Earnings release
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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Singapore Exchange Securities Trading Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Concord New Energy Group Limited 協合新能源集團有限公司* (Incorporated in Bermuda with limited liability) (Hong Kong Stock Code：182) (Singapore Stock Code：SEG) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 The board of Directors (the “Board”) of Concord New Energy Group Limited (the “ Company”) announces the unaudited consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 20 26, together with the comparative figures for the corresponding period in 2025. These consolidated financial statements are unaudited but have been reviewed by the Company’s audit committee. *for identification purpose only
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1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 – Unaudited (Expressed in RMB) 2026 2025 Note RMB’000 RMB’000 Revenue 2,3 1,257,819 1,400,319 Cost of sales and services rendered (674,087) (731,290) ─────────── ─────────── Gross profit 583,732 669,029 Other income 4 17,738 53,960 Other gains and losses, net 5 (25,616) 24,070 Impairment losses under expected credit loss model, net of reversal - (2,306) Distribution and selling expenses (1,561) (3,668) Administrative expenses (112,563) (160,838) Finance costs 6 (299,781) (315,461) Share of profit of joint ventures , net 29,691 82,550 Share of loss of associates , net (3,350) (825) ─────────── ─────────── Profit before income tax 188,290 346,511 Income tax expenses 7 (61,801) (54,472) ─────────── ─────────── Profit for the period 126,489 292,039 ═══════════ ═══════════ Attributable to: Equity shareholders of the Company 100,594 281,940 Non-controlling interests of the Company 25,895 10,099 ─────────── ─────────── Profit for the period 126,489 292,039 ═══════════ ═══════════ Earnings per share Basic earnings per share (RMB cents) 8(a) 1.29 3.58 ═══════════ ═══════════ Diluted earnings per share (RMB cents) 8(b) 1.29 3.58 ═══════════ ═══════════
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2 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 – Unaudited (Expressed in RMB) 2026 2025 RMB’000 RMB’000 Profit for the period 126,489 292,039 -------------------- -------------------- Other comprehensive income: Item that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations (27,441) 11,721 ─────────── ─────────── Other comprehensive income for the period, net of tax (27,441) 11,721 -------------------- -------------------- Total comprehensive income for the period 99,048 303,760 ═══════════ ═══════════ Attributable to: Equity shareholders of the Company 72,190 293,675 Non-controlling interests of the Company 26,858 10,085 ─────────── ─────────── Total comprehensive income for the period 99,048 303,760 ═══════════ ═══════════
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3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026– Unaudited (Expressed in RMB) 30 June 2026 31 December 2025 Note RMB’000 RMB’000 ASSETS Non-current assets Property, plant and equipment 19,877,433 19,473,894 Right-of-use assets 1,335,286 1,384,806 Intangible assets 684,622 684,671 Interests in associates 644,123 706,299 Interests in joint ventures 2,237,021 2,062,564 Financial assets at fair value through profit or loss 132,357 132,357 Prepayments, deposits and other receivables 1,257,582 1,727,803 Finance lease receivables 78,999 109,748 Loan receivables 1,503 1,894 Deferred tax assets 115,609 97,899 ─────────── ─────────── 26,364,535 26,381,935 -------------------- -------------------- Current assets Inventories 17,752 19,674 Contract assets 24,153 21,381 Trade and bills receivables 10 1,317,449 1,594,708 Prepayments, deposits and other receivables 1,154,979 901,511 Finance lease receivables 38,308 43,831 Loan receivables 853 1,180 Amounts due from associates 878 1,058 Amounts due from joint ventures 500,833 400,024 Financial assets at fair value through profit or loss 1,706 20,294 Cash and cash equivalents 1,640,454 919,588 Restricted deposits 347,765 371,228 Assets held for sale - 2,480,581 ─────────── ─────────── 5,045,130 6,775,058 -------------------- -------------------- Total assets 31,409,665 33,156,993 ═══════════ ═══════════ LIABILITIES Non-current liabilities Bank borrowings 5,171,978 4,776,962 Other borrowings 10,593,143 11,546,359 Lease liabilities 251,352 360,119 Deferred tax liabilities 2,655 2,655 Deferred government grants 3,642 3,902 Payables for construction in progress, other payables and accruals 1,598,374 1,156,284 Amounts due to associates 20,772 - Amounts due to joint ventures 28,824 - Financial guarantee contract liabilities - 10,215 ─────────── ─────────── 17,670,740 17,856,496 -------------------- --------------------
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4 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 30 June 2026 – Unaudited (Expressed in RMB) 30 June 2026 31 December 2025 Note RMB’000 RMB’000 Current liabilities Trade and bills payables 11 302,380 351,909 Payables for construction in progress, other payables and accruals 1,914,957 2,003,678 Contract liabilities 27,280 22,956 Amounts due to associates 769 21,614 Amounts due to joint ventures 68,180 34,795 Bank borrowings 1,418,670 945,137 Other borrowings 1,098,002 1,269,056 Lease liabilities 152,522 58,026 Financial guarantee contract liabilities - 2,119 Current income tax liabilities 56,046 50,067 Liabilities directly associated with the assets held for sale - 1,888,691 ─────────── ─────────── 5,038,806 6,648,048 -------------------- -------------------- Total liabilities 22,709,546 24,504,544 -------------------- -------------------- Net current assets 6,324 127,010 -------------------- -------------------- Total assets less current liabilities 26,370,859 26,508,945 -------------------- -------------------- Net assets 8,700,119 8,652,449 ═══════════ ═══════════ EQUITY Share capital 12 67,298 67,422 Reserves 8,497,412 8,448,737 ─────────── ─────────── Total equity attributable to equity shareholders of the Company 8,564,710 8,516,159 Non-controlling interests 135,409 136,290 ─────────── ─────────── Total equity 8,700,119 8,652,449 ═══════════ ═══════════
