2025 Annual Results Presentation March 2026 China Everbright Environment Group Limited Forward-looking Statement Financial Review 01 Financial Review 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 Environment (Group) Limited ("Everbright Environment" or the "Company", together with its subsidiaries, collectively the "Group") and factors beyond the Company's control and are subject to ...

Core Insights - The article emphasizes the importance of practical action and determination in driving development in Qinghai, especially as it embarks on the "14th Five-Year Plan" and aims for high-quality growth in the new year [1][2]. Group 1: Economic Development - Qinghai's GDP has surpassed 400 billion yuan, marking a significant milestone in its economic growth [1]. - The province leads the nation in the proportion of installed clean energy capacity, indicating a strong focus on renewable energy [1]. - The construction of national parks, such as the Sanjiangyuan National Park, is progressing steadily, contributing to ecological preservation and tourism [1]. Group 2: Strategic Goals - The province aims to transition from a "remote inland" area to a frontier for western openness and a national clean energy industry hub [1]. - The formation of the "1-hour economic circle" in the Lanxi region and the accelerated integration of the Xining-Haidong urban area are key strategic initiatives [1]. Group 3: Practical Action and Competitiveness - The article highlights the necessity of practical efforts in achieving targeted goals, such as promoting green transformation and integrating into the domestic market [2]. - Qinghai is encouraged to recognize its strengths in clean energy, green computing, and ecological tourism to enhance its competitive position [2]. - The province is urged to benchmark against advanced regions and learn from successful practices in energy transition and ecological tourism [2].

Core Viewpoint - China Energy Conservation and Environmental Protection Group (China Energy Conservation) has achieved significant results in enhancing the efficiency of ecological resource conversion through innovative exploration of mechanisms and paths for realizing the value of ecological products, contributing to the wisdom and strength of state-owned enterprises [1] Group 1: Economic Transformation - Promoting the realization of ecological product value is crucial for facilitating a comprehensive green transformation of economic and social development [1] - The related industries of ecological products are becoming new growth poles for industrial development and transformation optimization, with examples including high-quality ecological agricultural products, eco-tourism, and clean energy [1] - New business formats such as organic agriculture, ecological health care, and carbon neutrality services are emerging, providing strong support for the optimization and upgrading of industrial structures [1] Group 2: Regional Development - Cross-regional ecological compensation and industrial cooperation can effectively integrate regional ecological resources, promoting overall protection and restoration of ecosystems [2] - Different regions are developing characteristic ecological industries based on their resource endowments, such as eco-tourism and clean energy in the western regions, and high-end ecological product industries in the eastern regions [2] - The shift from a GDP-centric evaluation system to a dual evaluation system of "ecology + economy" is being explored, incorporating the value of ecological products into economic accounting [2] Group 3: Innovative Development Models - China Energy Conservation is innovating and exploring new paths for ecological priority and green development, establishing a full-chain conversion system from ecological resources to ecological assets and capital [3] - Various industry landing models have been explored, including "pollution control + ecological product development" and "renewable energy + ecological agriculture," achieving good results [3] Group 4: Practical Applications - The company is promoting ecological protection and economic development through systematic pollution control and ecological restoration, creating demonstration projects for the realization of ecological product value [4] - In the solid waste resource utilization sector, a governance system has been innovatively constructed, achieving synergy between waste disposal and ecological agriculture [4] - Successful examples include the processing of 100,000 tons of distiller's grains and 60,000 tons of waste liquid annually, generating 21 million cubic meters of biogas [4] Group 5: Rural Revitalization - The company is exploring new models for rural ecological revitalization, such as the "photovoltaic + smart agriculture" model, which effectively drives local industrial development and farmer employment [5] - Demonstration projects like the 20 MW photovoltaic agricultural greenhouse in Shaanxi integrate photovoltaic power generation, agricultural production, and tourism [5] Group 6: Challenges and Recommendations - The realization of ecological product value faces challenges such as an imperfect policy system and insufficient technical talent support [6] - Recommendations include improving financial and tax policies to support ecological industries, establishing special funds for key technology research, and encouraging financial institutions to develop ecological asset credit loans [6] - Strengthening technological and talent support is essential, with increased investment in key areas like ecological restoration and green energy [6] Group 7: Strengthening Industry Leadership - Central enterprises should leverage their advantages in funding, technology, and industry chain integration to address issues of small and weak ecological industries [7] - The establishment of an ecological product value realization alliance is suggested to create standards for production, evaluation, and trading of ecological products [7]

