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）。 於本聯合公告日期，山高控股（直接持有山高新能源1,279,878,252股股份，佔山高 新能源已發行股本總額約56.97%）已根據上市規則第14.44條以股東書面批准的 方式批准EPC合同項下擬進行的交易， ...

有關售電協議之持續關連交易 訂立售電協議 董事會宣佈，於二零二六年三月二十七日（交易時段後），費縣卓能（為本公司之直 接全資附屬公司）與臨沂發展就電力銷售訂立售電協議。 上市規則之涵義 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，概不對因本公告全部或任何 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。 （股份代號：01250） （於開曼群島註冊成立之有限公司） 於本公告日期，由於(i)臨沂發展為山東高速集團之直接全資附屬公司；及(ii)山東 高速集團透過多個實體合共擁有本公司之已發行股本約56.97%，故根據上巿規則 第14A章：(a)山東高速集團為本公司之間接控股股東及關連人士；及(b)臨沂發展 被視為山東高速集團之聯繫人及為本公司之關連人士。因此，根據上市規則第14A 章，售電協議項下電力銷售構成本公司之持續關連交易。 1 訂立售電協議前，本集團與山東高速集團多間附屬公司就本集團於相關指定區域 之光伏發電站所發電能銷售訂立先前協議。其中，先前協議A之年期由二零二三年 十一月一日起至二零二六年十月三十一日止，先前協議 ...

Financial Performance - The group's profit for the year was approximately RMB 401.6 million, a decrease of about 13.2% compared to RMB 462.8 million in the previous year[2]. - The group's EBITDA for the year was approximately RMB 3,418.9 million, a decrease of about 6.9% from RMB 3,672.1 million in the previous year[2]. - Basic and diluted earnings per share were both RMB 10.18, down from RMB 12.65 in the previous year[2]. - The group's total revenue for the year was RMB 4,408.7 million, slightly down from RMB 4,423.1 million in the previous year[3]. - The total comprehensive income for the year was RMB 401.6 million, compared to RMB 352.7 million in the previous year[4]. - The company's net profit attributable to equity holders for 2025 is RMB 228,773,000, compared to RMB 284,242,000 in 2024, indicating a decline of about 19.6%[16]. - Basic and diluted earnings per share for 2025 are RMB 0.1018, down from RMB 0.1265 in 2024, representing a decrease of approximately 19.1%[16]. - The gross profit margin for the year decreased from 45.7% to 45.4%, a decline of 0.3 percentage points[71]. Financial Position - The group's debt-to-asset ratio decreased to approximately 59.3% from 60% in the previous year, indicating improved financial stability[2]. - Current assets totaled RMB 16,697.2 million, an increase from RMB 16,577.3 million in the previous year[5]. - Current liabilities increased to RMB 10,310.3 million from RMB 8,846.2 million in the previous year, indicating a rise in short-term obligations[6]. - The total assets of the company as of December 31, 2025, were approximately RMB 48,544.8 million, with total liabilities of approximately RMB 28,797.1 million, resulting in a net asset value of approximately RMB 19,747.7 million[28]. - The asset-liability ratio was 59.3%, a slight decrease of about 0.7 percentage points from the previous year[28]. - Cash and cash equivalents increased by approximately RMB 970.7 million to about RMB 4,616.3 million, mainly due to cash inflows from fundraising and operational activities[87]. - Approximately 67% of the group's total borrowings, which amounted to RMB 25,786.5 million, were long-term borrowings as of December 31, 2025, down from 74% in 2024[94]. Revenue Sources - The revenue from photovoltaic power generation business was RMB 2,442,525,000 in 2025, down from RMB 2,486,893,000 in 2024, indicating a decrease of about 1.78%[10]. - Wind power business revenue increased to RMB 1,289,386,000 in 2025 from RMB 1,186,855,000 in 2024, reflecting a growth of approximately 8.66%[10]. - Revenue from electricity sales and entrusted operation services amounted to RMB 3,789.3 million, an increase of RMB 68.7 million from the previous year[44]. - Revenue from centralized photovoltaic power generation was approximately RMB 1,792.2 million, accounting for about 40.7% of the total revenue, despite a decrease of approximately 7.6% from RMB 1,939.9 million last year[45]. Cost Management - Financial expenses for the year were approximately RMB 965.4 million, down from RMB 1,147.3 million in the previous year, primarily due to the replacement of high-cost financing with low-cost financing[2]. - The company has implemented cost control measures that saved approximately RMB 181.8 million in financial expenses compared to the previous year[27]. - Administrative expenses were approximately RMB 349.6 million, slightly lower than the previous year's RMB 350.1 million, attributed to cost reduction efforts[73]. - Other operating expenses increased by approximately RMB 108.9 million to about RMB 184.3 million, primarily due to an increase in expected credit loss provisions[74]. Investments and Financing - The company issued corporate bonds totaling RMB 2,517,507,000 in 2025, significantly up from RMB 694,506,000 in 2024, marking an increase of approximately 262.5%[22]. - The group issued short-term bonds totaling RMB 500 million with an interest rate of 1.78% due on March 26, 2026, and additional bonds with varying rates and due dates throughout 2026 and 2030[100]. - The group's capital expenditure for the year totaled approximately RMB 1,561.9 million, up from RMB 962.4 million in 2024, primarily for the development of photovoltaic and wind power projects[91]. Operational Efficiency - The average utilization hours of the wind power projects reached 2,635 hours, higher than the national average for wind power in China[2]. - The company has implemented an intelligent operation and maintenance model, significantly improving operational efficiency and equipment reliability[39]. - The company aims to improve operational management and project generation efficiency in response to industry challenges, narrowing the gap with national averages to 16 hours by 2025[51]. Strategic Initiatives - The company has established a strategic plan for the "15th Five-Year Plan" period (2026-2030), focusing on enhancing wind power business, stabilizing photovoltaic business, and expanding hydropower and comprehensive energy services[36]. - The company is exploring new business models such as "green electricity direct supply" to meet the rigid green energy demands of high-energy-consuming industries[33]. - The company has formed a professional power trading team, participating in market transactions with a capacity of 2 GW, accounting for approximately 54% of the trading station capacity[40]. ESG and Sustainability - The group achieved an ESG rating of 78 from Fitch, an increase of 3 points from the previous year, and a score of 44 from S&P Global, exceeding the global utility industry average by 4 points[42]. - The group actively participated in industry ESG standard construction, with its developed guidelines approved by the National Energy Administration, marking a significant achievement in sustainable development standards[42]. - The company is committed to deepening ESG management and aims to maintain a leading position in mainstream ESG ratings[68]. Employee and Governance - The group employed 1,810 employees as of December 31, 2025, a decrease from 1,886 employees in 2024, reflecting a focus on operational efficiency[99]. - The company emphasizes high levels of corporate governance to enhance shareholder value and protect shareholder interests[118]. - The audit committee, composed of three independent non-executive directors, reviewed the annual performance and confirmed compliance with applicable accounting policies[122].

