Annual Report of 2025 Company Code: 600886 Company Abbreviation: SDIC Power ## SDIC Power Holdings Co., Ltd. ## Annual Report of 2025 1 Annual Report of 2025 ### Important Notes I. The Board of Directors, directors, and the senior executives of the Company guarantee the annual report does not have any false records, misleading statements or material omissions, and assume individual and joint liabilities for the truthfulness, accuracy and completeness of the report. II. All directors of the Company have attended the meeting of the Board of Directors for the deliberation of the annual report. III. BDO China Shu Lun Pan CPAs (Special General Partnership) has provided a standard unqualified audit report for the Company. IV. Guo Xuyuan - the person in charge of the Company, Zhou Changxin - the principal of accounting work and Zhao Lijun - the person in charge of the accounting department (accounting officer) declare that we can ensure the authenticity, accuracy and integrity of the financial statements in the annual report. V. Profit distribution plans or plans of share capital increase from accumulation fund in the reporting period adopted by the Board of Directors The 2025 Profit Distribution Plan approved at the 10th Meeting of the Company's 13th Board of Directors: The Board of Directors proposes to distribute the cash dividend at RMB 0.5081 per share (tax included), totaling RMB 4,067,083,534.52 (accounting for 55% of the Company's net profits attributed to shareholders of listed company for the year), based on 8,004,494,262 shares at the end of 2025. As of the end of the reporting period, the relevant circumstances of the parent company’s accumulated uncovered losses and their impacts on matters including the company’s dividend distribution □ Applicable √ Not Applicable VI. Risk disclosure statement about forward-looking statements √ Applicable □ Not Applicable The forward-looking statements of the Company about future development strategies and business plans don't constitute any substantive commitment of the Company to investors. Investors shall pay attention to investment risks. VII. Whether the capital is occupied by the controlling shareholder and its related parties for the non-operating capital occupation No 2 Annual Report of 2025 VIII. Whether there is any external guarantee violating the specified decision-making procedure No IX. Whether more than half of the directors are unable to ensure the authenticity, accuracy and completeness of the annual report disclosed by the Company No X. Major risk warning The Company analyzes the possible impact of relevant risks on the Company's business and development in this report. For details, please refer to (IV) Possible risks in Subsection “VI. Discussion and Analysis on the Future Development of the Company” in Section III Management Discussion and Analysis. XI. Others □ Applicable √ Not Applicable RESPONSIBILITY STATEMENT For the purposes of the United Kingdom's Financial Conduct Authority's Transparency Rule 4.1.12(3), each director (whose names and functions are listed on page 51 to 54), to the best of his or her knowledge, confirms that: • the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole; and • the management report (being this annual report, excluding the financial statements referred to above and the independent auditor's report thereon, starting from page 116) includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. 3 Annual Report of 2025 ### Contents Section I Interpretations.......................................................................................................................5 Section II Company Profile and Key Financial Indicators...................................................................7 Section III Management Discussion and Analysis...............................................................................12 Section IV Corporate Governance, Environment and Society .............................................................48 Section V Important Matters ............................................................................................................... 72 Section VI Changes in Shares and Shareholders..................................................................................91 Section VII Bonds..................................................................................................................................98 Section VIII Financial Reports..............................................................................................................116 4 Annual Report of 2025 ### Section I Interpretations I. Interpretations For the purpose of the Report, the following words shall have the meanings as follows, unless otherwise specified: the operating hours when the power generation from the | generating equipment is converted to rated power within the sum of installed capacity multiplying by the the quantity of active energy generated from primary | | --- | | the sum of the installed capacity of a company's power the proportion of the electricity consumption of energy by generator units through processing, namely, Utilization hours a period. This indicator is used to reflect the utilization shareholding ratio of a company's power plants and the the measured electricity generated by power plants and mean | | Power generation Attributable installed capacity means means | | of the generating equipment calculated as per its existing power plants in which the company holds On-grid energy connected to the grid connection points, also known as Holding installed capacity plants and the existing power plants in which the Overall power consumption rate generating equipment and other electricity consumption the product of actual active power and actual run time of the State-owned Assets Supervision and Administration the total installed capacity of operating power plants Xiamen Huaxia International Power Development Co., the National Development and Reform Commission of Company, the Company, or SDIC means means means | | SASAC Total installed capacity Huaxia Power NDRC SDIC Power Holdings Co., Ltd. means means means means means | | 5 sold energy company holds controlling shares during power generation in the power generation Red Rock Investment, or Redrock Redrock Investment Limited Red Rock Renewables means Red Rock Renewables Limited owned by a company and its affiliates or holdings SDIC Qinzhou SDIC Qinzhou Electric Power Co., Ltd. SDIC Qinzhou Second Power SDIC Qinzhou Second Power Co., Ltd. Ltd. SDIC Panjiang SDIC Panjiang Power Co., Ltd. SDIC Genting Meizhouwan SDIC Genting Meizhouwan Electric Power Co., Ltd. nameplate capacity. Standard coal the ideal coal that generates calorific value of 29,307.6 Interpretations of common words the PRC SDIC or controlling shareholder State Development & Investment Corp., Ltd. Power Yalong Hydro Yalong River Hydropower Development Co., Ltd. SDIC Dachaoshan SDIC Yunnan Dachaoshan Hydropower Co., Ltd. Installed capacity the sum of rated power of power generating equipment shares or controlling shares SDIC New Energy Investment SDIC New Energy Investment Co., Ltd. Jaderock Investment, or Jaderock Jaderock Investment Singapore Pte. Ltd. CSRC China Securities Regulatory Commission SDIC Xiaosanxia SDIC Gansu Xiaosanxia Power Co., Ltd. SDIC Beijiang Tianjin SDIC Jinneng Electric Power Co., Ltd. generator sets Commission of the State Council SSE Shanghai Stock Exchange means means means means means means means means means means means means means means means means | Annual Report of 2025 | Coal consumption for power Coal consumption for power | | --- | | the standard coal consumption per unit power generation the standard coal consumption per unit power supply means means | | 6 GDR the global depository receipt (GDR) supply kJ per kilogram generation means | Annual Report of 2025 ### Section II Company Profile and Key Financial Indicators I. Company information II. Contacts and contact information III. Basic information IV. Information disclosure and preparation place V. Company shares Securities, Legal Affairs and Risk Control Department, Floor Preparation place for the annual report 15, Building 147, Xizhimen South St, Xicheng District, Names and websites of the media No. 575, Zhangsutan, Chengguan District, Lanzhou City, China Securities News, Shanghai Securities News, Securities | of the Company Beijing London Stock selected by the Company to disclose the Change in the registered address Gansu Province Shanghai Stock Floor 12, Building 147, Xizhimen South St, Floor 15, Building 147, Xizhimen South St, Stock exchange websites where the Room 1108, Floor 11, Building 147, Xizhimen South St, Stock abbreviation | | | | --- | --- | --- | | GDR SDIC Power Holdings Co., Ltd. SDIC - Times A-share SDIC Power 600886 Hubei Xinghua Address Share type www.sse.com.cn Registered address of the Company Stock exchange | Stock code Stock abbreviation | | | 7 E-mail gtdl@sdicpower.com Legal representative of the Company Guo Xuyuan Company name in Chinese 国投电力控股股份有限公司 Company website www.sdicpower.com Company abbreviation in English SDIC Power Postal code of business address 100034 Company name in English SDIC Power Holdings Co., Ltd. Company office address Building 147, Xizhimen South St, Xicheng District, Beijing Company abbreviation in Chinese 国投电力 E-mail gtdl@sdicpower.com gtdl@sdicpower.com Exchange annual report Company discloses the annual report (changed to the current registered address in December 2014) Xicheng District, Beijing Exchange Name Zhou Changxin Ma Wenjin Xicheng District, Beijing Xicheng District, Beijing Tel. 010-88006378 010-88006378 Fax 010-88006368 010-88006368 | prior to change Secretary of the Board of Directors Securities Affairs Representative | Company shares | Annual Report of 2025 VI. Other relevant information VII. Key accounting data and financial indicators for the past three years (I) Key accounting data Unit: Yuan Currency: RMB Sponsor institution performing Sponsor institution performing the continuous supervision the continuous supervision responsibility in the reporting Accounting firm engaged by the responsibility in the reporting period Company (Domestic) Net profits attributed to period | The period for Names of the Tower A, China Overseas International Center, Names of the The period for shareholders of listed Names of the Net assets attributed to Floor 12, SDIC Financial Building, No.2 Net profits attributed to | Year-on-year Year-on-year | | | | --- | --- | --- | --- | | | 7,355,063,862.23 6,589,378,541.36 6,489,958,603.20 | | 13.33 | | continuous March 6, 2025 to December 31, 2026 Office address Building 7, Courtyard 5, Anding Road, signing sponsor Chen Shi, Zheng Yang continuous March 6, 2025 to December 31, 2026 company after deducting signing Shi Aihong, Han Dawei shareholders of listed Office address Fuchengmen North street, Xicheng district, shareholders of listed Net cash flow from signing sponsor Li Ning, Wu Peng CITIC Securities Building, 48 Liangmaqiao BDO China Shu Lun Pan CPAs (Special increase/decrease increase/decrease At the end of 2025 At the end of 2023 At the end of 2024 | 72,641,738,935.18 59,066,528,950.49 61,986,777,913.35 7,393,381,322.00 Key accounting data 6,704,936,953.85 6,643,033,266.19 | 2025 2023 2024 | 17.19 11.30 | | Office address Name | 31,569,574,019.80 21,268,122,590.08 24,657,128,874.02 | | 28.03 | | 8 Operating revenue Total Profit supervision Total assets representatives Chaoyang District, Beijing representatives non-recurring gain or loss supervision Name SDIC Securities Co., Ltd. accountants Name CITIC Securities Co., Ltd. Road, Chaoyang District, Beijing company General Partnership) Beijing company operating activities 313,579,818,706.81 277,363,021,076.32 296,536,685,805.74 | 53,014,434,927.30 16,318,241,105.57 56,711,862,469.69 14,215,460,365.51 57,819,279,281.44 15,705,986,686.06 | (%) (%) | -8.31 3.90 5.75 | Annual Report of 2025 (II) Key financial indicators Explanation on the key accounting data and financial indicators of the Company for the past three years by the end of the reporting period □ Applicable √ Not Applicable VIII. Difference in accounting data under domestic and foreign accounting standards (I) Difference arising from the net profit and net assets attributed to shareholders of listed company in the financial statements disclosed simultaneously pursuant to the international accounting standards and the PRC GAAP Standards □ Applicable √ Not Applicable (II) Difference arising from the net profit and net assets attributed to shareholders of listed company in the financial statements disclosed simultaneously pursuant to the foreign accounting standards and the PRC GAAP Standards □ Applicable √ Not Applicable (III) Explanation on the difference between domestic and foreign accounting standards: □ Applicable √ Not Applicable IX. Quarterly key financial data in 2025 Unit: Yuan Currency: RMB Explanation for discrepancy between quarterly data and those in periodic report disclosed Net profits attributed to shareholders of listed | company after Net profits attributed to | 2,071,976,579.77 2,724,323,381.24 1,704,536,102.14 Year-on-year 854,227,799.08 | Q4 | | | | --- | --- | --- | --- | --- | | 2023 | 2024 2025 | Q1 Q2 Q3 | | | | Net cash flow from Weighted average ROE after deducting increase/decrease (%) deducting non-recurring shareholders of listed Basic earnings per share after deducting | 2,078,173,518.71 2,722,502,511.61 1,716,354,515.87 Decrease by 0.45 Decrease by 0.23 (October to 876,350,775.81 | | Key financial indicators | | | Weighted average ROE (%) (July to September) 0.8599 (January to March) 12.55 12.78 | 7,275,274,686.36 9,976,698,011.05 (April to June) 6,820,567,953.18 7,497,033,369.21 | 0.8464 11.52 11.80 0.9118 11.29 11.35 | | 7.73 | | 9 operating activities non-recurring gain or loss (%) company Basic earnings per share (RMB/share) non-recurring gain or loss (RMB/share) gain or loss Operating revenue Diluted earnings per share (RMB/share) 0.8754 0.8754 | 14,875,587,010.87 13,121,801,284.04 12,575,103,352.51 12,441,943,279.88 percentage points percentage points December) | 0.8669 0.8669 0.9166 0.9166 | | 5.73 5.73 | Annual Report of 2025 □ Applicable √ Not Applicable X. Non-recurring gain or loss items and amounts √ Applicable □ Not Applicable Unit: Yuan Currency: RMB Government subsidies recognized in the current Reasons shall be given for the non-recurring gain or loss items defined by the Company according to the Profits and losses on the change of fair value of Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Securities to the profit and loss, excluding those closely related to the trading financial assets and trading financial Income arising from the part when the fair value of Public - Non-Recurring Gain or Loss, and for the non-recurring gain or loss items listed in the normal operation of the Company and granted on an liabilities held by non-financial businesses, profits net identifiable assets of the investee the enterprise 55,166,313.28 18,683,142.00 38,292,270.80 -1,467,144.90 43,909,282.81 2,708,575.20 ongoing basis in standard fixed amount or fixed | and losses from disposal of financial assets and should enjoy when it acquired less than the cost of Gains or losses from disposal of non-current assets , | 180,674.93 14,760,726.74 | | | --- | --- | --- | | quota in accordance with government policies and | Amount of | Non-recurring gain or loss items | | financial liabilities, except for effective hedging investment in the subsidiaries, associates and joint Other non-operating incomes and expenses other including the write-off part for which the assets Due to force majeure factors, such as natural Other gain or loss items and amounts conforming to Amount of 2023 Amount of 2024 | | | | | 7,225,609.13 -1,068,584.39 189,959,714.51 | | | 157,914,192.79 | 9,700,644.38 -62,069,792.26 -60,760,819.11 2025 283,231.06 | | regulations business related to the Company's normal business ventures than the above impairment reserve has been provided disasters of all assets losses the definition of non-recurring gain or loss Less: Affected amount of income tax Affected amount of minority equity (after tax) 115,558,412.49 38,317,459.77 153,074,662.99 Total 25,684,605.12 26,954,318.83 74,085,962.59 4,309,590.28 -19,512,221.65 -5,054,753.45 10 Annual Report of 2025 Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Securities to the Public - Non- Recurring Gain or Loss, which is defined as regular gain or loss. □ Applicable √ Not Applicable XI. Companies with stock ownership incentives or employee stock ownership plans may elect to disclose net profit after deducting the impact of share-based payments □ Applicable √ Not Applicable XII. Items measured at fair value √ Applicable □ Not Applicable Unit: Yuan Currency: RMB XIII. Others □ Applicable √ Not Applicable Gui'an New Area Power Effect on the | Tianjin Power Exchange Distribution and Retailing Co., Guangxi Power Exchange SDIC Hami Industrial Co., Beijing Power Exchange Sichuan Power Exchange Yunnan Coal Chemical National Coal Trading Center | Change for the 60,013,129.21 Beginning 59,142,900.00 | -870,229.21 | | | --- | --- | --- | --- | | ICOL Equity Contingent Ending balance | profit for the 10,370,432.37 59,098,800.00 12,000,000.00 10,370,432.37 47,338,200.00 12,000,000.00 9,541,095.99 9,541,095.99 2,607,256.83 2,607,256.83 7,670,940.00 7,712,700.00 3,177,388.07 3,177,388.07 -11,760,600.00 | 41,760.00 | Item 0.00 0.00 0.00 0.00 0.00 | | Ltd. Center Co., Ltd. Center Co., Ltd. Industry Group Co., Ltd. | 122,532,750.00 132,903,312.36 -122,532,750.00 14,168,850.00 -132,903,312.36 balance 1,811,325.93 | period | 0.00 0.00 | | Co., Ltd. Zhongmin Energy Co., Ltd. Center Co., Ltd. Center Co., Ltd. Ltd. | | | | | 11 Consideration Yunwei Stock | 438,987,988.53 175,477,148.96 19,072,883.70 23,587,175.70 -263,510,839.57 20,494,467.93 4,514,292.00 | period 4,514,292.00 | Total | Annual Report of 2025 ### Section III Management Discussion and Analysis I. Business of the Company during the reporting period (I) Main business of the Company The business scope of the Company mainly includes investment, construction, operation and management of power-generation-dominated energy projects, development and operation of new energy projects and high-tech and environment protection industries, development and operation of auxiliary products of electric power and provision of information and consultation services. The Company has made relevant deployments in hydropower, thermal power, wind power, solar power and so on, and has also actively explored new business forms and new models related to clean energy. The investment and development of clean energy are the main focus of the Company's business growth. As of the end of 2025, the Company’s controlled installed capacity in operation amounted to 46,895.6 MW, comprising 21,304.5 MW of hydropower, 13,074.8 MW of thermal power (including waste-to-energy), 4,140.3 MW of wind power, 7,689.4 MW of solar power, and 686.6 MW of energy storage. (II) Operation mode The Company engages in the whole life cycle investment, development, construction, operation and management of various energy and power projects, and has established differentiated and standardized operation systems for different business segments. (III) Market position of the Company In terms of the installed capacity structure, the Company is an integrated electric power listed company dominated by clean energy and supplemented by hydropower, thermal power, wind power and solar power.With hydropower installed capacity of 21,304.5 MW under its control, the Company is the third-largest listed hydropower company in China by installed capacity, holding a leading position among its peers. The Company has vigorously developed its clean energy business. As of the end of 2025, the proportion of clean energy installed capacity increased to 72.12%, reflecting a high-quality and stable power generation mix with significant multi-energy synergy advantages. In terms of business distribution, the Company is a listed power company with domestic business as its main business and steady overseas development. Its domestic businesses are mainly distributed in Sichuan, Yunnan, Gansu, Fujian, Guangxi, Tianjin, Guizhou, Qinghai, Ningxia, Xinjiang, Hainan, Hunan, Shaanxi, Jiangsu, Zhejiang, Hebei, Liaoning, Hubei, Xizang, Shanxi, Inner Mongolia, Anhui, Jiangxi and other provinces. Compared with other companies in the same industry, under the background of intensified market competition and great pressure on energy conservation and environmental protection, the Company has obvious advantages in energy structure dominated by clean energy, outstanding economic and social benefits, high asset quality and strong risk resistance capacity of its projects. 12 Annual Report of 2025--- ## II. Industry of the Company during the reporting period According to data released by the China Electricity Council, the national power system operates in a safe and stable manner, power supply continues its green and low-carbon transition, power consumption maintains steady and sound growth, and the overall power supply and demand remains balanced. ### (I) Electricity consumption demand situation In 2025, China’s total social electricity consumption reached 10.37 trillion kWh, representing a year-on-year growth of 5.0%. **By industrial sector**, electricity consumption stood at:149.4 billion kWh for the primary industry, a year-on-year growth of 9.9%, representing an acceleration of 3.6% from the previous year; 6.64 trillion kWh for the secondary industry, a year-on-year growth of 3.7%; 1.99 trillion kWh for the tertiary industry, a year-on-year growth of 8.2%; and 1.59 trillion kWh for urban and rural residential electricity consumption, a year-on-year growth of 6.3%. **Regionally**, positive year-on-year growth in electricity consumption was recorded in all provincial-level regions nationwide. Electricity consumption in the eastern, central, western and northeastern regions rose by 5.5%, 4.9%, 4.4% and 4.4% year on year respectively, with the eastern region leading in growth rate. The growth rates of 13 provincial-level regions including Xizang, Guizhou, Zhejiang, Hebei, Jilin and Fujian exceeded the national average level. ### (II) Electricity production and supply situation By the end of 2025, China’s total installed capacity reached 3.89 billion kW, representing a year-on-year growth of 16.1%. In 2025, China’s newly installed capacity nationwide reached 550 million kW, representing an additional newly commissioned capacity of 110 million kW year-on-year. Wind and solar power accounted for more than 80% of the total newly installed capacity, and the development of power system regulatory capacity was accelerated in parallel. By the end of 2025, the installed capacity of all sizes of non-fossil energy power generation stood at 2.40 billion kW, a year-on-year growth of 23.0%. It accounted for 61.7% of the total installed capacity, representing an increase of 3.5 percentage points over the previous year. Of this total, hydropower capacity stood at 450 million kW, nuclear power at 62.48 million kW, grid-connected wind power at 640 million kW, and grid-connected solar power at 1.2 billion kW. Grid-connected wind, solar and biomass power generation accounted for 97.1% of the country’s newly added electricity consumption, emerging as the primary source meeting incremental electricity consumption. In 2025, the utilization hours of power generation equipment at power plants with installed capacity of 6,000 kW and above nationwide stood at 3,119 hours, a year-on-year drop of 312 hours. By energy type, the utilization hours stood at 3,367 hours for hydropower, an increase of 12 hours year-on-year; 4,147 hours for thermal power, a decrease of 232 hours year-on-year; 7,809 hours for nuclear power, an increase of 126 hours year-on-year; 1,979 hours for grid-connected wind power, a decrease of 148 hours year-on-year; and 1,088 hours for grid-connected solar power, a decrease of 113 hours year-on-year. ### (III) National power supply and demand balance In 2025, with the commissioning of a number of supportive and baseload power sources as well as multiple UHV DC transmission projects, China’s capacity for power resource allocation was further 13 Annual Report of 2025--- enhanced. During the summer peak period, through measures including boosting power generation capacity, optimizing resource allocation and strengthening load management, the power system effectively coped with challenges featuring record-high average temperatures, the longest peak power demand periods on record and the largest number of record-breaking power load spikes. Overall balance was maintained in power supply and demand. During the winter peak period, China’s overall power supply and demand remained balanced nationwide. Short-term cold waves drove power loads to surge; nevertheless, through market-based mechanisms and inter-provincial and cross-regional power redistribution, stable supply-demand conditions were maintained. ### III. Discussion and analysis of operations 2025 marks the concluding year of the 14th Five-Year Plan and a pivotal year for planning and layout of the 15th Five-Year Plan. Under the scientific decisions of the General Meeting of shareholders and the sound leadership of the Board of Directors, the Company has focused on building a professional operation and management platform as its main task and high-quality development as its core priority. It has coordinated key initiatives including work safety, business development and scientific & technological innovation, risen to challenges and taken proactive actions, achieving remarkable progress in all undertakings. #### (I) Main operating results In 2025, the Company achieved operating revenue of RMB 53.014 billion, representing a year-on-year decrease of 8.31%. Net profit attributable to shareholders of the listed company was RMB 7.393 billion, an increase of 11.30% year-on-year. Basic earnings per share reached RMB 0.9166, up 5.73% year-on-year. As of the end of 2025, the Company’s total assets amounted to RMB 313.580 billion, an increase of RMB 17.043 billion from the end of the prior period. The asset-liability ratio was 60.52%, down 2.70 percentage points from the end of the prior period. In 2025, the Company achieved power generation of 158.093 billion kWh, a year-on-year decrease of 8.12%; on-grid electricity (electricity sold) reached 154.209 billion kWh, down 8.06% year-on-year; and the average on-grid electricity tariff was RMB 0.355/kWh, a year-on-year decrease of 1.11%. As of the end of 2025, the Company’s total installed capacity under operation (controlling interest) reached 46,895.6 MW, a year-on-year increase of 2,260.9 MW. Among this, clean energy installed capacity amounted to 33,820.8 MW, accounting for 72.12% of the total, an increase of 1.7 percentage points year-on-year. #### (II) Business development **Business development and layout expansion were further accelerated.** Following national and local policy orientations, the Company has focused on key regions and major projects. By adopting multiple initiatives, it has actively secured high-quality project resources and made full efforts to obtain development resources in key sectors including large desert, Gobi and barren land renewable bases, new-generation coal-fired power projects and offshore wind power projects. Relying on its contribution to coal power supply security, the Company has successfully obtained approval/filing for a number of 14 Annual Report of 2025 new energy projects, and the integrated coal power plus new energy development model has been substantially implemented. Meanwhile, the Company has intensified the development of high-quality new energy projects across multiple regions including Sichuan, Guangxi, Yunnan, Shanxi, Hebei, Guizhou and Shandong. A number of projects have obtained official approval or filing, while high-quality new energy resources have been reserved in tandem. Focusing on the development of Yalong River Basin integrated hydro-wind-solar base. The Company has achieved multiple new breakthroughs in key areas and core projects including hydropower development and supporting power transmission projects. All annual priority tasks have attained important phased outcomes. In terms of river basin hydropower development, the Yagen II Hydropower Station and Lenggu Hydropower Station have been officially listed as key hydropower development projects of the Yangtze River Basin. Regarding supporting power transmission projects, the Company has completed the research on base power transmission planning, and achieved important phased progress in actively promoting bundled outward delivery of new energy supporting the Yazhong and Jinsu UHV DC transmission lines. (III) Operation management Capital operations empower high-quality development. In line with national policies encouraging long-term capital participation in the capital market, the Company has completed the registration of A-share private placement to the specific object, National Council for Social Security Fund. The total fund raised reached RMB 7 billion. River closure works have been successfully completed for two projects invested with raised funds, namely the Mengdigou and Kala Hydropower Stations in the middle reaches of the Yalong River Basin, with their main construction projects advancing in an orderly manner. This has injected sustained impetus into the Company’s high-quality development. Quality improvement and efficiency enhancement have been achieved in marketing management. The Company has advanced the development of a professional marketing operation and management platform, completed the top-level design of its marketing system, and launched its implementation across major business regions. In addition, the Company has deepened research on the electric power market, conducted special research in multiple fields and closely followed policy developments, providing strong support for the Company’s scientific decision-making and operational revenue growth. The level of professional management has been continuously improved. The Company has systematically promoted the optimization of its management system and organizational restructuring, established a financial sharing center, carried out orderly institutional optimization at its headquarters and invested enterprises, and improved the standardized management system for various power sources. It has advanced regional integration of multiple new energy enterprises and gradually established provincial coordinated management mechanisms. Its management efficiency and collaborative operation capabilities have been significantly enhanced, providing solid support for the Company’s high-quality development. 15 Annual Report of 2025 Scientific and technological innovation empowers development. The Company has improved its scientific and technological innovation organization and institutional system, completed technological layout in seven core sectors including hydropower and thermal power, and developed a technological roadmap. It has thoroughly implemented the SASAC AI+ Special Action, set up a special artificial intelligence working group. The case of Yalong Hydro, Intelligent Whole-Life-Cycle Management and Control of Large High-Altitude Solar Power Stations, has been successfully selected into the first batch of high-value strategic artificial intelligence scenarios for central enterprises issued by SASAC. Collaborative financial control empowers development. The Company has continuously enhanced its professional financial management capabilities, fully tapped into potential for value creation, and promoted steady improvement in operational benefits through refined management and efficient allocation of resources. The Company has comprehensively advanced the digital and intelligent transformation of financial management. Relying on financial data as the core support, it has promoted deep integration of business and finance, so as to provide decision support for business development. It has deepened bank-enterprise cooperation, innovated financing methods and channels, safeguarded the Company’s capital security, and supported its high-quality development. Efficiency improvement and cost reduction have been achieved in procurement management. The Company has strengthened professional whole-process management of bidding and procurement, vigorously promoted centralized procurement, and continuously enhanced its procurement bargaining power. It has deepened research on coal market trends, optimized transportation plans for long-term contracted coal, flexibly regulated the procurement pace of market coal, and effectively reduced coal procurement costs. It has strictly tightened on-site fuel indicator control and comprehensively improved refined fuel management capabilities. (IV) Production infrastructure The Company promoted high-quality project construction. Ongoing project, the Yalong River Basin integrated hydro-wind-solar base has advanced in an orderly manner. River closure works were completed simultaneously for the Mengdigou Hydropower Station and Yagen I Hydropower Station. The Chabulang Solar Power Station, China’s largest ultra-high altitude mountain photovoltaic project, has been fully commissioned and put into operation at full capacity, and the Suorong Solar Power Station has been successfully connected to the grid. Unit 5 of Huaxia Power has been successfully commissioned for operation. Construction of Units 5 and 6 at Meizhouwan Power Station has commenced. Steady progress has been made in the construction of Units 3 and 4 at SDIC Qinzhou Second Power, as well as Units 1 and 2 of Zhoushan Gas Turbine Power Generation. Work safety has been continuously strengthened. The Company has deepened the implementation and application of its HSE management system, and achieved steady improvement in work safety performance. Huaxia Power has maintained continuous work safety operation for more than 8,000 days, and record highs for continuous work safety days have been reached by multiple invested enterprises. 16 Annual Report of 2025 Remarkable results have been achieved in energy supply guarantee. The Company has actively fulfilled its energy supply guarantee responsibilities, successfully completed energy supply tasks during key national events and the summer peak power demand period, and has been officially commended by government authorities on multiple occasions for its energy supply work. Remarkable improvement has been achieved in energy conservation and environmental protection. The Company has comprehensively improved heating supply guarantee and flexible regulation capabilities of coal-fired power units, achieved full coverage of ultra-low emissions for coal-fired power units, and recorded the best levels in history for comprehensive energy consumption per 10,000-yuan output value and carbon dioxide emissions per unit of electricity generated. (V) Cultural development Brand culture highlights corporate strength. The Company has thoroughly carried out brand-driven initiatives, fully implemented the brand culture development program, reshaped brand culture concepts adapted to the times, and established a brand culture image with distinctive strengths and development characteristics. Its brand culture promotional video and ESG report have gained wide recognition within the industry. IV. Analysis of core competitiveness during the reporting period √ Applicable □ Not Applicable (I) Yalong Hydro has prominent asset advantages, and the integrated hydro-wind-solar base model empowers future development Yalong Hydro, of which 52% of the shares are held by the Company, is the sole entity responsible for hydropower development of the main stream of the Yalong River, with strong advantages in large-scale development, centralized dispatch control, etc. The Yalong River Basin boasts abundant water resources, concentrated river falls, and small inundation loss from hydropower development. Therefore, developing hydropower here has outstanding scale advantages, significant cascade compensation benefits, high operational efficiency, and superior economic and technical indicators. The exploitable installed capacity of hydropower in this basin is approximately 30 million kW, ranking No.3 among the 13 major hydropower bases in China. As of the end of the reporting period, the installed hydropower capacity in operation reached 19.2 million kW, and the installed capacity of approved and under-construction hydropower projects totaled 3.72 million kW. In the future, the Company will continue to deepen the development of the integrated hydro-wind-solar base in the basin, steadily advance the construction of hydropower, pumped storage and new energy projects across the basin, and consolidate its competitive advantages. (II) High proportion of clean energy, and obvious advantage in the coordinated development of diversified power sources The Company has always adhered to green and high-quality development, and formed a power structure featuring coordinated development of diversified power sources including hydropower, thermal power, wind power and solar power. It boasts prominent green and low-carbon attributes as well as structural advantages, together with strong investment capacity and risk resistance capacity. As of the 17 Annual Report of 2025 end of 2025, clean energy accounted for 72.12% of the Company’s total installed capacity, including 45.43% from hydropower and 26.69% from new energy (including energy storage). The remaining capacity consists of clean and efficient thermal power projects. Hydropower constitutes the Company’s largest business segment, featuring superior resource endowments and substantial overall project scale. Relying on the outstanding characteristics of stable output and flexible peak regulation of cascade hydropower stations in the river basin, the Yalong River Basin integrated hydro-wind-solar base provides core support for the efficient consumption of large-scale new energy within the base. The installed capacity of new energy has maintained steady growth. The Company has established a whole-life-cycle management and control system for projects, made focused layouts in high-quality regions, strictly controlled project operating costs, deeply participated in electric power market-oriented transactions, continuously improved the marketing system for green power and green certificates, and safeguarded project investment returns. The Company’s thermal power installed capacity is mainly concentrated in economically developed coastal regions with strong electricity demand, enjoying prominent location advantages. Its generating units are dominated by high-parameter and large-capacity ones, with million-kW units accounting for 61.35% of its holding installed capacity of thermal power. The Company has steadily advanced the coal power upgrading, transformation and integration initiative, continuously improved unit energy efficiency and regulation capacity, and boasts outstanding peak regulation and power supply guarantee capabilities. Hydropower, thermal power, wind power and solar power, as diversified power sources, achieve complementary advantages and coordinated development, providing strong support for the steady growth of the Company’s operating performance. (III) Strong capability to create benefits in domestic and international power business operations Adhering to the investment management principle of benefit priority, the Company has deeply cultivated domestic and overseas electric power markets. It is capable of full-life-cycle development, construction and operation management of projects, and boasts strong profitability. In terms of domestic operations, the hydropower business features outstanding refined management capabilities and high profit returns. Relying on its coastal location advantages, the thermal power business scientifically optimizes its procurement structure and schedule, rationally allocates coal resources from different sources and varieties, promotes refined coal blending and co-firing, and reduces comprehensive fuel costs. The new energy business delivers stable profitability, with its investment research and operation management capabilities well verified. In terms of overseas operations, the Company has continuously accumulated investment experience in international new energy projects. It has built sound mutual trust relations with other central state-owned enterprises and overseas investment partners in key overseas markets, and achieves complementary advantages and win-win results in project development and construction. Domestic and overseas businesses achieve coordinated development, continuously consolidating the Company’s overall profitability and risk resistance capacity. (IV) Continuous optimization of the corporate governance system 18 Annual Report of 2025 As a listed company in China and the UK, the Company conscientiously implemented the regulatory requirements of the listing place, continuously improved the market value management system, and actively accepted the oversight from investors. By building a governance structure consisting of General Meeting of shareholders, Board of Directors, and the Management, effective checks and balances and coordinated operation of decision-making, supervision and execution power are achieved. In 2025, actively complying with governance regulations, the Company abolished its Supervisory Committee and supervisors in accordance with law, and restructured the Audit Committee of the Board of Directors to fully undertake the supervisory functions previously performed by the Supervisory Committee. The continuously iterative governance mechanism, rigorous risk control system and standardized institutional design provided a solid guarantee for the Company's efficient and compliant operations. (V) Mature experience in capital operation and strong support from majority shareholders Since its backdoor listing in 2002, the Company has made full use of financing measures like non-public offering, GDR, allotment, public offering, convertible bonds, corporate bonds and medium-term notes to fund a large number of its high-quality under-construction and reserve projects at home and abroad, through the listed company platform. In this way, the Company's assets, installed capacity, profits and market value grow rapidly. In 2025, the Company successfully completed the A-share private placement to the National Council for Social Security Fund, a specific object. This has further consolidated its capital strength and opened up new space for its long-term high-quality development. V. Main Operating Results During the Reporting Period In 2025, the Company achieved operating revenue of RMB 53.014 billion, representing a year-on-year decrease of 8.31%; operating costs amounted to RMB 31.206 billion, a year-on-year decrease of 13.68%. As of December 31, 2025, the Company's total assets reached RMB 313.58 billion, an increase of RMB 17.043 billion from the end of the prior period; total liabilities amounted to RMB 189.791 billion, an increase of RMB 2.328 billion from the end of the prior period. As of the end of the reporting period, the asset-liability ratio was 60.52%, a decrease of 2.70 percentage points compared with the end of the prior period. Total equity attributable to shareholders of the listed company was RMB 72.642 billion, an increase of 17.19% from the end of the prior period. (I) Analysis of main businesses 1. Analysis of changes of relevant items in the income statement and cash flow statement Unit: Yuan Currency: RMB | Amount of corresponding Amount of current | | | | | --- | --- | --- | --- | | Change (%) | | | Item | | Selling expenses Operating revenue Operating cost | period last year | period | | | | 53,014,434,927.30 31,205,985,146.86 | 57,819,279,281.44 36,150,291,480.51 60,043,660.04 | -13.68 59,801,738.39 -8.31 0.40 | 19 Annual Report of 2025 Detailed explanation of major changes in the Company's business type, profit composition or profit source during the period. □ Applicable √ Not Applicable 2. Analysis on revenue and cost √ Applicable □ Not Applicable In 2025, the Company recorded operating revenue of RMB 53.014 billion (including main business revenue of RMB 52.571 billion), representing a year-on-year decrease of 8.31%, mainly due to reduced on-grid energy and lower on-grid tariff year on year. Operating cost amounted to RMB 31.206 billion (including main business costs of RMB 30.993 billion), down 13.68% year on year, primarily driven by the year-on-year decline in coal-fired power generation costs. (1) Performance of main businesses by segment, by product, by region and by sales model Unit: 10,000 yuan Currency: RMB | Increase/decrease Increase/decrease Increase/decrease Increase/decrease | | | | | | --- | --- | --- | --- | --- | | Increase/decrease in the Increase/decrease in the Gross Gross | | | | | | By product in the operating in the operating Operating Operating in the operating Operating Operating in the operating | | | | | | By segment Net cash flow from financing Net cash flow from investing Net cash flow from operating margin gross margin from last margin gross margin from last | | | | | | cost from last year cost from last year revenue from last revenue from last | revenue revenue cost cost | | | | | | (%) (%) -9,311,945,949.07 | year (%) year (%) -3,152,142,213.86 | -195.42 | | | Others Power Others Power | year (%) year (%) -16,935,710,167.72 31,569,574,019.80 Decreased by 2.55 Decreased by 2.55 | (%) (%) Increased by 4.11 Increased by 4.11 -22,650,141,576.11 24,657,128,874.02 | 25.23 28.03 | Main Businesses by Segment Main Businesses by Product Main Businesses by Region | | activities activities Administration expenses Financial expenses R&D expenses activities 4,877,017.09 2,695,772.80 4,877,017.09 2,695,772.80 403,569.81 403,569.81 380,094.18 380,094.18 | 44.72 44.72 -6.18 -6.18 | | -15.17 -15.17 -8.85 -5.57 -8.85 -5.57 -3.25 -3.25 | | | | | 2,033,219,901.71 2,687,092,580.25 1,894,940,695.04 3,412,049,732.32 196,482,336.17 | 169,701,489.92 -21.25 15.78 7.30 | | | 20 | | percentage points percentage points percentage points percentage points | | | Annual Report of 2025 Explanation on the performance of the main business by segment, product, region, and sales model 1. Explanation on the performance of the main business by segment and product In 2025, the Company achieved revenue from its principal operations of RMB 52.571 billion, representing a year-on-year decrease of 8.62%. Among which, annual electricity revenue amounted to RMB 48.770 billion, a year-on-year decrease of 8.85%, while the gross profit margin increased by 4.11 percentage points. The primary reasons for this were a year-on-year decrease in both on-grid electricity volume and on-grid electricity tariff, leading to a reduction in electricity sales revenue; at the same time, amid declining coal prices, the Company continued to strengthen cost and expense control, resulting in a 13.78% year-on-year decrease in the cost of principal operations. 2. Explanation on the performance of the main business by region In 2025, the North China region's revenue from principal activities decreased by 10.17% year-on-year, while its gross profit margin increased by 10.20 percentage points. This was primarily attributable to SDIC Beijiang, where power generation volume declined year-on-year due to regional policies on carbon reduction and green expansion, as well as the increased installed capacity of new energy sources. Coupled with a year-on-year decline in coal-fired power generation costs driven by lower coal prices during the year, the gross profit margin improved. In the East China region, revenue from principal activities decreased by 19.43% year-on-year, while gross profit margin increased by 7.00 percentage points. This was primarily attributable to | Increase/decrease Increase/decrease | | | | | --- | --- | --- | --- | | Increase/decrease in the Gross | | | | | in the operating Operating Operating in the operating | | | | | By region margin gross margin from last | | | | | cost from last year Northwest Southwest North South Central Northeast revenue from last | revenue cost | | | | | (%) Decreased by 14.95 Increased by 10.20 | Decreased by 2.71 Decreased by 0.01 Decreased by 3.59 Increased by 1.87 year (%) | | | The UK East China Indonesia Thailand 2,753,279.88 1,139,881.56 138,471.68 488,671.06 506,431.28 254,923.99 589,097.42 627,113.25 | Total 50.34 32.24 45.68 58.60 17.05 19.24 year (%) 6,870.94 3,412.30 4,281.53 2,901.30 | Decreased by 1.35 Decreased by 4.64 (%) Increased by 1.31 Increased by 7.00 Increased by 3.53 | -10.17 -14.80 -20.00 -16.73 -0.16 -9.20 16.52 -1.41 -3.70 -3.69 7.63 3.77 | | China China China China China China 5,257,111.27 3,099,342.61 586,833.01 128,521.38 764,819.54 131,943.49 105,031.06 | 19,750.17 96,249.00 59.65 23.27 7,970.04 41.04 2.59 8.36 | percentage points percentage points percentage points percentage points percentage points percentage points | -19.43 -37.91 100.36 -26.16 -37.04 32.00 90.22 27.86 -13.78 -8.62 | | 21 | | percentage points percentage points percentage points percentage points percentage points | | Annual Report of 2025 coal-fired power enterprises in the Fujian region, where power generation volume declined year-on-year due to competition from nuclear power and new energy sources. Coupled with a year-on-year decline in coal-fired power generation costs driven by lower coal prices during the year, the gross profit margin improved. In the South China region, revenue from principal activities decreased by 14.80% year-on-year, while gross profit margin increased by 1.87 percentage points. This was primarily attributable to coal-fired power enterprises in the Guangxi region, which experienced a decline in annual on-grid tariff, as well as a year-on-year decrease in both power generation volume and electricity prices due to the increased installed capacity of new energy sources. Together with a year-on-year decline in coal-fired power generation costs driven by lower coal prices during the year, the gross profit margin improved to a certain extent. In the Central China region, revenue from principal activities decreased by 0.16% year-on-year, primarily attributable to lower wind resources in the project area compared with the same period last year, resulting in a year-on-year decrease in power generation volume. In the Northeast China region, revenue from principal activities decreased by 9.20% year-on-year, primarily attributable to a year-on-year decline in the on-grid tariff of solar power projects in the Liaoning region. In the Northwest China region, revenue from principal activities decreased by 1.41% year-on-year, primarily due to: (1) increased load curtailments in Gansu, Xinjiang and Qinghai regions, leading to a year-on-year decrease in power generation volume of existing projects; and (2) optimized trading strategies by SDIC Xiaosanxia, resulting in a year-on-year increase in on-grid tariff. In the Southwest China region, revenue from principal activities decreased by 3.70% year-on-year, primarily attributable to a year-on-year decrease in water inflow to the Yalong River Basin, resulting in a year-on-year decrease in power generation volume. In the UK region, revenue from principal activities increased by 32.00% year-on-year, primarily attributable to the commissioning and contribution of the Benbrack Wind Farm Project. In the Indonesia region, revenue from principal activities decreased by 37.91% year-on-year, primarily attributable to the substantial completion of the main construction works of the Indonesia Hydropower Project, leading to a year-on-year decrease in construction revenue. In the Thailand region, revenue from principal activities increased by 90.22% year-on-year, primarily attributable to a year-on-year increase in the construction progress of the Thailand Nongkhaem 2 and Onnut Waste-to-Energy Projects, resulting in a year-on-year increase in construction revenue. (2). Analysis of production and sales □ Applicable √ Not Applicable (3). Performance of major purchase and sales contracts □ Applicable √ Not applicable (4). Statement of cost analysis Unit: 10,000 yuan Currency: RMB 22 Annual Report of 2025 Notes for other information about cost analysis N/A (5). Changes in the scope of consolidation due to changes in the shareholdings of major subsidiaries during the reporting period □ Applicable √ Not Applicable | Change in the Change in the Proportion Proportion | | | | | --- | --- | --- | --- | | Fuel cost, Fuel cost, Fuel cost, Fuel cost, of amount of amount amount for amount for | | | | | Heat supply, Proportion of Heat supply, Proportion of | | | | | depreciation depreciation depreciation depreciation the current the current | for the for the | | | | seawater seawater Amount for the Amount for the amount for amount for | | | | | expenses, expenses, expenses, expenses, Amount for the Amount for the | same same period period | Cost Cost | | | desalination same period last desalination same period last By segment By product the current the current | Notes Notes | | | | employee employee employee employee period last period last current period current period components components | compared compared | | | | ,constructio ,constructio Power Power | period in period in 2,695,772.80 3,177,749.69 2,695,772.80 3,177,749.69 403,569.81 417,114.86 403,569.81 417,114.86 | 74.32 74.32 year year 9.76 9.76 -15.17 -15.17 10.71 71.56 71.56 10.71 -3.25 -3.25 | | | compensation, compensation, with the same compensation, with the same compensation, | year in year in | | | | n and other n and other total cost (%) total cost (%) | | | | | repair cost, repair cost, repair cost, repair cost, total cost total cost period last period last | | | | | industries/pr industries/pr | | | | | material cost, material cost, material cost, material cost, | year (%) year (%) (%) (%) | | Analysis by segment Analysis by product | | oducts oducts | | | | | 23 etc. etc. etc. etc. | | | | Annual Report of 2025 (6). Major changes or adjustments in the Company's business, products or services during the reporting period □ Applicable √ Not Applicable (7). Key customers and key suppliers Customers and suppliers controlled by the same controlling party shall be consolidated and presented as a single customer or supplier, excluding those actually controlled by the same state-owned asset management institution. Explanation on the consolidated calculation and presentation of the following customer and supplier information under the same control criteria Based on information obtained by the Company, key customers and suppliers are summarized and presented in accordance with the same control criteria. Domestic power sales customers of the Company are mainly regional subsidiaries of State Grid Corporation of China and China Southern Power Grid, which are summarized and presented on a regional grid company basis. A. Key customers and key suppliers √ Applicable □ Not Applicable Sales revenue from the top five customers amounted to RMB 42,878.8102 million, representing 80.88% of total annual sales; among which, sales to related parties in respect of the top five customers amounted to RMB 0 million, accounting for 0% of total annual sales revenue. Procurement from the top five suppliers amounted to RMB 8,424.1592 million, representing 31.09% of total annual purchases; among which, purchases from related parties in respect of the top five suppliers amounted to RMB 0 million, accounting for 0% of total annual procurement. B. Situations where sales to a single customer account for more than 50% of total sales during the reporting period, new customers are included among the top five customers, or the Company is highly dependent on a small number of customers. □ Applicable √ Not Applicable During the reporting period, the proportion of purchases from a single supplier exceeded 50% of the total, and there were new suppliers among the top five suppliers or serious dependence on a few suppliers. □ Applicable √ Not Applicable C. The Company’s shares were subject to delisting risk warning or other risk warnings during the reporting period. Top five customers by sales □ Applicable √ Not applicable Top five suppliers □ Applicable √ Not applicable D. The Company generated trading business revenue during the reporting period □ Applicable √ Not applicable Top five customers by sales with trading business accounting for more than 10% of operating revenue 24 Annual Report of 2025 □ Applicable √ Not Applicable Top five suppliers with trading business accounting for more than 10% of operating revenue □ Applicable √ Not Applicable Other notes: N/A 3. Expenses √ Applicable □ Not Applicable Unit: 10,000 yuan Currency: RMB 4. R&D investment (1). Details of R&D investment √ Applicable □ Not Applicable Unit: 10,000 yuan Currency: RMB (2). R&D personnel □ Applicable √ Not applicable (3). Explanatory information □ Applicable √ Not Applicable (4). Reasons for major changes in the composition of R&D personnel and their impact on the future development of the Company □ Applicable √ Not Applicable 5. Cash flow √ Applicable □ Not Applicable Unit: 10,000 yuan Currency: RMB The increase was mainly | 1. Cash inflows from attributable to the Year-on-year | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 6,130,032.68 6,443,978.73 | | Reasons for | 5.12 | | | | | Proportion of capitalized R&D investment operating activities collection of outstanding Capitalized R&D investment for the Proportion of total R&D investment in Expensed R&D investment for the current I. Cash flows from increase/decrea | 2024 2025 | | Item | | | | | | increase/decrease | | | | 20,603.97 9,269.10 | 31.03 0.56 | | 25 Financial expenses in total R&D investment (%) Administration expenses current period operating revenue (%) electricity receivables from period Total R&D investment operating activities Selling expenses | 268,709.26 341,204.97 203,321.99 189,494.07 Increase/decrease rate (%) se (%) 2025 2024 | 6,004.37 5,980.17 | Item | -21.25 7.30 0.40 | 29,873.07 | | Annual Report of 2025 First, the Company received RMB 7 billion from private placement | fundraising by the National In the current year, power | | | --- | --- | | Council for Social Security generation of thermal | | | Fund. Second, loan power enterprises declined. | | | 1. Cash inflows from refinancing and perpetual Coupled with falling coal | | | 6,104,795.86 5,853,894.41 | -4.11 | | financing activities prices, the procurement bond issuance were | | 2. Cash outflows from conducted in the same cost of coal decreased year Recovery of shareholder 3,664,319.79 3,287,021.33 -10.30 operating activities | on year, resulting in a The shareholder loans and Performance deposits loans increased year on period last year, resulting Yangfanggou Hydropower | | | | | --- | --- | --- | --- | | 1. Cash inflows from year in the current year, in a year-on-year decrease Station in the current year, year-on-year reduction in performance bonds paid contributed by | | | | | 2. Cash outflows from 2. Cash outflows from | 200,697.02 479,670.67 | 139.00 | | | cash paid for purchasing during the year decreased shareholders of Red Rock investing activities leading to a year-on-year resulting in a year-on-year in cash received from 2,465,711.18 6,420,010.08 2,173,241.69 6,785,089.01 | | -11.86 | 5.69 | | investing activities financing activities | | | | | rise in cash received from borrowings in the current 3. Net cash flow from goods and receiving compared to the same Renewables Limited II. Cash flows from rise in cash received from III. Cash flows from 3. Net cash flow from 3. Net cash flow from -2,265,014.1 | | | | | 2,465,712.89 -1,693,571.02 -315,214.22 3,156,957.40 | -931,194.59 | -195.42 28.03 25.23 | | | 26 increased year on year. investments recovered. financing activities sales of goods. period. financing activities services. operating activities period last year investing activities investing activities | | | 6 | Annual Report of 2025 (II) Significant changes in the profit from non-main business □ Applicable √ Not Applicable (III) Analysis of assets and liabilities √ Applicable □ Not Applicable 1. Assets and liabilities Unit: 10,000 yuan Currency: RMB Other notes: Note 1: Monetary fund increased by 127.26% year on year at the end of the current period, mainly due to increased receipt of fundraising proceeds and performance deposits in the current year. The change ratio | Proportion of Proportion of of the amount at | | | | | --- | --- | --- | --- | | amount at the amount at the the end of the | | | | | Amount at the end Amount at the | | | | | current period end of the end of the | | | | | Notes of the current end of the | | Item | | | previous period current period compared with | | | | | IV. Net increase in previous period | period | | | | Total owners' equity in total assets in total assets that at the end of | | | | | cash and cash attributable to the parent Investment in other equity Long-term employee Other comprehensive Projects under Long-term equity -116,719.01 the previous | 533,200.79 6,198,677.79 (%) (%) 7,264,173.89 | 23.17 556.82 20.9 17.19 | | | | 3,026,726.01 3,885,405.51 1,004,007.88 998,484.83 29,738.24 52,892.36 53,153.34 | 15,189.00 48,342.41 62,031.11 12.39 10.21 0.05 0.15 -48.92 0.18 0.18 3.37 0.2 3.2 0.1 16.70 28.37 | -8.60 0.55 | | 27 equivalents company investments instruments compensation payable Accounts receivable Intangible assets Long-term payables Note 5 income Fixed assets Accounts payable Capital reserve Note 6 Undistributed profit Inventories Other payables Notes receivable Note 2 construction Long-term borrowings Goodwill Short-term borrowings Note 3 Paid-in capital Other receivables Long-term receivables Taxes payable Surplus reserves Notes payable Note 4 Other equity instruments Monetary fund Note 1 Bonds payable 19,724,520.14 11,779,435.50 period (%) | 1,583,362.50 1,097,399.74 3,327,265.21 1,764,208.73 1,175,635.60 1,017,021.59 19,571,721.77 11,455,373.38 1,099,721.01 638,492.20 715,129.88 1,743,263.04 3,626,149.82 168,129.72 1,644,908.41 2,006,059.87 927,864.20 745,417.98 101,155.24 1,047,957.19 226,465.17 389,980.76 569,731.13 2,311,300.04 891,445.44 71,129.84 14,629.21 96,227.07 646,428.65 177,719.30 714,437.55 131,213.29 800,449.43 143,225.17 180,630.82 442,767.76 569,731.13 624,450.07 | 1,362.50 62.41 11.56 36.53 10,646.83 66.52 11.22 39.72 -100.00 3.51 2.06 0.57 2.28 5.56 0.42 5.25 0.00 0.03 2.55 0.46 3.34 0.58 1.41 1.82 7.37 1.99 5.34 -30.55 2.15 0.24 149.85 2.41 0.57 -21.96 5.95 -94.86 0.05 -27.22 3.13 116.20 2.51 0.34 3.96 -10.86 0.76 -20.24 1.32 0.32 1.92 3.43 127.26 3.01 -29.95 6.4 3.7 58.85 41.59 13.54 | -0.77 -0.10 -6.76 -2.75 1.24 8.98 70.05 7.38 0 0 0.00 - | Annual Report of 2025 Note 2: Notes receivable decreased by 94.86% year on year at the end of the current period, mainly because notes receivable matured and were accepted, resulting in a reduced balance. Note 3: Short-term borrowings increased by 116.20% year on year at the end of the current period, mainly due to a year-on-year rise in short-term financing in the current year. Note 4: Notes payable decreased by 100.00% year on year at the end of the current period, mainly because notes payable matured and were honored, resulting in a reduced balance. Note 5: Long-term payables increased by 149.85% year on year at the end of the current period, mainly due to an increase in finance lease payables in the current year. Note 6: Capital reserves increased by 58.85% year on year at the end of the current period, mainly attributable to the issuance of A-shares to specific objects including the National Council for Social Security Fund, among which RMB 6.448 billion was recorded in capital reserves. 2. Overseas assets √ Applicable □ Not applicable (1). Asset scale Including: overseas assets of 2,751,843.31 (Unit: RMB 10,000), accounting for 8.78% of the total assets. (2). Notes to the high proportion of overseas assets □ Applicable √ Not applicable 3. Restriction on major assets as at the end of the reporting period √ Applicable □ Not Applicable Unit: yuan Currency: RMB 4. Other notes □ Applicable √ Not Applicable Book value at | Intangible Accounts Monetary Performance bond, land reclamation bond, housing maintenance Fixed | the end of the Item | | Reason for restriction | | --- | --- | --- | --- | | 103,948,338.07 Project mortgage loan, asset without title document 3,633,380,604.13 Pledge of right of electricity charge 7,851,703,484.14 2,579,772,132.16 Project mortgage loan, asset without title document | | | | | 28 assets fund fund, etc. assets receivable | | year | | Annual Report of 2025 (IV) Analysis of the industry operation information √ Applicable □ Not Applicable In 2025, the company's controlled subsidiaries achieved a cumulative power generation of 158.093 billion kWh and on-grid electricity of 154.209 billion kWh, representing a year-on-year decrease of 8.12% and 8.06%, respectively. The average on-grid electricity tariff was RMB 0.355 per kWh, a year-on-year decrease of 1.11%. Analysis of operation information of the power industry 1. Information on electricity quantity and tariff in the reporting period √ Applicable □ Not Applicable Operating area/type of power | Solar power Solar power Solar power Solar power Solar power Same period of Same period of last Same period of last | On-grid tariff | | | | | | --- | --- | --- | --- | --- | --- | | Year-on-year | Year-on-year Year-on-year This year generation This year 2,212.82 1,542.68 | This year This year 1,229.84 1,161.86 787.02 -36.01 74.85 25.85 819.41 170.05 32.78 | 178,131.49 127.44 Purchased energy (10,000 kWh) 238.99 147,548.58 143,555.80 26.75 141,441.51 126.57 249.55 129,105.82 15.51 128,072.99 181,958.82 25.94 10,617.19 29,190.09 97,126.65 27,786.08 149,136.39 15.21 10,718.29 3,031.54 98,952.36 1,353.09 1,338.00 318.35 - - 383.41 3,077.51 - - 461.47 111.56 418.74 | - - | Power generation (10,000 KWh) On-grid energy (10,000 kWh) - - | | 29 generation Wind power generation generation Fujian Sichuan Tianjin Thermal power Wind power generation Wind power Thermal power generation Guangxi Hydropower Hydropower Wind power Guizhou Wind power Gansu Thermal power Yunnan Hydropower Thermal power Wind power | last year (RMB/MWh) 1,368.83 1,229.69 2,816.67 1,614.34 | 1,650.01 1,519.74 1,697.11 1,387.53 1,211.18 10,008.43 578.91 168.09 902.00 594.38 566.35 141.19 504.06 301.84 10,052.45 year 652.93 -17.04 178.15 -40.65 547.45 71.66 year -27.54 -54.19 417.85 207.30 -31.89 90.60 103.00 15.46 566.67 77.49 -11.00 177.37 1,776,567.80 2,143,643.09 8,946,252.67 9,497,741.45 1,311,725.56 1,555,392.21 1,045,431.50 1,359,525.51 1,192,978.01 1,454,299.39 1,765,950.61 2,143,643.09 8,667,399.00 9,244,462.22 1,288,988.65 1,531,742.65 8.35 2,273,991.09 9,552,871.94 1,658,044.45 1,451,085.36 49.32 45.30 8.25 1,547,925.43 9.47 20.67 35.54 91.08 2,273,991.09 33.29 9,294,297.15 1,633,974.15 87.07 70.18 | 1,879,817.28 9,000,778.68 1,401,516.67 -5.65 1,128,398.43 1,279,164.11 -0.53 1,869,098.99 8,715,096.22 1,378,389.15 1.11 -17.33 -15.47 -22.24 117,837.06 8.57 -20.32 230,884.29 -17.36 -10.61 392,073.37 693,052.79 100,722.18 277,036.06 607,037.08 -17.81 879,526.56 2.32 -15.64 144,514.97 -17.12 -15.67 -23.10 121,060.34 118,024.90 -20.94 267,948.72 243,424.24 -17.97 444,445.67 438,687.41 -10.63 669,803.32 665,803.89 115,018.99 111,837.72 303,100.29 275,750.34 594,696.10 584,498.39 -17.62 849,139.57 843,111.89 -15.85 54.67 14,068.25 -5.78 121,245.91 50,230.43 38,925.19 49,235.01 254,483.43 -5.03 397,311.53 696,990.40 103,723.64 -9.82 304,071.02 24,070.30 -3.92 22,736.91 23,649.56 617,509.80 886,151.96 -6.23 147,688.17 95,486.98 93,435.88 54.67 14,478.30 -5.81 0.15 -0.16 40,025.17 -5.15 4.06 - -9.94 0.32 23,127.52 -3.86 3.84 4.36 -6.24 4.09 0.47 3.86 4.32 344.96 - - 451.60 309.58 468.53 472.15 295.84 503.02 - - 413.52 466.82 307.05 - - 189.26 413.36 414.44 465.42 273.56 - - 452.01 241.10 308.20 468.59 426.88 | 143.23 138.57 | | Annual Report of 2025 | Solar power Solar power Solar power Solar power Solar power Waste-to-energy Solar power Solar power Solar power Solar power Solar power Solar power Solar power Solar power Solar power | | | | | | --- | --- | --- | --- | --- | | | 108.76 124.59 -100.00 283.15 157.62 384.41 222.74 124.47 201.69 135.46 92.41 114.37 122.37 -11.12 188.78 -34.00 75.62 59.36 -16.10 286.71 151.05 250.20 51.22 222.88 65.74 226.01 -10.76 103.31 43.11 17.41 70.75 73.22 53.64 48.90 82.62 50.66 67.72 31.12 | -0.06 -2.92 122.79 477.77 -17.48 4.35 -20.93 -26.66 4.75 -13.15 101.99 121.60 472.19 -18.01 -21.45 -26.74 -13.30 104.49 26.08 14,601.33 14,246.23 14,142.56 20,651.14 -0.36 20,022.13 20,305.11 14,357.20 12,061.39 11,882.42 28,922.61 15,520.37 12,678.21 15,463.36 44,195.58 34,428.14 43,827.62 19,013.09 16,173.89 18,654.13 13,494.73 20,585.11 -6.46 19,127.44 20,449.56 10,762.27 13,472.25 10,673.80 26.22 1,100.14 1,008.90 1,124.37 -6.47 8,920.66 14,704.00 0.70 20,577.39 -1.39 14,531.90 1.22 - 7,257.06 4.78 6,120.39 29,656.00 12,807.45 34,946.27 4,179.63 16,513.17 13,992.68 7.72 4,055.66 19,254.71 13,568.85 4,089.13 4,025.54 0.73 1.51 5,903.08 5,824.05 5.09 5,132.80 5,054.70 5,801.65 5,705.23 6,927.29 6,599.09 3,844.30 3,769.85 7.58 9,110.01 379.99 338.79 344.11 629.51 7,412.70 - - 314.40 6,185.44 456.50 438.73 4,255.16 914.60 321.80 4,141.25 861.74 766.61 933.71 | - - | - - | | 30 generation generation generation generation generation generation Wind power Shaanxi Xizang Wind power Wind power generation generation Xinjiang Wind power Jiangxi generation Hunan Qinghai generation generation Inner Mongolia generation Anhui Ningxia Zhejiang generation generation generation Wind power Liaoning Shanxi Hebei Hainan Jiangsu Wind power | 1,152.34 194.48 222.74 124.47 245.70 201.69 122.06 135.46 108.76 283.15 160.69 157.62 767.93 197.03 222.88 21.34 -21.56 34.95 -33.37 997.89 56.32 59.36 -16.10 21.34 -21.56 245.93 34.95 -33.37 226.01 -10.76 125.88 103.31 68.28 122.37 -11.12 75.62 286.71 151.05 747.69 82.62 50.66 27.21 52.45 15.48 58.17 70.75 27.21 52.45 31.12 53.07 28.66 73.22 96.18 67.08 | -1.30 -0.06 -3.18 -0.09 -3.04 -10.02 -13.15 101.99 -19.29 159,355.56 -13.30 477.77 -17.48 4.35 -18.84 124,927.42 2.71 -10.47 -13.30 104.49 32.64 201,901.27 197,356.94 -19.26 -13.71 32.64 26.08 472.19 35.79 -18.01 157,705.69 153,529.32 -18.63 23,591.21 20,573.43 22,980.23 19,013.09 16,173.89 18,654.13 13,494.73 13,125.23 -7.19 11,879.97 12,899.75 32,124.32 41,957.56 31,641.48 32.60 162,945.60 11,720.91 -1.20 11,326.74 11,459.36 13,125.23 -7.19 11,879.97 12,899.75 29,392.86 24,753.06 28,685.46 32,124.32 41,957.56 31,641.48 32.60 20,585.11 -6.46 19,127.44 20,449.56 15,565.21 15,382.40 15,229.21 10,762.27 13,472.25 10,673.80 26.22 -3.58 14,601.33 14,246.23 14,142.56 28,922.61 13,125.82 17,435.67 12,876.14 35.41 15,520.37 12,678.21 15,463.36 127,999.33 -7.91 -1.16 1,100.14 -7.91 -6.47 -3.79 1,008.90 21,228.31 16,513.17 13,992.68 12,182.11 42,610.66 11,580.24 4.78 6,120.39 12,182.11 25,483.47 42,610.66 19,254.71 15,721.49 1.00 13,568.85 8,515.01 14,704.00 0.70 7,257.06 29,656.00 17,823.23 12,807.45 6,927.29 6,599.09 5,903.08 5,824.05 5.09 1.01 9,036.69 8,850.60 0.73 5,132.80 5,054.70 584.12 914.60 321.80 549.90 226.30 506.86 188.94 6,185.44 549.90 674.50 226.30 766.61 363.79 933.71 8,713.22 603.05 338.79 7,412.70 - - 314.40 456.50 489.45 525.63 | - - | - - | Annual Report of 2025 2. Information on electricity quantity, revenue and cost in the reporting period √ Applicable □ Not Applicable Unit: RMB 100 million Change in | Proportion the amount | | | | | --- | --- | --- | --- | | Proportion Amount | | | | | of amount Amount | for the | | | | to total cost Amount for the | | | | | for the for the | current | | | | Year-on-year in the same Power generation Year-on-year Change for the Sold energy | same | | | | Revenue same current | Cost composition period Type | | | | (10,000 kWh) period of current period of (10,000 kWh) (%) | (%) (%) | | | | Depreciation cost, Depreciation cost, Fuel cost, depreciation Depreciation cost, Fuel cost, depreciation period in period compared | | | | | previous period previous | | | | | employee cost, employee employee cost, employee employee last year Solar power total cost with the Thermal | | | | | Hydropower Wind power period (%) -18.76 | 9,752,525.16 102.29 4,331,255.05 140.26 188.03 43.97 year -2.86 -4.69 Others 96.54 15.00 13.82 6.04 15.88 12.32 258.63 266.24 176.89 217.75 9,809,398.15 4,630,370.00 675,378.29 642,625.12 1.90 1.31 26.01 27.29 22.47 21.19 23.92 43.98 -25.41 19,149.89 25.63 37.23 692,374.68 654,129.10 3.70 2.57 | -17.71 28.90 45.04 -5.62 -17.94 3.98 3.23 35.68 4.22 2.88 23,053.65 0.50 0.31 -5.76 8.54 -5.76 35.29 3.86 0.71 3.77 0.68 | | | remuneration, repair remuneration, repair remuneration, repair remuneration, repair remuneration, repair Waste-to-energy Solar power same period generation | power (%) | | | | | | -100.00 19.46 17.50 12.48 55.97 | 67.65 -0.13 65.88 -0.70 7,088.50 - 3,070.64 8,533.10 7,138.80 1,885.29 1,851.08 8,521.75 796.18 3,160.65 405.86 | | 31 cost, etc. cost, etc. cost, etc. last year (%) cost, etc. cost, etc. Wind power The UK Hubei generation generation Thailand 15,420,933.51 | 269.58 317.77 15,809,325.58 -8.85 Total 487.70 535.04 11,101.33 Total 74.32 -15.17 71.56 | 8,959.01 -100.00 -8.12 17,207,206.21 15,420,933.51 16,772,150.67 -8.06 58.20 58.20 19.46 15,809,325.58 23.91 12.48 55.97 17.50 | - 33.24 33.24 67.65 -8.12 13,338.90 17,393.60 13,173.80 32.03 13,338.90 17,393.60 13,173.80 32.03 65.88 -0.13 -8.06 -0.70 17,772.10 17,772.10 3,070.64 7,088.50 - 1,885.29 1,851.08 8,533.10 7,138.80 354.71 - - 639.60 - - 639.60 3,160.65 405.86 8,521.75 796.18 | Annual Report of 2025 ### 3. Analysis of installed capacity ☑ Applicable ☐ Not Applicable As of the end of 2025, the Company’s holding installed capacity reached 46,895,600 kW. Among which: hydropower stood at 21,304,5 45.43%; thermal power (including waste-to-energy generation) at 13,074,800 kW, accounting for 27.88%; wind power at 4,140,300 kW, account power at 7,689,400 kW, accounting for 16.39%; and energy storage at 686,600 kW, accounting for 1.46%. In 2025, the Company added installed capacity of 3,046.9 MW, comprising 660 MW from thermal power, 251.8 MW from wind power, solar power, and 224.6 MW from energy storage. During the same period, installed capacity decreased by 786 MW, primarily due to the completion of the Meizhouwan Power Plant Phase I BOT project. As of the end of 2025, the holding installed capacity in operation of each region is detailed in the following table: | Region | Total installed capacity | Installed capacity of thermal power | Installed capacity of hydropower | Installed capacity of wind power | Installed capacity of solar power | | --- | --- | --- | --- | --- | --- | | Tianjin | 418.50 | 400 | 0 | 18.50 | 0 | | Hebei | 39.40 | 0 | 0 | 0 | 34.40 | | Shanxi | 11 | 0 | 0 | 0 | 10 | | Inner Mongolia | 15 | 0 | 0 | 15 | 0 | | Jiangsu | 13 | 0 | 0 | 0 | 12 | | Zhejiang | 13.60 | 0 | 0 | 0 | 13 | | Anhui | 17 | 0 | 0 | 0 | 17 | | Fujian | 397 | 386 | 0 | 0 | 10 | | Shandong | 13.50 | 0 | 0 | 0 | 0 | | Hubei | 2 | 0 | 0 | 0 | 2 | | Hunan | 5 | 0 | 0 | 5 | 0 | | Jiangxi | 5 | 0 | 0 | 0 | 5 | | Guangxi | 581.10 | 458 | 0 | 94.37 | 8.73 | | Hainan | 17.30 | 0 | 0 | 4.80 | 10 | | Sichuan | 2255.30 | 0 | 1920 | 66.05 | 263.29 | | Guizhou | 97.50 | 62.50 | 0 | 10 | 25 | 32 Annual Report of 2025 | Yunnan | 304.12 | 0 | 135 | 14.40 | 154.72 | | --- | --- | --- | --- | --- | --- | | Xizang | 18 | 0 | 0 | 0 | 15 | | Shaanxi | 15 | 0 | 0 | 0 | 15 | | Gansu | 243.30 | 0 | 75.45 | 79.45 | 86.80 | | Xinjiang | 156.35 | 0 | 0 | 74.85 | 69 | | Qinghai | 19.90 | 0 | 0 | 14.90 | 5 | | Ningxia | 9 | 0 | 0 | 5 | 3 | | Liaoning | 10 | 0 | 0 | 0 | 10 | | The UK | 11.71 | | | 11.71 | | | Thailand | 0.98 | 0.98 | | | | | Total installed capacity | 4689.56 | 1307.48 | 2130.45 | 414.03 | 768.94 | As of the end of 2025, the details of the Company's projects under construction were shown in the following table: | S/N | Item | Design capacity | Capacity of projects under construction | | --- | --- | --- | --- | | 1 | Kala Hydropower Station | 102 | | | 2 | Indonesia Hydropower Station | 51 | | | 3 | Lianghekou Hybrid Pumped Storage | 120 | | | 4 | Yagen I Hydropower Station | 30 | | | 5 | Mengdigou Hydropower Station | 240 | | | 6 | Daofu Pumped Storage Power Station | 210 | | | | **Subtotal of hydropower** | **753** | | | 1 | Qinzhou Phase III Thermal Power | 132 | | | 2 | Meizhouwan Phase III | 132 | | | 3 | Zhoushan Gas Turbine Power Generation | 169.662 | | | 4 | Thailand Nongkhaem 2 and Onnut Waste-to-Energy Projects | 7 | | | | **Subtotal of thermal power** | **440.662** | | | 1 | Yalong River Maoniushan Wind Power | 60 | | | 2 | Guangxuling Wind Power in Quanzhou, Guangxi | 12 | | | 3 | Yata (Panlong Mountain) Wind Power in Ceheng, Guizhou | 7.5 | | | 4 | Yangba (Weimo Mountain) Wind Power in Ceheng, Guizhou | 10 | | | 5 | Badu (Jixi Mountain) Wind Power in Ceheng, Guizhou | 10 | | | 6 | Biyou (Weiwai Mountain) Wind Power in Ceheng, Guizhou | 10 | | | 7 | Zhelou Wind Power in Ceheng, Guizhou | 5 | | 33 Annual Report of 2025 | 8 | Tianjin Baodi Wind Power | 15 | | --- | --- | --- | | | **Subtotal of wind power** | **129.5** | | 1 | Yalong River Kela Solar Power Station Phase II | 100 | | 2 | Yalong River Zhalashan Solar Power Project | 117 | | 3 | Yalong River Litang Suorong Solar Power | 100 | | 4 | Huanglong Solar Power in Dongshan, Quanzhou, Guangxi | 8 | | 5 | Jiangtou Solar Power in Wenqiao, Quanzhou, Guangxi | 7.5 | | 6 | Duimenshan Solar Power Project in Wuhua, Yunnan | 5 | | 7 | Shalang Solar Power Project in Wuhua, Yunnan | 2 | | 8 | Xizhu Solar Power Project in Wuhua, Yunnan | 12 | | 9 | Zhuyuangou Solar Power Project in Xundian, Yunnan | 30 | | 10 | Shiya Solar Power Project in Xundian, Yunnan | 10 | | 11 | Shushan Solar Power Project in Xundian, Yunnan | 5 | | 12 | Baishiyan Solar Power Project in Xundian, Yunnan | 4.5 | | 13 | Ruoqiang Solar Power and CSP Project in Xinjiang | 100 | | 14 | Shandong Tai'an Solar Power Project | 43.5 | | | **Subtotal of solar power** | **544.5** | | | **Total** | **1867.662** | Note: Projects in the construction preparation stage are not included in the above statistics. #### 4. Analysis of power generation efficiency ☑ Applicable ☐ Not Applicable In 2025, the average utilization hours of the Company's power generation equipment reached 3,651 hours, representing a year-on-year decrease of 4.6%. Among which, hydropower stood at 4,604.38 hours, a year-on-year decrease of 282 hours; thermal power at 3,625 hours, a year-on-year decrease of 1,747 hours, a year-on-year decrease of 263 hours; and solar power at 1,246 hours, a year-on-year decrease of 6 hours. The Company's comprehensive auxiliary power consumption rate stood at 2.52%, including 6.52% for thermal power, 0.58% for hydropower and 2.75% for solar power. The annual coal consumption for power supply of coal-fired power units reached 301.14 g/kWh, representing a year-on-year increase of 4.6%. #### 5. Details of capital expenditure ☑ Applicable ☐ Not Applicable | Item | Project value | Project schedule | Input amount this | Cum | | --- | --- | --- | --- | --- | 34 Annual Report of 2025 | | | | year | | --- | --- | --- | --- | | Yalong River Hydropower Development Co., Ltd. | 1,996,098.56 | Under construction | 176,800.00 | | SDIC Qinzhou Second Power Co., Ltd. | 205,388.82 | Under construction | 37,850.00 | | SDIC (Hunan Anren) Pumped Storage Co., Ltd. | 168,000.00 | Under construction | 200.00 | | SDIC Xinjiang New Energy Co., Ltd. | 160,163.40 | Under construction | 3,550.00 | | SDIC Meizhouwan (Putian) Electric Power Co., Ltd. | 53,412.40 | Under construction | 8,364.00 | | SDIC Guangxi New Energy Co., Ltd. | 85,568.69 | Early-stage development | 7,085.00 | | Quanzhou Yuansheng New Energy Co., Ltd. | 58,681.76 | Under construction | 3,940.00 | | Ceheng Huifeng New Energy Co., Ltd. | 48,606.08 | Under construction | 4,850.00 | | Zepu Hongsheng New Energy Co., Ltd. | 41,116.44 | Under construction | 7,650.00 | | Guosheng Green Energy (Tai'an) Co., Ltd. | 13,402.80 | Under construction | 10,608.00 | | Lingshan Yuansheng New Energy Co., Ltd. | 17,861.02 | Early-stage development | 5,000.00 | | Shangyi County Ruida New Energy Co., Ltd. | 17,335.42 | Put into production | 1,000.00 | | Kunming Dongchuan Qianrun New Energy Co., Ltd. | 8,186.66 | Put into production | 319.77 | | Huaning Qianrun New Energy Co., Ltd. | 15,437.16 | Under construction | 8,735.00 | | SDIC Genting Meizhouwan (Putian) New Energy Co., Ltd. | 9,149.17 | Put into production | 1,073.40 | | Zhangjiakou Kaitou New Energy Co., Ltd. | 11,826.26 | Under construction | 2,600.00 | | Yangquan Guoli New Energy Co., Ltd. | 9,084.86 | Put into production | 580.00 | | SDIC Shaanxi New Energy Co., Ltd. | 6,222.20 | Under construction | 1,000.00 | | SDIC (Guangdong) New Energy Co., Ltd. | 30,000.00 | Platform | 20,000.00 | | SDIC Jilin Dunhua Pumped-Storage Co., Ltd. | 159,553.78 | Under construction | 980.00 | | Putian Dongwu Energy Co., Ltd. | 175.00 | Equity participation | 175.00 | | Fujian Fuzhou Mintou Offshore Wind Power Confluence Station Co., Ltd. | 700.00 | Equity participation | 700.00 | | Total | 3,115,970.48 | | 303,060.17 | ## 6. Electric power market trading ☑ Applicable ☐ Not Applicable | | Current year | Previous year | Year-on | | --- | --- | --- | --- | | Total energy through market trading | 697.79 | 698.41 | | | Total on-grid energy | 1,542.09 | 1,677.22 | | 35 Annual Report of 2025 | Percentage | 45.25% | 41.64% | Increased by | | --- | --- | --- | --- | ## 7. Operation of the electricity selling business ☑ Applicable ☐ Not Applicable The Company has 9 electricity sales subsidiaries under its umbrella. It has conducted electricity trading businesses in multiple provinces including Beijing, Shanghai, Guangdong, Tianjin, Hebei, Gansu, Xinjiang, Shaanxi, Anhui, Hainan, Guizhou, Fujian, Guangxi and Sichuan. Changes in the electric power market, the Company provides professional electricity sales services and integrated energy services to customised connect power generation demand with electricity consumption demand. In 2025, the total sold energy reached 36.536 billion kWh, representing growth of 7.54%. ## 8. Other notes ☐ Applicable ☑ Not Applicable ## (V) Investment analysis ### Overall analysis of external equity investment ☑ Applicable ☐ Not Applicable ① Overall situation | Amount of investment in the reporting period | | | --- | --- | | Increase/decrease of investments | | | Investments in the same period of the previous year | | | Increase/decrease percentage of investments (%) | | ② Investees | S/N | Name of investee | Main business activities | Shareholding | | --- | --- | --- | --- | | 1 | Yalong River Hydropower Development Co., Ltd. | Hydropower generation | | | 2 | SDIC Qinzhou Second Power Co., Ltd. | Thermal power generation | | | 3 | SDIC (Hunan Anren) Pumped Storage Co., Ltd. | Hydropower generation | | | 4 | SDIC Xinjiang New Energy Co., Ltd. | Solar power generation | | | 5 | SDIC Meizhouwan (Putian) Electric Power Co., Ltd. | Thermal power generation | | 36 Annual Report of 2025 1. Major equity investment □ Applicable √ Not Applicable 2. Major non-equity investment □ Applicable √ Not Applicable 3. Financial assets measured at fair value √ Applicable □ Not Applicable Unit: RMB Profits or losses Accumulated changes Amount of from changes in fair | Asset category in fair value included sale/redemption during | Beginning balance Ending balance Other changes | | | | | --- | --- | --- | --- | --- | | Fujian Fuzhou Mintou Offshore Wind Power Confluence Station Co., Manufacture of generators and generator value in the current | | | | | | 22 | the current period | in equity | | 7.00 | | 37 Ltd. units Shangyi County Ruida New Energy Co., Ltd. Solar power generation Kunming Dongchuan Qianrun New Energy Co., Ltd. Solar power generation Ceheng Huifeng New Energy Co., Ltd. Wind power generation Zepu Hongsheng New Energy Co., Ltd. Solar power generation SDIC (Guangdong) New Energy Co., Ltd. Other organizational management services SDIC Shaanxi New Energy Co., Ltd. Electric power supply SDIC Guangxi New Energy Co., Ltd. Electric power supply Huaning Qianrun New Energy Co., Ltd. Solar power generation SDIC Genting Meizhouwan (Putian) New Energy Co., Ltd. Solar power generation Guosheng Green Energy (Tai'an) Co., Ltd. Solar power generation Lingshan Yuansheng New Energy Co., Ltd. Wind power generation SDIC Jilin Dunhua Pumped-Storage Co., Ltd. Hydropower generation Putian Dongwu Energy Co., Ltd. Heat production and supply Quanzhou Yuansheng New Energy Co., Ltd. Electric power supply Zhangjiakou Kaitou New Energy Co., Ltd. Solar power generation Yangquan Guoli New Energy Co., Ltd. Solar power generation 12 13 19 18 14 15 10 11 20 21 16 17 8 9 6 7 | | period | 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 | 51.00 61.00 51.00 99.60 35.00 | Annual Report of 2025 Securities investments √ Applicable □ Not Applicable Unit: RMB Explanation on securities investment □ Applicable √ Not Applicable Private equity investments □ Applicable √ Not Applicable Derivatives investments √ Applicable □ Not applicable (1). Derivative investments for the purpose of hedging in the reporting period □ Applicable √ Not Applicable (2). Derivative investments for speculative purposes during the reporting period □ Applicable √ Not applicable Other notes: In October 2018, Red Rock Renewables Limited, a wholly-owned subsidiary of the Company, completed the acquisition of 100% equity of Afton Wind Farm Limited (hereinafter referred to as Afton) and started the subsequent project refinancing according to the acquisition plan. In accordance with refinancing practice, | Profits or losses Accumulated | | | | | --- | --- | --- | --- | | Book value at the Investment gain Stock | | | | | Variety of Securities Sales amount in the Zhongmin Initial investment Book value at the Compensation from changes in changes in fair Source of | | | | | Investment in other Yunwei Financial assets held abbreviati beginning of the or loss during Accounting subject | | | | | Stocks 600163 Energy Stocks 600725 securities end of the period for creditor’s fair value in the value included Investment 132,903,312.36 code current period | 198,154,692.32 1,811,325.93 19,072,883.70 23,587,175.70 198,154,692.32 funds 13,465,241.61 4,514,292.00 cost | 0.00 0.00 0.00 0.00 0.00 0.00 | | | equity instruments Stock for trading | the period on period | | | | 38 Stocks Total Others Co., Ltd. current period 151,976,196.06 | 211,619,933.93 1,811,325.93 23,587,175.70 198,154,692.32 in equity / rights / 4,514,292.00 Total / -36,288,643.69 175,477,148.96 -36,288,643.69 151,889,973.26 | 4,514,292.00 4,514,292.00 23,587,175.70 / 10,993,275.93 198,154,692.32 325,674,342.32 0.00 127,519,650.00 151,976,196.06 1,811,325.93 438,987,988.53 287,011,792.47 9,181,950.00 | 0.00 0.00 | Annual Report of 2025 the Bank requested Afton to undertake a swap at an interest rate of 90% of the total amount financed of £77,257,200 for a period of 15 years. Afton carried out the interest rate swap business after obtaining the approval of SASAC in May 2019. The business varieties, hedging scale, and profit and loss are as follows: Unit: RMB 4. Specific progress of major asset restructuring and integration during the reporting period □ Applicable √ Not Applicable (VI) Sales of major assets and equities □ Applicable √ Not Applicable (VII) Analysis of major companies controlled and invested in by the Company √ Applicable □ Not Applicable 1. Information of major subsidiaries Unit: RMB 10,000 Equity attributed | to the owners of | Registered Operating | | | | --- | --- | --- | --- | | Operating profit Company name Major business Actual profit and loss Company type Amount of position at | Floating profit and Total assets Net profit | | 2025 | | SDIC Qinzhou Thermal power SDIC Genting Thermal power SDIC Hydropower SDIC Xiaosanxia Hydropower Yalong Hydro Hydropower Domestic Classification of On-exchange / Transaction | 18,367,069.79 the parent 1,110,931.30 5,070,000.00 7,879,477.16 2,465,516.08 revenue | capital 228,000.00 442,664.13 310,584.39 410,721.87 320,667.13 438,355.80 398,547.31 463,238.95 177,000.00 371,192.82 353,950.49 117,542.74 220,798.05 191,315.18 107,046.88 52,896.90 86,594.19 83,603.31 86,000.00 59,748.66 922,447.28 | 44,714.48 66,570.17 71,403.14 48,740.79 | | Afton Wind Farm Interest rate Business type Accumulated trade amount loss at the end of the S/N | the end of the period of the current year Company name | | | | Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Currency type GBP OTC Overseas 30,858,312.48 472,554,817.83 56,351,095.87 14,682,529.55 trading varieties /overseas | 1 Variety OTC | | | | 39 Dachaoshan generation generation generation generation Meizhouwan generation Limited swaps | company period (RMB) | (RMB) (RMB) | (RMB) | Annual Report of 2025 2. Where the operating performance of a subsidiary or joint-stock company fluctuated significantly year on year and had a significant impact on the consolidated operating performance of the Company, the analysis and explanation of the performance fluctuation and the reasons were as follows. Unit: RMB 10,000 | First, inflow in the Yalong River Basin was dry in the current year, resulting in First, power generation space was compressed in the current year, coupled | | | | | | --- | --- | --- | --- | --- | | lower power generation year on year. Second, the Company strengthened cost with scheduled unit shutdowns and maintenance, resulting in a year-on-year First, power generation capacity was constrained in the current year, resulting First, the curtailed power volume of existing renewable energy projects in the In the current year, the Company optimized its trading strategies and flexibly First, power generation space was compressed and annual trading tariffs SDIC New Year-on-year | 1,827,310.41 497,003.24 696,429.67 200,646.55 | 43,228.90 35,356.44 | | | | Yalong Hydro Huaxia Power SDIC Genting SDIC New Energy Electric power | 922,447.28 1 826,662.34 6 39,052.76 Amount of 95,784.94 30,307.20 8,745.56 11.59 28.86 | | | | | in a year-on-year decrease in power generation. Second, falling coal prices led Northwest Region increased in the current year, leading to a year-on-year SDIC Xiaosanxia adjusted the proportion of medium- and long-term trading positions, resulting increase/decrease SDIC Qinzhou declined, leading to year-on-year drops in both power generation and on-grid and expense control, leading to year-on-year decreases in maintenance decline in power generation. Second, falling coal prices reduced production In the current year, water inflow in the Lancang River Basin was abundant, SDIC Beijiang Thermal power Huaxia Power Thermal power Energy Subsidiary S/N Company name | 3 66,570.17 7 35,356.44 -20,364.54 4 48,740.79 5 44,714.48 -24,181.91 15,304.74 12,675.09 51,265.43 55,720.98 36,065.70 68,896.39 -36.55 -35.10 29.85 35.14 358,169.42 885,298.59 130,387.81 559,750.95 102,200.00 431,100.42 189,151.63 266,289.80 | 29,979.31 52,253.47 33,004.14 39,052.76 | | Reasons for major changes | | Meizhouwan Investment increase/decrease SDIC Dachaoshan Subsidiary Subsidiary supply | 2 71,403.14 66,416.36 4,986.78 2025 7.51 2024 | | | | | decline in power generation. Second, the average tariffs for wind power and tariff. Second, falling coal prices reduced production costs. to lower production costs. in a year-on-year rise in on-grid tariff. leading to a year-on-year increase in power generation. expenses, financial expenses and taxes paid. costs. 