Core Viewpoint - The A-share capital market in China maintained a positive trend in Q1 2026, with significant growth in equity financing driven by favorable regulatory policies and an active market environment [2]. Group 1: Overview of Equity Financing Market - In Q1 2026, there were 96 equity financing events in the A-share market, an increase of 26 events year-on-year, raising a total of 230.22 billion yuan, which is a 106.88% increase compared to the same period last year [4][10]. - The number of IPOs reached 35, up by 8 from the previous year, with a total fundraising of 29.78 billion yuan, reflecting a year-on-year growth of 79.58% [20][4]. - The private placement (增发) projects accounted for 49 events, increasing by 14 year-on-year, with a total fundraising of 191.23 billion yuan, marking a 136.02% increase [36][4]. Group 2: Distribution of Financing Methods - In Q1 2026, the distribution of financing methods showed that IPOs raised 29.78 billion yuan (12.93% of total), private placements raised 191.23 billion yuan (83.06%), and convertible bonds raised 9.22 billion yuan (4%) [7][10]. Group 3: Industry Distribution of Financing Entities - The non-ferrous metals industry led the fundraising with 71.13 billion yuan, followed by the coal and chemical industries with 60.08 billion yuan and 19.71 billion yuan, respectively [11]. Group 4: Regional Distribution of Financing Entities - Beijing topped the regional fundraising with 79.56 billion yuan from 11 projects, largely due to China Shenhua's private placement. Shandong followed with 65.28 billion yuan from 5 projects, primarily from Hongqiao Group's private placement [14][17]. Group 5: IPO Trends - The IPO market saw 35 issuances in Q1 2026, raising 29.78 billion yuan, a 79.58% increase year-on-year [20]. - The innovation and entrepreneurship board led the fundraising with a total of 51.38% of the total IPO amount, while the Shanghai and Shenzhen main boards followed [22]. Group 6: Top IPO Financing Projects - The highest IPO financing in Q1 2026 was by Zhen Shi Co., Ltd., raising 2.92 billion yuan, followed by Shiya Technology and Hongming Electronics with 2.27 billion yuan and 2.12 billion yuan, respectively [34]. Group 7: Private Placement Trends - In Q1 2026, private placements had 49 projects, raising 191.23 billion yuan, significantly higher than the previous year [36]. - Private enterprises led the fundraising with 80.76 billion yuan, followed by central and local state-owned enterprises with a total of 103.26 billion yuan [39]. Group 8: Top Private Placement Projects - The largest private placement project was by Hongqiao Group, raising 63.52 billion yuan for asset acquisition, followed by China Shenhua with two projects totaling 60.08 billion yuan [50]. Group 9: Underwriting Rankings - CITIC Securities ranked first in underwriting amount with 61.95 billion yuan, followed by CITIC Construction Investment with 51.39 billion yuan and Huatai Securities with 45.01 billion yuan [54]. - In terms of the number of underwritings, CITIC Securities led with 15, followed by Huatai Securities with 13 [56].

