18 Aug 2025
CNE’s 1H25 revenue was down by 6.6% YoY to Rmb1,400m, mainly due to a 2.1% YoY decline in power sales to Rmb1,335m, which accounted for 95.4% of total revenue (1H24: 91.0%), and also a 52% YoY decrease in other revenue to Rmb65m. Revenue from wind power dropped by 5.2% YoY to Rmb1,116m, despite an increase in capacity (+10.9% YoY to 3,844MW). Utilization hours suffered from a 6.4% YoY decline to 1,142 hours, mainly due to unfavorable wind resources and intensified power curtailment. Curtailment increased from 9.7% in 1H24 to 12.9% in 1H25, while average tariff was down from 0.3838 Rmb/kWh in 1H24 to 0.3653 Rmb/kWh in 1H25. The adverse impact of declining electricity price was offset by a 26% YoY increase in green electricity transaction volume. Revenue from solar was up by 17.1% YoY to Rmb220m as capacity increased by 60.2% YoY to 934MW during the period. Avg solar utilization hrs was down by 19.4% YoY to 531 hrs and curtailment rose by 13.1ppt YoY to 32.6%. Avg solar tariff was Rmb0.4278/kWh, down from Rmb0.4714/kWh last year. Wind/solar accounted for 84%/16% of 1H25 power sales. EPC was down by 35% YoY while design and consultancy services rose by 3% YoY and accounted for 1.9%/2.0% of total revenue. 1H25 GPM was up down 9.0ppt YoY to 47.8% on lower tariff and higher curtailment. Admin cost lowered by 1% YoY on better cost control. As a result, NP was down by 43.8% YoY to Rmb282m.