Dear Registered Shareholders, China Shuifa Singyes Energy Holding Limited (the "Company") – Notice of publication of Annual Report of 2024 and ESG report (the "Current Corporate Communication") on website China Shuifa Singyes Energy Holdings Limited 中國水發興業能源集團有限公司 (incorporated in Bermuda with limited liability) （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） (Stock Code: 750) （股份代號：750） NOTIFICATION LETTER 通知信函 29 April 2025 The English and Chinese versions of the Company's Current Corporate Communications are now available ...

2024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及 管治報告 中國水發興業能源集團有限公司 Stock Code 港股代碼：750 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告 INTRODUCTION China Shuifa Singyes Energy Holdings Limited (the "Company", together with its subsidiaries, "the Group" or "we") is a professional renewable energy solution provider and building contractor. The Group is principally engaged in the design, construction, operation and maintenance of curtain walls and green construction, wind farm and solar photovo ...

Financial Performance - For the year ended 31 December 2024, the Group achieved total revenue of approximately RMB 4,484 million, representing a year-on-year increase of approximately 2.8%[19] - The total profit before income tax amounted to approximately RMB 34 million, reflecting a year-on-year increase of approximately 21.0%[19] - The Group's gross profit for 2024 was approximately RMB 751 million, down from RMB 994 million in 2023[14] - The profit attributable to owners of the Company for 2024 was a loss of RMB 55 million, compared to a loss of RMB 22 million in 2023[14] - The Group achieved total revenue of approximately RMB 4.484 billion for the year ended December 31, 2024, representing a year-on-year increase of about 2.8%[24] - Gross profit decreased by approximately RMB243.7 million or approximately 24.5%, from approximately RMB994.9 million in 2023 to approximately RMB751.2 million in 2024[151] - Revenue from Solar EPC business increased by approximately 192.0%, while gross profit margin decreased from approximately 7.7% to approximately 5.7%[155] - Revenue from Wind Power EPC business amounted to approximately RMB801.3 million with a gross profit margin of approximately 2.8%[156] - Sale of electricity decreased by approximately 10.8% in 2024, with a gross profit margin of approximately 56.0% compared to 59.2% in 2023[157] - Distribution expenses increased by approximately RMB1.7 million or approximately 3.8%, in line with the increase in revenue[159] - Administrative expenses decreased by approximately RMB10.4 million or approximately 3.4% compared to 2023[164] Asset and Liability Management - Non-current assets increased to approximately RMB 8,803 million in 2024, up from RMB 8,528 million in 2023[14] - Current liabilities rose to approximately RMB 12,428 million in 2024, compared to RMB 10,796 million in 2023[14] - As of December 31, 2024, the Group had outstanding bank and other loans and bonds payable of approximately RMB7,622 million with effective interest rates ranging from 3.3% to 6.8%[165] - Capital expenditures for the year amounted to approximately RMB567.1 million, down from approximately RMB1,097.6 million in 2023[167] Operational Developments - The scale of the Group's self-owned power stations reached approximately 1.1GW by the end of 2024, with accelerated construction of implemented projects[21] - The Group signed several large-scale clean energy EPC contracts in Shandong, Hebei, and Guangdong, continuing to expand the revenue of the EPC general contracting business[22] - Key development projects in Gansu, Guangxi, and Hainan were progressing steadily, supporting the overall layout of clean energy projects[20] - The Group's self-owned power station capacity is approximately 1.1 GW, with ongoing projects in Gansu, Guangxi, and Hainan[25] Innovation and Recognition - The New Materials Company was recognized as a state-level specialized and innovative "little giant" enterprise and awarded the title "Guangdong Green Factory" during the year[23] - The Group completed acceptance reviews for 31 scientific research projects and initiated 20 new projects during the year, with 41 projects currently under research[27] - As of the end of 2024, the Group held 375 valid patents and software copyrights, with 52 new patents granted during the year[28] Corporate Governance - The Board held a total of 7 meetings during the reporting period[59] - At least one-third of the Board members are independent non-executive directors, in compliance with Listing Rules[50] - The Company will assess the independence of independent non-executive directors at least annually[50] - Directors are encouraged to express their views openly during Board meetings[50] - The Company provides sufficient resources for Directors to fulfill their duties and seek independent professional advice when necessary[53] - The Board meetings are held regularly at least four times a year, approximately quarterly[51] - Notice of board meetings is sent to all Directors at least 14 days prior to regular meetings[51] - Independent non-executive directors are required to confirm their independence annually[50] - The Company maintains an updated list of Directors, identifying independent non-executive directors and their roles[56] - The Board's composition reflects a balance of experience and diversity in nationality, ethnicity, and professional expertise[49] Board Composition and Diversity - The Board consists of 7 male directors and 1 female director, resulting in a male to female ratio of approximately 7:3 in the workforce, including senior management[100] - The Board has not set any measurable objectives for implementing the diversity policy during the year[100] - The current composition of the Board is considered sufficiently diversified in terms of gender for a company in the renewable energy sector[101] - The Nomination Committee will periodically discuss and agree on further measurable objectives for achieving diversity on the Board[101] Committees and Meetings - The Audit Committee held 3 meetings during the year ended December 31, 2024[84] - The Remuneration Committee held 1 meeting to assess individual performance of the Directors and review remuneration packages during the year ended December 31, 2024[91] - The Remuneration Committee did not recommend any bonuses or share options for the year ended December 31, 2024[93] - The Nomination Committee conducted five meetings in the year ended December 31, 2024, with two meetings focused on reviewing policies for senior management appointments and promotions[105] Internal Control and Risk Management - The Group's internal control systems are considered effective and adequate, with no material internal control weaknesses identified[119] - The Group is in the process of improving and establishing an internal control manual to enhance its internal control and risk management system[123] - The Board conducts periodic reviews of internal control and risk management systems at least annually[118] Shareholder Engagement - The Company maintains a transparent and timely disclosure policy to keep shareholders informed of business performance and strategies[125] - The annual general meeting provides a forum for direct dialogue between the Board and shareholders, with all relevant documents sent at least 20 business days prior[126] - The Company held its annual general meeting on June 27, 2024, where shareholders approved amendments to the existing bye-laws to align with Core Shareholder Protection Standards and applicable laws of Bermuda[140] Management Team - The Group has a strong management team with diverse backgrounds in finance, energy, and corporate governance[186] - The company is focused on expanding its operational capabilities and enhancing management efficiency through experienced leadership[179] - The Group's strategic direction includes leveraging expertise in energy management and financial operations to drive growth[178] - Continuous development of new strategies and technologies is a priority for the Group to maintain competitive advantage in the market[176]