（股份代號：3996） 海外監管公告 本公告乃由中國能源建設股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《中國能源建設股份有限公司關於為所屬子公 司提供擔保的公告》，僅供參閱。 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分內容 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。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） 承董事會命 中國能源建設股份有限公司 董事長 倪真 中國，北京 2026年3月30日 於本公告日期，本公司執行董事為倪真先生；職工董事為黃埔先生；非執行董事為劉學 詩先生及司欣波先生；及獨立非執行董事為程念高先生、魏偉峰博士、牛向春女士及裴 振江先生。 * 僅供識別 | | | 中国能源建设股份有限公司 关于为所属子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is projected to achieve an operating revenue of 452.93 billion yuan in 2025, representing a year-on-year increase of 3.71%. However, the net profit attributable to shareholders is expected to decrease by 30.44% to 5.84 billion yuan, and the net profit after deducting non-recurring items is forecasted to decline by 29.08% to 4.63 billion yuan [5][10]. Summary by Sections Revenue Growth - The company is expected to see stable revenue growth, with strategic emerging industries and overseas markets experiencing rapid growth. The revenue from strategic emerging industries is projected to reach 184.85 billion yuan, a year-on-year increase of 9.5%, accounting for 40.81% of total revenue. The revenue from surveying, design, and consulting is expected to be 22.05 billion yuan, up 5.83%, while engineering construction revenue is anticipated to be 389.02 billion yuan, increasing by 6.05%. The industrial manufacturing revenue is projected at 34.26 billion yuan, a rise of 6.33%, and investment operation revenue is expected to be 38.75 billion yuan, up 7.26%. Notably, overseas revenue is forecasted to grow by 34.65% to 75.60 billion yuan, making up 17% of total revenue [10]. Profitability Challenges - The main factors contributing to profit loss include increased impairment losses and reduced asset disposals. The comprehensive gross profit margin is expected to be 12.19%, a decrease of 0.22 percentage points year-on-year. The overall expense ratio is projected to be 8.29%, down 0.09 percentage points. The asset and credit impairment losses are expected to total 4.43 billion yuan, an increase of 606 million yuan. The net profit margin is projected to decline to 1.29%, down 0.63 percentage points year-on-year, while the net profit margin after deducting non-recurring items is expected to be 1.02%, a decrease of 0.47 percentage points [10]. Cash Flow Improvement - The cash flow situation is expected to improve significantly, with a cash collection ratio of 103.30%, an increase of 7.02 percentage points year-on-year. The net cash inflow from operating activities is projected to be 11.55 billion yuan, an increase of 522 million yuan year-on-year. However, the company's asset-liability ratio is expected to rise to 77.74%, an increase of 1.42 percentage points, and the accounts receivable turnover days are projected to increase to 67.83 days [10]. New Contracts and Future Outlook - The company is expected to maintain stable growth in new contracts, with new contracts signed in surveying and design projected at 26.16 billion yuan, an increase of 32.7%, and engineering construction new contracts expected to reach 1,346.48 billion yuan, up 5.6%. Notably, new contracts in the renewable energy sector are projected to be 592.58 billion yuan, an increase of 6.7%, while transportation new contracts are expected to rise by 52.8% to 42.59 billion yuan. The company is also accelerating its investment operations, with a total installed capacity of 8.066 million kilowatts in new energy storage projects [10].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 452.9 billion yuan for 2025, representing a year-on-year growth of 4%, while net profit attributable to shareholders decreased by 30% to 5.84 billion yuan [1] - The company’s revenue growth shows resilience, but profitability is under pressure due to increased competition and higher effective tax rates [8] - The company is focusing on new energy sectors such as energy storage and hydrogen energy, which are showing strong growth potential [8] Financial Performance Summary - Revenue for 2025 is projected at 452.93 billion yuan, with a growth rate of 3.7% for the year [2] - Net profit attributable to shareholders is expected to be 5.84 billion yuan, with a significant decline of 30.4% [2] - The company’s gross margin for 2025 is reported at 12.2%, a slight decrease of 0.2% year-on-year [8] - The company’s cash flow management has improved, with operating cash flow increasing by 5 billion yuan to 11.55 billion yuan [8] - The projected earnings per share for 2026 is 0.15 yuan, with a price-to-earnings ratio of 20 times [2] Business Segment Performance - The company’s design consulting, engineering construction, investment operation, and industrial manufacturing segments reported revenue growth of 6% each, indicating stable performance across major business lines [8] - The company’s installed power capacity increased by 5.9 GW year-on-year to 23.5 GW, with significant contributions from wind and solar energy [8] - The company has successfully acquired additional renewable energy indicators, increasing its total to 82 GW, reflecting its strategic focus on energy and new energy sectors [8]

| H | A | | --- | --- | | 股代码:03996 | 股代码:601868 | | H 股简称:中国能源建设 | A 股简称:中国能建 公告编号：临 2026-010 | 中国能源建设股份有限公司 关于为所属子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 重要内容提示： 兹别克斯坦储能群项目，该笔贷款须由公司提供全程全额保证担保。 公司已将该项担保事项纳入 2024 年年度股东大会审议通过的 《2025 年度对外担保计划》，该计划有效期至公司 2025 年年度股东 会召开之日止。本次担保金额为 2,071,060,000 元人民币，未超过 2025 年度对外担保计划中已审定的为海投香港公司（曾用名：中国葛 洲坝集团海外投资香港有限公司）提供担保的 37 亿元人民币担保额 度中剩余可用额度，详见公司于 2025 年 3 月 29 日在上海证券交易所 网站披露的《关于 2025 年度对外担保计划的公告》（临 2025-018）。 截至本项担保合同签署日，上述担保额度已使用 14.2 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company is experiencing steady revenue growth but faces pressure on profits, with a projected revenue of 452.9 billion yuan in 2025, a 4% increase year-on-year, while net profit is expected to decline by 30% to 5.84 billion yuan [1] - The company is actively expanding into emerging sectors such as hydrogen energy and energy storage, with significant potential for future growth [3] - The company has a strong order intake driven by urban construction and renewable energy projects, with a total new contract value of 1.4494 trillion yuan in 2025, reflecting a 3% year-on-year increase [2] Financial Performance - In 2025, the company's gross margin is projected to be 12%, a slight decrease of 0.2 percentage points year-on-year, but showing improvement in Q4 with a 1.2 percentage point increase [1] - The company reported a net profit margin decline of 0.6 percentage points to 1.3% in 2025, with operating cash flow showing a net inflow of 11.5 billion yuan, an increase of 5 billion yuan year-on-year [1] - The projected earnings per share (EPS) for 2025 is 0.14 yuan, with a forecasted net profit recovery in the following years, reaching 7.3 billion yuan in 2026, 8.4 billion yuan in 2027, and 9.5 billion yuan in 2028 [5][4] Business Segments - The engineering construction segment achieved revenue of 389 billion yuan in 2025, a 6% increase, with renewable energy projects growing by 2% [1] - The company has secured over 50 integrated hydrogen energy projects and has invested in 39 new energy storage projects with a total installed capacity of 8.07 million kilowatts [3] - The company is leveraging its leadership in the energy sector to develop integrated computing power infrastructure, enhancing its competitive edge in the market [3]

