(Incorporated in the Cayman Islands with limited liability) Stock Code:1257 2025 Annual Results Presentation Mar 2026 1 Forward-looking Statements This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number of assumptions about the operations of China Everbright Greentech Limited (the "Company" or "Everbright Greentech") and factors beyond the Company's control and are subject to significant risks and uncertainties, and accordingly, actual results may ...

Core Viewpoint - Green Power has shown a slight increase in stock price and a positive trend in revenue and net profit for the year, indicating potential growth in the waste management and energy sector [1][2]. Financial Performance - As of September 30, Green Power achieved a revenue of 2.582 billion yuan, representing a year-on-year growth of 1.49% [2]. - The net profit attributable to shareholders reached 626 million yuan, marking a significant year-on-year increase of 24.39% [2]. Stock Market Activity - On February 24, Green Power's stock price rose by 2.00% to 7.13 yuan per share, with a trading volume of 24.28 million yuan and a turnover rate of 0.35% [1]. - The company has a total market capitalization of 10.2 billion yuan [1]. - Year-to-date, the stock price has increased by 5.94%, with a slight decline of 0.42% over the last five trading days [1]. Shareholder Information - As of September 30, the number of shareholders decreased by 3.50% to 35,100 [2]. - The average circulating shares per person remained at 0 shares, indicating no change [2]. Dividend Distribution - Since its A-share listing, Green Power has distributed a total of 1.584 billion yuan in dividends, with 934 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 5.209 million shares, a decrease of 5.412 million shares from the previous period [3].

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Commission has issued the "Anti-Monopoly Guidelines for the Public Utility Sector" to prevent and curb monopolistic behaviors, maintain fair market competition, and protect consumer and public interests [1][3]. Background - The public utility sector encompasses essential services such as water supply, electricity, gas, heating, sewage treatment, waste management, and public transportation, which often exhibit natural monopoly characteristics [5]. - Monopolistic behaviors in the public utility sector are prevalent, with operators extending their monopolistic advantages to upstream and downstream competitive sectors, thereby restricting market competition [6]. Purpose of the Guidelines - The guidelines aim to address the unique characteristics and market competition rules of the public utility sector, providing clearer and more specific guidance for anti-monopoly enforcement and compliance for operators [7]. Development Process - The guidelines were developed through a systematic summary of enforcement experiences and extensive consultation with various stakeholders [8]. Main Content - The guidelines consist of seven chapters and 50 articles, detailing specific manifestations and recognition standards of monopolistic behaviors in the public utility sector [9]. - The first eight articles outline the overall principles of anti-monopoly enforcement in the public utility sector, emphasizing the establishment of compliance management systems by operators and industry associations [9]. Specific Provisions - Articles 9 to 14 elaborate on the forms of monopolistic agreements, including horizontal and vertical agreements among operators, and the conditions under which certain agreements may be exempted from prohibition [10]. - Articles 15 to 25 focus on the abuse of market dominance, detailing factors for recognizing operators with market power and specific abusive practices such as unfair pricing and refusal to deal [11][12]. - Articles 26 to 31 discuss the review of operator concentration, highlighting that certain concentrations may require notification even if they do not meet the reporting threshold [15]. - Articles 32 to 39 emphasize the need for fair competition reviews of policies affecting economic activities in the public utility sector and detail behaviors that abuse administrative power to restrict competition [18]. - Articles 40 to 48 clarify the legal responsibilities applicable to operators, industry associations, and individuals who violate anti-monopoly laws [20].

Core Insights - The company reported a total waste processed of 3.8076 million tons in Q4 2025, with electricity generation reaching 1,373.3632 million kWh and grid electricity of 1,152.9932 million kWh [1] - Cumulatively, the waste processed in 2025 was 14.7296 million tons, representing a year-on-year growth of 2.41% [1] - The cumulative electricity generation for 2025 was 524.0086 million kWh, showing a year-on-year increase of 1.80% [1] - The cumulative grid electricity for 2025 was 435.92829 million kWh, with a year-on-year growth of 2.31% [1] - The cumulative steam supply for 2025 was 112.05 thousand tons, which marked a significant year-on-year increase of 98.81% [1] Operational Data - The company disclosed key operational data for various regions, indicating a comprehensive overview of performance metrics [1]

Core Viewpoint - Green Power has shown a positive stock performance with a year-to-date increase of 5.05% and a recent uptick in trading activity, indicating investor interest in the company's operations and growth potential [2]. Financial Performance - For the period from January to September 2025, Green Power achieved a revenue of 2.582 billion yuan, reflecting a year-on-year growth of 1.49% [2]. - The company's net profit attributable to shareholders reached 626 million yuan, marking a significant year-on-year increase of 24.39% [2]. Stock Performance - As of January 19, Green Power's stock price rose by 2.02%, reaching 7.07 yuan per share, with a trading volume of 31.61 million yuan and a turnover rate of 0.45% [1]. - The stock has experienced a 1.73% increase over the last five trading days and a 4.12% increase over the last 20 days, while it has seen a decline of 1.94% over the past 60 days [2]. Shareholder Information - As of September 30, 2025, Green Power had 35,100 shareholders, a decrease of 3.50% from the previous period [2]. - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2]. Dividends - Since its A-share listing, Green Power has distributed a total of 1.584 billion yuan in dividends, with 934 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 5.209 million shares, a decrease of 5.412 million shares from the previous period [3].

