香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，且表明不會就本聯合公告全部或任 何部分內容所導致或因倚賴該等內容而產生的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：01250） （於百慕達註冊成立之有限公司） （股份代號：412） 聯合公告 有關EPC合同的主要交易 有關EPC合同的須予披露交易 訂立EPC合同 山高新能源董事會及山高控股董事會各自宣佈，於二零二六年三月三十一日（交 易時段後），菏澤山高（為山高新能源之間接全資附屬公司及山高控股之間接非全 資附屬公司，作為發包人）與聯合承包人（即中國建築第二工程局及中國電建貴陽 研究院）訂立EPC合同。根據EPC合同，菏澤山高同意委聘聯合承包人就項目提供 EPC服務，合同總價為人民幣1,197,418,298.23元（包含所有稅項）（可在國家稅務政 策更改時調整）。 上市規則之涵義 於本聯合公告日期，就山高新能源而言，由於EPC合同項下擬進行之交易的一項或 多項適用百分比率（定義見上市規則第14.07條）超過25%，但低於100%，EPC合同 項下擬進行之交易構成上市規 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 5,027,359, a decrease of 9.9% compared to RMB 5,580,913 for the year ended December 31, 2024[3] - Gross profit for the year was RMB 2,072,576, down 21.4% from RMB 2,635,982 in the previous year[3] - The company reported a net profit of RMB 142,237 for 2025, a significant decline of 79.5% from RMB 692,790 in 2024[4] - Basic and diluted earnings per share for the year were RMB (8.93) cents, compared to RMB 0.90 cents in the previous year[4] - The company reported a pre-tax profit of RMB 370,114,000 for 2025, a significant decrease from RMB 794,538,000 in 2024, reflecting a decline of 53.4%[21] - The company recorded a net loss of RMB 494,944,000 in other income and losses for 2025, compared to a gain of RMB 57,066,000 in 2024[28] - In 2025, the company reported a net loss attributable to shareholders of RMB 537,348,000, compared to a profit of RMB 53,911,000 in 2024, indicating a significant decline in performance[36] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 65,630,100, a slight decrease from RMB 66,174,362 as of December 31, 2024[6] - Current liabilities decreased to RMB 18,914,657 from RMB 20,550,048 in the previous year, reflecting a reduction of 7.9%[7] - The company’s net asset value was RMB 17,376,547, down from RMB 17,758,041 in the previous year[7] - Total liabilities were approximately RMB 48,554,393,000, slightly up from RMB 48,416,321,000 in 2024[47] - The total assets amounted to approximately RMB 65,930,940,000, slightly down from RMB 66,174,362,000 in 2024[60] - The total borrowings were approximately RMB 43,908,979,000, compared to RMB 43,039,439,000 in 2024[60] - The group's debt-to-asset ratio was approximately 66.60%, up from 65.04% in 2024[63] Cash and Cash Equivalents - The company’s cash and cash equivalents increased to RMB 5,221,368 from RMB 4,308,390, representing a growth of 21.2%[6] - As of December 31, 2025, the group's cash and cash equivalents totaled approximately RMB 5,221,368,000, an increase from RMB 4,308,390,000 in 2024[60] Revenue by Segment - The revenue from photovoltaic power generation business was RMB 2,442,525,000 in 2025, down from RMB 2,486,893,000 in 2024, representing a decline of 1.8%[26] - Wind power business revenue increased to RMB 1,289,386,000 in 2025, up 8.7% from RMB 1,186,855,000 in 2024[26] - The total customer contract revenue for 2025 was RMB 4,784,090,000, an increase of 7.4% from RMB 4,454,582,000 in 2024[27] - The company’s revenue from state-controlled grid companies was RMB 3,483,045,000 in 2025, slightly up from RMB 3,481,302,000 in 2024[23] - The company's revenue from electricity sales and entrusted operation services reached RMB 1,838,281,000 in 2025, up from RMB 1,767,694,000 in 2024, reflecting a growth of approximately 4.0%[30] Investment and Strategic Focus - The company plans to focus on expanding its investment and financial services, although specific figures and timelines were not disclosed[8] - The group is currently assessing the detailed impact of the new standards on the consolidated financial statements, indicating proactive compliance management[13] - The group is focusing on high-quality development, emphasizing the integration of clean energy and intelligent computing centers[50] - The group aims to enhance asset turnover efficiency and risk resistance capabilities through strategic investment in clean energy and intelligent computing[51] - The group is actively seeking investment opportunities in the new infrastructure sector to promote collaborative development across the entire industry chain[55] Compliance and Governance - The group has applied the revised Hong Kong Financial Reporting Standards (HKFRS) for the first time this year, with no significant impact on the financial position and performance for the current and prior years[9] - The group has not early adopted any newly issued or revised HKFRS that have been published but are not yet effective, indicating a stable compliance approach[10] - The group adheres to historical cost basis for financial statements, with certain investments measured at fair value, ensuring transparency in asset valuation[15] - The management performance indicators are defined to assist in determining relevant information for financial statements, enhancing the quality of financial reporting[16] - The board did not recommend the distribution of any dividends for the reporting period, consistent with the previous year[78] - The company adhered to all corporate governance code provisions as per the Hong Kong Stock Exchange listing rules during the reporting period[82] Employee and Shareholder Information - As of December 31, 2025, the group had 1,912 employees, a decrease from 1,992 employees in the same period last year[75] - The average number of ordinary shares used to calculate basic and diluted loss per share was 6,018,377,000 in 2025, slightly down from 6,019,431,000 in 2024[36] - The total number of issued shares (excluding treasury shares) as of December 31, 2025, was 6,015,731,109 shares[81] - The company repurchased a total of 3,700,000 shares at an average price of HKD 6.11 per share[46] - The company repurchased a total of 3,700,000 shares at a total cost of approximately HKD 22,623,000 during the reporting period, representing about 0.06% of the total issued shares[81] Future Outlook - HKFRS 18 introduces new classifications for income and expenses in the comprehensive income statement, effective from January 1, 2026, which may impact future financial disclosures[12] - The group has no significant future investment or capital asset plans as of December 31, 2025[69] - The group completed a mandatory unconditional cash offer to acquire all issued shares of Shandong High-speed New Energy, resulting in ownership of approximately 60.66% of the total issued share capital[71] - The group received valid acceptances for 82,936,512 shares of Shandong High-speed New Energy, representing about 3.69% of the total issued share capital[70]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告之全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：412） 董事會會議通知 山高控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將 於二零二六年三月二十七日（星期五）舉行董事會會議，以（其中包括）考慮及批准本 公司及其附屬公司截至二零二五年十二月三十一日止年度之全年業績及其刊發，以 及考慮派發末期股息（如有）。 山高控股集團有限公司 主席 李天章 香港，二零二六年三月十七日 於本公告日期，董事會由執行董事李天章先生、朱劍彪先生、劉志杰先生、廖劍蓉女 士及劉堯先生；非執行董事梁占海先生、陳滌先生及王文波先生；及獨立非執行董 事關浣非先生、陳維曦先生、Jonathan Jun Yan先生及方穎先生組成。 承董事會命 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山高控股集團有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00412 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | HKD | | 0.001 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 500,000,000,000 | HKD | | 0.001 HKD | | 500,000,000 | 本月底法定/註冊股本總額 ...