Revenue and Financial Performance - Revenue for the year ended December 31, 2024, was RMB 4,484,454,000, representing an increase of 2.84% compared to RMB 4,360,280,000 in 2023[3] - For the year ending December 31, 2024, total revenue reached RMB 4,484,454,000, a slight increase from RMB 4,360,280,000 in 2023, representing a growth of approximately 2.84%[17] - The construction services segment generated RMB 3,066,637,000, accounting for 68.38% of total revenue, significantly up from RMB 1,671,698,000 (38.34%) in the previous year[17] - The revenue from solar EPC business increased by approximately 192.0% to RMB 1,795.0 million in 2024, while the gross margin decreased from 7.7% to 5.7%[30] - The revenue from wind EPC business was approximately RMB 801.3 million with a gross margin of 2.8%[31] Losses and Earnings Per Share - The company reported a loss attributable to owners of the company of RMB 55,137,000 for 2024, compared to a loss of RMB 22,743,000 in 2023, indicating a significant increase in losses[5] - Basic and diluted loss per share for the year was RMB (0.022), compared to RMB (0.009) in the previous year, reflecting a worsening financial position[5] - The company reported a basic loss per share of RMB (0.022) for the year ending December 31, 2024, compared to RMB (0.009) in 2023, indicating a deterioration in performance[22] Assets and Liabilities - Total assets increased to RMB 22,805,882,000 in 2024 from RMB 21,638,452,000 in 2023, showing a growth of approximately 5.39%[7] - Non-current assets rose to RMB 8,803,397,000 in 2024, up from RMB 8,528,079,000 in 2023, indicating a growth of about 3.21%[6] - Current liabilities increased to RMB 12,427,613,000 in 2024 from RMB 10,795,996,000 in 2023, representing an increase of approximately 15.11%[7] - The total equity attributable to owners of the company decreased to RMB 4,231,924,000 in 2024 from RMB 4,318,158,000 in 2023, a decline of approximately 1.99%[7] - Trade receivables increased to RMB 7,901,839,000 from RMB 6,111,527,000, reflecting a growth of approximately 29.3% year-over-year[23] - The total amount of trade receivables, net of provision for losses, was RMB 6,809,611,000, an increase from RMB 5,091,689,000 in 2023[23] - The accounts receivable for trade amounted to RMB 5,785.9 million as of December 31, 2024, an increase from RMB 4,382.6 million in 2023[24] - The accounts payable totaled RMB 4,325.5 million as of December 31, 2024, compared to RMB 3,338.1 million in 2023[25] Dividends - The company did not declare any final dividend for the year ended December 31, 2024, consistent with the previous year[3] - The company did not declare any dividends for the year ending December 31, 2024, consistent with the previous year[20] - The company did not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[38] Operating Profit and Expenses - The company reported a net operating profit of RMB 481,652,000 for 2024, down from RMB 547,842,000 in 2023, indicating a decline of about 12.06%[4] - The gross profit decreased by approximately RMB 243.7 million or 24.5% to about RMB 751.2 million in 2024, down from RMB 994.9 million in 2023[28] - The income tax expense for the year was RMB 17,058,000, slightly down from RMB 17,650,000 in 2023, with a corporate tax rate of 25% applicable to most subsidiaries[18] Capital Expenditures and Financing - Capital expenditures for the year were approximately RMB 567.1 million, down from RMB 1,097.6 million in 2023[37] - The company has outstanding bank loans and bonds totaling approximately RMB 7,622.2 million with interest rates ranging from 3.3% to 6.8%[36] - The company completed the issuance of the first batch of bonds amounting to RMB 100 million with a coupon rate of 3.45%[39] Governance and Compliance - The audit committee has been established in compliance with listing rules and is responsible for overseeing the financial reporting process and internal control procedures[42] - The audit committee consists of three independent non-executive directors, chaired by Mr. Yi Yongfa[42] - The financial figures in the announcement are consistent with the audited consolidated financial statements for the fiscal year 2024[44] - The annual performance announcement will be available on the Hong Kong Stock Exchange and the company's website[45] Future Outlook - The company expects to continue its operations based on the assessment of sufficient resources for the foreseeable future[9] - The company has not applied any new international financial reporting standards that are not yet effective, indicating a stable approach to accounting practices[11] - The company’s management is assessing the impact of the new international financial reporting standards but does not expect significant effects on the financial statements[12] - The company’s deferred tax assets and liabilities related to the new international tax regulations are currently not applicable, as the legislation has not yet come into effect[19] Share Incentive Plan - No instructions were given to purchase any shares using company resources for unexecuted rewards under the share incentive plan for the year ending December 31, 2024[43]