Group 1 - The core point of the article is that 首创环保 (Shouhua Environmental) has announced its total external guarantees amounting to approximately 8.478 billion yuan, which represents 27.54% of the company's most recent audited net assets [1] - The total guarantees provided by the company to its subsidiaries amount to about 3.522 billion yuan, accounting for 11.44% of the company's most recent audited net assets [1] - As of the announcement date, the market capitalization of 首创环保 is 22.2 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of 首创环保 is as follows: wastewater treatment accounts for 36.74%, waste treatment for 21.69%, water treatment business for 19.26%, water supply service for 5.87%, and comprehensive water environment management for 5.59% [1]

Group 1 - Shimao Energy's stock increased by 5.26% to 28.40 CNY per share, with a trading volume of 34.21 million CNY and a turnover rate of 0.77%, resulting in a total market capitalization of 4.544 billion CNY [1] - Shimao Energy, established on December 10, 2003, and listed on July 12, 2021, is primarily engaged in combined heat and power generation, with revenue breakdowns of 60.07% from heat sales, 21.74% from electricity sales, 12.56% from waste treatment, and 5.63% from other sources [1] Group 2 - The fund "China Europe Quantitative Pioneer Mixed A" (014995) holds 125,600 shares of Shimao Energy, accounting for 1.19% of the fund's net value, ranking it as the seventh largest holding [2] - The fund has achieved a year-to-date return of 22.11%, ranking 4106 out of 8087 in its category, and a one-year return of 20.32%, ranking 4118 out of 8071 [2] Group 3 - The fund manager, Qu Jing, has a tenure of 10 years and 225 days, with a total fund size of 3.359 billion CNY and a best return of 195.47% during his tenure [3] - The co-manager, Tang Minwei, has a tenure of 156 days, managing a fund size of 2.139 billion CNY, with a best return of 19.28% during his tenure [3]

Group 1 - The core point of the article is that Shouhua Environmental Protection held a temporary board meeting to discuss the issuance of a notice for a shareholders' meeting [1] - For the first half of 2025, Shouhua Environmental Protection's revenue composition is as follows: wastewater treatment accounts for 36.74%, waste treatment for 21.69%, water treatment for 19.26%, water supply services for 5.87%, and comprehensive water environment management for 5.59% [1] - As of the report date, Shouhua Environmental Protection has a market capitalization of 22.2 billion yuan [1]

Core Viewpoint - Shimao Energy's stock increased by 5.41% to 29.21 CNY per share, with a total market capitalization of 4.674 billion CNY as of November 14 [1] Company Overview - Shimao Energy, established on December 10, 2003, is located in Yuyao City, Zhejiang Province, and was listed on July 12, 2021 [1] - The company's main business involves cogeneration, with revenue breakdown as follows: 60.07% from heat sales, 21.74% from electricity sales, 12.56% from waste treatment, and 5.63% from other sources [1] Fund Holdings - One fund under China Europe Fund holds a significant position in Shimao Energy, specifically the China Europe Quantitative Pioneer Mixed A (014995), which held 125,600 shares, accounting for 1.19% of the fund's net value, ranking as the seventh largest holding [2] - The fund has a current scale of 240 million CNY and has achieved a year-to-date return of 27.49%, ranking 3486 out of 8140 in its category [2] - The fund manager, Qu Jing, has a tenure of 10 years and 184 days, with the fund's best return during this period being 194.22% and the worst being -24.21% [2]

Group 1 - Shimao Energy's stock increased by 5.01%, reaching 28.29 CNY per share, with a trading volume of 80.48 million CNY and a turnover rate of 1.83%, resulting in a total market capitalization of 4.526 billion CNY [1] - Shimao Energy, established on December 10, 2003, and listed on July 12, 2021, is located in Yuyao City, Zhejiang Province, and primarily engages in cogeneration [1] - The company's revenue composition includes: 60.07% from heat sales, 21.74% from electricity sales, 12.56% from waste treatment, and 5.63% from other sources [1] Group 2 - One fund under China Europe Fund holds a significant position in Shimao Energy, with the China Europe Quantitative Pioneer Mixed A Fund (014995) owning 125,600 shares, accounting for 1.19% of the fund's net value, ranking as the seventh largest holding [2] - The China Europe Quantitative Pioneer Mixed A Fund was established on February 16, 2022, with a current size of 240 million CNY, achieving a year-to-date return of 25.01% and a one-year return of 19.79% [2] - The fund manager, Qu Jing, has a tenure of 10 years and 182 days, with the fund's total assets amounting to 3.359 billion CNY, and the best and worst returns during the tenure being 196.24% and -24.21%, respectively [2]