Summary of Key Points from the Conference Call Industry Overview - The hydrogen energy industry is focused on several key segments including hydrogen production, storage, transportation, refueling, and utilization, with a significant emphasis on renewable energy hydrogen production as per the national development plan [2][10]. Core Insights and Arguments - Electrolytic water hydrogen production is identified as the key technological route for future hydrogen energy development, supported by national policies that favor renewable energy over fossil fuel hydrogen production [1][2]. - The cost of hydrogen production is heavily influenced by electricity prices; a reduction in electricity costs from 0.3 CNY/kWh to 0.1 CNY/kWh can lower hydrogen production costs from 22.8 CNY/kg to approximately 11 CNY/kg, enhancing economic viability [1][4]. - China Energy Construction (中国能建) plans to procure approximately 125 electrolyzers in 2025, consisting of 110 alkaline electrolyzers and 15 PEM electrolyzers, indicating a competitive market with declining prices for both types of electrolyzers [1][5]. Market Dynamics - Alkaline electrolyzers currently dominate the market with over 98% share due to their maturity and cost advantages, while PEM electrolyzers are expected to gain market share as technology advances [3][8]. - The domestic electrolyzer market is characterized by numerous participants and an unstable competitive landscape, with a growing focus on operational data and historical project experience by owners [3][9]. - In the first three quarters of 2025, domestic hydrogen equipment orders reached 4.1 GW, significantly surpassing the total from the previous two years, indicating a shift from megawatt to gigawatt scale projects [1][7]. Key Players and Competitive Landscape - Notable companies consistently appearing on the supplier shortlist for China Energy Construction include Beijing Electric Power Equipment General Factory, Tianhe Yuanqing, and Sunshine Hydrogen for alkaline electrolyzers, and Sunshine Hydrogen and Changchun Green Dynamics for PEM electrolyzers, reflecting their leading technical capabilities and experience [6][9]. - The competitive landscape is evolving with new entrants, and the focus is shifting towards reliable operational metrics such as lifespan and stability, making historical project experience a critical factor for selection [9]. Future Trends and Policy Support - The national policy framework is expected to continue supporting the hydrogen industry significantly over the next five years, with initiatives aimed at fostering new growth points, including green fuels, and promoting infrastructure development through subsidies [10]. - The anticipated effects of domestic substitution and economies of scale are expected to drive down costs across the entire industry chain, presenting further growth opportunities [10].

Group 1 - General Secretary Xi Jinping emphasized the importance of central enterprises in serving the Party and the country's work, promoting high-quality economic and social development, and contributing to the modernization of China [1][2] - Central enterprises are encouraged to focus on their main responsibilities and continuously optimize the layout of state-owned economy to enhance core functions and competitiveness [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to implement the "14th Five-Year Plan" for central enterprises, aiming for a comprehensive optimization of the state-owned economy [2] Group 2 - Companies like China Southern Power Grid and China Huaneng Group are committed to fulfilling their economic, political, and social responsibilities while ensuring energy supply and supporting national energy security [2][3] - China Railway Engineering Corporation is focused on integrating into national strategies and promoting the transformation and upgrading of the construction industry [3] - The aviation and energy sectors, represented by China Aviation Industry Corporation and China Dongfang Electric Corporation, are prioritizing technological innovation and deep integration of technology and industry [4] Group 3 - The need for further reform and improvement of the modern enterprise system with Chinese characteristics is highlighted, aiming to build world-class enterprises [6][7] - China Energy Construction Group is focusing on reform to stimulate corporate vitality and enhance operational efficiency [6] - China Changan Automobile Group is committed to transforming into a smart low-carbon travel technology company, aiming for global competitiveness [7]

Core Viewpoint - China Energy Engineering Corporation (CEEC) shows stable trading activity with a financing balance that is relatively high compared to historical levels, indicating investor interest despite a slight decline in net profit year-on-year [1][2]. Group 1: Financial Performance - For the period from January to September 2025, CEEC achieved a revenue of 323.54 billion yuan, representing a year-on-year growth of 9.62% [2]. - The net profit attributable to shareholders was 3.16 billion yuan, which reflects a year-on-year decrease of 12.43% [2]. Group 2: Shareholder and Financing Information - As of December 23, CEEC's total financing balance was 13.13 billion yuan, accounting for 1.70% of its market capitalization, which is above the 60th percentile of the past year [1]. - The company has a cumulative cash distribution of 4.69 billion yuan since its A-share listing, with 3.75 billion yuan distributed in the last three years [3]. - The number of shareholders increased to 473,000, up by 41.21% compared to the previous period [2]. Group 3: Business Segments - CEEC's main business segments include engineering construction (81.18% of revenue), industrial manufacturing (7.42%), investment operations (6.80%), surveying and consulting (4.07%), and other businesses (0.53%) [2].

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） （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股東會議事規 則》，僅供參閱。 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 2025年12月23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 股东会议事规则 （2025 年 12 月修订） 第一章 总则 第一条 为维护中国能源建设股份有限公司（以下简称 公司）、股东、职工和债权 ...

（在中華人民共和國註冊成立的股份有限公司） （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董事會議事規 則》，僅供參閱。 承董事會命 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* 中國能源建設股份有限公司 董事長 倪真 中國，北京 2025年12月23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 董事会议事规则 （2025 年 12 月修订） 第一章 总则 第一条 为进一步规范中国能源建设股份有限公司（以下 简称公司）董事会议事方 ...

