Jin Kai New Energy navigates Q3 shifts, eyes future growth

Jin Kai New Energy Company Limited (SSE:600821) held its third-quarter 2025 earnings conference on November 20, 2025, to discuss its operating results and financial condition. The company reported green certificate transactions of 925,200 units in the first half of 2025 and an asset-liability ratio of 71.49% as of the end of Q3 2025. The company also announced the recovery of renewable energy subsidies totaling 1.282 billion yuan in the first three quarters of 2025.

The company’s Q3 performance was impacted by decreased equity investment income, lower market-based electricity prices, and increased curtailment rates. In response, Jin Kai New Energy plans to strengthen its project selection and investment decision processes, alongside optimizing operational management to enhance asset profitability. The company confirmed that its employee shareholding plan concluded on November 5, 2025, with management and key personnel cumulatively increasing their holdings by 1,982,200 shares, representing 0.0992% of the total share capital, with a total investment of 10.9969 million yuan.

Looking ahead, Jin Kai New Energy aims to achieve high-quality development during the "15th Five-Year Plan" period by focusing on "clean power, low-carbon products, and power calculation synergy" strategies. The company’s project reserves exceeded 2GW by the end of Q3 2025, concentrated in resource-rich and high-consumption areas, supporting future growth.