China Shuifa Singyes Energy Holdings Limited 750 董事名單及其角色及職能 自二零二五年三月二十一日起生效的中國水發興業能源集團有限公司（「本公司」）的董事 會（「董事會」）成員如下： 執行董事 周廣彥先生 （副主席） 郭培棟先生 陳福山先生 非執行董事 王素輝女士 胡曉先生 獨立非執行董事 肖創英先生 易永發先生 譚洪衛博士 董事會已設立三個董事會委員會。下表載列每個董事會成員所服務的該等委員會的成員 資格資料。 | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 周廣彥先生 | | 成員 | 主席 | | 郭培棟先生 | | 成員 | 成員 | | 陳福山先生 | | | | | 王素輝女士 | | | | | 胡曉先生 | | | | | 肖創英先生 | 成員 | 成員 | 成員 | | 易永發先生 | 主席 | 成員 | 成員 | | 譚洪衛博士 | 成員 | 主席 | 成員 | 香港，二零二五年三月二十日 ...

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之內容概不負責，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全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 China Shuifa Singyes Energy Holdings Limited (3)董事會委員會組成之變動 董事會宣佈，自二零二五年三月二十一日起： 中國水發興業能源集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董 事」）會（「董事會」）宣佈，王健先生（「王先生」）因希望投入更多時間於其他業務事務，已 辭任董事會主席（「主席」）及執行董事，自二零二五年三月二十一日起生效。 王先生亦不再擔任董事會提名委員會（「提名委員會」）主席及董事會薪酬委員會（「薪酬委 員會」）委員，自二零二五年三月二十一日起生效。 - 1 - 750 (1)董事變動； (2)主席及總裁變動； 及 董事會欣然宣佈，自二零二五年三月二十一日起： 周廣彥先生，53歲，自二零二四年三月十二日起為執行董事及董事會副主席。彼自二零 二零年七月加入水發能源集團有限公司，於二零二三年二月至二零二四年三月擔任水發 能源集 ...

