 4% from the previous quarter [3]. - The wind power generation business contributed an additional 184 million RMB in revenue and 118 million RMB in net profit for the year, highlighting the diversification of income sources [4]. - The company is actively developing AI electronic fabric products, with ongoing research into low-dielectric and ultra-thin materials [4]. Financial Projections - The projected net profits for the company from 2026 to 2028 are estimated at 6.005 billion RMB, 7.036 billion RMB, and 7.434 billion RMB, respectively, with corresponding dynamic P/E ratios of 16x, 13x, and 13x [5].

Investment Rating - The report maintains a "Buy" rating for the company, with expected dynamic PE ratios of 16x, 13x, and 13x for the years 2026, 2027, and 2028 respectively [5]. Core Insights - The company reported a total revenue of 18.88 billion yuan for the year, representing a year-on-year increase of 19%. The net profit attributable to shareholders was 3.29 billion yuan, up 38% year-on-year, while the non-recurring net profit reached 3.48 billion yuan, marking a 95% increase [2]. - In Q4 2025, the company achieved a revenue of 4.98 billion yuan, an 18% increase year-on-year, but the net profit attributable to shareholders decreased by 21% due to a high base effect from Q4 2024 [2]. - The gross profit margin for Q4 2025 was 35.1%, showing a recovery of 2.2 percentage points from the previous quarter, indicating a positive trend in profitability [3]. Summary by Relevant Sections Performance Review - The company’s revenue for 2026 is projected to be 23.33 billion yuan, with a growth rate of 23.55%. The net profit is expected to reach 6.00 billion yuan, reflecting an 82.77% increase [10]. - The company’s gross profit margin is expected to improve to 39.7% in 2026, indicating a strong recovery in profitability [12]. Business Segments - In the yarn and products segment, the company’s sales volume for H2 2025 was 1.62 million tons, up 8% year-on-year, with inventory levels significantly better than the industry average [3]. - The electronic fabric segment saw a sales volume of 577 million meters in H2 2025, a 38% increase year-on-year, with prices rising significantly due to supply constraints and rising copper prices [4]. - The wind power generation business contributed 184 million yuan in revenue and 118 million yuan in net profit for the year, showcasing the growth potential in renewable energy [4]. Financial Projections - The company is expected to achieve net profits of 6.00 billion yuan, 7.04 billion yuan, and 7.43 billion yuan for the years 2026, 2027, and 2028 respectively, with corresponding growth rates of 82.77%, 17.18%, and 5.65% [10]. - The report indicates a strong return on equity (ROE) of 17.06% for 2026, reflecting efficient use of equity capital [10].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 0.55%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 2.07% [1]. - In February 2026, the overall car market showed signs of fatigue, but some new energy vehicle manufacturers, such as Zeekr and NIO, reported significant year-on-year growth in deliveries [2][15]. - The U.S. plans to invest 86 GW in new utility-scale power generation capacity in 2026, marking the largest annual increase in over two decades, driven primarily by solar and battery storage [3][38]. - A $75 billion investment in transmission expansion projects in the U.S. aims to build 765 kV ultra-high voltage lines to meet rising electricity demand, with significant contracts awarded to various companies [4][56]. Summary by Sections New Energy Vehicles - February 2026 saw a general decline in new energy vehicle deliveries due to the dual impact of the Spring Festival holiday and changes in new energy vehicle purchase tax policies, although some brands like Zeekr and NIO achieved positive growth [2][15][23]. New Energy Generation - The U.S. is set for a historic increase in utility-scale power generation capacity in 2026, with solar and battery storage accounting for 79% of the planned new projects, including 43.4 GW of solar capacity [3][38][40]. Electric Equipment and Automation - The U.S. has approved $75 billion for transmission expansion projects, focusing on building ultra-high voltage lines to address increasing electricity demand, with significant contracts awarded to companies like Shanghai Siyuan High Voltage Switchgear [4][56][59]. Commercial Aerospace - The government has positioned the aerospace industry as a new pillar industry, emphasizing the accelerated development of satellite internet, indicating a strategic shift in national priorities [5]. Weekly Sector Performance - The electric equipment and new energy sector outperformed the Shanghai Composite Index, with lithium battery indices leading the gains, while new energy vehicle indices experienced declines [1].