Core Insights - The "Qing Hydrogen No. 1" project, the world's largest integrated green hydrogen and ammonia project, has officially commenced production, marking a significant step in China's energy transition and decarbonization efforts [1] - China Energy Engineering Group (China Energy) is focusing on deepening reforms and enhancing productivity through innovation and optimization of business layouts, aiming to become a leader in energy revolution and water resource security [1][2] - The company has achieved substantial revenue growth in its core energy and water sectors, with a year-on-year increase of 16.76% in revenue and 18.42% in total profit for the first three quarters of 2025 [3] Group 1 - The "Qing Hydrogen No. 1" project is transforming abundant wind and solar resources into green hydrogen energy, contributing to global energy transition [1] - China Energy's strategic focus includes integrating energy with transportation, construction, and digital industries to foster high-quality development [2] - The company has established a comprehensive industrial layout, optimizing resource allocation across its core responsibilities in energy and water [2] Group 2 - China Energy's investment in traditional industries is driving intelligent, green, and integrated transformation, exemplified by major projects like the Longdong carbon capture demonstration and the Dashi Gorge water conservancy project [3] - The company prioritizes technological innovation, with significant investments in R&D, aiming for a budget of 14.6 billion yuan in 2024, nearly double that of 2020 [4] - China Energy is recognized as a key player in national strategic technology, with multiple projects and enterprises selected for government innovation and demonstration programs [5]

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。 承董事會命 中國能源建設股份有限公司 CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） （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《北京德恒律師事務所關於中國能源建設股份 有限公司2025年第二次臨時股東大會、第二次A股類別股東大會及第二次H股類別股東大 會的法律意見》，僅供參閱。 2025 年第二次临时股东大会、第二次 A 股类 别股东大会及第二次 H 股类别股东大会的 法律意见 董事長 倪真 中國，北京 2025年12月23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 ...

中國能源建設股份有限公司 董事會審計與風險委員會工作細則 第一章 總則 第二章 委員會組成及工作機構 - 1 - 第一條 為強化董事會決策功能，完善公司治理結構，根據《上海證券交易所股 票上市規則》《香港聯合交易所有限公司證券上市規則》（以下統稱公司證 券上市地證券監管規則）《上海證券交易所上市公司自律監管指引第1號 －規範運作》《中央企業審計與風險委員會調整優化工作指引（試行）》以 及其他相關法律、法規和規範性文件，制定本細則。 第二條 本細則適用於公司總部。 第三條 董事會審計與風險委員會（以下簡稱委員會）是董事會下設的專門工作機 構，主要負責公司內外部審計的溝通、監督和核查、風險管理等工作。 第四條 委員會組成、委員提名及主任設置： （一）委員會由不少於3名非執行董事組成，其中獨立非執行董事應佔半 數以上。委員會應至少有1名成員具備適當的會計或相關的財務管 理專長，以及能夠勝任委員會工作職責的專業知識和商業經驗。 （二）委員由董事長、或二分之一以上獨立非執行董事、或三分之一以上 全體董事提名，以全體董事的超過半數選舉產生。 委員會任期與同屆董事會任期一致，委員任期與董事任期一致。委員任 期屆滿，可連選連 ...

CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3996） 中國能源建設股份有限公司章程 2025年12月修訂 第一章 總則 第一條 為維護中國能源建設股份有限公司（以下簡稱公司）、股東、職工和債權人的合 法權益，規範公司的組織和行為，根據《中華人民共和國公司法》（以下簡稱《公司法》）《中 華人民共和國證券法》（以下簡稱《證券法》）《中央企業公司章程指引》《上市公司章程指 引》《上海證券交易所股票上市規則》《香港聯合交易所有限公司證券上市規則》（以下簡稱 《香港上市規則》）《中國共產黨章程》及其他法律、法規、規範性文件的有關規定，特制定 《中國能源建設股份有限公司章程》（以下簡稱本章程或公司章程）。 第二條 公司系依照《公司法》和其他有關法律、法規規定批准成立的股份有限公司。 公司經國務院國有資產監督管理委員會以國資改革[2014]1150號文批准，以發起方式設 立，於2014年12月19日在國家工商行政管理總局註冊登記，取得營業執照，統一社會信 用代碼911100007178398156。 第三條 2015年 ...

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。 茲提述本公司日期為2025年12月4日的通函（「通函」）。除文義另有所指外，本公告所用詞 彙與通函所界定者具有相同涵義。 董事會欣然宣佈，臨時股東大會、A股類別股東大會及H股類別股東大會已於2025年12月 23日（星期二）上午九時正假座中國北京市朝陽區西大望路甲26號院1號樓2702室依次舉 行。 本次臨時股東大會及類別股東大會的舉行符合包括《中華人民共和國公司法》及公司章程 的規定。由半數以上董事共同推舉的董事黃埔先生作為會議主席主持本次臨時股東大會 CHINA ENERGY ENGINEERING CORPORATION LIMITED* 3996 於2025年12月23日舉行的2025年第二次臨時股東大會及 類別股東大會的投票結果 不再設置監事會及相關事項 及 修訂公司章程及相關議事規則 中國能源建設股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司2025年第 二次臨時股東大會（「 ...