A：In classified revenue, the power generation business was essentially unchanged from 2024, with a slight decline. Other businesses were affected by the provision of some local government supporting industries, which was down from 2024. With respect to the 2025 performance dividend, the Board decided to distribute HK $3 for every 10 shares.

A：On the whole, the operating pressure in 2025 is huge and the company has encountered many difficulties. Financial indicators have declined compared with 2024. The core factors include the power restriction problem (due to the impact of the power restriction policy on the industry brought about by the issuance of document 136, resulting in a decrease of about 0.18 billion RMB), the decline of Yunnan regional resources (due to the impact of climatic and meteorological conditions, the profit decreased by about 0.14 billion RMB) and the decrease of about 0.15 billion RMB caused by the new electricity price marketization policy.

A：The Company strictly controlled its management expenses and reduced its financing interest rate by about RMB 28.8 million through staff reduction and efficiency enhancement, while the financing interest rate further decreased, with an average interest rate of about 3.5 per cent and an incremental cost of capital of about 3.25 per cent, both of which decreased. In addition, cash flow from operating activities increased to 2.293 billion in 2025 compared to 2024, maintaining a healthy level, mainly due to the collection of experience subsidies and the contribution of new power plants.

A：Limited power generation will decline slightly in 2025, but the power plant still achieves a net profit of about 500 million yuan after tax. If not affected by power cuts, the company's profits will increase by nearly 0.6 billion. Although 391 MW of new installed capacity was put into operation and 78 MW was sold, as of December 31, 2025, the installed capacity of the equity network was 4.928G, a slight increase from the end of 2024.

A：The proportion of wind power reached 82%, and the proportion of power plants evaluated reached 72%. This structural advantage lies in the fact that there are few new photovoltaic projects at present, and photovoltaic power generation is mainly concentrated in the short term at noon, resulting in prominent problems of trading electricity price and power restriction. The company holds a large proportion of wind power assets and is therefore less affected by this. This is due to the company's long-term emphasis on asset optimization, early planning and development, thus achieving a wind power ratio of up to 82%.

A：Although the income statement looks OK, there are problems with cash flow. At present, the company has 72% of the evaluation projects, a handful in the industry. This is due to the company's long-term stable management through asset optimization and the sale of high-quality assets, allowing cash flow from operating activities to grow even in the event of a decline in profit and loss.

A：In terms of electricity market transactions, long-term transactions accounted for 56.55 per cent of the electricity settled in 2025, guaranteed acquisitions accounted for 23.21 per cent, and Inner Temple accounted for 17.19 per cent. At present, among the 17 provinces involved in the transaction, the transaction price of about 2/3 provinces is higher than the average market price, indicating that the company has made remarkable achievements in power trading ability and team building. Green power trading reached 1.253 billion, up 54.5 percent year-on-year, helping to raise electricity prices, and began to undertake international power trading services, independent research and development of power trading intelligent systems to achieve commercial value.

A：China's power market reform will continue to deepen, the future power companies in the power market trading ability, business excellence, will perform well in the market. China consumes 10 trillion degrees of electricity every year. With the development of market-oriented reform, the market will bring more business opportunities. The company attaches great importance to this field, and invests resources to strengthen management and cultivate teams, with a view to highlighting professional advantages in further reforms in the future.

A：In terms of opportunities, technological progress has enhanced the competitiveness of new energy sources, and the world is increasing investment in new energy storage to enhance the consumption capacity of renewable energy. In China's Tenth Five-Year Plan, the State Grid Corporation's investment will reach 4 trillion, which will further enhance the power grid's consumption capacity and inter-provincial long-distance power transmission capacity, and help alleviate problems such as power curtailment. The unfavorable factor is the aggravation of China's climate situation, especially the serious power rationing in the three northern regions, but the government has issued relevant policies and taken measures to improve, such as encouraging continued investment and development of renewable energy projects in the red zone. In addition, the market-oriented reform of electricity prices will affect electricity prices around supply and demand, and electricity prices are expected to improve in the future as demand increases. At the same time, the downward trend of new energy comprehensive electricity prices and the development of domestic computing power and the growth of electrification will bring about the growth of power demand, although the current power grid regulation capacity and cross-regional transmission channel carrying capacity is limited, the installed capacity is too strong to lead to outstanding supply contradictions, but the overall industry still has a large room for growth.

A：In the face of challenges, the company strengthened fine management of stock assets to ensure safe production, wind power utilization rate of up to 98.8, optimize trading strategy, improve power marketing revenue, and use digital means to improve power generation efficiency. In terms of global business, the company is aware of the issue of power curtailment transactions and is committed to taking asset certainty as the primary goal of investment in the next stage, investing in advance and diversifying investment risks. It has signed about 700 MW project PPA to ensure the next 15 to 30 years of stable income. These projects are distributed in mature markets such as the United States, South Korea, New Zealand, etc., and are not affected by the uncertainty caused by China's electricity price fluctuations, so as to achieve deterministic growth.

A：The company has formulated the overall goal and development strategy of pursuing the certainty of asset return. It plans to sign PPAs (power purchase agreements) for 15 to 30 years worldwide to lock in project income, and has completed the signing of 700 MW PPAs. The company will increase investment, further expand the cause of globalization, and at the same time give full play to its professional advantages in China's asset lightweight, optimize the asset structure in China, and continue to do a good job in reducing costs and increasing efficiency.