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之內容概不負責，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全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 China Shuifa Singyes Energy Holdings Limited 750 於本公告日期，執行董事為王健先生（主席）、周廣彥先生（副主席）及陳福山先生；非執 行董事為王素輝女士及胡曉先生；而獨立非執行董事為王京博士、易永發先生及肖創英 先生。 董事會會議通告 中國水發興業能源集團有限公司（「本公司」）董事會（「董事會」）宣佈，本公司謹訂於二零 二五年三月二十八日（星期五）舉行董事會會議，以考慮及批准本公司及其附屬公司截至 二零二四年十二月三十一日止年度之年度財務業績及其公告，及考慮派發末期股息（如 有）。 承董事會命 中國水發興業能源集團有限公司 主席 王健 香港，二零二五年三月十八日 ...

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，概不對因本公告全部或任何部分內容而 產生或因依賴該等內容而引致之任何損失承擔任何責任。 China Shuifa Singyes Energy Holdings Limited 750 完成發行第一批公司債券 中國水發興業能源集團有限公司（「本公司」）宣佈繼上海證券交易所發出無異議函後，其 近期已順利完成向專業投資者發行第一批二零二五年公司債券（「債券」）。 第一批債券的發行規模為人民幣100百萬元，面值及發行價為每單位人民幣100元。債券 期限為五年，且票面利率為3.45%。於第三年末，本公司將有權行使調整票面利率選擇 權，而債券持有人將有權行使回售選擇權。 第一批債券在建議可分批發行的總本金額不超過人民幣15億元（包括第一批債券）的債券 範圍內。餘下債券本金額為人民幣14億元，計劃視乎市況將於本年度下半年選擇性發 行。 本公告並不構成或組成認購或購買任何本公司債券或其他證券的要約、邀請或招攬或促 使上述事宜的要約，而本公告亦無意邀請作出任何有關本公司任何證券的要約。 承董事會命 中國水發 ...

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，概不對因本公告全部或任何部分內容而 產生或因依賴該等內容而引致之任何損失承擔任何責任。 China Shuifa Singyes Energy Holdings Limited 750 補充公告 (1)主要及關連交易 出售附屬公司權益 及 (2)須予披露交易 向非全資附屬公司注資 茲提述本公司日期為二零二四年十二月十六日之公告（「該公告」），內容有關出售事項、 重組事項及注資事項。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同 涵義。 投資協議 出售事項 本公司謹此提供以下資料： 所得款項用途 本公司欲補充，其擬按以下方式動用出售事項的所得款項： 上市規則之涵義 本公司已重新審視有關出售事項及其項下擬進行之交易之規模測試。由於有關出售事項 及其項下擬進行之交易之一項適用百分比率（根據上市規則第14.07條計算）超過25%但均 低於75%，故根據上市規則第14章，出售事項及其項下擬進行之交易構成本公司一項主要 交易，因此須遵守申報、公告、通函及股東批准規定。 本公司謹此釐清出售事項之 ...

China Shuifa Singyes Energy Holdings Limited 750 董事名單及其角色及職能 肖創英先生 易永發先生 譚洪衛博士 董事會已設立三個董事會委員會。下表載列每個董事會成員所服務的該等委員會的成員 資格資料。 | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 王健先生 | | 成員 | 主席 | | 周廣彥先生 | | 成員 | 成員 | | 陳福山先生 | | | | | 王素輝女士 | | | | | 胡曉先生 | | | | | 肖創英先生 | 成員 | 成員 | 成員 | | 易永發先生 | 主席 | 成員 | 成員 | | 譚洪衛博士 | 成員 | 主席 | 成員 | 香港，二零二四年十二月三十一日 自二零二四年十二月三十一日起生效的中國水發興業能源集團有限公司（「本公司」）的董 事會（「董事會」）成員如下： 執行董事 王健先生 （主席） 周廣彥先生 （副主席） 陳福山先生 非執行董事 王素輝女士 胡曉先生 獨立非執行董事 ...