中国能源建设股份有限公司 独立董事裴振江 2025 年度述职报告 听取 2 项报告；参加董事会监督委员会会议 1 次，听取 2 项报 告；参加独立董事专门会议 1 次，审议议案 2 项。本人参与审 议的各议案均投票赞成，议案均获通过。参加会议情况汇总见 下表。 | 独立董事 | 董事会 | 提名委员 | 审计委员 | 监督委员 | 独立董事 | | --- | --- | --- | --- | --- | --- | | 姓名 | | 会 | 会 | 会 | 专门会议 | | 裴振江 | 6 | 1 | 4 | 1 | 1 | 作为中国能源建设股份有限公司（以下简称公司）独立董 事，本人严格遵守《公司法》《上市公司独立董事管理办法》 《上海证券交易所上市规则》《香港联合交易所有限公司证券 上市规则》及《公司章程》的规定，秉持"独立履职、勤勉尽 责"原则，聚焦战略决策参与、监督制衡作用、专业咨询支持 三大核心职能，有效促进董事会决策科学化、治理体系规范化， 切实维护公司整体利益及中小股东合法权益。现将本人 2025 年 度独立董事履职情况报告如下： 一、基本情况 2025年6月24日起，本人担任公司第三届董事 ...

中国能源建设股份有限公司 董事会审计与风险委员会 2025 年度履职情况的报告 2025 年，中国能源建设股份有限公司（以下简称公司）第 三届董事会审计与风险委员会根据《公司法》《证券法》《上市 公司治理准则》《企业内部控制基本规范》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》《香港联合交易所有限公司证券上市规则》等有关 规定，按照《中国能源建设股份有限公司董事会审计与风险委员 会工作细则》的要求，代表董事会对企业经营活动的合规性、合 法性和效益性进行独立的评价和监督，认真履行了审计与风险委 员会的职责。现将公司董事会审计与风险委员会 2025 年度履职 情况报告如下： 一、公司董事会审计与风险委员会基本情况 截至报告期末，公司审计与风险委员会由独立非执行董事程 念高先生、魏伟峰先生、裴振江先生 3 名成员组成，主任委员由 独立非执行董事程念高先生担任。2025 年 12 月 23 日第二次临 时股东大会及类别股东大会审议通过了修订《公司章程》等议案， 将董事会"审计委员会"更名为"审计与风险委员会"，并相应 调整其职责范围。 二、公司董事会审计与风险委员会 ...

中国能源建设股份有限公司董事会 对独立董事独立性自查情况的专项报告 中国能源建设股份有限公司董事会 根据《上市公司独立董事管理办法》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》相关规定，中 国能源建设股份有限公司（以下简称公司）董事会就公司在 任独立董事的独立性情况进行评估，并出具如下专项意见： 2026 年 3 月 27 日 经核查,董事会认为公司全体独立董事均具备胜任独立 董事岗位的资格。独立董事及其配偶、父母、子女、主要社 会关系未在公司或公司附属企业任职，未在公司主要股东及 其附属企业任职，未与公司存在重大的持股关系。因此，公 司独立董事不存在任何妨碍其进行独立客观判断的关系，不 存在影响独立董事独立性的情况，符合《上市公司独立董事 管理办法》等法律法规关于独立董事的任职资格及独立性的 要求。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 法律责任。 中国能源建设股份有限公司（以下简称公司）于 2026 年 3 月 27 日召开的第三届董事会第五十五次会议审议通过了《关于公司 2025 年 度计提资产减值准备的议案》。现将相关情况公告如下： A 股代码：601868 A 股简称：中国能建 公告编号：临 2026-008 H 股代码：03996 H 股简称：中国能源建设 中国能源建设股份有限公司 关于 2025 年度计提资产减值准备的公告 本次计提资产减值准备事项已经公司董事会审计与风险委员会审 1 核，并经公司第三届董事会第五十五次会议审议。 公司董事会审计与风险委员会认为：本次计提资产减值准备事项 的决策程序符合《企业会计准则》和公司会计政策、会计估计的相关 规定，能够公允反映公司的资产状况，符合公司和全体股东的利益， 不存在损害公司和中小股东合法权益的情况，同意公司 2025 年度计提 资产减值准备的方案，并将该事项提交董事会审议。 公司董事会认为：公司依据会计政策、会计估计、公司相关内控 制度以及公司资产实际情况计提资 ...