Investment Rating - The report initiates coverage with a "Buy" rating for Shandong Hi-Speed New Energy Group, assigning a target price of HKD 2.06 based on a 0.3x PB for 2025, which corresponds to a PE of 13.4 for 2026 [3]. Core Insights - The company is actively engaged in the photovoltaic and wind power generation sectors, with ongoing projects laying a solid foundation for future growth. Notable projects include a 175,000 kW distributed wind power project in Heze, which is expected to generate approximately 440 million kWh annually, saving about 132,000 tons of standard coal and reducing CO2 emissions by 315,000 tons [2][4]. - The company has a robust pipeline of projects, including a 381.25 MW wind power project in Heze that is expected to generate over 1 billion kWh annually, saving around 300,000 tons of standard coal and reducing CO2 emissions by 800,000 tons upon completion [2][4]. - The financial forecast indicates a projected net profit attributable to shareholders of RMB 225 million, RMB 301 million, and RMB 370 million for the years 2025, 2026, and 2027, respectively, with a slight decline in revenue expected in 2025 before a gradual recovery [3][5]. Summary by Relevant Sections Latest Developments - The company has commenced construction on multiple wind power projects, including a significant 175,000 kW project in Heze, which is a part of its strategy to enhance regional green energy development [2]. - The Heze 381.25 MW wind power project has successfully installed its first 6.25 MW turbine and is expected to contribute significantly to the local energy supply once operational [2]. Financial Data and Forecast - The company anticipates revenues of RMB 4.42 billion in 2025, with a slight decrease of 2% year-on-year, followed by a modest growth of 1% in 2026 and 4% in 2027 [5]. - The projected earnings per share (EPS) for 2025 is RMB 0.10, with an expected increase to RMB 0.16 by 2027 [5]. Business Overview - Shandong Hi-Speed New Energy Group focuses on the development, construction, and operation of photovoltaic and wind power projects, leveraging its strong shareholder resources and management expertise to expand its clean energy portfolio across China [8]. - The company has established a significant presence in over 20 provinces and is actively exploring international markets, aiming to become a leading player in the clean energy sector [8].

Investment Rating - The report initiates coverage with a "Buy" rating for Shandong Hi-Speed New Energy Group, assigning a target price of HKD 2.06 based on a 0.3x PB for 2025, which corresponds to a PE of 13.4 for 2026 [3]. Core Insights - The company is actively engaged in photovoltaic and wind power generation, with ongoing projects laying a solid foundation for future growth. Notable projects include a 175,000 kW distributed wind power project in Heze, which is expected to generate approximately 440 million kWh annually, saving about 132,000 tons of standard coal and reducing CO2 emissions by 315,000 tons [2][4]. - The company has a robust pipeline of projects, including a 381.25 MW wind power project in Heze that is expected to generate over 1 billion kWh annually, saving around 300,000 tons of standard coal and reducing CO2 emissions by 800,000 tons upon completion [2][4]. - The financial forecast indicates a projected net profit of RMB 225 million, RMB 301 million, and RMB 370 million for 2025, 2026, and 2027 respectively, with a slight decline in revenue expected in 2025 before a gradual recovery [3][5]. Summary by Relevant Sections Latest Developments - The company has commenced construction on multiple wind power projects, including a significant 175,000 kW project in Heze, which is a part of the regional green energy development initiative [2]. - The Heze 381.25 MW wind power project has successfully installed its first 6.25 MW turbine and is expected to contribute significantly to the local energy supply once operational [2]. Financial Data and Forecast - The company’s revenue is projected to be RMB 4.42 billion in 2025, with a slight decrease of 2% from the previous year, followed by a modest growth of 1% in 2026 and 4% in 2027 [5]. - The net profit forecast shows a decline in 2025, followed by a recovery in subsequent years, with a notable increase of 34% in 2026 [5]. Business Operations - The company focuses on clean energy development, including photovoltaic and wind power, and has established a presence in over 20 provinces in China, actively exploring international markets [8]. - The company has a diverse project portfolio, including large-scale photovoltaic power plants and wind farms, contributing to its revenue and operational capacity [15][25].