40 generation Investment generation | (%) | | Net profit | | Annual Report of 2025 Acquisition and disposal of subsidiary corporations within the reporting period √ Applicable □ Not Applicable Other notes First, affected by regional carbon reduction and green expansion policies as 33,004.14 32,988.72 15.42 - well as the growing installed capacity of renewable energy, power generation SDIC Beijiang 8 decreased year on year. Second, falling coal prices brought down production Acquisition and disposal of subsidiary corporations Impact on overall production, operation and Company name costs. solar power decreased year on year. 41 Guangxi Guoqin Energy Co., Ltd. Deregistration applied No impact SDIC Xizang Seni New Energy Co., Ltd. Deregistration applied No impact SDIC Xizang Nierong New Energy Co., Ltd. Deregistration applied No impact Yinan Shengfeng New Energy Co., Ltd. Investment and establishment No impact Guanyang Yuansheng New Energy Co., Ltd. Investment and establishment No impact Zepu Hongsheng New Energy Co., Ltd. Business combinations not under common control No impact Guosheng Green Energy (Tai'an) Co., Ltd. Business combinations not under common control No impact Yalong River (Jiangsu) Energy Co., Ltd. Investment and establishment No impact Yalong River (Yajiang) Clean Power Co., Ltd. Investment and establishment No impact SDIC (Yunnan) New Energy Development Co., Ltd. Investment and establishment No impact Tianjin Beijiang Energy Sales Co., Ltd. Investment and establishment No impact Chengde Yuanli Technology Development Co., Ltd. Investment and establishment No impact Guoli (Xinjiang) Integrated Energy Co., Ltd. Investment and establishment No impact Zepu Guoli New Energy Power Generation Co., Ltd. Business combinations not under common control No impact Afton Wind Farm (BMO) Limited Deregistration applied No impact Wuxuan Yuansheng New Energy Co., Ltd. Investment and establishment No impact Pubei Shengfeng New Energy Co., Ltd. Investment and establishment No impact Yunnan Qianrun Power Sales Co., Ltd. Investment and establishment No impact Yalong River (Chengdu) Energy Co., Ltd. Investment and establishment No impact Yalong River (Litang) Clean Power Co., Ltd. Investment and establishment No impact SDIC (Luliang) New Energy Co., Ltd. Investment and establishment No impact SDIC (Hunan) New Energy Co., Ltd. Investment and establishment No impact within the reporting period performance Annual Report of 2025 □ Applicable √ Not Applicable (VIII) Structured entities controlled by the Company □ Applicable √ Not Applicable 42 Annual Report of 2025--- ## VI. Discussion and analysis on the future development of the Company ### (I) Industry structure and trends ☑ Applicable ☐ Not Applicable In accordance with the Analysis and Forecast Report on National Power Supply and Demand Situation 2025–2026 issued by the China Electricity Council, an analysis from the perspectives of power consumption, power supply and power supply-demand balance is presented as follows: **Power consumption:** Taking comprehensive account of China’s current economic growth potential, the proposals for the 15th Five-Year Plan for National Economic and Social Development, as well as national macro-control policies and measures, it is projected that China’s macro economy will maintain steady growth in 2026, driving steady and relatively rapid growth in power consumption demand. It is estimated that China’s total social electricity consumption in 2026 will reach 10.9-11 trillion kWh, representing a year-on-year growth of 5%-6%. **Power supply:** Under the national "Dual Carbon" goals, renewable energy projects will continue to be put into operation on a large scale. It is estimated that the newly added installed power capacity nationwide in 2026 will exceed 400 million kW, including over 300 million kW of newly added renewable energy installed capacity. The newly added effective power generation capacity will stand at around 100 million kW, basically matching the incremental maximum power load. It is estimated that by the end of 2026, China’s national installed capacity will reach about 4.3 billion kW. Among this total, non-fossil energy installed capacity will stand at 2.7 billion kW, accounting for approximately 63% of the total installed capacity, while the proportion of coal-fired power installed capacity will drop to around 31%. It is estimated that in 2026, the installed capacity of solar power will surpass that of coal-fired power for the first time. By the end of the year, the combined installed capacity of wind power and solar power will account for half of the nation’s total installed power capacity. **Power supply and demand situation:** It is estimated that in 2026, the national power supply and demand will remain generally balanced. Tight power supply and demand will persist in some regions during peak periods, and such supply shortages can be basically alleviated through cross-regional power dispatch and surplus-deficit adjustment. During the summer peak period, power supply and demand will be tight in some provinces of Southwest China, Central China, East China and other regions. During the winter peak period, power supply and demand across all regions will remain generally balanced. In case of extreme conditions such as large-scale extreme weather and tight primary energy supply, power supply and demand will be strained in some regions during certain periods. Nevertheless, stable and orderly power supply can be guaranteed through joint efforts on both supply and demand sides. ### (II) Development strategy of the Company ☑ Applicable ☐ Not Applicable Centering on serving national strategies, the Company fully fulfills its mission as a central state-owned enterprise tasked with energy supply guarantee. It adheres to the development vision of "Becoming A Globally-trusted Investor & Operator in Integrated Energy", closely aligns with the national "Dual Carbon" goals and the new energy security strategy, and takes the implementation of the 43 Annual Report of 2025 15th Five-Year Development Plan as its core priority. Upholding development as the top priority, the Company focuses on its core responsibilities and primary businesses, continuously intensifies the development of clean energy, advances the development of professional management capabilities, and strives to achieve high-quality and sustainable development. In terms of specific implementation paths, first is structural optimization. Centering on the construction of the Yalong River Basin integrated hydro-wind-solar base, the Company will accelerate the development of a diversified, complementary, clean and low-carbon energy development pattern, steadily expand the installed capacity of high-quality clean energy, and continuously optimize the power supply structure. Second is quality optimization. The Company will strictly abide by the red line for asset-liability ratio control, continuously improve return on investment and shareholder returns, consolidate its operational foundation, and comprehensively enhance its capacity for sustainable development. Third is resource optimization. It will scientifically coordinate regional layout and capital allocation, seize opportunities for high-quality resource development, actively enter new tracks of energy transition, and provide solid support for the Company’s long-term development. (III) Operation plan √ Applicable □ Not Applicable 1. Annual investment expenditure plan In 2026, the Company plans equity investment of RMB 7.27 billion and capital construction investment of RMB 24.45 billion. 2. Annual financing plan In 2026, the Company plans to raise a total of RMB 12.3 billion in domestic financing at the parent company level for the full year, primarily through bond issuance and financing from State Development & Investment Corp., Ltd., SDIC Finance Co., Ltd., banks and other financial institutions. In 2026, the Company and its wholly-owned overseas subsidiaries plan to raise a total of RMB 17.7 billion, or the equivalent in foreign currencies, in overseas debt financing, primarily through financing from Rongshi International Treasury Management Company Limited and other financial institutions. (IV) Possible risks √ Applicable □ Not Applicable 1. Electric power market risk With the continuous deepening of electric power market-oriented reform, the Company faces multiple operational challenges in electric power markets across all regions. First, provincial electricity spot markets have achieved nearly full coverage. Differences between spot prices and medium-to-long-term prices in some regions have exerted a certain impact on corporate earnings. Second, local spot markets remain in the stage of construction and optimization with dynamically adjusted rules, increasing uncertainties in trading decision-making. Third, large-scale grid connection of renewable energy has reshaped the power supply-demand pattern and intensified market competition, further heightening operational uncertainties. 44 Annual Report of 2025 Countermeasures: The Company will continuously monitor and analyze regional electric power market developments, accurately grasp adjustments to market rules and changes in supply and demand, dynamically optimize the coordinated strategies for medium-to-long-term and spot trading, steadily improve professional marketing capabilities and risk response capabilities, actively adapt to market changes, and ensure stable operating benefits. 2. Operational risks of renewable energy With the in-depth advancement of the national "Dual Carbon" strategy, the green and low-carbon energy transition continues to accelerate. Operational risks have emerged alongside the large-scale development of the renewable energy sector. First, consumption risks have become prominent. The installed capacity of renewable energy is growing rapidly, accompanied by temporal and spatial mismatch between power supply and load as well as insufficient system regulation resources. Risks of wind and solar power curtailment have intensified in some regions, placing heavy pressure on project operations. Second, investment return risks are mounting. The rising proportion of market-based electricity trading exerts downward pressure on tariffs. Coupled with fluctuating raw material prices that drive up equipment procurement costs, project return on investment faces downside risks. Countermeasures: The Company will focus on advantageous regions to intensify the acquisition of high-quality resources and strictly adhere to the bottom line of investment economy. It will strengthen full-cycle project management, optimize procurement strategies and strictly control costs; conduct in-depth research on electric power markets, optimize trading strategies to improve operational benefits; optimize power supply layout and dispatching to mitigate consumption risks; adhere to innovation-driven development, explore new business forms and foster new growth drivers. 3. Profitability risks of thermal power business Against the backdrop of green and low-carbon energy transition, thermal power has shifted from a baseload reliable power source to a supportive and regulatory power source, posing dual challenges to its profitability stability. First, risks arising from fuel price fluctuations. It is expected that coal supply and demand will remain in a tight balance in 2026. Geopolitics, policy regulation, extreme weather and other factors may cause periodic disruptions to supply and demand. Intensified volatility in coal prices will directly squeeze the profit margins of thermal power generation. Second, downside risks to operating income. Rapid growth in renewable energy installed capacity continues to exert pressure on the utilization hours of thermal power units. Coupled with rising requirements for unit flexibility regulation and increased equipment operating costs, profitability uncertainty is further intensified. Countermeasures: The Company will strengthen whole-process fuel management and control, improve the performance rate of long-term coal contracts, optimize procurement strategies by coordinating domestic and international markets, and strictly control fuel costs. It will consolidate equipment reliability, fully secure capacity electricity revenue, tap into auxiliary service income, expand integrated energy businesses, and enhance the profitability stability and risk resistance capacity of the thermal power segment. 4. Risks in overseas business 45 Annual Report of 2025 The international political and economic landscape is undergoing profound adjustments. Uncertainty and instability in overseas political and policy environments are on the rise, and overseas power industry investment continues to face complex and volatile challenges. Competition for overseas business development may become increasingly fierce. Fluctuations in global commodity prices, exchange rates, interest rates and regional electric power market prices may pose substantial challenges to project returns. Countermeasures: The Company will attach high importance to changes in the international political landscape, accurately identify country-specific risks, continuously monitor policy adjustments in key countries, and adopt prudent and strategically focused arrangements for project investment. It will strengthen supervision over the operation and financial performance of existing overseas projects, optimize commercial and financial arrangements, and strictly control project costs and risks. The Company will enhance the recruitment, training and reserve of management personnel with international vision and operational mindset. It will further improve the overseas compliance system, adhere to the corporate governance structure, and elevate the management and control level of overseas projects. 5. Project management risk Some of the Company’s hydropower construction projects are confronted with difficulties including high altitude, complex engineering geological conditions, remote geographical locations, extensive construction scope and insufficient professional technical personnel. Inadequate review of engineering designs, inadequate safety and quality control, and incomplete inspection and acceptance of construction procedures during project construction may give rise to engineering safety and quality hazards. Countermeasures: Guide the holding investment enterprises to make engineering plans according to the characteristics of the project, compile safety technology and quality management measures, and strictly implement them during implementation. Urge holding investment enterprises to strengthen the management of project supervision, strictly control design quality management, strictly control equipment quality, strictly supervise the process, and set safety and quality red lines. Holding investment companies are required to further strengthen their awareness of safety and quality, do a good job in inspection and acceptance of the construction process, and ensure the safety and quality of the project. 6. Risks from extreme climate and natural disasters The Company has a high proportion of hydropower, and the hydropower units in operation are distributed in different regions and basins such as Sichuan, Yunnan and Gansu. Extreme climate and unstable inflow will have a great impact on the Company's hydro-power generation. Most of the Company’s operational and under-construction hydropower units are located in mountainous and canyon areas. They may be affected by natural disasters such as debris flows in rainy seasons and sudden mountain fires in dry seasons, which pose potential safety hazards to unit operation and project construction. The Company’s renewable energy projects are also vulnerable to extreme climates. Abnormal wind and solar resources will affect power generation output, while extreme weather may damage equipment and facilities, imposing heavy pressure on the safety of operation and construction. 46 Annual Report of 2025 Countermeasures: The Company will fully apply modern forecasting technologies, conduct rational dispatching and coordination of cascade hydropower stations, further coordinate basin water regulation and power dispatching. Meanwhile, it will conduct proper internal equipment maintenance to improve equipment reliability and maximize the utilization efficiency of hydropower resources. The Company will strengthen safety awareness, improve the hidden danger investigation and emergency response system. By intensifying meteorological monitoring, optimizing early-warning linkage mechanisms, implementing special protection measures and conducting regular emergency drills, it will strengthen full-cycle safety management and control, so as to minimize adverse impacts of disasters on under-construction and operational projects. (V) Others □ Applicable √ Not Applicable VII. Explanation on matters undisclosed according to standards due to inapplicability of provisions in the standards or special causes such as national secrets and business secrets, and reasons □ Applicable √ Not Applicable 47 Annual Report of 2025 ### Section IV Corporate Governance, Environment and Society Overview As a public company listed in both domestic and overseas, the Company has been operating business in a standard manner and in strict compliance with the requirements set forth in the laws, regulations and regulatory documents of the PRC and the overseas jurisdiction where the shares of the Company are listed, and has made continuous efforts to maintain and enhance the good image of the Company in the market. The Company is principally governed by the general meeting of its shareholders (the “general meeting”), the Board of Directors, and senior executives. A brief description of the general meeting and the Board of Directors of the Company is set out below. General Meeting The general meeting is the governing authority of the Company. General meetings include annual general meetings and extraordinary general meetings. An annual general meeting is required to be called once a year, within six months following the end of the previous fiscal year. An extraordinary general meeting is required to be called within two months from the date of the occurrence of any of the following circumstances: • the number of Directors is fewer than six; • the losses of the Company that have not been made up reach one third of its total share capital; • shareholders that hold, individually or collectively, 10% or more of the shares of the Company request to hold such a meeting; • the Board of Directors considers it necessary; • the Audit Committee proposes to hold such a meeting; or • other circumstances as provided by relevant laws, administrative regulations, departmental rules or the Articles of Association. Board of Directors The Board of Directors is responsible for the general management of the Company and is accountable to the general meeting. Board meetings include routine board meetings and extraordinary board meetings. A routine board meeting is required to be called semi-annually. An extraordinary board meeting may be called upon demand. I. Relevant information on corporate governance √ Applicable □ Not Applicable In the reporting period, the Company has continuously improved the governance structure of the legal person and standardized operations based on requirements of laws and regulations, such as the Company Law, Securities Law, Guidelines for the Articles of Association of Chinese Listed Companies and Code of Corporate Governance for Chinese Listed Companies, etc (the relevant code is set out on http://www.csrc.gov.cn/csrc/c101954/c7589726/content.shtml) and combined with actual situation of SDIC Power. Directors of the Company have been diligent and responsible. The senior executives have 48 Annual Report of 2025 carried out their duties according to the laws. The legal rights and interests of the Company and shareholders have been effectively maintained. During the reporting period, the Company formulated or revised the Articles of Association, Rules of Procedure of the General Meeting of Shareholders, Rules of Procedures of the Board of Directors, Working Rules for the General Manager, Working Rules for the Audit Committee of the Board of Directors, Market Value Management System, Internal Audit Management Measures and Administrative Measures for Remuneration of Persons-in-Charge. These revisions further ensure compliance with relevant policies and requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, and safeguard the interests of the Company’s shareholders. The Company conscientiously implemented the relevant laws and regulations such as the Company Law and the Securities Law and various regulatory requirements, operated in a standardized manner according to law, effectively performed the functions of the General Meeting of shareholders, the Board of Directors, and the Management in accordance with the law, and paid attention to the protection of shareholders' legitimate rights and interests. During the reporting period, the Company convened 7 General Meetings of shareholders, 13 meetings of the Board of Directors, 2 meetings of the Supervisory Committee (the Supervisory Committee was legally dissolved during the reporting period), 4 special meetings of independent directors, and 22 meetings of special committees of the Board of Directors. The operations of the General Meeting, the Board of Directors and the Management comply with the Articles of Association and relevant regulatory provisions, and all management decisions are in the interests of all shareholders. The Company strictly implemented the systems such as the Management System of Information Disclosure Affairs and the Administrative Measures for Internal Reporting of Major Information to ensure that major information is transmitted, collected and effectively managed in a timely manner within the company, and to ensure the authenticity, accuracy and completeness of information disclosure. During the reporting period, the Company completed the disclosure of 4 periodic reports and 66 interim announcements. The information disclosure was based on compliance with regulatory requirements, met the needs of investors, and fully and objectively reflected the true value of the Company. The Company has obtained the Grade A rating for information disclosure by the Shanghai Stock Exchange for nine consecutive years. The Company has continuously optimized its investor relations management structure and actively responded to key market concerns. The Company adheres to holding earnings briefings following the release of each periodic report, and transparently presents operating results through market-wide live streaming. Throughout the year, it has arranged four online and three offline earnings exchange sessions to deepen interactive communication with investors. The Company has organized nearly 100 various exchange activities in total and received more than 1,000 investor visits. In addition, the Company has established a long-term mechanism for protecting the rights and interests of minority shareholders. By building a six-in-one communication matrix, it has formed a professional, highly responsive investor service system covering all communication channels. 49 Annual Report of 2025 Whether there is any significant difference between corporate governance and the provisions of laws, administrative regulations and the CSRC on the governance of listed companies; if so, explain the reasons. □ Applicable √ Not Applicable II. Specific measures taken by the controlling shareholders and actual controllers of the Company to ensure the independence of the Company's assets, personnel, finance, institutions and business, as well as solutions, work progress and follow-up work plans affecting the independence of the Company. √ Applicable □ Not Applicable During the reporting period, the Company and its controlling shareholders were able to maintain independence in terms of business, personnel, assets, institutions and finance. The Company was responsible for its own profits and losses and risks, and there was no situation affecting the independent operation of the Company. The Company strictly complies with applicable laws, regulations and regulatory rules of the listing venue. In accordance with the requirements of a modern enterprise system, it continues to improve and enhance its modern corporate governance system and governance capacity, and has established a sound corporate governance structure consisting of the General Meeting, the Board of Directors and the Management. The controlling shareholders, actual controllers, and other entities under their control were engaged in the same or similar business as the Company, as well as the impact of peer competition or major changes in peer competition on the Company, the solution measures taken, the addressing progress, and the follow-up solution plan. □ Applicable √ Not Applicable 50 Annual Report of 2025 III. Information on directors and senior executives (I) Shareholding changes and remuneration of incumbent and dismissed directors and senior executives during the reporting period √ Applicable □ Not Applicable Unit: share(s) | Numb | Total | | | | | --- | --- | --- | --- | --- | | Numbe er of remuneration Whether | | | | | | shares Reaso to receive received from r of Share | | | | | | increases/ remunerat held at shares ns for the Company | | | | | | increas held at decreases Gender ion from Age the during the | End date of term Name Start date of term | | | Title | | the end es/decr begin during | reporting any | | | | | Gao Hai Male 58 | No | 123.82 | | | | ning of the the year eases period (RMB related | | | | | | Shang Zhan General counsel (Chief Compliance Secretary of the Board of Directors Zhang Guo of the year parties | 10,000) | | | | | Yu Haimiao Employee Director (resigned) Director (resigned) Chairman Employee Director (resigned) December 26, 2025 Male Male Male September 5, 2025 Male Male November 22, 2023 52 45 53 October 15, 2025 October 15, 2025 53 45 | September 6, 2019 February 28, 2024 - - Yes - - - - No No No No April 7, 2025 April 25, 2024 April 7, 2025 0 0 April 1, 2025 0 0 0 0 0 0 0 0 0 0 | 135.95 140.86 0 0 0 0 0 0 26.23 96.17 | - 0 | | | 51 Yu Yingmin Independent Director (resigned) Zhonghua Pingyuan Liu Guojun Deputy Chairman Deputy General Manager (resigned) Officer) (resigned) Director Zhao Jun Director (resigned) Ma Yongyi Independent Director Xuyuan Employee Director Zijian Li Junxi Director (resigned) Xu Junli Independent Director Zhang Lei Deputy Chairman (resigned) General Manager Gao Jun Director Zhang Lizi Independent Director year (before taxes) Female Male September 5, 2025 Male Male Male Male February 27, 2025 Male Male Male 59 59 October 15, 2025 57 61 December 26, 2025 61 65 48 47 62 | September 6, 2019 September 5, 2025 September 5, 2025 - - Yes October 24, 2023 - - - Yes - - - Yes - - Yes - - Yes - No No No No March 11, 2022 May 20, 2025 April 17, 2025 April 21, 2023 0 June 18, 2025 0 0 May 23, 2023 0 0 0 0 0 0 July 24, 2024 0 0 0 July 27, 2021 0 May 6, 2021 0 0 0 0 0 0 0 0 0 0 0 0 0 | 0 0 0 0 0 0 0 0 0 0 0 0 0 | - - - - - - - - - 11 12 12 0 0 3 0 0 0 | | Annual Report of 2025 Professorate Senior Engineer. Former Director of the Planning and Development Department; Director of the Planning and Development Department & Director of Senior Engineer, Master of Business Administration (EMBA) for Senior Management. Former Director of Operation Supervision Division, Operation Management Professorate Senior Economist, Doctor of Engineering. Former Deputy Director and Director of Planning and Assessment Division, Operation Management Department of State Development & Investment Corp., Ltd.; Member of the Reform Office; Deputy Director of Operation Management Department; Director of the Environmental Protection Management Center; Director of the Engineering Management Department & Director of the Strategic Development Department and Department of State Development & Investment Corp., Ltd.; Assistant Director and Deputy Director of Operation Management Department; Deputy Director of Policy Research Office, Strategic Development Department (at the level of Deputy Department Director); Deputy Director of Reform Office; Deputy Director of Environmental Protection Management Center; Chief Infrastructure Engineer, Director of Strategic Development Department, Director of Engineering Management Human Resources Department; Director of Operation Management Department and Chief Safety Officer; Director of Operation and Work Safety Supervision Zhang Lei | SDIC Training and Support Center, Deputy General Manager, General Manager, and Chairman of the Board of SDIC Intelligence Technology Co., Ltd.; Director of Guo Xuyuan Department, and Director of Environmental Protection Management Center; Chief Infrastructure Engineer & Director of Strategic Development Department; Liu Guojun Department and Chief Safety Officer; Director of Operation and Work Safety Supervision Department and Chief Safety Officer, Assistant General Manager, as well Zhou | | | | | | --- | --- | --- | --- | --- | | (resigned) Male | 51 No | 120.79 | | | | Deputy General Manager & Chief Infrastructure Engineer; General Manager, and Chairman of Yalong River Hydropower Development Co., Ltd. Subsequently as Director of Human Resources Department, State Development & Investment Corp., Ltd. Currently serving as the General Manager Assistant of State Professorate Senior Engineer. Former Director, Deputy Chief Engineer, Chief Engineer and Deputy General Manager of the Engineering Technology Department of Strategic Development Department (Reform Office, Secretariat of SDIC Council) as well as Director of Reform Office of State Development & Investment Corp., Changxin | | | | | | Yu Haimiao Tianjin SDIC Jinneng Electric Power Co., Ltd., Chief Engineer, and Director of the Work Safety Technology Management Department, Chief Engineer, and served as Chairman of SDIC Power Holdings Co., Ltd. and concurrently Chairman of Yalong River Hydropower Development Co., Ltd. Currently serving as Development & Investment Corp., Ltd., Director of the Strategic Development Department (Reform Work Office, Secretariat of SDIC Committee), Director of the Ltd.; Leader of the Preparation Group of SDIC Biomanufacturing Innovation Research Institute Co., Ltd. (in preparation); and Vice Chairman of SDIC Power General counsel (Chief Compliance General counsel (Chief Compliance Jing | | | | | | Deputy General Manager Male | November 28, 2024 45 - October 15, 2025 - - No April 1, 2025 0 0 July 21, 2023 0 | 0 0 0 109.68 0 0 0 - - | | | | 52 concurrently Deputy General Manager of SDIC Power Holdings Co., Ltd. Currently serving as Director and General Manager of SDIC Power Holdings Co., Ltd. Chairman of SDIC Power Holdings Co., Ltd. Reform Work Office, and Director and Vice Chairman of SDIC Power Holdings Co., Ltd. Holdings Co., Ltd. Currently serving as Chairman and General Manager of SDIC Biomanufacturing Innovation Research Institute Co., Ltd. Zhentao Officer) (resigned) Chief Accountant (Head of Finance) Officer) Cao Jianjun Deputy General Manager Cai Jidong Deputy General Manager Secretary of the Board of Directors Gao Peng Deputy General Manager Male Male Male | 41 48 51 November 7, 2025 / / October 24, 2023 - - - - October 15, 2025 - Total No No No / / 0 0 0 July 21, 2023 0 0 0 | Name July 8, 2024 0 0 0 0 0 0 997.84 111.71 0 0 0 0 0 0 77.11 17.52 / - - - - - / | / | Main work experience | Annual Report of 2025 Doctor of Management, Certified Public Accountant (China), Expert Receiving Special Government Allowance from the State Council. Former Deputy General Manager of the Investment Banking Department of Heilongjiang Securities Company, Chief Financial Officer of Heilongjiang Lule Er Group, Director of the Senior Engineer. Former Operation Supervisor, Operation Department, Tianjin SDIC Jinneng Electric Power Co., Ltd.; Senior Business Manager & Deputy Postgraduate education, Master of Engineering and Master of Business Administration, Senior Economist. Former Employee Management Supervisor, Talent Doctoral Candidate, Professorate Senior Accountant, Senior International Financial Manager. Former Director of the Asset Finance Department of CWE Investment Shang Manager, Project Development Division, Business Development Department, SDIC Power Holdings Co., Ltd.; Deputy General Manager (on secondment), SDIC Development Director, Employee Management Director, Deputy Manager, and Deputy Director of the Human Resources Department of China Yangtze Power Co., Corporation, Director of Asset Finance Department, Chief Accountant and Chairman of Trade Union of China Three Gorges International Corporation, Chief Senior Economist. Former Senior Business Manager of Compensation and Benefits Division, Human Resources Department, SDIC Huajing Power Holdings Co., Senior Economist. Former Deputy Manager of the General Affairs Department, Manager of the Fuel Management Department, Manager of the Business Distance Education Center of Beijing National Accounting Institute, Director of the Academic Affairs Department of Beijing National Accounting Institute, Ma Yongyi Zhan Pingyuan Management Department, Assistant General Manager concurrently serving as Manager of the Business Management Department and Employee Director, Deputy Director of the Teacher Management Committee of Beijing National Accounting Institute, Second-Class Professor of Beijing National Accounting Institute. Zhonghua Tianjin New Energy Co., Ltd.; General Manager, SDIC Inner Mongolia New Energy Development Co., Ltd. (Overseas Assignment); Employee Director, Deputy Postgraduate education, Master of Engineering. Former Deputy Director of the Overseas Investment Department and Deputy Director of the Pension Management Gao Jun Ltd., and General Manager of Chongqing Fuling Energy Industry Group Co., Ltd., Director of the Enterprise Management Department (Legal Affairs Office), and Financial Officer and General Counsel of China Yangtze Power Co., Ltd.; Director of the Legal Compliance and Corporate Management Department of China Zhang Zijian Ltd.; Deputy Manager of Human Resources Department, Deputy Manager of Party Mass Work Department (Supervision Department), Manager of Party Mass Senior Accountant. Former General Manager Assistant of SDIC Property Co., Ltd., Deputy General Manager of SDIC High-tech Investment Co., Ltd., Deputy (resigned) Li Junxi Gao Hai (resigned) Postgraduate Student. Former Partner of Beijing Zhongrui Law Firm, Partner of Beijing Zhongtian Law Firm and Lawyer of Guangxi Yuandong Business Law General Manager of SDIC High-tech Industry Investment Co., Ltd. and Audit Commissioner of State Development & Investment Corp., Ltd.; Full-time equity General Manager, Secretary of the Board of Directors and General Counsel (Chief Compliance Officer) of SDIC Power Holdings Co., Ltd. Currently serving as the Currently serving as a Director of Accounting Society of China, Independent Director of SDIC Power Holdings Co., Ltd., and Independent Non-executive Director (resigned) Manager, Thermal Power Management Department, SDIC Power Holdings Co., Ltd. Currently serving as the Deputy Manager, Business Development Department, Zhao Jun Department of the National Council for Social Security Fund; Incumbent Director of the Stock Investment Department of the National Council for Social Security Director of the Legal Compliance and Enterprise Management Department of China Yangtze Power Co., Ltd. Currently serving as the Deputy Factory Director of Three Gorges Corporation. Currently serving as the Chief Auditor and Director of the Audit Department, and Director of the Audit Center of China Three Gorges Work Department (Supervision Department), Manager of Human Resources Department, Employee Supervisor, Employee Director, and Human Resources Xu Junli (resigned) 53 Firm. Currently serving as a senior partner of Tahota (Beijing) Law Firm, Independent Director of YTO Express Group Co., Ltd., and Independent Director of SDIC Director, Director of SDIC Power Holdings Co., Ltd. Now retired. Employee Director of SDIC Power Holdings Co., Ltd. of Yongsheng Service Group Co., Ltd. SDIC Power Holdings Co., Ltd. Fund; Director of Beijing-Shanghai High-Speed Railway Co., Ltd. and Director of SDIC Power Holdings Co., Ltd. the Maintenance Factory of China Yangtze Power Co., Ltd., and Director of SDIC Power Holdings Co., Ltd. Corporation. Manager, SDIC Power Holdings Co., Ltd. Currently serving as the Assistant General Manager of SDIC Power Holdings Co., Ltd. Annual Report of 2025 Other notes □ Applicable √ Not Applicable Senior Engineer. Former Deputy Director of Technical Skills Training Division of Education and Training Center of China Huaneng Group Co., Ltd., Deputy Professorate Senior Engineer. Former Executive Deputy Director of Kehe Hydropower Station Construction Bureau of Sinohydro Bureau 5 Co., Ltd., Assistant to Director of Operation (in charge of operations) and Coordination Division (Technology and Environmental Protection Division) of Operation and Work Safety Doctoral Candidate. Former Executive Vice Dean of Academy of Modern Electric Power Research of North China Electric Power University, Assistant to the Professorate Senior Accountant. Former Chief Accountant of Guangxi Railway Investment Group Co., Ltd., Deputy General Manager of Guangxi Railway the General Manager & Deputy General Manager of Sichuan Ertan Construction Consulting Co., Ltd., Director of Land Acquisition & Resettlement Department, President, Dean of the Department of Electrical Engineering, Director of the Power Market Research Institute of the School of Electrical and Electronic Investment Group Co., Ltd., Chief Accountant of Guangxi Tourism Development Group Co., Ltd., Chief Accountant of China New Era Group Corporation, and Supervision Department of State Development & Investment Corp., Ltd., Executive Deputy Director (in charge of operations), Executive Director of Risk Professorate Senior Engineer. Former Deputy Manager of Production and Operation Department, Deputy Manager of Production Technology Department (in charge Professorate Senior Engineer. Former Director of Guandi Hydropower Plant of Yalong River Hydropower Development Co., Ltd.; Deputy General Manager of Jing Zhentao Gao Peng Director of New Energy Administration, Director of Upper Reaches Construction Administration (Preparatory) of Yalong River Hydropower Development Co., Yalong River Hydropower Liangshan Co., Ltd.; Director of Jinping Hydropower Plant; Director of Jinping Construction Management Administration; Director of Zhang Lizi Engineering. Currently serving as a Professor of the North China Electric Power University, Dean of Academy of Modern Electric Power Research of North China Zhou Changxin Deputy General Manager and Chief Financial Officer of SDIC Power Holdings Co., Ltd.; General Counsel (Chief Compliance Officer). Currently serving as the Doctoral Candidate, a postdoctoral fellow in economics at the Chinese Academy of Fiscal Sciences, and a member of the Chinese Institute of Certified Public Management Division of Operation and Work Safety Supervision Department, and Executive Director of Risk Management Division of Legal Compliance and Risk of operations), Manager of Business Development Department, General Manager Assistant and concurrently Manager of Business Development Department, Cao Jianjun Yu Yingmin Cai Jidong Ltd., Manager of New Energy Management Department of SDIC Power Holdings Co., Ltd. Currently serving as the Deputy General Manager and Work Safety Jinping Underground Laboratory Administration; Executive Director and General Manager of Yalong River Hydropower Liangshan Co., Ltd. Currently serving as Electric Power University, Independent Director of the China Southern Power Grid Energy Storage Co., Ltd., Independent Director of the SDIC Power Holdings Chief Accountant (Chief Financial Officer), General Counsel (Chief Compliance Officer), Secretary of the Board of Directors of the SDIC Power Holdings Co., Accountants. Currently serving as a Professor of Accounting and Doctoral Supervisor of the Central University of Finance and Economics, Independent Director of Management Department, Deputy General Manager and Work Safety Director of SDIC Power Holdings Co., Ltd. Currently serving as the Deputy General Manager General Manager Assistant, General Manager Assistant and concurrently Manager of General Affairs Department of SDIC Power Holdings Co., Ltd. Currently (resigned) 54 Director of SDIC Power Holdings Co., Ltd. serving as the Deputy General Manager of SDIC Power Holdings Co., Ltd. the Deputy General Manager of SDIC Power Holdings Co., Ltd. Power Holdings Co., Ltd. Co., Ltd. Ltd. the Beijing Jingyi Automation Equipment Co., Ltd., Independent Director of the Aurora Optoelectric Technology Co., Ltd. of SDIC Power Holdings Co., Ltd. Annual Report of 2025 (II) Positions of current and dismissed directors and senior executives during the reporting period 1. Posts held in shareholder organizations √ Applicable □ Not Applicable 2. Posts held in other organizations √ Applicable □ Not Applicable Director of Strategic Zhan Pingyuan Development (resigned) State Development & Investment China Three Gorges Corporation Liu Guojun Chief Auditor and Department (Reform Corp., Ltd. | Li Junxi Director of the Audit Work Office & November 2024 Director of Legal Director of Legal | | - | | | --- | --- | --- | --- | | Guo Xuyuan Gao Jun China Yangtze Power Co., Ltd. | | | | | (resigned) Zhang Lei Compliance and Department, and Secretariat of SDIC Compliance and Name of the | March 2026 Name of the Positions in | - | | | December 2024 October 2022 Start date of March 2026 End date of | End date of Start date of July, 2025 Positions held in | | | | China Yangtze Power International (resigned) Committee), Director of Corporate Management Corporate Management Executive SDIC Dongsheng Biotechnology State Development & Investment Full-time Equity Deputy National Council for Social Security Director of the Stock Chairman of the SDIC Chuangyi Industry Fund Chairman of the Director of the Audit Assistant General SDIC Biomanufacturing Innovation Chairman, General Deputy Director of the Vice Chairman person holding person holding | November Name of shareholder company other | | Name of other companies | | Chairman November 2023 December 2024 Jiangsu Electric Power Association Chongqing Electric Power Industry Association Chairman Sichuan Electric Power Association Zhao Jun SDIC Assets Management Co., Ltd. February 2025 February 2025 February 2025 October 2020 October 2020 January 2022 January 2026 January 2022 shareholder company March 2025 | April 2023 April 2022 March 2023 April 2025 July, 2025 July, 2025 July 2022 term term term | term - - - - - | | | 55 (Hongkong) Co., Limited Center Manager Reform Work Office Department Research Institute Co., Ltd. Manager Maintenance Factory Department Director and Member (Taizhou) Co., Ltd. Corp., Ltd. Director Chairman Fund Investment Department Supervisory Committee Management Co., Ltd. Supervisory Committee | companies the post the post 2025 | | | Annual Report of 2025 Cao Jianjun Yu Haimiao | Cai Jidong Jing Zhentao | | | --- | --- | | Gao Peng Yu Yingmin | | | (resigned) Zhou Changxin The 3rd Chief Financial Officer Professional Professional Committee of Hydropower and New Independent Professor, | | | September November | | | Energy Project Cost of China Society for Vice Chairman Beijing Jingyi Automation Equipment Co., Ltd. Director, Central University of Finance and Economics Doctoral Hydropower Generation, China Electricity Deputy Executive China-SCO Energy Cooperation Advisory Deputy Committee of the China Association for Public Vice Chairman Thermal Power Generation, China Electricity Deputy Electric Power Market Branch of China Deputy Executive Chinese Society of Hydroelectric Engineering, Deputy Executive China-SCO Energy Cooperation Advisory Pan Jiazheng Hydropower Science and Deputy Advisory Committee of Shantou International Entrepreneur Deputy Rural Revitalization Electric Power Professional Rural Revitalization Electric Power Professional Zhang Lei Price Association of China (Committee of Energy Deputy China-SCO Energy Cooperation Advisory Pan Jiazheng Hydropower Science and Deputy Hydropower Generation, China Electricity Deputy March 2025 November November November December November December November December November November December November December July 2005 | - - - - | | Chinese Society of Electrical Engineering Director Gao Hai Deputy Director China Electric Power Promotion Council Deputy Director Sinopharm Group Co., Ltd. Director Member Chinese Society of Electrical Engineering Director Chinese Society of Hydroelectric Engineering Member China Electric Power Promotion Council Chinese Society of Hydroelectric Engineering Chinese Society of Hydroelectric Engineering Member February 2025 October 2025 January 2026 January 2021 January 2026 October 2022 October 2025 January 2024 February 2025 January 2026 March 2024 March 2025 April 2025 April 2022 May 2024 May 2025 June 2025 | 2022 2022 - - - - - - - - - - - - - - | | 56 Technology Foundation Chairman Wind Power Innovation Port Consultant Chairman Committee of China Electricity Council Hydropower Engineering Director of Committee of China Electricity Council Supervisor (resigned) and Water Supply) Chairman Committee Technology Foundation Chairman Council Chairman Council Chairman Director Committee Chairman China Electricity Council Director Companies Zhao Jun Beijing-Shanghai High-Speed Railway Co., Ltd. Director Council Chairman Electricity Council Chairman Liu Guojun Sinopharm Group Co., Ltd. Director Director Pumped Storage Industry Branch Chairman Director Committee March 2025 April 2021 June 2025 | 2023 2025 2025 2023 2025 2023 2025 2023 2025 2025 2025 2025 2025 - - - | Annual Report of 2025 (III) Remuneration of directors and senior executives √ Applicable □ Not Applicable Zhang Lizi Independent Independent Director, director, Directors’ remuneration shall be reviewed by the Remuneration and Xu Junli Member of the Director of Assessment Committee of the Board of Directors, examined and | Audit Independent Independent Audit | | | --- | --- | | China Southern Power Grid Energy Storage Co., December | | | Decision-making procedures for approved by the Board of Directors, submitted to the general meeting Aurora Optoelectric Technology Co., Ltd. Committee, Committee, Director, Director, April 2023 | - - | | Ltd. | 2025 | | remuneration of directors and senior for approval, and then implemented. The regulations related to the Ma Yongyi Director of Director of Member of the Director of Deputy Director September | | | Shenzhen ScienCare Pharmaceutical Co., Ltd. YTO Express Group Co., Ltd. February 2022 October 2022 | - | | executives remuneration of senior executives shall be reviewed by the Remuneration Energy System Committee of China Society for and the Remuneration Remuneration Independent Remuneration December September | 2025 | November | Remuneration and Assessment Committee of the Board of Directors Independent and Assessment and Assessment Academy of Modern Electric Power Research of Electrical Engineering Secretary-Gener and Assessment Electric Power Market Research Institute of Yongsheng Service Group Co., Ltd. Non-Executive Audit and Assessment | 2020 2025 - | | --- | --- | | Glodon Company Limited Dean Director February 2026 April 2020 April 2020 April 2020 April 2026 | 2018 - | | 57 Director and submitted to the Board of Directors for approval. Committee Committee Committee Committee North China Electric Power University al Beijing National Accounting Institute Professor Accounting Society of China (ASC) Director Committee Tahota (Beijing) Law Firm Senior Partner North China Electric Power University Director October 2009 February 2025 March 2014 May 2020 | - - | Annual Report of 2025 The independent Directors of the Company receive fixed Director’s allowances at a rate of RMB10,000 per month per person (before tax). Non-independent external Directors do not receive any remuneration or allowances from the Company, nor are they provided with any other compensation, social insurance or benefits. The remuneration and performance assessment of internal Directors shall be governed by the remuneration and performance assessment policies applicable to their other positions, and internal Directors shall not receive any separate Assessment basis and achievement fixed Director’s allowance. completion of actual remuneration obtained by all directors and senior The annual allowances for independent Directors shall be proposed by executives at the end of the reporting The Company conducts performance assessments in accordance with the Board and approved by the shareholders at the general meeting. period the Administrative Measures for the Remuneration of the Company’s Directors’ remuneration shall be determined in accordance with the Non-independent external Directors do not receive any remuneration or Administrative Measures for the Remuneration of Directors and Responsible Persons and the Administrative Measures for the allowances from the Company, nor are they provided with any other The first meeting of the Remuneration and Assessment Committee of Details of the recommendations made Performance Assessment of Members of the Company’s Managerial Supervisors of the Company and the Administrative Measures for compensation, social insurance or benefits. The remuneration and the 13th Board considered the 2024 Work Report of the Remuneration by the Remuneration and Assessment In accordance with the Administrative Measures for Remuneration of Team, and determines the 2024 performance assessment results and Basis for determining the remuneration Remuneration of Persons-in-Charge of the Company. Senior Deferred payment arrangements for and Assessment Committee of the Board and the Work Report of the performance assessment of internal Directors shall be governed by the Committee or at the Special Meeting of Persons-in-Charge of the Company, the performance annual salary of ratings for the Chairman and senior executives. Annual of directors and senior executives executives’ remuneration shall be determined in accordance with the actual remuneration received by all remuneration and performance assessment policies applicable to their Remuneration and Assessment Committee of the Board on the Independent Directors on the the Company’s persons-in-charge for 2024 shall be subject to deferred Does a director recuse himself from the See "Directors and Senior Executives (I) Shareholding changes and performance-based remuneration is linked to the annual performance Total actual remuneration received by Administrative Measures for Remuneration of Persons-in-Charge of | directors and senior executives at the Actual payment of the remuneration of | | --- | | other positions, and internal Directors shall not receive any separate remuneration of directors and senior Chairman ’ s 2024 Remuneration, and agreed to the remuneration assessment results and aligned with changes in economic performance all directors and senior executives at the RMB 9.9784 million the Company and the Administrative Measures for Performance payment, which shall be disbursed proportionally in 2026, 2027 and discussion of the Board of Directors of Yes remuneration of current and dismissed directors and senior executives | | end of the reporting period directors and senior executives | | 58 executives fixed Director’s allowance. 2028 respectively. his remuneration? during the reporting period" in this section. and employee remuneration. end of the reporting period Assessment of the Management Members of the Company. arrangements for Directors and senior executives. | Annual Report of 2025 (IV) Changes in directors and senior executives √ Applicable □ Not Applicable Suspension and recovery of actual | remuneration obtained by all directors Shang Shang Elected by the general Deputy General Manager, Secretary of the | | | | --- | --- | --- | | N/A. Elected by the Employees' Liu | | | | and senior executives at the end of the Director, Vice Chairman meeting and the Board of Liu Gao Hai Board of Directors, General Counsel (Chief Change of leadership Zhang Zhou Elected by the general Zhang Ma Jing Guo Zhonghu Employee Director Zhonghu Employee Director Change of leadership Yu Zhan Cai General counsel (Chief Compliance Engagement by the Board of Zhou General counsel (Chief Compliance Yu Zhang Appointment Elected and | Election Election Election | | | Guojun Director, Vice Chairman Change of leadership Employee Director Work adjustment Chief Accountant (Head of Finance) Change of leadership Zhao Jun Director Independent Director Change of leadership Independent Director Change of leadership Deputy General Manager Change of leadership Director, Chairman Change of leadership Congress Director and General Manager Change of leadership Director Change of leadership Deputy General Manager Change of leadership Gao Hai Work adjustment Independent Director Change of leadership Director, Vice Chairman Work adjustment Appointment Appointment Appointment Appointment | Resigned Resigned Resigned Resigned Resigned Election Election Election Election Election | | | 59 reporting period Compliance Officer) Cao Deputy General Manager Change of leadership Xuyuan a a Haimiao Zhao Jun Director Change of leadership Gao Jun Director Change of leadership Pingyuan Xu Junli Independent Director Change of leadership Jidong Officer) Directors Changxin Officer) Yingmin Directors Lei Guojun Changxin Zijian meeting Li Junxi Director Work adjustment Lizi Yongyi Zhentao Appointment | Name appointed Resigned Election Election Election Changes Reason for changes | Job title | Annual Report of 2025 (V) Information on penalties by securities regulators in recent three years □ Applicable √ Not Applicable (VI) Others □ Applicable √ Not Applicable IV. Performance of duties by directors (I) Situations of directors' participation in the Board of Directors and General Meeting Number Independ of the Failure to | Attenda meetings Director | ent | | | --- | --- | --- | | Number Number of | attend in | | | Attend director nces by | Name of the | | | Number attendances person at | of | | | Board of ances means or not | | | | attendan | of at the two | | | Directors | in of | | | absence consecutive ces by | General | | | commun person Attendance | that | | | meetings or proxy | Meeting | | | Shang Secretary of the Board of Directors, Deputy General Manager, Secretary of the should be ication | at the | | | Zhou Engagement by the Board of | not | Attendance at the meetings of the Board of Directors | | Zhonghu Employee Director Work adjustment Gao Engagement by the Board of Liu Shang General Counsel (Chief Compliance Gao Hai Board of Directors, General Counsel (Chief Work adjustment Guo Elected by the Employees' Yu Zhang Ma attended Appointment | Resigned General Resigned | | | Deputy General Manager Changxin Directors Gao Hai Employee Director Appointment | 12 13 13 13 Yes Yes No 9 No No Election No 10 10 5 6 0 12 9 0 13 9 0 13 0 13 0 3 0 0 0 0 0 0 0 9 5 No No No No No No 1 5 7 4 5 1 | | | 60 a Officer) Compliance Officer) Xuyuan Congress Haimiao Zhao Jun Gao Jun Lizi Yongyi Li Junxi Peng Directors Guojun Xu Junli Jianjun Zhonghua this year | 12 13 Yes Meeting No 11 No 5 No 0 10 12 0 4 0 0 0 13 0 0 0 0 0 5 0 No No No No 2 1 0 6 | | Annual Report of 2025 Explanation for failure to attend in person at two consecutive meetings of the Board of Directors □ Applicable √ Not Applicable (II) Objections raised by directors to relevant affairs of the Company □ Applicable √ Not Applicable (III) Others □ Applicable √ Not Applicable V. Special committees under the Board of Directors √ Applicable □ Not applicable (I) Members of special committees under the Board of Directors (II) During the reporting period, the Audit Committee, the Nomination Committee, the Remuneration and Assessment Committee, the Strategy Committee, and the Committee on Environment, Society and Governance held a total of 22 meetings The following resolutions were deliberated and approved: The 20th meeting of 1. Proposal on Deliberation of the Internal Audit Work Report in the The following resolutions were deliberated and approved: Committee on the 12th Audit The 21st meeting of the 1. Report on the Performance of the Board of Directors' Audit Committee April 1, 2025 Fourth Quarter of 2024 of the Company April 28, 2025 | Environment, Society and Guo Xuyuan, Liu Guojun, Yu Haimiao, Ma Yongyi, Gao Hai Remuneration and Number of meetings combining on-site and Number of the meetings of the Board of Directors Yu Zhang Zhan 12th Audit Committee Committee 2. Special Inspection Report on Standardized Operation of the Company in 2024 | Category of special | | | | | | --- | --- | --- | --- | --- | --- | | Xu Junli, Liu Guojun, Ma Yongyi | Yes 8 No 1 No 8 7 0 1 0 8 0 0 0 0 8 1 8 No No No | 0 1 0 | | Member name | 13 4 | | 61 Governance Audit Committee Ma Yongyi, Xu Junli, Zhang Lizi Nomination Committee Zhang Lizi, Yu Haimiao, Xu Junli Strategy Committee Guo Xuyuan, Liu Guojun, Zhang Lizi communication methods Gao Hai Assessment Committee Number of meetings held in communication mode Zijian Pingyuan that should be held this year Including: Number of on-site meetings Zhang Lei Yingmin for the Second Half of 2024 2. Proposal on the 2024 Annual Report | No 0 No 2 0 0 2 0 0 0 0 2 No No | 0 0 Content Date committee | Important comments and suggestions | | 9 0 | Annual Report of 2025 | | | 3. Proposal on Deliberation of the 2024 Financial Final Accounts Report 4. Verification Opinions on the Company's 2024 Financial Final Accounts Report and 2024 Annual Report 5. Report of the Audit Committee of the Board of Directors on the Evaluation of Performance and Oversight Duties Performance of BDO China Shu Lun Pan CPAs (Special General Partnership) for 2024 6. Evaluation Report on the Work of the Audit Institution for 2024 7. Proposal on Deliberation of the Internal Control Evaluation Report for 2024 8. Verification Opinions on the Company's Internal Control Evaluation Report for 2024 9. Proposal on Deliberation of the Summary of 2024 Work and Work Plan for 2025 on Internal Audit & Post-Investment Evaluation 10. Proposal on Deliberation of the First Quarter 2025 Report 11. Proposal on Deliberation of the Report on Internal Audit Work for the First Quarter of 2025 | | --- | --- | --- | | August 28, 2025 | The 22nd meeting of the 12th Audit Committee | The following resolutions were deliberated and approved: 1. Proposal on Deliberation of the Internal Audit Work Report in the Second Quarter of 2025 and Special Inspection Report on Standardized Operation for the First Half of 2025 2. The Company's Semiannual Report of 2025 3. Special Report on the Deposit and Actual Use of Raised Funds for the Half Year of 2025 4. Continuous Risk Assessment Report on SDIC Finance Co., Ltd. 5. Continuous Risk Assessment Report on Rongshi International Treasury Management Company Limited | | September 5, 2025 | The 1st meeting of the 13th Audit Committee | The following resolutions were deliberated and approved: 1. Proposal on Election of the Chairman of the Audit Committee of the Board of Directors of the Company 2. Proposal on Appointing the Company's Chief Accountant (Financial Officer) | | October 15, 2025 | The 2nd meeting of the 13th Audit Committee | The following resolutions were deliberated and approved: Proposal on Revision of Internal Audit Administrative Measures | | October 31, 2025 | The 3rd meeting of the 13th Audit Committee | The following resolutions were deliberated and approved: 1. 2025 Q3 Report 2. Proposal on Deliberation of the Internal Audit Work Report in the Third Quarter of 2025 | | November 13, 2025 | The 4th meeting of the 13th Audit Committee | The following resolutions were deliberated and approved: Proposal on Renewal of Employment of Accounting Firms | | April 1, 2025 | The 10th meeting of the 12th Nomination Committee | The following resolutions were deliberated and approved: 1. Proposal on Adjusting the Company's General Counsel (Chief Compliance Officer) 2. Proposal on Nominating Candidates for Company Directors | | April 28, 2025 | The 11th meeting of the 12th Nomination Committee | The following resolutions were deliberated and approved: Report on the Performance of the Board of Directors' Nomination Committee in 2024 | | May 28, 2025 | The 12th meeting of the 12th Nomination Committee | The following resolutions were deliberated and approved: Proposal on Nominating Candidates for Company Directors | | August 20, 2025 | The 13th meeting of the 12th Nomination Committee | The following resolutions were deliberated and approved: 1. Proposal on the Replacement of the Board of Directors and the Nomination of Non-independent Directors for the 13th Board of Directors 2. Proposal on the Replacement of the Board of Directors and the Nomination of Independent Directors for the 13th Board of Directors | | September 5, 2025 | The 1st meeting of the 13th Nomination Committee | The following resolutions were deliberated and approved: 1. Proposal on the Election of the Chairman of the Nomination Committee of the Board of Directors 2. Proposal on the Appointment of the General Manager of the Company 3. Proposal on the Appointment of Senior Executives of the Company | 62 Annual Report of 2025 (III) Details of the matter in objection □ Applicable √ Not Applicable VI. Explanation of risks found by the Audit Committee in the Company The following resolutions were deliberated and approved: □ Applicable √ Not Applicable 1. Proposal on Election of the Chairman of the Remuneration and The Audit Committee has no objections to the supervisory matters during the reporting period. Assessment Committee of the Board of Directors 2. Proposal on Deliberation of the 2024 Performance Assessment Results | The 1st meeting of the of the Management Members of SDIC Power Holdings Co., Ltd. | | --- | | 13th Remuneration and November 13, 2025 3. 2024 Annual Work Report of the Remuneration and Assessment | | Assessment Committee Committee of the Board of Directors The following resolutions were deliberated and approved: The following resolutions were deliberated and approved: | | The 4th meeting of the The 1st meeting of the 1. Review of Development during the 14th Five-Year Plan Period and 4. Work Report of the Remuneration and Assessment Committee of the The following resolutions were deliberated and approved: The 14th meeting of The 16th meeting of The 3rd meeting of the The 2nd meeting of the 1. Proposal on Approving the Performance Contracts of the Management The 15th meeting of | | The following resolutions were deliberated and approved: The following resolutions were deliberated and approved: The 7th meeting of the The following resolutions were deliberated and approved: The following resolutions were deliberated and approved: The following resolutions were deliberated and approved: | | 12th Committee on December 19, 2025 13th Remuneration and Members of SDIC Power Holdings Co., Ltd. December 19, 2025 13th Strategy Priorities for Future Work the 12th Remuneration Board of Directors on the Chairman's Remuneration for 2024 1. Report on the 2024 Performance of the Strategy Committee of the the 12th Remuneration the 12th Remuneration 12th Committee on The 2nd meeting of the | | April 28, 2025 Proposal on Deliberation of the 2024 Environmental, Social and 12th Strategy Proposal on Deliberation of the List of Material Topics for Environment, Report on the Performance of the Board of Directors' Remuneration and Proposal on Approving the Performance Contracts of the Management May 28, 2025 Proposal on Signing Employment Contracts and Supplementary April 28, 2025 April 28, 2025 June 16, 2025 April 1, 2025 The following resolutions were deliberated and approved: | | Environment, Society October 15, 2025 13th Nomination Assessment Committee 2. Proposal on Signing the Employment Contract for Term of Senior and Assessment Committee 2. Report on Conducting Post-Investment Evaluation for the No.7 North 5. Proposal on Revision of the Administrative Measures for Board of Directors and Assessment and Assessment Environment, Society | | Governance Report and Annual ESG Goals Committee Assessment Committee in 2024 Members Society and Governance Proposal on Appointing Some Senior Executives of the Company Agreements for the Company's Senior Executives | | 63 and Governance Committee Committee and Governance Committee Executives of the Company Committee Bridge Wind Farm Project in Jiuquan, Gansu Province Remuneration of Persons-in-Charge 2. Proposal on Deliberation of the 2025 Operation Plan | Annual Report of 2025 ## VII. Employee profile of the parent company and major subsidiaries at the end of the reporting period ### (I) Employees | Number of current employees of parent company | 158 | | --- | --- | | Number of current employees of major subsidiaries | 10,617 | | Total number of current employees | 10,775 | | Number of retired employees who shall be paid by the parent company and main subsidiaries | 0 | | Professional category | | | Type | Number (person) | | Production personnel | 6,491 | | Sales personnel | 145 | | Technical personnel | 2,217 | | Financial personnel | 382 | | Administrative personnel | 1,540 | | Total | 10,775 | | Educational background | | | Category of educational attainment | Number (person) | | Postgraduate degree and above | 874 | | Bachelor's degree | 5,962 | | Below bachelor's degree | 3,939 | | Total | 10,775 | ### (II) Remuneration policy Applicable ☐ Not Applicable In terms of remuneration and labor cost management, the Company continues to optimize its management system, strengthen process control and value orientation, and promote more accurate and efficient resource allocation. In 2025, the Company further improved the collaborative management mechanism for labor costs and total wages, and strengthened refined management featuring linkage between budget implementation and operational benefits. By refining the cost structure and strengthening account management, the Company ensures that the growth of labor costs is aligned with improvements in its economic benefits and labor productivity, so as to achieve coordinated wage-benefit development and continuous optimization. In terms of total wage allocation, the Company strictly implements a dynamic management system and enhances the accuracy and guiding role of incentives. The incremental total wages continue to be tilted towards holding investment enterprises with outstanding contribution to benefits, substantial progress in business innovation and stable work safety conditions, so as to further optimize the incentive and restraint mechanism for income distribution. Meanwhile, relying on digital systems, the Company strengthens real-time monitoring and dynamic analysis of the implementation of labor costs and compensation budgets of each subsidiary, establishes and improves early warning and feedback mechanisms for abnormal fluctuations, and enhances the forward-looking nature and response efficiency of management. The remuneration distribution always adheres to the performance-oriented principle, deepens the mechanism of flexible adjustment of income (increase and decrease), eliminates egalitarianism, and strengthens the direct application of assessment results in compensation payment. By improving a 64 Annual Report of 2025 multi-level and differentiated incentive system, the Company further stimulates employees' enthusiasm and initiative for work and entrepreneurship, channels remuneration resources toward key positions and high-value contributors, and continuously enhances the Company's talent competitiveness and organizational vitality. (III) Training program √ Applicable □ Not Applicable In 2025, the Company’s training programs closely focus on the central tasks of serving the national energy strategy and advancing green and low-carbon transition. Training work centers on supporting the implementation of the Company’s strategy and takes improving the competency and quality of all employees as its main line. Relying on a system of source cultivation, follow-up cultivation and whole-process cultivation, it focuses on empowering talent teams including business management talents adapted to the development of a new power system, innovative talents for scientific and technological research and digital transformation, interdisciplinary talents for energy investment and operation, and professional skilled talents ensuring safe and efficient production. Training adheres to the principles of strategy orientation and targeted policy implementation, and strengthens the deepening, internalization and transformation of theoretical learning in guiding practices of the energy transition. By optimizing the curriculum system and innovating practical training models, the Company ensures that training content is closely integrated with core businesses including energy development and scientific and technological innovation. The annual training coverage rate reached 95%, with an average training duration of 111.34 hours per employee. This has effectively enhanced the professional capabilities of the industrial talent team in supporting the energy transition and ensuring secure energy supply, stimulated the initiative of all employees to engage in the Company’s reform, innovation and development, and provided solid talent support for accelerating the development of a new energy system. (IV) Labor outsourcing □ Applicable √ Not Applicable VIII. Plans for profit distribution and conversion of capital reserve into share capital (I) Formulation, implementation or adjustment of cash dividend policy √ Applicable □ Not Applicable 1. Formulation The Company's cash dividend policy is mainly referred to Article 9.1.8 of the Articles of Association (disclosure date: February 6, 2026) and the Shareholder Return Plan of the Company for the Next Three Years (2024-2026) (disclosure date: September 18, 2024). The main related contents are as follows: "The Company shall maintain the continuity and stability of the profit distribution policy. The profits accumulatively distributed in cash by the Company in the recent three years are no less than 30% of the average annual profits available for distribution in recent years. In the process of decision-making and 65 Annual Report of 2025 demonstration of the profit distribution plan, the Board of Directors should actively communicate with shareholders, especially small and medium shareholders, through various channels, fully listen to the opinions and demands of small and medium shareholders, and answer the concerns of small and medium shareholders in a timely manner. The independent director may solicit the opinions of the minority shareholders, propose a dividend plan, and submit it to the Board of Directors for discussion. The Board of Directors of the Company shall distinguish the following circumstances taking into account its industry features, development stages, business model and profitability as well as whether it has any significant capital expenditure arrangement, and put forward a differentiated cash dividend policy in accordance with the procedures set out in the Articles of Association: (1) If the Company is at the mature stage and does not have any significant fund expenditure arrangement, cash dividend shall at least account for 80% of this profit distribution at the time of profit distribution; (2) If the Company is at the mature stage and has some significant fund expenditure arrangement, cash dividend shall at least account for 40% of this profit distribution at the time of profit distribution; (3) Where the Company is in a growth stage with any significant fund expenditure arrangement, cash dividend shall not be less than 20% of the total profit distribution; The specific stage at which the Company distributes dividends shall be determined by the Board of Directors based on the specific situation. Major investment plans or major cash expenditures refer to the Company's plans to invest abroad, acquire assets or purchase equipment in the next 12 months (except for the items of raised funds), and the accumulated expenditure reaches or exceeds 30% of the latest audited net assets of the Company or a single cash expenditure item exceeds RMB 500 million." "The accumulated profit distributed by the Company in cash in the last three years shall not be less than 30% of the average annual distributable profit realized in the last three years, and the profit to be distributed by the Company in cash in 2024-2026 shall not be less than 55% of the distributable profit realized in consolidated statements in that year in principle." 2. Implementation At the 10th meeting of the 13th Board of Directors of the Company, it is recommended to distribute cash dividends in 2025 based on the total share capital of 8,004,494,262 shares, with a dividend of RMB 0.5081 per share (including tax), with a total cash dividend of RMB 4,067,083,534.52 (including tax), accounting for about 55% of the net profit allocated to the shareholders of the listed company in 2025. 3. Adjustment N/A. (II) Special notes of cash dividend policy √ Applicable □ Not Applicable Whether it complies with provisions of the Articles of Association or the √Yes □No 66 Whether relevant decision-making procedures and mechanisms are complete resolution of General Meeting Whether the dividend standards and proportions are specific and clear √Yes □No √Yes □No Annual Report of 2025 (III) Where no proposal for distribution of cash profits is presented in the existence of profits and positive profits available for distribution by the parent company to shareholders during the reporting period, the Company shall give detailed reasons and provide the purpose and plan for use of those undistributed profits □ Applicable √ Not Applicable (IV) Plan of profit distribution or conversion of capital reserve into share capital in the reporting period √ Applicable □ Not Applicable Unit: RMB (V) Cash dividends in the last three fiscal years √ Applicable □ Not Applicable Unit: RMB | Proportion of total dividend amount to the net profit Proportion of cash dividend amount to the net profit Net profit attributable to ordinary shareholders of the | | | | | | --- | --- | --- | --- | --- | | Whether medium and small shareholders fully express their opinions and attributable to ordinary shareholders of the listed company Undistributed profits at the end of the parent company's listed company in the last fiscal year in the consolidated Cash dividend ratio in the last three fiscal years (%) Accumulated cash dividends in the most recent three Number of distributed dividends per 10 shares (RMB) attributable to ordinary shareholders of the listed company Amount included in cash dividend for repurchasing shares Accumulated amount of cash dividends, repurchases and Net profit in the consolidated statements, attributable to Accumulated repurchase and write-off amount in the last Number of shares increase by transferring per 10 shares | | 7,393,381,322.00 | | 55 55 | | | √Yes □No | 18,826,833,067.58 11,409,463,328.68 11,409,463,328.68 7,393,381,322.00 | 165.02% 5.081 | 0 0 0 | | Number of bonus shares given per 10 shares (share) Amount of cash dividends (tax inclusive) Total dividend amount (tax inclusive) Average net profit in the last three fiscal years (4) in consolidated statements (%) financial statements for the last fiscal year | | 4,067,083,534.52 4,067,083,534.52 6,913,783,847.35 | | 0 | | 67 demands, and whether their lawful rights and interests are protected properly in consolidated statements (%) ordinary shareholders of the listed company three fiscal years (2) (share) financial statements (5)=(3)/(4) Whether the independent directors properly perform their responsibilities or not fiscal years (tax inclusive) (1) (tax inclusive) in cash write-offs in the last three fiscal years (3)=(1)+(2) | √Yes □No | | | | Annual Report of 2025 IX. Stock ownership incentive plan, employee stock ownership plan or other employee incentives and effects thereof (I) Incentives disclosed in the temporary announcements and without progress or changes in the follow-up implementation process □ Applicable √ Not Applicable (II) Incentives not disclosed in any temporary announcements or with follow-up actions Stock ownership incentives □ Applicable √ Not Applicable Other notes: □ Applicable √ Not Applicable Employee stock ownership plan status □ Applicable √ Not Applicable Other incentives □ Applicable √ Not Applicable (III) Stock ownership incentive granted to the directors and senior executives during the reporting period □ Applicable √ Not Applicable (IV) Establishment and implementation of an assessment system and incentive system for senior executives during the reporting period □ Applicable √ Not Applicable X. Construction and implementation of internal control system during the reporting period √ Applicable □ Not Applicable The Company's Internal Control Administrative Measures clearly stipulated the management organization and responsibilities, the construction and operation, the self-assessment and supervision inspection, assessment and accountability and other work procedures of internal control. In 2025, the Company thoroughly implemented the core requirements of the State-owned Assets Supervision and Administration Commission (SASAC) on improving the intelligent penetrating management and control capabilities of central enterprises and enhancing the risk prevention and control system. It strived to advance the refined development and regular effective operation of the internal control system, so as to consolidate the foundation for the Company’s high-quality and sustainable development. The Company has fully and effectively carried out internal control management including internal control self-evaluation, internal control supervision and evaluation, as well as rectification and implementation of internal control audits. It has extended the internal control management system to all positions and responsible personnel at all levels of subsidiaries, continuously consolidated an integrated internal control management system featuring vertical connectivity and full coverage, ensured the long-term effective operation of the internal control system, and steadily improved corporate governance capabilities and risk prevention and control capabilities. 