(22 August 2023 - Hong Kong) CGN New Energy Holdings Co., Ltd. (“CGN New Energy” or the “Company”, Stock Code: 1811) announces the unaudited consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2023.

2023 Interim Results Highlights：

Ø Revenue for the six months ended 30 June 2023 amounted to US$1,223.8 million, representing an increase of 7.9% from US$1,133.7 million for the six months ended 30 June 2022.

Ø Profit attributable to equity shareholders of the Company for the six months ended 30 June 2023 amounted to US$197.8 million, representing an increase of 11.2% from US$177.9 million for the six months ended 30 June 2022.

Ø The increase in profit for the six months ended 30 June 2023 was mainly attributable to the combined impact of (1) increase in fuel margin of Korea projects; (2) contribution from newly commissioned wind projects; and (3) share of results of associates turned around from loss to profit.

Ø Earnings per share for the six months ended 30 June 2023 amounted to 4.61 US cents, representing an increase of 11.2% from 4.15 US cents for the six months ended 30 June 2022.

In the first half of 2023, the revenue of the Group amounted to US$1,223.8 million, representing an increase of 7.9% compared with US$1,133.7 million for the first half of 2022. The revenue derived from wind projects in the PRC amounted to US$385.2 million, representing an increase of 5.5% compared with US$365.0 million for the first half of 2022, which was mainly attributable to the newly commissioned wind projects. The revenue derived from Korea projects amounted to US$677.7 million, representing an increase of 14.6% compared with US$591.4 million for the first half of 2022, which was mainly attributable to the increase in tariff of Korea Gas-fired projects.

In the first half of 2023, the operating expenses of the Group amounted to US$879.2 million, representing an increase of 9.3% compared with US$804.1 million for the first half of 2022. The increase in operating expenses was mainly due to the increase in gas costs of Korea Gas-fired projects.

In the first half of 2023, the operating profit of the Group, which is equal to revenue minus operating expenses, amounted to US$344.6 million, representing an increase of 4.5% compared with US$329.6 million for the first half of 2022. The increase in operating profit was mainly caused by the newly commissioned wind projects and the increase in fuel margin of Korea projects. 

Business Review

The Group’s portfolio of assets comprises wind, solar, gas-fired, coal-fired, oil-fired, hydro, cogen, fuel cell and biomass projects, which are in the PRC and Korea power markets. Our business in the PRC covers 19 provinces, two autonomous regions and a municipality with wide geographical coverage and diversified business scope.

As of 30 June 2023, the operations in the PRC and Korea accounted for approximately 75.9% and 24.1% of the Group’s attributable installed capacity of 8,978.0 MW respectively. Clean and renewable energy projects (namely wind, solar, gas-fired, hydro, fuel cell and biomass projects) accounted for 82.6% of the Group’s attributable installed capacity; and conventional energy projects (namely coal-fired, oil-fired and cogen projects) accounted for 17.4% of the Group’s attributable installed capacity.

As of 30 June 2023, the Group’s attributable installed capacity reached 8,978.0 MW, representing an increase of 462.4 MW or 5.4% from the same period of last year, of which the wind power and solar power accounted for 62.3% of the Group’s attributable installed capacity. The attributable installed capacity of wind power amounted to 4,419.1 MW, representing an increase of 458.7 MW or 11.6% from the same period of last year; whereas the attributable installed capacity of solar power amounted to 1,178.3 MW, representing an increase of 41.5 MW or 3.7% from the same period of last year. As of 30 June 2023, the consolidated installed capacity of the Group’s power plants reached 8,226.0 MW. It is expected that the growth of new operating capacity in 2023 will remain steady.

As of 30 June 2023, the Group had 3 major projects under construction with gross installed capacity of 450 MW and an attributable installed capacity of 390 MW: a 200 MW solar power project in Jiangsu Province; a 100 MW solar power project in Hainan Province; a 150 MW (60% held) natural gas distributed project in Hubei Province.

For the six months ended 30 June 2023, the electricity generated by the Group’s consolidated power generation projects amounted to 10,140.6 GWh, representing an increase of 6.6% from 9,517.0 GWh for the six months ended 30 June 2022. The increase in power generation was mainly due to the contribution from newly commissioned wind projects. The electricity generated by PRC wind projects and PRC solar projects reached 5,601.1 GWh and 848.1 GWh, representing growth rates of 16.7% and 0.7%, respectively.

Prospects

2023 is a critical year to carry forward the past and open up the future under the “14th Five-Year Plan”. The external situation becomes more challenging, and the competition for new energy resources is increasingly intense. The Company will continue to practice the work style focusing on “Stringency, Prudence, Meticulosity and Pragmatism”, scientifically capitalise on new opportunities and new challenges in the new stage, and maintain strategic focus, thereby striving to accomplish various tasks and objectives of production and operation and accelerating the construction of a first-class enterprise with high-quality development.