(20 August 2024 - Hong Kong) CGN New Energy Holdings Co., Ltd. (“CGN New Energy” or the “Company”, Stock code: 1811.HK) announces the unaudited consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2024. Unless otherwise defined, terms used herein shall have the same meaning as those defined in the Company’s interim results announcement published on the same day.

  Highlights of the Unaudited Consolidated Interim Results for the Six Months Ended 30 June 2024:
Revenue for the six months ended 30 June 2024 amounted to US$982.3 million, representing a decrease of 19.7% from US$1,223.8 million for the six months ended 30 June 2023.
Profit attributable to equity shareholders of the Company for the six months ended 30 June 2024 amounted to US$183.5 million, representing a decrease of 7.3% from US$197.8 million for the six months ended 30 June 2023.
The decrease in profit for the six months ended 30 June 2024 was mainly attributable to (1) decrease in fuel margin of Korea projects; and (2) decrease in power generation of the PRC wind projects due to a year-on-year increase in grid curtailment.
Earnings per share for the six months ended 30 June 2024 amounted to 4.28 US cents, representing a decrease of 7.3% from 4.61 US cents for the six months ended 30 June 2023.
The Board resolved not to declare an interim dividend for the six months ended 30 June 2024.

  In the first half of 2024, the revenue of the Group amounted to US$982.3 million, representing a decrease of 19.7% compared with US$1,223.8 million for the first half of 2023. The revenue derived from wind projects in the PRC amounted to US$357.2 million, representing a decrease of 7.3% compared with US$385.2 million for the first half of 2023, which was mainly attributable to the decrease in power generation. The revenue derived from Korea projects amounted to US$461.3 million, representing a decrease of 31.9% compared with US$677.7 million for the first half of 2023, which was mainly attributable to the decrease in both tariff and power generation of Korea gas-fired projects.

  In the first half of 2024, the operating expenses of the Group amounted to US$678.4 million, representing a decrease of 22.8% compared with US$879.2 million for the first half of 2023. The decrease in operating expenses was mainly due to the decrease in gas costs of Korea gas-fired projects.

  In the first half of 2024, the operating profit of the Group, which is equal to revenue minus operating expenses, amounted to US$303.9 million, representing a decrease of 11.8% compared with US$344.6 million for the first half of 2023. The decrease in operating profit was mainly caused by the decrease in fuel margin of Korea projects and decrease in power generation of the PRC wind projects due to a year-on-year increase in grid curtailment.

  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’s power markets. The Group’s 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 2024, the operations in the PRC and Korea accounted for approximately 77.6% and 22.4% of the Group’s attributable installed capacity of 9,666.4 MW respectively. Clean and renewable energy projects (namely wind, solar, gas-fired, hydro, fuel cell and biomass projects) accounted for 83.9% of the Group’s attributable installed capacity; and conventional energy projects (namely coal-fired, oil-fired and cogen projects) accounted for 16.1% of its attributable installed capacity.

  As of 30 June 2024, the Group’s attributable installed capacity reached 9,666.4 MW, representing an increase of 688.4 MW or 7.7% from the same period of last year, of which the wind power and solar power accounted for 64.1% of the Group’s attributable installed capacity. The attributable installed capacity of wind power amounted to 4,436.4 MW, representing an increase of 17.3 MW or 0.4% from the same period of last year; whereas the attributable installed capacity of solar power amounted to 1,759.4 MW, representing an increase of 581.1 MW or 49.3% from the same period of last year. As of 30 June 2024, the consolidated installed capacity of the Group’s power plants reached 8,981.7 MW. It is expected that the growth of new operating capacity in 2024 will remain steady.

  As of 30 June 2024, the Group had the following major projects under construction in the PRC: a 200 MW/400 MWh Rudong storage station project in Jiangsu Province; 290 MW solar energy projects in Hebei Province; a 242 MW solar energy project in Jiangsu Province; 30 MW solar energy projects in Zhejiang Province; a 30 MW solar energy project in Qinghai Province; and a 400 MW Zhaoyuan offshore photovoltaic project in Shandong Province.

  For the six months ended 30 June 2024, the electricity generated by the Group’s consolidated power generation projects amounted to 9,660.4 GWh, representing a decrease of 4.7% from 10,140.6 GWh for the six months ended 30 June 2023. During the reporting period, the power generation from PRC wind projects reached 5,288.9 GWh, representing a decrease of 5.6% from the same period of last year, which was mainly due to a year-on-year increase in grid curtailment in the first half of 2024; the power generation from PRC solar projects reached 1,035.3 GWh, representing an increase of 22.1% from the same period of last year, which was mainly due to a year-on-year increase in the capacity of solar energy projects; the power generation from Korea projects reached 3,038.3 GWh, mainly from gas-fired and biomass projects, representing a decrease of 11.8% as compared with the same period in 2023, which was mainly because the Yulchon I Gas-fired Power Project in Korea experienced a reduction in grid dispatch load in the first half of 2024.

  Prospects

  In the second half of 2024, the Group will anchor on its annual business development objectives, and will make up for shortcomings and strengthen weaknesses, vigorously promote value creation and reform and innovation, and make every effort to promote high-quality development.

  Specifically, the Group will enhance Party building, strengthen leadership, and further build a strong guarantee for high-quality development; emphasize safety, ensure stability, and further guard the risk bottom line of high-quality development; promote production, stabilize growth, and further strengthen the solid foundation for high-quality development; strive for development, promote implementation, and further enhance the efficiency and effectiveness of high-quality development; focus on the conversion, speed up the construction, and further clear the difficulties and blockages of high-quality development; pursue innovation, promote transformation, and further strengthen the scientific and technological support of high-quality development; implement reform, increase efficiency, and further stimulate the vigor and momentum of high-quality development.