China Ruifeng Renewable Energy Holdings (RUIFENG RENEW) released its audited results for the year ended 31 December 2025, revealing higher turnover but a deeper bottom-line deficit as one-off impairments and rising finance costs weighed on earnings.

Revenue rose 21.0% year on year to RMB 406.24 million, driven by the first-time contribution of energy-storage services (RMB 98.23 million) and stable tariff adjustment income from wind power (RMB 83.61 million). Traditional wind-farm electricity sales slipped 5.1% to RMB 222.02 million as utilisation hours at the 398.4 MW Hebei Hongsong project edged down.

Gross profit improved 18.0% to RMB 140.32 million, leaving the margin broadly unchanged at 34.5%. Operating performance, however, was hit by: • a RMB 52.20 million expected-credit-loss provision on other receivables; • RMB 27.03 million impairment on construction-in-progress assets related to the Baotou Wind Farm, which was subsequently divested; • RMB 23.85 million impairment against prepayments for equipment no longer recoverable.

Administrative expenses climbed 33.7% to RMB 115.12 million, reflecting organisational expansion into energy storage. Finance costs increased 16.2% to RMB 153.73 million on higher bank borrowings and default interest on outstanding convertible bonds.

Consequently, the Group swung to an operating loss of RMB 31.84 million and recorded a net loss attributable to shareholders of RMB 161.29 million (2024: RMB 132.52 million). Total consolidated loss widened to RMB 216.72 million. Basic and diluted loss per share were RMB 0.094.

Balance-sheet pressure intensified: • Total assets: RMB 2.62 billion (+5.8%); • Total liabilities: RMB 2.74 billion (+14.5%); • Shareholders’ deficit: RMB 278.34 million (2024 deficit: RMB 136.61 million).

Net current liabilities expanded to RMB 300.75 million, while interest-bearing borrowings rose 18.8% to RMB 2.47 billion, pushing the gearing ratio to 105%. The auditor drew attention to going-concern assumptions that rely on: 1) a pledge by convertible-bond holder Filled Converge not to demand repayment (principal and interest approx. RMB 456 million) before June 2027; 2) planned issuance of 119.44 million new shares and HKD-denominated convertible bonds totalling HK$259.70 million (about RMB 233.47 million) targeted for completion by April 2026; 3) RMB 400 million of undrawn loan facilities.

Capital expenditure was primarily channelled into the 300 MW / 1.2 GWh grid-side energy-storage station in Zhangjiakou, which achieved full-capacity grid connection in January 2025. Additions to property, plant and equipment reached RMB 645.31 million.

No dividend was declared.

Management signalled a 2026 focus on improving wind-farm O&M efficiency, completing a second-phase 200 MW / 0.8 GWh storage project, and advancing a green-computing centre backed by renewable power, while pursuing balance-sheet repair through equity and convertible-bond placements.