CROSBY Research – Central New Energy (1735.HK/ NR) – N-Type Pioneer

19 Sep 2025

CNE is accelerating its transition to sustainable new energy business and prioritizing renewable energy initiatives, with the plan to gradually scaling back its green construction operations and other non-core businesses. Since 2022, the Group has invested in the high-efficiency PV N-type TOPCon battery and the advanced PV component in Fengtai County. The group plans to install more than 60GW of N-TOPCon cell capacity and 12GW of module capacity in the next five years