中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 | 主要聯營公司或合營公司的 發電廠 | | 售電量（兆瓦時） | | | --- | --- | --- | --- | | | 2026 年 1 月 | 2025 年 月 1 | 同比變化 | | 風力發電 | 159,168 | 142,430 | 11.75% | | 光伏發電 | 16,080 | 21,702 | -25.91% | | 燃煤發電 | 4,221,075 | 3,639,722 | 15.97% | | 合計 | 4,396,323 | 3,803,854 | 15.58% | 1 本公告所載數據僅基於內部管理紀錄，尚未經外部核數師審計或審閱。投資者於 買賣本公司股份時務請審慎行事 ...

Group 1 - The Sichuan Provincial Development and Reform Commission has approved the Ba Zhong Tong Jiang Hong Kou Wind Power Project, which is located in Ba Zhong City, Tong Jiang County [2][5] - The project has a total installed capacity of 200,000 kilowatts, consisting of 32 wind turbines, each with a capacity of 6250 kilowatts [2][5] - The project is expected to generate an average annual electricity output of 38,500 million kilowatt-hours, with an equivalent full-load annual utilization hours of 1,925 hours [2][5] Group 2 - The total investment for the project is 99,529 million yuan, with a construction period of 18 months [3][7] - The project is managed by Tong Jiang Jiu Heng Wind Power Co., Ltd., a subsidiary of Yunda Co., Ltd. [3][7]

Group 1 - The core viewpoint of the news is that Liyuan New Energy's stock price increased by 5.18%, reaching 7.92 CNY per share, with a trading volume of 158 million CNY and a turnover rate of 2.17%, resulting in a total market capitalization of 7.392 billion CNY [1] - Liyuan New Energy Co., Ltd. is located in Urumqi Economic and Technological Development Zone, Xinjiang, and was established on August 28, 2013, with its listing date on July 27, 2022 [1] - The company's main business involves investment, development, construction, and operation of wind power and photovoltaic power generation projects, with revenue composition being 53.05% from wind power, 41.01% from photovoltaic power, and 5.94% from electricity trading services and others [1] Group 2 - Among the top ten circulating shareholders of Liyuan New Energy, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 23,000 shares in the third quarter, now holding 2.5592 million shares, accounting for 0.27% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 78.996 billion CNY, and has achieved a year-to-date return of 8.02%, ranking 1604 out of 5580 in its category [2] - The fund manager, Cui Lei, has a tenure of 7 years and 111 days, with a total asset scale of 137.02 billion CNY, achieving the best fund return of 250.66% and the worst return of -15.93% during the tenure [2]

Core Insights - China and India, the world's largest coal consumers, are expected to reduce their reliance on coal-fired power generation for the first time in nearly 50 years by 2025, with China's coal power generation decreasing to 5735 TWh (down 1.6%) and India's to 1472 TWh (down 3%) [6][7] - The rapid growth of renewable energy sources, particularly solar and wind, is driving this shift, with China's solar power expected to increase by 43% and wind power by 13% in 2025 [6][7] - The decline in coal demand is impacting coal prices, leading to a supply surplus and prompting major coal-exporting countries like Indonesia to cut production targets and impose export limits [6] Group 1 - The increase in renewable energy generation is expected to create a turning point in the trend of rising global CO2 emissions, with over 90% of the increase from 2015 to 2024 attributed to the power sectors of China and India [4][7] - Despite the reduction in coal power generation, China is projected to add 78 GW of new coal power capacity by 2025, the highest in the past decade, which raises concerns about potential increases in global CO2 emissions if operational rates remain unchanged [7] - The transition to a low-carbon society hinges on whether coal power can shift from being a primary energy source to a supportive role for variable renewable energy sources [7]