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5 NOTES 1 Basis of preparation and changes in accounting policies and disclosures This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with Hong Kong Accounting Standard (“HKAS”) 34, Interim financial reporting , issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). It was authorised for issue on 27 August 2026. During the period, the Group has applied the following new HKFRSs and amendments to HKFRSs issued by the HKICPA, for the first time, which are mandatorily effective for the annual periods beginning on or after 1 January 2026: Amendments to HKFRS 9 Financial instruments and HKFRS 7, Financial instruments: disclosures – Contracts referencing nature dependent electricity Amendments to HKFRS 9 Financial instruments and HKFRS 7, Financial instruments: disclosures – Amendments to the classification and measurement of financial instruments Annual improvements to HKFRS Accounting Standards – V olume 11 The application of the new and amendments to HKFRSs in the current interim period has had no material impact on the Group’s financial positions and performance for the current and prior periods and/or on the disclosures set out in these consolidated financial statements. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
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6 2 Segment information Business segments The management has determined the operating segments based on the internal reports reviewed and used by executive directors of the Company, who are the chief operating decision makers ("CODM"), for strategic decision making. The CODM consider the business from a pr oduct and service perspective. The Group is organised into certain business units according to the nature of the produ cts sold or services provided. The CODM review operating results and financial information of each business unit separately. Accordingly, each business unit (including joint ventures and associates) is identified as an operating segme nt. These operating segments with similar economic characteristics and similar nature of products sold or services provided have been aggregated into the following reporting segments. • Power generation segment – operation of wind, solar and energy -storage power plants through subsidiaries, generating electricity for sale to external power grid companies or electric utilities and large power consuming enterprises, investing in power plants through joint ventures and associates. • “Others” segment – provision of power -related professional services for renewable energy projects, including power engineering design, technical consulting, construction management, electricity trading and asset operation management, as well as AI data centre development and integrated power solution. The CODM assess the performance of the operating segments based on a measure of adjusted earnings before interest and income tax. This measurement basis excludes the effects of non -recurring income and expenditure from the operating segments. Inter-segment sales and transfers are transacted with reference to the selling prices used for sales made to the third parties at the then prevailing market prices. The accounting policies of the operating segments are the same as th e Group's accounting policies. Segment profit represents the profit earned by each segment without allocation of central administration costs, directors' remuneration, certain other gains and losses, certain other income, interest revenue and finance costs , after inter-segment elimination. For the purposes of monitoring segment performance and allocating resources between segments, all assets and liabilities are allocated to operating segments other than assets and liabilities attributable to head office.
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7 Segment revenues and results, and segment assets and liabilities Power generation Others Elimination Total RMB’000 RMB’000 RMB’000 RMB’000 For the six months ended 30 June 2026 Segment revenue Sales to external customers 1,214,179* 43,640 - 1,257,819 Inter-segment revenues - 122,904 (122,904) - ──────── ──────── ──────── ──────── 1,214,179 166,544 (122,904) 1,257,819 ══════════ ══════════ ══════════ ══════════ Segment results 512,231 (10,404) - 501,827 Unallocated other gains and losses, net (25,616) Unallocated income 14,831 Unallocated expenses (5,867) Interest revenue 2,896 Finance costs (299,781) ──────── Profit before income tax 188,290 Income tax expense (61,801) ──────── Profit for the period 126,489 ══════════ At 30 June 2026 Segment assets 29,805,675 1,306,768 - 31,112,443 Unallocated assets 297,222 ──────── Total assets 31,409,665 ══════════ Segment liabilities (22,119,925) (375,791) - (22,495,716) Unallocated liabilities (213,830) ──────── Total liabilities (22,709,546) ══════════ *Revenue from power generation com prised electricity charges and other r evenue from wind power plants and solar power plants of RMB1,023,253,000 and RMB190,926,000, respectively.
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8 Segment revenues and results, and segment assets and liabilities Power generation Others Elimination Total RMB’000 RMB’000 RMB’000 RMB’000 For the six months ended 30 June 2025 Segment revenue Sales to external customers 1,335,393* 64,926 - 1,400,319 Inter-segment revenues - 269,995 (269,995) - ──────── ──────── ──────── ──────── 1,335,393 334,921 (269,995) 1,400,319 ══════════ ══════════ ══════════ ══════════ Segment results 625,860 (5,516) - 620,344 Unallocated other gains and losses, net 21,764 Unallocated income 15,776 Unallocated expenses (3,955) Interest revenue 8,043 Finance costs (315,461) ──────── Profit before income tax 346,511 Income tax expense (54,472) ──────── Profit for the period 292,039 ══════════ At 31 December 2025 Segment assets 31,623,892 1,400,069 - 33,023,961 Unallocated assets 133,032 ──────── Total assets 33,156,993 ══════════ Segment liabilities (23,806,595) (501,411) - (24,308,006) Unallocated liabilities (196,538) ──────── Total liabilities (24,504,544) ══════════ *Revenue from power generation comprised electricity charges and other r evenue from wind power plants and solar power plants of RMB1,115,501,000 and RMB219,892,000, respectively.