公司名稱: 山高控股集團有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00412 | 說明 | 普通股 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | HKD | | 0.001 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000,000 | HKD | | 0.001 | HKD | | 500,000,000 ...

Core Viewpoint - Shandong Hi-Speed Holdings experienced a significant stock increase of over 11%, reaching a peak of 1.55 HKD following the announcement of its acquisition of two renewable energy companies in Singapore [1] Group 1: Acquisition Details - On December 31, Shandong Hi-Speed Holdings' subsidiary, Shandong Hi-Speed (Singapore) Co., successfully completed the full acquisition of YangSolar and SuniceSolar, two renewable energy firms [1] - The acquisition included the successful transfer of core assets from 27 photovoltaic power plants [1] - This merger is seen as a crucial step in optimizing the group's global business layout, marking a milestone achievement in the overseas renewable energy sector [1]

Group 1 - The stock of Mountain High Holdings (0412.HK) experienced a significant increase, rising over 11% and reaching a peak of 1.55 HKD [1]

Core Viewpoint - Shandong High-Speed Holdings (0412.HK) experienced a significant increase of over 11%, reaching a peak of HKD 1.55, following the announcement of its acquisition of two renewable energy companies in Singapore, marking a milestone in its overseas renewable energy strategy [1] Group 1: Acquisition Details - The acquisition involved Shandong High-Speed (Singapore) Co., Ltd. successfully completing the full acquisition of YangSolar and SuniceSolar [1] - The deal included the successful transfer of core assets from 27 photovoltaic power plants [1] Group 2: Strategic Implications - This acquisition is part of the company's strategy to optimize its global business layout [1] - The transaction signifies a significant breakthrough for the group in the overseas renewable energy sector [1]

Group 1: Core Insights - The company is focusing on clean energy projects such as wind and solar power, which are crucial for energy structure transformation under the "dual carbon" strategy [1] - The company has made significant progress in renewable energy project construction, including a recent EPC contract worth 675 million RMB for a 100 MW wind farm in Guangxi [2] - The company is exploring energy integration by leveraging transportation infrastructure to create new applications for renewable energy, enhancing project returns without additional land costs [3] Group 2: Project Developments - The company’s subsidiary successfully connected the Heze Peony 93.75 MW wind project to the grid, with an expected annual generation of 235 million kWh [2] - The company is developing both centralized and decentralized wind power projects, which will expand its green energy capacity [2] - A 20-year lease agreement has been signed to build a solar power station along a highway, aiming to enhance revenue stability and predictability [3] Group 3: Market Performance - The overall market sentiment towards Hong Kong stocks and the renewable energy sector remains cautious, affecting the company's stock price [4] - Current valuation levels may not fully reflect the long-term potential of the company's clean energy and energy integration businesses [4] - As projects like the EPC in Zhaoping progress, market recognition of the company's fundamentals is expected to improve [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山高控股集團有限公司 呈交日期: 2026年1月5日 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00412 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | HKD | | 0.001 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000,000 | HKD | | 0.001 ...