68 Annual Report of 2025 The Company has actively conducted institutional inspections. As of December 31, 2025, it has a total of 312 currently effective rules and regulations, covering all business areas of the Company. The Company continues to conduct the formulation, revision, abolition and interpretation of regulations, and has established a fully integrated corporate management system covering all aspects of operations. Major defects described in internal control during the reporting period □ Applicable √ Not Applicable XI. Management and control over the subsidiaries in the reporting period √ Applicable □ Not applicable In 2025, the Company strictly complied with the regulatory requirements of state-owned assets supervision and securities regulation, continuously strengthened management and control over its subsidiaries, focused on core business processes and key control links of subsidiaries, and steadily improved the internal control system of subsidiaries. It further improved the List of Basic Management Systems and List of Mandatory Systems of subsidiaries, standardized the approval hierarchies for subsidiary systems, integrated internal control requirements into all business areas, and achieved full coverage of internal control systems across all business segments. Subsidiaries promptly updated internal control system documents including the Internal Control Manual and Internal Control Administrative Measures, clarified the division of duties and approval authorities of internal control management institutions, optimized the development and operation mechanism of the internal control system, improved internal control evaluation procedures, strictly implemented assessment and accountability systems, and strived to establish a comprehensive, systematic and highly efficient internal control management system with full coverage. In 2025, the Company and its enterprises did not have major internal control defects, and the overall internal control system was well implemented. In 2025, in accordance with the requirements of risk management work, the Company carried out such tasks as risk identification and assessment, monitoring and early warning, analysis and judgment, intervention and response, and management improvement. It established and improved the working mechanism for risk report management, supervised the construction of risk management systems and mechanisms in various enterprises as well as the implementation of risk management work, investigated potential risks, enhanced the ability to handle and resolve risks, comprehensively improved the risk prevention and control ability, and effectively guarded against various risks. The risks of the Company and its subsidiaries were controllable throughout the year, and no major risk events occurred, which guaranteed healthy and sustainable development. Risk warning on abnormalities in the management and control of subsidiaries □ Applicable √ Not Applicable XII. Explanation of relevant information of Internal Control Audit Report √ Applicable □ Not Applicable The Company engaged BDO China Shu Lun Pan CPAs (Special General Partnership) to audit the effectiveness of the design and operation of internal control as of December 31, 2025. The certified 69 Annual Report of 2025 public accountants issued professional audit opinions and an unqualified Internal Control Audit Report with standard opinion. For details, please refer to the 2025 Annual Internal Control Audit Report. Has the Company disclosed the Internal Control Audit Report: Yes Type of opinion in the Internal Control Audit Report: Standard unqualified opinion Whether a non-standard internal control audit opinion was issued during the reporting period or the previous year □ Yes √ No XIII. Rectification of self-inspected problems in the special action for corporate governance of listed companies During the reporting period, there is no situation to be rectified by the Company. XIV.Environmental information of listed companies and their major subsidiaries included in the list of enterprises that disclose environmental information according to law √ Applicable □ Not Applicable Other notes □ Applicable √ Not Applicable XV. Social responsibility work (I) Separate disclosure of the social responsibility report, sustainability report or ESG report √ Applicable □ Not Applicable For details, please refer to the 2025 Environmental, Social and Governance Report of the Company disclosed on the same day (April 30, 2026). (II) Social responsibility work √ Applicable □ Not Applicable | Guizhou Newsky Environment & Technology Xiamen Huaxia International Power Number of enterprises included in the list of enterprises SDIC Genting Meizhouwan Electric Power https://bqfq.sthjt.gxzf.gov.cn/GXHJXXPLQYD/frontal/ind https://bqfq.sthjt.gxzf.gov.cn/GXHJXXPLQYD/frontal/ind S/N | Donations and public Query index of environmental information disclosure | | | | --- | --- | --- | --- | | https://222.85.128.186:8081/eps/index/enterprise-search http://220.160.52.213:10053/idp-province/#/home http://220.160.52.213:10053/idp-province/#/home SDIC Qinzhou Electric Power Co., Ltd. SDIC Qinzhou Second Power Co., Ltd. | 7 4 3 2 6 Amount/content | Company name Description | 7 | | 70 Tianjin SDIC Jinneng Electric Power Co., Ltd. https://hjxxpl.sthj.tj.gov.cn:10800/#/gkwz/jcym SDIC Panjiang Power Co., Ltd. https://222.85.128.186:8081/eps/index/enterprise-search Co., Ltd. Co., Ltd. ex.html#/home/overview ex.html#/home/overview Development Co., Ltd. that disclose environmental information according to law | 1 5 welfare projects | reports according to the law | | Annual Report of 2025 Detailed description √ Applicable □ Not Applicable For details, please refer to the 2025 Environmental, Social and Governance Report of the Company disclosed on the same day (April 30, 2026). As the Company operates across extensive regions and carries out a large number of public Number of beneficiaries welfare donations and projects, it is difficult to - (person) | accurately count the exact number of Total investment (RMB Including: funds (RMB | Materials (RMB | | | --- | --- | --- | | Various public welfare donations | | 380.89 345.62 35.27 | | 71 beneficiaries. 10,000) 10,000) 10,000) | | | Annual Report of 2025 ### Section V Important Matters I. Performance of commitments (I) Commitments of interested parties including the actual controllers, shareholders, related parties, acquirers and the Company during or up to the reporting period √ Applicable □ Not Applicable SDIC committed in 2002 material asset Commitments replacement of the Company that, after related to SDIC became the controlling shareholder major asset of the Company, it would minimize and restructuring regulate the related-party transactions with This commitment Addressing | the Company. In the case of related-party is long-term SDIC committed in the 2002 material asset | | | | | --- | --- | --- | --- | | SDIC April 25, 2002 related-party | Yes | No | | | transactions, it would go through the legal effective and replacement of the Company that, after Performe | | | | | This commitment transactions | | | | | procedures and timely disclose the relevant ongoing SDIC became the controlling shareholder | d in a Solving | | | | is long-term | | With | | | information. It undertook not to harm the SDIC of the Company, it wouldn't directly or April 25, 2002 Committing Commitment Commitment | timely Yes industry | Term of No | | | effective and | Date of commitment performance | | Commitment content | | legal rights of the Company and other indirectly participate in any business or and strict background competition | commitment entity | type | | | ongoing | period or not | | | | activity where it's a competitor of the shareholders through related-party manner | | | | | 72 transactions. Company or its controlled subsidiaries. | or not | | | Annual Report of 2025 SDIC committed in the 2009 material | SDIC committed in the 2009 material assets restructuring of the Company, in | | --- | | assets restructuring of the Company in terms of the damage compensation in the | | lawsuits against Yalong Hydro, an terms of related-party transaction matters | | of the Company and its affiliated affiliated company of the 2009 When conditions | | companies depositing with SDIC Finance restructuring target, by Mianning Mianli permit. The | | Chengzong Co., Ltd., an affiliated company to SDIC, Rare Earth Ore Processing Co., Ltd. in | Guarantee and | Mining and "Where the Company and its affiliated May 2009 and by Xichang Chengzong | | | | --- | --- | --- | | This commitment compensation | | | | Mianli Rare Earth companies deposit with SDIC Finance Co., Mining Co., Ltd. in July 2009, "After this | Addressing | | | is long-term SDIC October 16, 2009 for the value | Yes | No | | material assets restructuring, where the cases have been SDIC Ltd. and suffer losses due to insolvency of September 16, 2009 related-party | Yes | No | | effective and of purchased | | | | SDIC Finance Co., Ltd., SDIC would, Company suffers losses due to the closed, without transactions | | | | ongoing | assets | | | within 30 working days after receiving a aforementioned lawsuits, SDIC undertakes triggering the | | | | compensation written notice from the Company to, within 30 working days after receiving | | | | conditions. concerning the case, compensate the a written notice from SDIC Power stating | | | | Company in cash according to the report the losses, compensate SDIC Power in | | | | cash according to the report of an audit from an audit institution stating the loss | | | | case and amount suffered by SDIC Commitments SDIC committed in the 2007 refinancing This commitment institution stating the loss case and | Solving | | | SDIC May 28, 2007 | Yes | No | | 73 Power." concerning of the Company, "The Company is the is long-term amount." | industry | | Annual Report of 2025 refinancing On December 24, 2015, SDIC amended its commitment to the 2010 corporate governance special activity and refinancing of the Company. The amendment was adopted at the first extraordinary general meeting of shareholders in 2016. SDIC would inject the independent power generation business assets within two years after such assets meet the assets injection conditions in SDIC Power. Assets injection conditions: 1. The production and operation conform to the applicable laws, administrative regulations and the Articles | of Association, the national industrial Within two years | | | --- | --- | | policies, as well as the laws and after the injection | | | Asset injection SDIC December 24, 2015 Yes | No | | regulations on environmental protection, conditions are | | | work safety, land management and met. | | antitrust requirements. 2. The assets concerned are clear in ownership, meet the listing conditions under the national laws, regulations and normative documents, and are free from problems like incomplete property rights or flaws in project investment approval formalities. 3. The injection conforms to the | strategic plan of SDIC Power, and is only domestic capital operation platform effective and competition | | --- | | contributive to the asset quality, financial of SDIC, and SDIC has entrusted all ongoing | | conditions and profitability improvement thermal power assets good to be put in the | | listed company to the Company to of SDIC Power. In principle, the weighted | | 74 manage." ROAE of the assets proposed to be | Annual Report of 2025 injected over the past three accounting years is not lower than 10% if such assets have been operating for three years, and not lower than 10% over the past two consecutive accounting years if such assets haven't been operating for three years. The asset-liability ratio of the assets proposed to be injected at the end of the last accounting year is not higher than 80%, except for SDIC Power voluntarily lowering the ROAE and asset-liability ratio. 4. The assets concerned are not the relevant assets, business or equity of the directly controlled listed companies of SDIC other than the SDIC Power, and not the projects with coal-electricity integration business not independent. Such assets are helpful for SDIC Power to remain independent of the actual controller and its related persons in business, assets, finance, personnel, institution, etc. 5. The assets concerned are free from material debt repayment risk, or material contingent matters that could affect the The National Council for Social Security guarantee, lawsuit or arbitration of the National Fund promised when the Company issued going concern. Council for | A-shares to specific objects in 2024: March 4, 2025 to 6. Supervision requirements of Restricted | | | --- | --- | | Social September 17, 2024 Yes | Yes | | 1. Regarding the SDIC Power shares March 4, 2028 securities regulatory institutions according | shares | Security obtained through the Issuance, we will not to appropriate laws, regulations and Fund 75 transfer such shares (including the shares normative documents. Annual Report of 2025 derived from these shares, such as the newly increased shares due to bonus shares, conversion of capital reserve funds, etc.) within thirty-six months as of the end of the Issuance. 2. If the commitment on the lock-up period of the above-mentioned shares does not conform to the latest regulatory opinions of the securities regulatory authorities, we will make corresponding adjustments in accordance with the regulatory opinions of the relevant securities regulatory authorities. 3. After the expiration of the above-mentioned lock-up period, the transfer and trading of the above-mentioned shares will be carried out in accordance with the relevant regulations of the China Securities Regulatory Commission and the stock exchanges. We will abide by the commitments made in this letter of commitment and the relevant regulations of Chinese laws and regulations regarding short-swing trading, insider trading and information disclosure. The National Council for Social Security 4. If SDIC Power and other National | Fund promised when the Company issued This commitment shareholders suffer losses due to our | | | --- | --- | | Council for Addressing | | | A-shares to specific objects in 2024: is long-term violation of the commitments under this | | | Social September 17, 2024 related-party Yes | No | | 1. We will exercise relevant rights and effective and letter of commitment, we are willing to | | | Security transactions | | | ongoing fulfill relevant obligations in accordance bear the corresponding compensation | | Fund 76 with the law, fully respect the independent liability in accordance with the law. Annual Report of 2025 legal person status of SDIC Power, and ensure that SDIC Power operates independently and makes decisions autonomously. 2. After the completion of the Issuance and during the period when we serve as a shareholder of SDIC Power, we will, to the greatest extent possible, avoid and reduce unnecessary related-party transactions between us, the enterprises under our control, and SDIC Power and its subsidiaries. If it is inevitable for SDIC Power to have related-party transactions with us or the enterprises under our control in its future business activities, we will prompt such transactions to go through relevant procedures strictly in accordance with relevant national laws, regulations and regulatory documents as well as the relevant provisions of the articles of association of SDIC Power. We will sign agreements with SDIC Power in accordance with the law, disclose information in a timely manner, and take the initiative to fulfill the obligation of withdrawal in accordance with the law when the authorized institutions of SDIC Power deliberate on relevant related-party transaction matters. We will ensure that related-party transactions are carried out fairly and reasonably under normal commercial conditions and in line with the general principles of equality, mutual benefit, and equal value in exchange, and guarantee that the legitimate rights and interests of SDIC Power and its 77 shareholders will not be damaged through Annual Report of 2025 related-party transactions. 3. We and the enterprises under our control will strictly and bona fide fulfill various related-party transaction agreements signed with SDIC Power. We and the enterprises under our control will not seek any benefits or gains from SDIC Power that exceed the stipulations of such agreements. 4. If losses are caused to SDIC Power due to the violation of the above commitments, we will make compensation or indemnification to SDIC Power in a timely manner and in full amount. 5. The above commitments shall remain valid during the period when we are related party of SDIC Power, and shall not 78 be altered or revoked. Annual Report of 2025 (II) Where the Company has made profit forecasts for its assets or projects and such forecast periods are still ongoing during the reporting period, the Company shall explain whether the assets or projects have achieved the original profit forecasts and the relevant reasons therefor. □Yes □No √N/A (III) Performance commitments □ Applicable √ Not Applicable Changes in performance commitments □ Applicable √ Not Applicable Other notes □ Applicable √ Not applicable II. Non-operating capital occupation by the controlling shareholder and other related parties during the reporting period □ Applicable √ Not Applicable III. Illegal guarantee □ Applicable √ Not Applicable IV. Explanation of the Board of Directors of the Company on the "Audit Report of Non-standard Opinions" of accounting firms □ Applicable √ Not Applicable V. Analysis and explanation of the Company on significant changes in accounting policies, accounting estimates or reasons and impacts of correcting major accounting errors (I) Analysis and explanation of the Company on reasons and impacts of changes in accounting policies and accounting estimates □ Applicable √ Not Applicable (II) Analysis and explanation of the Company on reasons and impacts of correcting major accounting errors □ Applicable √ Not Applicable (III) Communication with the previous accounting firm □ Applicable √ Not Applicable (IV) Approval procedures and other instructions □ Applicable √ Not Applicable VI. Appointment and dismissal of accounting firm Unit: 10,000 yuan Currency: RMB 79 Domestic audit firm BDO CHINA Shu Lun Pan Certified Public Current appointment Annual Report of 2025 Explanation on appointment and dismissal of accounting firm □ Applicable √ Not Applicable Explanation for changing accounting firm during the audit □ Applicable √ Not Applicable Explanation on the decrease of audit expenses by more than 20% (including 20%) compared with the previous year □ Applicable √ Not applicable VII. Risk of delisting (I) Reasons for leading to delisting risk warning □ Applicable √ Not Applicable (II) Measures to be taken by the Company □ Applicable √ Not Applicable (III) Conditions and reasons for termination of listing □ Applicable √ Not Applicable VIII. Matters concerning bankruptcy and restructuring □ Applicable √ Not Applicable IX. Major lawsuits and arbitration □ Major lawsuit and arbitration in the current year √ No major lawsuit and arbitration in the current year X. Suspected violations, penalties and rectification of the listed company and its directors, senior executives, controlling shareholders and actual controllers □ Applicable √ Not Applicable XI. Credit conditions of the Company and its controlling shareholders and actual controllers during the reporting period □ Applicable √ Not Applicable | Cumulative years of audit service by the engagement Internal control audit firm BDO CHINA Shu Lun Pan Certified | | | | | | | --- | --- | --- | --- | --- | --- | | | | | 105.00 | | 3 | | 80 partners Public Accountants LLP Audit fees (domestic firm) Tenure of audit engagement (years) Engagement partners Accountants LLP | Audit fees | Name | Shi Aihong, Han Dawei | 492.60 | 3 | Annual Report of 2025 XII. Material related-party transactions (I) Related-party transactions related to the Company's day-to-day operation 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not Applicable 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process √ Applicable □ Not Applicable In 2025, it was expected that the daily maximum deposit balance in SDIC Finance Co., Ltd. would not exceed RMB 18 billion. The actual daily maximum deposit balance during the reporting period was RMB 17.028 billion. It was expected that the daily maximum deposit balance in Rongshi International Treasury Management Company Limited would not exceed RMB 5 billion. The actual daily maximum deposit balance during the reporting period was RMB 199 million. In 2025, it was expected that the daily maximum loan limit with SDIC and its controlled subsidiaries would not exceed RMB 20 billion, and the actual daily maximum loan limit was RMB 18.129 billion. It was expected that the daily maximum loan limit with Rongshi International Treasury Management Company Limited would not exceed RMB 15 billion, and the actual daily maximum loan limit during the reporting period was RMB 11.931 billion. It was estimated that the amount of related-party transactions arising from purchasing commodities/receiving labor services from SDIC and its controlled subsidiaries would not exceed RMB 800 million in 2025, and the actual amount of related-party transactions during the reporting period was RMB 227 million; it was estimated that the amount of related-party transactions arising from selling commodities/providing labor services to SDIC and its controlled subsidiaries would not exceed RMB 400 million in 2025, and the actual amount of related-party transactions during the reporting period was RMB 34 million. 3. Matters undisclosed in the temporary announcement □ Applicable √ Not Applicable (II) Related-party transactions during sales and equity acquisition 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not Applicable 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process □ Applicable √ Not Applicable 81 Annual Report of 2025 3. Matters undisclosed in the temporary announcement □ Applicable √ Not Applicable 4. Matters concerning performance achievement during the reporting period should be disclosed if a performance agreement is involved □ Applicable √ Not Applicable (III) Significant related-party transactions for joint external investments 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not Applicable 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process □ Applicable √ Not Applicable 3. Matters undisclosed in the temporary announcement □ Applicable √ Not Applicable (IV) Transactions of related creditor's rights and debts 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not Applicable 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process □ Applicable √ Not Applicable 3. Matters undisclosed in the temporary announcement □ Applicable √ Not Applicable (V) Financial transactions between the Company and the associated finance companies, or between the holding finance companies and related parties √ Applicable □ Not Applicable 1. Deposit transactions √ Applicable □ Not Applicable Unit: RMB 10,000 | Rongshi The daily | | | | --- | --- | --- | | International Fellow maximum SDIC Maximum daily Range of deposit Total withdrawal GBP：0.01%； Beginning Total amount | | | | Fellow Related party Correlation Ending balance | 3,747.15 910,326.81 913,660.38 | 413.58 | | Treasury subsidiaries balance shall not Finance Co., deposit amount in current period interest rate | balance deposited in 1,800,000.00 901,418.90 0.20%-1.75% 9,895,019.54 USD：0.1% 9,832,572.16 963,866.28 | | subsidiaries 82 Management exceed RMB 5 Ltd. Net amount incurred in the current period current period Annual Report of 2025 2. Loan business √ Applicable □ Not Applicable Unit: RMB 10,000 3. Credit offering or other financial transactions □ Applicable √ Not applicable 4. Other notes □ Applicable √ Not Applicable (VI) Others □ Applicable √ Not Applicable XIII. Material contracts and performance (I) Trusteeship, contracting and leasing 1. Trusteeship □ Applicable √ Not Applicable 2. Contracting □ Applicable √ Not Applicable 3. Leasing □ Applicable √ Not Applicable Rongshi The total daily balance International inclusive of the accrued | Treasury Fellow | | | | | | --- | --- | --- | --- | --- | | interest shall not exceed | Range of loan 3.15%-5.4738% Beginning 1,193,068.51 871,245.18 436,822.45 | 758,645.78 | | | | Related party subsidiaries Management SDIC The daily balance shall Correlation Total repayment Ending balance | Total loan Credit ceiling | | | | | RMB 15 billion or its Fellow | interest rate balance | | | | | Company Finance Co., not exceed RMB 20 Company billion amount for the amount for the Net Amount incurred in the current | 1,084,832.54 1,314,492.87 1,383,118.85 1.15%-2.95% 1,153,458.52 | | | | | equivalent. subsidiaries | | | | | | 83 Limited Limited Ltd. billion | Total 905,166.05 Total 2,277,901.05 10,805,346.35 2,185,738.05 1,819,941.30 10,746,232.54 1,912,104.30 / period period / | 964,279.86 | / period / / | / | Annual Report of 2025 (II) Guarantee √ Applicable □ Not Applicable Relationship | Guarantee Guarantee Date of | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Commencem Guarantee is between the | | | | | | | | Counter-guar Collateral (if Expiry date provided to Guaranteed guarantee has been Guaranteed Type of Overdue | | | | | | | | guarantor and Headquarter Inch Cape Correlation ent date of overdue or Guarantor | | | | | | | | Total guarantee amount (A+B) May 11, May 11, January 25, of guarantee performed or related party (agreement guarantee amount | party amount antee any) | | | | | | | SDIC Power of the Offshore Amount of debt guarantees provided directly or indirectly by the Company to secured parties with an Amount of guarantees provided by the Company to its shareholders, actual controller and their related Notes for guarantees Joint venture guarantee the listed Security | N/A Yes not No No No 2,358.65 - | | | 634,310.28 | | Unit: 10,000 yuan Currency: RMB | | Total balance of guarantees at the end of the reporting period (A) (excluding guarantee of subsidiaries) Total amount of guarantees provided to subsidiaries during the reporting period Total amount of guarantees during the reporting period (excluding guarantee of subsidiaries) Total balance of guarantees for subsidiaries at the end of the reporting period (B) Proportion of total guarantee amount in the Company's net assets (%) Portion of guarantee amount exceeding 50% of the net assets (E) 2016 2016 2026 signing date) or not | not | | | 56,729.22 | N/A - | | | 84 Wherein: Total amount of above three guarantees (C+D+E) Explanation of possible joint and several liabilities for unexpired guarantee | | Total guarantee amount of the Company (including the guarantees for subsidiaries) | Guarantee provided by the Company and its subsidiaries to subsidiaries | 151,696.67 631,951.63 -31,472.07 56,729.22 2,358.65 | 8.73 N/A - | | | parties (C) Company Limited asset-liability ratio exceeding 70% (D) company | | | External guarantee (excluding guarantees provided to subsidiaries) | | | | Annual Report of 2025 (III) Cash asset management entrusted to others 1. Entrusted asset management (1). Overall situation of entrusted asset management □ Applicable √ Not Applicable Other circumstances □ Applicable √ Not Applicable (2). Individual entrusted asset management □ Applicable √ Not Applicable Other circumstances □ Applicable √ Not Applicable (3). Provision for impairment of entrusted asset management □ Applicable √ Not Applicable 2. Situation of entrusted loan (1). Overall situation of entrusted loan √ Applicable □ Not Applicable Unit: RMB 10,000 Other circumstances □ Applicable √ Not Applicable (2). Individual entrusted loan √ Applicable □ Not Applicable Unit: RMB 10,000 85 Entrusted loan Self-owned fund Amount overdue but uncollected Net Amount incurred Outstanding balance Source of funds Type 140,000.00 -60,000.00 - Annual Report of 2025 Other circumstances □ Applicable √ Not Applicable (3). Provision for impairment of entrusted loan □ Applicable √ Not Applicable 3. Other circumstances □ Applicable √ Not Applicable (IV) Other major contracts □ Applicable √ Not Applicable XIV.Progress in the use of raised funds √ Applicable □ Not Applicable | SDIC Is there any | | | --- | --- | | Start date of SDIC Remuneration Via legal Termination | Actual Actual | | SDIC entrusted loan SDIC SDIC SDIC Entrusted Genting Annual Entrusted | Type of Fund Fund | | Entrusted SDIC Finance date of entrusted Entrusted SDIC Entrusted Huaxia Entrusted SDIC 2022-9-28 2025-9-28 Self-owned fund Loan contract determination procedures Trustee entrusted profits or recovery | 37,000.00 1.65% Yes No 480.49 480.49 | | Finance 2025-9-29 2026-9-29 Self-owned fund Loan contract entrusted loan Finance 2022-9-28 2025-9-28 Self-owned fund Loan contract Finance 2022-9-28 2025-9-28 Self-owned fund Loan contract Finance 2022-9-28 2025-9-28 Self-owned fund Loan contract loan Meizhouwa loan amount disposition plan in the yield | 140,000.00 140,000.00 1.95% Yes 16,000.00 1.65% Yes 1.65% Yes 1.65% Yes 1,818.06 Yes source No 7,000.00 No 1,818.06 No 637.00 207.78 637.00 207.78 90.90 90.90 | | loan Beijiang loan Qinzhou loan Power loan Beijiang Co., Ltd. The approach condition | or not loan losses loan | | 86 Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. n | future? | Annual Report of 2025 (I) Overall use of funds raised √ Applicable □ Not Applicable Unit: RMB 10,000, USD 10,000 Other notes √ Applicable □ Not Applicable "Others" under the above item of "Sources of Raised Funds" are specifically: issuance of global depository receipt (GDR) on the London Stock Exchange. (II) Details of projects invested with raised funds □ Applicable □ Not applicable 1. Details of the use of raised funds √ Applicable □ Not Applicable Unit: RMB 10,000, USD 10,000 Including: Accumulated total Accumulated | investment of accumulate Total investment Total | | | | --- | --- | --- | | Proportion Total amount of investment | | | | amount excessive Total | amount d | | | of invested progress of raised funds | | | | committed by the excessive of raised funds raised investment Investment Net proceeds Time for | | | | invested as of the amount in raised funds Total funds | Source of | | | from fundraising raised funds in the of excessive raising funds as of the end amount in funds funds | | | | by the end of funds raised this year | end of the raised | | | funds raised to be in place raised (3) this year (8) prospectus or with | of the (1) | | | the reporting reporting period (%) (9) = | | | | Issuance of = (1) - (2) changed as of the reporting | offering | | | period (%) (8)/(1) | (4) | | | shares to February 17, purposes end of the instructions (2) period (%) | | | | (6)=(4)/(1) 223,668.62 | 700,000.00 699,806.57 31.96 223,668.62 699,806.57 | 0 31.96 0 0 - | | specified October 22, reporting (7)=(5)/(3) | 2025 | | | Others | $22,068.00 $21,816.02 $21,008.00 $21,816.02 | 0 96.34 0 - 0 0 - | | 87 objects period (5) | 2020 | | Annual Report of 2025 2. Details of the use of excessive funds raised □ Applicable √ Not applicable 3. Specific circumstances regarding the re-demonstration of projects invested with raised funds during the reporting period □ Applicable √ Not Applicable (III) Change or termination of equity investment during the reporting period □ Applicable √ Not Applicable | Whether it is Whether Specific Has there | | | | --- | --- | --- | | Cumulative | Total | | | a committed reasons The date been any | Is the The it | | | cumulative | investment Total | | | progress of involves investment why the when the benefits significant | | | | Benefits investment of progress as of Amount planned Is the | | | | project in the a change investment change in the Amount investme or R&D project | Project | | | investment invested raised funds as achieve the end of the project Source of Project name | | | | in line with feasibility of reaches the prospectus results | of in nt nature | | | reporting period complete raised funds this year of raised of the end of d this | | | | investme progress achieved savings scheduled the project? | the or | | | Issuance of Development of Issuance of funds (1) the reporting year | d? (%) | | | usable state Kala Production Mengdigou Production Production fundraising If so, please did not planned by this | nt | | | shares to overseas shares to (3) = (2) / (1) | period (2) | | | direction Hydropower and Yes No 250,000.00 0 70,620.85 28.25 - No Yes Hydropower and Others and Yes No $15,516.02 0 $14,708.00 95.26 No Yes Yes No 449,806.57 0 153,047.77 34.03 - No Yes meet the progress? - statement project | provide - - - | - - - - - - - - - - - - | | specified renewable specified | plan details | | | Station construction construction Station construction | | | | objects Repaying objects energy projects | | | | Others Others Yes No $6,300.00 0 $6,300.00 100.00 - Yes Yes | - | - - - - | | 88 overseas loans | | | Annual Report of 2025 (IV) Other information on the use of raised funds in the reporting period 1. Preliminary investment and replacement of the projects invested with raised funds √ Applicable □ Not Applicable On April 28, 2025, the 42nd Meeting of the 12th Board of Directors of the Company reviewed and approved the Proposal on Replacing Self-raised Funds Previously Invested in Projects Invested with Raised Funds and Incurred Issuance Expenses with Proceeds from Private Placement of Shares. The Company agreed to replace the self-raised funds previously invested in projects invested with raised funds and paid issuance expenses with funds raised through the private placement of shares. The details are as follows: Unit: RMB 10,000 2. Temporary supplementation of working capital with idle funds raised □ Applicable √ Not Applicable 3. Cash management of idle funds raised and investment in related products √ Applicable □ Not Applicable Unit: RMB 10,000 Other notes On April 28, 2025, the Company convened the 42nd Meeting of the 12th Board of Directors, at which it reviewed and approved the Proposal on Cash Management of Part of Idle Raised Funds by SDIC Power Holdings Co., Ltd. The Company was approved to conduct cash management with temporarily idle raised funds within a maximum limit of RMB 5 billion, valid for 12 months from the date of approval by the Board of Directors. Within the aforesaid limit, the Company may reuse such funds on a revolving basis. Whether | | the | 4. Others | | --- | --- | --- | | maximum | Effective Cash | | | Deliberatio | | □ Applicable √ Not Applicable | | management balance | review | | n date of during the balance at the Commencement amount of the Board End date funds raised period end of the date of exceeds for cash reporting Directors | management | the period | | | | | | | --- | --- | --- | --- | --- | --- | --- | | April 28, authorized Mengdigou Hydropower Amount of self-raised funds previously | Replacement | | | | | | | 500,000.00 May 26, 2025 May 26, 2026 No S/N 1 | 477,488.00 | Item 21,197.83 | | | 21,197.83 | | | 89 2025 Total / Station Kala Hydropower Station Issuance registration fees amount 2 3 | amount | 46,847.64 25,602.17 | 47.64 | invested | 46,847.64 25,602.17 | 47.64 | Annual Report of 2025 (V) Concluding opinions of intermediaries on special verification and authentication of storage and use of raised funds √ Applicable □ Not applicable The accounting firm is of the opinion that: The Special Report on the Deposit, Administration and Utilization of Raised Funds of the Company for the year 2025 has been prepared, in all material respects, in accordance with the relevant provisions of the CSRC Regulations on Supervision of Raised Funds of Listed Companies, Guidelines No. 1 of Shanghai Stock Exchange for Self-regulation of Listed Companies - Standardized Operation and Guidelines No. 1 of Shanghai Stock Exchange for Self-regulation of Listed Companies - Announcement Formats. It truthfully reflects the deposit, administration and utilization of raised funds for the year 2025. After verification, the sponsor is of the opinion that: The Company’s deposit and utilization of raised funds for the year 2025 comply with the provisions of laws, regulations and normative documents including the Rules Governing the Listing of Stocks on Shanghai Stock Exchange, the Regulations on Supervision of Raised Funds of Listed Companies and the Guidelines No. 1 of Shanghai Stock Exchange for Self-regulation of Listed Companies - Standardized Operation. The Company has implemented special account deposit and dedicated utilization of raised funds, and fulfilled relevant information disclosure obligations in a timely manner. The actual utilization of raised funds is consistent with disclosed information. There is no circumstance of altering the purpose of raised funds in disguised form, impairing the interests of shareholders, or illegally using raised funds. The sponsor has no objection to the Company’s deposit and utilization of raised funds for the year 2025. Description of abnormalities in verification □ Applicable √ Not applicable (VI) Subsequent rectification of unauthorized changes in the purpose of raised funds and illegal occupation of raised funds □ Applicable √ Not Applicable XV. Description of other major matters that have a significant impact on investors' value judgment and investment decision □ Applicable √ Not Applicable 90 Annual Report of 2025 ### Section VI Changes in Shares and Shareholders I. Changes in share capital (I) Changes in shares 1. Changes in shares Unit: share(s) 2. Notes on changes in shares √ Applicable □ Not Applicable On March 4, 2025, the company completed the issuance of 550,314,465 A-shares to the National Council for Social Security Fund, a specific object, and the company's total share capital increased accordingly. 3. Effect of changes in shares on financial indicators including earnings per share and net asset per share in recent year and period √ Applicable □ Not Applicable Due to the Company’s private placement of A-shares to specific objects, the total share capital of the Company was changed from 7,454,179,797 shares to 8,004,494,262 shares. The increase in share capital has diluted the Company’s earnings per share during the reporting period and net assets per share at the end of the reporting period. Earnings per share calculated based on the weighted average number of shares as of the end of 2025 amounted to RMB 0.9166, and net assets per share at the end of the period amounted to RMB 8.36. 4. Other contents that the Company deems necessary or required by securities regulators to disclose □ Applicable √ Not Applicable (II) Changes in shares with trading limited conditions √ Applicable □ Not Applicable Unit: share(s) | 1. Shares Number Number of Date for Shares Number of | Number of | | | | | --- | --- | --- | --- | --- | | converted Proportion held by I. Shares II. Shares Sharehold Proportion Bonus New share | | | | | | Others restricted shares 7,454,179,79 shares to 550,314,465 restricted | 550,314,465 Quantity Subtotal restricted Quantity 550,314,465 of Reason for restriction 0 0 6.88 | 0 0 | 0 | | | III. Total with sale without sale state-owned legal 1. RMB 7,454,179,79 7,454,179,79 issue 550,314,465 | 550,314,465 7,454,179,797 from (%) issued (%) 550,314,465 93.12 0 0 0 6.88 0 | 100 0 0 0 | 0 0 0 | | | er name 550,314,465 | 550,314,465 8,004,494,262 7,454,179,797 93.12 0 0 0 0 | 100 100 100 0 0 | 7 0 0 | | | 91 at the end of the shares ordinary shares restriction restriction persons restricte reserves | shares shares be | Before | 7 7 After | Increase/decrease (+, -) | Annual Report of 2025 II. Securities issuance and listing (I) Securities issuance as of the reporting period √ Applicable □ Not Applicable Unit: share(s) Currency:RMB Notes on securities issuance as of the reporting period (please specify bonds with different interest rates in duration separately): □ Applicable √ Not Applicable (II) Total number of shares of the Company, changes in shareholder structure and the structure of the Company's assets and liabilities √ Applicable □ Not Applicable During the reporting period, as a result of the Company’s issuance of A shares to specific investors, the total number of the Company’s shares increased from 7,454,179,797 to 8,004,494,262. For changes in the Company’s asset and liability structure, please refer to“Section III Management Discussion and Analysis, V.Main Operating Results During the Reporting Period, (III) Analysis of Assets and Liabilities” of this report. (III) Existing internal employee stocks □ Applicable √ Not Applicable III. Status of shareholders and actual controllers (I) Total number of shareholders When the Company issues A-shares to specific objects National in 2024, the National Council Council for Social Security March 4, for Social Fund promises not to d shares relieved in increased in released 550,314,465 550,314,465 year 0 0 2028 | Security transfer the acquired shares Approved | at the this year this year from | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Type of Stock and Issue Price Trading | | | | | | | | Fund within thirty-six months restriction beginnin Number for Listing | Number | | | | | | | (or Interest Terminati Issue Date | Its Derivative | | | | | | | Total number of ordinary shareholders as of the end of March 6, from the end date of Total number of ordinary shareholders as of the end of Listing and g of the February | Date RMB Issued s | | | | | | | 550,314,465 550,314,465 on Date | Rate) Securities - A shares | | | | 101,015 88,980 | | | 92 12.72/share previous month prior to the date of disclosure of annual issuance. the reporting period 550,314,465 14, 2025 | 2025 year Trading Total 550,314,465 / | 0 | 0 | / | | Ordinary Shares | Annual Report of 2025 (II) Shareholding by top 10 shareholders and top 10 tradable shareholders (or shareholders without sale restriction) as of the end of the reporting period Unit: share(s) Guofeng Xinghua (Beijing) | Private Fund Management China Life Insurance Ping An Asset Management Number | | | | | | --- | --- | --- | --- | --- | | Co., Ltd. - Guofeng Propo - Industrial and Commercial Company Limited - Increase/decrease Nature of of shares Shares held at | | | | | | 0 Others | 1.17 N/A 0 Shareholder name 93,438,017 | 93,438,017 | | | | Traditional - General Xinghua Honghu Zhiyuan State-own Ping An Life Insurance Bank of China - Ping An State-own State-own State-own State-own sharehold held with Overseas rtion in the reporting the end of the 0 Others 0 Others | 1.16 1.10 RMB RMB N/A N/A 0 0 92,998,676 87,908,001 | 89,935,176 87,908,001 | | | | Hong Kong Securities China Yangtze Power Co., China Securities Finance National Council for Social State Development & Yangtze Power Investment Qua Status of | | (full name) | | | | China Yangtze Power Co., Ltd. Insurance Product - 005L - Phase III Private Equity Company of China, Ltd. - Asset Xiahe No. 21 Asset State Development & Investment Corp., Ltd. Pledge, marking or 47.79 13.05 (%) ed legal ed legal ed legal ed legal ed legal ordinary ordinary 0 0 0 0 0 0 Others 0 | 3.24 1.03 2.54 1.55 6.88 3,825,443,039 1,044,300,014 legal sale N/A N/A N/A N/A N/A N/A N/A Number of tradable shares held 1,044,300,014 3,825,443,039 er 259,114,108 203,657,917 123,865,391 550,314,465 0 0 0 0 0 0 0 period 82,389,966 111,718,300 550,314,465 period -43,352,247 | | 0 0 0 0 | 1,044,300,014 3,825,443,039 | | Security Fund Investment Corp., Ltd. Management Co., Ltd. Clearing Company Ltd. Ltd. Corporation Limited ntity | shares | | Shareholder name | | | 93 report (Nos.) Management Product CT001 HU Investment Fund No. 1 self-owned fund restriction person person person person person person | Type and quantity of shares shares shares Type Quantity | freeze without sale restriction Shares held by the top 10 shareholders without sale restriction (excluding shares lent through refinancing) | | Shares held by the top 10 shareholders (excluding shares lent through refinancing) | Annual Report of 2025 Share lending of shareholders holding more than 5% of the shares, top 10 shareholders or top 10 holders of shares without restrictions on sales participating in refinancing business □ Applicable √ Not Applicable Changes compared with the previous period due to share lending/returning through refinancing of top 10 shareholders or top 10 holders of shares without restrictions on sales □ Applicable √ Not applicable Number of shares held by top 10 shareholders with trading limited conditions and the trading limited conditions √ Applicable □ Not Applicable Unit: share(s) SDIC, the biggest shareholder of the Company, has no affiliated relation with the rest nine shareholders, and they are not persons acting in concert as stipulated in the Measures for the Administration of the Takeover of Listed Companies. Explanation of the affiliated relationship or China Yangtze Power Co., Ltd. and China Yangtze Power Investment concerted action among the above-mentioned Management Co., Ltd. are persons acting in concert; shareholders Guofeng Xinghua (Beijing) Private Fund Affiliated relations among other shareholders are unknown and RMB | Management Co., Ltd. - Guofeng Xinghua whether other shareholders are persons acting in concert specified in the China Life Insurance Company Limited - Ping An Asset Management - Industrial and RMB RMB RMB RMB RMB RMB RMB | | | | | | --- | --- | --- | --- | --- | | Ping An Life Insurance Company of China, Ltd. Yangtze Power Investment Management Co., ordinary | 93,438,017 | | 93,438,017 | | | Preferred shareholders with restored voting Commercial Bank of China - Ping An Asset Honghu Zhiyuan Phase III Private Equity Hong Kong Securities Clearing Company Ltd. Measures for the Administration of the Takeover of Listed Companies is China Securities Finance Corporation Limited Traditional - General Insurance Product - 005L - Citibank, National Association Description of the above shareholders on Tradable conditions for shares with Name of shareholders with sale ordinary ordinary ordinary ordinary ordinary ordinary ordinary | 259,114,108 123,865,391 203,657,917 87,908,001 82,389,966 92,998,676 81,524,060 | | 259,114,108 123,865,391 203,657,917 87,908,001 82,389,966 92,998,676 81,524,060 | | | Ltd. - self-owned fund S/N Restrictions on sale Number of shares | | | | - - | | 94 rights and number of shares held CT001 HU delegating/receiving/waiving voting rights Xiahe No. 21 Asset Management Product Investment Fund No. 1 also unknown. Special accounts for repo by top 10 shareholders shares shares shares shares shares shares shares | | sale restriction restriction | | - | Annual Report of 2025 (III) Strategic investors or general legal persons being the top 10 shareholders due to rights issue √ Applicable □ Not Applicable IV. Controlling shareholders and actual controllers (I) Controlling shareholders 1. Legal person √ Applicable □ Not Applicable Operate state-owned assets and relevant investment business within the scope authorized by the State Council; investment and investment management in fields such as energy, transportation, fertilizer, high-tech industry, financial services, consulting, guarantee, trade, biomass energy, eldercare industry, big data, medical treatment and health, inspection and testing; asset management; economic information consultation; Primary operating business technology development and technical service. (Enterprises independently choose business projects according to law to carry In connection with the Company’s issuance of out business activities; Projects that require approval according Actually control and indirectly control 8 other domestic and A-shares to specified investors in 2024, the not to transfer the shares held Volume of Description of the agreed shareholding period for strategic | Equity held and participated in other overseas listed companies: SDIC Capital (600061.SH), SDIC to law shall carry out business activities in accordance with the National Council for Social Security Fund upon expiry of acquired shares | added new with sale | | | | | --- | --- | --- | --- | --- | | investors or general legal persons participating in the placement of Time for listing | National Council for Social | | | | | domestic or foreign listed companies Intelligence (300188.SZ), YPP (603013.SH), SDIC Zhonglu approved content after being approved by relevant departments; undertook not to transfer the shares acquired Explanation of the affiliated the lock-up within thirty-six | 1 restriction shares for 550,314,465 550,314,465 | | | | | new shares Name of strategic investor or general | Agreed commencement and trading | Security Fund | | | | during the reporting period (600962.SH), CHSR (000008.SZ), SDIC Fengle (000713.SZ), Shall not engage in business activities of projects prohibited and Person in charge of the unit or legal within 36 months from the completion date of the relationship or concerted action among N/A period months from the end National Council for Social Security | listing and Agreed termination date of shareholding | | | | | Fu Gangfeng - | date of shareholding | | legal person March 4, 2025 | | | 95 issuance. the above-mentioned shareholders Tongyizhong (688722.SH), and Zhongxin Fruit and Juice Ltd. representative Date of establishment April 14, 1995 Name State Development & Investment Corp., Ltd. restricted by the city's industrial policies.) ) date of issuance. | trading | | | Fund | Annual Report of 2025 2. Natural person □ Applicable √ Not Applicable 3. Special explanations to absence of controlling shareholder □ Applicable √ Not Applicable 4. Explanation of changes in controlling shareholders during the reporting period □ Applicable √ Not Applicable 5. Block diagram of property rights and control relations between the Company and the controlling shareholders √ Applicable □ Not Applicable (II) Actual controllers 1. Legal person √ Applicable □ Not Applicable 2. Natural person □ Applicable √ Not Applicable 3. Special explanations of the absence of actual controller □ Applicable √ Not Applicable 4. Explanations of changes in the Company's control during the reporting period □ Applicable √ Not Applicable 5. Block diagram of property rights and control relations between the Company and the actual controllers √ Applicable □ Not Applicable the State-owned Assets Supervision and Administration Name Other situations N/A Commission of the State Council State Development & Investment Corp., Ltd. SDIC Power Holdings Co., Ltd. 96 (5EG.SGX). Annual Report of 2025 6. Actual controllers control the Company by means of a trust or other asset management methods □ Applicable √ Not Applicable (III) Introduction to other information on controlling shareholders and actual controllers □ Applicable √ Not Applicable V. The cumulative number of pledged shares of the Company's controlling shareholder or the largest shareholder and its persons acting in concert accounts for more than 80% of that of the Company's shares □ Applicable √ Not applicable VI. Other corporate shareholders with at least 10% shares √ Applicable □ Not Applicable Unit: RMB VII. Information on restricted share selling □ Applicable √ Not Applicable VIII. Specific implementation of share repurchase in the reporting period □ Applicable √ Not applicable IX. Situation related to preferred shares □ Applicable √ Not Applicable Electric power production, operation and investment; technical China Yangtze 91110000710930405L consultation of Liu Weiping 2002-11-04 24,468,217,716 Power Co., Ltd. | electric power | Person in | | | --- | --- | --- | | Main business or | Name of | | | production; overhaul charge of the | Date of Organization | | | Registered capital | management corporate | | | and maintenance of establishment unit or legal | | code | | the State-owned Assets Supervision and Administration | shareholder activities | | | hydropower projects. | State Development & Investment Corp., Ltd. | SDIC Power Holdings Co., Ltd. | | 97 representative | | Commission of the State Council | Annual Report of 2025 ### Section VII Bonds I. Corporate bonds (including enterprise bonds) and debt financing instruments of non-financial enterprises √ Applicable □ Not Applicable (I) Corporate bonds (including enterprise bonds) √ Applicable □ Not Applicable 1. Basic information on corporate bonds Unit: RMB 100 million The interest The interest is paid once is paid once 2024 Public a year and Matching 2026 Public a year and Matching Offering of the transaction, Offering of the transaction, STI principal is click Renewable principal is click Renewable Corporate transaction, returned in SDIC Securities transaction, returned in SDIC Securities Corporate | Bonds to inquiry full upon Co., Ltd., CITIC CITIC To inquiry 26 full upon Co., Ltd., China China To Shanghai Shanghai | | | --- | --- | | Bonds to Power | | | Securities Co., Ltd. Securities professional transaction, Professional Power 245054.SH 2026-04-15 2026-04-17 2031-04-17 maturity. Securities Co., Ltd. Securities professional transaction, 241352.SH 2024-07-25 2024-07-29 2029-07-29 maturity. | Stock Stock 1.90 10 2.19 No No 4 - - | | Professional YK04 | | | Co., Ltd. investors bidding Investors by Y1 The last and CITIC Co., Ltd. investors bidding The last and China Exchange Exchange | | Investors by SDIC Power Securities Co., Ltd. transaction installment Securities Co., Ltd. transaction installment SDIC Power Holdings and of interest is and of interest is Whether Holdings | negotiated Co., Ltd. paid negotiated paid Balanc there is a risk Repayment Last put date Investor | | | --- | --- | | Co., Ltd. Abbrev Interest Transaction Transaction | Principal | | transaction (Tranche 1) together transaction together of principal Bond name Expiration date of delisting after April 30, e of suitability Issue date Value date Trustee | code | | (Tranche 3) rate (%) mechanisms iation | place underwriter | | with the arrangements with the or suspension bonds and interest | 2026 | | 98 principal. principal. from listing | | Annual Report of 2025 | The interest The interest | | --- | | 2024 Public is paid once 2024 Public is paid once | | The interest Offering of a year and Matching Offering of a year and Matching | | is paid once STI the transaction, STI the transaction, | 2024 Public a year and Matching Renewable principal is click Renewable principal is click Offering of the transaction, Corporate returned in SDIC Securities transaction, Corporate returned in SDIC Securities transaction, STI | principal is click Bonds to full upon Co., Ltd., CITIC CITIC To inquiry Shanghai | | | --- | --- | | Bonds to full upon Co., Ltd., CITIC CITIC To inquiry Renewable Power Shanghai | | | Power returned in SDIC Securities transaction, Professional 241262.SH 2024-07-09 2024-07-11 2029-07-11 maturity. Securities Co., Ltd. Securities professional transaction, | Stock 10 2.30 No - | | Professional 241261.SH 2024-07-09 2024-07-11 2027-07-11 maturity. Securities Co., Ltd. Securities professional transaction, Corporate YK03 | Stock 10 2.20 No - | | YK02 full upon Co., Ltd., CITIC CITIC To inquiry Investors by The last and China Co., Ltd. investors bidding Exchange Shanghai | | | Investors by The last and China Co., Ltd. investors bidding Bonds to Power Exchange | | | maturity. Securities Co., Ltd. Securities professional transaction, 241145.SH 2024-06-18 2024-06-20 2027-06-20 SDIC Power installment Securities Co., Ltd. transaction SDIC Power Securities Co., Ltd. | Stock 10 2.20 No - | | installment transaction Professional YK01 | | | The last and China Co., Ltd. investors bidding Holdings of interest is and Holdings of interest is and Exchange | | Investors by installment Securities Co., Ltd. transaction Co., Ltd. paid negotiated Co., Ltd. paid negotiated SDIC Power of interest is and (Tranche 2) together transaction (Tranche 2) together transaction Holdings paid negotiated (Type 2) with the (Type 1) with the Co., Ltd. together transaction principal. principal. (Tranche 1) with the principal. 99 Annual Report of 2025 | The interest The interest The interest | | --- | | is paid once is paid once is paid once | | 2023 Public a year and a year and Matching 2023 Public a year and | 2023 Public | Offering of transaction, Offering of the the The interest the | | | --- | --- | | Offering of 2023 Public | | | click Corporate principal is Corporate principal is is paid once principal is | | | Corporate Offering of | | | Bonds to Bonds to returned in Bidding, a year and returned in transaction, returned in Bidding, | | | Renewable Bonds to SDIC Securities Guotai SDIC Securities Guotai SDIC Securities Guotai | | | Professional Professional 23 full upon To inquiry 23 full upon To quotation, 23 full upon To quotation, the Shanghai Shanghai Shanghai | | | Corporate SDIC Securities Bidding, Professional Co., Ltd., Guotai Haitong Co., Ltd., Guotai Haitong Co., Ltd., Guotai Haitong | | | Power professional transaction, Investors by Power 115814.SH 2023-08-15 2023-08-17 2026-08-17 maturity. professional inquiry, and Investors by Power 115815.SH 2023-08-15 2023-08-17 2028-08-17 maturity. professional inquiry, and principal is 240132.SH 2023-10-24 2023-10-26 2026-10-26 maturity. | Stock Stock Stock 10 2.68 10 2.92 10 2.98 No No No - - - | | Bonds to Co., Ltd., CITIC quotation, Haitong Securities Securities Haitong Securities Securities 23 CITIC To Investors by Haitong Securities Securities Shanghai | | | 03 investors bidding SDIC Power 01 The last investors agreed SDIC Power 02 The last investors agreed returned in The last Exchange Exchange Exchange | | | Co., Ltd. Co., Ltd. Professional Power 115410.SH 2023-05-24 2023-05-26 2026-05-26 Securities Co., Ltd. Securities professional inquiry, and SDIC Power Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. | Stock 3.00 No 5 - | | Holdings transactions full upon installment transaction Holdings installment transactions installment | | | Investors by Y1 and China Co., Ltd. investors agreed Holdings Exchange | | | Co., Ltd. of interest is and Co., Ltd. of interest is of interest is maturity. | | | Securities Co., Ltd. transactions Co., Ltd. SDIC Power | | | negotiated (Tranche 1) (Tranche 1) paid The last paid paid | | | Holdings (Tranche 2) | | | (Type 1) (Type 2) together installment together transaction together | | Co., Ltd. of interest is with the with the with the (Tranche 1) 100 principal. principal. paid principal. Annual Report of 2025 The Company's countermeasures against the risk of bond delisting or suspension from listing □ Applicable √ Not Applicable The interest The interest The interest is paid once is paid once is paid once 2022 Public | a year and a year and a year and | | | | --- | --- | --- | | 2019 Public 2021 Public Offering of | | Payment of bond interest during the reporting period | | the the the | | | | Offering of Renewable Offering of | | | | principal is principal is principal is | | √ Applicable □ Not Applicable | | Corporate CITIC Securities Corporate CITIC Securities Corporate | | | | returned in Bidding, returned in Bidding, returned in SDIC Securities Bidding, | | | | Bonds to Co., Ltd., SDIC Bonds to Co., Ltd., SDIC Bonds to | | | | 19 full upon CITIC quotation, 21 full upon CITIC quotation, 22 full upon Co., Ltd., CITIC CITIC To quotation, Shanghai Shanghai Shanghai | | | | Eligible Securities Co., Ltd., To eligible Eligible Securities Co., Ltd., Professional To eligible | | | | SDIC Securities inquiry, and 155457.SH 2019-06-10 2019-06-12 2029-06-12 maturity. SDIC Securities inquiry, and Power Securities Co., Ltd. Securities professional inquiry, and 175985.SH 2021-04-14 2021-04-16 2026-04-16 maturity. 138581.SH 2022-11-10 2022-11-14 2027-11-14 maturity. | Stock Stock Stock 12 4.59 3.70 12 3.05 No No No 0 - - - | | | Investors by China International investors Investors by Investors by China International investors | | | | Power Co., Ltd. The last agreed Y2 Co., Ltd. investors Power The last Co., Ltd. agreed The last and China agreed Exchange Exchange Exchange | | | | SDIC Power Capital Corporation SDIC Power Capital Corporation SDIC Power | | | | installment transactions installment transactions installment Securities Co., Ltd. transactions | | | | Holdings Limited Holdings Limited Holdings | | | | of interest is of interest is of interest is | | | | Co., Ltd. Co., Ltd. Co., Ltd. | | | | paid paid paid | | | | (Tranche 1) (Tranche 1) (Tranche 1) | | | | together together together together | | | (Type 2) with the with the with the with the 101 principal. principal. principal. principal. Annual Report of 2025 2024 Public Offering of STI 2024 Public Offering of STI On April 9, 2026, the Company issued the Announcement on the 2026 Principal and Interest Payment and Delisting of On July 4, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2024 Public Offering of On July 4, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2024 Public Offering of Renewable Corporate Bonds to 2021 Corporate Bonds Publicly Issued the 2021 Public Offering of Corporate Bonds to Eligible Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The 2023 Public Offering of Corporate On August 11, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2023 Public Renewable Corporate Bonds to 2024 Public Offering of STI On June 13, 2025, the Company announced the 2024 Public Offering of STI Renewable Corporate Bonds to Professional 2024 Public Offering of STI On July 22, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2024 Public Offering 2023 Public Offering of Corporate On October 20, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2023 Public STI Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 2) (Type 1). The STI Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 2) (Type 2). The Professional Investors by SDIC Power Renewable Corporate Bonds to Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The registration date of the bonds was June 19, 2025, and the 2023 Public Offering of Corporate On August 11, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2023 Public Renewable Corporate Bonds to of STI Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 3). The Professional Investors by SDIC Power Bonds to Professional Investors by Offering of Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 2). The registration to Accredited Investors by SDIC Power registration date of the bonds was April 15, 2026, the bonds maturity date was April 16, 2026, the principal and interest Bonds to Professional Investors by Offering of Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1) (Type 2). The registration date of the bonds was July 10, 2025, and the bond interest payment date was July 11, 2025. The interest registration date of the bonds was July 10, 2025, and the bond interest payment date was July 11, 2025. The interest Bonds to Professional Investors by Offering of Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1) (Type 1). The Holdings Co., Ltd. (Tranche 1) payment date was April 16, 2026, and the delisting date of the bonds was April 16, 2026. The principal and interest SDIC Power Holdings Co., Ltd. registration date of the bonds was August 15, 2025, and the bond interest payment date was August 18, 2025. The interest Holdings Co., Ltd. (Tranche 2) (Type Professional Investors by SDIC Power bond interest payment date was June 20, 2025. The interest payment work of this tranche of bonds was completed on June Professional Investors by SDIC Power registration date of the bonds was July 28, 2025, and the bond interest payment date was July 29, 2025. The interest Holdings Co., Ltd. (Tranche 2) (Type SDIC Power Holdings Co., Ltd. date of the bonds was October 24, 2025, and the bond interest payment date was October 27, 2025. The interest payment payment work of this tranche of bonds was completed on July 11, 2025. payment work of this tranche of bonds was completed on July 11, 2025. 102 SDIC Power Holdings Co., Ltd. registration date of the bonds was August 15, 2025, and the bond interest payment date was August 18, 2025. The interest Holdings Co., Ltd. (Tranche 3) payment work of this tranche of bonds was completed on July 29, 2025. 1) (Tranche 2) work of this tranche of bonds was completed on October 27, 2025. payment and delisting for this tranche of bonds has been completed on April 16, 2026. (Tranche 1) (Type 2) payment work of this tranche of bonds was completed on August 18, 2025. 2) Holdings Co., Ltd. (Tranche 1) 20, 2025. Bond name Description of interest payment and redemption Annual Report of 2025 2. Trigger and execution of issuer or investor option clauses and investor protection clauses □ Applicable √ Not Applicable 3. Intermediaries providing services for bond issuance and duration business On June 5, 2025, the Company issued the Announcement on the 2025 Interest Payment of the 2019 Public Offering of 2022 Public Offering of Renewable On November 7, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2022 Public On April 9, 2025, the Company issued the Announcement on the 2025 Interest Payment of the 2021 Public Offering of 2023 Public Offering of Renewable On May 19, 2025, the Company announced the Announcement on the 2025 Interest Payment of the 2023 Public Offering 10/F, Tower B, China Pacific | 2019 Public Offering of Corporate 2021 Public Offering of Corporate | | | | | --- | --- | --- | --- | | Corporate Bonds to Eligible Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The registration date of the bonds 12/F, SDIC Financial Corporate Bonds to Eligible Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The registration date of the bonds CITIC Securities Building, 48 Corporate Bonds to Professional of Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The registration Guotai Haitong Securities Co., Insurance Plaza, 28 Fengsheng Liu Chang, Wang Ronggang, Corporate Bonds to Professional Offering of Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1) (Type | | | | | Bonds to Eligible Investors by SDIC Li Shan, Xu Yingxiang, Hu Bonds to Eligible Investors by SDIC - 010-56535916 | | | | | was June 11, 2025 and the bond interest payment date was June 12, 2025. The interest payment work of this tranche of Ltd. Hutong, Xicheng District, Li Yuting Investors by SDIC Power Holdings 2). The registration date of the bonds was November 13, 2025, and the bond interest payment date was November 14, SDIC Securities Co., Ltd. Building, No. 2 Fuchengmen - 010-57839085 was April 15, 2025 and the bond interest payment date was April 16, 2025. The interest payment work of this tranche of CITIC Securities Co., Ltd. Liangmaqiao Road, Chaoyang - Zhou Weifan 021-20262382 Investors by SDIC Power Holdings date of the bonds was May 23, 2025, and the bond interest payment date was May 26, 2025. The interest payment work of | Name of the signing | | | | Power Holdings Co., Ltd. (Tranche 1) Zhuang Power Holdings Co., Ltd. (Tranche 1) | Name of intermediary | Office address | Contacts Phone | | 103 bonds was completed on June 12, 2025. North Street, Xicheng District, District, Beijing Co., Ltd. (Tranche 1) this tranche of bonds was completed on May 26, 2025. Beijing, China (Tranche 1) (Type 1) payment work of this tranche of bonds was completed on August 18, 2025. Co., Ltd. (Tranche 1) (Type 2) 2025 The interest payment work of this tranche of bonds was completed on November 14, 2025. bonds was completed on April 16, 2025. | accountant (if applicable) | | | Annual Report of 2025 Changes in the above intermediaries □ Applicable √ Not applicable | Beijing China Merchants 8/F, Block A, Fuhua Mansion, Building 5, Galaxy SOHO5, 9/F, Taikang Group Tower, | | --- | | ShineWing Certified Public Wang Wenwen, Huang | | China Merchants Bank Co., International Financial Center, 19/F, Tower B, Xinsheng BDO China Shu Lun Pan 4/F, No. 61, Nanjing Road Building 1, Courtyard 16 No. 13, Chaoyangmen North No. 8 Chaoyangmen North Industrial and Commercial Building 5, Compound 1, China Chengxin International No. 2 Nanzhugan Hutong, | | - Jing Qian, Li Yue 010-56070585 Zhao Bin, Wang Tianping, Pei China Securities Co., Ltd. - Zexuan, Liang Haowei, Long 010-56051947 Agricultural Bank of China Accountants LLP (Special Ma Chuanjun, Qiu Xin Qiu Xin 010-65542288 - Zheng Sizhuo, Sheng Lei 010-66428877 | | Ltd., Beijing Branch No.156, Fuxingmennei Street, Street, Dongcheng District, - Wei Ning 010-86387974 Street, Dongcheng District, Bank of China Limited Yuetan South Street, Xicheng - Guo Yingchun, Li Chong 010-68030348 Credit Rating Co., Ltd. Chaoyangmennei Street, Beijing Guantao Law Firm Plaza, No. 5, Finance Street, - Zhang Wenliang, Wang Xin 010-66578066 CPAs (Special General East, Huangpu District, Yan Baorui 13311092737 Jinghui Street, Chaoyang Bank of China Beijing No. 5, Fuchengmenwai Street, | | Limited Beijing Branch General Partnership) Zhichao Yin - Xu Xiaofeng, Qin Feifan 010-68003491 | | 104 Xicheng District, Beijing Xicheng District, Beijing Partnership) Shanghai District, Beijing Beijing Beijing Beijing Beijing Nanlishilu Subbranch District, Beijing Xicheng Bub-branch Xicheng District, Beijing Dongcheng District, Beijing | Annual Report of 2025 4. Adjustment of credit rating results □ Applicable √ Not applicable Other notes: □ Applicable √ Not applicable 5. Execution and change of guarantee, debt repayment plans and other debt repayment protection measures during the reporting period and their effect □ Applicable √ Not Applicable 105 Annual Report of 2025 (II) Funds raised by corporate bonds □ Corporate bonds of the Company involved the use or rectification of raised funds during the reporting period. √ All corporate bonds of the Company did not involve the use or rectification of raised funds during the reporting period. 1. Raise funds for specific projects □ Applicable √ Not Applicable (III) Other matters to be disclosed for special variety bonds √ Applicable □ Not Applicable 1. The Company is an issuer of exchangeable corporate bonds. □ Applicable √ Not Applicable 2. The Company is an issuer of green corporate bonds. □ Applicable √ Not Applicable 3. The Company is an issuer of renewable corporate bonds. √ Applicable □ Not Applicable Unit: RMB 100 million | Whether included in equity and other Whether included in equity and other Whether included in equity and other | | | --- | --- | | Yes Yes Yes | | | 106 Other Matters N/A Other Matters N/A Other Matters N/A Step-up interest rate N/A Deferred interest N/A relevant accounting or not Bond code 241145.SH Bond abbreviation Power YK01 Bond abbreviation 22 Power Y2 Balance of bonds Renewal N/A Step-up interest rate N/A Mandatory interest payment N/A relevant accounting or not Mandatory interest payment N/A Bond code 115410.SH Balance of bonds Renewal N/A Renewal N/A Deferred interest N/A relevant accounting or not Mandatory interest payment N/A Bond code 138581.SH Bond abbreviation 23 Power Y1 Balance of bonds Step-up interest rate N/A Deferred interest N/A | 12.00 10.00 5.00 | Annual Report of 2025 4. The Company is an issuer of corporate bonds for poverty alleviation. □ Applicable √ Not applicable 5. The Company is an issuer of the rural revitalization corporate bonds. □ Applicable √ Not applicable 6. The Company is an issuer of Belt and Road corporate bonds. □ Applicable √ Not applicable 7. Issuer of STI corporate bonds or innovative entrepreneurship corporate bonds √ Applicable □ Not Applicable | Whether included in equity and other Whether included in equity and other Whether included in equity and other Whether included in equity and other | | | --- | --- | | Yes Yes Yes Yes | | | 107 Other Matters N/A Other Matters N/A Other Matters N/A Other Matters N/A Bond code 241352.SH Bond abbreviation Power YK04 Bond abbreviation Power YK02 Balance of bonds Renewal N/A Renewal N/A Step-up interest rate N/A Deferred interest N/A Mandatory interest payment N/A relevant accounting or not Mandatory interest payment N/A Bond code 241262.SH Balance of bonds Balance of bonds Renewal N/A Step-up interest rate N/A Deferred interest N/A relevant accounting or not Deferred interest N/A Mandatory interest payment N/A relevant accounting or not Bond code 245054.SH Bond abbreviation 26 Power Y1 Bond code 241261.SH Bond abbreviation Power YK03 Balance of bonds Renewal N/A Step-up interest rate N/A Step-up interest rate N/A Deferred interest N/A relevant accounting or not Mandatory interest payment N/A | 10.00 10.00 10.00 4.00 | Annual Report of 2025 Unit: RMB 100 million Progress on investment of funds Progress on investment of funds Progress on investment of funds raised from science and technology raised from science and technology raised from science and technology innovation projects or financial Not applicable Promoting the development effect Promoting the development effect innovation projects or financial Not applicable innovation projects or financial Not applicable Promoting the development effect institutions into scientific and institutions into scientific and of scientific and technological Not applicable institutions into scientific and The category of issuer applicable to √ Sci-tech innovation enterprise □ Sci-tech upgrade □ Sci-tech Progress on investment of funds of scientific and technological Not applicable The category of issuer applicable to √ Sci-tech innovation enterprise □ Sci-tech upgrade □ Sci-tech of scientific and technological Not applicable The category of issuer applicable to √ Sci-tech innovation enterprise □ Sci-tech upgrade □ Sci-tech The category of issuer applicable to √ Sci-tech innovation enterprise □ Sci-tech upgrade □ Sci-tech Not applicable 108 Other Matters - Other Matters - Other Matters - technological innovation sectors raised from science and technology innovation innovation technological innovation sectors technological innovation sectors Bond abbreviation Power YK04 Balance of bonds this bond investment □ Sci-tech incubation □ Financial institution Bond code 241262.SH Bond abbreviation Power YK03 Bond abbreviation Power YK01 Balance of bonds Operation of fund products (if any) - this bond investment □ Sci-tech incubation □ Financial institution Bond code 241261.SH innovation Operation of fund products (if any) - Balance of bonds Bond abbreviation Power YK02 Balance of bonds this bond investment □ Sci-tech incubation □ Financial institution Bond code 241352.SH this bond investment □ Sci-tech incubation □ Financial institution Bond code 241145.SH Operation of fund products (if any) - 10 10 10 10 Annual Report of 2025 8. The Company is an issuer of corporate bonds for low-carbon transformation (linked) □ Applicable √ Not applicable 9. The Company is an issuer of bail-in corporate bonds □ Applicable √ Not applicable 10. The Company is an issuer of supporting bonds for MSMEs □ Applicable √ Not applicable 11. Other special varieties of corporate bonds □ Applicable √ Not Applicable (IV) Important matters related to corporate bonds in the reporting period √ Applicable □ Not Applicable 1. Non-operational fund flows and borrowing funds (1). Non-operational fund flows and borrowing funds balance At the beginning of the reporting period, the balance of transactions with other parties and borrowing funds (hereinafter referred to as non-operating fund flows and borrowing funds) receivable of the Company on a consolidated basis that is not directly generated by production and operation: RMB 0; During the reporting period, the new non-operating fund flows and borrowing funds were RMB 0, and the recovered amount was RMB 0. Is there any breach of relevant provisions or commitments in the Offering Circular about non-operating fund flows and borrowing funds in the reporting period □ Yes √ No At the end of the reporting period, the unrecovered non-operating fund flows and borrowing funds totaled RMB 0, among which, total fund flows and borrowing funds by the controlling shareholder, actual controller and other related parties amounted to RMB 0. (2). Breakdown of non-operating fund flows and borrowing funds At the end of the reporting period, the proportion of unrecovered fund flows and borrowing funds of the Company on a consolidated caliber to net assets on a consolidated basis: 0% Whether it exceeds 10% of the net assets on a consolidated basis: □ Yes √ No (3). Status of implementation of fund-recovery arrangements disclosed in previous reporting periods √ Fully implemented □ Partially implemented □ Not applicable | innovation projects or financial Promoting the development effect | | --- | | institutions into scientific and of scientific and technological Not applicable | | 109 Other Matters - innovation Operation of fund products (if any) - technological innovation sectors | Annual Report of 2025 2. Liabilities (1). Interest-bearing debt and changes 1.1 The Company's debt structure At the beginning and end of the reporting period, the outstanding interest-bearing debts of the Company (on a standalone basis, excluding consolidated scope) amounted to RMB 9.326 billion and RMB 8.314 billion respectively. During the reporting period, the outstanding balance of interest-bearing debts decreased by 10.85% year-on-year. Unit: RMB 100 million As of the end of the reporting period, among the outstanding corporate credit bonds of the Company, the balance of corporate bonds stood at RMB 4.8 billion, the balance of enterprise bonds at RMB 0, and the balance of Debt Financing Instruments of Non-Financial Enterprises at RMB 1.0 billion. 1.2 The Company's interest-bearing debt structure on a consolidated basis As at the beginning and end of the reporting period, the outstanding interest-bearing debt of the Company on a consolidated basis amounted to RMB 157.004 billion and RMB 161.494 billion respectively. During the reporting period, the outstanding interest-bearing debt increased by 2.86% year-on-year. Unit: RMB 100 million As of the end of the reporting period, among the outstanding corporate credit bonds of the Company on a consolidated basis, the balance of corporate bonds stood at RMB 5.8 billion, enterprise bonds at RMB 0, and Debt Financing Instruments of Non-Financial Enterprises at RMB 4.0 billion. 