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9 3 Revenue An analysis of the Group's revenue for six months ended 30 June is as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 Revenue from contracts with customers within the scope of HKFRS 15 Sales of electricity: Basic and trading electricity price 1,076,915 1,170,425 Renewable energy subsidy 126,027 153,436 Green energy certificates 7,011 7,211 Provision of design services 27,767 20,658 Provision of technical and consultancy services 10,094 6,763 Engineering, procurement and construction services 3,393 26,217 Other revenue 1,391 6,470 ───────── ───────── 1,252,598 1,391,180 Revenue from other source Finance lease income 5,221 9,139 ───────── ───────── Total revenue 1,257,819 1,400,319 ═════════ ═════════ 4 Other income An analysis of the Group's other income for six months ended 30 June is as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 Interest revenue 2,896 8,043 Government grants: — Tax refunds 11 30,141 — Others 962 1,970 Compensations 4,980 3,726 Guarantee income 863 1,980 Rental income 5,938 5,003 Others 2,088 3,097 ───────── ───────── 17,738 53,960 ═════════ ═════════
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10 5 Other gains and losses, net An analysis of other gains and losses, net is as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 Reversal of impairment losses on assets held for sale - 14,637 Gain on disposal of a joint venture, net - 11,461 Loss on disposal of an associate, net (2,693) - Fair value gains on financial assets at fair value through profit or loss ("FVTPL") 90 4,155 Loss on disposal / liquidation of subsidiaries, net (16,956) (3,215) Exchange gain / (loss), net 166 (1,307) (Loss) / gain on disposal of property, plant and equipment, net (302) 192 Others (5,921) (1,853) ───────── ───────── (25,616) 24,070 ═════════ ═════════ 6 Finance costs Six months ended 30 June 2026 2025 RMB’000 RMB’000 Interest expenses on: — Bank borrowings 98,145 99,192 — Other borrowings 222,379 238,985 — Lease liabilities 8,128 12,274 ───────── ───────── 328,652 350,451 Less: Interest capitalised (28,871) (34,990) ───────── ───────── 299,781 315,461 ═════════ ═════════ 7 Income tax expenses Six months ended 30 June 2026 2025 RMB’000 RMB’000 Current tax: — People’s Republic of China (the "PRC") corporate income tax 56,901 65,422 — PRC withholding tax 10,770 16,842 Under -provision in prior years: — PRC corporate income tax 11,840 9,812 Deferred tax (17,710) (37,604) ───────── ───────── 61,801 54,472 ═════════ ═════════
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11 8 Earnings per share (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to ordinary equity shareholders of the Company and the weighted average number of ordinary shares in issue during the six months ended 30 June. (i) Profit attributable to ordinary shareholders Six months ended 30 June 2026 2025 RMB’000 RMB’000 Profit attributable to ordinary shareholders 100,594 281,940 ═════════ ═════════ (ii) Weighted-average number of ordinary shares Six months ended 30 June 2026 2025 ’000 ’000 Issued ordinary shares at 1 January 7,877,679 7,982,039 Effect of treasury shares (65,771) (113,005) ───────── ───────── Weighted-average number of ordinary shares 7,811,908 7,869,034 ═════════ ═════════ (b) Diluted earnings per share Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares from the share award scheme. (i) Profit attributable to ordinary shareholders (diluted) Six months ended 30 June 2026 2025 RMB’000 RMB’000 Profit attributable to ordinary shareholders (diluted) 100,594 281,940 ═════════ ═════════ (ii) Weighted-average number of ordinary shares (diluted) Six months ended 30 June 2026 2025 ’000 ’000 Weighted-average number of ordinary shares 7,811,908 7,869,034 Effect of share award scheme - 4,184 ───────── ───────── Weighted-average number of ordinary shares (diluted) 7,811,908 7,873,218 ═════════ ═════════
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12 9 Dividend During the six months ended 30 June 2026, a final dividend of HK$0.003 per ordinary share in respect of the year ended 31 December 2025 (the year ended 31 December 2024: HK$0.035) was declared to the shareholders of the Company. The aggregate amount of final dividend declared in the period ended 30 June 2026 was equivalent to approximately RMB20,485,000 (the corresponding period of 2025: RMB251,442,000). The dividend was paid on 27 July 2026 (the corresponding period of 2025: 4 July 2025). The board of directors of the Company h ave determined that no dividend will be declared in respect of the period ended 30 June 2026 (the corresponding period of 2025: Nil). 10 Trade and bills receivables At 30 June 2026 At 31 December 2025 RMB’000 RMB’000 Trade receivables, at amortised cost 291,957 328,382 Tariff adjustment receivables, at amortised cost 1,027,634 1,000,034 Bills receivables, at FVTPL 2,128 270,752 ───────── ───────── 1,321,719 1,599,168 Impairment loss on trade receivables (4,270) (4,460) ───────── ───────── 1,317,449 1,594,708 ═════════ ═════════ As at 30 June 2026, the ag eing analysis of the trade receivable s, net of allowance for credit losses , presented based on invoice date, is as follows: At 30 June 2026 At 31 December 2025 RMB’000 RMB’000 Within 3 months 170,741 213,654 3 to 6 months 7,058 8,216 6 to 12 months 11,872 20,421 1 to 2 years 30,830 14,887 Over 2 years 67,186 66,744 ───────── ───────── 287,687 323,922 ═════════ ═════════ The Group’s trade receivables include receivables from the sale of electricity, provision of construction and other services. The Group's credit terms granted to customers ranging from 30 to 180 days . For certain construction projects, the Group generally grants project final acceptance period and retention period to its customers ranging from 1 to 2 years from the date of acceptance according to the contracts signed between the Group and its customers.
