In 2024, the Company achieved the continuing operations revenue of RMB2.75 billion, representing a year-on-year increase of 6.3%. Subsidiary-owned power generation attributable net profit reached RMB798 million, increased by 4.7%. Profit attributable to the owners of the Company amounted to RMB805 million, and net assets attributable to equity shareholders of the Company per share was RMB1.1. During the reporting year, the average financing cost for newly withdrawal was 3.43%, while the Company's total comprehensive financing cost fell to 3.98%, both reaching historical low levels. The company implemented multiple measures to achieve cost reducing and efficiency enhancement during the reporting period, resulting in a 15% year-on-year decrease in administrative expenses. The board of directors recommends to declare a final dividend of HK$0.035 per ordinary share in respect of the year ended 31 December 2024 (2023: HK$0.035). The Company's financial position remains healthy with strong operating cash flow. As at 31 December 2024, the Company held cash and cash equivalents approximately RMB2.23 billion. In 2024, the Company focused on international market segments and key provinces in China. The Company secured a total of 1,399MW new wind and solar projects worldwide,and 308MW/616MWh of international energy storage investment projects. Among the numbers, we secured 720MW of new wind and solar projects (listed in provincial annual construction plans) in China, 2,294MW of new wind resources and 160MW of new solar resources. By the year end of 2024, the cumulative wind and solar resource reserves in China exceeded 10.75GW. The addition of new wind power and photovoltaic projects and newly acquired international energy storage investment projects will solidify the foundation for the company's sustained development. In 2024, the Company progressively resolved bottlenecks hindering the commencement of multiple projects, thereby ensuring the orderly progression of project construction. The Company achieved a total construction capacity of 2,562MW. It includes 1,667MW from ongoing projects carried over from the previous year and 566MW that became operational during the reporting year. Additionally, 1,996MW of projects will continue to construct in the next year. As of December 31, 2024, the Company had attributable installed capacity for wind and solar power plants amounted to 4,615MW, increased by 14.0% comparing to the year beginning. Attributable power generation reached 8,645GWh, representing a year-on-year increase of 10.5%. The Company's weighted average utilization hours of wind plant was 2,192 hours, and 1,272 hours for solar PV plants. Nevertheless, these utilization hours remained 3.1% and 5.0% higher than the national average in China, respectively. With the accelerating process of fully integrating new energy electricity prices into market mechanisms, achievements in green power trading and green certificate marketing are further expanding, thereby fully leveraging the environmental value attributes to the green energy industry. In 2024, the Company achieved green electricity transactions totaling 811 million kWh and sold 6.41 million green certificates, both reflecting year-over-year increases. Mr. Liu Shun Xing, Chairman of the Board of Directors of Concord New Energy Company Limited indicates, Driven by technology innovation and energy transition policies, global clean energy investment continued to rise, with the global renewable energy investment reaching US$728 billion in 2024, an 8% increase from the previous year, setting a new record for investment size and demonstrating the dynamism and resilience of the renewable energy sector. Looking ahead to 2025, emerging loads such as artificial intelligence are likely to drive significant growth in power demand, creating development opportunities for the sustainable growth of renewable energy. As technological innovations in wind power, solar modules, advanced energy storage, and next-generation power systems continue to emerge, along with increasingly accommodative financing conditions, these developments will unlock the growth potential of renewable energy power plant investments. The Company will steadfastly execute its established development strategy, keenly observe new industry landscape and market dynamics, leverage our strengths, plan for steady growth, strengthen internal management, and continuing to drive the company's steady growth, we are committed to delivering superior investment returns to our shareholders. 28/02/2025 Dissemination of a Financial Press Release, transmitted by EQS News. |
© 2025 EQS Group
