Concord New Energy Announces 2023 Annual Results: Profit Attributable to Equity Holders Increased by 10.5%, Promising Future Development Ahead

(Hong Kong, 6 March 2024) – Concord New Energy Group Limited ("Concord New Energy" or the "Group") (stock code: 0182) has announced its 2023 annual results. The Group’s key operating indicators such as net profit, net assets, return on equity and equity power generation all increased compared with the previous year, with electricity costs continuing to decline year-on-year. In 2023, the Group achieved revenue from continuing operations of RMB 2,588.65 million and a net profit of RMB 988.75 million, representing a year-on-year increase of 7.8% and 6.8%, respectively. In addition, the net asset value for the year reached RMB 8,435.42 million, with a net asset value per share of RMB 1.02 within 2023.

The Board of Directors has recommended a final dividend of HK$0.035 per ordinary share for the year ended 31 December 2023 (2022: HK$0.035). The Group has maintained a healthy financial position and stable cash flows. As at 31 December 2023, the Group had cash and bank balances of approximately HK$ 4.3 billion.

In 2023, the Group acquired new investment projects (listed in provincial annual renewable [energy] project construction plans) in China of 2,099MW, including 1,713MW of wind power and 386MW of solar power. The Group also signed new agreements for 5,320MW of wind power resources and 2,600MW of PV resources. The Group is actively expanding its global market share by establishing representative offices in North America, Europe, and Asia. The organizational framework for the international market has been established and project development is progressing. As at 31 December 2023, the Group had a pipeline of projects under/ready for construction of 2.9GW, including 2.2GW of wind power and 0.7GW of solar power. Benefiting from the sharp decline in wind turbine and component prices, the value of the project pipeline has increased, providing a strong guarantee for the rapid growth and development of the Group’s installed capacity.

The Group achieved a total construction capacity of 2,299MW (2022: 1,982MW) in 2023, with 4 ongoing construction projects and 17 new construction projects underpinning its sustained growth trajectory. The Group had an attributable installed capacity of 4,050MW, of which 3,467MW was wind power and 583MW was solar PV power. Additionally, the capacity of newly added stand-alone energy storage stations was 340MW/600MWh.

Benefiting from the additional installed capacity, the Group's attributable power generation grew rapidly, reaching 7,824GWh, an increase of 17.2% over the previous year. The weighted average utilization hours of the Group’s wind power plants and solar PV power plants in China were 2,449 hours and 1,455 hours, respectively. This was 224 hours and 169 hours higher than the average in China.

In 2023, the revenue of the Group's power plants continued to grow, with a remarkable increase in revenue from green electricity and green certificates, which contributed considerable profits to the Group. The revenue of the Group’s subsidiary power plants was RMB 2,259.41million, an increase of 6.9% over the previous year. It accounted for 87.3% of the Group's revenue from continuing operations. During the Year, the Group completed green electricity transactions totaling 639 million kWh (2022: 294 million kWh), generating an increase in green electricity transaction revenue of RMB 30.75 million (2022: RMB 13.05 million), and achieved green certificate sales revenue of RMB 45.46 million (2022: RMB 25.49 million), ranking among the top in the industry.

Mr. Liu Shunxing, Chairman of the Board of the Group, said, "2023 was the first year for the Group to firmly implement its new development strategy. Over the past year, all employees of the Company worked hard despite difficulties, embraced challenges, overcame various obstacles, completed major business tasks and achieved good results, further enhancing the Group's strengths and consolidating the foundation for development. Looking ahead, with the growing global demand for renewable energy, strengthened policy support, and continuous technological advancement, the renewable power generation industry will continue to develop rapidly in the future. The Group will diligently implement strategic measures and focus on planning a blueprint for development. Finally, on behalf of the Board of Directors, I would like to sincerely thank all shareholders, investors and stakeholders for their long-term trust and support!"