Group 1 - The core viewpoint emphasizes the importance of the People's Congress system in ensuring that all state power belongs to the people, integrating party leadership, people's democracy, and rule of law [1] - The development of clean energy in Qinghai is highlighted as a key focus area, leveraging the province's natural resources such as abundant water, sunlight, and wind [1] - Research conducted by the provincial representative indicates that energy storage technology is crucial for addressing the intermittent and volatile nature of clean energy generation, enhancing grid acceptance and control capabilities [1] Group 2 - A proposal for a new pricing support policy for energy storage in Qinghai was submitted, advocating for a shared pricing mechanism involving various market participants [2] - The proposal was recognized as a key recommendation, leading to the establishment of a dedicated task force by the provincial People's Congress to study industry policies and address development challenges [2] - The provincial government has approved a market-oriented reform plan for renewable energy pricing, allowing energy storage entities to achieve profitability through a "low charge, high discharge" model, with trading price differences increasing significantly [3] Group 3 - The trading price difference for energy storage has risen to 0.57 yuan per kilowatt-hour, an increase of 0.22 yuan compared to the previous commercial peak and valley price difference, indicating a substantial rise in revenue levels [3] - Ongoing research into capacity pricing policies on the generation side is being conducted by relevant provincial departments to further enhance the energy storage industry [3] - The representative expresses a commitment to continue engaging with grassroots communities to transform their concerns into actionable suggestions for economic and social development [3]

Group 1 - Su Mei Da's stock price increased by 5.02%, reaching 11.93 yuan per share, with a trading volume of 1.79 billion yuan and a turnover rate of 1.16%, resulting in a total market capitalization of 155.90 billion yuan [1] - Su Mei Da Co., Ltd. is located at 198 Changjiang Road, Nanjing, Jiangsu Province, established on June 24, 1996, and listed on July 1, 1996. The company operates in two main business segments: industrial chain and supply chain [2] - The industrial chain includes sectors such as consumer goods and environmental protection, with main products/services including textiles, home power products, environmental engineering, clean energy, and shipbuilding [2] Group 2 - The supply chain segment focuses on integrated services for bulk commodity operations and the import of electromechanical equipment, contributing 71.59% to the main business revenue, while the industrial chain contributes 28.20% [2] - The top ten holdings of the fund include Su Mei Da, with the Pu Yin An Sheng Hong Li Selected Mixed A Fund holding 359,900 shares, accounting for 2.45% of the fund's net value, and generating an estimated floating profit of approximately 205,100 yuan [3] - The fund manager, Chen Chen, has been in position for 1 year and 118 days, with the fund's total asset size at 327 million yuan and a best return of 29.61% during his tenure [4]

Core Viewpoint - Jiufeng Energy (605090) aims to become the most valuable clean energy service provider, focusing on enhancing core competitiveness across its business segments and exploring new growth opportunities [1] Business Development - The company has established a business development structure consisting of clean energy, energy services, and specialty gases, referred to as "one main and two wings" [1] - Jiufeng Energy has maintained stable growth in operating performance since its listing [1] Shareholder Value - The company actively protects the interests of all shareholders through continuous cash dividends and share buybacks since its listing [1] - Efforts are being made to enhance the company's brand value in the capital market [1] Future Strategy - Jiufeng Energy plans to continue implementing its business development strategy and strengthen operational management to enhance intrinsic value [1] - The company will optimize its market value management and investor relations management in accordance with the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" [1]

Core Viewpoint - The meeting between KEGOC and Shanghai Electric focuses on deepening cooperation in clean energy, smart grids, and other areas, highlighting mutual trust and collaboration opportunities [1] Group 1: Company Collaboration - KEGOC's Chairman, Nabi Aitzhanov, expressed the desire to enhance cooperation with Shanghai Electric in coal power transformation, energy expansion, and smart grid upgrades [1] - Shanghai Electric's Vice President, Xiao Weihua, indicated the company's willingness to share innovative experiences in green, digital, and intelligent collaboration based on the previously signed cooperation agreement [1]

