(25 March 2025 - Hong Kong) CGN New Energy Holdings Co., Ltd. (“CGN New Energy” or the “Company”, Stock Code: 1811.HK) announces the annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2024. Unless otherwise defined, terms used herein shall have the same meaning as those defined in the Company’s annual results announcement published on the same day.

    Highlights of the Annual Results for the Year Ended of 31 December 2024
    ▲ Revenue amounted to US$1,951.3 million, representing a decrease of 11.0% compared with last year.
    ▲ Profit attributable to equity shareholders of the Company amounted to US$248.0 million, representing a decrease of 7.3% compared with last year.
    ▲ The decrease in profit was mainly attributable to an increase in impairment losses and disposal loss recognized in respect of property, plant and equipment.
    ▲ If one-off adjustments were taken out, which mainly include (1) impairment losses and disposal loss recognized in respect of property, plant and equipment of US$45.6 million and US$7.7 million in 2024 and 2023 respectively, and (2) impairment losses recognized in respect of goodwill of US$3.3 million and US$8.7 million in 2024 and 2023 respectively, the profit attributable to equity shareholders of the Company for the year ended 31 December 2024 would have increased by 4.5% compared with last year.
    ▲ Earnings per share amounted to 5.78 US cents, representing a decrease of 7.3% compared with last year.
    ▲ The Board recommended the payment of a final dividend for the year ended 31 December 2024 of 1.445 US cents per Share (equivalent to 11.27 HK cents per Share), equivalent to 25% of profit for the year attributable to equity shareholders of the Company for the financial year of 2024 as dividends.

    In 2024, the revenue of the Group amounted to US$1,951.3 million, representing a decrease of 11.0% compared with last year. The revenue derived from wind projects in the PRC amounted to US$687.0 million, representing a decrease of 2.2% compared with US$702.4 million of last year. Such decrease was mainly attributable to the decrease in power generation. The revenue derived from Korea in 2024 amounted to US$909.8 million, representing a decrease of 21.0% compared with US$1,151.0 million of last year. Such decrease in revenue was mainly attributable to the decrease in both weighted average tariff and power generation of Korea gas-fired projects.

    In 2024, the profit attributable to equity shareholders of the Company amounted to US$248.0 million, representing a decrease of US$19.7 million or 7.3% compared with last year. The decrease in profit was mainly attributable to an increase in impairment losses and disposal loss recognized in respect of property, plant and equipment. If one-off adjustments were taken out, which mainly include (1) impairment losses and disposal loss recognized in respect of property, plant and equipment of US$45.6 million and US$7.7 million in 2024 and 2023 respectively, and (2) impairment losses recognized in respect of goodwill of US$3.3 million and US$8.7 million in 2024 and 2023 respectively, the profit attributable to equity shareholders of the Company for the year ended 31 December 2024 would have increased by 4.5% compared with last year.

    The Board recommended the payment of a final dividend for the year ended 31 December 2024 of 1.445 US cents per Share (equivalent to 11.27 HK cents per Share), equivalent to 25% of profit for the year attributable to equity shareholders of the Company for the financial year of 2024 as dividends.

    Business Review

    The Group’s portfolio of assets comprises wind, solar, gas-fired, coal-fired, oil-fired, hydro, cogen, fuel cell and biomass power generation projects and an energy storage project, which are in the PRC and Korea power markets.

    As of 31 December 2024, the attributable installed capacity of the Group reached 10,452.4 MW, representing a year-on-year increase of 8.6%, in particular, the newly added attributable installed capacity of solar power amounted to 786.0 MW and the newly added attributable installed capacity of gas-fired power amounted to 45.0 MW. The attributable installed capacity of wind power amounted to 4,436.4 MW; the attributable installed capacity of solar power amounted to 2,545.4 MW, representing a year-on-year increase of 786.0 MW or 44.7%. The wind power and solar power accounted for 66.8% of the Group’s attributable installed capacity. As of 31 December 2024, the consolidated installed capacity of the power plants reached 9,771.0 MW.

    As of 31 December 2024, the operations in the PRC and Korea accounted for approximately 79.3% and 20.7% of the Group’s attributable installed capacity of 10,452.4 MW, respectively. Clean and renewable energy projects (namely, wind, solar, gas-fired, hydro, fuel cell and biomass projects) accounted for 85.1% of the Group’s attributable installed capacity; and conventional energy projects (namely, coal-fired, oil-fired and cogen projects) accounted for 14.9% of the Group’s attributable installed capacity.

    In addition, in 2024, the Group added the Jiangsu Rudong Storage Station Project with a storage capacity of 200 MW/400 MWh.

    As of 31 December 2024, the electricity generated by the Group’s consolidated power generation projects amounted to 19,149.7 GWh, remaining constant compared to last year. The power generation from the PRC wind projects reached 10,095.8 GWh, representing a year-on-year decrease of 2.6%.The power generation from the PRC solar projects reached 2,121.8 GWh, representing an increase of 22.4% from last year.

    Prospects

    2025 is a critical year for the “14th Five-Year Plan” and also a year connecting the “15th Five-Year Plan”, which is of great significance to achieve a good start, a steady start and continuous improvement for the work of the whole year. The Company has comprehensively laid a solid foundation for safe production, insisted on seeking benefits from management efforts, seeking driving forces from reform actions, and seeking competitiveness from innovation initiatives, firmly grasped the“six focuses”and truly achieved the “six guarantees”, completing the Company’s goals and tasks of the “14th Five-Year Plan” with high quality and laying a solid foundation for a good start of the “15th Five-Year Plan”. The Company will (1) focus on strengthening the roots and soul to ensure that the leading and guaranteeing role of Party building is effectively played; (2) focus on the fortification efforts of development to ensure full achievement of operational goals; (3) focus on refined management to ensure that business performance remains excellent; (4) focus on innovation and breakthroughs to ensure that scientific and technological research and development to bear fruit and achieve tangible results; (5) focus on deepening reform to ensure that organizational vitality and motivation are fully stimulated; (6) focus on risk prevention and control to ensure the steady and long-term development of the Company.