Concord New Energy Group reported net profit attributable to shareholders of RMB139.7 million for the year ended Dec 31, 2025, an 82.6% year-on-year decline that the company linked to higher wind and solar curtailment and falling comprehensive electricity prices.

Basic earnings per share dropped to RMB1.78 cents from RMB10.06 cents a year earlier. The board recommended a final dividend of HK$0.003 per share, down from HK$0.035 a year ago, payable around end-June 2026 subject to shareholder approval.

Total revenue slipped 7.6% YoY to RMB2.54 billion. The power-generation segment contributed RMB2.40 billion, down 4.8%, while the “others” segment, which includes EPC and consultancy services, declined 37.0% to RMB148.9 million. Group profit before tax fell 68.6% to RMB272.2 million; the power-generation unit generated pre-tax earnings of RMB931.8 million (-35.0%), while the “others” segment recorded a pre-tax loss of RMB20.7 million versus a profit the prior year.

Operationally, attributable installed capacity grew 6.8% to 4,928 MW, but weighted-average utilisation hours fell 9.1% for wind and 19.3% for solar after curtailment rates widened to 14.3% and 31.7%, respectively. Average comprehensive tariffs decreased to RMB0.3644/kWh for wind (-RMB0.0289) and RMB0.3783/kWh for solar (-RMB0.0769).

Administrative expenses were cut 19.4% to RMB276.9 million following headcount and overhead reductions, while the average financing cost on new borrowings eased to 3.26%, helping drive total finance costs down 7.4% to RMB633.7 million.

Looking ahead, the group plans to:

• Prioritise safe, stable operations and further optimise power-plant performance through digital monitoring, equipment upgrades and enhanced trading strategies. • Continue global expansion, focusing on mature markets such as the United States, South Korea, New Zealand and Singapore, where 502 MW of projects have secured long-term PPAs. • Adhere to prudent investment criteria, advance construction of projects with secured returns, and deepen EPC outsourcing to control costs. • Expand renewable-energy professional services in China, including consulting, design, O&M and power-trading solutions. • Accelerate asset optimisation and capital recycling, including potential disposals through the group’s insurance-backed fund platform, to underpin future growth.

Management cautioned that industry conditions in 2026 remain “complex and challenging”, citing persistent supply–demand imbalances in China’s renewables market and the time required for overseas projects to reach scale. Even so, the company believes its dual listings in Hong Kong and Singapore, combined with ongoing cost-control and diversification efforts, provide a solid foundation for longer-term, resilient growth.