A：In the future, the company will make efforts from many aspects: first, to seek benefits from existing assets, improve the level of power restriction through fine management, and enhance the ability of electricity price trading; second, the development of globalization, lock in long-term and stable project income; third, promote the lightweight of Chinese assets and give full play to professional advantages; fourth, continuously optimize operation management, improve efficiency, and achieve cost reduction and efficiency increase.

A：The company treats the plight of the industry rationally, and takes active measures to deal with cyclical problems such as power rationing in the Three Norths, green power subsidy arrears and industry decline, such as proposing southward development strategies, asset replacement, BT sales and other means to maintain the project's power generation efficiency and safe production.

A：The $67.7 billion decrease in attributable profit in 2025 was primarily due to a $0.43 billion decrease in profit from the power generation business and a loss and impairment of certain asset investments. Among them, the decline in profits from the power generation business included a decrease in revenue from stock projects, a decline in consolidated electricity prices and a decrease in profits from some projects. The impact of investment loss and impairment on the overall profit is 0.15 billion yuan, involving the research and development loss of energy storage projects and the impairment of industrial supporting investment in China. In addition, there are tax-related effects and other one-time factors, such as changes in resident status tax rebates and reductions in share conversion gains.

A：For dividends, after yesterday's performance announcement, we have proposed a dividend ratio of 15% of the profit based on this year's performance and the comprehensive consideration of the board of directors, with a specific dividend of 3 cents for every 10 shares, which needs to be determined by the shareholders' meeting. With respect to repurchases, the Company will consider the timing, quantity, future performance, capital market performance and meeting the prerequisites for repurchases (e. g., authorized by the General Meeting of Shareholders) and operate within the Board's share of repurchases. At the same time, we will pay attention to the impact of subsidies in China on cash flow in the future.

A：The PPA lock-in period for US projects is 15 years. The internal rate of return on capital for photovoltaic and energy storage projects is expected to be around 15%, and the full investment rate of return is higher due to the difference in project leverage in the United States and China, both above 10%. The components purchased the products of a specific company, and the energy storage battery purchased another company. The detailed purchase price has been disclosed in the announcement.

A：At present, the demand for electricity in the United States is strong, benefiting from the development of artificial intelligence in the AI and the upgrading of the power grid, and the relationship between supply and demand is tight in the short term. The company has laid out in advance, has a first-mover advantage and gets a grid-connected agreement of high value of the project. The key market is the United States, especially data center power supply, while Southeast Asia, such as the Philippines and other places also have active deployment. In addition, South Korea, New Zealand and places such as Bulgaria and Romania in Eastern Europe have signed long-term PPA projects. As European grid connectivity and electricity prices increase, these early investments will gradually release value.

A：There are two main reasons for the 20% increase in service and sales costs in 2025: first, some assets of the cooperation project with Shadian were not converted to holding for sale in the first half of last year, resulting in less depreciation of about 42 million yuan; second, from the second half of 2024 to the first half of 2025, the transfer of some completed projects was added, increasing depreciation by about 0.1 billion yuan, thus increasing the overall service and sales costs.

A：The amount of investment in U.S. projects is huge, the need to solve the funding gap through equity financing, the current development capacity is greater than the combined investment capacity, so we are seeking to work with strategic investors to balance investment and capital needs. The specific investment scale and income situation need to be further analyzed in the light of the actual project progress and market environment. In the face of the current market environment, the company is considering maintaining and optimizing the strategy of building and selling as the core, while adjusting the scale of investment according to the actual situation to ensure financial health and sustainable development.

A：Yes, in North America, as a result of the long-term PPA, the financing of the project relies primarily on the project's revenue rights without the need for shareholder guarantees. Concorde does not guarantee these projects and is therefore able to achieve a debt financing ratio of 80 to 85 per cent.

A：The current pace of investment is limited by the behavior of equity capital financing, so there is some uncertainty about the impact of profit and loss, which needs to be further determined according to the pace of financing. However, it is clear that the first optical storage project is expected to be put into production in the first half of 2027 and begin to contribute profits and cash flow.

A：China will continue to carry out BP, BT cooperation development and other business, and is committed to the development of professional services. Last year, a certain work foundation was achieved, and a 360000-kilowatt cooperative development and sale project and a 400000-kilowatt private equity fund project were completed. It is expected that the transfer will be completed in the first half of this year. After that, it will hold 30% of the equity and enter the asset management mode. The overall strategy is to gradually light assets, give full play to the advantages of talent and experience, focus on investment in overseas mature areas with long-term sales of PPA assets and power plants.

A：The layoffs are mainly concentrated in development and engineering management positions. At the same time, the middle and back-office positions such as technical support, finance, administration, and human resources have been consolidated and compressed. After the layoffs, key positions and core backbone personnel were retained, which improved work efficiency and retained talent reserves for future development. In terms of overseas talents and team building, the company attaches great importance to it. The number of international business-related personnel has been reduced to about 80, and the principle of localization has been adopted, which is conducive to business development and global development in various regions.

A：The total investment of the U.S. project is about 10 billion U.S. dollars. PPA's specific electricity price cannot be disclosed due to confidentiality agreements. However, the overall capital structure has its own funds accounting for about 15% to 20%, the bank financing cost is 6 to 7%, the total investment return rate is above 10%, and the capital return rate is about 15%. The project enjoys an ITC tax credit, with an overall leveraged return of around 15%. Other national projects similar to those in the United States have also signed 30-year PPAs, while Korean projects also have a yield of about 15%, and most projects can achieve 80% bank loan coverage.