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13 As at 30 June 2026, the ageing analysis of t he tariff adjustment receivable s, based on the revenue recognition date, is as follows: At 30 June 2026 At 31 December 2025 RMB’000 RMB’000 Within 3 months 60,723 69,176 3 to 6 months 66,615 55,036 6 to 12 months 124,212 153,335 Over 1 year 776,084 722,487 ───────── ───────── 1,027,634 1,000,034 ═════════ ═════════ 11 Trade and bills payables At 30 June 2026 At 31 December 2025 RMB’000 RMB’000 Trade payables 232,789 262,145 Bills payables 69,591 89,764 ───────── ───────── 302,380 351,909 ═════════ ═════════ An ageing analysis of the trade payables based on invoice date is as follows: At 30 June 2026 At 31 December 2025 RMB’000 RMB’000 Within 3 months 12,645 37,544 3 to 6 months 7,491 3,804 6 to 12 months 5,958 4,676 1 to 2 years 6,720 25,942 Over 2 years 199,975 190,179 ───────── ───────── 232,789 262,145 ═════════ ═════════
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14 12 Share Capital Ordinary shares issued of HK$0.01 each: No. of shares Nominal value ’000 RMB’000 As at 1 January 2026 7,877,679 67,422 Cancellation of ordinary shares (note) (14,080) (124) ───────── ───────── As at 30 June 2026 7,863,599 67,298 ═════════ ═════════ Note : During the six months ended 30 June 2026, the Group repurchased a total of 14,080,000 ordinary shares of the Company from the market for a total consideration of RMB3,153,000. 14,080,000 ordinary shares of the Company with total par value of RMB124,000 were cancelled and the exce ss of costs of repurchase over the par value of the shares was charged to share premium. Treasury shares (shares for the purpose of share award schemes) As at 30 June 2026, 58,400,000 ordinary shares are held as treasury shares of the Company (31 December 2025: 58,400,000 ordinary shares).
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15 MANAGEMENT DISCUSSION AND ANALYSIS I. BUSINESS ENVIRONMENT In the first half of 2026, the global renewable energy industry continued its steady progress on the pathway of low- carbon energy transition, with two prominent trends: artificial intelligence (AI) -driven load growth and a heightened focus on energy supply security. As grid integration and power market reforms reshape the industry, its growth model is shifting from rapid capacity expansion toward a new phase of structural growth centered on value creation, system-level coordination and a broader range of application scenarios. (1) Continued Growth in Global Renewable Energy According to the International Energy Agency (IEA), global electricity demand is expected to increase by 3.6%, mainly driven by electrification and investment in AI data centers (AIDCs). Renewable power generation is projected to grow by more than 8% and surpass coal-fired generation during the year. In the first half of 2026, the cumulative installed capacity of wind and solar power in China continued to grow at a relatively rapid pace , rising by 18.5% and 15.8% year -on-year, respectively. The U.S. Energy Information Administration (EIA) projects the United States will add 43.4 GW of utility -scale solar capacity in 2026, approximately 60% more than the additions in 2025. Having achieved its 2 GWp solar target, Singapore upwardly revised its 2030 target to 3 GWp, further accelerating the development of distributed solar PV. (2) AI Reshaping the Global Power Landscape In the United States, AI has become the principal driver propelling electricity demand back onto a growth trajectory. While supporting technology companies in scaling up AI data center (AIDC) investments, the U .S. federal government has introduced a series of policies explicitly mandating that AIDCs procure or build their own power generation capacity under the Bring Your Own Generation (BYOG) framework and bear the associated costs, thereby shielding other ratepayers from rate increases driven by AI -related load growth. This is expected to spur the rise of behind-the-meter (BTM) energy campus models for AIDCs. In Southeast Asia, even as Singapore resumes AIDC power allocations, strong regional AI demand is driving spillover investment into neighboring coun tries. These countries are enhancing policy incentives while adopting Singapore-grade standards for Power Usage Effectiveness (PUE) and green power consumption ratios, ensuring that cross-border computing workloads meet applicable carbon requirements. In China, "Computing -Electricity Synergy and Mutual Enablement" has become a national strategic priority, establishing a policy framework anchored in top -down coordination, nationwide spatial planning, and market - based mechanisms. This framework imposes stric ter energy efficiency and green power mandates on newly built AIDCs.
