(31 Mar 2026 - 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 (collectively, the “Group”) for the year ended 31 December 2025. Unless otherwise defined, terms used in this press release shall have the same meanings as those defined in the Company’s annual results announcement published on the same date.


Highlights of the Annual Results for the Year Ended 31 December 2025
▲Revenue amounted to US$1,692.8 million, representing a year-on-year decrease of 13.2%.
▲Profit attributable to equity shareholders of the Company amounted to US$275.9 million, representing a year-on-year increase of 11.2%.
▲The increase in profit was mainly attributable to a gain on disposal of a subsidiary of US$23.9 million in 2025 and recognition of impairment losses in respect of property, plant and equipment of US$36.1 million in 2024.
▲Earnings per share amounted to 6.43 US cents, representing a year-on-year increase of 11.2%.
▲The Board recommended the payment of a final dividend for the year ended 31 December 2025 of 1.61 US cents per Share (equivalent to 12.54 HK cents per Share), equivalent to 25% of profit for the year attributable to equity shareholders of the Company for the financial year of 2025 as dividends.

In 2025, the revenue of the Group amounted to US$1,692.8 million, representing a decrease of 13.2% compared with US$1,951.3 million of last year. The revenue derived from wind projects in the PRC in 2025 amounted to US$651.9 million, representing a decrease of 5.1% compared with US$687.0 million of last year. Such decrease was mainly attributable to the decrease in tariff. The revenue derived from a cogen project in the PRC in 2025 amounted to US$15.0 million, representing a decrease of 85.1% compared with US$100.7 million of last year. Such decrease was mainly attributable to disposal of the cogen project in March 2025. The revenue derived from Korea in 2025 amounted to US$727.0 million, representing a decrease of 20.1% compared with US$909.8 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 2025, the profit attributable to equity shareholders of the Company amounted to US$275.9 million, representing an increase of US$27.9 million or 11.2% compared with last year. In 2025, the profit of the Group amounted to US$285.1 million, representing an increase of US$26.8 million or 10.4% compared with last year. The increase in profit was mainly attributable to a gain on disposal of a subsidiary of US$23.9 million in 2025 and recognition of impairment losses in respect of property, plant and equipment of US$36.1 million in 2024.

The Board recommended the payment of a final dividend for the year ended 31 December 2025 of 1.61 US cents per Share (equivalent to 12.54 HK cents per Share), totaling approximately US$69.0 million (equivalent to approximately HK$537.9 million), which is calculated based on 4,289,924,000 Shares in issue on 31 March 2026 (equivalent to 25% of profit for the year attributable to equity shareholders of the Company for the financial year of 2025 as dividends).

Business Review
The Group’s portfolio of 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 power markets. The Group’s business in the PRC covers 19 provinces, two autonomous regions and two municipalities with a wide geographical coverage and diversified business scope.

As of 31 December 2025, the attributable installed capacity of the Group reached 10,905.3 MW, representing a year-on-year increase of 452.9 MW or 4.3%. In particular, the newly added attributable installed capacity of wind power and solar power amounted to 104.1 MW and 411.8 MW, respectively, totaling 515.9 MW. The attributable installed capacity of wind power amounted to 4,540.5 MW, representing a year-on-year increase of 104.1 MW or 2.3%; whereas the attributable installed capacity of solar power amounted to 2,957.2 MW, representing a year-on-year increase of 411.8 MW or 16.2%. The wind power and solar power accounted for 68.8% of the Group’s attributable installed capacity. As of 31 December 2025, the consolidated installed capacity of the power plants reached 10,222.0 MW.

As of 31 December 2025, the operations in the PRC and Korea accounted for approximately 80.1% and 19.9% of the Group’s attributable installed capacity of 10,905.3 MW, respectively. Clean and renewable energy projects (namely, wind, solar, gas-fired, hydro and biomass projects) accounted for 86.3% of the Group’s attributable installed capacity; and conventional energy projects (namely, coal-fired and oil-fired projects) accounted for 13.7% of the Group’s attributable installed capacity.

As of 31 December 2025, the Group had the following major projects under construction in the PRC (total installed capacity): (1) 252.0 MW offshore wind power project in Zhejiang Province; and (2) 140.0 MW solar power project in Jiangsu Province.

As of 31 December 2025, the electricity generated by the Group’s consolidated power generation projects amounted to 19,003.6 GWh for the whole year, delivering a solid performance that remained basically flat compared to last year. In 2025, the power generation from the PRC wind projects reached 10,056.5 GWh, representing a year-on-year decrease of 0.4%, remaining basically flat from last year. In 2025, the power generation from the PRC solar projects reached 2,785.4 GWh, representing a year-on-year increase of 31.3%.

Prospects
2026 marks the commencement of the “15th Five-Year Plan” period and represents a pivotal year for the high-quality transformation and upgrading of the new energy sector. The tasks for the year ahead are arduous and of profound significance. The overarching requirements are: under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implementing the spirits of the 20th National Congress of the Communist Party of China, all plenary sessions of the 20th Central Committee and the Central Economic Work Conference; putting in place the arrangements made at the Central Enterprises Responsible Persons Conference and the National Energy Work Conference; adhering to the general principle of pursuing progress while ensuring stability and enhancing quality and efficiency; thoroughly implementing the “Stringency, Prudence, Meticulosity and Pragmatism” style of work; continuously deepening reform and innovation; fully focusing on lean empowerment, and accelerating our advancement towards a new stage of excellence-driven development, so as to ensure a strong start and solid foundation for the “15th Five-Year Plan”. The Company will: (1) Uphold Compliance Bottom Line to Safeguard Sound Development; (2) Focus on Wind and Solar Core Businesses to Fortify Development Foundation; (3) Drive Technological Innovation to Enhance Core Competitiveness; (4) Lean Operation Management to Unlock Development Efficiency; (5) Deepen Reform and Synergy to Stimulate Internal Dynamics.