China Resources New Energy (001248.SZ) pushes into A-shares, decoding the central enterprise sample of the green electricity era.

At the historical intersection of the deep waters of global energy transformation and the deep advancement of the national "dual carbon" strategy, the new energy power industry is undergoing a profound transformation from "competing in scale" to "competing in quality". The "15th Five-Year Plan" of the country has put forward higher-dimensional requirements for the high-quality development of new energy, emphasizing not only the reasonable growth in quantity and the continuous increase in the proportion of new energy supply, but also focusing on the improvement in quality, enhancing the safe and reliable substitutability of new energy for fossil energy, and accelerating the realization of the reliability of new energy. Against this background, China Resources New Energy (001248.SZ) is making a strong push for the A-share main board and will launch its IPO on June 22nd. As the new energy flagship of China Resources Group, China Resources New Energy not only provides the market with a window to examine the path of core assets in the new energy field, but also reflects the scarce value of high-quality central enterprise new energy platforms in the current industry differentiation. Track certainty under China's largest energy source In examining China Resources New Energy's investment logic, it is necessary to anchor in the epochal industrial opportunities it is positioned in. Since the 14th Five-Year Plan, the development speed and intensity of China's wind power and photovoltaics have been unprecedented, with an average annual increase in installed capacity of 260 million kilowatts. By the end of 2025, the total installed capacity of wind power and photovoltaics in China reached 1.84 billion kilowatts, accounting for 47.3% of the total installed capacity of all power sources, historically surpassing thermal power to become the country's largest power source; the total installed capacity of renewable energy in the country reached 2.34 billion kilowatts, a year-on-year increase of 24%, accounting for about 60% of the total installed capacity of the national power grid. This milestone leap signifies that new energy has evolved from a "supplementary energy source" to a "main energy source". The industry's high growth rate will inevitably lead to fierce competition, with traditional thermal power and old units experiencing squeezed profit margins. As the profit margins of pure thermal power and old units continue to be under pressure, funds are accelerating toward large power groups with stronger risk resistance and higher proportions of new energy. China Resources New Energy is a beneficiary of this structural trend. The dual benefits of policy and market further solidify the company's growth logic. The "15th Five-Year Plan" explicitly states the need to consolidate the dominant position of non-fossil energy in the new energy system, providing strong policy support for high-quality new energy operators. At the same time, with the maturation of the national unified electricity market, by 2025, the volume of green electricity transactions in the country will achieve a high-speed growth of 38.3%, reaching 328.5 billion kilowatt hours. The additional income generated from green electricity transactions is becoming a new source of profit growth for companies, and China Resources New Energy, with its scale advantage and high-quality project reserve, will undoubtedly be the first to enjoy the dividends of this industry revolution. Competitive barriers throughout the lifecycle enabled by technology The core competitive strength of China Resources New Energy is rooted in its irreplicable state-owned enterprise resources and the synergistic effects of its deeply nationalized layout. As a wholly-owned subsidiary of CHINA RES POWER (00836), the company is backed by China Resources Group, which has a history of over 80 years and ranks 67th on the Fortune Global 500 list for 2025. This deep state-owned background not only provides the company with a strong brand endorsement but also builds high competitive barriers in terms of funding acquisition, resource coordination, and other aspects. With this support, the company has formed a stable layout focusing on "wind power as the main, photovoltaics as the auxiliary, and nationwide distribution". By the end of 2025, the company's controlled grid-connected capacity reached 41,589,900 kilowatts, with wind power accounting for 27,630,700 kilowatts and photovoltaics accounting for 13,959,200 kilowatts, covering assets in 31 provinces (autonomous regions, municipalities, and special administrative regions) across the country, firmly ranking among the top tier of the industry. Unlike traditional energy companies that rely on established paths, China Resources New Energy has demonstrated strong strategic foresight in its layout: in the field of wind power, the company is not limited to the resource-rich areas of the "Three North", but insists on a comprehensive deployment of centralized, decentralized, and offshore wind power. In particular, the Zhejiang Cangnan No. 1 project, as the first domestically constructed offshore wind project, not only validates the company's deep-sea development capabilities but also demonstrates its extreme cost control ability in the era of grid parity. In the field of photovoltaics, the company maximizes the "photovoltaic+" model, from the "fish-light complementarity" in Dongying, Shandong, the "pasture-light complementarity" in