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16 (3) Synergistic Innovation in Technology Advancement and Market Mechanisms In wind power, R&D priorities have shifted toward extending the fault-free operating lifespan of blades, enhancing long-term turbine reliability, and advancing grid -forming capabilities for wind farms. In solar PV, perovskite - silicon tandem cells have once again broken laboratory conversion efficiency records, while solar-powered orbital AIDCs have emerged as a new frontier of research. In energy storage, BESS incorporating 600Ah+ cells is advancing rapidly towards commercialization. A diverse range of technologies, including vanadium redox flow batteries and advanced compressed -air energy storage (CAES), is gaining cost competitiveness and expanding the options available for long -duration energy storage (LDES). Standards, dispatch mechanisms and trading rules for Virtual Power Plants (VPPs) —which aggregate distributed generation and flexible loads —are maturing. New business models that enable coordinated resources to participate in power markets at scale are attracting increasing attention. Technological innovation and market mechanisms are mutually reinforcing, unlocking novel business models and development opportunities. (4) Diverging Interest Rate Policies across Major Economies In the first half of 2026, interest rate policies among major central banks diverged, reflecting energy price shocks stemming from Middle East tensions and resurgent inflation. The U.S. Federal Reserve maintained the target range for the federal funds rate at 3.50%–3.75%, unchanged from the start of the year. The European Central Bank raised rates by 25 basis points in June, lifting its marginal lending facility rate to 2.65%. In China, the 5-year-plus Loan Prime Rate (LPR) remained at 3.50%, a low level in recent years. The market anticipates that the Chinese government will introduce growth-supportive measures in the second half of the year, potentially prompting policy rate cuts that would further lower domestic financing costs in China. (5) Accelerating Expansion of Renewable Energy Asset Securitization Supported by favorable policies, renewable energy asset securitization and asset transactions in China have become increasingly active. Public REITs ba cked by renewable energy assets are expanding on a regular basis, inter - institutional REITs issuances are flourishing, and long -term institutional investors such as insurance capital are actively investing in renewable energy private equity funds. In addition, some renewable energy operators have also undertaken capital transactions through spin -off listings and targeted capital increases . Consequently, the comprehensive "invest-finance-manage-exit" lifecycle ecosystem for renewable energy assets continues to mature, capital structuring options are diversifying, a nd the addressable market for third-party asset management services is expanding steadily.
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17 Ⅱ. BUSINESS REVIEW During the reporting period, the Group advanced its project development, achieved notable progress in commercial development cooperation across China, successfully commissioned solar power projects in Singapore and New Zealand, and transitioned its first renewable energy private fund into the post-investment management phase. Asset optimization advanced steadily, cost reduction and efficiency enhancement delivered tangible results, and administrative and financing costs declined further, demonstrating the e ffectiveness of the Group's strategic transformation in recent years. However, profit attributable to equity shareholders of the Company experienced a substantial year-on-year decline, primarily weighed down by the combined headwinds of rising wind and sol ar curtailment, subdued resource conditions amid abnormal weather, lower electricity tariffs, and the phase -out of preferential tax incentives, against an increasingly complex and challenging operating backdrop. In the first half of 2026, the Group achiev ed revenue of RMB1,257,819,000 (1H2025: RMB1,400,319,000), representing a year -on-year decrease of 10.2%. Profit attributable to equity shareholders of the Group amounted to RMB100,594,000 (1H2025: RMB281,940,000), representing a year-on-year decrease of 64.3%. Basic earnings per share was RMB1.29 cents (1H2025: RMB3.58 cents), and diluted earnings per share was RMB1.29 cents (1H2025: RMB3.58 cents). As at 30 June 2026, the Group had net assets of RMB8,700,119,000 (31 December 2025: RMB8,652,449,000), and the net assets per share attributable to equity shareholders of the Company was RMB1.10 (31 December 2025: RMB1.08), while the debt-to-asset ratio was 72.3% (31 December 2025: 73.9%). (1) Further Progress in Project Development The Group moved early to capture power demand opportunities from surging global AI investment, establishing a presence in AIDC development and related integrated energy solutions in the United States, Southeast Asia and Eastern Europe. Overall progress has been solid. To address A IDCs' high power density, stringent power quality standards, and expedited delivery timelines, the Group is developing tailored clean power solutions designed to deliver long -term, stable, and cost -competitive green electricity by integrating renewable ene rgy and storage projects into AIDC infrastructure. Building on this foundation, the Group's innovative AIDC energy solutions business is gradually maturing. Alongside the advancement of several PPA -backed solar PV projects, the Group is actively pursuing long-term PPAs for a pipeline of new renewable energy projects in mature markets where electricity demand is expanding rapidly and appetite for green power is strong. These PPAs will enhance the projects' earnings visibility and bankability, reinforcing the pipeline to support asset portfolio optimization and future growth. Through diversified cooperative development models, the Group accelerated the value realization of projects in China with secured development approvals. During the reporting period, the Group signed commercial development agreements covering an aggregate capacity of 1,070 MW. Grid interconnection approvals and other pre-construction prerequisites for additional projects are progressing in an orderly manner.
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18 (2) Continued Asset Optimization and Completion of the PE Fund's First-Batch Project Acquisitions In the first half of 2026, the Group continued to optimize its asset portfolio. The renewable energy private equity fund established by the Group in partnership with insurance capital completed its first acquisition, comprising wind power assets with an aggregate capacity of 401 MW. Although the transfer of these assets to the fund reduced the Group's attributable installed capacity, the Group will continue to provide these power plants with comprehensive operations and maintenance (O&M), power trading, and technical upgrade services. The closing of this transaction marked the fund's formal transition into asset operations and post -investment management, representing a pivotal milestone in the Group's strategic evolution toward a dual role as an asset operator and professional asset manager. Additionally, the Group also completed the divestment of a 70 MW solar PV project. During the reporting period, the attributable installed capacity of operational projects transferred to the renewable energy private equity fund or otherwise divested totaled 351 MW. (3) Orderly Progress in Project Construction During the reporting period, one solar PV project in Singapore and one in New Zealand were connected to the grid and put into commercial operation, with a combined installed capacity of 12 MW. Engineering design, equipment procurement and on-site construction also progressed as planned for several solar PV projects in South Korea and the United States that have signed long-term PPAs with high revenue visibility. In China, the Group continued the construction of several ongoing wind power projects that met its return criteria. A 100 MW wind power project achieved full -capacity grid connection and commenced operation after the reporting period (at the end of July 2026). In the first half of 2026, the Group's total construction scale amounted to 1,680 MW, of which 660 MW was located outside China. (4) Safe and Stable Power Plant Operations 1. Continued Enhancement of Safety Management and Operational Quality The Group continued to strengthen its safety management system, focusing on permit-to-work and operation order management, as well as the control of high-risk operations. By integrating self-inspections with supervisory audits, the Group institutionalized a closed-loop framework for safety hazard identification and remediation. During the reporting period, no general or severe safety incidents occurred. Power plant operations remained safe and stable, and all safety targets were fully met. The Group contin ued to improve the operational performance of its power plants. Measures including dynamic spare parts inventory management and the optimization of O&M models effectively lowered operating costs. The Group also enhanced fault management and implemented tar geted equipment retrofits, driving year -on-year declines in wind turbine fault -related power losses and the mean time to repair (MTTR). Through production management optimization and improvements in quality and efficiency, twelve of the Group's power plants ranked in the top 20% of the China Electricity Council's 2025 Operational Benchmarking Assessment for wind and solar PV facilities, with four sites awarded a 5A rating.