1.3 Overseas bonds As of the end of the reporting period, the balance of overseas bonds issued within the scope of the Company's consolidated financial statements was RMB 0. | Proportion (%) Proportion (%) | | | | | | --- | --- | --- | --- | --- | | More than 1 Total | of the of the Category of Category of | | | | | Less than 1 year Less than 1 year Total amount More than 1 year | | | | | | interest-bearing Other interest-bearing Other interest-bearing Non-bank financial Non-bank financial interest-bearing Overdue interest-bearing debt interest-bearing debt amount Overdue | year | | | | | | (inclusive) (inclusive) 25.00 (exclusive) 0.14 | 265.27 - 55.21 62.79 - 86.25 179.02 | 16.43 - - 30.07 3.89 0.17 7.58 0.14 25.00 | - - | | 110 Bank loans Corporate credit bonds debts Corporate credit bonds institution loans institution loans Banking loan debts (exclusive) | 83.14 58.00 debt 1,262.75 1,614.94 1,059.29 1,188.88 debt | Total Total - - 62.00 98.00 - - 352.19 129.59 | 73.62 - - - 69.76 36.00 26.14 6.07 26.00 — 57.00 32.00 | — - - Maturity time - Maturity time | Annual Report of 2025 (2). Overdue interest-bearing debts or corporate credit bonds exceeding RMB 10 million of the Company at the end of the reporting period □ Applicable √ Not Applicable (3). Priority repayment of liabilities against third parties Priority payment of liabilities against third parties as of the end of the reporting period within the scope of the Consolidated Financial Statements: □ Applicable √ Not applicable 3. Changes in the information disclosure management system during the reporting period □Change occurred √No change occurred 111 Annual Report of 2025 (V) Debt financing instruments of non-financial enterprises in the interbank bond market √ Applicable □ Not applicable 1. Basic information on debt financing instruments of non-financial enterprises Unit: RMB 100 million Measures of the Company to deal with the risk of bond listing termination □ Applicable √ Not Applicable Bonds overdue □ Applicable √ Not applicable Payment of bond interest during the reporting period √ Applicable □ Not Applicable The interest shall be 2022 paid annually, the Medium-term Notes Bidding, principal shall be of (Series 22 SDIC Inter-bank For quotation, repaid in full at 2) SDIC Power 102282419 2022-10-27 2022-10-31 2027-10-31 bond accredited inquiry, and Risk of 2.90 No 10 maturity, and the last Power MTN002 market investors agreed termination Adequacy interest shall be paid | arrangement 2022 Medium term Notes of (Series 2) On October 23, 2025, the Company issued the Announcement on the Interest Payment Arrangements of 2022 Holdings transactions 2022 Medium term Notes of (Series 1) The Company released the Announcement on the Redemption Arrangements of 2022 Medium-term Notes of (Tranche 1) Transaction Interest Bond Trading of listing | | | | | --- | --- | --- | --- | | Abbreviation together with the Value date Issue date Due date Debt service mode | Code Bond name | | | | Co., Ltd. balance rate (%) by investors mechanism | place | | | | SDIC Power Holdings Medium-term Notes of (Tranche 2) SDIC Power Holdings Co., Ltd. The interest payment date is October 31, 2025 and the SDIC Power Holdings SDIC Power Holdings Co., Ltd. on October 23, 2025. The principal and interest redemption date was October 31 2025, principal | | Bond name | Explanation of interest and principal payment status | (if any) 112 Co., Ltd. interest payment is finished. Co., Ltd. and the aforesaid principal and interest redemption has been completed. Annual Report of 2025 2. Trigger and execution of issuer or investor option clauses and investor protection clauses □ Applicable √ Not Applicable 3. Intermediaries providing services for bond issuance and duration business Changes in the above intermediaries □ Applicable √ Not applicable 4. Use of raised funds at the end of the reporting period √ Applicable □ Not applicable Unit: RMB 100 million Compliance with Operation status of | | Rectification of promised use, | | | | | --- | --- | --- | --- | --- | | special accounts for Unutilized | Total amount of Amount | | | | | non-compliant use of implementation plan | | | Bond name | | | | amount funds raised raised funds (if utilized | | | | | 3/F, Tower A, China Foreign Language Mansion, ShineWing Certified Public | proceeds (if any) | and other | | | | Dagong Global Credit Rating Co., Block A, Fuhua Mansion, No. 8 Chaoyangmen North | | applicable) | | | | No.89, West Third Ring Road North, Haidian District, Wang Peng 010-67413300 Accountants LLP (Special General Ma Chuanjun, Qiu Xin Qiu Xin 010-65542288 No. 69, Jianguomen Neidajie Street, Dongcheng BDO China Shu Lun Pan CPAs 4/F, No. 61, Nanjing Road East, Huangpu District, Zhao Bin, Wang Tianping, 11/F, Industrial Bank, No. 20, Chaoyangmen North Fu Qiunan, Yao 18/F, Tower B, Xinsheng Plaza, No. 5, Finance Street, commitments in the | Name of the signing | | | | | Ltd. Street, Dongcheng District, Beijing Agricultural Bank of China Co., Ltd. Wang Bingshan 010-85106292 Yan Baorui 13311092737 Industrial Bank Co., Ltd. 010-59886856 Beijing Guantao Law Firm Tan Weihong 010-66578066 | Contacts | Phone Name of intermediary | | Office address | | 113 Beijing Street, Chaoyang District, Beijing Yinuo Partnership) Xicheng District, Beijing District, Beijing (Special General Partnership) Shanghai Pei Zhichao | accountant (if applicable) | prospectus | | | Annual Report of 2025 Progress and operational benefits of raised funds used for construction projects □ Applicable √ Not Applicable Explanation on changing the use of the above-mentioned bonds raised during the reporting period □ Applicable √ Not Applicable Other notes: □ Applicable √ Not Applicable 5. Adjustment of credit rating results □ Applicable √ Not applicable Other notes: □ Applicable √ Not applicable 6. Execution and change of guarantee, debt repayment plans and other debt repayment protection measures during the reporting period and their effect □ Applicable √ Not Applicable 7. Other information on debt financing instruments of non-financial enterprises □ Applicable √ Not Applicable 2022 Medium term Notes of (Series 2) Yes SDIC Power Holdings Normal No 0 10 10 114 Co., Ltd. Annual Report of 2025 (VI) Loss within the scope of the Consolidated Financial Statements during the reporting period of the Company exceeding 10% of the net assets at the end of last year □ Applicable √ Not Applicable (VII) Overdue status of interest-bearing debts other than bonds at the end of reporting period □ Applicable √ Not Applicable (VIII) The impact on the interests of bond investors caused by violations of laws and regulations, the Articles of Association, and the provisions of the information disclosure management system, as well as the circumstances agreed or promised in the bond prospectus during the reporting period □ Applicable √ Not Applicable (IX) The Company's accounting data and financial indicators in recent two years up to the end of reporting period √ Applicable □ Not Applicable Unit: RMB II. Convertible corporate bonds □ Applicable √ Not applicable Net profits attributed to shareholders | of listed company after deducting 7,355,063,862.23 6,489,958,603.20 | Year-on-year Decrease by 0.2 Decrease by 2.7 | | 13.33 | | | --- | --- | --- | --- | --- | | Total debt ratio of EBITDA (%) Asset-liability ratio (%) | 2025 2024 | Main indicators 15.56 15.76 60.52 63.22 | | | | 115 EBITDA interest coverage ratio Interest cover ratio (%) non-recurring gain or loss Current ratio Quick ratio Loan repayment rate (%) Interest coverage ratio Cash interest coverage ratio increase/decrease (%) | percentage points percentage points | 6.40 6.22 0.61 0.53 0.59 0.50 4.12 4.03 9.15 6.76 100 100 100 100 | 15.09 18.00 35.36 2.89 2.23 | - - | ### SDIC Power Holdings Co., Ltd. ### Independent Auditor’s Report and Financial Statements ### For the Year Ended December 31, 2025 ### Xin Kuai Shi Bao Zi [2026] No.ZG11493 ### SDIC Power Holdings Co., Ltd. ### Independent Auditor’s Report and Financial Statements ### (From January 1, 2025 to December 31, 2025) Consolidated and Company’s Statements of Changes 9-12 I. Independent Auditor’s Report II. Financial Statements Consolidated and Company’s Balance Sheets Consolidated and Company’s Income Statements Consolidated and Company’s Cash Flow Statements in Owners' Equity Notes to Financial Statements Contents Page 1-243 1-5 1-4 5-6 7-8 ### Independent Auditor's Report Xin Kuai Shi Bao Zi [2026] No. ZG11493 To the Shareholders of SDIC Power Holdings Co., Ltd. ### Opinion We have audited the accompanying financial statements of SDIC Power Holdings Co., Ltd (“the Company”) and its subsidiaries (“the Group"), which comprise the consolidated and company’s balance sheets as at December 31, 2025, the consolidated and company’s income statements, the consolidated and company’s statements of cash flows, and the consolidated and company’s statements of changes in owners’ equity for the year then ended, and notes to the financial statements. In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated and company’s financial position as at December 31, 2025 and the consolidated and company’s financial performance and cash flows for the year then ended in accordance with the requirements of Accounting Standards for Business Enterprises. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group and Company in accordance with the International Ethics Standards Board for Accountant’ International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of financial statements of public interest entities in China. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matter Key audit matters are those matters that, in our professional judgment, were of most Auditor’s Report Page1 significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We identified the following key audit matter in our audit: (1) We obtained an understanding of the design Refer to Note V. (XIV) and (XV) to the and implementation of direct controls over management’s impairment testing, and in addition consolidated financial statements. As at tested the operating effectiveness of these December 31, 2025, the Group controls. recognised a carrying amount of RMB (2) We corroborated key input data and assumptions made by management in its 195,717.2177 million for fixed assets and impairment review through comparison with RMB 38,854.0551 million for assets actual operational data including consideration of the completeness of the data on which the review under construction and these two was based. We also obtained an understanding of long-term assets accounted for 74.80% management judgments and confirmed whether they were in line with accounting requirements. of consolidated total assets, which are (3) We recalculated the recoverable amount of the significant to the financial statements. assets and compared with management’s Judgment is involved both to whether a calculation. We corroborated the key assumptions and parameters adopted by management for the long-term asset has any impairment forecast of future cash flows associated with the indicators, and to determine the assets. We obtained an understanding of management’s ability to forecast by comparing recoverable amount of these assets based management’s past forecasts with the actual on the present value of the future cash figures that they related to. flows associated with it(or with the (4) We evaluated the accounting policy, significant accounting judgments and estimates of group of assets to which it relates). This asset impairment in the financial statements, and is a significant and complex judgment the presentation and disclosure of relevant information. made by management, which involves a (5) We paid site visit to check status of relevant high degree of estimation. As such, fixed asset and construction in progress, and to impairment of the long-term asset in understand whether the asset is lag in technology or not used for long, and consider whether the relation to the electricity generation suspended and obsolescent engineering has Auditor’s Report Page2 business, including fixed assets and impairment or scrap based on engineering settlement. construction in progress, is determined as a key audit matter. Impairment of long-term assets in relation to the electricity generation business Key Audit Matter How the matter was addressed in the audit Other Information Management of the Group and Company (“management”) is responsible for the other information. The other information comprises all of the information included in the 2025 annual report of the Group and Company, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with the requirements of Accounting Standards for Business Enterprises, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Group and Company’s ability to continue as a going concern, disclosing, if applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group and Company’s financial reporting process. Auditor’s Report Page3 Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: (1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. (2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group and Company’s internal control. (3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. (4) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. (5) Evaluate the overall presentation, structure, and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Auditor’s Report Page4 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- # SDIC Power Holdings Co., Ltd. ## Notes to the Financial Statements ### For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan) #### I. Company Profile SDIC Power Holdings Co., Ltd. (hereinafter referred to as the Company, or SDIC Power, and referred to as the Group when containing subsidiaries) is a joint-stock limited company established by Sinopec Hubei Xinghua Company Ltd. (hereinafter referred to as HBXH CO., Ltd.) and State Development & Investment Corp., Ltd. (hereinafter referred to as SDIC) after asset replacement and change registration. HBXH CO., Ltd. was established exclusively by Sinopec Jingmen Petrochemical General Plant in February 1989. Approved by [1989] No. 2 of the Hubei Provincial Commission for Structural Reforms and [1989] No. 101 of Hubei Branch of the People's Bank of China in 1989, its shares were issued to the public for the first time. On January 18, 1996, with the approval of [1995] No. 183 of China Securities Regulatory Commission, the public stock was listed on the Shanghai Stock Exchange for trading, with a stock code of 600886. The registered capital of HBXH CO., Ltd. on the date of listing was RMB 58,332,469. After several times of profit distribution, as well as bonus shares distribution and allotment with the capital reserve, its registered capital was increased to RMB 281,745,826. On February 28, 2000, with the approval of the CGZ [2000] No. 34 of the State Ministry of Finance, Sinopec Jingmen Petrochemical General Plant transferred its 162,234,400 shares (state-owned legal person shares, accounting for 57.58% of the total shares of the Company) to China Petroleum and Chemical Corporation, and then the China Petroleum and Chemical Corporation became the largest shareholder of HBXH CO., Ltd. On April 28, 2002, HBXH CO., Ltd. signed the Asset Replacement Agreement with SDIC, and HBXH CO., Ltd. replaced all the assets and liabilities owned by it with the equity assets of SDIC Gansu Xiaosanxia Power Co., Ltd., Jingyuan Second Power Generation Co., Ltd. and Xuzhou China Resources Power Co., Ltd. held by SDIC; on the same day, China Petroleum and Chemical Corporation signed a Share Transfer Agreement with SDIC to transfer all its equity interest in HBXH CO., Ltd. to SDIC. The above-mentioned asset replacement and share transfer are mutually conditional. With the approval of CQ [2002] No. 193 issued by the State Ministry of Finance and the approval of ZJH [2002] No. 239 issued by the China Securities Regulatory Notes to Financial Statements Page 1 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- Commission, it is agreed to exempt SDIC from the obligation of inviting for acquisition. The Share Transfer Agreement came into effect on September 30, 2002, and the replacement assets were delivered on the same day. So far, SDIC has become the largest shareholder of HBXH CO., Ltd., whose business scope has changed from the petroleum industry to the power industry. In December 2002, HBXH CO., Ltd. changed its industrial and commercial registration place to Lanzhou City, Gansu Province, and its name to SDIC Huajing Power Holdings Co., Ltd. In September 2004, SDIC Power took the total share capital of 281,745,826 shares on June 30, 2004 as the base number to increase 10 shares for every 10 shares with the capital reserve for all shareholders. After the capitalization of capital reserve, the registered capital of SDIC Power was increased to RMB 563,491,652. In June 2005, SDIC agreed to acquire 17,500,836 social legal person shares of SDIC Power held by other shareholders, and SDIC's shareholding proportion increased to 60.69%. In August 2005, SDIC Power implemented the equity interest division reform after being reviewed and approved by the second extraordinary general meeting in 2005 and approved by GZCQ [2005] No. 751 Reply on the Problems about Equity Interest Division Reform of SDIC Huajing Power Holdings Co., Ltd. of the State-owned Assets Supervision and Administration Commission of the State Council. The specific program is that based on the total share capital of SDIC Power of 563,491,652 shares and tradable shares of 214,633,970 shares, the non-tradable shareholders shall pay 55,804,832 shares of SDIC Power to the tradable shareholders. In another word, tradable shareholders will receive 2.6 shares paid by non-tradable shareholders for every 10 tradable shares they hold. After the reform of the equity interest division, the total share capital of SDIC Power remained unchanged, and all shares were tradable shares, of which the proportion of equity interest held by SDIC in SDIC Power was reduced from 60.69% to 50.98%. Approved by the resolution of the first extraordinary general meeting of SDIC Power in 2005 and ZJFXZ [2006] No. 32 of China Securities Regulatory Commission, SDIC Power issued an additional 250 million tradable shares in July 2006. After the additional issuance, the total share capital of SDIC Power was increased to 813,491,652 shares, and the registered capital was changed to RMB 813,491,652, where SDIC held 359,083,356 shares, and the shareholding proportion was reduced from 50.98% to 44.14%. With the approval of the resolution at the first extraordinary general meeting of SDIC Power in 2007 and ZJFXZ [2007] No. 261 of China Securities Regulatory Commission, SDIC Power placed 3 shares for every 10 shares on the basis of the total share capital of 813,491,652 shares on the registration date of equity interest (September 6, 2007). A total of 244,047,496 shares were Notes to Financial Statements Page2 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- placed. After this allotment, the total share capital of SDIC Power was increased to 1,054,628,336 shares, and the registered capital was changed to RMB 1,054,628,336, of which SDIC held 466,808,363 shares, with the shareholding proportion increasing from 44.14% to 44.26%. In March 2009, SDIC Power and SDIC signed the Agreement on Share Subscription and Asset Purchase between SDIC and SDIC Huajing Power Holdings Co., Ltd. and SDIC Power acquired the 100% equity interest of SDIC Electric Power Co., Ltd. (hereinafter referred to as the Electric Power Company) held by SDIC with private-placement A shares as consideration. With the approval of the resolution at the 13th Meeting of the 7th board of directors held by SDIC on March 2, 2009, the resolution at the second extraordinary general meeting held on June 24, 2009, and the Reply on Approving SDIC Huajing Power Holdings Co., Ltd. to Issue Shares to SDIC for Assets Purchase (ZJXK [2009] No. 1234) as well as the Reply on Approving the Exemption of SDIC from the Obligation on Offering to Acquisition of Shares of SDIC Huajing Power Holdings Co., Ltd. (ZJXK [2009] No. 1235) of China Securities Regulatory Commission, SDIC Power is allowed to issue 940,472,766 shares to SDIC by private placement, with a par value of RMB 1 and an issue price of RMB 8.18 per share, so as to purchase 100% of the equity interest of the Electric Power Company held by SDIC. After this issuance, the total share capital of SDIC Power was increased to 1,995,101,102 shares, and the registered capital was changed to RMB 1,995,101,102, of which SDIC held 1,407,281,129 shares, with the shareholding proportion of 70.54%. With the approval of the resolution at the 26th Meeting of the 7th Board of Directors of the Company, the resolution at the second extraordinary general meeting in 2010, and the Reply on Issues about the Issuance of Convertible Corporate Bonds by SDIC Huajing Power Holdings Co., Ltd. (GZCQ [2010] No. 386) of the State-owned Assets Supervision and Administration Commission of the State Council, as well as the Reply on Approving the Public Issuing of Convertible Corporate Bonds by SDIC Huajing Power Holdings Co., Ltd. (ZJXK [2011] No. 85) of China Securities Regulatory Commission, the Company publicly issued 34 million convertible corporate bonds on January 25, 2011, with a par value of RMB 100. The total issuance amount is RMB 3.4 billion, and the issuance term is 6 years (from January 25, 2011 to January 25, 2017). With the approval of the SZFZ [2011] No. 9 of the Shanghai Stock Exchange, the above-mentioned RMB 3.4 billion convertible corporate bonds were listed and traded on the Shanghai Stock Exchange from February 15, 2011. The bonds are referred to as SDIC convertible bonds, with the bond code 110013. With the approval of the resolution at the 7th Meeting of the 8th Board of Directors of the Company and the resolution at the second extraordinary general meeting in 2011, the Reply on Issues about the Public Issuance of Shares by SDIC Huajing Power Holdings Co., Ltd. (GZCQ Notes to Financial Statements Page3 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- [2011] No. 585) of the State-owned Assets Supervision and Administration Commission of the State Council and the Reply on Approving the Additional Issuance of Shares by SDIC Huajing Power Holdings Co., Ltd. (ZJXK [2011] No. 1679) of China Securities Regulatory Commission, SDIC Power issued RMB ordinary shares (A shares) of 350 million to the public in November 2011. After the additional issuance, with the addition of 1,649 shares converted from "SDIC convertible bonds", the total share capital of SDIC Power increased to 2,345,102,751 shares, and the registered capital was changed to RMB 2,345,102,751, where the SDIC held 1,444,604,341 shares, with the shareholding proportion reducing from 70.65% to 61.60%. On February 28, 2012, the Company name was changed to SDIC Power Holdings Co., Ltd. On June 25, 2012, according to the resolution at the 14th Meeting of the 8th Board of Directors of the Company, the resolution of the general meeting in 2011 and the amended Articles of Association, the Company increased the registered capital by RMB 1,172,551,376, all of which was converted from the capital reserve. In addition, in 2012, RMB 12,521,000 of "SDIC convertible bonds" was converted into A shares of the Group, and the number of shares converted is 2,641,412. After the capital increase, the paid-in amount of the Company's registered capital is RMB 3,520,295,539. On January 25, 2011, the Company issued "SDIC Convertible Bonds" of RMB 3.4 billion. As of July 5, 2013, a total of RMB 3,388,398,000 was converted into the Group's A shares, and the total number of shares converted was 1,020,270,888 shares (net of the impact of two conversion factors of capital reserve which is 482,408,719 shares calculated with the same dimension), and the accumulative number of convertible shares accounts for 51.14% of the total number of shares (1,995,101,102 shares) issued by the Company before the conversion of "SDIC convertible bonds" (net of the impact of two conversion factors of capital reserve which is 24.18% calculated with the same dimension). After the conversion of "SDIC convertible bonds", the total share capital of the Company was increased from 6,515,830,323 shares (on June 30, 2013) to 6,786,023,347 shares. SDIC holds 3,478,459,944 shares of the Company, accounting for 51.26% of the total share capital. On September 24, 2015, SDIC increased its shareholding by 5,269,808 shares through the Shanghai Stock Exchange system in the way of continuous bidding. After this increase, SDIC directly held 3,483,729,752 shares of the Company, accounting for about 51.34% of the total issued shares of the Company. On May 18, 2016, SDIC transferred 146,593,163 shares to China Shipping (Group) Company by agreement. After this transfer, SDIC directly held 3,337,136,589 shares of the Company, accounting for 49.18% of the total issued shares of the Company, and China Shipping (Group) Notes to Financial Statements Page4 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- Company directly held 146,593,163 shares of the Company, accounting for 2.16% of the total issued shares of the Company. On October 22, 2020 (London time), the Group offered 16,350,000 Global Depository Receipts (GDR) (before exercising the over-allotment option) and listed them on the London Stock Exchange. Each GDR represents 10 A-shares of the Group. The new domestic underlying A-shares corresponding to the 16,350,000 GDRs initially offered have been registered and deposited in the Shanghai Branch of China Securities Depository and Clearing Corporation Limited on October 20, 2020, and are held by Citibank, National Association, the Group's GDR depository, and they were listed on Shanghai Stock Exchange on October 22, 2020. By exercising the over-allotment option, the stabilizing manager required to deliver the additional 1,635,000 GDRs offered by the Group to relevant investors on November 19, 2020 (London time). The new domestic underlying A-shares corresponding to the 1,635,000 GDRs of this over-allotment have been registered and deposited in the Shanghai Branch of China Securities Depository and Clearing Corporation Limited on November 16, 2020, and are held by Citibank, National Association, the Group's GDR depository, and they were listed on Shanghai Stock Exchange on November 19, 2020. After the issuance of GDR, the total share capital of SDIC Power was increased to 6,965,873,347 shares, and the registered capital was changed to RMB 6,965,873,347, where SDIC held 3,337,136,589 shares, with the shareholding proportion reducing from 49.18% to 47.91%. On November 26, 2021, the Group issued A shares to SDIC by private placement. The price of this issuance is RMB 7.44/share, and the number of issued shares is 488,306,450. The total proceeds are RMB 3,632,999,988. The lockup period is 36 months from the date when the share registration procedures are completed. After this issuance, the total share capital of SDIC Power was increased to 7,454,179,797 shares, and the registered capital was changed to RMB 7,454,179,797, of which SDIC held 3,825,443,039 shares, with the shareholding proportion increasing from 47.91% to 51.32%. On 17 February 2025, the Group issued A-shares to specific subscriber, the National Council for Social Security Fund, at an issue price of RMB12.72 per share. A total of 550,314,465 shares were issued, raising gross proceeds of RMB6,999,999,994.80. The shares are subject to a lock-up period of 36 months from the date of completion of share registration. Upon completion of this issuance, the total share capital of SDIC Power increased to 8,004,494,262 shares. SDIC Group held 3,825,443,039 shares, with its shareholding percentage decreasing from 51.32% to 47.79%. As of December 31, 2025, the Group's total issued share capital amounted to 8,004,494,262 shares, comprising 7,454,179,797 unrestricted tradable shares, representing 93.12% of the total, and 550,314,465 restricted tradable shares, representing 6.88% of the total. The registered capital Notes to Financial Statements Page5 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- was RMB 8,004,494,262. Registered address: No.1108, 11/F 147 Building, Xizhimen Nanxiao Street, Xicheng District, Beijing; Registration number of business license: 911100002717519818. Headquarters address: 147 Building, Xizhimen Nanxiao Street, Xicheng District, Beijing. The Group's industries are electricity, thermal power production, and supply; the main business activities are as follows: Investment, construction, and operation management of energy projects dominated by power generation; development and operation of new energy projects, high-tech technology, and environmental protection industry; and development and operation of power supporting products and information, and consulting services. The parent company of the Company is SDIC, and the ultimate controller of the Group is the State-owned Assets Supervision and Administration Commission of the State Council. The financial statements were approved by the board of directors of the Company on April 28, 2026. ## II. Basis for Preparation of Financial Statements ### (I) Basis of preparation This financial statement is prepared in accordance with Accounting Standards for Business Enterprises--Basic Standard issued by the Ministry of Finance and various accounting standards, application guide of enterprise accounting standard, interpretation of enterprise accounting standard and other relevant regulations (collectively known as "Accounting Standards for Business Enterprises") as well as Disclosure of Corporate Information Disclosure Rules No.15--General Provisions on Financial Reporting issued by CSRC. ### (II) Going-concern This financial statement is prepared on the basis of going-concern. The Group has sustainable operation ability, and there is no significant event that has an impact on sustainable operation ability within 12 months since the end of the reporting period. ## III. Significant Accounting Policies and Accounting Estimates ### (I) Statement of compliance with accounting standards for business enterprises This financial statement can conform to the requirements of enterprise accounting standards to reflect the consolidated and company financial standing on December 31, 2025 and 2025 consolidated and company business results and cash flow of the Company in a true and complete way. Notes to Financial Statements Page6 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (II) Accounting period The accounting period of the Group is from January 1 to December 31 of each calendar year. (III) Operating cycle The operating cycle of the Group is 12 months. (IV) Bookkeeping currency The Group uses Renminbi (“RMB”) as its bookkeeping currency. (V) The method for determining the importance criteria and the basis for selection (VI) Accounting treatment method for business combinations under common control and not under common control The assets and liabilities acquired by the Group, as the combining party, from the business combinations under common control should be measured based on the book value in the ultimate controller's consolidated statements of the combined party on the combination date. The difference between the book value of the net assets acquired and that of the paid combination consideration shall be used to adjust the capital reserve. Where the capital reserve is insufficient for offset, retained earnings shall be adjusted. The identifiable assets, liabilities and contingent liabilities acquired from the acquiree in the business combinations not under common control are measured at fair value on the acquisition date. The combination cost is the sum of fair value of cash or non-cash assets paid, liabilities issued or assumed, equity securities issued, etc. on the acquisition date for obtaining the control right of the acquiree and various direct expenses in business combination (in the business combination realized step by step through several transactions, the combination cost is the sum of the cost for each single transaction).Positive balance between the combination cost and the fair value of the identifiable net assets of the acquiree obtained by the Group on the acquisition date shall be recognized as goodwill; if the combination cost is less than the fair value of the Notes to Financial Statements Page7 One or both of the total assets and operating income of a subsidiary account for more than Significant non-wholly-owned subsidiary 1% of the corresponding items in the Top 10 projects under construction with ending Important construction in progress consolidated financial statements balance Materiality criterion Items SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) identifiable net assets of the acquiree obtained by the Company, the fair value of various identifiable assets, liabilities and contingent liabilities obtained in the business combination and the fair value of non-cash assets or equity security issued in the consideration of combination shall be re-checked first. If the rechecked combination cost is still less than the fair value of identifiable net assets of the acquiree obtained by the Company, the balance shall be included in current non-operating income. (VII) Judgment standard of control and compilation method of consolidated financial statement 1. Judgment standard of control The scope of consolidated financial statement takes control as basis and includes the Company and its all-subsidiary companies. Control means the right of the Company over the invested entity to enjoy variable return by participating in relevant activities of the invested entity and apply such right to affect the amount of such return. 2. Consolidation procedures The Group incorporates all subsidiaries controlled by it and structured entities into consolidated financial statements. In preparing the consolidated financial statements, where the accounting policy or accounting period adopted by subsidiaries are inconsistent with that adopted by the Company, financial statements of subsidiaries shall be adjusted according to the accounting policy and accounting period of the Company. All significant internal transactions, balances and unrealized profits within the scope of consolidation shall be eliminated during preparation of consolidated financial statements. Shares in owners' equity of subsidiaries but not attributable to the company, net profit and loss for the current period, other comprehensive income, and shares attributable to minority shareholders’ interests in total comprehensive income shall be listed in consolidated financial statements as “minority shareholders' equity, minority shareholders’ interests, other comprehensive income, equity attributed to minority shareholders and total comprehensive income equity attributed to minority shareholders”respectively. For the subsidiaries acquired in the business combinations under common control, its operating results and cash flow are included into the consolidated financial statements from the beginning of the current period of the combination. During the preparation of comparative Notes to Financial Statements Page8 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) consolidated financial statements, relevant items of the financial statements of the previous period shall be adjusted. It shall be deemed that the reporting entity formed after the combination has existed since the beginning of control by the ultimate controller. Under the circumstance that the equity of the investee is obtained under the common control through multiple transactions step by step, which results in a business combination, supplementary disclosure to treatment methods in consolidated financial statements shall be made in the reporting period for acquiring the control. For example, if equity of the investee under the common control is obtained step by step through several transactions, which results in a business combination, such equity shall be adjusted in the preparation of consolidated financial statements as if they might have existed as the current state from the time when the ultimate controller takes the control. When preparing comparative statements, relevant assets and liabilities of the acquiree are included in comparative statements of consolidated financial statements of the Group according to the restriction that the time above shall be later than the time when the Group and the acquiree are under the common control of the ultimate controller, moreover, increased net assets resulting from the combination are adjusted as relevant items under owners' equity. In order to avoid repeated calculation of value of net assets of the combined party, the long-term equity investment held by the Group before the combination is achieved, the changes in relevant profits and losses, other comprehensive income and other net asset that have been recognized in the period from the later date, when the long-term equity investment is acquired and when the Group and the combined party are under the final control of the same party, to the combination date, shall respectively be applied to write down the opening retained earnings or current profits and losses during the period of comparative statement. As for subsidiaries acquired by business combinations not under common control, operating results and cash flows shall be incorporated into consolidated financial statements from the date when the Group takes the control. In preparing of consolidated financial statements, financial statements of the subsidiaries are adjusted based on the fair value of all identifiable assets, liabilities and contingent liabilities recognized on the acquisition date. Under the circumstance that the equity of the investee is obtained not under common control through multiple transactions step by step, which results in a business combination, supplementary disclosure to treatment methods in consolidated financial statements shall be made in the reporting period for acquiring the control. For instance, under the circumstance that the business combination is realized not under common control through multiple transactions step by step, the equity of the Acquiree obtained before the acquisition date shall be recalculated as per the fair value of the equity on the acquisition date when preparing the consolidated financial statements, Notes to Financial Statements Page9 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) with the balance between the fair value and its book value included into the current investment income; if the equity of the Acquiree held before the acquisition date involves other comprehensive income calculated under the equity method and other change of the owner's equity except for net profits and losses, other comprehensive incomes and profit distribution, the relevant other comprehensive incomes and other change of owners' equity shall be transferred into the current investment profit or loss of the acquisition date, except other comprehensive incomes arising out from that the investee remeasures change of the net liabilities or net assets of the defined benefit plan. At the situation when the Group partially disposes long-term equity investments in subsidiaries without losing control right, in the consolidated financial statements, for the difference between the disposal price and the share of net assets which should be entitled by the Group in the subsidiaries continuously calculated since the acquisition date or combination date corresponding to the disposed long-term equity investments, such difference shall be adjusted to capital premium or share premium. If the capital reserve is insufficient to offset, the retained earnings shall be adjusted. Where control right over the investee is lost due to the disposal of partial equity investment of the Group or other reasons, the residual equity will be re-calculated based on the fair value thereof on the day the control is lost when preparing the consolidated financial statements. The balance between the sum of consideration acquired from disposal of equity interest and the fair value of the residual equity interest and the share of net assets of the original subsidiaries measured constantly based on the original shareholding proportion from the acquisition date or combination date shall be recognized as the profit and loss on investment of the period at the loss of control and the goodwill shall be offset accrodingly. Other comprehensive income in connection with equity investment of the original subsidiary shall be transferred to the profit and loss on investment of the period at the loss of control. When the Group disposes of equity investment of the subsidiaries step by step through multiple transactions till losing the control right, if various transactions from disposal of equity investment of subsidiaries till losing the control right belong to package deal, accounting treatment shall be conducted for each transaction as the transaction that disposes of subsidiary with loss of control right. Nonetheless, before loss of control right, the balance between each disposal price and the net asset share of such subsidiary enjoyed correspondingly in asset disposal is recognized in the other comprehensive income in the consolidated financial statements and transferred into the current investment profit and loss when losing control right. (VIII) Classification of joint operation arrangement and accounting treatment methods for Notes to Financial Statements Page10 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) joint operations The Group’s joint arrangements include joint operations and joint ventures. In projects for joint operation, for assets held and liabilities assumed solely which are recognized by the Group as the joint-venture party in joint operation and assets held and liabilities assumed according to shares, their relevant income and costs shall be determined as per related individual agreements or shares. Only profit or loss attributable to other joint operators shall be recognized in transactions where assets purchase and sale occurred with joint operator but not classified as trading transactions. (IX) Cash and cash equivalents Cash equivalents refer to investments held by the Group with short maturities (generally due within three months from the purchase date), strong liquidity, easy conversion into a known amount of cash, and very low risk of value changes. (X) Foreign currency transactions and foreign exchange translation for financial statements 1. Foreign currency transaction The amount of transactions in foreign currency shall be translated into that in RMB at the spot exchange rate (or according to the actual situation) on the transaction date. The foreign currency monetary items in the balance sheet date are translated into RMB at the spot exchange rate on the balance sheet date; the translation difference is directly recognized as the current profit and loss, except the translation difference that is attributed to foreign currency specific borrowings for establishing or producing assets eligible for capitalization which should be capitalized as per capitalization principle. 2. Translation of foreign currency financial statements The asset and liability items in the foreign currency balance sheet are converted at the spot exchange rate on the balance sheet date; the owner's equity items, except for the items of "retained earnings", are converted at the spot exchange rate on the transaction date; the income and expenditure items in the profit statement are converted at the spot exchange rate on the transaction date (or according to the actual situation). The difference arising from the above translation shall be listed in other comprehensive income items. Foreign currency cash flow shall be converted at the spot rate on the date that cash flow occurs (or according to the actual situation). The amount of effect of exchange rate fluctuations on cash shall be separately listed in the cash flow statement. Notes to Financial Statements Page11 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XI) Financial instruments When the Group becomes a party of a financial instrument contract, the Group recognizes a financial asset or a financial liability. 1. Financial assets (1) Classification, recognition and measurement of financial assets According to the business mode of financial assets management and the contract cash flow characteristics of financial assets, the Group classifies financial assets into financial assets measured at amortized cost, financial assets at FVTOCI, and financial assets at FVTPL. The Group classifies the financial assets that meet the following conditions simultaneously into the financial assets measured at amortized cost: ① the business mode of the financial assets management takes the collection of contract cash flow as the objective. ② The contract terms of the financial assets stipulate that, the cash flow generated on a specific date is only the payment of the principal and the interest based on the outstanding principal amount. Financial assets measured at amortized cost include notes receivable, accounts receivable, other receivables, long-term receivables, debt investment, etc. Such financial assets are initially measured at fair value, and relevant transaction costs are included in the initially recognized amount; Subsequent measurement is carried out at amortized cost. For financial assets that are not part of any hedging relationship, the gains or losses arising from amortization according to the effective interest method, impairment, exchange gain or loss, and derecognition shall be included in the current profits and losses. The Group classifies the financial assets that meet the following conditions simultaneously into the financial assets at FVTOCI: ① the business mode of the management of the financial assets takes the collection of contract cash flow and the of such financial assets as the objective. ② The contract terms of the financial assets stipulate that, the cash flow generated on a specific date is only the payment of the principal and the interest based on the outstanding principal amount. They include receivables financing, other debt investments, which shall be initially measured at fair values, and for which the relevant transaction costs shall be included in the initially recognized amount. All gains or losses of such financial assets that are not of any hedging relationship, other than the credit impairment loss or gain, exchange gain or loss, and interest of such financial assets calculated by the effective interest method, shall be included in other comprehensive income. When the financial assets are derecognized, the accumulative gain or loss previously included in other comprehensive income shall be transferred from other comprehensive income, and included in the current profits and losses. Notes to Financial Statements Page12 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) The Group recognizes the interest income by the effective interest method. The interest income shall be determined by multiplying the book balance of financial assets by the effective interest rate, except for the following circumstances: ① for the purchased or originated financial assets that the credit impairment has occurred, their interest incomes shall be determined at their amortized costs and by the effective interest rate adjusted through credit from the initial recognition. ② For purchased or originated financial assets that the credit impairment has not occurred but the credit impairment has occurred in the subsequent period, their interest incomes shall be determined at their amortized costs and by the effective interest rate during the subsequent period. The Group designates the non-trading equity instrument investment as the financial assets at FVTOCI. This designation shall not be revoked once made. The non-trading equity instrument investment at FVTOCI that the Group designates shall be initially measured at the fair value, and the relevant transaction expenses shall be included in the initially recognized amount; and other relevant gains and losses (including the exchange gain or loss) shall be included in other comprehensive income, and shall not be transferred in the current profits and losses subsequently, but the obtained dividends (except for those belonging to the investment cost recovered). When its recognition is terminated, the accumulated gains or losses previously booked into other comprehensive income shall be transferred from other comprehensive incomes and recorded into retained earnings. The Group classifies the financial assets other than the above financial assets measured at the amortized cost and the financial assets at FVTOCI into the financial assets at FVTPL. Such financial assets shall be initially measured at the fair value, and the relevant transaction expenses shall be included in the current profits and losses directly. The gains or losses of such financial assets shall be included in the current profits and losses. The financial assets will be classified as the financial assets at FVTPL if they are recognized by the Group in the business combination not under common control and constituted by the contingent consideration. (2) Determination basis and measurement method of financial asset transfer The Group derecognizes the financial assets that meet one of the following conditions: ① the contract right of collecting the cash flow of such financial assets is terminated; ② the financial assets are transferred, and the Group has transferred almost all risks and rewards related to the ownership of the financial assets; and ③ the financial assets are transferred, and the Group neither transfers nor retains almost all risks and rewards related to the ownership of the financial assets, as well as the control over such financial assets. Notes to Financial Statements Page13 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) If the transfer of an entire financial asset qualifies for derecognition, the difference between the book value of the transferred financial asset at the date of derecognition and the sum of the consideration received for such transfer and the amount of cumulative changes in fair value allocated to the derecognized part which had been directly recognized in other comprehensive income(the financial asset involved in the transfer shall meet the following conditions: ① The objective of the Group's business model for managing the financial asset is to both collect contract cash flows and sell the financial asset; ② the contract terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.) shall be recognized in profit or loss. If the transfer of a part of a financial asset qualifies for derecognition, the book value of the transferred financial asset shall be allocated between the part derecognized and the part not derecognized on the basis of the relative fair values of these parts, and the difference between the book value allocated to the part derecognized and the sum of the consideration received for such transfer and the amount of cumulative changes in fair value allocated to the derecognized part which had been recognized in other comprehensive income (the financial asset involved in the transfer shall meet the following conditions: ① The objective of the Group's business model for managing the financial asset is to both collect contract cash flows and sell the financial asset; ② the contract terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.) shall be recognized in profit or loss. 2. Financial liabilities (1) Classification, recognition and measurement of financial liabilities Except for the following items, the Group classifies the financial liabilities as the financial liabilities measured at amortized cost and uses the effective interest method to carry out a subsequent calculation based on the amortized cost: ① The financial liabilities at FVTPL (including derivatives falling under financial liabilities), including the financial liabilities held for trading and financial liabilities designated as financial liabilities at FVTPL when initially recognizing, are measured subsequently at fair value, the gains or losses resulting from the changes in fair value and the dividends and interest expenses related to such financial liabilities are recorded in the current profits and losses. ② Financial liabilities formed by the transfer of financial assets that do not meet the conditions for derecognition or continue to involve in the transferred financial assets. Such financial liabilities shall be measured by the Group in accordance with relevant standards for the Notes to Financial Statements Page14 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) transfer of financial assets. ③ Financial guarantee contracts that do not fall under the above circumstances ① or ②, and loan commitments that do not fall under the above circumstance ① and lend at a rate lower than market interest rates. If the Group is the issuer of such financial liabilities, the liabilities after initial recognition shall be subsequently measured according to the higher of the loss reserve amount determined according to the impairment provisions of financial instruments, and the balance of initially recognized amount after deducting the accumulated amortized amount recognized according to the revenue standard. The financial liabilities recognized by the Group as the acquirer in the business combination not under common control and constituted by the contingent consideration shall be subjected to the accounting treatment at FVTPL. 3. Derecognition conditions of financial liabilities Where the current obligation of financial liabilities has been terminated entirely or partially, the financial liabilities or obligation that has been terminated shall be derecognized. The Group and the Creditor sign an agreement in which the existing financial liabilities are replaced by means of undertaking new financial liabilities; in the event that the contract terms of the new financial liabilities and those for existing financial liabilities are inconsistent, recognition for the existing financial liabilities shall be terminated and the new financial liabilities shall be recognized. If the contract terms and conditions of the existing financial liabilities are modified by the Group in whole or in part substantially, such existing financial liabilities or the corresponding part thereof should be derecognized, and the financial liabilities subject to such modification are recognized as a new financial liability. The difference between the book value of the derecognized part and the paid consideration shall be included in current profits and losses. 4. Determination methods for fair values of financial assets and financial liabilities The Group measures the fair value of financial assets and financial liabilities, based on the prices of major markets or the price of the most advantageous market in case of no major market, and employ the valuation techniques currently available and supported by sufficient valid data and other information. The inputs for measuring the fair value are divided into three levels: the inputs for Level 1 are the unadjusted quotation of identical assets or liabilities in the active market which can be obtained on the measurement date; the inputs for Level 2 are the inputs directly or indirectly observable for relevant assets or liabilities other than those for Level 1; the inputs for Level 3 are the inputs that are unobservable for relevant assets or liabilities. The Group prefers the Notes to Financial Statements Page15 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) input value of the first level, and uses the input value of the third level at the very end. The level of fair value measurement results is determined based on the lowest level for input value that is significant for the whole fair value measurement. The investment of the Group in the equity investment shall be measured at the fair value. However, under the limited circumstances, if the recent information for determining the fair value is insufficient or the range of possible estimates of fair value is wide, and the cost represents the best estimate for the fair value within this range, such cost could represent its appropriate estimate for the fair value within this distribution range. 5. Offset of financial assets and financial liabilities Financial assets and financial liabilities of the Group shall be presented separately in the balance sheet and be not mutually offset. However, the net amount is presented in the balance sheet after being offset, when the following conditions are met at the same time: ① the Group has a legal right to offset the recognized amount and that such legal rights are currently enforceable; and ② the Group plans to settle by the net assets or sell off financial assets and liquidate the financial liabilities at the same time. 6. Difference between financial liability and equity instrument and related treatment method The Group distinguishes financial liabilities and equity instruments according to the following principles: ① if the Group fails to unconditionally perform one contract obligation by delivering cash or other financial assets, the contract obligation satisfies the definition of financial liability. While some financial instruments do not expressly include the terms and conditions for the obligation to deliver cash or other financial assets, it is possible to form contract obligations indirectly through other terms and conditions. ② If a financial instrument must be or can be settled with the Group's own equity instruments, it is necessary to consider whether the Group's own equity instruments used to settle the instrument are used as substitutes for cash or other financial assets or to enable the holder of this instrument to enjoy the residual equity in the assets after deducting all liabilities from the issuer. If it is the former one, this instrument is the financial liabilities of the Issuer. If it is the latter, the instrument is the equity instrument of the Issuer. Under certain circumstances, a financial instrument contract requires that the Group must or may settle the financial instrument with its own equity instruments, where the amount of contract rights or contract obligations is equal to the number of own equity instruments available or to be delivered multiplied by the fair value upon its settlement. In this case, regardless of whether the amount of Notes to Financial Statements Page16 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) the contract right or obligation is a fixed value or changes based in whole or in part on changes in variables other than the market price of the Group's own equity instrument (such as interest rates, the price of a good or the price of a financial instrument), the contract is classified as financial liabilities. When classifying a financial instrument (or its components) in the consolidated financial statements, the Group takes into consideration all the terms and conditions agreed between members of the Group and holders of financial instruments. If the Group as a whole has assumed the obligation to deliver cash, other financial assets or settle it by other means of rendering the instrument a financial liability, the instrument should be classified as a financial liability. If the financial instruments or their components belong to financial liabilities, the relevant interests, dividends (or stock dividends), gains or losses, as well as gains or losses arising from redemption or refinancing shall be recognized in the profits and losses of the current period by the Group. If the financial instruments or their components belong to equity instruments, as to the issuance (including re-financing), re-purchasing, sale or cancellation of such instruments, the Group will take with these situations as changes of equity and will not recognize any change of fair value of the equity instruments. 7. Impairment of financial instruments Based on the expected credit loss, the Group conducts impairment accounting treatment and recognizes an impairment loss for : ① financial assets measured at amortized cost; ② financial assets measured at FVTOCL; ③ contractual assets. Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the risk of default. Credit loss refers to the difference between all contract cash flows receivable according to the contract and discounted according to the original effective interest rate and all expected cash flows receivable, that is, the present value of all cash shortages of the Group. For each of the following items, the Group always measures its loss provision according to the amount equivalent to the expected credit losses during the whole duration: ① loss provision of receivables or contractual assets formed by the transactions specified in the Accounting Standards for Business Enterprises No. 14 - Revenues, regardless of whether the item contains major financing components; ② operating lease receivables. In addition to the above items, for other items, the Group measures the loss provision according to the following circumstances: ① for financial instruments with no significant increase in credit risk since initial recognition, the Group measures the loss provision according to Notes to Financial Statements Page17 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) the amount of the expected credit losses in the next 12 months; ② for financial instruments with a significant increase in credit risk since initial recognition, the Group measures the loss provision according to the amount equivalent to the expected credit losses of the financial instrument throughout the duration; ③ for financial instruments purchased or originated with credit impairment, the Group measures the loss provision according to the amount equivalent to the expected credit losses in the whole duration. For financial assets at FVTOCI (such financial assets also meet the following conditions: the Group's business model of managing such financial assets aims to collect the contract cash flow; the contract terms for such financial assets stipulate that the cash flow generated on a specific date is only the payment of the interest based on the principal amount), the Group recognizes its provision for credit loss in other comprehensive income, and includes the impairment loss or gain into the current profit and loss, without reducing the book value of such financial assets as stated in the balance sheet. The increase or reversed amount of the provision for credit loss for other financial instruments shall be included in the current profits and losses as impairment losses or gains. (1) Assessment on significant increase of credit risk The Group judges whether the credit risk of the financial instrument significantly increases by comparing the default probability of this financial instrument in the expected duration determined during the initial recognition with its default probability in the expected duration determined on the balance sheet date. However, if the Group determines that the financial instrument has only a low credit risk on the balance sheet date, the Group could assume that the credit risk of the financial instrument has not increased significantly since the initial recognition. Under normal circumstances, if it is overdue for more than 30 days, it indicates that the credit risk of the financial instrument has significantly increased, except that the Group can obtain the reasonable and well-founded information without unnecessary additional cost or effort to prove that the credit list has not yet significantly increased since the initial recognition even if overdue for more than 30 days. When determining whether the credit risk has significantly increased since the initial recognition, the Group considers the reasonable and well-founded information obtained by it without unnecessary additional cost or effort, including the forward-looking information. Portfolio-based assessment. If the Group cannot obtain sufficient evidence of a significant increase in credit risk at a reasonable cost at the individual instrument level, and it is feasible to evaluate whether the credit risk has increased significantly on a portfolio basis, the Group will group the financial instrument according to common credit risk characteristics and considers and evaluates whether the credit risk has increased significantly on a portfolio basis. Notes to Financial Statements Page18 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (2) Measurement of expected credit loss Elements that should be reflected in the measurement of expected credit loss: ① the average unbiased and probability-weighted amount determined by assessment a series of possible results; ② the time value of money; and ③ reasonable and well-founded information about past events, current conditions and projections of future economic conditions that are not unnecessarily costly or available at the balance sheet date. The Group determines its credit loss of lease receivables and financial guarantee contracts on the basis of individual assets or contracts. For accounts receivable and contractual assets, except for determining its credit loss separately for the accounts with the significant single amount and credit impairment, the Group prepares a comparison table of ageing of accounts receivable and loss given default on a portfolio basis, considering the elements that should be reflected in the measurement of expected credit loss and referring to the experience in historical credit loss, so as to calculate the expected credit loss. For other financial assets measured at amortized cost and classified as financial assets at FVTOCI (such financial assets also meet the following conditions: the Group's business model of managing such financial assets aims to collect the contract cash flow; the contract terms for such financial assets stipulate that the cash flow generated on a specific date is only the payment of the interest based on the principal amount), the Group determines its credit loss on a portfolio basis, except for determining its credit loss separately for the accounts with the significant single amount. The Group classifies financial instruments into different groups based on common credit-risk characteristics. The common credit risk characteristics used by the Group include: type of financial instruments, credit risk rating, geographical location of the debtor, industry engaged in by the debtor, etc. The Group determines the expected credit losses of related financial instruments in the following ways: ① For financial assets, the credit loss is the present value of the difference between the contract cash flow that the Group should collect and the cash flow expected to be collected. ②For lease receivables, the credit loss is the present value of the difference between the contract cash flow that the Group should collect and the cash flow expected to be collected. Among them, the cash flow used to determine the expected credit loss is consistent with the cash flow used by the Group to measure the lease receivables in accordance with the leasing standards. (XII) Notes receivable Notes to Financial Statements Page19 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) For details, please refer to "III (XI) Financial instruments". (XIII) Accounts receivable The determination method of expected credit losses on accounts receivable and the accounting treatment method are detailed in the content described in "III. (XI) Financial Instruments". 1. Single provision for impairment The Group separately calculates the expected credit loss for the receivables withdrawn on a single basis, and separately calculates the financial assets without expected credit loss, including calculations in the financial asset portfolio with similar credit risk characteristics. If calculation on an individual basis recognizes the credit of a receivable, it shall not be included in a portfolio of receivables with similar credit risks for combined calculation. With reference to the historical credit loss experience, and in combination with the current situation as well as the forecast of the future economic situation, the Group measures the expected credit loss by estimating the default risk exposure, default probability, default loss rate, credit risk conversion factors of off-balance-sheet items and other parameters of a single financial instrument or portfolio financial instruments. The Group will separately calculate the expected credit loss for receivables with the following features: In the case of the receivables with objective evidence of loss, the expected credit loss is recognized based on the difference between the present value of future cash flow and its book value; Receivables that have disputes with the other party or are involved in litigation or arbitration; Receivables with clear indications that the debtor is likely to be unable to perform the repayment obligations. 2. Provisioning for impairment on a collective basis Accounts receivable-low risk combination-electricity charges receivable and heat charges receivable as well as for others, etc. The recovery probability is obviously higher than that of ordinary creditor's rights, and historical experience shows that receivables with extremely low risk shall be recovered. For the accounts receivable divided into portfolios, the Company calculates the migration rate of accounts receivable with different ageing and considers the cumulative changes in the migration rate of each ageing range in history to obtain the expected loss rate corresponding to each ageing range, and then calculates the expected credit loss amount with different ageing. For receivables and contractual assets formed by transactions specified in Accounting Notes to Financial Statements Page20 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Standards for Business Enterprises No. 14 - Revenue (2017) (regardless of whether the significant financing is contained), the Group always measures the loss provision according to the amount equivalent to the expected credit loss throughout the duration. For the lease receivables, the Group always measures its loss provision according to the amount equivalent to the expected credit loss throughout the duration: If the Group no longer reasonably expects that the contract cash flow of the financial asset can be recovered in whole or in part, the book balance of the financial asset is directly written down. (XIV) Other receivables The determination method of expected credit losses on other receivables and the accounting treatment method are detailed in the content described in "III. (XI) Financial Instruments". The Group separately calculates expected credit loss on other receivables with provision for impairment made on an individual basis, and any receivables with credit loss recognized on an individual basis are no longer included in the receivables portfolio with similar credit risk characteristics. With reference to the historical credit loss experience, and in combination with the current situation as well as the forecast of the future economic situation, the Group measures the expected credit loss by estimating the default risk exposure, default probability, default loss rate, credit risk conversion factors of off-balance-sheet items and other parameters of a single financial instrument or portfolio financial instruments. The Group will separately calculate the expected credit loss for receivables with the following features: In the case of the receivables with objective evidence of loss, the expected credit loss is recognized based on the difference between the present value of future cash flow and its book value; Receivables that have disputes with the other party or are involved in litigation or arbitration; Receivables with clear indications that the debtor is likely to be unable to perform the repayment obligations.. (XV) Inventories The Group's inventories mainly include raw materials, turnover materials, low-value consumables, finished goods and so on. The perpetual inventory system is adopted for inventories. Inventories are valued based on their actual cost when obtained; Their actual costs are determined with the first-in-first-out method, moving weighted average method, and month-end weighted average method when acquired or sent. Notes to Financial Statements Page21 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) For the finished goods, materials for sale and other merchandise inventories directly for sale, the net realizable values there of should be recognized at the balance after the estimated selling price of such inventories deducts the estimated selling expenses and relevant taxes. For the material inventories held for production, the net realizable values thereof should be recognized at the balance after the estimated selling price of the finished product deducts the estimated costs to be incurred upon completion, estimated selling expenses and related taxes. (XVI) Contractual assets 1. Recognition methods and standards of contractual assets Contractual assets refer to the right of the Group who transferred the commodity to the customer to receive the consideration, and the right depends on other factors excluding the passage of time. If the Group sells two clearly distinguishable commodities to the customer, due to the delivery of one of the commodities, it has the right to receive payment, but the collection of such payment shall also depend on the delivery of the other commodity, and the Group shall have the right to receive such payment as the contractual assets. 2. Determination method and accounting treatment of expected credit loss of contractual assets For the determination method of the expected credit losses of contractual assets, refer to the relevant contents in the above-mentioned "III. (XI) Financial Instruments". Accounting treatment: the Group calculates the expected credit loss of the contractual assets on the balance sheet date, if the expected credit losses are greater than the book value of the current contract asset impairment provision, the Group shall recognize the difference as an impairment loss, debit “asset impairment loss” and credit “contract asset impairment provision”. On the contrary, the Group recognizes the difference as impairment gains and makes opposite accounting records. If the Group actually suffers a credit loss and determines that the relevant contractual assets cannot be recovered and are approved to be written off, the “provision for impairment of contract asset” shall be debited and the “contractual assets” shall be credited according to the approved written off amount. If the written off amount is greater than the accrued loss provision, “asset impairment loss” shall be debited against difference of the period. (XVII) Contract cost 1. Determination method of assets related to contract costs Notes to Financial Statements Page22 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) The Group's assets related to contract costs include contract performance cost and contract acquisition costs. If the contract performance cost, namely, the cost incurred by the Group for the implementation of the contract, is not in the scope of other Accounting Standards for Business Enterprises and simultaneously meets the following conditions, it shall be recognized as an asset as the contract performance cost: the cost is directly related to a current or anticipated contract, including direct labour, direct materials, manufacturing costs (or similar costs), costs clearly borne by the customer, and other costs incurred solely as a result of the contract; the cost increases the Group's resources for future using for performance of obligations; and the cost is expected to be recovered. Contract acquisition cost, namely, the incremental cost incurred by the Group for the acquisition of the contract and expected to be recovered, as the contract acquisition cost, it shall be recognized as an asset; and if the amortization period of the asset does not exceed one year, it is included in the current profit and loss when it occurs. Incremental cost refers to the cost (such as sales commissions) that would not have occurred if the Group had not obtained the contract. Other expenses incurred by the Group for the acquisition of the contract, excluding the incremental costs expected to be recovered (such as the travel expenses incurred regardless of whether or not the contract is obtained), include in the current profit and loss when it occurs, however, except costs clearly borne by the customer. 2. Amortization of assets related to contract costs The assets related to the contract costs of the Group are amortized on the same basis as the recognized sales revenue related to the assets and include in the current profit and loss. 3. Impairment of assets related to contract costs When determining the impairment losses of assets related to contract costs, the Group shall first determine the impairment losses of other assets related to the contract and recognized in accordance with the other Accounting Standards for Business Enterprises; and then, according to the difference between the book value and the balance of remaining consideration that the Group is expected to obtain due to the transfer of the commodities related to the asset, minus the estimated costs due to the transfer of the relevant commodity, the provision for impairment shall be made for the excess and recognized as asset impairment losses. If the factors for impairment in previous periods change after that, so that the aforesaid difference is higher than the book value of the asset, the original provision for impairment of the Notes to Financial Statements Page23 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) asset shall be reversed and included in the current profits or losses, but the book value of the asset after reversal shall not exceed the book value of the asset on the reversal date assuming no provision for impairment is made. (XVIII) Long-term equity investments The long-term equity investment of the Group is mainly aimed to subsidiaries, associates and joint ventures. The Group judges the common control based on the point that all the participants or group of participants collectively control the arrangement, and that the policies for the activities related to the arrangement must be agreed by participants who collectively control the arrangement. It is generally considered that the Group, when holding, directly or through subsidiaries, more than 20% (included) but less than 50% of the voting right of the investee, has a significant influence on the investee. The Group, if holding less than 20% of the voting right of the investee, may have a significant influence on the investee in consideration of facts and situations that the Group sends representatives to the Board of Directors or similar organs of authorities of the investee, participates in financial and operation policy-making of the investee, has important transactions with the investee, sends management personnel to the investee, or provides critical technical information for the investee. The investee under the control of the Group shall be deemed as a subsidiary of the Group. As to long-term equity investments acquired in business combination under common control, the share of book value of net assets in the ultimate controller’s consolidated statements of the acquiree on the combination date shall be recognized as the initial investment cost of long-term equity investments. If the book value of the net asset of the combined party on the combination date is negative, then the cost of long-term equity investments shall be determined as zero. Under the circumstance that the equity of the investees under common control is obtained through multiple transactions step by step, which results in business combination, supplementary disclosure to treatment methods for long-term equity investments in consolidated financial statements shall be made in the reporting period acquiring the control. For instance, as to the equity of the investee under common control acquired step-by-step through multiple transactions and business combination finally completed, which belongs to a package deal, the Group performs accounting treatment by regarding all transactions as a transaction for acquiring control power. If it is not a package deal, the combined party's portion of book value of net assets in the ultimate controller's consolidated financial statements owned on the combination date is taken as the initial investment cost for long-term equity investments. The balance between the initial investment cost Notes to Financial Statements Page24 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) and the sum of the book value of long-term equity investments which has reached before the combination and the book value of new payment consideration obtained on the combination date shall be applied to adjust capital reserve. If the capital reserve is insufficient to set it off, the retained earnings shall be written down. For long-term equity investments acquired via business combination not under common control, the combination cost is taken as the initial investment cost. As to equity interest of the investee not under common controls acquired step-by-step through multiple transactions and a business combination finally completed, the method for handling the cost of long-term equity investments in the financial statement of the company shall be complementarily disclosed during the reporting period acquiring the control. For instance, as to the equity of the investee not under common control acquired step-by-step through multiple transactions and business combination finally completed, which belongs to a package deal, the Group performs accounting treatment by regarding all transactions as a transaction for acquiring control power. If it is not a package deal, the sum of book value of equity investment originally held and new investment cost is taken as the initial investment cost calculated by the cost method. If the equity interest originally held before the acquisition date and calculated by the equity method, relevant other comprehensive income originally figured out by the equity method is temporarily not adjusted and will be subject to accounting treatment when disposing the investment, on the same basis as that adopted by the investee entity for directly handling related assets or liabilities. If the equity held before the acquisition date is non-trading other equity instrument investments that are designated to be measured at FVTOCI, the accumulated changes in fair value originally included in other comprehensive income shall not be transferred into current profits or losses. Apart from aforementioned long-term equity investments acquired through business combination, as to long-term equity investments acquired by cash payment, the actually paid amount is taken as the investment cost; as to long-term equity investments acquired through issuing equity securities, the fair value of the issued equity securities is taken as the investment cost; as to long-term equity investments invested by investors, the value specified in investment contract or agreement is taken as the investment cost; if the Group has long-term equity investments acquired through debt restructuring and exchange of non-monetary assets, the method of determining investment cost shall be disclosed as per relevant accounting rules of enterprises and considering actual conditions of the Group. The Group calculates the investment to the subsidiaries by cost method, with equity method adopted for joint ventures and associates. Notes to Financial Statements Page25 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) For long-term equity investments subsequently calculated by the cost method, when more investments added, the book value of the long-term equity investments cost is increased based on the fair value of cost paid for added investments and related transaction expenses. Cash dividend or profit declared by the investee is recognized as current investment income in accordance with the amount to enjoy. For long-term equity investments subsequently calculated by the equity method, the book value of long-term equity investments is increased or decreased accordingly with variance of owners' equity of the investee. Wherein, the Group shall, when recognizing the shares of the net profits and losses of the investee that shall be enjoyed by the Group, calculate the portion attributed to the Group based on the fair value of each identifiable asset of the investee upon acquisition in accordance with the shareholding ratio by offsetting profits and losses of unrealized internal transaction incurred between the joint venture and associate, then recognize the net profits of the investee after adjustment. For the disposal of long-term equity investments, the difference between the book value and actually obtained price shall be included in the current investment income. For long-term equity investment calculated by the equity method, the related other comprehensive income previously calculated by the equity method should be accounted for on the same basis as the direct disposal of the related assets or liabilities by the investee upon the termination of the equity method. The owner's equity recognized as a result of changes in the owner's equity of the investee other than net profit or loss, other comprehensive income and profit distribution should be transferred in full to current investment income upon the termination of the equity method. Where the Group loses the joint control over or the significant influence on the investee due to the disposal of part of the equity investment, the remaining equity shall be accounted for as per the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments (CK [2017] No.7), and the balance between the fair value and the book value on the date of losing joint control or significant influence is included in current profit or loss. Other comprehensive income recognized on the former equity investment due to the adoption of the equity method of accounting is treated on the same basis as the direct disposal of the related assets or liabilities by the investee upon the termination of the equity method of accounting and carried forward proportionately. Owners' equity recognized as a result of changes in the investee's ownership interest other than net profit or loss, other comprehensive income and profit distribution should be transferred proportionately to current investment income. For loss control of the investee due to disposal of partial long-term equity investments, the residual equity after disposal, if capable of realizing joint control or applying significant influence Notes to Financial Statements Page26 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) on the investee, is changed to the equity method for calculation, the difference for disposal of book value and consideration is included in the investment income, and the residual equity is adjusted as it is calculated by the equity method since it is acquired; the residual equity after disposal, if unable to realize joint control or apply significant effect on the investee, is changed to accounting treatment based on the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments (CK[2017] No.7), the difference for disposal of book value and consideration is included in the investment income, and the difference between the fair value and book value of the residual equity on the loss-control date is included in current profit and loss. Various transactions of the Group from step-by-step equity disposal to loss of controlling power do not belong to the package deal, and every transaction is separately subject to accounting treatment. Any transaction categorized as package deal is subject to the accounting treatment oriented for subsidiary disposal and loss of controlling power. However, before the loss of controlling power, the difference between the disposal price and book value of long-term equity investments of the corresponding disposed equity interest for every transaction is recognized as other comprehensive income, which is not transferred into current profit and loss until the controlling power is lost. (XIX) Investment properties The Group's investment properties include houses & buildings, and land right of use, which are calculated in cost model. The same depreciation policy as that for the fixed assets of the Group shall be adopted for the investment properties – buildings used for renting, and the land right of use for renting shall be subject to the same amortization policy as that for intangible assets. (XX) Fixed assets Fixed assets of the Group refer to the tangible assets which have the following characteristics at the same time, namely held for the production of commodities, the provision of labour services, leasing or operation and management for a period of more than one accounting year. Fixed asset may be recognized when it simultaneously meets the conditions as follows: The economic benefits pertinent to the fixed asset are likely to flow into the enterprise; and the cost of the fixed asset can be measured reliably. Fixed assets of the Group include plant and buildings, machinery equipment, transportation facility, office equipment and other equipment. Except for the fully depreciated fixed assets that are still in use and the land that is separately valuated and recorded, all the fixed assets of the Group shall be depreciated. Straight line method Notes to Financial Statements Page27 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) shall be adopted for calculating depreciation. The depreciation life by category, estimated residuals rate and depreciation rate of the fixed assets of the Group are as follows: At the end of each year, the Group reviews the estimated useful life, estimated net residual value and depreciation methods of fixed assets. If a change occurs, it shall be treated as a change in accounting estimates. (XXI) Projects under construction Projects under construction ready for intended use shall be transferred to fixed assets based on the estimated value according to construction budget, project cost or actual project cost. The depreciation shall be drawn from the next month. After going through procedures of completion settlement, the difference of the original value of the fixed assets shall be adjusted. (XXII) Borrowing costs The borrowing costs directly belonging to fixed assets, investment properties and inventories that require more than one year of acquisition or construction to be ready for intended use or selling shall be capitalized when the expenditures of the assets and the borrowing costs incurred and acquisition or construction activities necessary for making the assets be ready for intended use or selling begin. When the assets meeting the capitalization requirements acquired or constructed are ready for use or selling, the capitalization shall be terminated, and the borrowing costs incurred subsequently shall be included in current profits and losses. If assets eligible for capitalization are suddenly suspended in acquisition or construction or production for more than three months continuously, the capitalization of borrowing costs shall be suspended until the restart of acquisition or construction and production activities of the assets. Notes to Financial Statements Page28 | Annual depreciation rate Estimated residual rate | | | | | | --- | --- | --- | --- | --- | | Depreciable life (year) | Category | | | | | Office and other equipment Houses and buildings Including: Houses Machinery Equipment Transport equipment | Building (%) (%) | 19.40-32.33 1.94-10.00 2.86-10.00 3.23-20.00 9.70-20.00 | 1.94-5.00 10-50 10-35 20-50 5-30 5-10 3-5 | 0-3 0-3 0-3 0-3 3 0 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) The actually incurred interest costs of special borrowings in current period shall be capitalized after the interest income from unused borrowings deposited in banks or investment income from temporary investment of unused borrowings is deducted. The capitalized number of general borrowings shall be obtained by multiplying the weighted average of the excess of the accumulated asset expenditures over the asset expenditures of special borrowings with the capitalization rate of general borrowings used. The capitalization rate shall be calculated and determined based on the weighted average interest rate of the general borrowings. (XXIII) Right-of-use assets The right-of-use asset refers to the right of the Group as the lessee to use the leased asset during the lease term. 1. Initial measurement At the commencement of the lease term, the Group initially measures the right-of-use assets at cost. The cost includes the following four items: ①initial measurement amount of lease liabilities; ②deducted amount related to the enjoyed lease incentive if there is a lease incentive for the lease payment made on or before the commencement of the lease term; ③initial direct cost incurred, i.e., incremental cost incurred to reach the lease; and ④costs expected to be incurred for dismantling and removing the leased asset, restoring the site where the leased asset is located or restoring the leased asset to the state agreed in the leasing terms, except those incurred for the production of inventory. 