Market Overview - On January 23, the A-share market experienced a broad-based rally, with all three major indices closing higher: Shanghai Composite Index up 0.33% at 4136.16 points, Shenzhen Component Index up 0.79% at 14439.66 points, and ChiNext Index up 0.63% at 3349.50 points. The North Star 50 index surged over 3% [1] - Market trading volume significantly increased, with the total turnover of Shanghai and Shenzhen stock exchanges reaching 3.09 trillion yuan, an increase of nearly 400 billion yuan compared to the previous trading day, marking a new high for the phase [1] - Strong sectors included photovoltaic equipment, commercial aerospace, and AI applications, with the photovoltaic sector rising over 9% in a single day, and more than 30 stocks hitting the daily limit [1] - Over 3900 stocks rose, with 121 hitting the daily limit and only 2 declining, indicating a clear improvement in market sentiment [1] Main Capital Trends - Major funds exhibited a "new over old" characteristic, with net inflows into the photovoltaic equipment sector amounting to 8.842 billion yuan, and energy metals and optical electronics receiving 2.963 billion yuan and 2.743 billion yuan respectively. Conversely, the semiconductor and communication equipment sectors saw net outflows of 8.844 billion yuan and 6.349 billion yuan [2] - Northbound funds recorded a net purchase of over 5 billion yuan, focusing on resource stocks like Zijin Mining and Shandong Gold, as well as consumer sectors [2] - Margin financing balances increased to 2.72 trillion yuan, indicating a return of high-risk preference funds [2] Investment Opportunities from First Limit-Up Stocks - Jiangsu Cable (600959): A leading regional media company with significant undervaluation, benefiting from the integration and upgrade of broadcasting networks. The stock hit the daily limit on January 23, closing at 4.07 yuan, with a five-day increase of 6.82% [3] - Chengzhi Co., Ltd. (000990): A chemical new materials company with low valuation and industry upgrade catalysts. The stock also hit the daily limit on January 23, closing at 9.21 yuan, with a five-day increase of 14.13% [4] - Suotong Development (603612): A leader in carbon materials benefiting from the recovery in the electrolytic aluminum industry. The stock hit the daily limit on January 23, closing at 29.15 yuan, with a five-day increase of 12.68% [5] Risks from Continuous Limit-Up Stocks - Yujing Co., Ltd. (002943): A precision CNC equipment company experiencing a second consecutive limit-up, but with significant valuation bubble concerns. The stock closed at 66.31 yuan on January 23, with a five-day increase of 22.34% [6] - Junda Co., Ltd. (002865): A photovoltaic cell company facing high valuation premiums after a second consecutive limit-up. The stock closed at 99.44 yuan on January 23, with a five-day increase of 20.36% [7] - Jin'an Guoji (002636): A copper-clad laminate company with a second consecutive limit-up, but with concerns over overextended market sentiment. The stock closed at 25.63 yuan on January 23, with a five-day increase of 42.07% [8] Market Summary and Investment Recommendations - The A-share market saw a broad rally on January 23, with significant increases across major indices and a notable rise in trading volume. Key sectors included photovoltaic, commercial aerospace, and AI applications, while financials and energy sectors faced pullbacks [10] - In stock selection, valuation deviation is a core consideration, with Jiangsu Cable, Chengzhi Co., Ltd., and Suotong Development showing significant undervaluation and potential for valuation recovery [10] - Conversely, stocks like Yujing Co., Ltd., Junda Co., Ltd., and Jin'an Guoji are experiencing high valuation premiums and should be approached with caution [10]

Core Viewpoint - The Hainan Free Trade Port has significantly enhanced the operational capabilities and market reach of various companies, leading to substantial growth and development opportunities in the region [1]. Group 1: Policy Benefits and Market Expansion - Under the tariff exemption policy for value-added processing, Oscar Grain and Oil has saved approximately 300 million yuan in tariff costs, alongside a reduction in overall operational costs due to a 15% corporate and personal income tax rate [2]. - Oscar Grain and Oil has adopted a "two ends outside" strategy, successfully entering over ten international markets, with an annual foreign trade import and export volume reaching 825 million USD [2]. - The Hainan Free Trade Port has provided a broad platform for companies, with Oscar Grain and Oil's output value expected to increase from 10 billion yuan to between 20 billion and 25 billion yuan during the 14th Five-Year Plan period [2]. Group 2: Industry Development and Innovation - The one-stop aircraft maintenance industrial base in Haikou has completed over 2,400 aircraft maintenance tasks and over 300 complete aircraft paint jobs, serving more than 20 foreign airlines [2]. - The base aims to develop an aircraft dismantling industry chain and expand high-value-added maintenance services, enhancing cooperation with Southeast Asia and Oceania [2]. - The establishment of a healthy chocolate brand by Qiaozhi Enterprise has been facilitated by easier raw material imports and reduced costs, leading to a strong market response with orders exceeding 30 million yuan [3]. Group 3: Transformation and Growth - The energy sector, represented by Datang Hainan Energy Development, has expanded from a single power generation focus to a comprehensive energy service model, with installed capacity growing from zero to over 3 million kilowatts [4]. - The company has integrated advanced technologies such as AI monitoring and drone inspections, transforming its power plants into intelligent entities [4]. - Hainan Flyer Technology has evolved from a three-person team to a technology enterprise with over 80 patents, benefiting from zero-tariff policies that lower R&D equipment import costs [6].

Group 1: Core Points - The meeting between Chinese and Canadian leaders resulted in a joint statement emphasizing the commitment to mutual respect and benefit in advancing the new strategic partnership between the two countries [3][4] - Both countries agreed to enhance cooperation in various sectors, including macroeconomics, trade, energy, finance, public safety, cultural exchange, and multilateralism [4][5][6] Group 2: Energy Cooperation - China and Canada agreed to support exchanges and cooperation in the clean energy sector and to strengthen collaboration in the development of traditional energy resources such as oil and natural gas [4] - A ministerial energy dialogue will be initiated to identify key areas for bilateral investment and trade in both clean and traditional energy [4] Group 3: Trade and Economic Relations - The leaders agreed to restart high-level economic and financial strategic dialogues to discuss a wide range of topics and strengthen bilateral economic relations [4] - Both parties expressed commitment to expanding bilateral trade and enhancing two-way investment, while also emphasizing the importance of a fair and open business environment for enterprises [4] Group 4: Signed Cooperation Documents - Several cooperation documents were signed during the visit, including agreements on crime fighting, modern wood structure construction, economic cooperation roadmap, cultural exchange, food safety, and energy cooperation [7]