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19 2. AI-enabled Power Marketing and Year-on-year Growth in Green Certificate Sales In the first half of 2026, the Group closely tracked evolving power sector policies and market trading rules, while enhancing its trading team's execution capabilities through practical training. Leveraging AI and proprietary algorithms, the Group developed software modules to enable the automated identification and execution of market arbitrage opportunities, the optimization of submitted generation profiles, and the integration of production and trading data, thereby enhancing its power marketing business . Capitalizing on these professional trading capabilities, the Group's operating power plants achieved settlement tariffs above the market average in most provincial power markets. During the reporting period, the Group continued to monetize the environmental value by actively expanding green electricity trading and green certificate sales. The Group completed green electricity transactions totaling 660 million kWh, representing a year-on-year increase of 27%. The aggregate value of newly signed green certificate sales contracts reached RMB16,310,000, surging 92% year-on-year. 3. Key Operational Indicators As at 30 June 2026, the Group's attributable operational installed capacity of wind and solar PV power plants stood at 4,586 MW (30 June 2025: 4,778 MW). Of this total, subsidy-free projects accounted for 3,324 MW, representing 72.5% of the total attributable installed capacity. In the first half of 2026, higher wind and solar curtailment rates, coupled with weaker wind and solar resources in certain regions compared to prior years, led to a year -on-year decline in utilization hours at the Group's invested power plants. Weighted average utilization hours were 1,015 hours for wind farms and 471 hours for solar PV power plants. Weighted Average Utilization Hours (hours) Business Segments 1H2026 1H2025 Change Rate Wind 1,015 1,142 -11.1% Solar PV 471 531 -11.3% During the reporting period, the Group's attributable power generation decreased by 6.2% year -on-year, with attributable wind power generation declining by 5.5% and solar PV power generation declining by 11.4%. Attributable Installed Capacity and Power Generation 1H2026 1H2025 Change Rate Attributable Installed Capacity (MW) 4,586 4,778 -4.0% Including: Wind 3,763 3,844 -2.1% Solar PV 823 934 -11.9% Attributable Power Generation (GWh) 4,462 4,759 -6.2% Including: Wind 3,927 4,155 -5.5% Solar PV 535 604 -11.4%
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20 During the reporting period, the average comprehensive electricity price for the Group's invested power plants declined slightly. Specifically, the average comprehensive electricity price was RMB0.3462 per kWh for wind farms and RMB0.4205 per kWh for solar PV power plants. Benefiting from the Group’s stringent cost and expense control, the overall fully allocated LCOE decreased despite lower utilization hours. Average Comprehensive Electricity Price (RMB/kWh, including VAT) Business Segments 1H2026 1H2025 Change Wind 0.3462 0.3653 -0.0191 Solar PV 0.4205 0.4278 -0.0073 4. Decline in Power Generation Revenue and Profit In the first half of 2026, the Group's subsidiary -owned power plants recorded revenue of RMB1,214,179,000, down 9.1% year-on-year, and net profit of RMB281,704,000, down 19.6% year-on-year. Revenue and Net Profit from Power Plants (RMB’000) 1H2026 1H2025 Change Rate Revenue from Subsidiary - owned Power Plants 1,214,179 1,335,393 -9.1% Including: Wind 1,023,253 1,115,501 -8.3% Solar PV 190,926 219,892 -13.2% Net Profit from Subsidiary - owned Power Plants 281,704 350,200 -19.6% Including: Wind 276,676 303,384 -8.8% Solar PV 5,028 46,816 -89.3% Net Profit from Jointly -owned Power Plants 35,504 87,606 -59.5% Including: Wind 34,312 86,159 -60.2% Solar PV 1,192 1,447 -17.6% (5) Continued Decline in Financing Costs The Group continued to deepen partnerships with leading global financial institutions, strengthen its credit profile, expand credit facilities, and optimize its cash management and cross-border treasury management. The Group achieved financial close for its solar PV projects in South Korea and New Zealand, while project financing for solar PV and BESS projects in the United States and Singapore is progressing.