2. Subsequent measurement After the start date of a lease term, the Group uses the cost model for subsequent measurement of right-of-use assets, that is, the right-of-use assets shall be measured at cost less accumulated depreciation and accumulated impairment losses. Where the Group re-measures lease liabilities in accordance with relevant provisions of lease criteria, the book value of right-of-use assets shall be adjusted accordingly. Depreciation of right-of-use asset Starting from the commencement of the lease term, the Group will depreciate the right-of-use asset. The right-of-use asset is usually depreciated from the current month that the lease term starts. The depreciation amount for provision is included in the cost of underlying assets or the current profits and losses according to the use of the right-of-use asset. When determining the depreciation method for the right-of-use asset, the Group makes a decision based on the expected consumption mode of economic benefits related to the right-of-use asset, and depreciates the right-of-use asset by the straight-line method. Notes to Financial Statements Page29 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) When determining the depreciation life of right-of-use asset, the Group follows the following principles: if the ownership of leased asset can be reasonably confirmed to be acquired at the expiration of lease term, the depreciation shall be carried out within the remaining useful life of leased asset; otherwise, the depreciation shall be carried out within the remaining lease term or the useful life of leased asset, whichever is shorter. Impairment of the right-of-use assets If the right-of-use asset is impaired, the Group will carry out subsequent depreciation according to the book value of the right-of-use asset after deducting the impairment loss. (XXIV) Intangible assets The Group's intangible assets include land right of use, BOT franchise, highway right of use, sea area right of use, green electricity certificate for AFTON, software, etc., which shall be measured at the actual cost when being obtained; For the intangible assets purchased, the price actually paid and related other expenditure shall be deemed as actual cost; For the intangible assets invested by the investor, the actual cost shall be determined according to the value agreed in the investment contract or agreement, but if the value agreed in the contract or agreement is unfair, the actual cost shall be recognized at fair value. 1. Useful life estimation for intangible assets with limited useful life: The intangible assets with limited useful life shall be averagely amortized by stages according to the shortest period among the expected useful life, the benefit period stipulated in the contract and the effective period stipulated by law. The amortized amounts shall be included in current profits and losses and relevant asset costs according to beneficiaries. The estimated useful life and the amortization method of intangible assets with limited useful life shall be reviewed and adjusted properly at the end of each year. The Group shall review the estimated useful life of intangible assets with uncertain useful life in each accounting period. If any evidences indicate that the useful life of intangible assets is limited, the useful life shall be estimated and amortized within the estimated useful life: Notes to Financial Statements Page30 | The number of years specified Certificates of rights such as land right of Certificates of rights such as sea area right Amortization | Straight-line Straight-line Straight-line | | | | --- | --- | --- | --- | | Sea area right of use Not less than 40 years Software 1-10 years Estimated useful life Land right of use | Estimated service life | Item | Basis | | of use certificate in the certificate or law use certificates | method method method method | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Impairment test is detailed in the content described in "III. (XXV) Impairment of long-term assets". 2. Specific classification standard of research and development stages: The Group's R&D expenditure is the expenditure directly related to the company's R&D activities, including the compensation of R&D personnel, direct input costs, and other expenses. The expenditure on the Group’s internal research and development project is classified into expenditure during the research phase and expenditure during the development phase. Research stage: a stage in which original and planned survey and research activities are carried out for obtaining and understanding new scientific or technological knowledge. Development stage: a stage in which research results or other knowledge are applied to a plan or design for obtaining new or substantially improved materials, apparatuses and products prior to commercial manufacture or use. 3. Criteria for development expenditures capitalization Expenditures at the research stage shall be included in the current profit or loss when incurred. Expenditures at the development stage, if satisfying all of the following conditions at the same time, are recognized as intangible assets; if not, they are included in the current profit or loss: (1) It is technically feasible to complete the intangible assets so that it will be available for use or sale; (2) There is an intention to complete the intangible assets and use or sell it; (3) With methods for finishing the intangible assets to generate economic profits, including evidence of existing market for products produced by the intangible assets, existing market of the Notes to Financial Statements Page31 | Green electricity certificate The number of years specified Amortization | Straight-line Straight-line Straight-line Straight-line Straight-line Straight-line | | | | --- | --- | --- | --- | | Others 5 years Estimated service life BOT franchise BOT contract Highway right of use 35 years Estimated useful life House right of use 30 years Estimated useful life Right to charge subsidies 13 years Estimated service life 17.33 years Estimated service life | Estimated service life | Item | Basis | | for AFTON in the BOT contract | method method method method method method method | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) intangible assets or serviceability of the intangible assets which is for internal use; (4) Where it is able to finish the development of the intangible assets, and able to use or sell the intangible assets, with the support of sufficient technologies, financial resources and other resources; (5) The expenditures attributable to the intangible assets during the development can be reliably measured. If it is impossible to distinguish the expenditures at the research stage from the expenditures at the development stage, all the research and development expenditures incurred shall be included in current profit or loss. (XXV) Impairment of long-term assets On each balance sheet date, the Group shall check the long-term equity investment, investment properties measured by cost model, fixed assets, projects under construction, right-of-use assets, intangible assets with limited useful life, and other items. In case of any indication of impairment, the Group shall carry out an impairment assessment. If the impairment test result shows that the recoverable amount of the assets is less than the book value, the impairment provision shall be accrued as per their difference and included in the impairment loss. The recoverable amount is the net amount of the fair value of the assets after deducting the disposal expenses or the present value of the expected future cash flow of the assets, whichever is higher. Impairment provisions of assets shall be calculated and recognized on a single asset basis. If it is difficult to estimate the recoverable value of the single assets, the recoverable value shall be recognized as per the asset portfolio to which the single asset belongs. An asset portfolio is the smallest portfolio of assets that is able to generate independent cash inflows. Goodwill arising from a business combination, intangible assets with an indefinite useful life, and intangible assets that have not reached the usable condition should at least be assessed for impairment at the end of each year regardless of whether such indication exists. The Group conducts goodwill impairment assessments and apportions the book value of goodwill arising from business combinations to the relevant asset groups from the acquisition date in accordance with a reasonable method; if it is difficult to apportion to the relevant asset groups, it is apportioned to the relevant asset group combinations. An asset group or portfolio of asset groups is an asset group or portfolio of asset groups that can benefit from the synergies of a business combination. When conducting impairment tests on the related asset portfolio or portfolio of asset groups that contain(s) goodwill, if there are indications of impairment, test the asset groups or groups of Notes to Financial Statements Page32 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) asset groups that do not contain goodwill firstly and calculate the recoverable amount, and compare it with the related book value to confirm the corresponding impairment loss. Then, impairment tests are conducted on the relevant asset group or portfolio of asset groups, comparing the book value with the recoverable amount. If the recoverable amount is less than the book value, the amount of impairment loss shall first deduct the book value of goodwill apportioned to the asset group or portfolio of asset groups, and then deduct the book value of other assets based on the proportion of each asset in the asset group or the portfolio of asset groups except goodwill. Once recognized, the above asset impairment losses will not be reversed in future accounting periods. (XXVI) Long-term prepaid expenses Long-term prepaid expenses of the Group refer to each paid expense with an amortization term above 1 year (exclusive) in the current and later periods, and such expenses are under average amortization in the benefit period. If there is a clear benefit period, it shall be averagely amortized according to the benefit period; if there is no benefit period, it shall be averagely amortized in 5 years. If the long-term prepaid expenses will not benefit in the future accounting period, the amortized value of unamortized expenditures shall be all transferred to the current profits and losses. (XXVII) Contractual liabilities The contractual liabilities reflect the Group's obligations to transfer commodities to the customer due to customer consideration received or receivable. If the customer has paid the contract consideration or the Group has obtained the right to receive the contract consideration unconditionally before the transfer of the commodities to the customer, the contract liability shall be recognized according to the amount received or receivable when the customer actually makes the payment or payment is due, whichever is earlier. (XXVIII)Employee Compensation 1.Accounting treatment for short-term compensation During the accounting period when the employees work for the Group, the actual short-term remuneration is recognized as liabilities and included in the profit or loss for the current period or relevant asset cost. The Group will pay the social insurance charges and housing funds for the employees and withdraw labour union expenditure and expenditures for employee education in accordance with Notes to Financial Statements Page33 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) the provisions. During the accounting period when the employees provide services for the Group, corresponding amount of payroll shall be calculated and determined according to the calculation and drawing basis and drawing proportion specified. The employee benefits incurred by the Group are included in the current profit or loss or relevant asset cost according to the actual amount incurred when it is actually incurred, and the non-monetary welfare shall be measured at fair value. 2. Accounting treatment of post-employment benefits (1) Defined contribution plan The Group shall cause its employees to participate in the basic pension insurance and unemployment insurance administered by the local government. The amounts payable shall be determined according to payment base and proportions as stipulated by the local government over the accounting period in which the service has been rendered by the employees, recognized as liabilities and included in profit or loss for the current period or related asset costs. In addition, the Group also participated in the enterprise annuity plan/supplementary old-age insurance fund approved by relevant national departments. The Group shall pay relevant fees to the annuity plan/local social security institution as per the certain proportion of the total wages of employees, and corresponding expenditure shall be included in current profits and losses or relevant asset cost. (2) Defined benefit plan The Group shall attribute benefit obligations under a defined benefit plan to periods of service provided by employees according to the formula determined by projected unit credit method, with a corresponding charge to the profit and loss for the current period or the cost of a relevant asset. The deficit or surplus formed by the present value of obligations under defined benefit plan minus the fair value of assets under defined benefit plan shall be recognized as a net liability or a net asset under defined benefit plan. In case that the defined benefit plan has surplus, the Group measures the net asset under defined benefit plan as per the surplus under defined benefit plan and the upper asset limit, whichever is lower. For all obligations under the defined benefit plan, including the obligation to pay within twelve months after the annual report period in which the employees provide services, the discount shall be made at the balance sheet date based on the market return on the national bonds matching with the obligations under the defined benefit plan in terms of the term and currency or based on the high-quality corporate bonds in the active market. The service cost arising from the defined benefit plan and the net amount of interest of the net liability or net asset of the defined benefit plan shall be included in current profit or loss or Notes to Financial Statements Page34 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) relevant asset cost; the changes arising from re-measurement of the net liability or net asset of the defined benefit plan shall be included in other comprehensive incomes and shall never be reversed back to profits or losses in subsequent accounting periods. When the original defined benefit plan terminates, the part intended to be included in other comprehensive incomes within the interest range shall be included in retained earnings For settlement of the defined benefit plan, the settlement gains or losses shall be recognized as per the difference between the present value of the defined benefit plan obligation and the settlement price determined on the date of settlement. 3. Accounting treatment for dismission benefits When the Group provides termination benefits to the employee, the liabilities of the staff compensation arising from termination benefits are recognized at the earlier of the following two dates and included in current profits or losses: the Group cannot unilaterally withdraw the termination benefits provided due to the labour relation termination plan or the layoff suggestions; the Group recognizes the costs or expenses related to the restructuring of termination benefits payment. (XXIX) Lease liabilities 1. Initial measurement The Group initially measures the lease liabilities according to the present value of the lease payment which is not made at the commencement of the lease term. (1) Lease payment Lease payment refers to the amount paid by the Group to the lessor relating to the right to use the leased asset during the lease term, including: ①fixed payment and substantial fixed payment, of which the amount related to lease incentive shall be deducted if there is lease incentive; ②variable lease payment depending on index or ratio, which is determined according to the index or ratio at the commencement of the lease term during initial measurement; ③ exercise price of purchase option when the Group reasonably determines to exercise purchase option; ④payment made for exercising the option to terminate the lease when the lease term reflects that the Group exercises such option; and ⑤amount expected to be paid according to the guaranteed residual value provided by the Group. (2) Discount rate When calculating the present value of the lease payment, the Group adopts the interest rate included in the lease as the discount rate; if it is impossible to determine the interest rate included in the lease, the interest rate on incremental borrowing shall be used as the discount rate. The Notes to Financial Statements Page35 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) incremental borrowing rate refers to the interest rate that the Group should pay to borrow funds under similar mortgage conditions during a similar period in order to obtain assets with a value close to the value of the right-of-use assets under similar economic circumstances. The interest rate is related to the following matters: ① the Group's own situation, namely, the Group’s solvency and credit status; ② term of “borrowing”, namely the lease term; ③ the amount of "borrowed" funds, namely, the amount of lease liabilities; ④ “mortgage conditions”, namely, the nature and quality of the underlying assets; and ⑤ economic environment, including the jurisdiction where the lessee is located, pricing currency, contract signing time, etc. Based on the bank loan interest rate, relevant lease contract interest rate, the Group's similar asset mortgage interest rate in the latest period, and the bond interest rate of the same period issued by the enterprise, the Group makes adjustments by considering the above factors to obtain the incremental borrowing rate. 2. Subsequent measurement After the commencement of the lease term, the Group will carry out subsequent measurement of the lease liabilities according to the following principles: ① increase the book value of the lease liabilities when confirming the interest on the lease liabilities; ② reduce the book value of lease liabilities when making the lease payment; and ③ remeasure the book value of the lease liabilities when the lease payment changes due to revaluation or lease change. The interest expenses of the lease liabilities within each lease term shall be calculated according to the fixed periodic rate, and included in the current profits and losses, except for those should be capitalized. Periodic rate refers to the discount rate adopted by the Group when initially measuring the lease liabilities, or the revised discount rate adopted by the Group when the lease liabilities need to be remeasured according to the revised discount rate due to changes in the lease payment or lease changes. 3. Remeasurement After the commencement of the lease term, in case of the following circumstances, the Group shall remeasure the lease liabilities according to the present value of the changed lease payment, and adjust the book value of the right-of-use asset accordingly. If the book value of the right-of-use asset has been reduced to zero, but the lease liabilities still need to be further reduced, the Group shall include the remaining amount in the current profits and losses. ① A substantial fixed payment changes (in this case, it is discounted at the original discount rate); ② changes in the estimated amounts payable under a residual value guarantee (in which case, the original discount rate is applied); ③ An index or ratio used to determine the amount of a lease payment changes (in this case, discounted at the revised discount rate); ④ The evaluation of call option Notes to Financial Statements Page36 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) changes (in this case, it is discounted at the revised discount rate); and ⑤ The evaluation or actual exercise of a renewal option or a termination option changes (in this case, it is discounted at the revised discount rate). (XXX) Estimated liabilities When obligations related to the contingencies meet the following conditions at the same time, the Group recognizes them as estimated liabilities: (1) The obligation is the current obligation of the Group; (2) The fulfilment of this obligation is likely to result in economic outflow; (3) The amount of such obligation can be measured reliably. Estimated liabilities shall be initially measured in accordance with the optimal estimate of the necessary expenses for the performance of the current obligation. When determining the optimal estimate, the Company shall comprehensively consider such factors as relevant risks and uncertainties related to contingencies and the time value of currency. If there is a significant impact on the time value of money, the best estimate is determined by discounting the relevant future cash outflow. If all or part of expenditures, which are necessary for paying off the estimated liabilities, are expected to be compensated by the third party, the compensation amount is recognized separately as assets when it is virtually confirmed the amount can be received, but the compensation amount confirmed cannot exceed the book value of the estimated liabilities. The book value of estimated liabilities should be reviewed by the Group on the balance sheet date. If there is concrete evidence showing that the book value cannot truly reflect the current optimal estimate, the book value should be adjusted as per the current optimal estimate. (XXXI) Other financial instruments as preferred shares and perpetual bond For the preferred shares and perpetual bonds categorized as debt instruments, the initial recognition is made according to the amount by deducting transaction costs from the fair value of these instruments. Also, the subsequent measurement is carried out according to amortized cost with the adoption on effective interest rate method. Treatments on the interest expenditures or dividend distribution of these instruments are made according to borrowing costs. The gains or losses generated from the repurchase or redemption of these instruments are recognized in current profits or losses. For the preferred shares and perpetual bond categorized as equity instruments, shareholders’ equity is increased by the amount of deducting transaction costs from the consideration received at Notes to Financial Statements Page37 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) the issuance. Treatments on the interest expenditures or dividend distribution of these instruments are made according to profits distribution. The gains or losses generated from the repurchase or cancellation of these instruments are treated as changes in equity. (XXXII) Revenue recognition principles and measuring methods The operating income of the Group mainly includes electricity sales revenue, thermal sales revenue, construction installation and design service revenue, labour service revenue, and commodity sales revenue. 1. Accounting policies for revenue recognition and measurement The Group has fulfilled its performance obligations of the Contract, which means it recognizes the revenue when the customer has acquired the control rights of the relevant goods or services. The acquisition of control over the relevant goods or services means to be able to dominate the use of the relevant goods or services and obtain almost all the economic benefits. If the contract contains two or more performance obligations, the Group shall, on the commencement date of the contract, apportion the transaction price to each performance obligation according to the relative proportion of the individual selling price of the goods or services promised by each performance obligation. The Group measures revenue according to the transaction price apportioned to each individual performance obligation. The transaction price is the amount of consideration that the Group is expected to be entitled to receive for the transfer of goods or services to the customer, but excluding payments received on behalf of third parties and payments expected to be refunded to customers. According to the contract terms, the Group determines the transaction price in combination with its past customary practices, taking into account the influence of variable consideration, major financing components in the Contract, non-cash consideration, the consideration payable to customers and other factors when determining the transaction price. The Group shall determine the transaction price including variable consideration at an amount that does not exceed the accumulated recognized income which is extremely unlikely to be significantly reversed when the relevant uncertainty is eliminated. If there are significant financing components in the Contract, the Group determines the transaction price under the assumption that the amount payable in cash when the customer acquires control of the goods or services, and uses the effective interest method to amortize the difference between the transaction price and the contract consideration during the contract period. In case one of the following conditions is met, the performance obligations belongs to performance obligations within a period of time. Otherwise, it belongs to the the performance obligations at a time point: Notes to Financial Statements Page38 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (1) The customer obtains and consumes the economic benefits brought by the Group while performing the contract; (2) The customer can control the goods under construction during the Group's performance; (3) The goods generated during the performance of the Group are irreplaceable, and the Group is entitled to collect the amount for the performance accumulatively completed so far throughout the term of the Contract. For the performance obligations performed within a certain period of time, the Group shall recognize the income according to the performance progress within that period, except that the performance progress cannot be reasonably determined. Considering the nature of goods or services, the Group adopts the output method or the input method to determine the performance progress. If the performance progress cannot be reasonably confirmed, and the costs incurred can be expected to be compensated, the revenue shall be recognized by the Group according to the amount of costs incurred until the performance progress can be reasonably confirmed. For performance obligations performed at a certain time point, the Group shall confirm the revenue at the time point when the customer gains control rights of the relevant commodities or services. In determining whether a customer has obtained the control rights of the goods or services, the Group shall take the following indications into consideration: (1) The Group enjoys the current collection right in regard to such goods or services, i.e. the customers have the obligation to pay immediately with respect to the goods or services; (2) The Group has transferred the legal ownership of the goods to the customer, i.e. the customer owns the legal ownership of the goods; (3) The Group has transferred the goods to the customer in kind, i.e. the customer has possessed the goods; (4) The Group has transferred the major risks and remuneration on the ownership of the goods to the customer, i.e. the customer has obtained the major risks and remuneration on the ownership of the goods; (5) The customer has accepted such goods or services, etc. 2. Specific principles (1) Electricity sales revenue The electricity sales revenue is the main commodity sales revenue of the Group. The Group recognizes the realization of sales revenue when the electricity is transmitted to the power grid specified in the sales contract, i.e., when the customer obtains the control right of electricity. (2) Thermal sales revenue The Group recognizes the realization of sales revenue when the thermal supply reaches the Notes to Financial Statements Page39 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) customer who purchases heat, i.e., the customer who purchases heat obtains the thermal control right. (3) Construction installation and design service revenue The Group uses the input method to determine the appropriate performance progress when recognizing the performance progress of construction installation and design service revenue. The input method is a method to determine the performance progress according to the input of the Group's performance obligations, and the Group uses the incurred costs as the input indicators to determine the performance progress. On the balance sheet date, the Group's revenue for the current period shall be recognized as follows: The total transaction price of the contract is multiplied by the percentage of performance progress (net of the accumulated and recognized revenue in the previous accounting period). If the performance progress cannot be reasonably confirmed, and the costs incurred can be expected to be compensated, the incomes shall be recognized according to the amount of costs incurred until the performance progress can be reasonably confirmed. (4) Income from rendering labour services The Group uses the output method to determine the appropriate performance progress when recognizing the performance progress of the labour service revenue. The output method is a method to determine the performance progress in accordance with the value of the commodity transferred to customers. The achieved milestones are used as the output indicators to determine the performance progress. On the balance sheet date, the Group's revenue for the current period shall be recognized as follows: The total transaction price of the contract is multiplied by the percentage of performance progress (net of the accumulated and recognized revenue in the previous accounting period). If the outcome of labour services provision cannot be estimated reliably, the service revenue will be recognized based on the service costs incurred and expected to be compensable, and the service costs incurred are recognized as period charges. If the service costs incurred are not compensable as expected, the revenue is not recognized. (5) Sales of goods When the commodity is delivered to the customer's site and accepted by the customer, the customer obtains the right to control the commodity, and the Group recognizes the revenue at the same time. (XXXIII)Government subsidies 1. Types Government subsidies refer to monetary or non-monetary assets acquired by the Group free Notes to Financial Statements Page40 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) of charge from the government and are divided into asset-related government subsidies and revenue-related government subsidies. Asset-related government subsidies refer to the government subsidies that are obtained by the Group and used for constructing long-term assets, or forming the long-term assets in other ways. Revenue-related government subsidies refer to those other than asset-related government subsidies. The specific criteria for the Group to classify government subsidies as asset-related are: government subsidies, as specified by the government document, obtained and used for acquisition, construction or other formation of long-term assets. Government subsidies are classified as revenue-related subsidies based on the clear stipulations in government documents and that there are no government subsidies other than those related to assets. If the subsidy object is not clearly specified in the government documents, the Group divides the government subsidy into asset-related or income-related government subsidies based on the specific reasons for government subsidies and whether it is used for asset-related government subsidies or government subsidies other than asset-related government subsidies. 2. Time point of recognition The government subsidies shall be recognized only after they meet all of the following conditions: (1) The enterprise can meet the conditions for acquisition of government subsidies; (2) The enterprise receives the government subsidies. 3. Accounting treatment Asset-related government subsidies shall be used to offset the book value of the related assets or recognized as deferred incomes. Where a grant is recognized as deferred income, it shall be reasonably and systematically included, by stages, in the current profit and loss (or in other income where it is related to the day-to-day activities of the Group, or in non-operating incomes where it is irrelevant to the day-to-day activities of the Group) during the useful life of the relevant asset; The revenue-related government subsidies used to compensate for the related costs or losses in the subsequent periods shall be recognized as deferred income and included in the current profit and loss (or in other income where it is related to the day-to-day activities of the Group, or in non-operating income where it is irrelevant to the day-to-day activities of the Group) or used to offset the relevant costs or losses while those used to compensate for the related costs or losses incurred shall be included in the current profit and loss (or in other income where it is related to Notes to Financial Statements Page41 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) the day-to-day activities of the Group, or in non-operating income where it is irrelevant to the day-to-day activities of the Group) or used to offset relevant costs or loses. The discount of policy-based preferential loans obtained by the Group shall be accounted according to the following two conditions: (1) In the situation where public finance departments appropriate the discount interest funds to the loan banks, if the loan banks provide loans to the Group at a preferential policy interest rate, the Group takes the actually received loan amount as the entry value of the loans and calculates the relevant borrowing costs according to the loan principal and the policy preferential interest rate. (2) Where the finance directly allocates the discount fund to the Group, the Group uses the corresponding discount to offset relevant loan expenses. (XXXIV) Deferred income tax assets and deferred income tax liabilities Deferred income tax assets and deferred income tax liabilities of the Group shall be recognized by calculating the difference (temporary difference) between the tax base and book value thereof. For the deductible loss of taxable income that can be deducted in the future years as specified by tax laws, corresponding deferred income tax assets shall be recognized. For temporary difference from initial recognition of goodwill, relevant deferred income tax liabilities shall not be recognized. For the temporary difference with respect to initial recognition of assets or liabilities incurred in transaction which is not business combination and the occurrence of which has no impact on the accounting profits and the taxable income (or deductible losses), relevant deferred income tax assets and liabilities shall not be recognized. Deferred income tax assets and liabilities shall be measured at applicable tax rate during the anticipated period for recovering such assets or paying off such liabilities on the balance sheet date. The deferred income tax assets shall be recognized to the extent of the future taxable income likely to be obtained for deducting deductible temporary difference, deductible loss, and tax deduction by the Group. (XXXV) Lease 1. Identification of lease Lease refers to a contract that the lessor transfers the right to use the asset to the lessee for acquiring consideration within a certain period of time. On the commencement date of a contract, the Group evaluates whether the contract is a lease or includes a lease. If one party to the contract abalienates the right to control the use of one or more identified assets within a certain period of Notes to Financial Statements Page42 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) time in exchange for consideration, the contract is a lease or includes a lease. In order to determine whether one party to the contract has abalienated the right to control the use of the identified assets within a certain period of time, the Group evaluates whether the customers in the contract are entitled to obtain almost all the economic benefits arising from the use of the identified assets during the use period and to dominate the use of the identified assets during the use period. If the contract contains multiple separate leases at the same time, the Group will split the contract and carry out accounting treatment for each separate lease. If the contract includes both lease and non-lease parts, the Group will split the lease and non-lease parts and then carry out accounting treatment. 2. The Group as the lessee (1) Recognition of leases At the commencement of the lease term, the Group recognizes the right-of-use asset and lease liabilities for the lease. For the recognition and measurement of right-of-use assets and lease liabilities, please refer to Note "(XXIII) Right-of-use Assets" and "(XXIX) Lease Liabilities". (2) Lease change Lease change refers to the change of lease scope, lease consideration and lease term beyond the original contract terms, including the addition or termination of the right to use one or more leased assets, and the extension or shortening of the lease term specified in the contract, etc. The effective date of lease change refers to the date when both parties reach an agreement on lease change. If the lease changes and meets the following conditions at the same time, the Group will take the lease change as a separate lease for the accounting treatment: ①the lease change expands the lease scope or extend the lease term by increasing the right to use one or more leased assets, and ②the increased consideration is equivalent to the amount by adjusting the separate price of the expanded lease scope or the extended lease term according to the contract. If the lease change is not taken as a separate lease for the accounting treatment, the Group will, on the effective date of the lease change, apportion the consideration of the changed contract in accordance with the relevant provisions of the leasing standards, and redetermine the changed lease term; and use the revised discount rate to discount the changed lease payment to remeasure the lease liabilities. In calculating the present value of the changed lease payment, the Group adopts the interest rate implicit in lease in the remaining lease term as the discount rate. If it is impossible to determine the interest rate implicit in lease in the remaining lease term, the Group will adopt the lessee's incremental borrowing rate at the effective date of the lease change as the discount rate. As for the impact of the above adjustment of lease liabilities, the Group carries out Notes to Financial Statements Page43 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) the accounting treatment according to the following circumstances: ① if the lease scope is reduced or the lease term is shortened due to the lease change, the lessee shall reduce the book value of the right-of-use asset and include the relevant gains or losses from the partial termination or complete termination of the lease into the current profits and losses. ② if the lease liabilities are remeasured due to the other lease changes, the lessee shall adjust the book value of the right-of-use asset accordingly. (3) Short-term lease and low-value asset lease For the short-term lease with a lease term of not more than 12 months and low-value asset lease with a lower value when a single leased asset is brand new, the Group chooses not to recognize the right-of-use asset and lease liabilities. The Group will include the lease payment for short-term lease and low-value asset lease into the related asset cost or current profits and losses by the straight-line method or other systematic and reasonable methods during each lease term. 3. The Group as the leaser On the basis that the contract evaluated in (1) is the lease or includes the lease, the Group, as the lessor, divides the lease into finance leases and operating leases on the lease commencement date. If a lease substantially transfers almost all the risks and rewards related to the ownership of the leased asset, the lessor shall classify the lease as a finance lease and other leases other than the finance lease as operating leases. If a lease has one or more of the following circumstances, the Group usually classifies it as a finance lease: ①When the lease term expires, the ownership of the leased assets is transferred to the lessee; ②The lessee has the option to purchase the leased assets, and the purchase price is low enough compared with the fair value of the leased assets when the option is expected to be exercised, so it can be reasonably determined that the lessee will exercise the option on the lease start date; ③Although the ownership of the assets is not transferred, the lease period accounts for most of the useful life of the leased assets (not less than 75% of the useful life of the leased assets); ④On the lease start date, the present value of lease receipts is almost equal to the fair value of leased assets (not less than 90% of the fair value of leased assets.); ⑤The property of the leasing assets is special. The leasing assets can be used by the leasee only, if not changed significantly. If a lease has one or more of the following signs, the Group may also classify it as a finance lease: ①If the lessee cancels the lease, the lessee shall bear the losses caused to the lessor by the cancellation of the lease; ②The gain or loss arising from the fluctuation of the fair value of the residual value Notes to Financial Statements Page44 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) of assets belongs to the lessee;③The lessee has the ability to renew the lease for the next period at a rent far below the market level. (1) Accounting treatment for finance lease Initial measurement At the commencement of the lease term, the Group recognizes the finance lease receivables for the finance lease and derecognizes the finance leasing assets. When the Group initially measures the finance lease receivables, the net investment in a lease is taken as the entry value of the finance lease receivables. The net investment in a lease is equivalent to the sum of the unguaranteed residual value and the present value of the lease receipts that have not yet been received at the commencement of the lease term which is discounted at the interest rate implicit in the lease. The lease receipts refer to the amount that the lessor should collect from the lessee due to the transfer of right to use the leased asset during the lease term, including: ① the fixed payment and the substantial fixed payment that the lessee needs to pay; if there is the lease incentive, the relevant amount of lease incentive shall be deducted; ② variable lease payment depending on index or ratio, which is determined according to the index or ratio at the commencement of the lease term during initial measurement; ③ the exercise price of purchase option, provided that it reasonably determines that the lessee will exercise the option; ④ the amount to be paid by the lessee for exercising the option to terminate the lease, provided that the lease term reflects that the lessee will exercise the option to terminate the lease; and ⑤ the guaranteed residual value provided by the lessee, the party related to the lessee and an independent third party that has the economical ability to perform the guarantee obligation to the lessor. Subsequent measurement The Group calculates and recognizes interest income in each lease term at a fixed periodic rate. The periodic rate means that the implicit discount rate is adopted by determining the net investment in a lease (in case of sublease, if the implicit interest rate of sublease cannot be determined, the discount rate of the original lease is adopted (adjusted according to the initial direct expenses related to sublease)), or the change in finance lease is not taken as a separate lease for the accounting treatment and meets the revised discount rate determined according to relevant regulations when the lease is classified as the finance lease condition if the change takes effect on the lease commencement date. Accounting treatment of lease change If the finance lease changes and meets the following conditions, the Group will take the change as a separate lease for accounting treatment: ① the change expands the lease scope by Notes to Financial Statements Page45 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) increasing the right to use one or more leased assets; and ② the increased consideration is equivalent to the amount by adjusting the separate price of the expanded lease scope according to the contract. If the change in finance lease is not taken as a separate lease for the accounting treatment, and takes effect on the lease commencement date, the lease will be classified as an operating lease condition, and the Group will take it as a new lease for the accounting treatment from the effective date of lease change and take the net investment in a lease before the effective date of lease change as the book value of the leased asset. (2) Accounting treatment of operating lease Treatment of rent In each lease term, the Group will recognize the lease amount of operating lease as the rental income by the straight-line method. Incentives provided Where a rent-free period is provided, the Group will distribute the total rent by the straight-line method throughout the lease term without deduction of rent-free period, and the rental income shall be recognized during the rent-free period. Where the Group assumes some expenses of the lessee, such expenses will be deducted from the total rent income and distribute the balance of rental income, and the balance of the deducted rental income will be apportioned in the lease term. Initial direct expense The initial direct expense incurred by the Group relating to the operating lease shall be capitalized to the cost of the underlying asset of the lease, and shall be included in the current profits and losses in stages during the lease term according to the same recognition basis as rental income. Depreciation The fixed assets in the assets under operating lease will the depreciated according to the depreciation policies applied by the Group for similar assets; and other assets under operating lease shall be amortized in a systematic and reasonable way. Variable lease payment The Group's variable lease payment which is related to operating lease and not included in lease receipts is included in the current profits and losses when is actually occurs. Change in operating lease If there is a change in the operating lease, the Group will take it as a new lease from the effective date of change, and the lease receipts received in advance or receivable related to the Notes to Financial Statements Page46 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) lease before the change will be regarded as the receipts for the new lease. (XXXVI) Held-for-sale 1.The Group recognizes the non-current assets or disposal groups meeting all the following conditions as the held-for-sale assets: (1) Based on the practice of selling such assets or disposal groups in similar transactions, those can be sold immediately under current conditions; (2) Their sales are very likely to happen, that is, a resolution on a sales plan has been made and a certain purchase commitment is obtained and their sales are expected to be completed within one year. Relevant regulations require that the relevant approval needs to be obtained for those available for sale after approval by relevant authorities or regulators. Before the non-current assets or disposal groups are classified as the held-for-sale assets for the first time, the Group shall measure the book value of each asset and liability in the non-current assets or disposal groups in accordance with the relevant accounting standards. When the non-current assets or disposal groups held for sale are measured initially or remeasured on the balance sheet date, if the book value is higher than the net amount obtained by deducting the selling expenses from the fair value, the book value shall be reduced to the net amount obtained by deducting the selling expenses from the fair value, and the write-down amount shall be recognized as the asset impairment losses and shall be included in the current profits or losses and the impairment provision of held-for-sale assets shall be made at the same time. 2. The Group classifies the non-current assets or disposal groups that are acquired exclusively for resale, meet the conditions of “the sales are expected to be completed within one year” on the acquisition date and are likely to meet other conditions for held-for-sale assets in a short time (usually three months) as the held-for-sale assets on the acquisition date. In the initial measurement, the initial measurement amount assuming they are not classified as the held-for-sale assets and the net amount obtained by deducting the selling expenses from the fair value are compared, whichever is less. Except for the non-current assets or disposal groups acquired in the business combination, the difference arising from the net amount obtained by deducting the selling expenses from the fair value in the non-current assets or disposal groups as the initial measurement amount shall be included in the current profits or losses. 3. If the Group loses control over its subsidiaries due to the sales of investment in subsidiaries and other reasons, whether the Group reserves some of its equity investments after the sales or not, when the investment in subsidiaries to be sold meets the conditions for the held-for-sale assets, the investment in subsidiaries will be classified as the held-for-sale assets as a whole in the individual Notes to Financial Statements Page47 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) financial statements of the company and all the assets and liabilities of subsidiaries will be classified as the held-for-sale assets in the consolidated financial statements. 4. If the net amount obtained by deducting the selling expenses from the fair value of non-current assets held for sale on the subsequent balance sheet date increases, the previous write-down amount shall be recovered and reversed from the asset impairment losses recognized after being classified as the held-for-sale assets, and the reversed amount shall be included in the current profits or losses. The asset impairment losses recognized before being classified as the held-for-sale assets shall not be reversed. 5. For the asset impairment losses recognized in the disposal group held for sale, the book value of the goodwill in the disposal group shall be deducted, and then the book value shall be deducted proportionately based on the proportion of the book value of each non-current asset. If the net amount obtained by deducting the selling expenses from the fair value of disposal groups held for sale on the subsequent balance sheet date increases, the previous write-down amount shall be recovered and reversed from the asset impairment losses recognized in the non-current assets applicable to the relevant measurement rules after being classified as the held-for-sale assets, and the reversed amount shall be included in the current profits or losses. The book value of goodwill deducted and the asset impairment losses recognized in the non-current assets before being classified as the held-for-sale assets shall not be reversed. For the subsequently reversed amount of asset impairment losses recognized in the disposal group held for sale, the book value shall be increased proportionately based on the proportion of the book value of each non-current asset other than the goodwill in the disposal group. 6. No depreciation or amortization is provided for non-current assets held for sale or non-current assets in the disposal group. The interest of liabilities and other expenses in the disposal group held for sale shall be recognized continuously. 7. When the non-current assets or disposal groups held for sale are not further classified as the held-for-sale assets or the non-current assets are removed from the disposal groups held for sale due to failure to meet the conditions for the held-for-sale assets, the measurement shall be conducted based on the lower of the following two: 1) book value before being classified as the held-for-sale assets based on the amount of depreciation, amortization or impairment after adjustment that should be recognized in the case that assuming they are not classified as the held-for-sale assets; 2) recoverable amount. 8. When the non-current assets or disposal groups held for sale are derecognized, the unrecognized gains or losses shall be included in the current profits or losses. Notes to Financial Statements Page48 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXXVII) Safety production cost The Group will calculate the safety production cost based on the standard of electric power manufacturer, and take the operating income of previous year as a basis and adopt the excess regressive mode to determine the amount to be calculated of current year and make calculation monthly according to the Notice on Issuing the Administrative Measures for Calculation and Use of Enterprise Safety Production Cost (CZ[2022]No.136) issued by the Ministry of Finance. (XXXVIII) Changes in significant accounting policies and estimates 1. Changes in significant accounting policies Implementation of the Provisions on Accounting Treatment Related to Standard Warehouse Receipt Transactions in the Q&A on Implementation of the Financial Instruments Standard The Ministry of Finance issued the Q&A on Implementation of Accounting Treatment Related to Standard Warehouse Receipt Transactions on July 8, 2025, which explicitly stipulates that, in accordance with the Financial Instruments Recognition and Measurement Standard, where an enterprise frequently enters into contracts for the purchase and sale of standard warehouse receipts on a futures exchange for the purpose of profiting from price differences and does not take physical delivery of the commodities underlying the warehouse receipts, such conduct generally indicates that the enterprise has a practice of selling the subject matter shortly after receipt to profit from short-term price fluctuations. In such cases, the enterprise shall treat the contracts for the purchase and sale of standard warehouse receipts as financial instruments and account for them in accordance with the Financial Instruments Recognition and Measurement Standard. Where an enterprise sells standard warehouse receipts shortly after acquiring them under the aforementioned contracts, it shall not recognize sales revenue; instead, the difference between the consideration received and the carrying amount of the standard warehouse receipts sold shall be recognized as investment income. Any standard warehouse receipts held by the enterprise at the end of the period and not yet sold shall be presented as other current assets. In accordance with the requirements of the Notice on Strictly Implementing the Accounting Standards for Business Enterprises and Effectively Carrying Out the Preparation of 2025 Annual Reports (Caikuai [2025] No. 33), where an enterprise adjusts its accounting treatment as a result of implementing the aforementioned provisions relating to standard warehouse receipts, it shall make adjustments to the information of the comparable periods in the financial statements. Notes to Financial Statements Page49 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Changes in significant accounting estimates The Group has no changes in significant accounting estimates in the current period. IV. Tax (I) Main tax type and tax rate Description on the tax payers applicable to different enterprise income tax rate: 25 Value-added tax (VAT) Notes to Financial Statements Page50 Calculate output tax on the basis of income from the sale of goods and taxable services in accordance with the provisions | of the tax law, and after deducting the input tax allowable for | 13、9、6 | | | | | --- | --- | --- | --- | --- | | 25、22、20、17、 The Group also has operations that are subject to VAT on a deduction in the current period, the difference will be the Subsidiaries of the Group also have small-sized taxpayers Applicable tax | | | | | | Corporate income tax Based on taxable income | | 5、3 5、3 | Types of tax | Tax basis | | Urban maintenance and construction tax Based on actual VAT paid Education surcharge Based on actual VAT paid Local surcharge Based on actual VAT paid under the simplified tax regime without input tax credit simplified basis without input tax credit value-added tax payable | rate (%) NO 7、5、1 | | 15 3 2 | | | Yalong River (Yajiang) Clean Energy Co., Ltd. Yalong River (Litang) New Energy Co., Ltd. Yalong River (Yanyuan) New Energy Co., Ltd. Yalong River Sichuan Energy Co., Ltd. Ganzi Yalong River Energy Development Co., Ltd. SDIC Power Holdings Co., Ltd. Yalong River (Xichang) New Energy Co., Ltd. Yalong River (Muli) New Energy Co., Ltd. Yalong River Hydropower Development Co., Ltd. | 9 7 5 3 8 1 6 4 2 Applicable tax rate (%) | | | Name of tax payer | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page51 Baiyin Daxia Power Co., Ltd. SDIC (Ordos City) New Energy Co., Ltd. Yancheng Zhihui Energy Power Co., Ltd. Yalong River (Jiangsu) Energy Co., Ltd. Tianjin SDIC New Energy Co., Ltd. Xiangshui Yongneng Solar Power Co., Ltd. Xiamen Newsky Energy Environmental Technology Co., Ltd. Huzhou Xianghui Photovoltaic Power Co., Ltd. SDIC Gansu Power Sales Co., Ltd. Tongcheng Jinjia New Energy Co., Ltd. Guangxi Qinqin Power Sales Co., Ltd. SDIC New Energy Investment Co., Ltd. Xiamen Huaxia International Power Development Co., Ltd. SDIC Kingrock Overseas Investment Management Co., Ltd. SDIC Guizhou Power Sales Co., Ltd. SDIC Jineng (Zhoushan) Gas Power Generation Co., Ltd. Yingshang Runneng New Energy Co., Ltd. SDIC Meizhouwan Power Sales Co., Ltd. Xiamen Huaxia Electric Energy Sales Co., Ltd. Tianjin Beijiang Energy Sales Co., Ltd. SDIC Panjiang (Panzhou) New Energy Co., Ltd. Yalong River (Litang) Clean Energy Co., Ltd. Tianjin SDIC Jinneng Electric Power Co., Ltd. Guangxi Guokai Energy Sales Co., Ltd. Jiangsu Tiansai New Energy Development Co., Ltd. SDIC (Luliang) New Energy Co., Ltd. SDIC Genting Meizhouwan Power Co., Ltd. Hengfeng Jinko Electric Power Co., Ltd. Yalong River (Chengdu) Energy Co., Ltd. Tianjin Beijiang Environmental Protection Technology Co., Ltd. Xiangshui Hengneng Solar Power Co., Ltd. NO 14 33 38 12 31 36 29 34 27 32 25 30 23 28 21 26 40 19 24 17 22 10 15 20 39 13 18 37 11 16 35 Applicable tax rate (%) Name of tax payer SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page52 Guyuan Guanghui New Energy Power Generation Co., Ltd. SDIC Shaanxi New Energy Co., Ltd. Tianjin Binhai Guoli New Energy Co., Ltd. Yudu Guoli New Energy Co., Ltd. Pingyang Aoqi New Energy Co., Ltd. Yijun Guoyuan New Energy Co., Ltd. Pubei Shengfeng New Energy Co., Ltd. Mizhi Guoyuan New Energy Co., Ltd. SDIC Jilin Dunhua Pumped Storage Co., Ltd. SDIC Yunnan New Energy Technology Co., Ltd.(Note 1) SDIC (Guangdong) Offshore Wind Power Development Co., Ltd. Wuxuan Yuansheng New Energy Co., Ltd. Ruoqiang Guoli New Energy Co., Ltd. Guanyang Yuansheng New Energy Co., Ltd. Tianjin Baodi Huifeng New Energy Co., Ltd. SDIC Shiyan New Energy Co., Ltd. SDIC Genting Meizhouwan (Putian) New Energy Co., Ltd. SDIC Shanxi Hejin Pumped Storage Co., Ltd. Ceheng Huifeng New Energy Co., Ltd. Hainan Dongfang Gaopai Wind Power Co., Ltd. SDIC Xinjiang New Energy Co., Ltd. Changzhou Tiansui New Energy Co., Ltd. Fuxin Jingbu Solar Power Co., Ltd. SDIC (Hunan Anren) Pumped Storage Co., Ltd. Zhangjiakou Kaitou New Energy Co., Ltd. Zhangjiakou Jinko New Energy Co., Ltd. Beijing Damao Technology Co., Ltd. Shangyi Ruida New Energy Co., Ltd. Suixi Tianhuai New Energy Co., Ltd. SDIC (Hainan) New Energy Co., Ltd. Guoyuan (Xi 'an) New Energy Co., Ltd. NO 45 64 69 43 62 67 60 65 58 63 56 61 54 59 52 57 71 50 55 48 53 41 46 51 70 44 49 68 42 47 66 Applicable tax rate (%) Name of tax payer SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page53 22 Yunnan Kunming Wuhua Qianrun New Energy Co., Ltd.（Notes 2） SDIC (Yunnan) New Energy Development Co., Ltd. Beatrice Wind Limited Zepu Hongsheng New Energy Co., Ltd. Redrock Investment Limited Beijing Kemao Technology Co., Ltd. Yunnan Qianrun Electricity Retail Co., Ltd. SDIC (Qingyang) New energy Co., Ltd. Guoli New Energy Power Generation Co., Ltd. SDIC Meizhouwan (Putian) Electric Power Co., Ltd. SDIC Huanneng Electric Power Co.,Ltd. PT North Sumatera Hydro Energy Zhangzhou Gulei Guozhang New Energy Co., Ltd. Fuzhou Changle Guomin New Energy Co., Ltd. Yangquan Guoli New Energy Co., Ltd. SDIC (Shandong) New Energy Co., Ltd. Xundian Qianrun New Energy Co., Ltd.(Note 4) Zhangjiakou Fufeng New Energy Co., Ltd. Xingtai Guoli New Energy Co., Ltd. PT Dharma Hydro Nusantara Benbrack Wind Farm Limited SDIC (Qionghai) New Energy Co., Ltd. Yinan Shengfeng New Energy Co., Ltd. Ningxiang Gushanfeng New Energy Development Co., Ltd. Shilin Qianrun New Energy Co., Ltd.(Note 3) Afton Wind Farm (Holdings) Limited Guosheng Green Energy (Tai'an) Co., Ltd., Red Rock Renewables Limited Aska Windfarm Holdings Limited Guangxi Guoqin Naleng Wind Power Generation Co., Ltd. Afton Wind Farm Limited 102 101 100 NO 73 91 96 89 94 87 92 85 90 83 88 81 86 74 79 84 77 82 99 75 80 72 78 97 76 95 93 98 Applicable tax rate (%) Name of tax payer SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 20 Notes to Financial Statements Page54 17 15 SDIC Tibet New Energy Co., Ltd. Newsky Energy (Bangkok) Company Limited Asia Ecoenergy Development B Pte. Ltd. SDIC Jiangsu New Energy Co., Ltd. Newsky Energy (Thailand) Company Limited Fareast Green Energy Pte. Ltd. SDIC (Hainan) New Energy Development Co., Ltd. Newsky (Philippines) Holdings Corporation Zhangjiakou Yuanli New Energy Co., Ltd. C&G Environmental Protection (Thailand) Company Limited SDIC Qinghai New Energy Co., Ltd. SDIC (Hunan) New Energy Co., Ltd. SDIC Zhejiang New Energy Co., Ltd. Lingshan Yuansheng New energy Co., Ltd. SDIC Inner Mongolia New Energy Development Co., Ltd. SDIC (Fujian) New Energy Co., Ltd. Sichuan Ertan Industrial Development Co., Ltd Pubei Fengguang New Energy Co., Ltd. Chengde Yuanli Technology Development Co., Ltd. SDIC (Huilai) Kuiyang New Energy Co., Ltd. SDIC (Guangdong) New Energy Co., Ltd. Yunnan Dachao Industry Co., Ltd. Guoli (Xinjiang) Comprehensive Energy Co., Ltd. Xiangzhou Yuansheng New Energy Co., Ltd. Sichuan Ertan Construction Consultancy Co., Ltd. SDIC New Energy Co., Ltd. SDIC Hebei New Energy Co., Ltd. Asia Ecoenergy Development A Pte. Ltd. SDIC Gansu New Energy Co., Ltd. SDIC Guizhou New Energy Co., Ltd. Jaderock Investment Singapore Pte. Ltd. 107 126 131 105 124 129 122 127 120 125 118 123 116 121 114 119 133 112 117 110 115 103 108 113 132 106 111 130 104 109 128 NO Applicable tax rate (%) Name of tax payer SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page55 Yalong River Hydropower Garze Co., Ltd. SDIC Shizuishan Photovoltaic Power Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. Yalong River Huili New Energy Co., Ltd. SDIC Ningxia Wind Power Co., Ltd. SDIC Chuxiong Wind Power Co., Ltd. SDIC Qinghai Wind Power Co., Ltd. SDIC Geermu Photovoltaic Power Co., Ltd. SDIC Jiuquan First Wind Power Co., Ltd. SDIC Dunhuang Photovoltaic Power Co., Ltd. Guizhou Newsky Kitchen Waste Treatment Co., Ltd. SDIC Turpan Wind Power Co., Ltd. SDIC Qinzhou Second Electric Power Co., Ltd. SDIC Jiuquan Second Wind Power Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. SDIC Baiyin Wind Power Co., Ltd. SDIC Barkol New Energy Co., Ltd. SDIC Yunnan Dachaoshan Hydropower Co., Ltd. Guizhou Newsky Environmental Technology Co., Ltd. Yalong River (Yajiang) New Energy Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. Yalong River Hydropower Liangshan Co., Ltd. Dechang Wind Power Development Co., Ltd. SDIC Gansu Xiaosanxia Power Co., Ltd. SDIC Hami Wind Power Co., Ltd. Yalong River Mianning New Energy Co., Ltd. Yalong River (Sichuan) New Energy Co., Ltd. SDIC Dali Photovoltaic Power Co., Ltd. Yalong River Hydropower Panzhihua Tongzilin Co., Ltd. Yalong River (Panzhihua) Energy Co., Ltd. SDIC Yunnan New Energy Co., Ltd. 138 157 162 136 155 160 153 158 151 156 149 154 147 152 145 150 164 143 148 141 146 134 139 144 163 137 142 161 135 140 159 NO Applicable tax rate (%) Name of tax payer SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (II) Tax preference (1) Income tax 1) According to the Notice on Continuing the Enterprise Income Tax Policy of the Western Region Development Strategy (No.23 Notice of the Ministry of Finance in 2020) issued by Ministry of Finance, State Administration of Taxation and National Development and Reform Commission, From January 1, 2021 to December 31, 2030, the Group implementing the income tax preference of the Western Region Development Strategy at the tax rate of 15%: Notes to Financial Statements Page56 Sichuan Ertan Industrial Development Co., Ltd Sichuan Ertan Construction Consultancy Co., Ltd. SDIC Tibet Nima New Energy Co., Ltd. Yunxian Qianrun New Energy Co., Ltd. Toksun Trina Solar Energy Co., Ltd. Pubei Yuanli New Energy Co., Ltd. Pubei Yuansheng New Energy Co., Ltd Quanzhou Yuansheng New Energy Co., Ltd. SDIC Tibet Renbu New Energy Co., Ltd. Huaning Qianrun New Energy Co., Ltd. Yuxi Qianrun New Energy Co., Ltd. Manas Guoli New Energy Co., Ltd. Kunming Dongchuan Qianrun New Energy Co. Ltd. Dingbian Angli Photovoltaic Technology Co., Ltd. SDIC Guangxi New Energy Development Co., Ltd. Akse Kazakh Autonomous County Huidong New Energy Co., Ltd. Guiding Guoneng New Energy Co., Ltd. Yuanjiang Qianrun New Energy Co., Ltd. SDIC New Energy (Honghe) Co., Ltd. Jingbian Zhiguang New Energy Development Co., Ltd. SDIC Jiuquan New Energy Co., Ltd. Pingtang Leyang New Energy Co., Ltd. 184 169 167 182 180 178 183 176 181 174 179 172 177 165 170 175 168 173 166 171 NO NO Applicable tax rate (%) 2 1 Name of tax payer Name of tax payer SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page57 SDIC Dunhuang Photovoltaic Power Co., Ltd. SDIC Yunnan Dachaoshan Hydropower Co., Ltd. SDIC Jiuquan Second Wind Power Co., Ltd. SDIC Dali Photovoltaic Power Co., Ltd. Dechang Wind Power Development Co., Ltd. Guizhou Newsky Environmental Technology Co., Ltd. SDIC Shizuishan Photovoltaic Power Co., Ltd. Yalong River Hydropower Panzhihua Tongzilin Co., Ltd. SDIC Gansu Xiaosanxia Power Co., Ltd. SDIC Yunnan New Energy Co., Ltd. Yalong River Mianning New Energy Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. SDIC Ningxia Wind Power Co., Ltd. SDIC Hami Wind Power Co., Ltd. Yalong River (Sichuan) New Energy Co., Ltd. SDIC Jiuquan First Wind Power Co., Ltd. SDIC Chuxiong Wind Power Co., Ltd. Yalong River Hydropower Garze Co., Ltd. SDIC Qinzhou Second Electric Power Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. Yalong River Hydropower Liangshan Co., Ltd. SDIC Qinghai Wind Power Co., Ltd. Yalong River (Panzhihua) Energy Co., Ltd. Guizhou Newsky Kitchen Waste Treatment Co., Ltd. SDIC Geermu Photovoltaic Power Co., Ltd. Yalong River Huili New Energy Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. SDIC Turpan Wind Power Co., Ltd. Yalong River (Yajiang) New Energy Co., Ltd. SDIC Baiyin Wind Power Co., Ltd. 15 24 32 11 20 29 16 31 22 18 27 14 23 10 19 25 21 30 12 17 26 13 28 6 7 3 9 5 8 4 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2) In accordance with the regulations in Enterprise Income tax Law of the People's Republic of China, Notification on Promulgating the Enterprise Income Tax Preference Catalog (2008) of Public Infrastructure Projects by Ministry of Finance, State Administration of Taxation and National Development and Reform Commission (CS[2008]No.116), and Notification on Implementing the Income Tax Preference of Public Infrastructure Project with National Special Support by Station Administration of Taxation (GSF[2009]No.80), the following company can be exempted from income tax for the first 3 years, and half exempted for the next 3 years: Notes to Financial Statements Page58 Half-exemption Exemption period Remark Company name SDIC Tibet Nima New Energy Co., Ltd. Jingbian Zhiguang New Energy Development Co., Ltd. Pubei Yuanli New Energy Co., Ltd. Yunxian Qianrun New Energy Co., Ltd. Quanzhou Yuansheng New Energy Co., Ltd. Akse Kazakh Autonomous County Huidong New Energy Co., Ltd. Manas Guoli New Energy Co., Ltd. Toksun Trina Solar Energy Co., Ltd. Huaning Qianrun New Energy Co., Ltd. Dingbian Angli Photovoltaic Technology Co., Ltd. Yuxi Qianrun New Energy Co., Ltd. SDIC New Energy (Honghe) Co., Ltd. SDIC Guangxi New Energy Development Co., Ltd. SDIC Barkol New Energy Co., Ltd. SDIC Tibet Renbu New Energy Co., Ltd. Guiding Guoneng New Energy Co., Ltd. Kunming Dongchuan Qianrun New Energy Co. Ltd. SDIC Jiuquan New Energy Co., Ltd. Yuanjiang Qianrun New Energy Co., Ltd. Pingtang Leyang New Energy Co., Ltd. Pubei Yuansheng New Energy Co., Ltd period 53 36 45 41 50 37 46 33 52 39 48 35 44 40 49 51 42 38 47 34 43 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page59 Guazhou North Bridge Second | Wind Farm Wind-Solar Ningxiang Gushanfeng Wind SDIC Nagqu City Nima SDIC Qiaonan Second | | | | | --- | --- | --- | --- | | SDIC Jiuquan Second Wind Power Co., Ltd. 2027 2022 2024 2025 | | | | | SDIC Jiuquan New Energy Co., Ltd. 400MW Supporting Wind Ningxiang Gushanfeng New Energy Development Co., Ltd. Farm 50MW Wind Power SDIC Hangjinqi Wind Farm Lingshan Liufengshan Wind SDIC Tibet Nima New Energy Co., Ltd. County Tanglu Village 50MW Shiyan Yunxi 20MW PV Guangxi Pubei Distributed Pubei Longmen Wind Farm Qinnan Nasi Wind Farm Interactive 50MW Yangfanggou Hydropower SDIC Zhongning Enhe Wind Pubei Longmen Wind Farm Lingshan Dongyong Wind Dunhuang 40MW Photovoltaic Lianghekou Hydropower Tielu Wind Farm (Phase VII) 2027 2025 2028 2022 2024 2025 2020 2022 2023 2023 2025 2026 Half-exemption | | | | | Pubei Yuansheng New Energy Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. Yalong River Hydropower Liangshan Co., Ltd. SDIC Ningxia Wind Power Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. SDIC Dunhuang Photovoltaic Power Generation Co., Ltd. Yalong River Hydropower Garze Co., Ltd. Dechang Wind Power Development Co., Ltd SDIC (Ordos City) New Energy Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. SDIC Shiyan New Energy Co., Ltd. Exemption period 2028 2025 2029 2026 2025 2027 2029 2028 2026 2025 2027 2029 2029 2023 2025 2026 2020 2022 2023 2024 2026 2027 2021 2023 2024 2020 2022 2023 2022 2024 2025 2024 2026 2027 2023 2025 2026 2021 2023 2024 2020 2022 2023 2022 2024 2025 2024 2026 2027 2024 2026 2027 | | Remark | Company name | | Phase III Project Farm Project Project Power (Areas A and B) Station Project Project Dechang Wind Power Development Co., Ltd Project (150MW) Project Farm Phase I Project PV + Energy Storage Project Project SDIC Qinghai Wind Power Co., Ltd. Qieji Project Photovoltaic Project Phase II Project Project Photovoltaic Project Station Project Yalong River (Yajiang) New Energy Co., Ltd. Kela PV Project Power Project 2029 2025 2028 2024 2026 2027 2020 2022 2023 2023 2025 2026 | period | | | Labashan Wind Power (Phase SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page60 Kunming Dongchuan District | Jiaojia Village Agricultural and Rinbu County, Rikaze City, | | | | | --- | --- | --- | --- | | Kunming Dongchuan Qianrun New Energy Co., Ltd Animal Husbandry Dachaosi West Phase I Dachaosi West Phase II Tibet, Phase I 100MW Guizhou Liupanshui Kitchen Xintang Agricultural 2029 2024 2026 2027 | | | | | SDIC Tibet Renbu New Energy Co., Ltd. 2029 2024 2026 2027 | | | | | Photovoltaic Complementary Yunxian Ganrun New Energy Co., Ltd. Forestry Photovoltaic Power Yunxian Ganrun New Energy Co., Ltd. Forestry Photovoltaic Power Yuxi Yuanjiang Pulichong Pingtang Tongzhou Leyang Pingyang Aojiang 60MWp Akse Kazakh Autonomous County Huidong New Energy Co., Solar Thermal + Photovoltaic Rangeland Solar Photovoltaic Guizhou Newsky Kitchen Waste Treatment Co., Ltd. Waste Municipal Sludge Pingtang Leyang NewEnergy Co., Ltd. Photovoltaic Power Plant in Maolan Forestry Photovoltaic Yuanjiang TuanTian PV 100MW Solar + Farming Yuxi Yuanjiang Ganba Yuxi Hongta Roof-distributed 2028 2028 2026 2028 2023 2025 2026 2023 2025 2026 Half-exemption 2021 2023 2024 2023 2025 2026 | | | | | Yunxian Ganrun New Energy Co., Ltd. Yuanjiang Ganrun New Energy Co., Ltd. Fuxin Jingbu Solar Power Co.,Ltd. Yuanjiang Ganrun New Energy Co., Ltd. Yuxi Qianrun New Energy Co., Ltd. Yuanjiang Ganrun New Energy Co., Ltd. Pingtang Leyang NewEnergy Co., Ltd. Pingyang Aoqi New Energy Co., Ltd. Exemption period 2029 2029 2029 2026 2028 2028 2028 2027 2029 2024 2026 2027 2024 2026 2027 2024 2026 2027 2021 2023 2024 2023 2025 2026 2023 2025 2026 2023 2025 2026 2022 2024 2025 2024 2026 2027 | | Remark | Company name | | Ltd. Pilot Project Photovoltaic Project Photovoltaic Power Plant PV Power Project Generation II) Generation Photovoltaic Power Plant Farming PV Power Station Photovoltaic Project Tianjin SDIC New Energy Co., Ltd. Ninghe II Project Project Treatment Project Pingtang County Power Generation Project Project Project Tianjin SDIC New Energy Co., Ltd. Ninghe I Project Pingtang Leyang NewEnergy Co., Ltd. Datang Project 2027 2025 2029 2022 2024 2025 2020 2022 2023 2024 2026 2027 | period | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3)According to the SAT Notification on Offsetting Enterprise Income Tax with the Investment in Special Equipment Including Environmental Protection, Energy Saving, Water Conservation Panzhihua Vanadium and Notes to Financial Statements Page61 | Zhangjiakou Heterojunction Titanium High-Tech | | | | | --- | --- | --- | --- | | Industrial Development Zone High-Efficiency Solar | | | | | Huaning Panxi Heini Slope Huaning Dadi 50MW Photovoltaic Cell Phase I Standardized Factory Yalong River (Panzhihua) Energy Co., Ltd. SDIC Longlou 100MW 2030 2025 2027 2028 | | | | | Shangyi Ruida New Energy Co., Ltd. 2030 2025 2027 2028 | | | | | Dongwucha Zone A 100MW Rooftop Distributed Agro-Photovoltaic Agro-Photovoltaic Quanzhou Dongshan Application 200MW (Fishery and Agriculture) | | | | | SDIC Genting Meizhouwan (Putian) New Energy Co., Huaning Qianrun New Energy Co., Ltd.. Huaning Qianrun New Energy Co., Ltd.. SDIC (Hainan) New Energy Co., Ltd. 2030 2030 2029 2025 2027 2028 2025 2027 2028 2024 2026 2027 | | | | | Fishery-PV Complementary Demonstration Project Photovoltaic Power Pingding 100MW PV Power SDIC Qiaoxi District Complementary Photovoltaic Complementary Photovoltaic Huanglong Agro-Forestry Dexin Sizhai Forestry PV Quanzhou Yuansheng New Energy Co., Ltd. Xiamen Huaxia International Power Development Co., Photovoltaic Complementary Sludge Treatment and Disposal 2030 2025 2027 2028 Half-exemption | | | | | Ltd. Yangquan Guoli New Energy Co., Ltd. Zhangjiakou Kaitou New Energy Co., Ltd. Guiding Guoneng New Energy Co., Ltd. Exemption period 2029 2025 2024 2026 2027 2020 2022 2023 | | Remark | Company name | | Power Station Project PV Complementary Project Generation Project Generation Project 100MW PV Hybrid Project Project Project Project (Phase VII) SDIC Hami Wind Power Co., Ltd. Yiwu Solar + Storage Project Services SDIC Hami Wind Power Co., Ltd. Jingxia 5B project SDIC Hami Wind Power Co., Ltd. Jingxa Photovoltaic project Ltd. 2028 2030 2030 2030 2025 2026 2023 2025 2026 2025 2027 2028 2025 2027 2028 2025 2027 2028 2020 2022 2023 2021 2023 2024 | period | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- and Work Safety (GSH[2010]No.256), Xiamen Huaxia International Power Development Co., Ltd. and SDIC Genting Meizhouwan Electric Power Co., Ltd., SDIC Qinzhou Second Electric Power Co., Ltd. can offset its 10% of investment in special equipment specified in Enterprise Income Tax Preference Catalog for Work Safety Special Equipment, Enterprise Income Tax Preference Catalog for Environmental Protection Special Equipment and Enterprise Income Tax Preference Catalog for Energy Saving and Water Conservation Special Equipment in the taxable income of the enterprise in current year; if insufficient to offset in current year, it can be offset during the future five taxable years. 4) According to the SAT Document on Issuing the Regulation on the Implementation of the Income Tax Law of the People's Republic of China (No.714 Revision of the PRC State Council on April 23, 2019), Xiamen Huaxia International Power Development Co., Ltd. and Tianjin Beijiang Environmental Protection Technology Co., Ltd. can record its total income as per 90% because they take the resource specified in Enterprise Income Tax Preference Catalog for Comprehensive Utilization of Resources as main materials to produce the air-added which is not limited or prohibited and conforms to national and industrial standard. 