Shandong Hi-Speed New Energy Group Limited reported FY2025 revenue of RMB 4.41 billion, essentially flat year-on-year (-0.30%), while Group profit fell 13.20% to RMB 401.61 million as rising power-curtailment losses and lower market-based electricity prices outweighed incremental output from new projects.

EBITDA slipped 6.90% to RMB 3.42 billion and gross profit edged down to RMB 2.00 billion, with the margin easing 0.3 ppt to 45.40%. Basic and diluted EPS declined to RMB 0.1018. The Board maintained its stance of not declaring a final dividend.

Cost control cushioned part of the top-line pressure. Finance costs fell 15.83% to RMB 965.44 million after the replacement of high-cost debt with lower-cost facilities and early repayment of overseas borrowings. Administrative expenses were broadly unchanged at RMB 349.64 million.

Operating metrics remained solid. Total power generation from projects held and/or managed by the Group, associates and joint ventures rose 4.64% to 6.82 TWh. Wind assets delivered weighted average utilisation of 2,635 hours, comfortably above the national average, while photovoltaic (PV) projects recorded 1,072 hours. Wind-power revenue increased 8.64% to RMB 1.29 billion, offsetting a 1.78% drop in centralised PV sales to RMB 1.79 billion. Clean-heat supply revenue was broadly steady at RMB 572.18 million.

The balance sheet strengthened. Cash and cash equivalents rose 26.67% to RMB 4.62 billion, lifting the current ratio to 1.62. The debt ratio improved marginally to 59.30% (2024: 60.00%), with total borrowings (bank loans and bonds) stable at RMB 25.79 billion; 67% are long-term. The Group issued RMB 2.50 billion of green and ultra-short-term notes during the year at coupons ranging from 1.78% to 2.30%.

Capital expenditure reached RMB 1.56 billion, channelled mainly into wind and PV developments. At year-end the pipeline of projects under construction or approved but not yet started exceeded 5.8 GW, including 31 projects of at least 100 MW each.

Management has finalised its “15th Five-Year” plan (2026-2030), prioritising “boosting wind power, stabilising PV, deploying storage and expanding hydro”. Strategic focus areas include pumped-storage projects, source-grid-load-storage integration, direct green-power supply and selective overseas opportunities.

No significant contingent liabilities were reported, and no share buy-backs occurred during the period.