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21 In China, the Group capitalized on the favorable domestic market conditions to refinance and optimize existing debt across multiple channels, thereby reducing borrowing costs, reprofiling repayment schedules, and enhancing project cash flows. As at June 2026, the Group's comprehensive financing rate decreased by a further 8 basis points from the end of 2025 to 3.43%, falling below China's 5 -year-plus Loan Prime Rate (LPR) of 3.50% for the first time. Financing Cost Metric June 2026 Dec 2025 Change Comprehensive Financing Rate 3.43% 3.51% -8 bps New Financing Rate 2.70% 3.26% -56 bps (6) Rigorous Cost Control and Further Reduction in Expenses In the first half of 2026, the Group embedded strict cost discipline throughout its operations, cascading operational rigor through every organizational tier and reinforcing cost reduction accountability across the entire workforce. Further savings were achieved by adjusting business strategies, streamlining the organizational structure and optimizing workforce headcount. The Group enforced dynamic budget management and stringent expenditure controls. Measures including generating income from leasing self-owned properties, tightening office leasing standards, and curbing vehicle and meeting expenses, together with savings from workforce downsizing, drove a further 30.0% year-on-year reduction in administrative expenses. Ⅲ. ESG PERFORMANCE The Group is deeply committed to its environmental, social and governance (ESG) performance and embeds ESG considerations into its business strategy and daily operations. Focusing on the full lifecycle of development, investment, construction, operation, and asset management of renewable energy assets, the Group is al so strategically expanding into AIDC infrastructure -related businesses to deliver stable and reliable clean power. Through the substitution effect of clean energy generation, the Group reduces greenhouse gas and pollutant emissions and conserves water reso urces, contributing to the global transition towards a clean and low -carbon future. Emission Reductions and Water Savings from Power Plants Emission Reduction Indicators 1H2026 Accumulated Amount CO2 (Kilotons) 4,158 74,037 SO2 (Tons) 1,057 34,826 NOx (Tons) 1,102 32,880 Standard Coal Savings (Kilotons) 1,731 29,254 Water Savings (Kilotons) 6,830 146,102
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22 Ⅳ. HUMAN RESOURCES In line with its business optimization and strategic adjustments, the Group streamlined its organizational structure, flattened management layers and introduced multi -role assignments, thereby improving overall organi zational efficiency. It also aligned key talents with core positions to support its business transformation, and strengthened labor cost control through measures including the refinement of remuneration structures and strict headcount discipline, achieving cost savings and efficiency gains while safeguarding core capabilities. The Group has extensively deployed AI tools across functi ons including power trading, power plant operations, finance, legal and internal controls, human resources and administration, effectively reducing staffing requirements and improving productivity. As at 30 June 2026, the Group had 469 full-time employees, representing a 36% decrease year-on-year. Ⅴ. OUTLOOK Looking ahead to the second half of 2026, the renewable energy industry continues to navigate a mix of challenges and opportunities. In mature international markets, renewable energy projects face near-term upward pressure on unit Capex and financing costs; nevertheless, power demand growth driven by AIDC investments is poised to catalyze capital deployment into renewables. Against a backdrop of ongoing geopolitical tensions, energy security has become an increasingly critical national priority globally, further underscoring the strategic value of renewables. In China, the renewable energy industry faces near -term headwinds from curtailment and declining electricity tariffs. Yet, market adjustment mechanisms are showing initial traction, and the industry is approaching a bottoming-out and stabilization phase. T he Chinese government has unveiled the 15th Five -Year Plan for Renewable Energy Development and enacted the Implementation Measures for Minimum Renewable Energy Consumption Ratios and Renewable Electricity Consumption Responsibility Weights , designating th em as key criteria for evaluating local governments throughout the 15th Five -Year Period. Together, these policies establish an institutional foundation for the healthy development of the industry, stabilizing market expectations and bolstering industry confidence. The Group will continue to implement its established development strategy, maintain prudent operations and investment, and focus on delivering high-quality development, prioritizing the following initiatives: (1) Seize AI Opportunities and Firmly Advance Business Globalization The Group will anchor its strategic transformation in AIDC development and tailored integrated energy solutions, while continuing to advance business globalization, upgrade its business lines, and cultivate new growth engines. Focusing on key global markets with mature market mechanisms, robust AIDC investment and strong demand for clean energy, the Group will accelerate the signing of PPAs for existing projects, and continue to expand its project pipeline with high earnings visibility. It will maintain a balanced, rolling development pipeline, pioneer innovative capital partnership models, and deploy flexible equity and debt financing, thereby accelerating the monetization of its development pipeline into sustainable operating earnings.