5) In accordance with the Announcement of the Ministry of Finance and the State Administration of Taxation on Tax Policies for Further Supporting the Development of Small and Micro Enterprises and Self-Employed Individuals (Announcement No. 12 [2023] of the Ministry of Finance and the State Administration of Taxation), for the period from 1 January 2023 to 31 December 2027, the portion of the annual taxable income of small and low-profit enterprises not exceeding RMB 3 million shall be reduced to 25% as taxable income, and corporate income tax shall be paid at the rate of 20%. The Group's eligible small and low-profit enterprises are entitled to the above preferential tax policies. 6) Pursuant to the Certain Measures on Further Supporting the High-quality Development of the Private Economy Issued by the Party Committee and the People's Government of the Inner Mongolia Autonomous Region, until December 31, 2025, small micro-profit enterprises with an annual taxable income of less than 1 million yuan (inclusive) will be exempted from the local portion of the enterprise income tax. SDIC Inner Mongolia New Energy Development Co., Ltd., a subsidiary of the Group, is subject to the aforesaid policy. 7) Pursuant to the Measures for the Implementation of Enterprise Income Tax Policies in the Tibet Autonomous Region (Provisional) (Zangzheng Fa [2022] No. 11), from January 1, 2022 to December 31, 2025, qualified enterprises shall be exempted from the local sharing portion of enterprise income tax. The aforesaid policy is applicable to the Group's subsidiaries, SDIC Tibet New Energy Co., Ltd. Notes to Financial Statements Page62 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 8)According to No.695/KMK Order of the Indonesia finance minister, PT North Sumatera Hydro Energy was approved to be exempted from enterprise income tax on October 18, 2018. When the NSHE has its paid-in capital up to 2120.1 billion Indonesian rupiahs, it will be entitled to the following preferences: within 15 fiscal years from the date of commercial operation, exempt 100% of enterprise income tax, exempt withholding tax for the income received from a third party; within 2 fiscal year after expiry of above fiscal years, reduce the enterprise income tax rate to 50% of current rate. (2) Value-added tax 1) In accordance with the Announcement of the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration on Adjusting Value-Added Tax Policies for Wind Power Generation (Announcement No. 10 [2025] of the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration), the former Notice of the Ministry of Finance and the State Taxation Administration on Value-Added Tax Policies for Wind Power Generation (Cai Shui [2015] No. 74) has been repealed effective November 1, 2025. As of October 31, 2025, the Group's onshore wind power generation projects benefited from the VAT policy of a 50% immediate refund on the VAT paid. 2) According to the Announcement of the Ministry of Finance and the State Administration of Taxation on Improving the Value-Added Tax Policies for Comprehensive Utilization of Resources (CS [2021] No. 40), the following companies are eligible for the preferential VAT policies described therein: SDIC Panjiang Electric Power Co., Ltd. can be entitled to 70% VAT refundable policy for its income from selling coal gangue and coal slurry power; Tianjin Beijiang Environmental Protection Technology Co., Ltd. can be entitled to 70% VAT refundable policy for its income from selling air-added brick; Xiamen Huaxia International Power Development Co., Ltd. can be entitled to 70% VAT refundable policy for their income from selling sludge. 3) According to the Notice on Tax Policy for Further Supporting Retired Soldier for Entrepreneurship and Employment (Announcement No. 14 [2023] issued by MOF, SAT and MVA), Sichuan Ertan Industrial Development Co., Ltd., SDIC Yunnan Dachaoshan Hydropower Co., Ltd. and SDIC (Guangdong) New Energy Co., Ltd. can be entitled to the abatement of VAT, urban maintenance and construction tax, education surcharge, local education surcharge and enterprise income tax in turn on the basis of norm and actual number within 3 years from the month when the labor contract is signed and the social insurance is paid because it employs the retired soldiers, signs a labor contract of at least one year with them and pays social insurance expense for them according to law. The norm standard shall be 6,000 Yuan/person annually, with the maximum increase of 50%. The People’s Government of each province, autonomous region Notes to Financial Statements Page63 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) and municipality can determine specific norm standard within this range according to local actual condition. 4) According to the Notice on Tax Policy for Further Supporting and Promoting Key Group for Entrepreneurship and Employment (Announcement No. 15 [2023] issued by MOF, SAT, MOHRSS and MARA), Sichuan Ertan Construction Consultancy Co., Ltd. and Sichuan Ertan Industrial Development Co., Ltd. can be entitled to the abatement of VAT, urban maintenance and construction tax, education surcharge, local education surcharge and enterprise income tax in turn on the basis of norm and actual number within 3 years from the month when the labor contract is signed and the social insurance is paid because they employ the impoverished people and the people who have been unemployed for more than half a year as registered in the public employment service agency of Human Resources and Social Security Department and hold Employment and Entrepreneurship Certificate or Employment/Unemployment Registration Certificate (indicating “enterprise absorption tax policy”), sign a labor contract of at least one year with them and pay social insurance expense for them according to law. The norm standard shall be 6,000 Yuan/person annually, with the maximum increase of 30%. The People’s Government of each province, autonomous region and municipality can determine specific norm standard within this range according to local actual condition. (3) Local tax and relevant tax surcharge 1) According to the third paragraph of Article 12 of the Environmental Protection Tax Law of the People's Republic of China, urban and rural centralized sewage treatment and centralized domestic garbage treatment establishments set up in accordance with the law shall be exempted from environmental protection tax for the time being if the discharge of the corresponding taxable pollutants does not exceed the emission standards stipulated by the State and the local authorities. Guizhou Newsky Environment & Tech Co.,Ltd. complies with the foregoing provisions. According to the forth paragraph of Article 12 of the Environmental Protection Tar Law of the People's Republic of China, the solid waste comprehensively utilized by SDIC Genting Meizhouwan Electric Power Co., Ltd. and SDIC Panjiang Electric Power Co., Ltd. which complies with national and local environmental protection standards, is exempted from Environmental Protection Tax. According to Article 13, where the concentration value of taxable air pollutants or water pollutants discharged by the thermal power enterprises under the Group is 50% lower than the national and local pollutant discharge standards, the Environmental Protection Tax shall be reduced by 50 percent. 2) According to the SAT Regulations on Exemption of Land Use Tax for Electric Power Notes to Financial Statements Page64 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Industry ((1989) GSDZi No.140), the land use tax of SDIC Genting Meizhouwan Electric Power Co., Ltd., Xiamen Huaxia International Power Development Co., Ltd., SDIC Panjiang Electric Power Co., Ltd. and Tianjin SDIC Jinneng Electric Power Co., Ltd. shall implement the regulation that the land inside the enclosing wall of thermal power plant shall be liable to the land use tax according to the regulations. The land for ash yard, ash transmission pipe, oil (gas) transmission pipe and special railway line outside the plant enclosing wall shall be exempt from land use tax; the land for other purposes outside the plant enclosing wall shall be liable to the tax according to the regulations. In hydropower station, the land for power house (including those inside and outside dam) and the land for production, office and living shall be liable to the land use tax according to the regulations; the land for other purposes shall be exempt from the tax. In power supply sector, the land for power transmission line and substation shall be exempt from land use tax. 3)According to the Circular of the State Administration of Taxation on the Issuance of Supplementary Provisions on Certain Specific Issues Concerning Land Use Tax (Guo Shui Di Zi [1989] No. 140), Xiamen Huaxia International Power Development Co., Ltd. complied with the provision of “temporary exemption from land use tax on public green land outside the factory area of an enterprise and on land for parks which are open to the public”. 4) According to the Announcement of the Ministry of Finance and Administration of Taxation of the Ministry of Housing and Urban-Rural Development on the Improvement of Tax Policies Relating to Housing Leasing (No. 24 of 2021), Xiamen Huaxia International Power Development Co., Ltd. and SDIC Yunnan Dachaoshan Hydropower Co., Ltd. complies with the provision of “From October 1, 2021 onwards, enterprises, public institutions, social groups, and other organizations renting out their housing units to individuals and specialized and large-scale housing leasing enterprises shall reduce the property tax at a rate of 4%”. 5) According to the Announcement of the Ministry of Finance and the State Taxation Administration on the Tax Policies for Further Supporting the Development of Micro and Small Enterprises and Self-Employed Individuals" (Announcement No. 12 [2023] of the Ministry of Finance and the State Taxation Administration), For small-scale VAT taxpayers, small micro-profit enterprises, and individual industrial and commercial households, the following taxes and surcharges shall be reduced by half: resource tax (excluding water resource tax), urban maintenance and construction tax, property tax, urban land use tax, stamp tax (excluding securities transaction stamp tax), farmland occupation tax, as well as educational surcharges and local educational surcharges. The above preferential policies shall apply to the Group's small-scale VAT taxpayers and small micro-profit enterprises. Notes to Financial Statements Page65 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- 6) According to the Several Opinions on Quickening the Development of Private Enterprises of Fujian Province, Xiamen Huaxia International Power Development Co., Ltd. and SDIC Genting Meizhouwan Electric Power Co., Ltd. can conform to the regulation that the current housing property tax shall be paid at the residual value of original housing property value minus 30%; the urban land use tax shall be paid at 20% decrease in tax standard. 7) According to the Announcement of the People's Government of Qinzhou City on Adjusting the Applicable Tax Rate Standards for Urban Land Use Tax in Qinzhou City (Gui Zheng Han [2022] No. 7), for the taxable land within the Qinzhou Port Area of the China (Guangxi) Pilot Free Trade Zone (both inside and outside the red line), the applicable tax rate for Urban Land Use Tax shall be reduced by 40% from the standards set forth in Gui Zheng Han [2015] No. 225. In other words, the Urban Land Use Tax shall be levied at 60% of the land grades and tax rate standards specified in Gui Zheng Han [2015] No. 225. The following companies are eligible for the above preferential policy: SDIC Qinzhou Second Electric Power Co., Ltd. and SDIC Qinzhou Electric Power Co., Ltd. 8) According to the Circular of the Department of Finance of Guangxi Zhuang Autonomous Region on Matters Relating to the Exemption of Local Water Conservancy Construction Fund (Gui Cai Shui [2022] No. 11), from April 1, 2022 to December 31, 2026 (belonging to the period), all levy recipients of the region shall be exempted from the levy of local water conservancy construction fund. The following companies are eligible for the above preferential policy: SDIC Qinzhou Second Electric Power Co., Ltd. and SDIC Qinzhou Electric Power Co., Ltd. #### V. Notes to consolidated financial statements ##### (I) Monetary fund | Item | Ending balance | Beginning balance | | --- | --- | --- | | Cash at bank | 13,287,004,921.22 | 951,234,460.14 | | Other monetary funds | 183,196,767.48 | 167,320,950.56 | | Deposits in finance company | 9,642,798,678.55 | 9,051,660,489.16 | | Total | 23,113,000,367.25 | 10,170,215,899.86 | | Including: total amount deposited overseas | 8,119,405,345.81 | 750,291,670.12 | Monetary funds with restricted right of use: Notes to Financial Statements Page66 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan )--- | Item | Ending balance | Beginning balance | | --- | --- | --- | | Guarantee for bank acceptance notes | | 49,088,616.64 | | Performance bond | 7,823,594,374.43 | 161,856,359.08 | | Land reclamation deposit | 22,602,242.41 | 24,478,234.60 | | Housing maintenance funds | 5,506,867.30 | 5,503,710.97 | | Total | 7,851,703,484.14 | 240,926,921.29 | # (II) Financial assets held for trading | Item | Ending balance | Beginning balance | | --- | --- | --- | | Financial assets at FVTPL | 23,587,175.70 | 19,072,883.70 | | Including: equity instrument investments | 23,587,175.70 | 19,072,883.70 | | Designated as financial assets at FVTPL | | 122,532,750.00 | | Including: Others (Note) | | 122,532,750.00 | | Total | 23,587,175.70 | 141,605,633.70 | Other Notes: In 2020, Red Rock Renewables Limited (formerly known as Red Rock Power Limited) sold its 50% equity interest in Inch Cape Offshore Holdings Limited to ESB II UK Limited. Management recognized the fair value of the deferred consideration clause under the equity transfer agreement, and the full deferred consideration was received in March 2025. # (III) Derivative financial assets | Item | Ending balance | Beginning balance | | --- | --- | --- | | Cash flow hedging instruments | 56,351,095.87 | 69,621,586.87 | | Total | 56,351,095.87 | 69,621,586.87 | Notes to Financial Statements Page67 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (IV) Notes receivable 1. Notes receivable listed by category Notes to Financial Statements Page68 Bank acceptance notes Beginning balance Ending balance Total Item 13,625,015.31 13,625,015.31 700,547.88 700,547.88 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Disclosure by categories by means of allowance for bad debts Notes to Financial Statements Page69 Category | Bad debt provision Proportion Proportion Book value | Book value | | | | --- | --- | --- | --- | | Proportion Proportion | | | | | made on an Bank acceptance of provision of provision 13,625,015.31 | Amount Amount 13,629,098.71 Amount Amount 4,083.40 700,547.88 100.00 100.00 | 701,080.00 532.12 0.08 0.03 | | | 13,625,015.31 | 13,629,098.71 (%) (%) 4,083.40 700,547.88 100.00 100.00 | 701,080.00 532.12 0.08 0.03 | | | individual basis notes Including: 13,625,015.31 | Provision for bad debts 13,629,098.71 Provision for bad debts (%) (%) 4,083.40 700,547.88 100.00 100.00 | 701,080.00 Total 532.12 Book balance Book balance | Beginning balance Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Provision for bad debts made on an individual basis: 3. Provision for bad debts is based on the general model of expected credit losses Notes to Financial Statements Page70 | Expected credit Provision for bad | | | | | | --- | --- | --- | --- | --- | | Expected credit loss | Total | | | | | loss for the whole | | debts | | | | for the whole duration Expected credit loss in Name | | | | | | Proportion of Balance as of January 1, Bank duration (no | | | | | | Expected Reversal in the current Provision for Provision for Reasons for (credit impairment the next 12 months | | | | | | Write-off in the current Provision in the current acceptance --Be transferred back to Balance as of January 1, --Be transferred back to --Be transferred to Stage --Be transferred to Stage 2025 in the current Book balance Book balance provision 13,629,098.71 | 701,080.00 4,083.40 credit 532.12 | 0.08 | | | | credit loss period provision bad debts bad debts | occurred) -3,551.28 | 4,083.40 | -3,551.28 4,083.40 | | | 2025 Stage II III period II period period notes Stage I impairment) 13,629,098.71 | Total 701,080.00 (%) Stage II 4,083.40 Stage III Beginning balance 532.12 | Stage I | | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 4. Provision for bad debts of notes receivable accrued, recovered, and transferred back in the current period (V) Accounts receivable 1. Accounts receivable presented by ageing Notes to Financial Statements Page71 | Accounts Expected credit Beginning Provision for bad | Ending | | | | --- | --- | --- | --- | | Expected credit loss | Total Category | | | | loss for the whole Notes receivable with recovered Accounts balance | balance | debts | | | for the whole duration Expected credit loss in Other | | | | | written off or provision for expected duration (no Provision | or | | | | changes (credit impairment the next 12 months | 4,083.40 -3,551.28 | 532.12 | | | Balance as at December Verification in the transferre credit losses on an cancelled | credit | 6 months to 1 year (including 1 within 6 months (including 6 | | | | occurred) | 532.12 | 2,039,176,022.66 5,956,928,373.34 5,511,270,791.09 532.12 952,259,660.70 | | 31, 2025 Other changes individual basis Within 1 year (including one year) 1 to 2 years year) current period months) d back impairment) | 4,083.40 Stage II -3,551.28 Stage III | Beginning balance Total 532.12 Stage I Ending balance Amount changed in the current period | 6,909,188,034.04 7,550,446,813.75 2,103,517,201.90 4,519,509,708.78 Aging | # SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | Aging | Ending balance | Beginning balance | | --- | --- | --- | | years | 920,239,420.30 | 1,905,596,255.06 | | 3 to 4 years | 478,138,701.05 | 1,581,934,017.37 | | 4 to 5 years | 466,492,413.93 | 432,911,511.55 | | Over 5 years | 958,564,653.24 | 614,772,251.96 | | Subtotal | 11,836,140,424.46 | 16,605,170,558.47 | | Less: provision for bad debts | 838,930,332.20 | 771,545,567.23 | | Total | 10,997,210,092.26 | 15,833,624,991.24 | Notes to Financial Statements Page 72 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Classified disclosure by bad debt accrual method Notes to Financial Statements Page73 Category Proportio Receivables with bad Proportio Book value Book value Propor | Provision for bad debt provision accrued Proportion | n of n of | | | | | --- | --- | --- | --- | --- | | tion 58.81 | 9,765,678,785.02 9,762,782,215.87 5,084,933,355.94 0.03 Amount Amount Amount 5,084,550,274.51 Amount 0.01 42.96 2,896,569.15 | 383,081.43 | | | | debts made on an Revenue from heat by portfolio of credit Revenue from provision provision 41.19 | 6,839,491,773.45 6,070,842,775.37 11.24 (%) 6,751,207,068.52 838,547,250.77 12.42 768,648,998.08 5,912,659,817.75 57.04 | | | | | (%) 57.38 | 1.16 9,528,506,062.23 9,528,506,062.23 4,800,398,784.80 191,811,830.50 191,811,830.50 4,800,398,784.80 199,346,238.36 199,346,238.36 40.56 | 1.68 | | | | Including: individual basis charge receivable risk features electricity receivable Other portfolios 100.00 15,833,624,991.24 | 16,605,170,558.47 (%) (%) 11,836,140,424.46 0.27 838,930,332.20 10,997,210,092.26 Provision for bad debts 771,545,567.23 Provision for bad debts 6.39 100.00 0.45 45,360,892.29 42,464,323.14 Total 85,188,332.78 2,896,569.15 84,805,251.35 | Book balance 0.72 383,081.43 Book balance | Beginning balance | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Provision for bad debts made on an individual basis: Notes to Financial Statements Page74 Name | State Grid Shanxi Electric Power Co., Ltd. Yunnan Power Grid Co., Ltd. State Grid Xinjiang Electric Power Co., Ltd. Hami Power Supply State Grid Anhui Electric power Co., Ltd. Yingshang Power State Grid Xinjiang Electric Power Co., Ltd. Turpan Power State Grid Gansu Electric Power Company State Grid Sichuan Electric Power Company State Grid Zhejiang Electric Power Co., Ltd. Huzhou Power Expected credit Expected credit Expected credit Expected credit Expected credit Expected credit Expected credit Expected credit Provision for bad Provision for bad Proportion of | Reasons for | | | | | --- | --- | --- | --- | --- | | | 128,539,342.99 Book balance 177,469,900.04 1,106,749,965.44 56,481,401.56 17,143,828.16 Book balance 40,777,915.40 35,675,447.64 57,067,457.30 46,408,711.25 37,856,633.13 23,805,194.13 10,483,917.51 18,043,394.84 60,799,927.99 79,641,266.55 26,183,225.48 979,265,215.20 388,038,992.39 431,448,104.14 385,240,419.19 509,055,391.77 950,313,319.01 | 1,063,385,915.32 980,645,008.41 288,953,994.07 343,969,755.74 368,769,931.59 459,196,250.19 554,728,437.60 856,155,526.13 | 16.69 13.24 14.36 3.86 8.24 3.05 4.89 3.06 | | | Company Supply Company Supply Company Supply Company State Grid Qinghai Electric Power Company loss loss loss loss loss loss loss loss provision (%) | 14,655,717.13 provision 9,058,117.57 337,161,412.41 | debts debts 284,980,275.03 | Beginning balance 3.18 | Ending balance | Expected credit SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page75 Name | Tianjin Huatailong Water Supply Co., Ltd. Others Guangxi Power Grid Co., Ltd. State Grid Jiangsu Electric Power Co., Ltd. State Grid Ningxia Electric Power Company State Grid Jiangxi Electric Power Co., Ltd. Expected credit Expected credit Expected credit Expected credit Expected credit Expected credit Provision for bad Provision for bad Proportion of | Reasons for | | | | | | --- | --- | --- | --- | --- | --- | | | Book balance 241,994,184.16 241,996,763.57 21,575,976.62 18,327,016.40 Book balance 74,562,073.39 32,438,366.77 29,065,512.12 79,983,334.53 6,178,094.76 187,144,165.01 7,267,750.02 5,543,601.78 229,489,783.66 8,172,176.06 175,163,365.00 176,504,475.91 254,829,119.52 729,088,044.80 | 157,565,212.90 187,849,360.66 205,898,993.28 206,651,257.10 255,762,761.20 536,694,389.30 | 15.75 14.07 94.62 14.90 3.92 2.95 | | | | loss loss loss loss loss loss loss provision (%) | 768,648,998.08 838,547,250.77 6,839,491,773.45 provision | 6,751,207,068.52 debts debts | Beginning balance | Total | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Provision for bad debt on credit risk characteristics portfolio basis Portfolio provision item: 3. Provision for bad debts of accounts receivable accrued, recovered, and transferred back in the current period Notes to Financial Statements Page76 | Provision for bad Ending balance Beginning balance Accounts Category | | | | | | | --- | --- | --- | --- | --- | --- | | Other Accounts | | | | | | | debt on credit risk Provision for bad recovered or | Name | | | | | | chang written off | Provision -2,513,487.72 383,081.43 2,896,569.15 | | | | | | Revenue from heat Revenue from debts made on an Including: Other characteristics Proportion of provision transferred 838,547,250.77 | 69,898,252.69 768,648,998.08 | | | | | | or cancelled Provision for bad debts es | -2,513,487.72 383,081.43 Accounts receivable 2,896,569.15 | | | 4,800,398,784.80 199,346,238.36 | | | charge receivable electricity receivable Other portfolios individual basis portfolios portfolio basis 838,930,332.20 | 67,384,764.97 back Total 771,545,567.23 Total | (%) Amount changed in the current period | 383,081.43 383,081.43 | 5,084,933,355.94 0.45 85,188,332.78 | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 4. Accounts receivable and contract assets with top five ending balance collected as per the borrowers (VI) Advances to suppliers 1. Ageing of advances to suppliers Proportion in | total ending Provision for | | | | Notes to Financial Statements Page77 | | --- | --- | --- | --- | --- | | Ending balance of Ending | | | | | | Ending balance balance of bad debts of | | | | | | balance of | accounts | | | | | State Grid Xinjiang State Grid Xinjiang Company name of accounts accounts | accounts | | | | | contract receivable and | | | | | | State Grid Electric Power Co., State Grid Sichuan Electric Power Co., receivable and receivable and receivable | | | | | | 1,064,283,367.53 contract assets 975,201,185.60 177,469,900.04 assets 1,064,283,367.53 | 37,856,633.13 975,201,185.60 | Item 8.24 8.99 | | | | Electric Power Ltd. Turpan Power Yunnan Power Grid Corporation of Ltd. Hami Power contract assets 1,389,217,902.96 1,403,456,899.81 contract assets 1,389,217,902.96 1,403,456,899.81 | 18,043,394.84 | 11.74 11.86 | | | | 1,001,048,614.77 1,001,048,614.77 | 26,183,225.48 | 153,812,387.56 Total 233,973,138.41 100.00 100.00 8.46 | | | | Over 3 years Within 1 year 1 to 2 years 2 to 3 years Co., Ltd. China Supply Company Company Supply Company Proportion (%) Proportion (%) 5,833,207,970.67 259,553,153.49 5,833,207,970.67 | (%) Total Amount | Amount 147,210,438.51 224,180,809.23 49.29 1,098,602.26 4,313,736.13 1,189,610.66 95.81 95.71 1,537,382.26 6,348,790.39 1,906,156.53 | 0.66 0.71 Beginning balance 2.72 2.81 0.81 0.77 Ending balance | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Advances to suppliers with top five ending balances collected as per the suppliers (VII) Other receivables 1. Other receivables (1) Disclosure by aging Notes to Financial Statements Page78 Proportion in total ending | balance of advances to | Ending balance | | Company name | | | | --- | --- | --- | --- | --- | --- | | Including：1 to 6 months Other receivables Within 1 year 3 to 4 years 1 to 2 years 2 to 3 years Interest receivable Dividends receivable | Beginning balance Beginning balance Ending balance Ending balance 7 to 12 months | 1,011,552,393.29 1,011,552,393.29 1,432,251,657.85 1,432,251,657.85 1,227,126,200.41 151,215,553.82 | 491,472,293.66 803,125,983.17 811,373,534.81 735,653,906.75 148,464,743.90 152,678,905.19 10,797,238.28 10,828,736.50 8,247,551.64 2,478,772.04 9,496,709.63 | Aging Total Total Item | 64.63 | | China Pacific Property Insurance Co., Ltd. China Railway 20th Bureau Group Co., Ltd. Taiyuan Coal Exchange Center Co., Ltd. Guangdong China Coal Import and Export Co., Ltd. PICC Property and Casualty Company Limited | suppliers (%) | | 17,516,699.14 98,166,376.79 26,473,436.55 4,675,434.29 4,383,607.05 | | 41.96 11.31 7.49 2.00 1.87 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (2) Bad debt provision of other receivables Notes to Financial Statements Page79 | Expected credit loss Expected credit loss for Provision for bad debts | Total | | | | | --- | --- | --- | --- | --- | | Expected credit loss in the | for the whole the whole duration | | | | | Reversal in the current Provision in the current Balance as of January 1, --Be transferred back to Balance as of January 1, --Be transferred back to Verification in the current Write-off in the current duration (no credit | (credit impairment next 12 months | | | | | | 1,200,665.61 149,673.21 | 1,200,665.61 149,673.21 | | | | 4 to 5 years Over 5 years Less: provision for bad debts 2025 in the current period Stage I 2025 --Be transferred to Stage II Stage II --Be transferred to Stage III period period Other changes period period | impairment) Stage II 1,350,395.36 Beginning balance occurred) Ending balance Stage III Stage I | 56.54 1,350,395.36 1,432,251,657.85 1,011,552,393.29 1,433,602,053.21 1,012,753,058.90 | 35,325,108.78 35,305,914.73 2,392,052.21 1,350,395.36 1,200,665.61 56.54 | Subtotal 87,195.63 Total Aging | Balance as at December 31, SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (3) Provision for bad debts of other receivables accrued, recovered, and transferred back in the current period (4) Classification of other receivables by nature (5) Other receivables with top five ending balances collected as per the borrowers Notes to Financial Statements Page80 | Expected credit loss Expected credit loss for Provision for bad debts | Beginning Total | | | | | --- | --- | --- | --- | --- | | Provision for bad debts Ending balance Expected credit loss in the Accounts | for the whole the whole duration Accounts Category | | | | | Other | balance | | | | | made on an individual duration (no credit Book balance at the beginning of the written off Provision recovered or | (credit impairment 149,673.21 1,200,665.61 1,350,395.36 56.54 next 12 months | | | | | Book balance at the end of the period changes | | Nature | | | | 2025 Reserve funds Advance payments Others Project up-front fees Security deposits Guarantee deposits basis or cancelled transferred back | impairment) 149,673.21 1,200,665.61 1,350,395.36 56.54 Stage II occurred) Total Stage III Stage I | Amount changed in the current period Total period | 1,433,602,053.21 1,012,753,058.90 1,057,453,034.77 308,322,623.93 932,161,696.30 | 30,565,782.52 11,744,074.43 60,205,024.01 35,255,656.72 1,258,118.97 7,127,519.80 746,836.30 952,830.36 561,914.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page81 Proportion in the Ending balance total ending | Garze Tibetan Autonomous Liangshan Yi Autonomous Nature of provision for | Aging Ending balance | Company name | | --- | --- | --- | | Security Security Yangjiang Municipal Bureau of Security Sichuan Provincial Department of balance of other Within 1 Within 1 Within 1 Within 1 | | | | Prefecture Development and Prefecture Development and Quanzhou County Bureau of Security Others | bad debts | 331,101,450.00 325,494,553.00 301,145,000.00 200,000,000.00 23.10 22.70 21.01 13.95 | | Water Resources Finance deposit deposit 3 to 4 years deposit | year year 117,645.70 117,645.70 | 1,247,741,003.00 90,000,000.00 87.04 Total 6.28 | | Reform Commission Reform Commission Finance deposit receivables (%) | year year | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) # (VIII) Inventories # 1. Classification of inventories | Item | Ending balance | | | Beginning balance | | | --- | --- | --- | --- | --- | --- | | | Book balance | Provision for inventory impairment / impairment provision of contract performance cost | Book value | Book balance | Provision for inventory impairment / impairment provision of contract performance cost | | Raw materials | 1,451,402,271.43 | 148,271,043.51 | 1,303,131,227.92 | 1,796,038,089.17 | 125,764,250.5 | | Turnover materials | 9,027,792.60 | 1,743,370.80 | 7,284,421.80 | 10,249,952.54 | 1,123,289.5 | | Goods in stocks | 2,178,511.17 | 461,269.80 | 1,717,241.37 | 2,196,739.43 | 299,995.5 | | Total | 1,462,608,575.20 | 150,475,684.11 | 1,312,132,891.09 | 1,808,484,781.14 | 127,187,535.7 | Notes to Financial Statements Page82 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Provision for inventory impairment and impairment provision of contract performance cost (IX) Other current assets Notes to Financial Statements Page83 Beginning Ending balance Category balance | Goods in Turnover Raw | Reversal or Increase in the current Decrease in the current | | | | | --- | --- | --- | --- | --- | | Others Others 31,682,867.95 | 125,764,250.53 148,271,043.51 Provision 9,176,074.97 1,123,289.50 1,743,370.80 620,081.30 461,269.80 299,995.71 299,995.71 461,269.80 | | | | | Prepaid income tax stocks Prepaid VAT materials Others materials Input tax to be deducted 32,764,219.05 | 127,187,535.74 150,475,684.11 Total write-off 9,476,070.68 Beginning balance Ending balance | period period | 616,275,278.91 767,278,266.13 469,870,567.61 711,702,267.36 16,869,782.80 19,906,725.42 43,784,581.15 32,304,311.19 85,750,347.35 3,364,962.16 | Total Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (X) Long-term receivables 1. Information on long-term receivables Notes to Financial Statements Page84 Item | Provision for bad Provision for bad | | | | | | | --- | --- | --- | --- | --- | --- | | | Book value Book value Book balance Book balance | | | | | | Others Less: Part due within 1 year Receivables for Batang PPP Project Shareholder borrowings | 11,756,355,994.57 11,756,355,994.57 10,479,571,850.95 10,479,571,850.95 8,076,021,419.19 3,680,334,575.38 9,936,793,184.09 63,726,470.07 62,500,000.00 63,726,470.07 11,833,631,721.68 77,275,727.11 62,500,000.00 debts debts 542,778,666.86 14,775,727.11 11,833,631,721.68 77,275,727.11 1,226,470.07 | 8,076,021,419.19 3,695,110,302.49 10,543,298,321.02 10,543,298,321.02 62,500,000.00 9,936,793,184.09 | 544,005,136.93 Subtotal 62,500,000.00 Total | Beginning balance | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Classified disclosure by bad debt accrual method Notes to Financial Statements Page85 Provision for | bad debts Category | | | | | --- | --- | --- | --- | | Receivables made on an 10,543,298,321.02 11,833,631,721.68 Proportion Proportion 63,726,470.07 10,479,571,850.95 11,756,355,994.57 | 77,275,727.11 Book balance Book balance 100.00 100.00 | 0.65 0.60 | | | Proportion Proportion | | | | | individual for Batang Shareholder of provision of provision 9,936,793,184.09 8,076,021,419.19 9,936,793,184.09 | 8,076,021,419.19 Amount Amount Amount Amount 68.25 | 94.25 | | | 3,695,110,302.49 1,226,470.07 | 14,775,727.11 3,680,334,575.38 544,005,136.93 (%) 542,778,666.86 (%) 31.23 | 0.40 0.23 5.16 | | | PPP Project borrowings basis Others 10,543,298,321.02 11,833,631,721.68 63,726,470.07 10,479,571,850.95 62,500,000.00 11,756,355,994.57 | 77,275,727.11 62,500,000.00 (%) (%) Total 62,500,000.00 62,500,000.00 Provision for bad debts Provision for bad debts 100.00 100.00 100.00 100.00 | 0.53 0.59 Book balance Book balance | Beginning balance Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Provision for bad debts made on an individual basis: Notes to Financial Statements Page86 Item | Receivables for Batang Provision for bad | Provision for bad Proportion of Proportion of | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Reason for Provision Expected credit losses | Book balance 10,543,298,321.02 9,936,793,184.09 Book balance | 63,726,470.07 11,833,631,721.68 Total 8,076,021,419.19 77,275,727.11 | | | | | | Others Shareholder borrowings PPP Project Expected credit losses Expected credit losses | provision (%) provision (%) | 62,500,000.00 544,005,136.93 debts 1,226,470.07 62,500,000.00 debts 62,500,000.00 3,695,110,302.49 14,775,727.11 | 62,500,000.00 100.00 100.00 | 0.23 0.40 | Beginning balance | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Provision for long-term receivables 4. Bad debt provision of long-term receivables Long-term receivables | with provision | | | | Notes to Financial Statements Page | 87 | | --- | --- | --- | --- | --- | --- | | for expected Expected credit loss Provision for bad | | | | | | | -13,549,257.04 77,275,727.11 63,726,470.07 Expected credit loss Beginning | Ending | Total | | | | | credit losses Expected credit loss | Accounts Category for the whole | debts | | | | | | Accounts balance balance for the whole | | | | | | on an Balance as of recovered or | duration (credit Other in the next 12 | | | | | | written off or duration (no credit | Provision | | | | | | individual Balance as of --Be transferred --Be transferred to Provision in the --Be transferred to January 1, 2025 in --Be transferred transferred | changes impairment | months | | | | | | cancelled impairment) | -13,549,257.04 -13,549,257.04 14,775,727.11 62,500,000.00 77,275,727.11 | | | | | -13,549,257.04 current period Stage II the current period basis back to Stage I January 1, 2025 back to Stage II Stage III 77,275,727.11 63,726,470.07 | Total back occurred) | Stage III Stage II Stage I | Amount changed in the current period | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | | | Notes to Financial Statements Page | 88 | | --- | --- | --- | --- | | Expected credit loss Provision for bad | | | | | Expected credit loss | Total | | | | Expected credit loss for the whole | debts | | | for the whole duration (credit in the next 12 duration (no credit | Balance as at Derecognition in the Verification in the Write-off in the Reversal in the | impairment | months | | --- | --- | --- | | | impairment) | 62,500,000.00 63,726,470.07 1,226,470.07 | | December 31, 2025 current period Other changes current period current period current period | occurred) Stage III Stage II | Stage I | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XI) Long-term equity investments 1. Details of long-term equity investments | Last year-end | | | | Notes to Financial Statements Page89 | | --- | --- | --- | --- | --- | | Ending balance of Profit or loss on | | | | | | balance of Beginning | Other | | | | | Cash dividends Ending balance Provision for impairment investments | | Investee | | | | Other changes in comprehensive impairment Additional Reduced | balance | | | | | recognized under provision and profits accrued | Others | | | | | investment investment provision | income equity | | | | | declared to pay impairment the equity | | | | | | 1,500,427,161.85 2,810,451,238.44 2,334,959,112.55 adjustments 159,749,246.79 364,202,042.38 1,598,203,013.25 -29,155,367.52 -11,588,252.92 2,695,225,659.97 2,599,439,568.96 -29,155,367.52 59,462,839.29 163,100,164.84 106,960,161.00 46,568,705.00 36,962,134.47 -9,311,070.64 36,962,134.47 -9,311,070.64 97,324,157.56 143,956,729.28 | 2,661,784.49 69,315,249.15 1,504,303.69 4,081,092.72 1,504,303.69 4,680,069.27 3,157,482.31 5,946.74 57,919.98 | | | | | Hanlan Environment Co., Ltd. Inch Cape Offshore Holdings Limited Xuzhou China Resources Power Co., Ltd. Cloud Wind Farm Holdings AB 2. Associates SDIC Finance Co., Ltd. 1. Joint ventures Jiangxi Ganneng Co., Ltd. Tongshan China Resources Power Co., Ltd 182,700,000.00 101,743,224.39 525,984,642.99 method 360,981,694.98 | 86,767,835.55 2,713,319.07 8,344.08 | Subtotal | Current increase or decrease | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | Last year-end | | | | Notes to Financial Statements Page90 | | --- | --- | --- | --- | --- | | Ending balance of Profit or loss on | | | | | | balance of | Beginning Other | | | | | Cash dividends Ending balance Provision for impairment investments | | Investee | | | | Other changes in comprehensive impairment Additional Reduced | balance | | | | | recognized under | provision and profits accrued Others | | | | | investment investment provision | income equity | | | | | Fujian Sanchuan Offshore Wind Power Xiamen Haicang Thermal Energy Lanzhou New Area Vocational Education China Petroleum Green Energy (Hainan) Xiamen Haihua Electric Power Technology declared to pay impairment the equity 368,256,799.46 | 52,605,233.77 15,147,489.44 20,180,033.12 362,620,553.88 30,329,848.22 58,000,000.00 2,149,197.35 2,853,304.27 1,189,433.24 15,190,759.71 20,556,751.80 32,479,045.57 496,718.68 4,042,737.51 -241,479.35 43,270.27 120,000.00 | | | | | Beatrice Offshore Windfarm Holdco 1,369,573,587.00 adjustments 144,052,205.08 -77,279,687.92 1,317,770,685.18 | 172,736,700.34 54,161,281.36 | | | | | Capstone Energy (Yunnan) Co., Ltd. Park Power Distribution and Sales Co., Ltd. Limited Co., Ltd. Co., Ltd. Liaoning Dalian Pumped-Storage Co., Ltd. Co., Ltd. Jiangxi Enpu Energy Technology Co., Ltd. Investment Co., Ltd. Lestari Listrik Pte. Ltd. 731,235,920.93 1,522,250,972.14 -34,220,171.63 1,514,479,558.34 715,000,701.28 | 41,077,681.32 63,030,000.00 12,800,000.00 method 4,999,541.91 14,628,923.49 63,030,000.00 12,800,000.00 4,999,504.63 554,152.39 553,330.06 -822.33 -37.28 | | Current increase or decrease | | Hydrogen Era (Jieyang) Energy SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | Last year-end | | | | Notes to Financial Statements Page91 | | --- | --- | --- | --- | --- | | Ending balance of Profit or loss on | | | | | | balance of | Beginning Other | | | | | Cash dividends Ending balance Provision for impairment investments | | Investee | | | | Other changes in comprehensive impairment Additional Reduced | balance | | | | | recognized under | provision and profits accrued Others | | | | | investment investment provision | income equity | | | | | Fujian Fuzhou Mintou Offshore Wind declared to pay impairment the equity 7,000,000.00 | 7,000,000.00 | | | | | Power Collector Station Co., Ltd. adjustments | | | | | | Technology Co., Ltd. 731,235,920.93 Putian Dongwu Energy Co., Ltd. 731,235,920.93 10,716,084,175.81 10,679,122,041.34 182,700,000.00 182,700,000.00 -111,266,140.33 10,755,079,525.73 10,755,079,525.73 964,027,799.92 973,338,870.56 8,750,000.00 715,000,701.28 1,750,000.00 8,750,000.00 -82,110,772.81 715,000,701.28 | 671,629,034.37 21,445,413.42 671,629,034.37 19,941,109.73 method 10,367,311.28 10,367,311.28 1,749,932.61 -67.39 | Subtotal Total | Current increase or decrease | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XII) Investment in other equity instruments 1. Investment in other equity instruments | Accumulate Accumulated | | | --- | --- | | Current gain Current loss Dividend | Notes to Financial Statements Page92 | | Reasons for being d gains losses | | income | recognized in recognized included in included in | designated as Beginning | | | | --- | --- | --- | --- | | Ending balance recognized in | | Item | | | being measured at Additional in other | balance other other other | | | | Other the current | | | | | comprehens Reduced investment comprehensi | FVTOCI | | | | Sichuan Power Guian New District comprehensive comprehensive investment | period | | | | Strategic long-term Strategic long-term ive income ve income | | | | | Exchange Center Co., National Coal Exchange Strategic long-term Beijing Power Exchange Strategic long-term Power Distribution and Yunnan Coal Chemical Strategic long-term Zhongmin Energy Co., Strategic long-term Tianjin Power Exchange Strategic long-term income in the income in the | 60,013,129.21 857,100.00 3,177,388.07 59,142,900.00 3,177,388.07 870,229.21 | | | | holdings holdings 33,144,243.69 198,154,692.32 132,903,312.36 | 12,000,000.00 10,370,432.37 59,098,800.00 11,760,600.00 65,251,379.96 9,541,095.99 12,000,000.00 10,370,432.37 47,338,200.00 1,811,325.93 9,541,095.99 | | | | holdings holdings holdings holdings holdings Industry Group Co., Ltd. Ltd. Ltd. Center Co., Ltd. Center Co., Ltd. Center Co., Ltd. Sales Co., Ltd. current period current period | | | Current increase or decrease | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Explanation of derecognition in the current period | Accumulate Accumulated | | | --- | --- | | Current gain Current loss Dividend | Notes to Financial Statements Page93 | | Reasons for being d gains losses | | income | recognized in recognized included in included in | designated as Beginning | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Ending balance recognized in | | Item | | | | | | being measured at Additional in other | balance other other other | | | | | | | Other the current | | | | | | | | comprehens Reduced investment comprehensi | FVTOCI | | | | | | | Guangxi Power comprehensive comprehensive investment | period | | | | | | | Strategic long-term ive income ve income | | | | | | | | Exchange Center Co., SDIC Hami Industrial Strategic long-term income in the income in the | Accumulated losses transferred to Accumulated gains transferred to 2,607,256.83 2,607,256.83 | | | | | | | holdings 2,287,300.00 | 7,670,940.00 7,712,700.00 | Reasons for Derecognition 41,760.00 | | | | Item | | Zhongmin Energy Co., Ltd. holdings 36,288,643.69 198,154,692.32 297,382,354.83 | 151,889,973.26 65,293,139.96 12,630,829.21 1,811,325.93 | Total retained earnings retained earnings | Disposal | | 82,113,489.09 | | | Ltd. Co., Ltd. current period current period | | | | Current increase or decrease | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan )--- # **(XIII) Investment properties** # 1. Investment properties in the mode of cost measurement | Item | Houses and buildings | Land right of uses | Total | | --- | --- | --- | --- | | 1. Original book value | | | | | (1) Beginning balance | 261,252,114.26 | 31,467,275.41 | 292,719,389.67 | | (2) Increase in the current period | 37,203,833.63 | | 37,203,833.63 | | -- Purchase | | | | | -- Transferred from fixed assets | 37,203,833.63 | | 37,203,833.63 | | (3) Decrease in the current period | | | | | (4) Ending balance | 298,455,947.89 | 31,467,275.41 | 329,923,223.30 | | 2. Accumulated depreciation and accumulated amortization | | | | | (1) Beginning balance | 176,059,579.80 | 13,620,948.12 | 189,680,527.92 | | (2) Increase in the current period | 14,576,200.11 | 1,005,161.28 | 15,581,361.39 | | -- Provision or amortization | 6,794,473.18 | 1,005,161.28 | 7,799,634.46 | | -- Transferred from fixed assets | 7,781,726.93 | | 7,781,726.93 | | (3) Decrease in the current period | | | | | (4) Ending balance | 190,635,779.91 | 14,626,109.40 | 205,261,889.31 | | 3. Provision for impairment | | | | | 4. Book value | | | | | (1) Ending book value | 107,820,167.98 | 16,841,166.01 | 124,661,333.99 | | (2) Beginning book value | 85,192,534.46 | 17,846,327.29 | 103,038,861.75 | # **(XIV) Fixed assets** # 1. Fixed assets and disposal of fixed assets | Item | Ending balance | Beginning balance | | --- | --- | --- | | Fixed assets | 195,689,243,580.96 | 197,238,005,855.72 | | Disposal of fixed assets | 27,974,139.92 | 7,195,591.49 | Notes to Financial Statements Page 94 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page 95 Beginning balance Ending balance 197,245,201,447.21 195,717,217,720.88 Total Item SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Details of fixed assets Notes to Financial Statements Page96 | (4)Translation differences arising from foreign | Office and other -- Transferred from projects under | | | | | | --- | --- | --- | --- | --- | --- | | Transport equipment | Machinery Equipment Houses and buildings | 8,978,700,221.18 Total | 27,069,866.70 25,449,821.99 -3,786,193.11 26,884,376.50 | 7,582,743,140.26 70,624.57 1,343,622,882.43 30,813,533.25 | Item -28,098.01 | | (2) Increase in the current period construction currency transactions (3) Decrease in the current period 1. Original book value (1) Beginning balance | 302,566,388,568.05 -- Others -- Purchase -- Increase from business combination -- Others -- Disposal or retirement -- Transferred to investment properties | equipment 9,386,819,265.72 1,262,181,049.93 494,718,665.57 730,258,550.73 161,845,407.49 246,273,637.05 | 784,057,567.48 37,203,833.63 542,382,840.96 36,466,315.68 81,731,238.80 13,136,461.17 36,327,737.76 19,953,679.05 49,602,776.85 107,165,841,814.57 23,168,360.83 57,605,529.15 28,897,312.53 23,168,360.83 1,823,840.12 | 7,741,062,797.21 194,074,106,345.04 402,975,397.84 358,181,560.52 761,156,958.36 1,506,419,700.56 95,776,327.08 62,543,329.87 | 358,940,529.04 161,952,788.01 428,252,953.89 32,108,591.22 37,203,833.63 844,030.12 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page97 | (4) Translation differences arising from | Office and other | | | | | --- | --- | --- | --- | --- | | Transport equipment | Machinery Equipment Houses and buildings | Total -3,812,807.55 4,543,029.31 | 119,748.41 | 8,258,736.16 Item -22,647.71 | | (5) Ending balance (3) Decrease in the current period 2. Accumulated depreciation (1) Beginning balance foreign currency transactions (1) Beginning balance (2) Increase in the current period (5) Ending balance 3. Provision for impairment | 310,718,096,650.54 104,957,659,318.37 114,668,139,794.75 -- Disposal or retirement -- Others -- Transferred to investment properties -- Provision -- Others 10,136,780,213.64 10,153,520,837.51 | equipment 370,723,393.96 447,583,390.44 417,855,175.77 812,399,836.32 597,497,144.33 652,090,427.44 16,740,623.87 576,890,633.85 336,256,534.95 21,946,487.74 348,555,390.48 82,073,040.07 31,215,989.42 28,737,208.02 89,622,080.08 114,176,561,186.67 7,781,726.93 32,882,173.43 22,438,763.65 22,397,755.09 34,617,870.77 7,549,040.01 2,478,781.40 | 1,735,697.34 51,708,982,478.74 56,466,638,648.72 228,915.45 5,106,392,690.98 5,110,777,659.03 195,152,244,993.70 232,770.64 359,917,783.09 361,380,225.21 347,861,431.13 52,314,923,160.35 57,200,855,328.11 41,008.56 4,915,432,309.16 13,518,794.08 4,918,503,227.63 | 4,384,968.05 10,343,924.78 32,548,412.16 18,858,781.53 3,070,918.47 5,907,903.70 7,781,726.93 | # SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | Item | Houses and buildings | Machinery Equipment | Transport equipment | Office and other equipment | | --- | --- | --- | --- | --- | | (2) Increase in the current period | 16,257,063.82 | 8,401,100.19 | 244,264.70 | 61,03 | | -- Provision | 16,257,063.82 | 8,401,100.19 | 244,264.70 | 61,03 | | (3) Decrease in the current period | 3,016,375.63 | 31,504,550.95 | 307,608.55 | 145,05 | | -- Disposal or retirement | 3,016,375.63 | 31,504,550.95 | 307,608.55 | 145,05 | | (4) Ending balance | 23,584,612.97 | 336,814,332.33 | 169,426.79 | 144,90 | | 4. Book value | | | | | | (1) Ending book value | 137,927,805,052.62 | 57,373,108,205.62 | 228,165,816.58 | 160,164,50 | | (2) Beginning book value | 141,748,839,259.91 | 55,096,941,552.74 | 205,893,535.37 | 186,331,50 | Notes to Financial Statements Page98 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan )--- # 3. Fixed assets whose property certificates are not obtained | Item | Book value | Reasons for failure to have property ownership certificate in place | | --- | --- | --- | | Houses and buildings | 138,441,162.81 | In progress | # 4. Disposal of fixed assets | Item | Ending balance | Beginning balance | | --- | --- | --- | | Houses and buildings | 995,377.71 | 988,917.09 | | Machinery equipment | 26,502,546.41 | 5,763,137.94 | | Transportation equipment | 403,594.45 | 364,373.91 | | Office equipment | 72,621.35 | 79,162.55 | | Total | 27,974,139.92 | 7,195,591.49 | Notes to Financial Statements Page 99 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XV) Projects under construction 1. Projects under construction and engineering materials 2. Details of projects under construction Notes to Financial Statements Page100 | Provision | | | Item | | | | --- | --- | --- | --- | --- | --- | | Provision for | Item | | | | | | Engineering Projects under Provision for Provision for Book balance | for Book balance Book value Book value | | | | | | impairment | Book balance Book balance 5,131,684.73 Book value Book value | 37,721,563,956.86 37,716,432,272.13 29,026,671,539.28 29,026,671,539.28 1,137,622,858.70 1,137,622,858.70 1,240,588,607.89 1,240,588,607.89 | | | | | Kala Hydropower Station materials construction Mendigou Hydropower Station impairment impairment impairment | 4,192,757,209.41 5,061,189,211.32 Total 5,131,684.73 4,970,546,563.75 7,262,473,965.59 | 4,970,546,563.75 7,262,473,965.59 4,192,757,209.41 5,061,189,211.32 38,859,186,815.56 38,854,055,130.83 30,267,260,147.17 30,267,260,147.17 | | Ending balance Beginning balance | Beginning balance Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page101 Provision Item Provision for | Qinzhou Phase III Coal-fired Power Lianghekou Pumping and Storage Power | Book balance for Book balance | Book value Book value | | | | --- | --- | --- | --- | --- | | | impairment | 847,162,302.21 956,607,143.04 2,987,656,338.89 2,011,004,313.24 2,987,656,338.89 2,011,004,313.24 847,162,302.21 956,607,143.04 | | | | Generation Project (Units 3 and 4) Chabulang Photovoltaic Power Generation Suorong Photovoltaic Power Station Zala Mountain Photovoltaic Project Station Others Solar and PV of Aksay Yagen I Hydropower Station Maoniu Mountain Wind Power 5,131,684.73 impairment 5,131,684.73 | 29,026,671,539.28 11,286,084,933.83 1,102,419,214.55 2,057,459,510.55 1,137,346,023.97 37,721,563,956.86 10,241,359,058.21 | 527,893,571.65 880,375,809.27 977,376,609.48 2,034,036,783.18 1,628,648,382.71 2,618,177,944.76 1,243,307,041.12 1,335,338,122.92 1,389,015,442.49 37,716,432,272.13 10,236,227,373.48 29,026,671,539.28 2,034,036,783.18 1,628,648,382.71 2,618,177,944.76 11,286,084,933.83 1,243,307,041.12 1,335,338,122.92 1,389,015,442.49 1,102,419,214.55 2,057,459,510.55 1,137,346,023.97 527,893,571.65 880,375,809.27 977,376,609.48 | Total | Ending balance Beginning balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Changes of important projects under construction in the current period | Proportio Capitaliz | | Notes to Financial Statements Page102 | | --- | --- | --- | | ation rate Including: n of | | | | Constr Amount | | | | of interest Self-fun Self-fun Self-fun Self-fun Self-fun cumulativ Amount of Accumulated Other | | | | Qinzhou Phase III uction Source transferred into Increase in the | | | | Beginning balance decreases in the d raising d raising d raising d raising d raising e project Ending balance capitalized in the Budget amount amount of | Item | | | Chabulang Photovoltaic Mendigou Hydropower Zala Mountain progres of funds Coal-fired Power fixed assets in the current period | | | | Kala Hydropower Station investmen capitalized interest and and and and and current period interest in the current 2,034,036,783.18 18,619,132.89 4,970,546,563.75 27,824,111.27 2,987,656,338.89 34,136,369.01 2,618,177,944.76 26,776,072.26 7,262,473,965.59 75,296,677.67 1,102,419,214.55 41.48 4,192,757,209.41 29.05 60.77 2,057,459,510.55 63.86 5,061,189,211.32 20.93 17,121,092,800.00 847,162,302.21 2,142,234,260.04 34,721,993,739.05 2,222,560,322.73 4,903,916,300.00 5,021,330,000.00 4,100,000,000.00 21,275,568.46 186,599,978.86 | 931,617,568.63 41.48 19,984,338.51 2.59 777,840,412.78 29.05 91,132,969.69 2.25 1,740,223.36 60.77 45,647,877.47 2.49 560,718,434.21 63.86 35,127,395.82 1.73 20.93 2.19 51,058.44 | | | Power Generation Station Photovoltaic Project Generation Project (Units s (%) current period | | | | t in budget current period borrowi borrowi borrowi borrowi borrowi period | | | 3 and 4) ngs ngs ngs ngs ngs (%) (%) SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | Proportio Capitaliz | | Notes to Financial Statements Page103 | | --- | --- | --- | | ation rate Including: n of | | | | Constr Amount | | | | of interest Self-fun Self-fun Self-fun Self-fun Self-fun cumulativ Amount of Accumulated Other | | | | uction Source transferred into Increase in the | | | | Beginning balance decreases in the d raising d raising d raising d raising d raising e project Ending balance capitalized in the Budget amount amount of | Item | | | progres of funds Maoniu Mountain Wind Lianghekou Pumping and Yagen I Hydropower Suorong Photovoltaic fixed assets in the current period | | | | Solar and PV of Aksay investmen capitalized interest and and and and and current period interest in the current 2,011,004,313.24 10,379,499.99 1,335,338,122.92 1,628,648,382.71 20,896,282.36 1,243,307,041.12 18,990,528.69 1,389,015,442.49 24.90 23.87 37.00 1,137,346,023.97 98.01 35.45 5,598,461.70 956,607,143.04 1,056,702,180.68 880,375,809.27 527,893,571.65 1,100,754,811.06 977,376,609.48 8,960,283,100.00 5,879,571,600.00 998,200.00 4,485,723,500.00 4,657,850,000.00 13,125,023.35 3,918,501,000.00 | 2,305,010.48 24.90 11,713,750.00 1.46 456,582,707.45 1,620,393.80 23.87 2.79 37.00 20,896,282.36 2.62 119,086,040.50 98.01 76,411,680.95 1.79 411,638,833.01 35.45 2.68 5,738,776.45 998,200.00 | | | Power Storage Power Station Station Power Station s (%) current period | | | | borrowi borrowi t in budget current period borrowi borrowi borrowi period | | | | ngs ngs ngs ngs ngs 239,515,335.84 17,740,586,605.45 27,480,204,898.65 (%) (%) 9,779,735,571.09 40,117,277.89 494,251,250.11 | Total | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 4. Provision for impairment of construction in progress 5. Engineering materials Notes to Financial Statements Page104 Phase I Boiler Steel Ball Coal Mill to Item | Medium-speed Coal Mill Feasibility Study Project terminated Qinzhou Power Plant Heat Supply | Increase in the current Decrease in the | | | 716,981.13 716,981.13 | | | | --- | --- | --- | --- | --- | --- | --- | | Project terminated Beginning balance | Reason for Provision 1,137,622,858.70 1,240,588,607.89 1,240,588,607.89 Ending balance 1,137,622,858.70 | | | 4,414,703.60 4,414,703.60 Total | Item | | | Provision for impairment Provision for impairment Engineering materials Uninstalled equipment Others Project Renovation Project | current period Book balance Book balance 1,137,039,229.14 1,151,614,273.89 1,151,614,273.89 Book value Book value 1,137,039,229.14 | 88,950,847.66 88,950,847.66 | 583,629.56 period 583,629.56 23,486.34 23,486.34 | 5,131,684.73 5,131,684.73 | Total | Beginning balance Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) # (XVI) Right-of-use assets # 1. Details of right-of-use assets | Item | House and buildings | Machinery Equipment | Land | | --- | --- | --- | --- | | 1. Original book value | | | | | (1) Beginning balance | 250,521,058.31 | 189,060,548.94 | 1,682,724,260.79 | | (2) Increase in the current period | 77,950,508.87 | 1,870,725,354.73 | 409,719,026.49 | | -- New lease | 77,950,508.87 | 1,866,689,430.97 | 409,707,611.35 | | -- Revaluation adjustment | | 4,035,923.76 | 11,415.14 | | (3) Decrease in the current period | 72,345,863.90 | 1,756,443.66 | | | -- Transferred to fixed assets | | 1,756,443.66 | | | -- Disposal | 72,345,863.90 | | | | (4) Translation differences arising from foreign currency transactions | -12,212,694.86 | 96,717.56 | | | (5) Ending balance | 243,913,008.42 | 2,058,126,177.57 | 2,092,443,287.28 | | 2. Accumulated depreciation | | | | | (1) Beginning balance | 112,597,997.76 | 9,588,884.14 | 151,950,489.46 | Notes to Financial Statements Page 105 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XVII) Intangible assets 1. Details of intangible assets Notes to Financial Statements Page106 (4) Translation differences arising from foreign currency -12,093,078.72 -12,150,571.63 57,492.91 (2) Beginning book value 3. Provision for impairment (2) Increase in the current period 4. Book value (1) Ending book value (3) Decrease in the current period transactions (5) Ending balance -- Provision -- Transferred to fixed assets --Disposal 1,848,168,496.68 4,011,640,272.42 382,842,200.85 174,370,948.84 174,370,948.84 51,849,842.41 53,573,040.63 1,723,198.22 137,923,060.55 143,919,949.07 51,849,842.41 99,993,059.35 51,395,475.63 51,395,475.63 51,849,842.41 2,010,655,646.87 1,530,773,771.33 1,857,064,676.48 179,471,664.80 47,470,530.70 235,378,610.80 39,547,351.87 39,547,351.87 83,428,121.34 83,428,121.34 1,723,198.22 1,723,198.22 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page107 (4) Translation | differences arising Green electricity | Right to | | --- | --- | | Highway right of Sea area right of Housing right Land right of | -15,528,998.29 12,293,971.48 371,170.53 -2,863,856.28 | | (2) Increase in the (3) Decrease in in the from foreign currency 2. Accumulated BOT franchise certificate for | Software Others charge Total Item | | 5,037,680.21 51,653,937.08 4,677,850,336.14 | 4,664,273,797.73 44,828,851.90 6,118,677.88 272,069,243.96 59,961,463.11 433,551,176.26 7,457,860.53 of use use use use | | (1) Beginning balance transactions amortization (5) Ending balance 1. Original book value current period (1) Beginning balance current period 2,069,784,783.84 562,414,434.09 343,324,014.96 2,107,155,775.21 608,320,863.82 1,822,522,109.88 13,036,235,075.72 5,037,680.21 1,822,522,109.88 5,037,680.21 69,278,200.00 10,658,184.62 69,278,200.00 28,834,744.36 22,819,192.72 4,676,089,422.42 6,468,915,224.49 8,789,072,059.56 | 7,977,076,169.81 216,841,737.03 4,664,273,797.73 489,927,543.94 4,681,463,173.90 761,658,703.46 3,569,342,617.75 276,803,200.14 subsidies 311,606,344.87 34,401,131.30 10,427,720.60 6,118,677.88 65,701,615.03 112,039,645.10 323,900,316.35 6,711,296.20 272,069,243.96 59,961,463.11 400,304,262.94 4,142,343.48 6,711,296.20 33,246,913.32 5,696,946.81 1,760,913.72 AFTON -- Others -- Disposal -- Others -- Purchase 1,760,913.72 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statements Page108 (4) Translation | differences arising Green electricity | Right to | | --- | --- | | Highway right of Sea area right of Housing right Land right of | 325,192.40 13,875,738.06 4,362,303.83 9,188,241.83 | | (2) Increase in the from foreign currency 3. Provision for (2) Increase in the (3) Decrease in the BOT franchise certificate for | Software Others charge Total Item | | 44,099,173.45 4,493,663,579.42 5,329,092.31 4,482,050,308.22 | 5,916,324.39 13,493,209.08 45,989,252.13 153,493,364.42 43,379,232.49 11,176,504.10 89,008.55 322,164,954.40 18,452,842.51 13,493,209.08 5,696,946.81 of use 156,484.44 use use use | | current period transactions impairment (5) Ending balance (1) Beginning balance current period current period 381,832,056.42 15,987,276.93 44,099,173.45 4,493,610,374.62 4,482,050,308.22 530,219,849.26 805,037,935.95 2,311,292,337.53 5,329,092.31 | subsidies 5,863,119.59 134,854,791.44 45,814,870.77 362,094,471.93 4,298,827.92 76,878,119.13 89,008.55 182,223,489.51 182,397,870.87 153,493,364.42 43,379,232.49 11,176,504.10 89,008.55 321,990,573.04 18,452,842.51 5,696,946.81 AFTON 53,204.80 156,484.44 --Provision -- Others -- Disposal -- Others 174,381.36 174,381.36 174,381.36 53,204.80 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Land use rights whose property certificates are not obtained Notes to Financial Statements Page109 (4) Translation | differences arising Green electricity | Right to | | --- | --- | | Highway right of Sea area right of Housing right Land right of | | | (2) Beginning book from foreign currency (1) Ending book (3) Decrease in the BOT franchise certificate for | Software Others charge Total Item | | 1,579,682,858.54 219,090,419.13 1,563,442,716.87 226,488,807.40 1,060,863,406.42 1,017,484,173.93 4,948,671.66 58,620,015.38 53,290,923.07 6,384,921,980.36 6,464,286,512.95 3,113,389,506.40 151,140,122.00 3,207,248,145.82 199,925,081.01 | 199,566,699.77 189,045,524.91 2,568,952.72 2,412,468.28 182,223,489.51 182,397,870.87 of use 174,381.36 use use use | | value (5) Ending balance value 4. Book value current period transactions subsidies | 13,493,209.08 13,493,209.08 182,223,489.51 182,397,870.87 13,493,209.08 13,493,209.08 AFTON -- Provision -- Disposal 174,381.36 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XVIII) Development expenditures Notes to Financial Statements Page110 Ending balance Beginning balance Transferred to Internal Item Recognized as | current profits and Reasons for failure to have property ownership certificate in | development Others Others | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | intangible assets | Book value | | | | Item | | Outsourced R&D Project construction land Independent R&D | 11,555,339.90 expenditures 4,832,951.25 6,722,388.65 3,574,389.38 3,574,389.38 Increase in the current period 10,486,592.32 | losses 3,764,203.67 6,722,388.65 5,698,797.34 1,055,660.38 5,698,797.34 1,055,660.38 | Total | Decrease in the current period 8,548,768.78 8,548,768.78 | In process place | Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XIX) Goodwill 1. Changes in goodwill Notes to Financial Statements Page 111 Investees or items Beginning Ending balance that generate balance Ningxiang Gushanfeng Hainan Dongfang Jiangsu Tiansai New Hainan Dongfang Decrease in Resulting goodwill Goodwill | Gaopai Wind Power Energy Development Gaopai Wind Power Changzhou Tiansui New Energy Provision for from business the current 39,823,812.36 Increase in the current period Disposal | 38,038,486.54 49,614,744.38 58,099,601.67 38,038,486.54 49,614,744.38 58,099,601.67 39,823,812.36 | | --- | --- | | | valuation 539,284.94 539,284.94 | | Book value Co., Ltd. Generation Co., Ltd. Original book value New Energy Co., Ltd. Development Co., Ltd. impairment Generation Co., Ltd. combinations -39,823,812.36 39,823,812.36 146,292,117.53 146,292,117.53 | period 106,468,305.17 146,292,117.53 39,823,812.36 Subtotal Subtotal | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Composition of the asset group or the combination of asset groups to which a goodwill belongs and information on its operating segment Fixed asset, right-of-use asset, intangible asset and goodwill, | asset impairment amount on the combination date, Fixed asset, intangible asset, goodwill, asset impairment Electric power sector, | | | Notes to Financial Statements Page | 112 | | --- | --- | --- | --- | --- | | Fixed asset, goodwill, asset impairment amount on the Fixed asset, intangible asset and goodwill, asset impairment | | | | | | Ningxiang Gushanfeng depreciation adjustment. Electric power sector, | | | | | | Electric power sector, Electric power sector, amount on the combination date, depreciation adjustment. electric power combination date, depreciation adjustment. amount on the combination date, depreciation adjustment. | | | | | | Jiangsu Tiansai New Hainan Dongfang New Energy | Yes | | | | | electric power Changzhou Tiansui New electric power electric power production and selling | | | | | | Energy Development Basis: the group is the minimum asset group which can be Gaopai Wind Power Development Co., Ltd. Basis: the group is the minimum asset group which can be | Yes Yes Yes | | | | | Basis: the group is the minimum asset group which can be Basis: the group is the minimum asset group which can be production and selling Energy Co., Ltd. production and selling production and selling asset group Consistent with | | | | | | Co., Ltd. recognized by enterprise, and the cash inflow incurred is Generation Co., Ltd.. Operating segment Composition of the asset group or the combination of | | | | | | recognized by enterprise, and the cash inflow incurred is recognized by enterprise, and the cash inflow incurred is recognized by enterprise, and the cash inflow incurred is asset group previous year or | Item | | | | | asset group asset group | and basis | asset groups and basis | | | | basically independent of other assets or asset groups. basically independent of other assets or asset groups. | | | | | | basically independent of other assets or asset groups. basically independent of other assets or asset groups. | not | | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Determination method of recoverable amount The recoverable amount is determined as per the present value of the future cash flow: 1. The recoverable amount of the Group's goodwill related asset group was determined based on the present value of the estimated future cash flows. The discount rate used for the cash flow projections was a pre-tax discount rate reflecting the specific risks of the related asset group and ranged from7.06% to 8.74%. Based on the results of the impairment test, the Group was required to recognize provision for goodwill impairment for the current year, which were RMB 39,823,812.36. 2. Other significant assumptions used for the impairment test include the expected selling price of electricity, the annual effective utilization hours of the equipment and the cost of power generation. Management determines these significant assumptions based on the past operating conditions of each asset group or combination of asset groups and its expectation of future market development. 3. Except for the asset group of Hainan Dongfang Gaopai Wind Power Generation Co., Ltd., the amounts of significant assumptions including discount rates and industry trends allocated to these asset groups or combinations of asset groups are consistent with the Group’s historical experience and Notes to Financial Statements Page113 external information.For the asset group of Hainan Dongfang Gaopai Wind Power Generation Co., Ltd., the abolition of the immediate VAT refund policy, coupled with the deterioration of power absorption | and the rising power curtailment rate starting from 2025, has reduced the future cash flows of this asset Asset group of Ningxiang Asset group of Changzhou Asset group of Hainan Asset group of Jiangsu | | | | | --- | --- | --- | --- | | group, resulting in goodwill impairment recognized in the current period upon impairment testing. Dongfang Gaopai Wind Tiansai New Energy Gushanfeng New Energy Tiansui New Energy Co., 245,655,392.45 403,116,153.99 133,318,728.14 | 311,272,511.29 Recoverable 205,831,580.09 653,479,228.52 328,644,024.27 201,728,952.75 39,823,812.36 | | | | Impairment amount | Book value | Item | Remark | | Development Co., Ltd. Ltd. Power Generation Co., Ltd. Development Co., Ltd. 1,093,362,785.87 | 1,389,683,785.63 amount 39,823,812.36 | Total | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XX) Long-term prepaid expenses Note 1: The Meizhouwan Phase I Technical Transformation Project is due to the merger increase of Fujian Pacific Power Co., Ltd. in previous years, mainly including technical transformation projects such as denitration project, maritime ship right of use and power transmission and transformation facilities, low nitrogen burner transformation, Notes to Financial Statements Page 114 Meizhouwan Qinghai Gonghe Dongchuan Collection Phase I Huzhou Land Collection Other Amortization in | Turpan Step-up Yeniu Phase I Qinghai Gonghe Technical Station Project of Lease Station Project of Cheji Project Increase in the decreases in | 14,383,509.24 204,902.58 14,178,606.66 | | --- | --- | | Beginning balance Ending balance the current | 14,384,279.80 17,690,006.24 1,299,598.62 3,856,657.52 9,091,878.03 4,222,055.61 Item 464,227.27 15,343,231.84 958,952.04 18,989,604.86 609,211.97 404,869.68 4,320,884.79 9,701,090.00 4,626,925.29 | | Transformation Hami Santanghu Compensation Hami 220kV Booster Station Substation Wind Power Cheji Project current period the current | 6,977,282.66 7,770,137.74 780,779.10 311,755.17 7,758,061.76 8,081,892.91 | period (Note 7) Project (Note 3) Project (Note 4) Route (Note 7) (Note 5) Others Project (Note 1) (Note 2) (Note 6) 24,497,848.18 80,173,722.64 16,181,425.04 3,160,270.33 2,955,367.75 period 5,284,945.09 101,511,300.49 Total 18,511,002.38 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) induced draft fan transformation, electrostatic precipitator high-frequency power transformation, ultra-low emission transformation, and house repair. The amortization deadline for the above technical transformation projects is June 2025. Note 2: The long-term prepaid expenses of Xianghui Nanxun 100MWp Fishery-PV Complementary Solar Power Generation Project in Huzhou are the compensation for fish ponds related to the land lease, with an original value of RMB 23,973,800.00 and amortized over the lease term of 25 years. Note 3: The long-term prepaid expenses of Turpan Step-up Substation Project are the payable project payment for the 220 kV Step-up Substation Project of Guodian Qingsong Turpan New Energy Co., Ltd., with an original value of RMB 15,080,683.76, and an amortization period of 20 years. Note 4: The long-term prepaid expenses of Dongchuan Yeniu Phase I Wind Power Project are the expenses paid for access roads, etc., with an original value of RMB 8,264.977.50 and an amortization period of 20 years. Note 5: The long-term prepaid expenses of Collection Station Project of Hami Santanghu are the payable project payment for Santanghu 220kV Collection Station of Longyuan Balikun Wind Power Generation Company, with an original value of RMB 10,652,944.97 and an amortization period of 20 years. Note 6: The long-term prepaid expenses of Collection Station Project of Hami 220kV are the payable project payment for the 220kV collection station of Yandun 8A Wind Farm, with an original value of RMB 29,351,911.31 and an amortization period of 20 years. Note 7: The long-term prepaid expenses of Gonghe Cheji Project in Qinghai are a 110kV boost station and delivery route jointly built with Gonghe Meiheng New Energy Co., Ltd. The original value of the boost station is RMB 12,103,169.58, with an amortization period of 20 years; The original value of the route is RMB 9,871,328.62, amortization period is 30 years. Notes to Financial Statements Page 115 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXI) Deferred income tax assets and deferred income tax liabilities 1. Deferred income tax assets not offset 2. Deferred income tax liabilities not offset | | | | | Notes to Financial Statements Page | 116 | | --- | --- | --- | --- | --- | --- | | Depreciation of fixed Temporary difference | Deductible Deductible | Item | | | | | Deferred income Deferred income | | Item | | | | | Unrealized internal Taxable temporary assets/Amortization of Provision for unpaid formed due to new lease Provision for credit Provision for unpaid Provision for asset Cost for commissioning Taxable temporary Deferred income Deferred income | 135,763,044.77 temporary temporary 210,848,432.99 249,745,305.28 687,784,098.12 533,102,803.73 51,162,836.59 62,389,546.86 98,663,075.88 | | | | | | | 1,917,832,463.37 2,150,846,047.58 168,048,740.70 161,583,286.07 301,637,387.88 409,578,630.93 108,587,586.89 121,543,989.52 14,099,520.69 tax assets tax assets 825,561,569.75 789,472,121.90 512,881,443.19 541,934,039.17 11,776,732.06 73,796,474.95 10,601,533.43 11,221,820.75 61,239,738.44 42,406,133.72 44,887,283.00 14,810,583.09 13,563,303.22 2,221,587.46 2,034,495.48 | | | | | | Deferred income standard impairment expenses Others impairment Deductible losses income transaction profit intangible assets employee compensation | tax liabilities tax liabilities 128,886,340.69 4,582,786,915.93 4,767,615,608.60 130,880,614.73 867,265,903.32 974,512,041.79 difference 721,032,153.59 difference difference difference 103,490,560.91 103,557,171.68 255,542,249.30 279,503,192.45 728,598,144.24 24,031,217.21 23,856,147.90 63,467,561.17 69,761,064.96 13,879,983.44 11,629,381.49 61,004,340.59 1,744,407.22 | Total Beginning balance | Beginning balance Ending balance Ending balance | | | Assets evaluation SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Details of unrecognized deferred income tax assets 4. Deductible loss of the unrecognized deferred income tax assets will be due in the following years | | | | | Notes to Financial Statements Page | 117 | | --- | --- | --- | --- | --- | --- | | appreciation in the business Temporary difference | | Item | | | | | formed due to new lease Taxable temporary Amortization of intangible combination not under the Taxable temporary Deferred income Deferred income | 134,359,084.05 94,073,873.26 503,838,911.74 691,859,242.45 | | | | | | | 2,359,524,071.05 518,833,112.35 3,013,738,321.95 662,708,162.98 | | | | | | Others 2028 2029 assets 2030 same control 2025 Deductible temporary difference 2026 standard Deductible losses 2027 | tax liabilities tax liabilities 3,812,547,283.82 787,666,585.27 Beginning balance Beginning balance 4,552,187,154.83 953,912,520.76 31,773,738.28 difference 154,355,672.49 difference 14,187,926.94 Ending balance Ending balance 56,751,707.75 | 8,300,406,481.93 8,201,401,089.92 8,201,401,089.92 2,148,512,233.25 2,771,101,162.04 1,548,732,080.48 7,744,814,900.30 7,717,512,987.59 Total 1,817,420,889.92 7,717,512,987.59 2,725,716,164.54 1,536,026,285.42 941,062,692.82 791,992,921.33 Beginning balance 99,005,392.01 918,042,309.50 720,307,338.21 27,301,912.71 Ending balance | Total Total Year Item | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXII) Other non-current assets Notes to Financial Statements Page118 Item | Advance payments for | Provision for Provision for | | | | | --- | --- | --- | --- | --- | | | | Book balance Book balance Book value Book value | 4,068,749,670.81 4,068,749,670.81 4,104,970,735.95 4,104,970,735.95 | | | Others long-term asset purchases Input VAT to be deducted Project upfront fees | impairment impairment 8,728,628.36 8,727,037.66 | Total 1,590.70 8,734,174.09 8,732,583.39 | 8,894,200,199.19 4,615,600,847.43 8,885,471,570.83 7,587,594,765.87 7,578,860,591.78 4,615,600,847.43 3,313,063,556.85 3,313,063,556.85 139,857,195.64 131,130,157.98 146,946,476.00 138,213,892.61 69,992,485.31 69,990,894.61 22,613,997.07 22,612,406.37 1,590.70 | Ending balance Beginning balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXIII) Assets with restricted ownership or use right Notes to Financial Statements Page119 Bank acceptance deposit, performance | Performance bond, land reclamation deposit, house | | Item | | | | | --- | --- | --- | --- | --- | --- | | Project mortgage loan, asset without title Monetary fund bond, land reclamation deposit, housing Project mortgage loan, asset without title | 240,926,921.29 | | 7,851,703,484.14 | | | | Intangible assets Project mortgage loan, asset without title document Fixed assets Project mortgage loan, asset without title document maintenance fund,etc. | 2,707,175,367.07 101,485,651.05 | | 2,579,772,132.16 103,948,338.07 | | | | document maintenance fund, etc. document Accounts receivable Pledge of right of electricity charge Pledge of right of electricity charge | Book value 7,543,749,220.03 4,494,161,280.62 | Book value Total Restriction | 14,168,804,558.50 3,633,380,604.13 Restriction | Beginning balance | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan )--- # (XXIV) Short-term borrowings # 1. Classification of short-term borrowings | Item | Ending balance | Beginning balance | | --- | --- | --- | | Pledged loans | | 116,480,668.78 | | Loans in credit | 20,060,598,721.93 | 9,162,161,354.17 | | Total | 20,060,598,721.93 | 9,278,642,022.95 | # (XXV) Notes payable | Category | Ending balance | Beginning balance | | --- | --- | --- | | Bank acceptance notes | | 922,270,717.35 | | Commercial acceptance notes | | 40,000,000.00 | | Total | | 962,270,717.35 | The notes payable due but unpaid at the end of the current period is RMB 0.00. # (XXVI) Accounts payable # 1. Presentation of accounts payable | Item | Ending balance | Beginning balance | | --- | --- | --- | | Within 1 year (including 1 year) | 5,695,323,565.99 | 6,130,280,662.01 | | 1 to 2 years (including 2 years) | 915,938,480.83 | 376,538,520.70 | | 2 to 3 years (including 3 years) | 124,439,219.94 | 83,038,434.91 | | Over 3 years | 408,674,274.68 | 561,441,145.90 | | Total | 7,144,375,541.44 | 7,151,298,763.52 | Notes to Financial Statements Page 20 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Significant accounts payable with the aging over 1 year: (XXVII) Advances from customers 1. Presentation of advances from customers (XXVIII)Contract liabilities 1. Details of contract liabilities Notes to Financial Statements Page 121 | East China Electric Power Design Institute Co., Ltd. of Reasons for not repaying or | | | | | | --- | --- | --- | --- | --- | | | Ending balance Not yet settled | 389,366,261.34 | | Item | | Jinfeng Technology Co., Ltd. PowerChina Chengdu Engineering Corporation Limited Shandong Ludian International Trade Co., Ltd. Windey Energy Technology Group Co., Ltd China Power Engineering Consulting Group Within 1 year (including 1 year) Advance contract payment Others | Beginning balance carrying forward Beginning balance Ending balance Not yet settled Not yet settled Not yet settled Ending balance Not yet settled | 1,015,699,732.06 318,332,760.98 132,214,102.74 96,525,000.00 79,261,607.00 | 71,910,028.30 71,863,831.91 9,748,525.35 9,701,184.98 5,891,844.30 5,553,249.09 5,891,844.30 5,553,249.09 Total 47,340.37 | 46,196.39 Item Total Item Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXIX) Employee compensation payable 1. Presentation of employee compensation payable 2. Presentation of short-term compensation Notes to Financial Statements Page 122 Post-employment | Short-term benefits - defined VI.Other short-term I.Wages,salaries,bonuses, Including:Medical and maternity V.Laborunionfundsand | Decrease in the Decrease in the Increase in the Increase in the Beginning 15,218,830.99 | 531,792,454.33 517,852,070.65 1,278,447.31 Work-related injury | | --- | --- | --- | | Beginning balance Ending balance Ending balance | 127,432,697.05 220,002,918.96 183,615,695.39 3,326,557,184.10 10,645,189.19 3,325,245,983.34 11,956,389.95 89,567,913.40 286,941,292.50 4,301,603,371.67 4,228,721,198.96 359,823,465.21 1,734,206.26 178,762,050.74 140,897,267.09 1,354,965.47 171,031,843.89 170,652,603.10 129,767,108.66 | 11,038,094.27 93,379,885.09 11,040,089.73 Item 7,823.75 5,828.29 Item | | contribution plans Termination benefits allowancesand subsidies insurancepremiums compensation II.Employee benefits insurance employeeeducation funds III.Socialinsurancepremiums IV.Housing accumulation funds compensation | 359,823,465.21 current period current period 286,941,292.50 current period current period 4,228,721,198.96 4,301,603,371.67 288,219,739.81 4,836,693,737.37 4,749,871,180.98 375,042,296.20 1,742,030.01 balance 1,360,793.76 187,309,113.06 186,927,876.81 283,737,928.04 284,177,798.04 196,781,187.83 196,781,187.83 | 440,500.00 Total 5,237,179.44 5,237,179.44 Others 3,297,911.37 3,297,911.37 Total 630.