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，概不對因本公告全部或任何 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。 （於開曼群島註冊成立之有限公司） 主席 李天章 香港，二零二六年三月十二日 於本公告日期，董事會包括執行董事李天章先生、朱劍彪先生、王文波先生、劉志杰 先生、廖劍蓉女士、李力先生及王萌先生；及獨立非執行董事秦泗釗教授、黃偉德先 生、楊祥良先生及趙公直先生。 董事會會議召開日期 山高新能源集團有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈，本公 司將於二零二六年三月二十六日（星期四）舉行董事會會議，藉以（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）。 承董事會命 山高新能源集團有限公司 （股份代號：01250） ...

Investment Rating - The report initiates coverage with a "Buy" rating for Shandong Hi-Speed New Energy Group, assigning a target price of HKD 2.06 based on a 0.3x PB for 2025, which corresponds to a PE of 13.4 for 2026 [3]. Core Insights - The company is actively engaged in the photovoltaic and wind power generation sectors, with ongoing projects laying a solid foundation for future growth. Notable projects include a 175,000 kW distributed wind power project in Heze, which is expected to generate approximately 440 million kWh annually, saving about 132,000 tons of standard coal and reducing CO2 emissions by 315,000 tons [2][4]. - The company has a robust pipeline of projects, including a 381.25 MW wind power project in Heze that is expected to generate over 1 billion kWh annually, saving around 300,000 tons of standard coal and reducing CO2 emissions by 800,000 tons upon completion [2][4]. - The financial forecast indicates a projected net profit attributable to shareholders of RMB 225 million, RMB 301 million, and RMB 370 million for the years 2025, 2026, and 2027, respectively, with a slight decline in revenue expected in 2025 before a gradual recovery [3][5]. Summary by Relevant Sections Latest Developments - The company has commenced construction on multiple wind power projects, including a significant 175,000 kW project in Heze, which is a part of its strategy to enhance regional green energy development [2]. - The Heze 381.25 MW wind power project has successfully installed its first 6.25 MW turbine and is expected to contribute significantly to the local energy supply once operational [2]. Financial Data and Forecast - The company anticipates revenues of RMB 4.42 billion in 2025, with a slight decrease of 2% year-on-year, followed by a modest growth of 1% in 2026 and 4% in 2027 [5]. - The projected earnings per share (EPS) for 2025 is RMB 0.10, with an expected increase to RMB 0.16 by 2027 [5]. Business Overview - Shandong Hi-Speed New Energy Group focuses on the development, construction, and operation of photovoltaic and wind power projects, leveraging its strong shareholder resources and management expertise to expand its clean energy portfolio across China [8]. - The company has established a significant presence in over 20 provinces and is actively exploring international markets, aiming to become a leading player in the clean energy sector [8].