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23 The Group will strengthen its global operational management and structured financing capabilities, while enhancing investor relations and market value management. It wil l further deepen talent localization, motivate employees and reinforce the foundation for global growth. (2) Optimize Assets and Vigorously Expand Professional Services Business The Group will deepen partnerships with insurance capital, develop fund platforms, and scale up its renewable energy assets under management while enhancing operational capabilities to deliver competitive long-term returns to investors. It will expand cooperation with long-term capital whose asset allocation needs are well aligned with renewable energy assets, develop innovative asset optimization models, improve its asset structure and enhance its capital efficiency. At the same time, the Group will continue to advance tailored co-development initiatives to meet diverse investor needs, accelerating the value realization of existing development achievements. Building on its extensive experience in China, the Group will vigorously develop its professional services business. It will consolidate its established strengths in traditional service areas such as renewable energy consulting and design, engineering, construction and intelligent O&M, while making power marketing the core focus of its emerging services business. By capitalizing on opportunities arising from China's power market reforms and differentiating itself through specialized expertise and service quality, the Group aims to cultivate new drivers of growth. (3) Strengthen Production Safety and Enhance Revenue through Power Marketing The Group will continue to strengthen production safety management across its power plants, enforce safety accountability at every level, and systematically identify and remediate hazards to prevent safety risks at the source. It will respond proactively t o new challenges arising from business transformation and diversified management models, maintain strict safety discipline and ensure the safe and stable operation of its power plants. The Group will leverage centralized intelligent control systems and lea n O&M practices to systematically reduce costs and enhance efficiency. It will also coordinate targeted equipment retrofits and technical upgrades to address technical constraints and recurring faults, improving equipment availability and reducing power losses. The Group will further strengthen synergy between production and marketing management, and will adapt proactively to the new landscape of market -based power trading. It will continue to develop the professional capabilities to capture returns above the market average through power marketing, while maintaining robust risk controls. Incentive and performance evaluation mechanisms will be refined to motivate the team. Leveraging AI, the Group will accelerate the iterative improvement of its proprietary algorithms and enhance the functionality of its trading support system. It will also broaden green electricity and green certificate sales channels, actively capturing environmental premiums to drive revenue growth and profitability. (4) Steadily Advance Projects under Construction The Group will continue to advance the construction of PPA -backed projects. It will dynamically track progress, implement corrective measures, coordinate critical activities including equipment manufacturing schedules, logistics and local customs clearance, and strengthen design optimization and construction coordination. These measures will enhance the Group's execution capability for large-scale global EPC projects and keep construction strictly on schedule. Resources will be concentrated on clearing key bottlenecks to ensure the on-time commercial operation of projects scheduled for commissioning this year.
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24 (5) Broaden Financing Channels and Reduce Financing Costs The Group will continue to monitor global capital market s, capitalize on host-country green finance policies, and expand cooperation with global financial institutions to diversify its financing channels and secure favorable funding terms. Through targeted debt refinancing and repayment reprofiling, the Group will optimize project-level debt structures, enhance cash flows, and lower overall borrowing costs. At the same time, it will prudently manage multi-currency liquidity, and strengthen disciplined treasury management to ensure adequate funding support for global key businesses and priority projects. (6) Further Improve Efficiency and Reduce Costs The Group will advance lean management to systematically eliminate operational redundancies and inefficiencies. Adapting to evolving market dynamics, it will optimize its business footprint, workforce, and performance -linked incentive structures to deliver further tangible progress in cost reduction and efficiency enhancement. The G roup will also embrace the AI era by embedding AI tools deeply into its workflow to automate repetitive, time-intensive, and error-prone tasks, taking productivity to a new level.
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25 PURCHASE, SALE OR REDEMPTION OF THE LISTED SECURITIES OF THE COMPANY During the six months ended 30 June 2026, the Company repurchased a total of 14,080,000 ordinary shares of the Company for an aggregate consideration of HK$3 ,568,000 on The Stock Exchange of Hong Kong Limited, all of the purchased shares were cancelled by the Company and the issued share capital of the Company was reduced thereon. Details of the share repurchases during the period are as follows: Month of repurchase Number of shares repurchased Purchase price per share Aggregate consideration HK$ Highest HK$ Lowest HK$ March 2026 11,150,000 0.260 0.245 2,871,000 April 2026 2,930,000 0.240 0.234 697,000 14,080,000 3,568,000 Save as disclosed above, neither the Company, nor any of its subsidiaries purchased, sold or redeemed any of the Group’s listed securities (including sale of treasury shares) during the period under review. During the six months ended 30 June 2026, the Company did not hold any treasury shares (as defined in the Hong Kong Listing Rules). CORPORATE GOVERNANCE CODE Throughout the six months ended 30 June 2026, the Board has reviewed the Group’s corporate governance practices and is satisfied that the Company has complied with the provisions of the Corporate Governance Code (the “CG Code”) from time to time, as set out in Appendix C1 to the Listing Rules. All other information on the CG Code of the Company has been disclosed in the Corporate Governance Report contained in the 2025 annual report of the Company issued in April 2026. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has ad opted the Model Code for Securities Transactions by Directors of Listed Companies (the “Model Code”) set out in Appendix C3 to the Listing Rules. Upon enquiry by the Company, all directors of the Company have confirmed that they have complied with the requ ired standards set out in the Model Code throughout the six months ended 30 June 2026. AUDIT COMMITTEE The Audit Committee comprises three independent non-executive directors of the Company, Ms. Huang Jian, Mr. Zhang Zhong and Ms. Li Yongli. Ms. Huang Jian is the chairperson of the Audit Committee. The Audit Committee has adopted the terms of reference which are in line with the CG Code , and has reviewed the unaudited condensed consolidated interim financial statements of the Group for the six months ended 30 June 2026.
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26 For and on behalf of Concord New Energy Group Limited Chairman Liu Shunxing Hong Kong, 27 August 2026 As at the date of this announcement, the Board comprises Mr. Liu Shunxing (Chairman), Ms. Liu Jianhong (Vice Chairperson), Mr. Niu Wenhui (Chief Executive Officer), Mr. Zhai Feng, Ms. Shang Jia and Mr. Chan Kam Kwan, Jason (who are executive Directors), Mr. Wang Feng (who is a non-executive Director) and Ms. Huang Jian, Mr. Jesse Zhixi Fang, Mr. Zhang Zhong, Ms. Li Yongli, Mr. Chua Pin and Mr. Chen Wei (who are independent non - executive Directors).