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Presentation of defined contribution plans (XXX) Taxes payable (XXXI) Other payables Notes to Financial Statements Page 123 | Basic endowment insurance Education surcharges (including local Unemployment insurance Decrease in the | Increase in the Beginning | | | | | | --- | --- | --- | --- | --- | --- | | Ending balance | 305,450,015.66 305,287,605.58 10,809,973.06 10,797,212.94 176,271.90 338,681.98 | 18,611.91 5,851.79 | Item | 22,476,387.85 18,845,837.80 | | | Other payables Dividends payable premiums Resource tax premiums Enterprise annuity payments Corporate income tax City maintenance and construction tax Property tax Land use tax surcharges) Value-added tax (VAT) Individual income tax Others | current period current period 15,218,830.99 14,861,537.10 balance 1,278,447.31 1,096,323.62 531,792,454.33 517,852,070.65 215,532,465.61 201,767,252.13 Beginning balance Ending balance Beginning balance | Ending balance 16,449,084,113.91 16,293,089,448.98 Total | 17,642,087,330.79 17,558,984,685.19 155,994,664.93 1,806,308,153.46 2,264,651,676.09 83,102,645.60 | 691,234,931.38 984,443,539.36 172,328,929.82 184,076,043.05 440,248,743.73 109,210,838.00 345,007,091.45 821,809,083.60 105,049,013.44 30,331,928.08 25,739,702.13 90,147,686.24 8,242,412.14 7,893,828.35 6,290,042.77 7,583,790.36 Total Item | Total Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 1. Dividends payable 2. Other payables (1) Classification of other payables by nature (2) Significant other payables with the ageing over 1 year Notes to Financial Statements Page 124 Reasons for not | Preferred share/perpetual bond dividends repaying or carrying | Ending balance | | | | | Item | | --- | --- | --- | --- | --- | --- | --- | | | | | | 56,519,999.98 56,519,999.98 | | | | Tongwei Solar Energy (Hefei) Co. Ltd. Sany Heavy Energy Co.,Ltd. Shandong Electric Power Engineering Consulting Institute Co., Ltd. China Power Engineering Consulting Group New Energy Co., Ltd. classified as equity instrument Ordinary share dividends Including: Perpetual bond dividends | Not yet settled Not yet settled Not yet settled Not yet settled | Beginning balance forward Ending balance 396,118,123.55 128,230,529.74 19,524,000.00 36,372,457.48 | | 155,994,664.93 99,474,664.95 56,519,999.98 83,102,645.60 26,582,645.62 56,519,999.98 Total | Item | | | Reservoir area fund Payment for project acquisition Insurance compensation Special-purpose fund Others Transactions payable Guarantees and deposits payable | | Beginning balance Ending balance | 16,293,089,448.98 12,255,231,797.92 17,558,984,685.19 13,340,231,528.62 1,266,029,929.20 1,690,048,041.94 1,084,629,871.47 1,995,802,294.64 | 335,740,299.68 701,455,410.00 387,053,083.55 701,448,550.00 44,556,760.24 44,556,760.24 Total 5,262,596.67 | Item 27,210.00 | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | Item | Ending balance | Reasons for not repaying or carrying forward | | --- | --- | --- | | Total | 580,245,110.77 | | # (XXXII) Non-current liabilities due within one year | Item | Ending balance | Beginning balance | | --- | --- | --- | | Long-term borrowings due within one year | 11,078,786,294.24 | 13,632,492,715.27 | | Bonds payable due within one year (Note) | 3,683,725,433.54 | 5,076,281,260.66 | | Long-term payables due within one year | 660,328,417.95 | 159,603,702.21 | | Lease liabilities due within one year (Note) | 98,954,614.93 | 93,157,048.15 | | Total | 15,521,794,760.66 | 18,961,534,726.29 | Note: For details on the bonds payable due within one year, please refer to "V. (XXXV) Bonds Payable"; for lease liabilities due within one year, please refer to "V. (XXXVI) Lease Liabilities". # 1. Long-term borrowings due within one year | Item | Ending balance | Beginning balance | | --- | --- | --- | | Pledged loans | 1,238,211,962.22 | 844,785,958.03 | | Mortgage loans | 80,618,564.64 | 64,315,572.26 | | Loans in credit | 9,759,955,767.38 | 12,723,391,184.98 | | Total | 11,078,786,294.24 | 13,632,492,715.27 | # 2. Long-term payables due within one year | Item | Ending balance | Beginning balance | | --- | --- | --- | | SDIC Leasing Co., Ltd. | 647,753,502.83 | 153,324,807.23 | | China Merchants Finance Leasing (Tianjin) Co., Ltd. | 12,313,841.73 | 6,043,750.00 | Notes to Financial Statements Page 25 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXXIII)Other current liabilities Notes to Financial Statements Page 126 Other Tax to be written off Beginning balance Ending balance Total 15,436,201.35 15,436,201.35 Total Item 994,559.00 994,559.00 660,328,417.95 159,603,702.21 261,073.39 235,144.98 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Changes in short-term bonds payable: | Yalong River Yalong River Yalong River | | | | --- | --- | --- | | Hydropower Hydropower Hydropower | | | | Development Co., Development Co., Development Co., | | Notes to Financial Statements Page127 | | Ltd. 2025 Second Ltd. 2025 First Ltd. 2025 Third Amortizatio | | | | 100.00 2025-07-15 168 days 100.00 2025-06-20 100.00 2025-04-15 226 days 1,000,000,000.00 1,000,000,000.00 1,010,092,602.74 50 days 800,000,000.00 800,000,000.00 805,486,465.75 600,000,000.00 600,000,000.00 601,257,534.25 | No No No 10,092,602.74 1.49 1.53 1.63 5,486,465.75 1,257,534.25 | | | Ultra-Short Term Ultra-Short Term Ultra-Short Term Bond Repayment in | Interest n of | | | Beginning Book Term of Ending Default Issued in the | Issuing | | | Financing Bond Financing Bond Financing Bond accrued at book Issuing amount premiums rate | the current Bond name | | | balance value current period or not balance bond | date | | | (25 Yalong River (25 Yalong River (25 Yalong River (&) | and period value | | | 2,400,000,000.00 2,400,000,000.00 2,416,836,602.74 SCP003) (Note 3) SCP002) (Note 2) SCP001) (Note 1) discounts | 16,836,602.74 Total | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Note 1: Yalong River Hydropower Development Co., Ltd. issued the "Yalong River Hydropower Development Co., Ltd. 2025 First Ultra-Short Term Financing Bond" on April 15, 2025. The book value of each bond is RMB 100, the issue price is RMB 100 per bond, and the actual scale is RMB 1 billion; The maturity of the current bond is 226 days, and the current bond is a fixed interest rate coupon with a bond rate of 1.63%. Note 2: Yalong River Hydropower Development Co., Ltd. issued the "Yalong River Hydropower Development Co., Ltd. 2025 Second Ultra-Short Term Financing Bond" on June 20, 2025. The book value of each bond is RMB 100, the issue price is RMB 100 per bond, and the actual scale is RMB 0.6 billion; The maturity of the current bond is 50 days, and the current bond is a fixed interest rate coupon with a bond rate of 1.53%. Note 3: Yalong River Hydropower Development Co., Ltd. issued the "Yalong River Hydropower Development Co., Ltd. 2025 Third Ultra-Short Term Financing Bond" on July 15, 2025. The book value of each bond is RMB 100, the issue price is RMB 100 per bond, and the actual scale is RMB 0.8 billion; The maturity of the current bond is 168 days, and the current bond is a fixed interest rate coupon with a bond rate of 1.49%. Notes to Financial Statements Page128 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXXIV) Long-term borrowings Long-term borrowings interest rate range is 1.00%-4.00%. (XXXV) Bonds payable 1. List of bonds payable Notes to Financial Statements Page 129 | 2023 Green Medium-term Note of Yalong River Hydropower 2024 Green Medium-term Note of Yalong River Hydropower 2025 Green Medium-term Note of Yalong River Hydropower 2023 Corporate Bond Issued Publically to Professional Investors 2024 Carbon Neutral Green Rural Revitalization Corporate Bond 2025 Green Medium-term Note of Yalong River Hydropower 2023 Corporate Bond Issued Publically to Professional Investors | | | | | | | --- | --- | --- | --- | --- | --- | | of SDIC Power Holdings Co., Ltd. (Series 1) (Variety 2) (23 Issued Publically to Professional Investors of Yalong River Development Co., Ltd. (Series 1) (Carbon Neutral Bond) of SDIC Power Holdings Co., Ltd (Series 1) (Variety 1) (23 2019 Corporate Bond Issued Publically to Accredited Investors Development Co., Ltd. (Series 1) (Sci-tech Innovation Note) (23 Development Co., Ltd. (Series 1) (Carbon Neutral Bond) (24 Development Co., Ltd. (Series 1) (Carbon Neutral Bond) 2021 Corporate Bond Issued Publically to Accredited Investors 2022 Medium-term Note of SDIC Power Holdings Co., Ltd. 2023 Corporate Bond Issued Publically to Professional Investors | 1,010,707,241.41 1,010,647,703.64 1,000,000,000.00 1,009,840,059.57 1,009,948,493.09 1,000,000,000.00 1,018,441,095.86 1,011,550,684.84 600,000,000.00 400,000,000.00 | | | | | | | 1,005,147,720.01 1,230,633,534.26 1,230,784,438.37 1,003,159,963.12 1,002,280,458.05 615,813,698.61 | 114,553,733,751.64 117,794,355,019.78 | | | | | Pledged loans Power 01) Mortgage loans of SDIC Power Holdings Co., Ltd (Series 1) (19 SDIC Power) Yalong River GN001) Yalong River MTN001) (Variety 2) (25 Yalong River MTN001B) Loans in credit of SDIC Power Holdings Co., Ltd. (Series 1) (21 SDIC Power) (Series 2) (22 SDIC Power MTN002) Power 02) of SDIC Power Holdings Co., Ltd. (Series 2) (23 Power 03) Hydropower Development Co., Ltd. (Series 1) (GC Yalong V1) (Variety 1) (25 Yalong River MTN001A) Beginning balance | Ending balance Beginning balance 6,244,500,738.79 8,914,454,352.04 Ending balance | 104,360,894,516.77 106,591,368,921.02 10,818,236,098.76 | 9,906,339,234.87 286,500,000.00 384,750,000.00 | Total Item | Total Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Increase/decrease of bonds payable (exclusive of preferred shares, perpetual bonds and other financial instruments divided into financial liabilities) Notes to Financial Statements Page130 | 2023 Corporate Bond 2023 Corporate Bond | | | --- | --- | | Issued Publically to Issued Publically to 2021 Corporate Bond 2019 Corporate Bond | | | Professional Investors of Issued Publically to Professional Investors 2022 Medium-term Note Issued Publically to | | | SDIC Power Holdings Accredited Investors of of SDIC Power Holdings of SDIC Power Holdings Accredited Investors of Amortization Repayment in Bond 5 years 3 years 2023-08-15 1,000,000,000.00 1,010,707,241.41 2023-08-15 1,000,000,000.00 1,010,647,703.64 29,200,000.00 29,200,000.00 1,009,840,059.57 26,800,000.00 26,800,000.00 100.00 100.00 -133,965.09 | No No 2.92 2.68 Interest -59,537.77 | | 10 years Co., Ltd. (Series 1) SDIC Power Holdings Co., Ltd. (Series 2) (22 Co., Ltd (Series 1) SDIC Power Holdings -1,009,974,024.66 5 years Term Default 2021-04-15 2019-06-11 1,200,000,000.00 1,230,633,534.26 Due within one 22,200,000.00 22,200,000.00 - 615,813,698.61 1,230,784,438.37 54,929,095.89 55,080,000.00 Book Issued in the 100.00 100.00 | 3.70 600,000,000.00 615,813,698.61 No 4.59 No Beginning | | Issuing date 5 years of premiums Ending balance 2022-10-27 1,000,000,000.00 1,003,159,963.12 rate Issuing amount 1,002,280,458.05 28,920,547.96 29,000,000.00 the current 100.00 accrued at -958,957.11 | 2.90 No Bond name | | (Variety 2) (23 Power 02) Co., Ltd. (Series 1) (21 SDIC Power MTN002) (Variety 1) (23 Power 01) Co., Ltd (Series 1) (19 of bond current period value or not | balance year | | (Note 4) (Note 3) (Note 4) SDIC Power) (Note 2) SDIC Power) (Note 1) and discounts (%) book value | period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2024 Carbon Neutral | Green Rural 2024 Green 2023 Green | | | | --- | --- | --- | | Revitalization Corporate Medium-term Note of Medium-term Note of | | Notes to Financial Statements Page131 | | 2025 Green Yalong River Bond Issued Publically to Yalong River | | | | Medium-term Note of Professional Investors of Hydropower Hydropower 2023 Corporate Bond | | | | 10 years Yalong River Development Co., Ltd. Yalong River Development Co., Ltd. Issued Publically to 2024-07-12 1,000,000,000.00 1,000,000,000.00 1,011,550,684.84 24,800,000.00 24,800,000.00 100.00 - 11,550,684.84 | 2.48 No | | | - 1,009,948,493.09 5 years 3 years 2024-04-10 1,000,000,000.00 1,000,000,000.00 2023-08-16 1,000,000,000.00 1,018,441,095.86 25,400,000.00 25,400,000.00 1,009,948,493.09 26,700,000.00 26,700,000.00 100.00 100.00 - 18,441,095.86 | No 2.54 No 2.67 | | | Hydropower Hydropower (Series 1) (Carbon Professional Investors (Series 1) (Sci-tech Amortization Repayment in Bond 5 years 2025-05-15 100.00 600,000,000.00 | 1.90 600,000,000.00 7,183,561.72 600,000,000.00 No Interest - 7,183,561.72 | | | - 1,005,268,669.21 Development Co., Ltd. Innovation Note) (23 Development Co., Ltd. Neutral Bond) (24 of SDIC Power Holdings 3 years Term Default 2023-10-25 1,000,000,000.00 Due within one 1,005,147,720.01 29,790,637.41 29,800,000.00 Book Issued in the 100.00 -130,311.79 | 2.98 No Beginning | | | Issuing date (Series 1) (Carbon of premiums Ending balance rate Issuing amount the current accrued at | Bond name | | | (Series 1) (GC Yalong Yalong River MTN001) Co., Ltd. (Series 2) (23 Yalong River GN001) of bond current period value or not | balance year | | | Neutral Bond) (Variety 1) (Note 6) (Note 8) V1) (Note 7) Power 03) (Note 5) and discounts (%) book value | period | | (25 Yalong River SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Note 1: With the approval by China Securities Regulatory Commission via ZJXK[2019]No.580 document, the Company can issue the corporate bond with book value not greater than RMB 1.80 billion to accredited investors on the open market. On June 11, 2019, the Company issued the company bond (series 1). In the series, the book value per bond is RMB 100, the issuing price is RMB 100/bond, and the actual size was RMB 1.20 billion, the bond is fixed-rate bond and the book interest rate is 4.59%, and the interest is paid once a year. Note 2: With the approval by China Securities Regulatory Commission via ZJXK[2019]No.580 document, the Company can issue the corporate bond with book value not greater than RMB 1.80 billion to accredited investors on the open market. On April 15, 2021, the Company issued the company bond (series 2). In the series, the book value per bond is RMB 100, the issuing price is RMB 100/bond, the actual size is RMB 0.60 billion, the bond period is 5 years, the bond is fixed-rate bond and the book interest rate is 3.70%, and the interest is paid once a year. Note 3: The Second Issue of 2022 Medium-term Notes is completed on October 27, 2022. The par value of each Medium-term Note in the 2025 Green Medium-term Note of Notes to Financial Statements Page132 Yalong River Hydropower | Development Co., Ltd. 10 years 2025-05-15 100.00 400,000,000.00 | 2.20 400,000,000.00 5,545,205.55 400,000,000.00 No - 5,545,205.55 | | --- | --- | | (Series 1) (Carbon Amortization Repayment in Bond | Interest | | Neutral Bond) (Variety 2) Term Default Due within one Book Issued in the | Beginning | | MTN001A) (Note 9) Issuing date of premiums Ending balance rate Issuing amount the current accrued at | Bond name | | (25 Yalong River of bond current period value or not | balance year | | MTN001B) (Note 9) and discounts 1,000,000,000.00 -3,683,725,433.54 281,469,048.53 268,980,000.00 9,800,000,000.00 -1,282,771.76 6,244,500,738.79 8,914,454,352.04 (%) book value | period Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) current issue is RMB 100, the issue price is RMB 100/bond, and the actual scale is RMB 1.00 billion. The note rate is 2.90%, and the interest is paid once a year with a term of 5 years. Note 4: With the approval by China Securities Regulatory Commission via ZJXK[2021]No.3715 document, the Company can issue the corporate bond not greater than RMB 3.00 billion to professional investors on the open market. On August 15, 2023, the Company issued the corporate bond (series 1). The series included 3-year bond and 5-year bond. In the series, the book value per bond is RMB 100, the issuing price is RMB 100/bond, the actual size was RMB 2.00 billion, the bond is a fix-rated bond, the book interest rate is 2.68% for 3-year bond and 2.92% for 5-year bond, and the interest is paid once a year. Note 5: With the approval by China Securities Regulatory Commission via ZJXK[2021]No.3715 document, the Company can issue the corporate bond not greater than RMB 3.00 billion to professional investors on the open market. On October 25, 2023, the Company issued the company bond (series 2). In the series, the book value per bond is RMB 100, the issuing price is RMB 100/bond, and the actual size is RMB 1.00 billion, the bond period is 3 years, the bond is a fix-rated bond and the book interest rate is 2.98%, and the interest is paid once a year. Note 6：On August 16, 2023, Yalong River Hydropower Development Co., Ltd. issued the 2023 Green Medium-term Note (series 1) (Sci-tech Innovation Note). In the series, the book value per note is RMB 100, the issuing price is RMB 100/note, the actual size is RMB 1.00 billion, the period is 3 years, the note is a fixed-rate note, the book interest rate is 2.67%, and the interest is paid once a year. Note 7: With the approval by China Securities Regulatory Commission via ZJXK[2024]No.257 document, Yalong River Hydropower Development Co., Ltd. can issue the corporate bond with book value not greater than RMB 4.00 billion to professional investors. On July 12, 2024, Notes to Financial Statements Page133 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Yalong River Hydropower issued the first bond. The book value per bond is RMB 100, the issuing price is RMB 100/bond, the actual size is RMB 1.00 billion, the period is 10 years, the note is a fixed-rate note, the book interest rate is 2.48%, and the interest is paid once a year. Note 8: On April 10, 2024, Yalong River Hydropower Development Co., Ltd. issued the 2024 Green Medium-term Note (series 1) (Carbon Neutral Bond). In the series, the book value per note is RMB 100, the issuing price is RMB 100/note, the actual size is RMB 1.00 billion, the period is 5 years, the note is a fixed-rate note, the book interest rate is 2.54%, and the interest is paid once a year. Note 9： On May 15, 2025, Yalong River Hydropower Development Co., Ltd. issued the 2025 Green Medium-term Note (series 1) (Carbon Neutral Bond). This issuance consists of two varieties: Variety I is a 5-year note, and Variety 2 is a 10-year note. Each note has a book value of RMB 100 and an issue price of RMB 100/note, the actual size is RMB 1.00 billion. The notes are fixed-rate notes, with a note rate of 1.90% for Variety 1 and 2.20% for Variety 2, and the interest is paid once a year. Notes to Financial Statements Page134 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXXVI) Lease liabilities (XXXVII) Long-term payables 1. Long-term payables (XXXVIII) Long-term employee compensation payable 1. List of long-term employee compensation payable Notes to Financial Statement Page 135 Reclassified to non-current liabilities due | I. Post-employment benefits - Net liabilities in defined China Merchants Finance Leasing (Tianjin) Co., | | | -98,954,614.93 -93,157,048.15 | | | | --- | --- | --- | --- | --- | --- | | Lease payment within one year Less: Unrecognized financing charges Long-term payables | Beginning balance Beginning balance Ending balance 481,069,937.05 | Ending balance | -1,016,077,798.31 3,485,073,527.71 1,348,814,702.10 4,600,105,940.95 1,949,964,399.00 -507,992,648.75 1,777,192,988.26 1,777,192,988.26 240,528,300.00 | 711,298,401.92 711,298,401.92 527,005,155.01 24,000,000.00 Total Item | Total Item | | benefit plan Ltd. II. Termination benefits SDIC Finance Lease Co., Ltd. Others Ⅲ. Other long-term benefits | Ending balance 483,424,057.98 Beginning balance Beginning balance | Ending balance 2,354,120.93 | 1,777,192,988.26 1,536,155,227.46 | 528,923,567.42 686,562,078.72 711,298,401.92 1,918,412.41 Total Item | 509,460.80 736,323.20 Total Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Changes of defined benefit plan (1) Present value of obligations under defined benefit plan (2) Net liabilities (net assets) under defined benefit plan Notes to Financial Statement Page 136 | 2. Defined benefit cost included in the current profits 3. Defined benefit cost included in other comprehensive 3. Defined benefit cost included in other comprehensive 2. Defined benefit cost included in the current profits and Amount in the current Amount in the previous Amount in the previous Amount in the current | | | | | --- | --- | --- | --- | | | -39,898,785.30 -39,898,785.30 | 9,954,110.83 43,971,923.37 13,584,088.39 13,584,088.39 43,971,923.37 9,954,110.83 | Item Item | | 5. Ending balance 4. Other changes 1. Beginning balance (1) Current service cost (2) Paid welfare (2) Previous service cost (3) Change in exchange rate income (3) Settlement gains (losses to be listed with “-”) income losses (4) Net interest (1) Actuarial gains (losses to be listed with “-”) 1. Beginning balance 4. Other changes and losses (1) Consideration paid at settlement | period period period period 527,005,155.01 -15,990,543.49 481,069,937.05 527,005,155.01 527,005,155.01 487,223,820.47 -15,868,415.18 -17,853,520.27 -39,898,785.30 487,223,820.47 -15,990,543.49 -17,774,677.22 | -17,774,677.22 11,830,000.00 43,971,923.37 1,654,110.83 1,644,088.39 8,290,000.00 -122,128.31 110,000.00 10,000.00 78,843.05 | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XXXIX) Estimated liabilities Other notes, including important assumptions and estimates related to important estimated liabilities: The disposal cost is the estimated costs for the future closure of Afton Wind Farm and Benbrack Wind Farm, which amounted to GBP 4,604,329.36 at the end of the period. (XL) Deferred income (XLI) Other non-current liabilities Notes to Financial Statement Page 137 Lease payment received in advance for Hanggin Banner Ducheng Green Decrease in Increase in the | Energy Step-up Substation Access, Operation and Maintenance Government Obligation to Beginning balance Increase in the current the current Ending balance | Amount in the current Amount in the previous Reason Decrease in the | Item 3,286,283.41 3,479,594.20 | | | | | --- | --- | --- | --- | --- | --- | | current period | Beginning balance Ending balance Note 1 Item 40,633,207.12 43,440,005.78 144,042,366.40 | 2,806,798.66 134,631,428.11 17,537,145.04 26,948,083.33 | | Item | | | 5. Ending balance Contract subsidies assets disposal Others 220kV Collection Station of Naomao Lake Project Iron tower leasing of Xinjiang Huaneng Xinhuozhou Power Co., Ltd. Beginning balance | 2,084,700.96 2,084,700.96 Ending balance Total period current period 42,717,908.08 45,100,478.11 144,042,366.40 Total | 4,467,270.99 2,084,700.96 1,660,472.33 1,660,472.33 65,446,200.46 87,581,662.60 134,631,428.11 period 1,032,110.08 17,537,145.04 period 26,948,083.33 894,495.40 | period 481,069,937.05 527,005,155.01 | | Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XLII) Share capital | | | | | Notes to Financial Statement Page | 138 | | --- | --- | --- | --- | --- | --- | | Conversion | Beginning | | | | | | Ending balance Item | of the | | | | | | Bonus Issuance of | balance | | | | | | Others reserve | Subtotal | | | | | | shares new shares | | | | | | | Total funds into | | | | | | | 550,314,465.00 550,314,465.00 7,454,179,797.00 8,004,494,262.00 | | | | | | | shares Shareholder loans BOWL over-allocation Beginning balance | Ending balance shares 654,041,475.08 399,170,397.08 185,244,098.73 635,144,504.31 364,838,169.68 178,212,967.75 | Increase (+)/decrease (-) in the current period | Total Item | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XLIII) Other equity instruments 1. Basic information on other financial instruments as preferred shares and perpetual bonds externally issued at the end of the period Notes to Financial Statement Page139 Dividend Share | 2024 Issue 2 of Technology 2024 Issue 3 of Technology 2022 Issue 1 of Renewable 2024 Issue 1 of Technology 2024 Issue 2 of Technology Issuing Conversion rate or Due date or | Accounting | | | --- | --- | --- | | Outstanding financial instruments conversion November 14, November 13, | Issue date Other equity Other equity Other equity Other equity Other equity Total amount Quantity | | | Corporate Bonds (Variety 2) (22 Innovation Renewable Corporate Innovation Renewable Corporate 2023 Issue 1 of Renewable Innovation Renewable Corporate Innovation Renewable Corporate June 20, 2024 June 19, 2027 100.00 100.00 July 11, 2024 100.00 July 10, 2029 interest July 11, 2024 100.00 July 10, 2027 July 29, 2024 100.00 July 28, 2029 price condition | 3.05 2.20 2.30 2.20 2.19 None None None classification renewal None None None None None Other equity None None 1,200,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 | 12,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 | | May 26, 2023 May 25, 2026 100.00 condition | 3.00 None None instruments instruments instruments instruments instruments 2027 2022 | 500,000,000.00 5,000,000.00 | | Bonds (Power YK01) Bonds (Variety 2) (Power YK03) Corporate Bonds (23 Power Y1) Bonds (Variety 1) (Power YK02) Bonds (Power YK04) Power Y2) rate (%) | instruments 5,700,000,000.00 | 57,000,000.00 Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Additional information: The bond rate for the first The bond rate for the first The bond rate for the first 3 The bond rate for the first 3 3 interest years is 2.20%. 5 interest years is 2.30%. The bond rate for the first 5 | interest years is 3.00%. If the interest years is 2.20%. If the If the issuer does not If the issuer does not | | | | | | --- | --- | --- | --- | --- | | interest years is 3.05%. If the The bond rate for the first 5 interest years | | | | | | issuer does not exercise the issuer does not exercise the exercise the redemption exercise the redemption | | | | | | issuer does not exercise the is 2.19%. If the issuer does not exercise | | | | | | redemption right, the bond rate redemption right, the bond rate right, the bond rate shall right, the bond rate shall | | | | | | redemption right, the bond rate the redemption right, the bond rate shall | | | | | | shall be reset every 3 years shall be reset every 3 years be reset every 3 years be reset every 5 years from | | | | | | shall be reset every 5 years from be reset every 5 years from the 6th | | | | | | from the 4th interest year, from the 4th interest year, from the 4th interest year, the 6th interest year, which | | | | | | Interest rate the 6th interest year, which shall interest year, which shall be determined | | | | | | which shall be determined by which shall be determined by which shall be determined shall be determined by | | | | | | be determined by resetting the by resetting the current benchmark | | | | | | resetting the current benchmark resetting the current by resetting the current resetting the current | | | | Notes to Financial Statement Page140 | | current benchmark interest rate interest rate plus the initial interest rate | | | | | | interest rate plus the initial benchmark interest rate plus benchmark interest rate benchmark interest rate | 2024 Issue 2 of 2024 Issue 2 of | | | | | plus the initial interest rate spread spread at the time of issuance plus 300 2024 Issue 1 of Technology | | | | | | interest rate spread at the time the initial interest rate spread at plus the initial interest plus the initial interest rate 2024 Issue 3 of Technology Innovation Technology Innovation Technology Innovation 2023 Issue 1 of Renewable | 2022 Issue 1 of Renewable | | | | | at the time of issuance plus 300 basis points. | Innovation Renewable | | | | | of issuance plus 300 basis the time of issuance plus 300 rate spread at the time of spread at the time of Series Corporate Bonds (Variety 2) (22 Corporate Bonds (23 Power Renewable Corporate Renewable Corporate Renewable Corporate Bonds (Power | | | | | | basis points.points. | Corporate Bonds (Power | | | | | points. basis points. issuance plus 300 basis issuance plus 300 basis Total amount actually At the end of each period, the issuer has the right to choose to extend the term of the bonds by one period or choose to pay the bonds in full at the end of the period. The issuer shall publish an announcement of the Bonds (Variety 1) (Power Bonds (Variety 2) (Power | | Power Y2) Y1) | YK04) | | | Option of renewal | RMB 1.00 billion RMB 1.00 billion RMB 1.00 billion RMB 0.50 billion RMB 1.20 billion | YK01) RMB 1.00 billion | | | | points. points. issued exercise of the option of renewal on the relevant media at least 30 business days prior to the annual interest payment date for the exercise of the option of renewal. Period Approval number Redemption rights (1) Redemption by the issuer due to changes in tax policy; and (2) redemption by the issuer due to changes in accounting standards. ZJXK [2022] No.1768 ZJXK [2022] No.1768 | ZJXK [2022] No.1768 ZJXK [2022] No.1768 ZJXK [2022] No.1768 | YK02) 3 years ZJXK [2022] No.1768 YK03) 5 years 3 years 3 years 5 years | 5 years | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Variation to other financial instruments as preferred shares and perpetual bonds externally issued at the end of the period Notes to Financial Statement Page141 | 2024 Issue 2 of 2024 Issue 2 of | | | | --- | --- | --- | | 2022 Issue 1 of Technology Innovation Technology Innovation 2024 Issue 1 of | | | | Renewable Corporate 2023 Issue 1 of Renewable Corporate Renewable Corporate Technology Innovation Outstanding financial | 10,000,000.00 10,000,000.00 999,528,301.88 999,528,301.88 999,528,301.89 999,528,301.89 10,000,000.00 10,000,000.00 | | | | 12,000,000.00 10,000,000.00 1,199,433,962.27 1,199,433,962.27 999,528,301.89 999,528,301.89 12,000,000.00 10,000,000.00 | | | Bonds (Variety 2) Renewable Corporate Bonds (Variety 1) Bonds (Variety 2) (22 Renewable Corporate | 5,000,000.00 instruments 499,764,150.94 499,764,150.94 5,000,000.00 | | | 2024 Issue 3 of | 10,000,000.00 999,528,301.89 999,528,301.89 10,000,000.00 | | | Bonds (Power YK01) Power Y2) (Power YK03) Bonds (23 Power Y1) (Power YK02) | Quantity Book value Quantity Book value Increase in the current period Decrease in the current period Quantity Book value Book value Quantity | Ending Beginning | Technology Innovation SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Note: After deducting relevant transaction expenses from the price received from the renewable corporate bonds issued by the Group, the remaining amount is included in other equity instruments. The bond terms are expected to meet the requirements of term permanence and deferred interest, and may be included in equity according to the Accounting Standards for Business Enterprises 37-Presentation of Financial Instruments (CK [2014] No.23) and the Notice on Issuing the Provisions on the Distinction between Financial Liabilities and Equity Instruments and the Relevant Accounting Treatment (CK [2014] No.13). Notes to Financial Statement Page142 Outstanding financial Renewable Corporate instruments Bonds (Power YK04) 57,000,000.00 Increase in the current period Decrease in the current period Quantity Book value Quantity Book value Quantity 5,697,311,320.76 5,697,311,320.76 Book value Book value Quantity 57,000,000.00 Total Ending Beginning SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XLIV) Capital reserve The main reasons for the change of capital reserve in the current period are: ① Share premium increased by RMB 6,447,751,270.86 during the period, representing the net amount of share premium from the issuance of A-shares to the National Council for Social Security Fund, net of issuance expenses. ② Other capital reserves increased by RMB 10,473,562.19 during the period, mainly attributable to the effects from changes in other equity of investees accounted for under the equity method. | | | | Notes to Financial Statement Page | 143 | | --- | --- | --- | --- | --- | | Other capital Capital premium Decrease in the | Increase in the | | | | | | Beginning balance Ending balance 17,258,065,014.51 10,809,905,581.39 | 6,448,159,433.12 Item 174,565,360.03 164,091,797.84 10,473,562.19 | | | | reserves (share premium) current period | current period 17,432,630,374.54 10,973,997,379.23 | 6,458,632,995.31 Total | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XLV) Other comprehensive income | Less: Amount Less: Amount | | | | | --- | --- | --- | --- | | included in other included in other | | | | | comprehensive comprehensive After-tax Beginning | | | | | Amount incurred Ending balance | | Item | | | After-tax amount income in the income in the amount balance | | | Notes to Financial Statement Page144 | | Less: Income tax before income | | | | | previous period attributable to previous period attributable to | | | | | tax in the current expenses | | | | | and transferred and transferred the company minority | Other comprehensive | | | period | II. Other comprehensive income to profit and loss Including: Amount of change income not to be reclassified into I. Other comprehensive income shareholders | to retained | Changes in fair value of | | | --- | --- | --- | --- | | | -4,124,872.61 134,132.60 4,756,352.28 4,622,219.68 | 497,347.07 | | | not to be reclassified into profit investment in other equity to be reclassified into profit or arising from remeasurement of the profit or loss by the equity -15,843,592.60 earnings in the in the current 16,700,334.95 16,849,129.49 -124,668,874.40 | 656,202,231.98 664,475,847.90 -32,410,780.31 -44,164,767.71 -88,133,221.48 -35,485,572.67 -7,569,976.68 39,934,573.15 23,234,238.20 97,353,236.18 80,504,106.69 52,662,310.75 52,647,648.81 -9,176,542.11 8,273,615.92 14,661.94 | | | | instruments loss defined benefit plan method and loss current period | period | | Amount in the current year | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) | Less: Amount Less: Amount | | | | --- | --- | --- | | included in other included in other | | | | comprehensive comprehensive After-tax Beginning | | | | Amount incurred Ending balance | Item | | | After-tax amount income in the income in the amount balance | | Notes to Financial Statement Page145 | | Less: Income tax before income | | | | previous period attributable to previous period attributable to | | | | tax in the current expenses | | | | Including: Other comprehensive and transferred and transferred the company minority | | | period | to profit and loss income to be reclassified into shareholders | to retained | Translation differences | | | | --- | --- | --- | --- | --- | | -116,022,492.61 -107,916,354.88 -8,106,137.73 | 622,565,198.58 514,648,843.70 | | | | | profit or loss by the equity arising from foreign currency earnings in the in the current -7,737,454.87 | 120,479,885.56 128,217,340.43 115,130,280.08 -13,087,060.35 | Cash flow hedge | | | | | -12,027,369.63 -12,027,369.63 46,787,918.29 34,760,548.66 | | | | | transactions reserve method current period | 531,533,357.58 1,005,536.89 620,311,080.19 89,783,259.50 88,777,722.61 period | -63,824.54 -63,824.54 Others | Total | Amount in the current year | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (XLVI) Special reserve The Work safety expenses are calculated according to Measures for the Administration of the Extraction and Use of Enterprise Work Safety Funds issued by the Ministry of Finance and the Ministry of Emergency Management on November 21, 2022. (XLVII) Surplus reserves Note: The increase for the current period represents the appropriation of statutory surplus reserve based on 10% of the Company's net profit. (XLVIII) Retained earningss | | | | | Notes to Financial Statement Page | 146 | | --- | --- | --- | --- | --- | --- | | Discretionary surplus Decrease in the Increase in the Increase in the Decrease in the | | | | | | | Retained earningss at the beginning of the period after Retained earningss at the end of the previous period before Add: Net profit attributable to owners of the company Beginning balance Beginning balance Ending balance Ending balance | 2,384,187.23 2,384,187.23 Item | Item | | | | | Statutory surplus reserve Work safety funds reserve current period current period current period current period 3,899,807,561.42 3,897,423,374.19 4,427,677,619.71 4,425,293,432.48 | 536,081,407.20 536,081,407.20 157,296,419.78 290,433,211.33 249,913,572.61 197,816,058.50 157,296,419.78 290,433,211.33 249,913,572.61 197,816,058.50 8,211,348.91 8,211,348.91 Total 33,272,652,077.58 30,951,017,846.73 33,272,652,077.58 30,951,017,846.73 | Total 7,393,381,322.00 6,643,033,266.19 | | | | | Retained earningss at the end of the period during the current period adjustment Less: Appropriation to the statutory surplus reserve adjustment | Others (Note 2) Payable ordinary share dividends (Note 1) Current period Previous period 36,261,498,219.48 33,272,652,077.58 | 3,654,051,632.72 3,688,328,159.52 536,081,407.20 452,434,163.53 214,402,140.18 180,636,712.29 | Item | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- Note 1: According to Proposal on the 2024 Annual Profit Distribution Plan of SDIC Power Holdings Co., Ltd. approved by the General Meeting of Shareholders of the Group on June 18, 2025, a cash dividend of RMB 0.4565 (tax inclusive) per share will be distributed based on the total share capital of 8,004,494,262 shares at the end of March 31, 2025, with a total cash dividend of approximately RMB 3,654,051,632.72. Note 2: The Group made a total provision for interest on perpetual bonds of RMB 140,500,000.00 during the period; The company disposed of all shares of Zhongmin Energy Co., Ltd., which were classified as other equity instruments investments, resulting in an impact of RMB 73,902,140.18 on retained earnings. # (XLIX) Operating income and operating cost # 1. Operating income and operating cost | Item | Amount in the current period | | Amount in the previous period | | | --- | --- | --- | --- | --- | | | Revenue | Cost | Revenue | Cost | | Main business | 52,571,112,679.27 | 30,993,426,117.36 | 57,529,216,961.82 | 35,948,645,474.61 | | Other business | 443,322,248.03 | 212,559,029.50 | 290,062,319.62 | 201,646,005.90 | | Total | 53,014,434,927.30 | 31,205,985,146.86 | 57,819,279,281.44 | 36,150,291,480.51 | Notes to Financial Statement Page 147 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Detailed information on operating income and operating cost Notes to Financial Statement Page148 Category | By type of By operating | Wind, Solar and Waste-to-energy | | | | --- | --- | --- | --- | | | | Thermal power Hydropower | Others Total | | Electricity Others regions: Northeast China Central China product: Northwest China Southwest China North China South China East China Operating income Operating income Operating income Operating income Operating income 19,234,428,625.32 17,689,404,209.36 Operating cost Operating cost | 2,644,394,582.11 2,363,633,972.95 5,019,996,592.78 3,220,796,902.02 2,897,055,979.72 2,461,209,287.10 31, 205,985,146.86 4,965,151,556.99 3,180,409,410.27 Operating cost Operating cost Operating cost 1,455,466,967.80 1,008,374,626.19 1,652,392,757.01 1,147,258,285.04 1,545,024,415.96 15,870,175,957.59 25,862,953,729.48 53,014,434,927.30 14,025,940,258.60 25,862,953,729.48 48,770,170,893.44 26,957,727,983.17 24,794,556,620.58 27,527,206,082.03 11,343,346,110.61 5,596,399,886.59 5,578,525,053.03 7,213,750,954.94 1,844,235,698.99 4,244,264,033.86 4,248,257,163.69 9,653,803,000.15 9,653,803,000.15 252,661,397.61 1,068,397,108.90 2,574,084,974.56 1,388,112,599.61 9,294,423,852.44 234,503,973.68 4,701,084,327.38 313,391,058.04 193,022,329.58 5,912,320,309.01 4,912,426,682.02 4,647,758,847.78 757,255,058.59 478,969,732.40 220,517,825.39 110,283,284.47 6,556,297,937.01 5,237,011,864.65 5,686,729,324.01 448,476,919.87 186,676,869.32 7,707,634,684.03 5,891,075,744.56 845,752,730.76 54,845,035.79 40,387,491.75 97,575,314.15 Total 42,712,298.94 28,910,007.47 68,709,407.38 34,095,434.64 50,220,897.86 20,358,825.71 834,603,458.42 67,060,514.71 18,320,025.06 45,406,809.22 17,669,551.23 359,379,147.71 42,923,952.79 29,013,031.19 68,726,430.96 34,095,434.64 2,529,364.38 211,653.85 103,023.72 | 17,023.58 Generation | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page149 Category | Type of market By time of Electricity State-owned | Wind, Solar and Waste-to-energy | | | | --- | --- | --- | --- | | 19,106,664,440.08 17,689,404,209.36 4,713,888,971.37 3,059,086,007.99 1,783,534,410.04 1,510,021,107.91 4,965,151,556.99 3,180,409,410.27 | 15,814,883,928.14 25,862,953,729.48 51,467,041,550.97 30,037,794,044.19 14,025,940,258.60 25,862,953,729.48 48,770,170,893.44 26,957,727,983.17 9,653,803,000.15 9,653,803,000.15 252,661,397.61 97,575,314.15 | Thermal power Hydropower | Others Total | | transfer of goods: contract Contract type: Others enterprise Overseas or customer: Private enterprise Others Operating income Operating income Operating income Operating income Operating income 19,234,428,625.32 19,234,428,625.32 19,234,428,625.32 Operating cost Operating cost 5,019,996,592.78 3,220,796,902.02 2,897,055,979.72 2,461,209,287.10 31, 205,985,146.86 2,644,394,582.11 2,363,633,972.95 5,019,996,592.78 3,220,796,902.02 2,897,055,979.72 2,461,209,287.10 31, 205,985,146.86 5,019,996,592.78 3,220,796,902.02 2,897,055,979.72 2,461,209,287.10 31, 205,985,146.86 1,041,303,050.87 Operating cost Operating cost Operating cost 2,343,648,431.76 2,227,414,062.20 | 15,870,175,957.59 25,862,953,729.48 53,014,434,927.30 1,545,024,415.96 15,870,175,957.59 25,862,953,729.48 53,014,434,927.30 15,870,175,957.59 25,862,953,729.48 53,014,434,927.30 9,653,803,000.15 1,844,235,698.99 4,244,264,033.86 4,248,257,163.69 9,653,803,000.15 9,653,803,000.15 296,644,476.39 155,405,829.66 931,395,611.31 1,338,079,180.10 1,086,801,440.97 281,592,125.15 143,489,617.38 2,625,240,556.91 2,370,903,679.58 127,632,532.40 54,845,035.79 40,387,491.75 72,218,518.81 19,792,567.88 Total Total Total 209,314,196.23 55,292,029.45 9,463,145.02 6,305,064.37 81,389,661.70 131,652.84 | Generation | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page150 Revenue | Revenue recognized | Category | | | | --- | --- | --- | --- | | 2,462,954,486.89 2,290,745,033.54 | 2,466,459,683.42 2,291,721,670.34 3,505,196.53 976,636.80 | | | | recognized at a within a period of Classification by China Southern 19,230,923,428.79 5,019,996,592.78 3,220,796,902.02 15,869,199,320.79 25,862,953,729.48 50,547,975,243.88 28,914,263,476.52 | 9,653,803,000.15 434,101,492.83 170,464,253.56 Wind, Solar and Waste-to-energy | | | | 1,481,027,189.84 5,200,014,814.92 | 4,291,351,128.19 1,160,780,171.49 906,750,909.37 133,554,200.74 7,975,376,376.99 5,530,859,876.20 80,273,795.20 252,484,043.44 | Thermal power Hydropower | Others Total | | 19,234,428,625.32 19,234,428,625.32 12,489,229,411.00 5,019,996,592.78 3,220,796,902.02 2,897,055,979.72 2,461,209,287.10 31, 205,985,146.86 5,019,996,592.78 3,220,796,902.02 2,897,055,979.72 2,461,209,287.10 31, 205,985,146.86 3,145,876,532.76 2,106,882,867.54 2,659,297,228.31 2,369,724,054.87 15,870,175,957.59 25,862,953,729.48 53,014,434,927.30 15,870,175,957.59 25,862,953,729.48 53,014,434,927.30 24,702,173,557.99 40,441,484,052.42 21,254,002,391.69 1,545,184,399.40 | 9,653,803,000.15 9,653,803,000.15 9,734,589,130.41 9,401,318,956.71 104,204,550.67 1,844,235,698.99 393,092,870.18 207,163,125.11 4,597,574,497.89 4,421,122,878.97 11,211,437.03 Total | | | | time sales channel Power Grid State Grid Others point of time Operating income Operating income Operating income Operating income Operating income Operating cost Operating cost Operating cost Operating cost Operating cost | Total | Generation | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan )--- # **(L) Taxes and surcharges** | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Water resource tax | 513,741,805.00 | 469,582,332.03 | | Urban maintenance and construction tax | 281,172,502.24 | 208,260,806.53 | | Education surcharges | 208,770,413.84 | 155,926,603.82 | | Real estate tax | 89,545,173.14 | 88,603,505.47 | | Land use tax | 71,462,827.65 | 48,069,856.88 | | Environmental protection tax | 286,799,745.87 | 63,230,891.03 | | Stamp duty | 27,574,102.05 | 27,167,628.21 | | Vehicle and vessel use tax | 1,125,554.07 | 1,077,039.37 | | Others | 6,282,884.09 | 6,562,088.33 | | Total | 1,486,475,007.95 | 1,068,480,751.67 | # **(LI) Selling expenses** | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Sales service fee | 6,682,594.05 | 4,898,097.28 | | Employee benefits payable | 46,037,262.03 | 44,230,661.80 | | Business expenses | 300,058.80 | 512,512.09 | | Travel expenses | 430,207.84 | 955,798.39 | | Consultancy cost | | 1,175,633.67 | | Others | 6,593,537.32 | 8,029,035.16 | | Total | 60,043,660.04 | 59,801,738.39 | Notes to Financial Statement Page 151 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan )--- # **(LII) Administration expenses** | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Employee benefits payable | 1,264,959,563.93 | 1,272,506,696.72 | | Insurance premium | 15,820,736.72 | 15,911,972.55 | | Depreciation expenses | 106,346,663.22 | 105,223,594.65 | | Repair expenses | 10,577,624.33 | 6,640,345.83 | | Amortization of intangible assets | 73,917,417.57 | 68,356,741.99 | | Business entertainment expenses | 2,693,808.45 | 4,890,524.44 | | Travel expenses | 30,686,856.45 | 38,170,523.04 | | Office expenses | 11,242,928.16 | 12,300,934.83 | | Conference expenses | 1,489,605.50 | 1,486,581.53 | | Expenses on employment of intermediary organizations | 46,962,435.28 | 24,906,669.63 | | Consulting fees | 66,556,646.41 | 67,085,843.69 | | Expense of board of directors | 861,352.73 | 920,616.36 | | Property management expenses | 35,253,135.33 | 35,161,605.64 | | Rental expenses | 10,521,623.98 | 15,201,759.58 | | Water and electricity charges | 10,068,483.73 | 11,608,910.34 | | Traveling expenses | 4,393,309.48 | 5,276,887.75 | | Amortization of long-term prepaid expenses | 2,351,156.53 | 1,280,091.05 | | Labour fees | 7,788,147.15 | 7,159,414.88 | | Others | 330,728,406.76 | 200,850,980.54 | | Total | 2,033,219,901.71 | 1,894,940,695.04 | Notes to Financial Statement Page152 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (LIII) R&D expenses (LIV) Financial expenses (LV) Other income Details of government subsidies: Notes to Financial Statement Page 153 | Handling charges for withholding | 130,767,111.21 | | 196,482,336.17 169,701,489.92 | Total | Total | | --- | --- | --- | --- | --- | --- | | Independent R&D Others Outsourced R&D VAT is collected and refunded Ttransfer from deferred income Amount in the previous period Current amount Amount in the current period Asset-related/ Income-related | 74,986,306.68 15,493,645.04 40,287,159.49 | Income-related Income-related Asset-related | 126,074,412.98 111,016,702.29 43,627,076.94 85,465,633.88 | Item 5,066,811.87 4,185,852.08 | Item | | Less: Interest income Government subsidies Others Exchange gain or loss Others Interest expenses individual income tax Amount in the previous period Amount in the current period | Amount in the previous period Amount in the current period | | 2,687,092,580.25 4,092,146,146.44 1,463,935,663.01 3,412,049,732.32 4,367,875,052.72 1,011,831,337.25 Total Item 12,743,594.34 17,049,207.55 46,138,502.48 38,956,809.30 | Total Item 135,843,144.27 130,767,111.21 98,779,084.57 94,259,821.58 | 333,410.91 9,221.19 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (LVI) Investment income (LVII) Profit arising from changes in fair value (LVIII) Credit impairment loss Notes to Financial Statement Page 154 | Investment income from long-term equity investments calculated by Dividend income during the holding period of other equity Sources of profit arising from changes in fair | Amount in the Amount in the | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Amount in the current period Amount in the previous period | | 964,027,799.92 874,638,003.34 1,811,325.93 1,527,624.28 | | | | Item | | Financial assets held for trading Loss on bad debts of other receivables Loss on bad debts of long-term receivables equity method Investment income from disposal of long-term equity investments instruments Loss on bad debts of notes receivable Investment income from disposal of trading financial assets Others Loss on bad debts of accounts receivable Amount in the previous period Amount in the current period | previous period current period | 1,086,271,364.06 971,767,725.21 195,345,009.70 14,168,850.00 14,760,726.74 -8,240,250.64 | -181,670,870.57 -174,608,982.05 4,514,292.00 -53,374,669.74 -67,384,764.97 4,514,292.00 | 14,149,138.10 -9,123,994.47 2,708,575.20 2,708,575.20 2,057,361.49 Total -142,594.15 Item Total value | 3,551.28 4,744.46 | Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (LIX) Asset impairment loss (LX) Income of assets disposal (LXI) Non-operating income Notes to Financial Statement Page 155 Amount included in | Amount in the previous Amount in the current Amount included in non-recurring non-recurring profits | | | | | | --- | --- | --- | --- | --- | | Amount in the current | Amount in the | | Item | | | Gains on disposal of non-current Loss from impairment of long-term equity Loss from impairment of construction in Income from disposal of Inventory impairment loss and contract Income from disposal of profits and losses in the current | and losses in the | period period Item | | | | | previous period | period 15,377,299.55 -9,248,250.01 1,542,725.65 8,798,808.37 6,770,643.64 8,798,808.37 | 405,769.32 -151,932,485.97 -33,641,195.52 -58,821,148.27 -5,131,684.73 | 15,377,299.55 405,769.32 | | assets performance cost impairment loss Loss from impairment of fixed assets Loss from impairment of intangible assets non-current assets Loss from impairment of Goodwill Others investments progress right-of-use assets Amount in the previous period Amount in the current period | current period | 15,783,068.87 -7,705,524.36 Total | period -117,053,368.30 -238,411,162.05 -24,963,466.61 -26,610,086.29 -13,493,209.08 -39,823,812.36 | Total -818,326.81 -229,114.71 Item 15,783,068.87 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Government subsidies included in the current profits and losses: (LXII) Non-operating expenses | | | | | Notes to Financial Statement Page | 156 | | --- | --- | --- | --- | --- | --- | | Amount included in Amount included in | | | | | | | Amount in the previous Amount in the current Amount in the current non-recurring profits non-recurring profits Amount in the | | | | | | | | | Item Item | | | | | Transaction payment for carbon and losses in the and losses in the previous period | period period period | | | | | | | 148,330,528.02 59,444,720.42 59,331,512.87 75,069,339.36 30,332,353.64 69,166,131.83 5,903,207.53 | | 270,508.75 | | | | Government subsidies Gains on disposal of non-current assets Others Donations Unpayable dues Others Others Insurance claim emission rights Compensation for breach of contract Compensation for litigation Amount in the current period Asset-related /income-related current period current period | Income-related 12,808,449.87 16,676,640.06 12,695,242.32 37,520,253.08 67,291,773.54 37,520,253.08 64,362,114.42 37,374,225.50 37,374,225.50 12,913,070.02 9,116,017.47 9,116,017.47 2,685,829.89 7,382,663.92 4,061,950.39 4,061,950.39 9,946,910.95 9,946,910.95 8,137,820.31 8,137,820.31 | 270,508.75 354,115.51 270,508.75 575,907.56 575,907.56 226,030.66 Total Total | Total Item 270,508.75 | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (LXIII) Income tax expenses 1. List of income tax expenses 2. Accounting profit and income tax expense adjustment process Notes to Financial Statement Page 157 | Impact of deductible temporary difference or deductible losses on unrecognized Impact of using deductible losses of unrecognized deferred income tax assets in the | | | | | --- | --- | --- | --- | | Impact of non-deductible costs, expenses and losses | -301,048,860.14 180,076,834.55 64,229,715.83 | | | | Income tax expenses Total profit Current income tax expenses Income tax expense based on legal/applicable tax rate deferred income tax assets in the current period Deferred income tax expenses Impact of different tax rates applied to subsidiaries previous period Others Impact of adjustments to income taxes of prior periods Impact of non-taxable revenue Amount in the current period Amount in the previous period Amount in the current period | 16,318,241,105.57 2,857,439,572.32 4,079,560,276.39 -242,941,931.30 -937,711,950.59 2,857,439,572.32 2,573,141,018.51 3,681,221,844.56 3,484,571,990.55 -35,800,183.09 51,075,670.67 284,298,553.81 196,649,854.01 | Total Item | Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (LXIV) Earnings per share 1. Basic EPS The basic EPS is calculated by dividing the consolidated net profit attributable to the common shareholders of the company by the weighted mean of the outstanding common stock of the Company: 2. Diluted EPS The diluted EPS is calculated by dividing the consolidated net profit (dilution) attributable to the common shareholders of the Company by the weighted mean (dilution) of the outstanding common stock of the Company: | | | | Notes to Financial Statement Page | 158 | | --- | --- | --- | --- | --- | | Consolidated net profit attributable to the common Consolidated net profit (dilution) attributable to the Weighted mean of the outstanding common stock of the Weighted mean (dilution) of the outstanding common Amount in the previous Amount in the previous Amount in the current Amount in the current | | | | | | | 7,454,179,797.00 7,454,179,797.00 6,462,396,553.90 6,462,396,553.90 7,912,775,185.00 7,912,775,185.00 7,252,881,322.00 7,252,881,322.00 | Item Item | | | | Including: basic EPS of going concern Including: diluted EPS of going concern Company stock of the Company common shareholders of the Company shareholders of the Company Basic EPS Diluted EPS | period period period period | 0.9166 0.8669 0.9166 0.8669 0.9166 0.8669 0.9166 0.8669 | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (LXV) Items of cash flow statement 1. Cash related to operating activities (1) Other cash received related to operating activities (2) Other cash paid related to operating activities Notes to Financial Statement Page 159 | Amount in the previous Amount in the current | | | | | | --- | --- | --- | --- | --- | | Amount in the previous Amount in the current | | | | Item | | Security deposit Others Sewerage, water treatment expenses Reserve funds Project upfront fees Intercourse funds Period expenses | period period 1,329,318,821.79 1,038,285,219.73 | 255,480,412.72 308,289,712.28 140,331,729.06 726,903,905.80 377,132,500.38 206,088,879.10 289,205,039.45 55,773,868.47 2,521,861.90 4,671,969.23 | 690,268.02 425,485.51 88,409.60 | Total Item | | Compensation for loss of electricity Others Government subsidies Reserve funds Interest income Collection for others Intercourse funds Rental income Security deposit Insurance compensation Transaction payment for carbon emission rights | period period 1,004,231,096.02 | 680,061,450.93 149,356,984.31 337,915,530.56 133,222,123.09 247,096,043.25 342,892,713.67 67,696,339.89 54,431,743.92 34,106,299.84 16,876,529.18 12,436,038.19 51,587,836.63 57,679,146.53 27,568,699.94 39,323,229.75 92,116,040.08 2,570,131.26 2,958,976.83 7,592,422.85 6,257,400.00 | 608,317.18 | Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Cash related to investment activities (1) Other cash received related to investment activities (2) Other cash paid related to investing activities 3. Cash related to financing activities (1) Other cash received related to financing activities Notes to Financial Statement Page 160 | Amount in the previous Amount in the current Amount in the current | | | | | --- | --- | --- | --- | | Amount in the previous period Amount in the current Amount in the previous | 1,334,821,021.73 309,379,874.78 | | Item Item | | Security deposit Interest income Performance bond Bill deposit Others Financial lease Others | period period period 1,262,300,000.00 85,661,568.73 75,186,602.26 112,136,729.70 195,000,000.00 | 1,600,000.00 14,700,115.09 49,088,616.64 8,874,966.47 8,732,290.00 1,330,625.08 912,520.00 666,281,447.36 608,453,699.44 | 57,472,747.92 Total 355,000.00 Total Item | | Performance bond Land reclamation deposit Others Shareholder loans Security deposit | period period 2,881,746,080.16 2,057,276,340.00 285,332,937.20 283,377,004.53 772,222,310.00 | 50,000,000.00 1,600,000.00 2,032,830.16 247,052.21 214,600.00 88,791.46 20,089.00 | Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan )--- # (2) Other cash paid related to financing activities | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Handling charges for financing | 38,624,562.25 | 30,465,879.03 | | Lease fees | 476,563,969.46 | 440,275,165.44 | | Reduction of contribution | 7,367,519.93 | | | Repayment of perpetual bond | | 4,000,414,492.00 | | Bill deposit | | 93,382,975.99 | | Performance bond | 7,653,783,131.20 | | | Others | 13,774,384.27 | 19,434,558.76 | | Total | 8,190,113,567.11 | 4,583,973,071.22 | Notes to Financial Statement Page161 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (3) Changes in liabilities arising from financing activities Notes to Financial Statement Page162 Long-term borrowings | Bonds payable (including due (including due within one Beginning balance | Ending balance 125,632,520,045.88 131,426,847,735.05 | 22,753,794,339.43 15,248,533,290.06 1,710,933,360.20 | Item | | --- | --- | --- | --- | | | 13,990,735,612.70 9,928,226,172.33 | 7,825,434,279.36 3,400,000,000.00 | 362,924,838.99 | | within one year) Short-term borrowings year) Changes in non-cash | 155,621,344,940.14 Changes in non-cash 154,696,225,370.70 20,060,598,721.93 Changes in cash Changes in cash 9,278,642,022.95 | 51,854,680,042.18 21,275,451,423.39 48,001,443,806.14 29,352,910,516.08 4,778,355,805.48 2,704,497,606.29 Decrease in the current period | Total Increase in the current period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (LXVI) Supplementary information of cash flow statement 1. Supplementary information of cash flow statement Notes to Financial Statement Page 163 | 1. Reconciliation of net profits into cash flow from operating Amount in the current Amount in the previous | Losses from disposal of fixed assets, intangible assets and Increase of operating payables (decrease to be listed with Losses from changes in fair value (gains to be listed with Increase of deferred income tax liabilities (decrease to be Decrease of operating receivables (increase to be listed Losses from retirement of fixed assets (gains to be listed Decrease of deferred income tax assets (increase to be | | | | | --- | --- | --- | --- | --- | | | | 1,864,952,864.28 1,896,612,116.81 -4,450,390,747.86 3,031,441,386.70 166,245,935.49 107,142,528.95 -15,783,068.87 | -4,514,292.00 141,914,570.49 57,591,470.78 65,641,041.34 -2,708,575.20 7,705,524.36 317,209.10 | Item | | “-”) Add: Credit impairment losses “-”) listed with “-”) with “-”) with “-”) listed with “-”) activities: other long-term assets (gains to be listed with “-”) Net profit | Asset impairment losses Depreciation of fixed assets Depreciation of productive biological assets Depreciation of right-of-use assets Financial expenses (gains to be listed with “-”) Decrease of inventories (increase to be listed with “-”) Amortization of intangible assets Investment losses (gains to be listed with “-”) Depletion of oil and gas assets Amortization of long-term prepaid expenses 13,460,801,533.25 10,097,485,829.16 | 4,015,923,707.04 12,024,764,841.50 -1,086,271,364.06 -971,767,725.21 period 9,922,104,553.17 4,427,677,825.78 316,315,266.56 117,053,368.30 345,876,205.94 period -402,100,104.13 | 24,426,585.90 53,374,669.74 94,930,610.43 381,419,402.72 181,670,870.57 238,411,162.05 37,174,363.68 81,082,652.13 | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Net cash paid for acquisition of subsidiaries during the period Notes to Financial Statement Page 164 | 2. Significant investment or finance activities not involving Cash or cash equivalents paid for business combinations occurring in the current Add: Cash or cash equivalents paid in the current period for business Amount in the current Amount in the previous | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | Item 1.00 | | | Net increase in cash and cash equivalents Net cash paid for acquisitions of subsidiaries cash Less: Beginning balance of cash Net cash flows from operating activities Conversion of debts into capital Add: Ending balance of cash equivalents Convertible corporate bonds due within one year Less: Beginning balance of cash equivalents Acquisition of right-of-use assets by assuming lease liabilities 3. Net changes in cash and cash equivalents: Ending balance of cash | Others 15,261,296,883.11 31,569,574,019.80 | 5,332,007,904.54 9,929,288,978.57 11,096,479,048.67 24,657,128,874.02 -1,167,190,070.10 period 9,929,288,978.57 period | 180,674.93 | -63,106.28 | | | Among which: Zepu Hongsheng New Energy Co., Ltd. Among which: Zepu Hongsheng New Energy Co., Ltd. combinations occurring in prior periods period Less: Cash and cash equivalents held by subsidiaries as of the acquisition date | | | Amount | 63,107.28 63,107.28 1.00 | Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Composition of cash and cash equivalents (LXVII) Monetary items in foreign currency 1. Monetary items in foreign currency Notes to Financial Statement Page 165 | Exchange rate | Ending balance in foreign | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Including: Cash and cash equivalents with limited use of the Ending balance in RMB | | Other monetary funds available for payment at any | Item | | | | | Including: USD Other receivables upon translation Monetary fund Accounts receivable Including: USD Including: USD | | 7,786,778,722.74 8,144,206,706.49 9.4346 9.4346 7.0288 0.2225 0.2225 0.0004 5.4586 7.0288 175,957,550.33 125,213,239.81 178,710,284.95 IDR SGD GBP GBP THB THB 65,178,986.37 45,002,670.37 15,535,074.88 80,714,061.25 | 2,659,969.57 currency 100,178.90 23,991.28 13,323.16 | 6,649,923,927.02 825,342,751.44 790,820,450.94 | 69,820,561.24 25,425,433.21 6,908,505.54 6,402,610.74 | 18,352.49 | | parent company or subsidiaries of the Group III. Ending balance of cash and cash equivalents I. Cash Including: Cash on hand time II. Cash equivalents Including: Investments in bonds due within three months Beginning balance | Ending balance 15,261,272,891.83 15,261,296,883.11 15,261,296,883.11 9,929,275,655.41 9,929,288,978.57 9,929,288,978.57 | Cash in bank available for payments at any time | | | | Item | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page 166 | Non-current liabilities due Exchange rate | Ending balance in foreign | | | | | | --- | --- | --- | --- | --- | --- | | Ending balance in RMB | | 3,484,098,829.61 | Item | | | | Including: USD Long-term borrowings Including: USD Long-term receivables Short-term borrowings within one year Including: USD Other payables Including: USD Including: USD Including: USD upon translation Accounts payable | | 10,011,410,787.58 10,479,571,850.94 10,201,486,187.68 8,603,905,536.40 6,933,474,434.74 5,589,488,023.20 1,407,505,251.18 3,422,125,361.21 9.4346 9.4346 7.0288 9.4346 9.4346 9.4346 0.2225 0.2225 9.4346 0.0004 7.0288 0.2225 9.4346 7.0288 7.0288 0.2225 7.0288 278,085,663.26 176,462,286.05 243,687,410.18 109,160,586.30 134,526,823.88 423,851,804.12 341,787,830.53 920,134,607.42 GBP THB THB GBP IDR GBP THB GBP THB GBP GBP GBP THB | 56,526,395.17 67,495,722.12 78,485,686.69 97,776,446.67 1,724,882.75 currency | 53,375.69 1,451,383,762.19 4,135,436,437.84 911,952,338.88 439,444,704.14 133,439,235.00 795,226,500.00 604,614,938.77 200,248,300.02 486,871,921.41 | 29,475,087.79 25,105,606.37 11,570,240.00 44,925,254.29 5,991,392.87 7,154,062.93 8,318,920.43 7,752,282.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Description of overseas business entity 1) The Company agreed to acquire 100% equity interest of Red Rock Renewables Limited, a wholly-owned subsidiary of Repsol Nuevas Energias S.A, for GBP 185.4 million (subject to the availability of a contract of price difference or such preferential support for the acquisition of the subject-owned Inch Cape Offshore Wind Power Project to determine whether to pay an additional GBP 16.6 million) after deliberation and approval at the 29th Meeting of the Company's 9th Board of Directors on February 24, 2016. The acquired company, which is based in Scotland, UK, and has a bookkeeping currency of GBP, is mainly engaged in offshore wind power development and is currently operating a Beatrice project and a pre-infrastructure Inch Cape project. 2) The Company agreed with Red Rock Renewables Limited to acquire 100% equity interest of Afton Wind Farm (Holdings) Limited, a wholly-owned subsidiary of Infra Red Capital Partners for GBP 121 million after deliberation and approval at the 20th Meeting of the Company's 10th Board of Directors on December 15, 2017. The acquired company, which is based in Scotland, UK, and has a bookkeeping currency of GBP, is mainly engaged in onshore wind power development and is currently operating a Afton Wind Farm Limited project and an Asset Management Company of Afton Wind Farm (BMO) Limited. 3) The subsidiary of the Company, SDIC Huanneng Electric Power Co., Ltd., increased the capital to Xiamen Newsky Energy Environmental Technology Co., Ltd. (Previous name : Newsky (China) Environment & Technology Co., Ltd.) by USD 43 million through the resolution of the 51st Meeting of the 10th Board of Directors of the Company on May 28, 2019, and held 60% of the equity interest of the Company after the increase of capital. The main business places of Newsky Energy are Guizhou Newsky Environment & Tech. Co., Ltd. located in Guizhou Province, China, and C&G Environmental Protection (Thailand) Co., Ltd. located in Thailand, both of which are mainly engaged in waste-to-energy power generation. The bookkeeping currency of Guizhou Newsky is RMB; the bookkeeping base currency of C&G Environmental Protection (Thailand) Co., Ltd.. is THB. 4) The Company agreed with Red Rock Renewables Limited to acquire 100% equity interest of Benbrack Wind Farm Limited, a wholly-owned subsidiary of RWE Renewables UK Limited after deliberation and approval at the 15th meeting of the Office of General Manager on January | | | | Notes to Financial Statement Page | 167 | | --- | --- | --- | --- | --- | | Exchange rate Ending balance in foreign | | | | | | Ending balance in RMB | Item | | | | | upon translation | 0.2225 THB 5,447,073.23 currency | 24,481,227.99 | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 22, 2021. The acquired company, which is based in Scotland, UK, and has a bookkeeping currency of GBP, is mainly engaged in onshore wind power development. 5) The Company agreed with Jaderock Investment Singapore Pte. Ltd. to acquire 93.33% equity interest of Fareast Green Energy Pte. Ltd., a wholly-owned subsidiary of Hydro Sumatra Pte. Ltd. after deliberation and approval at the 28th Meeting of the 11th Board of Directors of the Company on June 11, 2021. The acquired company, which is based in Singapore, and has a bookkeeping currency of USD, is mainly engaged in hydropower development. (LXVIII) Lease 1. As lessee 2. As lessor (1) Operating lease Undiscounted lease receivables to be received after the balance sheet date are as follows: | | | Notes to Financial Statement Page | 168 | | --- | --- | --- | --- | | Simplified low-value asset lease expense charged to Including: revenue relating to variable lease Revenue from operating | | | | | relevant asset cost or current profit and loss (except for Simplified short-term lease expense charged to relevant Amount in the previous Amount in the current | Item 1,129,988.41 109,477.92 | | | | Operating lease payments excluded from lease receivables | lease 15,734,028.86 13,856,037.74 Total 34,167,157.02 34,167,157.02 | | | Item Cash outflows of sale-leaseback asset cost or current profit and loss short-term lease expense of low-value asset) Interest cost of lease liability Cash inflows of sale-leaseback Relevant profit and loss from sale-leaseback Total cash outflows related to lease period period 1,322,920,739.50 501,541,617.46 287,345,723.49 113,036,612.75 287,000,000.00 291,735,162.94 338,668,125.18 32,075,820.57 20,528,612.91 7,035,934.05 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) VI. Research and development expenditure (I) Research and development expenditure (II) Development expenditures Notes to Financial Statement Page 169 | Reclassified into Beginning | Ending | | | | | | --- | --- | --- | --- | --- | --- | | Recognized Amount in the previous Amount in the current | Item Internal | | | | | | profit or loss for balance | balance | | | | | | as intangible Others development | Others | | Remaining lease term | | | | Independent Outsourced Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years | the current | period period | 4,608,566.55 1,166,126.58 910,250.70 844,063.09 844,063.09 844,063.09 | | Total | | 3,574,389.38 Consigned research and development expenses Depreciation and amortization Materials consumed Including: Expensed R&D expenditures Employee benefits payable Others National basic research Less: 5,698,797.34 Amount in the previous period 6,722,388.65 4,832,951.25 Subtotal Amount in the current period expenditures | assets 1,055,660.38 6,722,388.65 3,764,203.67 | Capitalized R&D expenditures | 169,701,489.92 175,400,287.26 49,325,874.28 80,458,301.51 15,037,935.00 30,000,000.00 196,482,336.17 106,546,171.73 206,968,928.49 | 5,698,797.34 Total 10,486,592.32 65,952,226.20 Item 30,000,000.00 519,884.63 3,997,251.70 58,291.84 314,604.69 158,674.17 | | | R&D 3,574,389.38 11,555,339.90 R&D Increase in the current period 5,698,797.34 | 10,486,592.32 1,055,660.38 period | Decrease in the current period | | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page 170 provision for bad 3,574,389.38 11,555,339.90 debts 5,698,797.34 Total 10,486,592.32 1,055,660.38 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) VII. Changes in consolidation scope (I) Business combinations not under common control 1. Business combinations not under common control in this period Unit: 10,000.00 RMB Notes：The Company originally held 48% equity in Guosheng Green Energy (Tai'an) Co., Ltd. During the current period, it acquired an additional 3% equity, increasing its shareholding to 51%, no capital contributions were made by any of the shareholders involved prior to the acquisition. Notes to Financial Statement Page171 | Acquisition GuoSheng Zepu Time point Income of acquiree Basis for | | | | --- | --- | --- | | Acquisition Net profit of acquiree Cash flow of acquiree | | | | Acquisition cost determination Green Energy Transfer of Hongsheng Transfer of proportion Acquisition from acquisition date Name of | of | | | Acquisition Acquisition method of from acquisition date to from acquisition date to 2025-4-15 2025-4-15 2025-4-30 2025-4-30 | 100.00 3.00 | / / 1.00 22,156,635.86 -135,847.94 3,314,571.06 | | (Tai’an) Co., control right New Energy control right of acquisition acquisition of equity acquiree | of equity to the end of the date | | | the end of the period equity | the end of the period | | | Ltd. Co., Ltd. of equity | (%) date period | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Combination cost and goodwill Method for Determining the Fair Value of the Combination Cost: Asset-Based Approach 3. Identifiable assets and liabilities of acquiree on the acquisition date Unit:10,000.00 RMB Notes to Financial Statement Page 172 Goodwill / The amount by which the cost of consolidation Item | is less than the acquired share of the fair value of Deferred income tax Projects under GuoSheng Green Energy Book value on the Fair value on the Book value on the Fair value on the | Zepu Hongsheng New | | 17.71 10.36 -180,674.93 17.71 | | | --- | --- | --- | --- | --- | | | | 21,049.16 21,007.72 | | Item | | identifiable net assets Total combination cost Assets: Other payables Less: Fair value of net identifiable asset acquired Monetary fund Advances to suppliers construction liabilities Other current assets Liabilities: Short-term borrowings Combination cost --Cash Accounts payable GuoSheng Green Energy (Tai’an) Co., Ltd. acquisition date acquisition date Zepu Hongsheng New Energy Co., Ltd. acquisition date | acquisition date (Tai’an) Co., Ltd. Energy Co., Ltd. | 45,378.62 45,514.25 24,445.80 45,496.18 45,378.62 45,472.81 24,445.80 45,485.82 4,999.99 5017.70 | 5,017.70 4,999.99 12.98 17.70 95.02 12.18 17.70 12.98 95.02 12.18 17.70 17.70 6.31 6.31 180,675.93 | 1.00 1.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Recognition methods of the fair value of identifiable assets and liabilities: Asset-based approach (II) Changes in consolidation scope for other reasons Description of changes in the scope of consolidation arising from other reasons (e.g., establishment of new subsidiaries, liquidation of subsidiaries, etc.) and relevant information: Notes to Financial Statement Page 173 Item | Less: Minority Book value on the Fair value on the Book value on the Fair value on the | | | | | --- | --- | --- | --- | | Net assets acquired Pubei Shengfeng New Energy Co., Ltd. Yalong River (Yajiang) Clean Energy Co., Ltd. Chengde Yuanli Technology Development Co., Ltd. shareholders' equity Net assets Establishment by investment Establishment by investment Establishment by investment SDIC (Hunan) New Energy Co., Ltd. SDIC (Luliang) New Energy Co., Ltd. Yalong River (Jiangsu) Energy Co., Ltd. Yinan Shengfeng New Energy Co., Ltd. Guoli (Xinjiang) Comprehensive Energy Co., Ltd. Tianjin Beijiang Energy Sales Co., Ltd. Wuxuan Yuansheng New Energy Co., Ltd. Yalong River (Litang) Clean Energy Co., Ltd. Guanyang Yuansheng New Energy Co., Ltd. GuoSheng Green Energy (Tai’an) Co., Ltd. 13 10 12 acquisition date acquisition date 11 2 6 4 acquisition date Zepu Hongsheng New Energy Co., Ltd. 1 5 8 9 acquisition date | 4 2 3 4 3 3 3 3 2 3 3 3 3 | 5,000.00 5,000.00 5,000.00 5,000.00 | 18.07 -13.01 18.07 -13.01 | | Yalong River (Chengdu) Energy Co., Ltd. Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment NO. Formation of control right 3 7 Hierarchy | | | Name of the subsidiaries | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page 174 Guangxi Guoqin Energy Co., Ltd. Logout 19 17 18 16 3 2 2 5 Afton Wind Farm (BMO) Limited Logout SDIC Tibet Seni New Energy Co., Ltd. Logout SDIC Tibet Nierong New Energy Co., Ltd. Logout SDIC (Yunnan) New Energy Development Co., Ltd. Yunnan Qianrun Electricity Retail Co., Ltd. Establishment by investment Establishment by investment NO. 14 15 Formation of control right Hierarchy 2 3 Name of the subsidiaries SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) VIII. Equity in other entities (I) Equity in subsidiaries 1. Composition of the Group Notes to Financial Statement Page175 | Business combinations Business combinations | | | --- | --- | | 1-6 Yalong River Huili New Energy 1-7 Yalong River Mianning New NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | Mianning, Sichuan Mianning, Sichuan Solar power not under common 1 Yalong River Hydropower Establishment by Huili, Sichuan Huili, Sichuan Solar power not under common 1-5 Yalong River Sichuan Energy Establishment by 1-4 Yalong River Hydropower Establishment by 1-3 Yalong River Hydropower Establishment by 1-2 Sichuan Ertan Industrial Establishment by 1-1 Sichuan Ertan Construction Establishment by | 8 7 60.00 51.00 | | Co., Ltd. Chengdu, Sichuan Chengdu, Sichuan Power supply Panzhihua, Sichuan Panzhihua, Sichuan Hydropower Energy Co., Ltd. Liangshan, Sichuan Liangshan, Sichuan Hydropower Chengdu, Sichuan Chengdu, Sichuan Logistics management service Chengdu, Sichuan Chengdu, Sichuan Engineering supervision service Chengdu, Sichuan Chengdu, Sichuan Hydropower | 6 5 4 3 2 1 100.00 100.00 100.00 100.00 100.00 52.00 | | control Panzhihua Tongzilin Co., Ltd. investment control Liangshan Co., Ltd. investment Development Co., Ltd investment Garze, Sichuan Garze, Sichuan Hydropower Consultancy Co., Ltd. investment Development Co., Ltd. investment Co., Ltd. investment 1-8 Yalong River Hydropower Establishment by Shareholding proportion (%) | Indirect 9 Direct 100.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page176 Business combinations | 1-9 Dechang Wind Power NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Dechang, Sichuan Dechang, Sichuan Wind power not under common 1-16 Yalong River (Sichuan) New Establishment by 1-15 Yalong River (Litang) New Establishment by 1-14 Yalong River (Xichang) New Establishment by 1-13 Yalong River (Yanyuan) New Establishment by 1-12 Yalong River (Yajiang) New Establishment by 1-17-2 Yalong River (Litang) Clean Power supply Establishment by 1-11 Yalong River (Panzhihua) Establishment by 1-10 Yalong River (Muli) New Establishment by 1-17-1 Yalong River (Yajiang) Power supply Establishment by 1-17 Ganzi Yalong River Energy Establishment by 10 | 100.00 100.00 100.00 | | Garze, Sichuan Garze, Sichuan Panzhihua, Sichuan Panzhihua, Sichuan Solar power Liangshan, Sichuan Liangshan, Sichuan Solar power Development Co., Ltd. Garze, Sichuan Garze, Sichuan Garze, Sichuan Garze, Sichuan Solar power Chengdu, Sichuan Chengdu, Sichuan Hydropower Garze, Sichuan Garze, Sichuan Solar power Xichang, Sichuan Xichang, Sichuan Wind power Yanyuan, Sichuan Yanyuan, Sichuan Solar power Yajiang, Sichuan Yajiang, Sichuan Solar power 20 12 11 19 18 17 16 15 14 13 | 100.00 100.00 100.00 100.00 100.00 100.00 66.00 75.00 | | Energy Co., Ltd. investment control Clean Energy Co., Ltd. investment Development Co., Ltd. investment Energy Co., Ltd. investment Energy Co., Ltd. investment Energy Co., Ltd. investment Energy Co., Ltd. investment Energy Co., Ltd. investment Garze Co., Ltd. investment Energy Co., Ltd. investment Energy Co., Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page177 | Business combinations Business combinations | | | --- | --- | | 2-1 Yunnan Dachao Industry Co., NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | 5 SDIC Genting Meizhouwan Establishment by 4-2 Tianjin Beijiang Energy Sales Establishment by 4-1 Tianjin Beijiang Environmental Establishment by Kunming, Yunnan Kunming, Yunnan Property service not under common 4 Tianjin SDIC Jinneng Electric Establishment by 3-1 Baiyin Daxia Power Co., Ltd. Baiyin, Gansu Baiyin, Gansu Hydropower not under common 2 SDIC Yunnan Dachaoshan Establishment by 1-19 Yalong River (Chengdu) Other power generation Establishment by 3 SDIC Gansu Xiaosanxia Power Establishment by 2-2 SDIC (Luliang) New Energy Establishment by 1-18 Yalong River (Jiangsu) Energy Nanjing, Jiangsu Nanjing, Jiangsu Power supply Establishment by 24 27 | 100.00 100.00 100.00 51.08 | | Kunming, Yunnan Kunming, Yunnan Hydropower Chengdu, Sichuan Chengdu, Sichuan Lanzhou, Gansu Lanzhou, Gansu Hydropower Putian, Fujian Putian, Fujian Thermal power Qujing, Yunnan Qujing, Yunnan Solar power Tianjin Tianjin Power supply Tianjin Tianjin Solid waste management Ltd. Tianjin Tianjin Thermal power 23 22 26 31 21 25 30 29 28 | 100.00 100.00 100.00 50.00 60.45 51.00 64.00 | | control control Co., Ltd. investment Co., Ltd. investment Power Co., Ltd. investment Co., Ltd. investment Protection Technology Co., Ltd. investment Power Co., Ltd. investment Hydropower Co., Ltd. investment Energy Co., Ltd. investment Co., Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page178 | 8-1 Xiamen Huaxia Electric Energy Establishment by 8 Xiamen Huaxia International Business combinations 7-2 SDIC Panjiang (Panzhou) New Establishment by 7-1 SDIC Guizhou Power Sales Co., Establishment by 7 SDIC Panjiang Electric Power Establishment by 10 SDIC Jineng (Zhoushan) Gas Establishment by 6-2 Guangxi Guoqin Naleng Wind Establishment by 6-1 Guangxi Guokai Energy Sales Establishment by 6 SDIC Qinzhou Electric Power Business combinations 5-1 SDIC Meizhouwan Power Sales Establishment by 9-1 Guangxi Qinqin Power Sales Establishment by 9 SDIC Qinzhou Second Electric Establishment by NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Zhoushan, Zhejiang Zhoushan, Zhejiang Gas-fired power Qinzhou, Guangxi Qinzhou, Guangxi Wind power Nanning, Guangxi Nanning, Guangxi Power supply Qinzhou, Guangxi Qinzhou, Guangxi Thermal power Putian, Fujian Putian, Fujian Power supply Qinzhou, Guangxi Qinzhou, Guangxi Power supply Qinzhou, Guangxi Qinzhou, Guangxi Thermal power Xiamen, Fujian Xiamen, Fujian Power supply Xiamen, Fujian Xiamen, Fujian Thermal power Liupanshui, Guizhou Liupanshui, Guizhou Wind power Guiyang, Guizhou Guiyang, Guizhou Power supply Liupanshui, Guizhou Liupanshui, Guizhou Thermal power 43 35 34 33 32 42 41 40 39 38 37 36 | 100.00 100.00 100.00 100.00 100.00 100.00 51.00 99.00 61.00 90.00 56.00 55.00 | | Power Generation Co., Ltd. investment Co., Ltd. investment Co., Ltd. investment Power Co., Ltd. investment Sales Co., Ltd. investment Power Development Co., Ltd. under common control Energy Co., Ltd. investment Ltd. investment Co., Ltd. investment Power Generation Co., Ltd. investment Co., Ltd. investment Co., Ltd. under common control Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page179 | Business combinations Business combinations Business combinations Business combinations Business combinations Business combinations Business combinations | | | --- | --- | | 11-1-1 Asia Ecoenergy 11-1-2-1 PT Dharma Hydro 11-1-2 Asia Ecoenergy 11-1-2-1-1 PT North Sumatera NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | Singapore Singapore Investment and assets management not under common 12-1-2 Afton Wind Farm (Holdings) Indonesia Indonesia Hydropower not under common 12-1-1 Beatrice Wind Limited UK UK Investment and assets management not under common Singapore Singapore Investment and assets management not under common Indonesia Indonesia Investment and assets management not under common 12-1 Red Rock Renewables Limited UK UK Investment and assets management not under common Establishment by 11-1 Fareast Green Energy Pte. Ltd. Singapore Singapore Investment and assets management not under common 11 Jaderock Investment Singapore Establishment by Business combinations 47 49 52 46 48 51 45 | 100.00 100.00 100.00 100.00 100.00 75.00 93.33 | | Development B Pte. Ltd. UK UK Investment and assets management Hydro Energy Singapore Singapore Investment and assets management Development A Pte. Ltd. Nusantara 12 Redrock Investment Limited UK UK Investment and assets management 53 44 50 | 100.00 100.00 100.00 | | control control Limited Pte. Ltd. investment control control control control control investment Shareholding proportion (%) | Indirect Direct | not under common SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page180 | Business combinations Business combinations Business combinations Business combinations Business combinations Business combinations | | | --- | --- | | 15-1 Guizhou Newsky 15-2 Newsky Energy (Thailand) 12-1-3 Benbrack Wind Farm 15 Xiamen Newsky Energy 15-1-1 Guizhou Newsky Kitchen NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | 12-1-2-1Afton Wind Farm Limited UK UK Wind power not under common Liupanshui, Guizhou Liupanshui, Guizhou Biomass power generation not under common Thailand Thailand Investment and assets management not under common UK UK Wind power not under common Xiamen, Fujian Xiamen, Fujian Power technology service not under common Liupanshui, Guizhou Liupanshui, Guizhou Solid waste management not under common 14 SDIC Kingrock Overseas Other organizational management Establishment by 13 SDIC Gansu Power Sales Co., Establishment by 12-1-4 Aska Windfarm Holdings Establishment by 54 60 62 55 59 61 | 100.00 100.00 100.00 99.99 60.00 99.00 | | Limited Environmental Technology Co., Ltd. Waste Treatment Co., Ltd. Xiamen, Fujian Xiamen, Fujian Lanzhou, Gansu Lanzhou, Gansu Power supply UK UK Investment and assets management Environmental Technology Co., Ltd. Company Limited 15-2-1 C&G Environmental Business combinations Thailand Thailand Biomass power generation 58 57 56 63 | 100.00 65.00 51.00 99.99 | | control control control control control control Ltd. investment Limited investment control Investment Management Co., Ltd. service investment Shareholding proportion (%) | Indirect Direct | | Protection (Thailand) Company not under common | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page181 Business combinations | 15-2-2 Newsky Energy (Bangkok) NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Thailand Thailand Biomass power generation not under common 16-5 SDIC Turpan Wind Power Co., Establishment by 16-4 SDIC Qinghai Wind Power Establishment by 16-3 SDIC Jiuquan Second Wind Establishment by 16-2 SDIC Jiuquan First Wind Establishment by 16-1 SDIC Baiyin Wind Power Co., Establishment by 16-8 SDIC Shizuishan Photovoltaic Establishment by 16. SDIC New Energy Investment Establishment by 15-3 Newsky (Philippines) Holdings Other organizational management Establishment by 16-7 SDIC Dunhuang Photovoltaic Establishment by 16-6 SDIC Ningxia Wind Power Establishment by 64 | 99.99 | | Shizuishan, Ningxia Shizuishan, Ningxia Solar power Beijing Beijing Investment and assets management Philippines Philippines Company Limited Dunhuang, Gansu Dunhuang, Gansu Solar power Zhongwei, Ningxia Zhongwei, Ningxia Wind power Turpan, Xinjiang Turpan, Xinjiang Wind power Haixi, Qinghai Haixi, Qinghai Wind power Jiuquan, Gansu Jiuquan, Gansu Wind power Jiuquan, Gansu Jiuquan, Gansu Wind power Baiyin, Gansu Baiyin, Gansu Wind power 74 66 65 73 72 71 70 69 68 67 | 100.00 100.00 100.00 100.00 100.00 100.00 64.89 99.99 79.60 65.00 | | Power Co., Ltd. investment control Power Co., Ltd. investment Co., Ltd. investment Ltd. investment Co., Ltd. investment Power Co., Ltd. investment Power Co., Ltd. investment Ltd. investment Limited control Co., Ltd. investment Corporation service investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page182 | 16-18 Akse Kazakh Autonomous Business combinations | | | --- | --- | | County Huidong New Energy Co., Jiuquan, Gansu Jiuquan, Gansu Solar power not under common 16-17 SDIC Barkol New Energy Establishment by 16-16 SDIC Gansu New Energy Other organizational management Establishment by 16-15 Tianjin SDIC New Energy Establishment by 17 Tongcheng Jinjia New Energy Establishment by 16-14 SDIC Hami Wind Power Co., Establishment by 16-13 SDIC Guangxi Wind Power Establishment by 16-12 SDIC Dali Photovoltaic Establishment by 16-11 SDIC Chuxiong Wind Power Establishment by 16-10 SDIC Yunnan New Energy Establishment by 16-9 SDIC Geermu Photovoltaic Establishment by NO. Acquisition method 84 Main place of business | 100.00 Name of the subsidiaries Place of registration Nature of business | | Dali, Yunnan Dali, Yunnan Solar power Chuxiong, Yunnan Chuxiong, Yunnan Wind power Kunming, Yunnan Kunming, Yunnan Wind power Geermu, Qinghai Geermu, Qinghai Solar power Hami, Xinjiang Hami, Xinjiang Wind power Lanzhou, Gansu Lanzhou, Gansu Tianjin Tianjin Wind power Anqing, Anhui Anqing, Anhui Solar power Hami, Xinjiang Hami, Xinjiang Wind power Qinzhou, Guangxi Qinzhou, Guangxi Wind power 78 77 76 75 83 82 81 85 80 79 | 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 90.00 90.00 | | Jiuquan, Gansu Jiuquan, Gansu Wind power Power Co., Ltd. investment Ltd. control Co., Ltd. investment Co., Ltd. service investment Co., Ltd. investment Co., Ltd. investment Ltd. investment Co., Ltd. investment Power Co., Ltd. investment Co., Ltd. investment Co., Ltd. investment 18 SDIC Jiuquan New Energy Co., Establishment by Shareholding proportion (%) 86 | Indirect Direct 51.