Investment Rating - The report initiates coverage with a "Buy" rating for Shandong Hi-Speed New Energy Group, assigning a target price of HKD 2.06 based on a 0.3x PB for 2025, which corresponds to a PE of 13.4 for 2026 [3]. Core Insights - The company is actively engaged in photovoltaic and wind power generation, with ongoing projects laying a solid foundation for future growth. Notable projects include a 175,000 kW distributed wind power project in Heze, which is expected to generate approximately 440 million kWh annually, saving about 132,000 tons of standard coal and reducing CO2 emissions by 315,000 tons [2][4]. - The company has a robust pipeline of projects, including a 381.25 MW wind power project in Heze that is expected to generate over 1 billion kWh annually, saving around 300,000 tons of standard coal and reducing CO2 emissions by 800,000 tons upon completion [2][4]. - The financial forecast indicates a projected net profit of RMB 225 million, RMB 301 million, and RMB 370 million for 2025, 2026, and 2027 respectively, with a slight decline in revenue expected in 2025 before a gradual recovery [3][5]. Summary by Relevant Sections Latest Developments - The company has commenced construction on multiple wind power projects, including a significant 175,000 kW project in Heze, which is a part of the regional green energy development initiative [2]. - The Heze 381.25 MW wind power project has successfully installed its first 6.25 MW turbine and is expected to contribute significantly to the local energy supply once operational [2]. Financial Data and Forecast - The company’s revenue is projected to be RMB 4.42 billion in 2025, with a slight decrease of 2% from the previous year, followed by a modest growth of 1% in 2026 and 4% in 2027 [5]. - The net profit forecast shows a decline in 2025, followed by a recovery in subsequent years, with a notable increase of 34% in 2026 [5]. Business Operations - The company focuses on clean energy development, including photovoltaic and wind power, and has established a presence in over 20 provinces in China, actively exploring international markets [8]. - The company has a diverse project portfolio, including large-scale photovoltaic power plants and wind farms, contributing to its revenue and operational capacity [15][25].

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: 山高新能源集團有限公司（於開曼群島註冊成立之有限公司） 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) | 01250 | 說明 | 不適用 | | | | | | | 多櫃檯證券代號 | | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,332,742,302 | HKD | | 0.05 HKD | | 466,637,115.1 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 9,332,742,302 | HKD | | ...

Core Viewpoint - The announcement from Shango New Energy (01250) indicates a decline in operational power generation for 2025 compared to 2024, while cumulative operational power generation shows a slight increase over the same period [1][2]. Group 1: Operational Power Generation - The operational power generation for the group, its joint ventures, and associates is approximately 420,100 MWh for October 2025, representing a decrease of 14.1% compared to the same period in 2024 [1][2]. - Cumulative operational power generation for the ten months ending October 31, 2025, is about 5,677,000 MWh, which reflects an increase of approximately 1.7% compared to the same period in 2024 [1][2].

Core Viewpoint - The company, Shandong High New Energy (01250), announced an expected operational power generation of approximately 548,248 MWh by November 2025, representing a 19.7% increase compared to the same period in 2024 [1] Group 1 - The total operational power generation for the company, its joint ventures, and associates is projected to reach about 6.2339 million MWh for the 11 months ending November 30, 2025, which is an increase of approximately 3.0% compared to the same period in 2024 [1]

Core Viewpoint - The announcement from Shandong High New Energy (01250) indicates a significant increase in operational power generation for the upcoming period, reflecting positive growth trends in the company's performance [1] Group 1: Operational Performance - The operational power generation for the group, its associates, and joint ventures is projected to be approximately 548,248 MWh in November 2025, representing a growth of 19.7% compared to the same period in 2024 [1] - Cumulatively, the total operational power generation for the group, its associates, and joint ventures for the 11 months ending November 30, 2025, is expected to reach about 6,233,900 MWh, which is an increase of approximately 3.0% compared to the same period in 2024 [1]