Concord New Energy Announces 2024 Interim Results: Basic Earnings per Share Increased by 7.0%, Steady Growth in Power Generation Revenue and Green Power Trading and Green Certificate Sales

(Hong Kong, 23 August 2024) – Concord New Energy Group Limited ("Concord New Energy" or the "Group") (stock code: 0182) announced its interim results for the six months ended 30 June 2024 (“1H2024” or the “Period”). During the Period, the Group's attributable power generation achieved steady growth, and project development saw further successes. The scale of projects under construction remained high, business operations progressed smoothly, and the financing structure was continually optimized.

In the first half of 2024, the Group achieved revenue from continuing operations of RMB 1,753.26 million (First half of 2023: RMB 1,331.20 billion) and a net profit of RMB 501.37 million, representing a year-on-year increase of 31.7% and 7.0%, respectively. Basic earnings per share were RMB 6.24 cents, representing a year-on-year increase of 7.0%. In addition, the net asset value for the Period reached RMB 8775.22 million, with a net asset value per share of RMB 1.05 within the Period. The Group has maintained a healthy financial position and stable cash flows. As at 30 June 2024, the Group had cash and bank balances of approximately RMB 2798.71 million. 

During the Period, the Group secured new investment projects (approved as provincial government's annual construction plans) totaling 720 MW within China. Additionally, the Group obtained approvals/registrations for wind and solar power projects with a combined capacity of 1,250 MW. Newly signed wind power resources amounted to 1,915 MW. As of the end of June 2024, the Group had signed contracts for a total of 17.4 GW of wind and solar resource reserves to be developed, including approximately 10.7 GW of wind power and 6.7 GW of solar power. The Group strategically positions itself in key global markets, enhancing its capability to independently develop international projects. By carefully selecting promising renewable energy projects, the Group is steadily expanding its presence in the international market.

As of June 30, 2024, the Group's attributable installed capacity for grid-connected wind and solar PV power plants is 4,050 MW (20231H: 3,640 MW). Among them, the attributable installed capacity for wind farms is 3,467 MW, and for solar PV power plants is 583 MW. The Group's attributable installed capacity of parity projects is 2,624 MW, accounting for 64.8% of the Group’s total attributable installed capacity. During the Period, the Group's attributable power generation experienced steady growth, increasing by 14.1% compared to the same period last year. Wind power generation rose by 14.0%, while solar power generation increased by 15.7% year-on-year.

During the Period, the Group observed continued growth in revenue from wind and solar power generation, the revenue and profits from the subsidiary-owned wind farms, the wind farms which account for 86.2% of the total power generation revenue, achieved steady growth. The Group's green power trading volume reached 400 million kWh, demonstrating a significant increase that contributed to revenue and profitability growth, and continued to strengthen green certificate marketing efforts, signing new contracts for over 3.80 million green certificates, and increased green certificate revenue to RMB 19,720 Thousand. The Group expanded long-term green certificate sales agreements with key customers, making future revenue more predictable. 

Due to the increase in the proportion of grid parity projects and the impact of power trading, the average comprehensive electricity price of the Group's invested power plants saw a minor drop during the Period. However, green power trading and certificate sales provided certain environmental benefits. With the reduction in construction costs and the continuous quality optimization of the Group’s existing power plants, the levelized cost of electricity for the Group's projects will keep dropping. This will effectively offset the impact of the declining electricity price, ensuring the Group's sustainable growth.

Mr. Liu Shunxing, Chairman of the Board of Concord New Energy Group Limited said, "In the first half of 2024, the Group operated in a macroeconomic environment characterized by both favorable and unfavorable factors. Overall, the context remained positive for industry development. Looking ahead to the second half of the year, technological advancements in the renewable energy sector are further accelerating. Technological innovation will keep driving the global energy transition. The Group will steadfastly adhere to its established strategy direction, identify and capitalize on new industry trends, make timely adjustments to the business strategy, actively promote international projects, dedicate efforts to optimize assets, reduce costs and improve efficiency, and strive to achieve better investment returns for shareholders."