Lanzhou, Gansu, to the distributed photovoltaic in Huahu Airport in Ezhou, Hubei, this location-based composite development model effectively addresses the constraints of land use. In addition, the company also actively invests in "multi-energy complementary integration" projects to improve grid friendliness through the synergy of wind, solar, and energy storage, aligning precisely with the policy direction of building a new energy system in the country. Excellent asset layout requires efficient operational systems. China Resources New Energy has established a comprehensive project lifecycle management system, from scientific site selection and project development in the early stages to intelligent operation and energy efficiency improvement in the later stages, forming a mature operational closed-loop, with its project utilization hours continuously leading the industry average level. Driven by continuous technological innovation, China Resources New Energy has gradually expanded into areas such as carbon reduction and energy storage technology services, actively deploying the "electricity-algorithm synergy" strategy and multi-energy complementary integration projects. This forward-looking expansion not only extends the value of the industrial chain but also provides the company with differentiation competitive advantages in the context of deepening power market reform. Revaluation of core assets across cycles From a financial performance perspective, China Resources New Energy presents a financial picture of "resilience under pressure, advantages in transformation", demonstrating outstanding profit resilience and cash flow advantages in the industry. From 2023 to 2025, the company achieved operating revenues of 20.512 billion yuan, 22.874 billion yuan, and 22.909 billion yuan, maintaining a relatively stable revenue scale under the pressure of declining industry electricity prices. It is worth noting that, despite the impact of market-driven declining electricity prices, the company's main business gross margin has remained around 50%, significantly higher than the industry average, reflecting the company's systemic advantages in project site selection, operational efficiency, and cost control. At the same time, the company's operating cash flow remains abundant, with operating cash flow net inflows of 15.72 billion yuan in 2024, further climbing to 20.006 billion yuan in 2025. The ample cash flow will provide a solid safety cushion for large-scale capital expenditures in the future, forming a positive cycle of "operational blood-making - investment expansion - scale growth". Looking ahead, China Resources New Energy's growth path is clear and highly certain, mainly driven by the following two dimensions: First, immediate increments from internal growth. The proceeds from this IPO are intended to be accurately invested in new energy bases, multi-energy complementary integration, and other high-quality projects, highly in line with the strategic direction of high-quality development of new energy in the "15th Five Year Plan". Second, value realization from operational efficiency improvements. As the national unified electricity market matures, the company's asset portfolio advantage covering assets in 31 provinces (autonomous regions, municipalities, and special administrative regions) will gradually transform into tangible assets. Through optimized scheduling nationwide, it can not only effectively reduce curtailment rates but also realize asset value at higher market-traded electricity prices, further thickening profits. The company has clearly stated the strategic goal of "continuing to maintain leading profitability", which is underpinned by solid patent technology accumulation, clear investment and asset injection plans, and a strong state-owned enterprise shareholder background. Its long-term sustainable development capabilities are highly anticipated. Conclusion Certainly, China Resources New Energy also faces industry-specific challenges such as declining market electricity prices, increasing wind and solar curtailment rates, and long subsidy reimbursement cycles. However, from a different perspective, these challenges are precisely the catalysts for accelerating industry consolidation and driving resources towards leading players. With incomparable state-owned enterprise credit advantages, nationwide diversified asset layouts, and intelligent operation systems, the company has built a comprehensive and highly resilient risk response mechanism. From a more macro perspective of the capital market, as the first stock of "red chip backdoor A-share listing" on the Shenzhen main board, the landing of China Resources New Energy has landmark significance. It not only represents the trend of China's core high-quality new energy assets returning from overseas to the domestic market but also provides A-share investors with a direct golden channel to share the benefits of the country's energy transformation. With the dual drive of the continuous strengthening of policies for high-quality development of new energy in the "15th Five-Year Plan" and the steady progress of the national unified electricity market construction, China Resources New Energy's deep state-owned background, leading installed capacity scale, intelligent operation system, and forward-looking layout of emerging businesses are gradually transforming into core barriers across cycles. Its long-term growth premium is being revalued and deeply understood by the market. As a core asset in the green energy track, its long-term investment value is highly anticipated.