CROSBY Research – Yum China (9987 HK/NR): Concord New Energy (182 HK/BUY): Reshaping through headwinds

24 Feb 2026

CNE announced profit warning for its FY25 results. FY25 NP is expected to decline by over 80% YoY to Rmb160m or less, compared to a NP of around Rmb800m in FY24. Despite the decrease in profit, the cash generated from operating activities during FY25 increased YoY compared with FY24, indicating that the Group’s cash flow position is relatively stable and there is no risk of cash chain tension.