CGN New Energy (01811) reported full-year 2025 revenue of US$1.69 billion, down 13.2 % year-on-year, but lifted profit attributable to shareholders by 11.2 % to US$275.90 million. Earnings per share rose in tandem to 6.43 US cents.
The profit uptick was driven by a US$23.90 million gain on the disposal of its Nantong co-generation subsidiary and the absence of the US$36.10 million impairment booked in 2024. Operating profit slipped 9.0 % to US$480.74 million on lower tariffs and a smaller generation contribution from Korea, yet total operating expenses fell 14.8 % thanks to reduced fuel costs.
Finance costs declined 12.3 % to US$158.93 million, reflecting a lower average borrowing rate of 2.82 % (2024: 3.26 %). Share of profits from associates quadrupled to US$16.40 million amid softer coal prices.
Balance-sheet indicators improved: cash and cash equivalents inched up to US$164.62 million, while the net debt-to-equity ratio eased to 3.13 (2024: 3.49) despite total bank borrowings increasing to US$5.26 billion. Short-term borrowings rose to US$1.61 billion (2024: US$0.64 billion) as part of a liability mix shift; unutilised credit facilities stood at US$1.95 billion at year-end.
The Board proposes a final dividend of 1.61 US cents per share, equal to 25 % of 2025 attributable profit; payment is scheduled for 23 June 2026 to shareholders on record 9 June 2026.
Operationally, attributable installed capacity expanded 4.3 % to 10,905.3 MW, with clean and renewable assets (wind, solar, gas-fired, hydro and biomass) comprising 86.3 % of the mix. New additions were led by 411.8 MW of solar and 104.1 MW of wind. Total power generation was broadly stable at 19,003.6 GWh, as higher solar output offset lower generation from Korean gas plants and PRC hydro assets.
By geography, revenue from PRC wind projects fell 5.1 % to US$651.90 million on tariff pressure, while Korean projects declined 20.1 % to US$727.0 million due to lower gas prices and dispatch. Segment profit contributions were: PRC wind US$235.10 million (+3.0 %), PRC solar US$27.50 million (+18.0 %), PRC coal/gas/cogen US$36.50 million (+135.5 %) after the asset sale gain, and Korea US$70.50 million (-6.0 %).
Capital expenditure moderated to US$713.80 million (2024: US$888.00 million), while pledged assets totalled US$2.00 billion.
Looking ahead, management highlighted priorities in enlarging wind and solar capacity, advancing digital O&M, deepening market-based electricity trading and cost-control initiatives, while maintaining a safety-first, compliance-driven operating framework.
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