(19 Aug 2025 - 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 2025. 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 2025

    ▲Revenue amounted to US$856.5 million, representing a year-on-year decrease of 12.8%.

    ▲Profit attributable to equity shareholders of the Company amounted to US$163.5 million, representing a year-on-year of decrease of 10.9%.

    ▲The decrease in profit was mainly attributable to the combined effect of (1) decrease in both tariff and power generation of Korea projects; and (2) decrease in tariff of the PRC solar projects.

    ▲Earnings per share amounted to 3.81 US cents, representing a year-on-year decrease of 10.9%.

    ▲The Board resolved not to declare an interim dividend for the six months ended 30 June 2025.

    In the first half of 2025, the revenue of the Group amounted to US$856.5 million, representing a decrease of 12.8% compared with US$982.3 million for the first half of 2024. The decrease in revenue was mainly attributable to the lowered tariff and power generation of Korea projects, as well as the decrease in both power generation and sale of steam of a PRC cogen project upon disposal in March 2025.

    In the first half of 2025, the profit attributable to equity shareholders of the Company amounted to US$163.5 million, representing a decrease of US$20.0 million or 10.9% compared with US$183.5 million for the first half of 2024. The operating profit of the Group, which is equal to revenue minus operating expenses, amounted to US$254.0 million, representing a decrease of 16.4% compared with US$303.9 million for the first half of 2024. The decrease in operating profit was mainly caused by the decrease in both tariff and power generation of Korea projects and the decrease in tariff of the PRC solar projects.

    The Board resolved not to declare an interim dividend for the six months ended 30 June 2025.

    Business Review

    The Group’s portfolio of major assets comprises wind, solar, gas-fired, coal-fired, oil-fired, hydro and biomass power generation projects and an energy storage project, which are in the PRC and Korea’s power markets. The Group’s business in the PRC covers 19 provinces, two autonomous regions and two municipalities with wide geographical coverage and diversified business scope.

    As of 30 June 2025, the Group’s attributable installed capacity reached 10,501.4 MW, representing an increase of 835.0 MW or 8.6% from the same period of last year, of which the wind power and solar power accounted for 67.6% of the attributable installed capacity. The attributable installed capacity of wind power amounted to 4,436.4 MW; whereas the attributable installed capacity of solar power amounted to 2,657.4 MW, representing an increase of 898.0 MW or 51.0% from the same period of last year. As of 30 June 2025, the consolidated installed capacity of power plants reached 9,820.0 MW.

    As of 30 June 2025, the operations in the PRC and Korea accounted for approximately 79.4% and 20.6% of the Group’s attributable installed capacity of 10,501.4 MW respectively. Clean and renewable energy projects (namely wind, solar, gas-fired, hydro and biomass projects) accounted for 85.7% of the Group’s attributable installed capacity; and conventional energy projects (namely coal-fired and oil-fired projects) accounted for 14.3% of the Group’s attributable installed capacity.

    As of 30 June 2025, the Group had the following major projects under construction in the PRC: (1) 145.0 MW solar energy projects in Hebei Province; and (2) 100.0 MW solar energy project in Hainan Province.

    For the six months ended 30 June 2025, the electricity generated by the Group’s consolidated power generation projects amounted to 9,575.5 GWh, representing a decrease of 0.9% from 9,660.4 GWh for the six months ended 30 June 2024, remaining basically flat from the same period of last year. The power generation from PRC wind projects reached 5,506.7 GWh, representing a year-on-year increase of 4.1%. The power generation from PRC solar projects reached 1,154.5 GWh, representing a year-on-year increase of 11.5%.

    Prospects

    The second half of 2025 is a critical period for the accomplishment of our annual operating targets. The Company conducts a comprehensive review of the current situation to determine our direction and makes every endeavour with full confidence to advance all our works to achieve new results.