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page183 | Business combinations Business combinations Business combinations Business combinations Business combinations | | | --- | --- | | 28 Huzhou Xianghui Photovoltaic 26 Jingbian Zhiguang New Energy 25 Dingbian Angli Photovoltaic 20 SDIC New Energy (Honghe) 19 Toksun Trina Solar Energy Co., NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | Turpan, Xinjiang Turpan, Xinjiang Solar power not under common Huzhou, Zhejiang Huzhou, Zhejiang Solar power not under common Yulin, Shaanxi Yulin, Shaanxi Solar power not under common Yulin, Shaanxi Yulin, Shaanxi Solar power not under common Honghe, Yunnan Honghe, Yunnan Solar power not under common 24 SDIC (Ordos City) New Energy Establishment by 27 SDIC Jiangsu New Energy Co., Other organizational management Establishment by 23 Pingtang Leyang New Energy Establishment by 22 Guiding Guoneng New Energy Establishment by 21 Yunxian Qianrun New Energy Establishment by 87 96 94 93 88 | 100.00 100.00 100.00 100.00 90.00 10.00 | | Co., Ltd. Erdos, Inner Mongolia Erdos, Inner Mongolia Wind power Nanjing, Jiangsu Nanjing, Jiangsu Ltd. Qiannan, Guizhou Qiannan, Guizhou Solar power Qiannan, Guizhou Qiannan, Guizhou Solar power Lincang, Yunnan Lincang, Yunnan Solar power Power Co., Ltd. Development Co., Ltd. Technology Co., Ltd. 92 95 91 90 89 | 100.00 100.00 100.00 100.00 95.00 | | control control control control Co., Ltd. investment Co., Ltd. investment control Ltd. investment Co., Ltd. investment Ltd. service investment Co., Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page184 | Business combinations Business combinations Business combinations Business combinations Business combinations Business combinations Business combinations Business combinations | | | --- | --- | | 33 Jiangsu Tiansai New Energy 30 Xiangshui Yongneng Solar 34 Changzhou Tiansui New Energy 32 Yancheng Zhihui Energy Power 33-1 Yingshang Runneng New 34-1 Suixi Tianhuai New Energy 29 Xiangshui Hengneng Solar 31 Hengfeng Jinko Electric Power NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | Yancheng, Jiangsu Yancheng, Jiangsu Solar power not under common Shangrao, Jiangxi Shangrao, Jiangxi Solar power not under common Changzhou, Jiangsu Changzhou, Jiangsu Investment and assets management not under common Yancheng, Jiangsu Yancheng, Jiangsu Solar power not under common Changzhou, Jiangsu Changzhou, Jiangsu Investment and assets management not under common Yancheng, Jiangsu Yancheng, Jiangsu Power supply not under common Yingshang, Anhui Yingshang, Anhui Solar power not under common Other organizational management Establishment by Suixi, Anhui Suixi, Anhui Solar power not under common 101 103 100 102 104 97 99 98 | 100.00 100.00 100.00 100.00 100.00 90.00 90.00 81.00 | | Power Co., Ltd. Co., Ltd. Development Co., Ltd. Power Co., Ltd. Co., Ltd. Co., Ltd. Energy Co., Ltd. 35 SDIC New Energy Co., Ltd. Shanghai Shanghai Co., Ltd. 105 | 100.00 | | control control control control control control control service investment control Ganzhou, Jiangxi Ganzhou, Jiangxi Solar power 35-1 Yudu Guoli New Energy Co., Establishment by Shareholding proportion (%) 106 | Indirect Direct 95.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page185 | Business combinations Business combinations Business combinations Business combinations | | | --- | --- | | 37 Guyuan Guanghui New Energy 40 Hainan Dongfang Gaopai Wind 36 Zhangjiakou Jinko New Energy 38 Fuxin Jingbu Solar Power Co., NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power not under common Fuxin, Liaoning Fuxin, Liaoning Solar power not under common 45 Tianjin Baodi Huifeng New Establishment by Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power not under common Dongfang, Hainan Dongfang, Hainan Wind power not under common 44 SDIC (Hunan Anren) Pumped Establishment by 39 SDIC (Hainan) New Energy Co., Establishment by 43 SDIC Shanxi Hejin Pumped Establishment by 42 Beijing Damao Technology Co., Establishment by 41 SDIC Tibet New Energy Co., Other organizational management Establishment by 107 109 108 111 | 100.00 100.00 100.00 100.00 | | Tianjin Tianjin Wind power Power Generation Co., Ltd. Power Co., Ltd. Chenzhou, Hunan Chenzhou, Hunan Hydropower Co., Ltd. Wenchang, Hainan Wenchang, Hainan Solar power Hejin, Shanxi Hejin, Shanxi Hydropower Ltd. Beijing Beijing Solar power Lhasa, Tibet Lhasa, Tibet 116 115 110 114 113 112 | 100.00 100.00 100.00 100.00 100.00 51.00 | | control control control control Ltd. investment Ltd. service investment Energy Co., Ltd. investment Ltd. investment Storage Co., Ltd. investment Ltd. investment Storage Co., Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page186 | 50-1 SDIC (Huilai) Kuiyang New Establishment by 50 SDIC (Guangdong) Offshore Establishment by 49 Ceheng Huifeng New Energy Establishment by 48 SDIC Guizhou New Energy Co., Other organizational management Establishment by 47 Yuanjiang Qianrun New Energy Establishment by 53 SDIC Jilin Dunhua Pumped Establishment by 46-3 Guoli (Xinjiang) Establishment by 46-2 Ruoqiang Guoli New Energy Establishment by 46-1 Manas Guoli New Energy Co., Establishment by 46 SDIC Xinjiang New Energy Co., Establishment by 52 SDIC Hebei New Energy Co., Other organizational management Establishment by 51 SDIC Shiyan New Energy Co., Establishment by NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Dunhua, Jilin Dunhua, Jilin Hydropower Urumqi, Xinjiang Urumqi, Xinjiang Power supply Bayingolin, Xinjiang Bayingolin, Xinjiang Solar power Changji, Xinjiang Changji, Xinjiang Solar power Urumchi, Xinjiang Urumchi, Xinjiang Investment and assets management Shijiazhuang, Hebei Shijiazhuang, Hebei Shiyan, Hubei Shiyan, Hubei Solar power Jieyang, Guangdong Jieyang, Guangdong Solar power Shantou, Guangdong Shantou, Guangdong Wind power Ceheng, Guizhou Ceheng, Guizhou Wind power Guiyang, Guizhou Guiyang, Guizhou Yuxi, Yunnan Yuxi, Yunnan Solar power 128 120 119 118 117 127 126 125 124 123 122 121 | 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.60 51.00 51.00 | | Storage Co., Ltd. investment Ltd. investment Ltd. service investment Ltd. investment Energy Co., Ltd. investment Wind Power Development Co., Ltd. investment Co., Ltd. investment Ltd. service investment Co., Ltd. investment Comprehensive Energy Co., Ltd. investment Co., Ltd. investment Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page187 | 57 Pingyang Aoqi New Energy Co., Establishment by 56 Quanzhou Yuansheng New Establishment by 55-5 Wuxuan Yuansheng New Laibin, Guangxi Laibin, Guangxi Wind power Establishment by 55-4 Pubei Shengfeng New Energy Qinzhou, Guangxi Qinzhou, Guangxi Wind power Establishment by 55-3 Guanyang Yuansheng New Guilin, Guangxi Guilin, Guangxi Wind power Establishment by 60 SDIC Inner Mongolia New Other organizational management Establishment by 55-2 Xiangzhou Yuansheng New Laibin, Guangxi Laibin,Guangxi Wind power Establishment by 55-1 Pubei Fengguang New Energy Qinzhou, Guangxi Qinzhou, Guangxi Solar power Establishment by 55 SDIC Guangxi New Energy Establishment by 54 Huaning Qianrun New Energy Establishment by 59 Kunming Dongchuan Qianrun Establishment by 58 SDIC Yunnan New Energy Establishment by NO. Acquisition method | Main place of business 100.00 99.00 85.00 99.00 99.00 Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Hohhot, Inner Mongolia Hohhot, Inner Mongolia Nanning, Guangxi Nanning, Guangxi Investment and assets management Yuxi, Yunnan Yuxi, Yunnan Solar power Kunming, Yunnan Kunming, Yunnan Solar power Kunming, Yunnan Kunming, Yunnan New energy vehicle manufacturing Wenzhou, Zhejiang Wenzhou, Zhejiang Solar power Guilin, Guangxi Guilin, Guangxi Wind power 140 132 131 130 129 139 138 137 136 135 134 133 | 100.00 100.00 100.00 100.00 51.00 40.00 60.00 | | Energy Development Co., Ltd. service investment Co., Ltd. investment New Energy Co. Ltd. investment Technology Co., Ltd.(Note 1) investment Ltd. investment Energy Co., Ltd. investment Energy Co., Ltd. investment Co., Ltd. investment Energy Co., Ltd. investment Energy Co., Ltd. investment Co., Ltd. investment Development Co., Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page188 | 66 Yuxi Qianrun New Energy Co., Establishment by 65 Tianjin Binhai Guoli New Establishment by 64 Pubei Yuansheng New Energy Establishment by 63 Shangyi Ruida New Energy Co., Establishment by 62 SDIC (Guangdong) New Energy Other organizational management Establishment by 69 Ningxiang Gushanfeng New 61-3 Yijun Guoyuan New Energy Establishment by 61-2 Guoyuan (Xi 'an) New Energy Establishment by 61-1 Mizhi Guoyuan New Energy Establishment by 61 SDIC Shaanxi New Energy Co., Establishment by 68 SDIC Genting Meizhouwan Establishment by 67 Zhangjiakou Kaitou New Energy Establishment by NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Business combinations Changsha, Hunan Changsha, Hunan Wind power Tongchuan, Shaanxi Tongchuan, Shaanxi Wind power Xi’an, Shaanxi Xi’an, Shaanxi Solar power Yulin, Shaanxi Yulin, Shaanxi Wind power Xi’an, Shaanxi Xi’an, Shaanxi Investment and assets management Putian, Fujian Putian, Fujian Solar power Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power Yuxi, Yunnan Yuxi, Yunnan Solar power Tianjin Tianjin Solar power Qinzhou, Guangxi Qinzhou, Guangxi Solar power Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power Guangzhou, Guangdong Guangzhou, Guangdong 152 144 143 142 141 151 150 149 148 147 146 145 | 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 61.00 51.00 | | Energy Development Co., Ltd. Ltd. investment (Putian) New Energy Co., Ltd. investment Co., Ltd. investment Ltd. investment Energy Co., Ltd. investment Co., Ltd investment Ltd. investment Co., Ltd. service investment Co., Ltd. investment Co., Ltd. investment Co., Ltd. investment not under common Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page189 | 70 Yunnan Kunming Wuhua Business combination Business combination Business combination | | | --- | --- | | Establishment by 78-1Zepu Guoli New Energy Power 76 Guosheng Green Energy (Tai'an) 78 Zepu Hongsheng New Energy NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | Qianrun New Energy Co., Ltd. Kunming, Yunnan Kunming, Yunnan Solar power Kashgar, Xinjiang Kashgar, Xinjiang Solar power under non-common Tai'an, Shandon Tai'an, Shandon Solar power under non-common 75 SDIC Tibet Renbu New Energy Establishment by Kashgar, Xinjiang Kashgar, Xinjiang Investment and assets management under non-common 74 SDIC (Qionghai) New Energy Establishment by 73 Pubei Yuanli New Energy Co., Establishment by 77 SDIC Tibet Nima New Energy Establishment by 72 SDIC Zhejiang New Energy Co., Other organizational management Establishment by 71 Yangquan Guoli New Energy Establishment by 153 162 159 161 | 100.00 40.00 49.00 51.00 51.00 | | investment Generation Co., Ltd. Co., Ltd., Shigatse, Tibet Shigatse, Tibet Solar power Co., Ltd. Qionghai, Hainan Qionghai, Hainan Solar power Qinzhou, Guangxi Qinzhou, Guangxi Power supply Nagchu, Tibet Nagchu, Tibet Solar power Hangzhou, Zhejiang Hangzhou, Zhejiang Yangquan, Shanxi Yangquan, Shanxi Solar power 158 157 156 160 155 154 | 100.00 100.00 100.00 100.00 100.00 100.00 | | （Notes 2） control control Co., Ltd. investment control Co., Ltd. investment Ltd. investment Co., Ltd. investment Ltd. service investment control Co., Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page190 | 85 SDIC Meizhouwan (Putian) Establishment by 84 Xingtai Guoli New Energy Co., Establishment by 83-1 Zhangzhou Gulei Guozhang Establishment by 83 SDIC (Fujian) New Energy Co., Establishment by 82-1 Yinan Shengfeng New Energy Establishment by 88 SDIC (Qingyang) New energy Establishment by 82 SDIC (Shandong) New Energy Establishment by 81 SDIC Qinghai New Energy Co., Other organizational management Establishment by 80 Shilin Qianrun New Energy Co., Establishment by 79 Zhangjiakou Fufeng New Energy Establishment by 87 Zhangjiakou Yuanli New Energy Establishment by 86 Xundian Qianrun New Energy Establishment by NO. Acquisition method Main place of business | Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Qingyang, Gansu Qingyang, Gansu Wind power Jinan, Shandong Jinan, Shandong Solar power Xining, Qinghai Xining, Qinghai Kunming, Yunnan Kunming, Yunnan Wind power Zhangjiakou, Hebei Zhangjiakou, Hebei Wind power Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power Kunming, Yunnan Kunming, Yunnan Solar power Putian, Fujian Putian, Fujian Thermal power Xingtai, Hebei Xingtai, Hebei Wind power Zhangzhou, Fujian Zhangzhou, Fujian Solar power Fuzhou, Fujian Fuzhou, Fujian Investment and assets management Linyi, Shandong Linyi, Shandong Wind power 174 166 165 164 163 173 172 171 170 169 168 167 | 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 40.00 35.00 51.00 80.00 | | Co., Ltd. investment Co., Ltd. investment Co., Ltd. investment Co., Ltd.(Note 4) investment Electric Power Co., Ltd. investment Ltd. investment New Energy Co., Ltd. investment Ltd. investment Co., Ltd. investment Co., Ltd. investment Ltd. service investment Ltd.(Note 3) investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes1: SDIC Power Holdings Co., Ltd. holds 40% equity in SDIC Yunnan New Energy Technology Co., Ltd. In August 2022, SDIC Power and Kunming Yao Yang Technology Co., Ltd. (holding 30%, hereinafter referred to as Kunming Yao Yang) signed a joint action agreement, which stipulated that Kunming Yao Yang will take actions consistent with SDIC Power when exercising its convening rights, proposal rights and voting rights. SDIC Power effectively controls 70% of the equity, so it can control the main body. Notes to Financial Statement Page191 | 96-1 Yunnan Qianrun Electricity Establishment by 96- SDIC (Yunnan) New Energy Establishment by 95 SDIC (Hunan) New Energy Co., Other organizational management Establishment by 94 Chengde Yuanli Technology Chengde, Hebei Chengde, Hebei Wind power Establishment by 93 SDIC Huanneng Electric Power Establishment by 92 Beijing Kemao Technology Co., Establishment by 91 SDIC (Hainan) New Energy Other organizational management Establishment by 90 Lingshan Yuansheng New energy Establishment by 89 Fuzhou Changle Guomin New Establishment by NO. Acquisition method Main place of business | 100.00 Name of the subsidiaries Place of registration Nature of business | | --- | --- | | Kunming, Yunnan Kunming, Yunnan Power supply Beijing Beijing Solar power Haikou, Hainan Haikou, Hainan Qinzhou, Guangxi Qinzhou, Guangxi Wind power Fuzhou, Fujian Fuzhou, Fujian Wind power Kunming, Yunnan Kunming, Yunnan Investment and assets management Changsha, Hunan Changsha, Hunan Chengde, Hubei Chengde, Hubei Other power generation 183 178 177 176 175 182 181 180 179 | 100.00 100.00 100.00 100.00 100.00 100.00 100.00 51.00 | | Retail Co., Ltd. investment Energy Co., Ltd. investment Development Co., Ltd. investment Ltd. service investment Development Co., Ltd. investment Co.,Ltd. investment Ltd. investment Development Co., Ltd. service investment Co., Ltd. investment Shareholding proportion (%) | Indirect Direct | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes2: SDIC Power Holdings Co., Ltd. holds 40% equity in Yunnan Kunming Wuhua District Qianrun New Energy Co., Ltd. In March 2023, SDIC Power signed a joint action agreement with Shiyan Hechang Macalline Commercial Management Co., Ltd. (holding 27.10%, hereinafter referred to as Shiyan Hechang). The agreement stipulates that Shiyan Hechang shall take actions consistent with SDIC Power when exercising its convening rights, proposing rights and voting rights, and SDIC Power shall actually control 67.10% of the equity, so it can control the main body. Notes3: SDIC Power Holdings Co., Ltd. holds 40% equity in Shilin Qianrun New Energy Co., Ltd. In August 2023, SDIC Power signed a joint action agreement with Yunnan Longjun New Energy Automobile Co., Ltd. (Holding 30%, hereinafter referred to as Yunnan Longjun) and Yunnan Xianglong New Energy Co., Ltd. (Holding 30%, hereinafter referred to as Yunnan Xianglong). The agreement stipulates that Yunnan Longjun and Yunnan Xianglong take the same actions as SDIC Power when exercising the right to propose and vote, and SDIC Power actually controls the equity proportion of 100%, so it can control the main body. Notes4: SDIC Power Holdings Co., Ltd. holds 35% equity in Xundian Qianrun New Energy Co., Ltd. In September 2023, SDIC Power and Yunnan Longjun New Energy Automobile Co., Ltd. (holding 25%, hereinafter referred to as Yunnan Longjun), Kunming Yaoyang Technology Co., Ltd. (holding 25%, Kunming Yao Yang), Kunming Pingmin Lindong New Energy Co., Ltd. (holding 15%, hereinafter referred to as Lindong New Energy) signed a concerted action agreement,which stipulates that Yunnan Longjun, Kunming Yao Yang, Lindong New Energy in the exercise of the right to propose and voting rights are consistent with the action of SDIC Power, SDIC Power actually controls 100% of the equity, so it can control the main body. Notes to Financial Statement Page192 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Important non-wholly-owned subsidiaries | | | | Notes to Financial Statement Page | 193 | | --- | --- | --- | --- | --- | | Shareholding Profits and losses | | | | | | Dividends declared Balance of minority | | | | | | attributable to the proportion of | | | | | | stockholders’ equity | to minority | | | | | Xiamen Newsky Energy | minority Name of subsidiaries minority | | | | | shareholders in the at the end of the | | | | | | SDIC Gansu Xiaosanxia SIC Qinzhou Second Power SDIC Yunnan Dachaoshan SDIC Qinzhou Electric Power Xiamen Huaxia International SDIC Genting Meizhouwan SDIC New Energy Investment Tianjin SDIC Jinneng Electric Environmental Technology Yalong River Hydropower shareholders in the SDIC Panjiang Electric Power shareholders | 13,213,116.73 560,633,554.34 | 40 0.03 | | | | current period | 4,430,966,747.26 3,223,260,000.00 38,004,143,568.45 1,952,881,821.21 2,767,624,551.08 1,769,752,443.17 1,211,679,136.13 193,828,256.93 147,261,286.08 330,712,350.75 109,784,999.82 131,020,637.11 123,255,543.02 118,814,905.37 357,015,696.82 332,081,780.75 174,096,082.22 225,569,964.83 171,832,123.59 -24,439,861.77 20,068,702.29 89,810,493.28 802,866,128.09 469,396,126.43 205,065,325.74 196,674,933.67 832,267,184.10 3,667,278.15 period | 39.55 35.11 49 36 48 45 10 50 39 44 | | | | Power Co., Ltd. Electric Power Co., Ltd. Co., Ltd. Power Co., Ltd. Co., Ltd. Development Co., Ltd. Co., Ltd. Generation Co., Ltd. Hydropower Co., Ltd. Co., Ltd. Power Development Co., Ltd. current period | (%) | | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Main financial information of important non-wholly owned subsidiaries Notes to Financial Statement Page194 | SDIC Gansu Xiaosanxia Power Co., Tianjin SDIC Jinneng Electric Power Yalong River Hydropower SDIC Yunnan Dachaoshan Hydropower Xiamen Newsky Energy Environmental Xiamen Huaxia International Power SDIC Genting Meizhouwan Electric SIC Qinzhou Second Power Generation | | Name of subsidiaries | | | --- | --- | --- | --- | | | 1,415,658,390.09 1,517,270,015.19 1,156,160,611.97 6,282,962,278.35 27,769,506,159.08 183,670,697,874.46 76,923,766,937.09 104,693,273,096.17 177,387,735,596.11 1,354,475,204.68 4,646,622,366.68 397,090,479.08 641,250,063.84 1,210,225,202.40 768,688,462.39 1,519,461,292.82 329,353,958.69 5,309,406,853.89 2,902,485,437.30 | 1,810,890,008.03 2,207,980,487.11 129,450,195.12 2,296,269,835.76 3,711,928,225.85 136,189,559.00 2,550,838,243.15 3,192,088,306.99 564,088,865.39 1,774,314,067.79 3,542,315,773.79 4,311,004,236.18 900,026,615.86 2,419,487,908.68 2,866,287,960.23 4,383,557,975.42 389,741,770.92 8,291,104,078.19 8,620,458,036.88 6,663,882,058.57 7,696,825,320.99 8,852,985,932.96 7,549,107,803.98 119,112,627.85 248,562,822.97 36,233,780.50 172,423,339.50 398,084,870.92 8,343,100.00 | | | Ltd. Co., Ltd. Technology Co., Ltd. Development Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. Power Co., Ltd. Co., Ltd. SDIC New Energy Investment Co., Ltd. Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. Development Co., Ltd. Non-current liabilities Current liabilities | Non-current assets Current assets Total liabilities 1,124,012,161.06 3,376,909,602.85 2,347,712,825.50 Total assets 376,523,779.86 14,896,194,467.70 18,273,104,070.55 8,828,386,955.68 11,176,099,781.18 | 3,302,629,155.60 4,426,641,316.66 688,424,414.47 1,320,397,378.33 1,426,903,982.53 1,803,427,762.39 913,784,841.57 1,347,727,038.53 631,972,963.86 433,942,196.96 | Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page195 | SDIC Gansu Xiaosanxia Power Co., Xiamen Newsky Energy Environmental Xiamen Huaxia International Power SDIC Genting Meizhouwan Electric SDIC Qinzhou Second Electric Power Tianjin SDIC Jinneng Electric Power Yalong River Hydropower SDIC Yunnan Dachaoshan Hydropower | | Name of subsidiaries | | | --- | --- | --- | --- | | | 10,583,515,310.54 1,108,294,430.23 1,281,270,769.16 1,565,180,159.01 174,365,320,772.85 35,556,575,203.61 76,493,360,442.42 184,948,836,083.39 112,049,935,646.03 | 4,360,868,361.43 4,047,876,422.41 1,584,011,246.05 1,055,446,492.44 4,510,878,300.00 299,468,505.90 632,004,978.09 850,685,131.53 564,583,865.72 1,895,986,922.49 2,195,455,428.39 8,274,037,078.79 9,382,331,509.02 8,408,744,783.84 2,359,078,446.80 3,640,349,215.96 1,583,002,198.49 2,215,007,176.58 3,128,099,703.47 3,978,784,835.00 2,284,378,034.43 3,305,084,538.29 4,870,264,697.30 1,341,639,564.33 5,962,502,856.30 6,527,086,722.02 5,180,862,873.08 234,286,122.31 131,121,345.95 632,766,385.78 243,526,348.74 700,366,788.38 286,193,071.89 669,984,573.08 114,981,488.44 365,407,468.26 39,409,464.46 154,390,952.90 876,292,734.52 | | | Ltd. Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. Development Co., Ltd. Non-current liabilities Co., Ltd. Technology Co., Ltd. Development Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. Power Co., Ltd. Co., Ltd. SDIC New Energy Investment Co., Ltd. | Non-current assets Current liabilities Current assets Total liabilities 3,431,119,591.78 1,384,934,211.18 Total assets | 16,046,161,398.69 19,477,280,990.47 2,897,024,074.24 9,521,384,251.34 12,418,408,325.58 1,179,508,307.79 321,099,783.48 1,426,430,016.12 1,747,529,799.60 1,235,382,376.06 3,601,065,142.22 4,985,999,353.40 1,753,387,857.57 671,677,126.06 563,705,250.00 573,879,549.78 | Beginning balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page196 Name of subsidiaries | Xiamen Newsky Energy Environmental Technology Co., | Cash flows from operating | | | | | | --- | --- | --- | --- | --- | --- | | Total comprehensive income | Operating income | Net profit 1,196,471,958.87 | 33,881,670.65 | 79,059,797.17 51,779,657.56 | | | SDIC Gansu Xiaosanxia Power Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. Ltd. SDIC Qinzhou Second Electric Power Co., Ltd. SDIC New Energy Investment Co., Ltd. Xiamen Huaxia International Power Development Co., Ltd. Yalong River Hydropower Development Co., Ltd. SDIC Yunnan Dachaoshan Hydropower Co., Ltd. Tianjin SDIC Jinneng Electric Power Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. SDIC Genting Meizhouwan Electric Power Co., Ltd. | | 24,655,160,770.21 1,070,468,790.47 5,597,509,499.57 4,632,389,494.06 4,107,218,671.68 1,532,410,438.24 2,006,465,541.49 2,662,898,026.36 1,175,427,382.81 | 857,943,048.64 9,224,472,786.24 activities 487,407,870.71 330,041,403.80 665,701,710.89 447,144,775.08 200,687,022.91 353,564,370.89 390,527,553.62 714,031,393.63 -54,310,803.95 9,256,578,201.18 23,036,001,765.27 499,496,075.13 330,291,403.80 666,281,710.89 448,004,775.08 200,687,022.91 353,706,130.89 391,387,553.62 715,621,393.63 -54,310,803.95 | 1,501,336,612.33 1,360,910,757.23 1,062,918,159.13 1,870,492,472.85 553,807,475.26 640,859,363.51 670,323,147.42 756,429,435.08 80,787,990.46 | Amount in the current period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page197 | Xiamen Newsky Energy Environmental Technology Co., | | | Name of subsidiaries | | | | --- | --- | --- | --- | --- | --- | | | | 679,545,383.54 | 27,888,359.63 51,648,240.27 | 35,924,687.42 | | | SDIC Gansu Xiaosanxia Power Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. Ltd. SDIC Qinzhou Second Electric Power Co., Ltd. SDIC New Energy Investment Co., Ltd. Cash flows from operating activities Xiamen Huaxia International Power Development Co., Ltd. Yalong River Hydropower Development Co., Ltd. SDIC Yunnan Dachaoshan Hydropower Co., Ltd. Tianjin SDIC Jinneng Electric Power Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. SDIC Genting Meizhouwan Electric Power Co., Ltd. Total comprehensive income | Operating income | Net profit 25,724,605,032.15 6,364,036,204.71 6,204,176,268.20 5,761,591,120.97 1,175,488,654.45 2,026,648,072.07 2,890,543,533.72 1,126,563,435.00 883,490,803.42 927,268,430.66 8,266,623,398.62 360,657,024.20 512,654,285.06 688,963,946.15 557,209,770.36 303,072,000.41 664,163,561.49 | -64,491,490.33 53,146,361.80 8,247,251,584.27 342,552,933.09 511,204,285.06 695,103,946.15 557,647,825.36 300,992,000.41 665,833,561.49 -64,491,490.33 17,861,951,114.72 154,195.06 53,146,361.80 1,230,200,751.93 1,343,017,441.54 1,514,914,501.65 1,272,266,738.42 | 496,400,123.48 -185,804.94 160,929,102.75 456,041,005.18 704,216,191.10 48,213,225.22 | Amount in the previous period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (II) Equity in joint ventures or associates 1. Important joint ventures or associates Basis for holding 20% below of voting right but having significant influence: Note 1: the Company holds 8.10% of shares of Hanlan Environment Co., Ltd., is the third-largest shareholder of the latter, and dispatches one director to the latter, having significant influence on the business decision of the latter. Accounting methods for Notes to Financial Statement Page 198 the | Mainplaceof Nameofjointventures or | Placeof | | | --- | --- | --- | | Natureof business investment | | | | | business registration | associates | | Environmental | in joint | | | Hanlan Environment Co., Direct Indirect | Foshan, Equity Foshan, | | | Financial Tongshan Huarun Electric Beatrice Offshore Xuzhou Huarun Electric Investment Inch Cape Offshore protection Power ventures or Nanchang, 8.10 Xuzhou, Xuzhou, | Nanchang, Shareholding Equity Xuzhou, Equity Equity Xuzhou, Equity Equity Equity Equity | | | SDIC Finance Co., Ltd. Jiangxi Ganneng Co., Ltd. Thermal power Wind power Thermal power Lestari Listrik Pte. Ltd. Ltd. (Note1) Wind power Guangdong 33.22 21.00 30.00 0.80 Singapore 34.60 25.00 42.11 50.00 Guangdong | Beijing Singapore method Beijing UK UK UK UK | | | investment Holdings Limited industry generation Windfarm Holdco Limited Power Co., Ltd. Power Co., Ltd. management associates proportion (%) | Jiangsu Jiangsu method method Jiangxi method method method method method Jiangsu Jiangsu Jiangxi | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Main financial information of important joint ventures Notes to Financial Statement Page 199 | Fair value of equity | | | Item | | | --- | --- | --- | --- | --- | | Dividends received from joint investments in joint ventures Shares of net assets at the Equity attributable to -- Unrealized profit of internal Book value of equity Net profit from discontinued Including: cash and cash Ending balance/Amount | Inch Cape Offshore Cloud Wind Farm Inch Cape Offshore | | | | | | Beginning balance/Amount in the previous period | 1,046,732,721.33 -178,997,367.71 -89,498,683.85 -158,006,624.55 | -79,003,312.28 16,212,803.65 163,595,527.54 536,500,877.98 81,797,763.77 36,962,134.47 | | | ventures in the current period Non-current liabilities shareholding percentage Financial expenses Total liabilities shareholders of the company Adjustments transaction investments to joint ventures Income tax expenses operations equivalents Minority shareholders' equity -- Goodwill -- Others Net profit Other comprehensive income Current assets Non-current assets Total comprehensive income with public offer Total assets Current liabilities Operating income in the current period | Holdings Limited Holdings Limited | Holdings AB 20,787,035,832.69 19,883,290,150.41 20,966,033,200.40 18,912,435,483.65 1,082,743,049.99 1,874,600,349.04 1,361,047,965.79 1,412,841,059.88 1,519,054,590.34 1,319,981,974.37 -109,599,833.19 -293,579,363.17 -293,579,363.17 | 106,213,530.46 89,498,683.85 89,498,683.85 -5,435,652.60 -9,412,759.44 -9,412,759.44 7,351,154,606.42 7,014,415,510.74 7,187,559,078.88 1,861,512,191.94 5,489,642,414.48 88,980,874.28 79,003,312.28 79,003,312.28 41,065,991.42 173,143,568.14 -44,835,629.30 -44,835,629.30 16,089,379.26 16,089,379.26 -4,045,538.79 | 818,639.94 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 3. Main financial information of important associates Notes to Financial Statement Page 200 | Dividends received from Equity attributable to Fair value of equity Tongshan Huarun Tongshan Huarun Xuzhou Huarun Xuzhou Huarun | | | | | | --- | --- | --- | --- | --- | | associates in the current Total comprehensive Minority shareholders' investments in associates Other comprehensive Net profit from Shares of net assets at the shareholders of the -- Unrealized profit of Book value of equity Electric Power Co., Electric Power Co., Ending balance/Amount in the current Electric Power Electric Power | 1,726,285,889.30 2,512,014,213.14 500,550,069.50 Beginning balance/Amount in the 345,108,163.78 63,949,990.99 86,767,835.55 | | | | | | 150,163,519.20 143,956,729.28 158,623,521.50 103,532,449.13 362,520,036.75 527,522,984.76 360,981,694.98 97,324,157.56 525,984,642.99 497,222,551.36 15,101,126.68 469,160,349.91 -1,846,000.00 4,195,788.27 3,471,105.91 | -2,620,000.00 19,822.48 39,733.72 | | | | period Total liabilities Operating income discontinued operations Current assets shareholding percentage Net profit Non-current assets company Adjustments internal transaction investments in associates Total assets -- Goodwill -- Others income Current liabilities Non-current liabilities equity with public offer income | 1,210,270,859.19 1,608,184,832.81 1,848,615,152.92 2,285,092,395.59 1,030,530,803.38 1,715,016,716.96 1,956,764,102.50 3,573,763,931.93 4,025,376,403.54 1,709,843,966.75 1,409,781,782.55 1,763,199,866.44 2,328,745,486.23 3,473,043,833.19 810,848,428.71 399,422,430.48 761,956,697.68 158,603,699.02 953,060,019.28 749,768,352.11 858,416,480.70 926,233,299.12 Co., Ltd. Co., Ltd. 556,442,341.38 945,984,949.59 602,459,596.93 961,029,620.05 918,963,703.68 497,182,817.64 16,947,126.68 471,780,349.91 -6,206,789.92 -6,208,291.57 -6,206,789.92 -6,208,291.57 15,044,670.46 46,017,255.55 | -1,538,341.77 -1,538,341.77 -1,538,341.77 -1,538,341.77 Ltd. Ltd. | previous period | period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Continued 1: Notes to Financial Statement Page 201 Fair value of equity | Dividends received Equity attributable to Book value of equity Net profit from Shares of net assets at investments in | Hanlan Hanlan | | | --- | --- | --- | | Jiangxi Ganneng Co., Jiangxi Ganneng | 2,823,100,007.00 1,559,263,033.26 1,888,015,357.80 3,208,804,830.00 | | | from associates in the Beginning balance/Amount in the previous Other comprehensive investments in discontinued Minority shareholders' the shareholding associates with public -- Unrealized profit of shareholders of the Total comprehensive Environment Co., Environment Co., 13,402,321,274.80 | 14,609,951,606.32 5,834,345,303.78 2,334,959,112.55 1,500,427,161.85 1,938,169,509.92 1,085,118,942.01 Ending balance/Amount in the current 1,598,203,013.25 1,182,894,731.81 6,537,345,474.11 2,599,439,568.96 2,171,706,166.50 48,942,376.70 31,686,971.04 106,960,161.00 69,315,249.15 | | | | 1,818,547,594.42 1,689,628,390.28 3,964,009,312.83 2,336,323,606.28 1,097,721,051.02 186,186,778.33 1,166,599,677.73 806,451,610.88 Co., Ltd. 42,002,697.28 2,628,877.76 5,535,795.09 12,285,047.31 Ltd. | | | current period Non-current liabilities equity percentage offer Total liabilities internal transaction Operating income Adjustments Current assets -- Goodwill -- Others Net profit Non-current assets company income Total assets income Current liabilities associates operations 17,511,832,029.24 39,305,355,208.01 10,396,588,702.52 13,687,897,636.27 11,491,299,947.13 24,084,486,338.79 11,886,247,107.45 10,943,098,916.82 15,139,063,723.31 28,362,256,291.19 | 62,217,373,209.00 14,504,730,893.06 2,604,512,428.89 29,138,681,396.79 8,886,787,518.24 43,643,412,289.85 13,936,907,015.01 6,925,415,991.95 13,497,219,882.84 2,372,768,305.93 1,684,092,595.19 48,720,153,326.16 21,846,881,505.92 14,211,814,980.79 18,847,538,220.62 2,294,320,909.00 5,274,050,130.81 8,937,764,849.98 396,789,602.63 415,308,219.84 7,398,196,551.95 2,999,343,285.30 396,789,602.63 415,308,219.84 1,154,314,630.42 803,822,733.12 415,308,281.44 415,308,281.44 427,733,402.46 427,733,402.46 Ltd. Ltd. | period period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Continued 2: Notes to Financial Statement Page 202 | Dividends received from Equity attributable to Fair value of equity Beatrice Offshore Beatrice Offshore | | | | | | --- | --- | --- | --- | --- | | Lestari Listrik Pte. Lestari Listrik Pte. | 172,736,700.34 123,490,816.48 14,628,923.49 13,434,018.80 | | | | | associates in the current Minority shareholders' -- Unrealized profit of Book value of equity Shares of net assets at the Total comprehensive shareholders of the investments in associates Other comprehensive Net profit from Adjustments Windfarm Holdco Windfarm Holdco Ending balance/Amount in the current | 2,306,444,708.80 2,566,098,551.58 2,093,225,318.24 2,046,409,808.55 Beginning balance/Amount in the 741,159,507.98 728,048,949.10 -81,900,875.11 -70,652,402.01 | | | | | | 1,317,770,685.18 1,369,573,587.00 576,611,177.20 641,524,637.90 962,633,324.87 953,264,020.36 881,379,732.17 861,667,453.22 133,042,992.04 144,989,235.55 104,247,523.14 102,034,043.89 799,478,857.06 791,015,051.21 | Ltd. Ltd. 582,120.64 | | | | period Current assets shareholding percentage income company income Non-current assets with public offer Total assets Operating income discontinued operations Current liabilities Net profit Non-current liabilities equity internal transaction investments in associates Total liabilities -- Goodwill -- Others 15,326,738,039.15 15,919,825,436.10 15,320,316,504.33 15,881,824,515.18 16,812,668,110.67 17,413,236,620.72 17,626,761,213.13 18,447,923,066.76 | 1,034,686,446.04 3,655,267,173.49 2,702,911,521.23 4,680,377,316.43 5,209,046,529.22 5,259,509,242.88 5,934,011,090.16 2,088,241,005.53 2,352,996,136.96 5,368,741,078.73 5,729,458,805.64 7,456,982,084.26 8,082,454,942.60 1,675,501,664.09 1,649,526,630.67 741,159,507.98 728,048,949.10 814,093,102.46 962,633,324.87 953,264,020.36 -38,000,920.92 579,131,926.45 724,964,560.94 133,042,992.04 144,407,114.91 -81,900,875.11 -70,652,402.01 Limited Limited -6,421,534.82 | | previous period | period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Continued 3: Notes to Financial Statement Page 203 | Dividends received from Fair value of equity Equity attributable to | | | | | | | --- | --- | --- | --- | --- | --- | | associates in the current Shares of net assets at the shareholders of the -- Unrealized profit of Book value of equity Total comprehensive Minority shareholders' investments in associates Other comprehensive Net profit from Ending balance/Amount in the current | Beginning balance/Amount in the | | | | 7,613,631,807.82 7,939,127,792.19 163,100,164.84 126,056,195.53 | | | | | | | 2,695,225,659.97 2,695,225,659.97 2,810,451,238.44 2,810,451,238.44 135,238,944.54 560,744,162.24 -32,735,177.75 75,102,766.25 | | period Total assets -- Goodwill -- Others income Current liabilities Non-current liabilities equity with public offer income Total liabilities Operating income discontinued operations Current assets shareholding percentage Net profit Non-current assets company Adjustments internal transaction investments in associates | | SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. | previous period | period | 12,969,010,000.16 29,577,248,204.75 42,546,258,204.91 34,853,632,446.21 34,932,626,397.09 31,974,967,925.11 41,640,033,784.70 33,605,304,514.71 33,700,905,992.51 9,665,065,859.59 167,974,122.29 748,369,785.84 485,641,395.99 963,484,019.17 78,993,950.88 95,601,477.80 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 4. Summary of financial information of unimportant joint ventures and associates IX. Government subsidies (I) Type, amount and presentation of government subsidies 1. Government subsidy charged to profit and loss Government subsidies related to assets Note: Details of government subsidies items are detailed in "V (XL)" of this report. Government subsidies related to income | | | | Notes to Financial Statement Page | 204 | | --- | --- | --- | --- | --- | | The amount The amount The amount The amount | | | | | | The amount of The amount | | | | | | recognized in recognized in of subsidies recognized in | | | | | | Beginning Other Beginning recognized in Ending Other Ending subsidies | | | | | | other income in non-operating non-operating increased in Item | Item | | | | | increased in the other income in changes changes Balance balance balance Balance | | | | | | Total number calculated as per shareholding Deferred income in the income in the the current the current | | | | | | 127,204,068.79 125,104,299.21 14,970,000.00 -2,000,000.00 the current period current period 10,870,230.42 | | | | | | --Total comprehensive income Total 127,204,068.79 Associates: proportion Total book value of investments -- Net profit --Other comprehensive income income current period Non-operating Deferred income Other income 125,104,299.21 14,970,000.00 -2,000,000.00 Amount in the previous period current period 16,838,297.61 Amount in the current period -43,500.00 9,527,128.90 115,273,466.17 10,870,230.42 11,978,083.33 period | 115,273,466.17 270,508.75 period 270,508.75 4,623,414.62 | 525,022,615.77 518,151,168.81 56,482,926.31 58,796,192.93 56,482,926.31 58,796,192.93 | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Note: Details of government subsidies items are detailed in "V (XL)", "V (LV)" and "V (LXI)" of this report. X. Risk related to financial instrument (I) Various risks caused by financial instrument The main financial instruments of the Group include loans, receivables, financial assets held for trading, etc.; refer to Note V for detailed information on all financial instruments. The Group's risk management aims to achieve a proper balance between risk and benefit, to minimize the negative effect of risks on the business performance of the Group, and to maximize the interest of shareholders and other equity investors. Based on this risk management objective, The Group’s Board of Directors is fully responsible for the formulation of objectives and policies of risk management, and takes ultimate responsibility for such objectives and policies. However, it has authorized the audit department of the Group to design and implement procedures to ensure the effective execution of the risk management objectives and policies. The Board of Directors reviews the effectiveness of the implemented procedures and rationality of the risk management objectives and policies according to monthly reports submitted by the audit supervisor. The internal auditor of the Group also audits these risk management policies and procedures and reports relevant findings to the audit committee. The overall objective of the Group’s risk management is to formulate risk management policies that reduce risks as much as possible without unduly affecting the company’s competitiveness and contingency ability. 1. Credit risks On December 31, 2025, the greatest credit risk exposure causing the financial loss of the Group is mainly from the loss of the financial assets of the Group that the other party to the contract failed to perform obligations, including: accounts receivable. Notes to Financial Statement Page 205 The amount The amount of The amount recognized in Beginning Other recognized in Ending subsidies non-operating Item increased in the other income in changes Balance balance income in the income the current period current period 16,838,297.61 current period -43,500.00 9,527,128.90 127,522,058.25 119,896,880.79 270,508.75 Total SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Most current assets of the Group are deposited with several large state-owned banks and a non-bank financial institution that is a related party of the Group. Because these state-owned banks have strong state support and have seats on the Board of Directors of the related non-bank financial institution, the directors believe that there is no significant credit risk for these assets. For trade receivables arising from electricity sales, most of the Group’s power plants sell electricity to a single customer (the grid company) in the province or region where the power plant is located. The Group maintains regular communication with each grid company and is confident that the receivables will be fully recovered. As at 31 December 2025, the aggregate amount due from the top five debtors of trade receivables was RMB 5,833,207,970.67 (2024: RMB 10,747,465,125.87), representing 49.29% (2024: 64.72%) of total trade receivables. 2. Liquidity risks Liquidity risk is the risk that the Group cannot perform its financial obligations on the maturity date. The Group has managed the liquidity risk in a way by ensuring sufficient financial liquidity to perform due debts, so as to avoid causing unacceptable loss or causing damage to enterprise reputation. The Group has analyzed the liability structure and duration on a regular basis, so as to ensure sufficient fund. The management of the Group supervises the usage of the bank loans and ensures to obey the loan agreement. Meanwhile, the Group will perform financing negotiations with financial institutions to keep certain credit lines and reduce liquidity risk. 3. Market risks Market risk of financial instruments refers to the risk of fluctuation in fair value or future cash flow of financial instruments due to market price development, including interest rate risk, exchange rate risk and other price risks. (1) Interest rate risk Interest rate risk refers to the risk of fluctuation in fair value or future cash flow of financial instruments due to the fluctuation in the market interest rate. The interest rate risk of the Group comes from the interest-bearing debts, such as bank loans and bonds Notes to Financial Statement Page 206 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) payable. Due to financial liabilities with a floating interest rate, the Group faces cash flow interest rate risk; due to financial liabilities with a fixed interest rate, the Group faces fair value interest rate risk. The Group determines the ratio of fixed-rate and floating-rate instruments based on the market environment and maintains an appropriate combination of fixed-rate and floating-rate instruments through regular review and monitoring. The Group uses interest rate swap instruments to hedge interest rate risk when necessary. (2) Exchange rate risk Exchange rate risk refers to the risk arising from the change of exchange rate in the foreign currency business conducted by the Group. The foreign currency exchange risk of the Group mainly comes from some borrowings and deposits of USD, GBP, THB, INR and SGD. The Group pays close attention to the changes in exchange rates in the international foreign exchange market and considers the impact of exchange rates when financing foreign currency borrowings and investing foreign currency deposits.The Group continually monitors the scale of the foreign currency trading and the foreign currency assets and liabilities to minimize the foreign exchange rate risks it faces. The amount of foreign currency financial assets and foreign currency financial liabilities converted into RMB at the end of the period is listed as follows: Notes to Financial Statement Page 207 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page208 | Derivative financial Non-current liabilities | 39,900,516,247.00 3,484,098,829.61 | 56,351,095.87 100,178.90 | 1,351,102,459.16 17,525,820,199.04 2,713,345.26 21,020,780,064.64 3,422,125,361.21 | 5,447,073.23 56,351,095.87 56,526,395.17 | | --- | --- | --- | --- | --- | | Monetary fund Long-term receivables Short-term borrowings Other payable Long-term borrowings Other receivables Accounts payable Accounts receivable | 10,479,571,850.94 10,011,410,787.58 6,933,474,434.74 8,144,206,706.49 | 243,687,410.18 125,213,239.81 341,787,830.53 80,714,061.25 100,178.90 Total | 134,526,823.88 920,134,607.42 175,957,550.33 2,659,969.57 7,786,778,722.74 10,201,486,187.68 8,603,905,536.40 15,535,074.88 5,589,488,023.20 1,407,505,251.18 97,776,446.67 109,160,586.30 423,851,804.12 278,085,663.26 | 1,724,882.75 53,375.69 65,178,986.37 78,485,686.69 178,710,284.95 176,462,286.05 67,495,722.12 45,002,670.37 | | assets due within one year | | SGD Total Item INR | THB GBP USD | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (3) Other price risk For the 5,642,900 shares of Yuan Yunwei Stock Co., Ltd. held by the Group at the end of the period, the management believes that the market price risk faced by these investment activities is acceptable. The equity investment in listed company held by the Group is listed below: On December 31, 2025, if the value of equity instruments increases or decreases by 5%, the Group will increase or decrease the net profit by RMB 1,179,400 under the condition that all other variables remain unchanged. The management believes that 5% reasonably reflects the reasonable range of potential changes in the value of equity instruments for the next year. Notes to Financial Statement Page 209 Total 23,587,175.70 23,587,175.70 19,072,883.70 19,072,883.70 Financial assets held for trading Ending balance Beginning balance Item SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (II) Hedging 1. The Company engages in qualified hedging activities and applies hedge accounting The Company's wholly-owned subsidiary, Red Rock Renewables Limited, completed the acquisition of 100% of the equity interest in Afton Wind Farm Limited (hereinafter referred to as "Afton") and, pursuant to the acquisition plan, initiated subsequent project refinancing. In accordance with refinancing practices, the bank required Afton to enter into an interest rate swap, with a notional amount equivalent to 90% of the total refinancing amount of GBP 77,257,200, for a term of 15 years. In May 2019, following approval from the State-owned Assets Supervision and Administration Commission (SASAC), Afton entered into this interest rate swap arrangement. As of December 31, 2025, the carrying amount of this derivative financial asset was RMB 56,351,095.87. Notes to Financial Statement Page210 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) XI. Disclosure of fair value (I) Ending fair value of the assets and liabilities measured at fair value (II) Basis for determination of market prices of items subject to continuous and non-continuous level 1 fair value measurement 5,642,865.00 shares of SSE A-share Yunnan Yunwei Stock Co., Ltd. (security code: Yunwei 600725) are held by the company and the market price is based on the open price of the securities market. Notes to Financial Statement Page 211 Level 1 Level 2 Level 3 Item (1) Debt instrument | Total assets continuously ◆Financial assets held for ◆Investment in other equity (2) Equity instrument 2. Designated financial assets at (1) Debt instrument I. Continuous fair value measurement at measurement at measurement at | Total | | | --- | --- | --- | | investments | 231,828,244.83 151,889,973.26 151,889,973.26 151,889,973.26 23,587,175.70 79,938,271.57 79,938,271.57 23,587,175.70 79,938,271.57 | | | measured at fair value investments FVTPL trading investments (3) Derivative financial assets instruments measurement 1. Financial assets at FVTPL (2) Others | fair value fair value fair value 79,938,271.57 56,351,095.87 79,938,271.57 56,351,095.87 | Ending fair value | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (III) Valuation techniques and qualitative and quantitative information about key parameters of items subject to continuous and non-continuous level 2 fair value measurement None. (IV) Valuation techniques and qualitative and quantitative information about key parameters of items subject to continuous and non-continuous level 3 fair value measurement Investment in other 151,889,973.26 Notes to Financial Statement Page 212 equity instruments Discounted cash Comparison flow method | approach of listed Liquidity discount Long-term income growth Weighted average cost of Range interval Ending fair | | 28% | | --- | --- | --- | | Valuation technique Unobservable input values | 8.52%-10.77% Item | 0% | | companies rate capital (weighted average) | value | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (V) Information on adjustment between beginning book value and ending book value of items subject to continuous level 3 fair value measurement and sensitivity analysis of non-observable parameters (VI) Reasons for transfer and the policies applicable at the time of transfer for items subject to continuous fair value measurement and having transferred between levels in the current period None. (VII) Change of valuation techniques incurred in the current period and the reasons therefore None. For assets (VIII) Fair value of financial assets and liabilities not measured at fair value held at the end of the None. reporting period, | Ending balance of Transfer Transfer | | | | | --- | --- | --- | --- | | Recognized in unrealized | | | | | from Level to Level Ending balance | the previous | Item | | | | Recognized in gains or other | | Notes to Financial Statement Page213 | | Issuance Purchase Settlement | 3 3 Sale period | | | | comprehensive changes in | profit or loss | | | | the current | income | | | period | Investment in other included in | | | --- | --- | | 198,154,692.32 52,662,310.75 151,889,973.26 297,382,354.83 | | | equity instruments profit or loss Profit or loss in the current period | Purchase, issuance, sale and settlement | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) XII. Related parties and related party transactions (I) Parent company Unit: 10,000.00RMB The ultimate controller of the Company is the State-owned Assets Supervision and Administration Commission of the State Council. (II) Subsidiaries of the Company For detailed information about subsidiaries of the Company, see “VIII. Equity in other entities”. (III) Joint ventures and associates of the Company For detailed information about subsidiaries of the Company, see “VIII. Equity in other entities”. Other joint ventures or associates with which the Company had related party transactions during the period or in prior periods that resulted in balances are as follows: | Shareholding Voting right | | | | Notes to Financial Statement Page | | 214 | | --- | --- | --- | --- | --- | --- | --- | | percentage of percentage of | | | | | | | | Registered Nature of the parent the parent | Place of | | | | N | | | company in company in Name of parent company business | registration capital | | | | | | | State Development & the Company the Company | | | | | | | | 3,380,000.00 Investment | Beijing | 47.79 47.79 | | | | | | Investment Corp., Ltd. SDIC Finance Co., Ltd. Associates Xiamen Haicang Thermal Energy Investment Co.,Ltd. Associates Tongshan Huarun Electric Power Co., Ltd. Associates Jiangxi Ganneng Co., Ltd. Associates Lestari Listrik Pte. Ltd. Associates Inch Cape Offshore Limited Subsidiaries of joint ventures Cloud Snurran AB Subsidiaries of joint ventures | Relationship with the Company (%) (%) | | Name of joint ventures or associates | | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (IV) Other related parties Notes to Financial Statement Page 215 Xuzhou Huarun Electric Power Co., Ltd. Associates Relationship between other related parties and Relationship with the Company Name of other related parties Name of joint ventures or associates Jiangsu Tianhe Solar Power Development Co., Ltd. Other related relationship China SDIC high-tech Industry Investment Co., Ltd. Controlled subsidiary of parent company SDIC Health Industrial Investment Co., Ltd. Wholly-owned subsidiary of parent company SDIC Finance Lease Co., Ltd. Other related relationship Guoxin International Investment Corporation Limited Other related relationship SDIC Testing Technology Holding (Shandong) Co., Ltd. Controlled subsidiary of parent company Beijing Yahua Real Estate Development Co., Ltd. Wholly-owned subsidiary of parent company SDIC Operation Center Co., Ltd. Wholly-owned subsidiary of parent company China Investment Consulting Co. Ltd. Other related relationship Asia Hydria Pte. Ltd. Other related relationship SDIC Zhonglu Fruit Juice Co., Ltd. Controlled subsidiary of parent company SDIC Property Co., Ltd. Wholly-owned subsidiary of parent company Rongshi International Treasury Management Co., Ltd. Other related relationship SDIC Engineering Inspection and Testing Co., Ltd. Other related relationship Beijing Guozhi Yunding Technology Co., Ltd. Other related relationship China National Investment and Guaranty Corporation Controlled subsidiary of parent company SDIC Asset Management Co., Ltd. Wholly-owned subsidiary of parent company China SDIC International Trade Co., Ltd. Wholly-owned subsidiary of parent company Xiamen Fuyun Information Technology Co., Ltd. Other related relationship China Electronics Engineering Design Institute Co., Ltd. Wholly-owned subsidiary of parent company Zhongneng Integrated Intelligence Technology Co., Ltd. Other related relationship SDIC Transportation Holdings Co., Ltd. Wholly-owned subsidiary of parent company SDIC Inspection and Testing Certification Co., Ltd. Wholly-owned subsidiary of parent company SDIC Intelligent Technology Co., Ltd. Wholly-owned subsidiary of parent company SDIC Human Resource Service Co., Ltd. Wholly-owned subsidiary of parent company SDIC Mining Investment Co., Ltd. Wholly-owned subsidiary of parent company Zhongmin Energy Co., Ltd. Other related relationship the Company SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (V) Related party transactions 1. Related party transactions of purchase/sale of goods and rendering/receiving of labour services (1) Information on purchase of commodities and receipt of services Notes to Financial Statement Page 216 Property costs,meeting Software purchase, commodity SDIC Health Industrial Investment | SDIC Human Resource Service Co., Software purchase, technical expenses,repairs and Software purchase, equipment procurement, organizational | | 105,467.25 543,570.19 | | --- | --- | --- | | SDIC Property Co.,Ltd. SDIC Intelligence Technology Co., Co., Ltd. | 11,913,815.24 | 9,099,372.27 6,392,621.15 6,264,791.69 | | Rongshi International Treasury Financing arrangement fees, Ltd. service fees, consulting fees procurement, lease fee, service China SDIC High-tech Industry Beijing Guozhi Yunding Technology Technical service expense, Employee education expenses, Xiamen Haicang Thermal Energy maintenance expenses,utilities SDIC Testing Technology Holding Technical services, safety Beijing Yahua Real Estate Handing fees, labor service China Electronics Engineering Design SDIC Transportation Holdings Co., Port operating expense, rental Xiamen Fuyun Information work funds, training fee | Content of related party Amount in the Amount in the 18,556,086.23 14,757,420.83 | | | Ltd Inspection equipment services SDIC Operation Center Co., Ltd. Steam transfer charge Depreciation SDIC Asset Management Co., Ltd. Technical service expenses Service fees | 163,580,738.56 255,409,250.19 14,272,952.55 12,834,981.41 13,282,226.10 14,070,222.80 11,060,517.60 | 2,497,415.93 3,125,142.83 2,923,833.78 1,363,540.83 1,173,392.80 4,583,858.47 853,301.77 577,198.13 536,921.16 376,122.89 Related parties 702,188.66 65,044.25 77,502.00 | | Management Co., Ltd. handing fees Investment Co., Ltd. expenses (Shandong) Co., Ltd. production expenses, etc. Development Co.,Ltd. fees, asset disposal services Institute Co., Ltd. Ltd. of production equipment fee Technology Co., Ltd. Investment Co., Ltd. Co., Ltd. office equipment purchase Party organization funds, etc. Zhongmin Energy Co., Ltd. Entrusted management service SDIC Finance Co. Ltd. Handing fees previous period | current period | 1,393,967.05 transactions 497,565.66 837,937.96 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (2) Information on sales of commodities and provision of services Notes to Financial Statement Page 217 Waste | Entrusted disposal,green Project Content of | | | | --- | --- | --- | | SDIC Mining Investment Co., Ltd. Amount in the Amount in the | 1,985,045.28 | | | Management management Management certificates and Electric sale, port SDIC Health Industrial Investment Co., Ltd. supervision Cloud Snurran AB related party | 3,424,106.07 1,615,548.22 337,162.74 | Related parties | | Jiangxi Ganneng Co., Ltd. SDIC Transportation Holdings Co., Ltd. Lestari Listrik Pte. Ltd. previous period current period | 25,289,545.60 16,028,434.95 191,037.74 855,487.15 793,349.54 | | | advisory service operating expense Labor service fees revenue advisory service service other Businesses State Development & Investment Corp., Ltd. transactions | 6,471,698.12 | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Related entrusted management/contracting and entrusting management / outsourcing The Company's entrusted management/contracting: 3. Related lease The Company as the lessor: Pricing basis Notes to Financial Statement Page 218 Entrusting | Termination Name of Name of | for | | | --- | --- | --- | | revenue/contract Type of asset Start date of | | | | Lease of rights entrusted entrusting entrusting | date of | | | entrusted/cont entrusting/cont SDIC Power | ing revenue | | | Inch Cape Red Rock SDIC Power China Electronics SDIC Power party/contra party/contr revenue/cont SDIC Power State Development SDIC Transportation to use maritime SDIC Power Beijing Guozhi Office entrusting/c Lease revenue Lease income | | | | Trusteeship of November 5, Negotiated Holdings Basis for pricing SDIC Intelligence recognized in the Market pricing Name of Type of asset | racted racting 1,111,829.76 1,111,829.76 | | | Offshore Renewables Holdings Engineering Design House use right Holdings & Investment Corp., House use right Holdings Co., Ltd. areas, Land use Holdings Yunding Technology equipment use Holdings House use right recognized in the recognized in the Name of the lessee ontracting Market pricing Market pricing Market pricing Market pricing ct issuer | actor racting 19,475,650.70 / 779,816.51 | 779,816.51 15,019.70 14,592.45 28,073.39 2,358.49 4,954.13 | | other assets 2020 price Technology Co., Ltd. Co.,Ltd. of lease income the lessor current period | leased | | | Limited Limited Co.,Ltd. Institute Co., Ltd. right Co.,Ltd. Co., Ltd. right Co.,Ltd. Co.,Ltd. Ltd. previous period current period revenue | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) The Company as the lessee: Rental | Variable Variable | | | | --- | --- | --- | | expenses Rental | | | | Type of lease lease | | | | expenses for Name of the Interest Interest for | | | | payments not payments not asset | | | | simplified simplified Increased expenses on expenses on Increased lessor | | Notes to Financial Statement Page219 | | included in included in leased | | | | Beijing short-term right-of-use short-term Rents paid right-of-use Rents paid lease lease | | | | the the | | | | Yahua Real Real SDIC leases and leases and liabilities liabilities assets assets | | | | measurement measurement | | | | Estate estate and Finance Machine, low-value 30,678.66 low-value 13,885,444.70 12,029,507.27 43,491.14 assumed assumed 798,018.77 760,022.55 | | | | 1,789,040,268.87 13,709,536.44 369,592,924.33 29,799,340.57 7,624,379.59 of lease of lease | | | | Development furniture Lease Co., equipment asset leases asset | | | | liabilities liabilities | | | | Co., Ltd. Ltd. leases | Amount in the previous period Amount in the current period | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 4. Related guarantees The Company as the guarantors: Unit: 10,000.00 RMB Subsidiaries of the Company as guarantors: Unit: 10,000.00 RMB Subsidiaries of the Company as guaranteed parties: Notes to Financial Statement Page 220 | Commenceme Whether the | Whether the | | | --- | --- | --- | | Commencement Expiry date for Expiry date for Commencement Whether the guarantee Expiry date for Guarantee Guarantee | | | | C&G Environmental Protection Newsky Energy (Bangkok) Upon completion of Guarantee amount guarantee has guarantee has nt date of | Guaranteed parties Guarantors Guaranteed parties | | | date of guarantee Benbrack Wind Farm Limited date of guarantee 2034-08-09 2034-08-09 guarantee | guarantee 2021-08-09 2021-08-09 amount amount 2022-08-11 guarantee has been fulfilled 6,756.57 8,657.99 6,408.21 No No No | | | Afton Wind Farm Limited Pt North Sumatera Hydro Energy (Thailand) Company Limited Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Inch Cape Offshore Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. 2025-02-05 2025-04-15 2025-01-17 2025-04-15 2025-01-21 2025-04-15 2025-04-15 2025-03-26 2025-04-15 2025-04-03 2025-04-15 2025-04-03 guarantee 2034-05-01 2032-08-31 2025-12-31 2026-03-31 2025-12-31 2026-06-30 2025-12-31 2028-12-31 2027-04-30 2026-06-30 2025-12-31 2025-12-31 2025-12-31 been fulfilled been fulfilled | 2019-05-02 performance 2023-02-15 2041-02-14 2016-05-11 562,514.86 2026/1/25 47,614.00 2,358.65 32,802,350.00 No No No | 1,236,956.30 2,000,000.00 3,000,000.00 2,380,936.30 795,457.76 800,000.00 No 28,512.40 Yes No No 38,012.35 No Yes 28,996.20 Yes Yes No 13,793.85 Yes No 13,793.85 Yes | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page 221 SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. 2024-08-06 2025-05-08 2025-08-25 2025-11-26 2025-12-03 2024-01-05 2024-07-09 2025-05-09 2025-09-18 2025-12-01 2022-11-22 2024-01-05 2025-05-28 2025-11-14 2025-12-01 2023-10-30 2024-01-26 2025-04-17 2025-05-28 2025-11-18 2025-12-01 2023-12-15 2024-06-24 2023-12-27 2025-04-17 2025-05-28 2025-12-18 2025-12-02 2024-06-24 2025-04-17 2025-06-20 2025-12-18 2025-12-02 2024-01-05 2024-06-24 2028-04-30 2025-12-31 2028-02-09 2026-04-30 2027-03-31 2025-12-31 2027-01-31 2026-03-31 2025-11-28 2027-12-31 2028-04-30 2025-12-31 2026-06-30 2027-12-31 2027-12-31 2028-04-30 2026-12-31 2025-12-31 2029-12-31 2027-06-30 2027-12-31 2026-06-30 2031-01-31 2027-07-31 2026-12-31 2026-12-31 2030-04-30 2027-03-16 2031-01-31 2025-12-31 2032-12-31 2030-04-30 2027-03-01 2026-12-31 2031-01-31 121,644,074.00 121,644,074.00 45,000,000.00 19,592,504.50 28,000,000.00 19,592,504.50 16,000,000.00 78,370,018.00 60,822,037.00 30,000,000.00 1,088,535.70 5,000,000.00 1,599,779.70 8,000,000.00 2,176,274.71 3,200,000.00 2,000,000.00 237,051.20 340,173.52 649,956.35 308,811.35 147,378.80 284,108.40 549,950.40 253,944.75 819,061.47 100,000.00 161,700.00 24,999.73 No 35,999.77 No 40,976.20 No No 73,429.85 No Yes No No 91,163.80 No No No No No No No No No No Yes No No No No No No No Yes No 45,000.00 Yes No No Yes 55,798.00 No No Yes SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 5. Fund lending/borrowing of related parties Notes to Financial Statement Page 222 SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. 2025-09-23 2024-09-05 2024-11-07 2024-11-25 2024-12-04 2024-12-19 2024-10-08 2024-11-07 2024-12-02 2024-12-09 2024-12-20 2024-10-25 2024-11-11 2024-12-02 2024-12-09 2024-12-26 2024-08-06 2024-10-31 2024-11-15 2024-11-27 2024-12-06 2024-12-31 2024-12-09 2024-08-21 2024-11-11 2024-11-25 2024-11-28 2024-08-21 2024-11-07 2024-11-22 2024-12-03 2024-12-17 2027-12-31 2026-02-28 2026-03-31 2026-03-16 2026-03-31 2025-01-07 2026-02-28 2028-07-31 2026-07-31 2026-06-30 2026-12-31 2026-03-31 2028-01-31 2026-03-01 2026-03-31 2028-03-28 2026-03-31 2026-03-31 2026-03-31 2026-02-28 2026-07-25 2026-03-01 2025-12-31 2028-10-31 2030-06-30 2026-03-31 2026-12-31 2026-03-31 2026-03-31 2026-06-30 2026-03-31 2026/1/31 196,156,651.00 33,417,940.00 28,000,000.00 35,000,000.00 49,039,163.00 11,000,000.00 80,000,000.00 1,480,570.60 2,000,000.00 4,000,000.00 2,710,000.00 3,000,000.00 6,400,000.00 1,000,000.00 2,800,000.00 2,000,000.00 1,000,000.00 2,400,000.00 2,000,000.00 2,000,000.00 8,000,000.00 2,400,000.00 2,000,000.00 2,400,000.00 575,421.65 129,999.90 616,696.50 680,325.95 800,000.00 633,033.85 649,999.94 512,828.40 No No No No No No No No No No No No Yes No No No No No No No No No No No No No No Yes No No No No SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 6. Remuneration of key executives Unit: 10,000.00 RMB 7. Other related transactions (VI) Receivables and payables by related parties Notes to Financial Statement Page 223 | Rongshi International Treasury Management Rongshi International Treasury Management Beijing Yahua Real Estate Development State Development & Investment Rongshi International Treasury | Amount in the Amount in the | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | Interest expenses Interest expenses Interest revenue 521,060,485.99 2024/7/10 2039/7/18 11,930,685,120.00 2021/9/10 2026/12/3 Features / / 2,500,000,000.00 | 228,667,744.31 798,018.77 | 16,038.07 760,022.55 Related parties | 2,880.64 | | | | SDIC Finance Co., Ltd. China Investment Consulting Co. Ltd. Remuneration of key executives SDIC Financing Leasing Co., Ltd Corp., Ltd.. Borrowing Management Company Limited Amount in the previous period Co.,Ltd. Company Limited Company Limited SDIC Finance Co., Ltd. SDIC Financing Leasing Co., Ltd State Development & Investment Corp., Ltd. SDIC Finance Co., Ltd. Starting date | Interest expenses Interest expenses Interest expenses Interest revenue current period Interest revenue Borrowing amount Amount in the current period previous period Due date 2054/10/29 Note 10,848,325,434.90 2012/9/11 226,201,231.13 121,909,345.64 2023/3/23 2043/5/21 / / 4,680,333,703.92 | 49,293,996.56 62,506,250.00 256,458,177.97 132,829,875.68 Related parties 38,816,862.66 27,927,083.34 | 44.54 | 365.66 Item | 994.09 | 997.84 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 1. Receivables 2. Payables Notes to Financial Statement Page 224 Rongshi International | Item Related parties | | | --- | --- | | Inch Cape Offshore Beijing Guozhi Yunding SDIC Transportation Inch Cape Offshore Accounts Other Treasury Management SDIC Human Resources Beijing Guozhi Yunding SDIC Intelligent Long-term Monetary Advances to SDIC Human Resources Beijing Guozhi Yunding SDIC Intelligent Provision for Provision for 37,471,465.58 | 4,135,838.13 | | 14,775,727.11 3,369,967,943.34 Book balance 1,226,470.07 Book balance 279,312,133.34 13,043.57 | 2,307,133.90 2,327,146.27 2,790,394.66 9,978,443.15 3,042.00 666,079.77 156,320.75 948,168.83 17,620.13 14,400.00 1,513.02 1,581.14 5,400.00 | | Limited receivable Lestari Listrik Pte. Ltd. receivables Company Limited Technology Co., Ltd. Service Co., Ltd. Technology Co., Ltd. Technology Co., Ltd. receivables fund Technology Co., Ltd. suppliers Service Co., Ltd. Cloud Snurran AB Lestari Listrik Pte. Ltd. SDIC Finance Co., Ltd Technology Co., Ltd. Holdings Co., Ltd. Limited 9,638,662,840.42 9,014,189,023.58 bad debts bad debts 264,693,003.59 325,142,359.15 | 292.54 181,610.06 184,970.39 225,055.81 Beginning balance Ending balance | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page 225 China Electronics Engineering Design | Rongshi International Treasury Management Short-term SDIC Testing Technology Holding Xiamen Fuyun Information Technology Co., China SDIC High tech Industry Investment SDIC Testing Technology Holding Rongshi International Treasury Management China SDIC High tech Industry Investment Xiamen Haicang Thermal Energy Investment Book balance at the | | 1,362,672.83 | | 9,120.00 | | --- | --- | --- | --- | --- | | Institute Co.,Ltd. Beginning book balance | 8,649,808,597.32 Item | 1,044,448,972.59 7,581,733.95 2,738,028.18 753,440.37 286,510.50 796,698.00 | 89,262.20 7,412,833.95 2,501,836.41 Related parties 917,015.23 286,510.50 | 13,622.70 | | Beijing Guozhi Yunding Technology Co., Ltd Beijing Guozhi Yunding Technology Co., Ltd. SDIC Intelligence Technology Co., Ltd. SDIC Intelligence Technology Co., Ltd. SDIC Transportation Holdings Co., Ltd. SDIC Human Resource Service Co., Ltd. borrowings SDIC Finance Co., Ltd. SDIC Financing Leasing Co., Ltd Co., Ltd (Shandong) Co., Ltd. Accounts payable Company Limited (Shandong) Co., Ltd. Co., Ltd Other payables Co.,Ltd. Company Limited Ltd. end of the period | 4,128,161,162.13 569,914,415.82 | 15,013,983.10 9,111,325.03 4,177,067,174.24 2,067,283.01 1,519,748.17 143,103.77 312,014,198.78 170,202.53 | 40,316,653.99 2,480,910.07 1,159,231.12 282,063.77 203,290.00 | 8,372.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page 226 Non-current | Rongshi International Treasury Management liabilities due Rongshi International Treasury Management Dividends Beijing Yahua Real Estate Development Long-term Long-term China Electronics Engineering Design Jiangsu Tianhe Solar Power Development Co., Book balance at the | | | | | --- | --- | --- | --- | | Beginning book balance | 3,319,816,985.16 Item | 14,088,762.46 1,442,667,096.27 5,121,658,537.69 | 12,892,561.80 4,150,000.00 Related parties 88,000.00 | | Lease liabilities SDIC Finance Lease Co., Ltd. SDIC Human Resource Service Co., Ltd. Institute Co.,Ltd. within one year payable Company Limited Ltd SDIC Finance Co., Ltd. SDIC Finance Lease Co., Ltd. Co.,Ltd. Jiangxi Ganneng Co.,Ltd. payables borrowings State Development & Investment Corp., Ltd. SDIC Finance Lease Co., Ltd SDIC Finance Co., Ltd Company Limited State Development & Investment Corp., Ltd. end of the period | 1,796,697,501.77 1,536,155,227.46 5,832,199,568.69 2,500,000,000.00 895,320,304.46 648,502,230.66 | 6,030,874,756.73 2,500,000,000.00 1,334,720,942.16 1,883,750.00 686,639,578.72 153,247,307.23 | 6,648,972.18 1,883,750.00 382,075.47 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (VII) Centralized management of funds 1. Funds pooled by the Company to the Group Funds deposited directly into the finance company without being pooled into the Group's parent company's account XIII. Commitments and Contingencies (I) Important commitments Unit: 10,000.00 RMB Notes to Financial Statement Page 227 C&G Newsky Environmental Whether Xiamen Newsky | Xiamen Newsky Energy Protection Other Commencement Expiry date Among them: funds | Upon the | | | --- | --- | --- | | Guarantee Guarantee Other Energy Environmental Benbrack 2034-08-09 Guaranteed | 2021-08-09 8,657.99 No | Items | | Inch Cape Energy Environmental (Bangkok) (Thailand) guarantee Pt North SDIC Power Holdings Credit 2034-08-09 completion guarantee | 2021-08-09 6,408.21 No for date of Guarantors | | | restricted due to centralized SDIC Power Holdings Credit SDIC Power Holdings Credit guarantee Technology Co., Ltd. provision for bad provision for bad amount method | parties | | | Wind Farm Red Rock Renewables Afton Wind Pledges | 2022-08-11 6,756.59 Book balance Book balance No | | | Sumatera Offshore Technology Co., Ltd. Company Company Co., Ltd. guarantee 2041-02-14 562,514.86 guarantee 2026/1/25 has been | 2016-05-11 2023-02-15 2,358.65 guarantee No No of | | | management of funds Monetary fund Co., Ltd. guarantee Co., Ltd. guarantee 2034-05-01 47,614.00 | 2019-05-02 9,642,798,678.55 9,642,798,678.55 No 9,051,660,489.16 9,051,660,489.16 debts debts | Total Beginning balance Ending balance | | Limited Limited Farm Limited guarantee | | | | Hydro Energy Limited Limited performance Limited fulfilled | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan)--- # (II) Contingencies None. # XIV. Post balance sheet events # (I) Profit distribution | Proposed profit or dividend distribution | 4,067,083,534.52 | | --- | --- | | Profit or dividends declared for distribution upon review and approval | 4,067,083,534.52 | Note: The profit distribution proposal for the year 2025, as reviewed and approved by the 10th meeting of the 13th Board of Directors of the Group, is as follows: The Board of Directors recommends a cash dividend of RMB 0.5081 (pre-tax) per share, based on the total share capital of 8,004,494,262 shares as of December 31, 2025, resulting in a total cash dividend distribution for the year 2025 of RMB 4,067,083,534.52, representing approximately 55% of the Company's net profit attributable to shareholders of the listed company for the year. This resolution is subject to approval by the General Meeting of Shareholders. # (II) Notes to Other Subsequent Events After the Reporting Period None. # XV. Notes to Major Items of Company's Financial Statements # (I) Other receivables | Item | Ending balance | Beginning balance | | --- | --- | --- | | Dividends receivable | 403,468,576.60 | 254,075,994.10 | | Other receivables | 268,755,620.53 | 250,940,215.49 | | Total | 672,224,197.13 | 505,016,209.59 | Notes to Financial Statement Page 228 SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 1. Dividends receivable (1) List of dividends receivable (2) Significant dividends receivable with aging over 1 year Notes to Financial Statement Page 229 Jiangsu Tiansai | Whether impairment New Energy 2 to 3 years; 3 to 4 | | | | | --- | --- | --- | --- | | Item (or the | Reason for 55,239,955.15 Unpaid | No | | | Development Co., Guyuan Guanghui New Energy Power Jiangsu Tiansai New Energy Development Co., Ningxiang Gushanfeng New Energy Ending balance | occurs and its Aging years | | | | Hengfeng Jinko | investee) 2 to 3 years non-recovery 59,840,749.61 Unpaid | No | 20,457,001.68 11,991,974.06 55,239,955.15 55,239,955.15 5,000,000.00 4,572,973.85 | | Generation Co., Ltd. Zhangjiakou Jinko New Energy Co., Ltd. SDIC Hebei New Energy Co., Ltd. Fuxin Jingbu Solar Power Co., Ltd. Ltd. SDIC New Energy (Honghe) Co., Ltd. Development Co., Ltd. SDIC (Ordos City) New Energy Co., Ltd. Less: provision for bad debts Ltd. Xiangshui Hengneng Solar Power Co., Ltd. Xiangshui Yongneng Solar Power Co., Ltd. Pubei Yuansheng New Energy Co., Ltd Hengfeng Jinko Electric Power Co., Ltd judgment basis | Beginning balance Ending balance | Item (or the investee) | 403,468,576.60 254,075,994.10 403,468,576.60 254,075,994.10 177,736,017.26 Subtotal 17,696,809.85 14,770,359.28 12,095,439.10 35,776,856.05 23,156,303.68 23,156,303.68 13,530,676.41 13,530,676.41 25,177,305.49 25,177,305.49 59,840,749.61 59,840,749.61 Total 1,173,480.03 1,553,812.90 829,865.96 | Electric Power SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Other receivables (1) Disclosure by aging (2) Provision for bad debts Notes to Financial Statement Page 230 Guyuan Guanghui | Whether impairment Xiangshui SDIC (Ordos New Energy Zhangjiakou Xiangshui | | | | | | --- | --- | --- | --- | --- | | | 1 - 2 years; 2 - 3 Item (or the 1 to 2 years Reason for | 4,572,973.85 Unpaid No | | | | Yongneng Solar City) New Energy Power Generation Jinko New Energy Hengneng Solar Ending balance | occurs and its 1 to 2 years 2 to 3 years 2 to 3 years | 25,177,305.49 22,331,731.62 14,770,359.28 13,530,676.41 Aging Unpaid Unpaid Unpaid Unpaid No No No No | | | | | investee) non-recovery 195,463,751.41 | years | | | | Co., Ltd. Power Co., Ltd. Co., Ltd. Power Co., Ltd. Co., Ltd. Co., Ltd. | judgment basis Total | | | | | 2 to 3 years 3 to 4 years Within 1 year (included 1 year) 4 to 5 years Including: 1 to 6 months Over 5 years 1 to 2 years Less: provision for bad debts | Beginning balance | Ending balance 7 to 12 months | 268,755,620.53 250,940,215.49 269,107,390.83 251,268,667.47 140,084,800.00 140,051,907.44 46,850,198.13 32,230,114.77 46,850,198.13 28,938,274.77 78,760,528.11 78,760,528.11 | 3,291,840.00 3,406,257.15 129,724.59 351,770.30 328,451.98 Subtotal 63,500.00 38,500.00 Aging Total | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (3) Provision for bad debts made, reversed or recovered during the period | | | | Notes to Financial Statement Page | 231 | | --- | --- | --- | --- | --- | | Expected credit Expected credit | | | | | | Expected credit loss for the whole loss for the whole Beginning Accounts Provision for bad debts Ending | Total | | | | | Accounts Category | | | | | | Provision for bad recovered or loss in the next duration (credit balance balance duration (no Other | | | | | | written off or Provision | | | | | | Balance as at December 31, Verification in the current Balance as of January 1, 2025 -- Be transferred back to Stage debts made on an transferred changes 328,451.98 23,318.32 351,770.30 12 months impairment | credit | | | | | cancelled | 351,770.30 351,770.30 | | | | | 2025 Reversal in the current period period Write-off in the current period Other changes in the current period Balance as of January 1, 2025 -- Be transferred to Stage II II -- Be transferred back to Stage I -- Be transferred to Stage III Provision in the current period individual basis impairment) 328,451.98 23,318.32 351,770.30 | occurred) back Stage I Stage III Stage II Total 328,451.98 23,318.32 328,451.98 23,318.32 | Amount changed in the current period | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (4) Classification of other receivables by nature (5) Other receivables with top five ending balances collected as per the borrowers (II) Long-term equity investment Notes to Financial Statement Page 232 Ending Proportion in the balance of total ending | Investment in Provision provision | Company name Aging Nature Ending balance Item | | | | | | --- | --- | --- | --- | --- | --- | | balance of other | Provision for | | | | | | Energy Bureau of PT North Sumatera Within 1 Redrock Investment People’s Government Performance Finance Bureau of Performance Performance Security Advance Investment in associates and 4,859,854,600.87 4,542,426,258.69 4,542,426,258.69 | Book balance 4,859,854,600.87 for bad Book balance Book value Book value for | | | | | | Over 5 years 3 to 4 years 3 to 4 years Over 5 years 52,332,920,900.55 49,945,533,464.11 49,945,533,464.11 52,351,159,729.99 receivables (%) | 117,645.70 impairment 64,894.48 65,358.72 39,215.23 57,898.31 18,238,829.44 | 49,644,849.73 50,000,000.00 90,000,000.00 30,000,000.00 44,292,716.51 | 18.45 18.58 33.44 11.15 16.46 | | | | year Deposit Co., Ltd. Security deposit of Anren County bond Reserve fund Quanzhou County bond Transaction payments Hangjinqi bond Others Hydro Energy deposit payments impairment joint ventures subsidiaries 57,192,775,501.42 54,487,959,722.80 54,487,959,722.80 57,211,014,330.86 | 345,012.44 debts 18,238,829.44 Total | 263,937,566.24 Total Beginning balance | Ending balance 98.08 Nature Total Beginning balance | Ending balance | 269,107,390.83 251,268,667.47 174,100,000.00 174,005,000.00 44,292,716.51 28,487,984.77 49,644,849.73 47,760,528.11 383,460.00 203,790.00 686,364.59 811,364.59 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 1. Investment in subsidiaries Notes to Financial Statement Page233 Beginning | Xiamen Huaxia Yalong River Ending balance Beginning balance of | | | | --- | --- | --- | | | Ending balance of balance | | | SDIC Genting International Power Hydropower Tianjin SDIC Jinneng SDIC Yunnan SDIC Qinzhou SDIC Gansu SDIC Panjiang | Provision for provision for Investee | | | 26,507,077,741.92 28,275,077,741.92 provision for impairment 1,768,000,000.00 | Decrease in 662,562,474.52 662,562,474.52 Increase in | | | Meizhouwan Electric Electric Power Development Co., Dachaoshan Electric Power Co., Xiaosanxia Power SDIC New Energy Others Electric Power Co., Development Co., 1,637,490,000.00 2,389,990,905.46 2,716,163,606.65 1,353,960,836.59 1,637,490,000.00 2,389,990,905.46 2,716,163,606.65 1,353,960,836.59 impairment for the | 657,470,034.43 657,470,034.43 283,794,500.00 283,794,500.00 impairment | | | 2,545,304,904.08 2,545,304,904.08 (Book value) | investments investments | | | Power Co., Ltd. Ltd. Investment Co., Ltd. Ltd. Co.,Ltd. Ltd. Co., Ltd. Hydropower Co., Ltd. Ltd. (Book value) | period | Changes during the period | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page234 Xiamen Newsky | Energy SDIC Huanneng Huzhou Xianghui Dingbian Angli Tokson County SDIC Kingrock | | | | --- | --- | --- | | | 768,465,144.12 768,465,144.12 | | | Photovoltaic Power Photovoltaic Overseas Investment Tianhe Solar Energy Environmental SDIC (Erdos City) SDIC Jiangsu New Redrock Investment Jaderock Investment Electric Power Xiangshui Hengneng SDIC Gansu Power SDIC New Energy | 177,000,000.00 177,000,000.00 155,580,000.00 155,580,000.00 446,732,488.20 446,732,488.20 626,000,000.00 616,225,422.12 50,000,000.00 50,000,000.00 9,774,577.88 | | | 1,358,786,331.45 1,358,786,331.45 | 200,000,000.00 200,000,000.00 438,000,000.00 438,000,000.00 539,678,000.00 539,678,000.00 20,000,000.00 71,500,000.00 20,000,000.00 71,500,000.00 | 4.6 4.6 | | Limited Singapore Pte Ltd Co.,Ltd. Solar Power Co., Ltd. Sales Co., Ltd. (Honghe) Co., Ltd. Co., Ltd. Technology Co., Ltd. Xiangshui Yongneng Management Co., Ltd Co., Ltd. Technology Co., Ltd. New Energy Co., Ltd. Energy Co., Ltd. | 100,000,000.00 100,000,000.00 | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page235 Jingbian Zhiguang | Jiangsu Tiansai New SDIC Qinzhou New Energy Guyuan Guanghui Yancheng Zhihui Hengfeng Jinko Hainan Dongfang | | | | | --- | --- | --- | --- | | | 82,000,000.00 82,000,000.00 | | | | Energy Development Development Co., New Energy Power Energy Power Co., SDIC New Energy Fuxin Jingbu Solar Electric Power Co., Gaopai Wind Power Changzhou Tiansui Zhangjiakou Jinko Second Electric SDIC Tibet New SDIC Jiuquan New 1,557,500,000.00 1,179,000,000.00 | 150,905,682.40 150,905,682.40 158,400,000.00 158,400,000.00 127,800,000.00 109,561,170.56 63,000,000.00 16,200,000.00 378,500,000.00 63,000,000.00 16,200,000.00 | 18,238,829.44 | 18,238,829.44 | | | 125,500,000.00 125,500,000.00 20,000,000.00 40,525,809.69 40,000,000.00 44,780,000.00 20,000,000.00 40,525,809.69 40,000,000.00 44,780,000.00 5,000,000.00 5,000,000.00 | | | | Co., Ltd. Power Co., Ltd. Energy Co., Ltd. New Energy Co., Ltd. Ltd. Co., Ltd. Ltd. Energy Co., Ltd. Co., Ltd. Power Co., Ltd. Ltd. Co., Ltd. New Energy Co., Ltd. Solar Power Co., Ltd. | | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page236 | SDIC (Guangdong) SDIC Jineng | | | --- | --- | | Offshore Wind Power (Zhoushan) Gas Tianjin Baodi SDIC Shanxi Hejin | | | | 252,450,000.00 252,450,000.00 25,500,000.00 25,500,000.00 | | Development Co., SDIC (Hainan) New Ceheng Huifeng New Huifeng New Energy SDIC Guizhou New Pumped Storage Co., Power Generation Pingtang Leyang Yunxian Qianrun Yuanjiang Qianrun Pingyang Aoqi New SDIC Xinjiang New Huaning Qianrun Guiding Guoneng | 86,190,000.00 50,000,000.00 86,190,000.00 50,000,000.00 | | | 134,760,000.00 134,760,000.00 220,000,000.00 268,500,000.00 256,100,000.00 256,100,000.00 445,560,000.00 445,560,000.00 222,700,000.00 222,700,000.00 916,740,000.00 952,240,000.00 152,850,000.00 15,000,000.00 12,000,000.00 40,000,000.00 15,000,000.00 12,000,000.00 40,000,000.00 65,500,000.00 48,500,000.00 35,500,000.00 87,350,000.00 | | Ltd. Co., Ltd. New Energy Co., Ltd. New Energy Co., Ltd. New Energy Co., Ltd. Energy Co., Ltd. Energy Co., Ltd. New Energy Co., Ltd. New Energy Co., Ltd. Energy Co., Ltd. Energy Co., Ltd. Co., Ltd. Energy Co., Ltd. Ltd. | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page237 SDIC Inner Mongolia | New Energy SDIC (Hunan Anren) Kunming Dongchuan SDIC Yunnan New SDIC Jilin Dunhua SDIC Guangxi New | | | --- | --- | | | 10,000,000.00 10,000,000.00 | | Pumped Storage Co., Pumped Storage Co., Energy Development Qianrun New Energy Energy Technology Tianjin Binhai Guoli SDIC Shiyan New Quanzhou Yuansheng Development Co., SDIC Hebei New SDIC Shanxi New Pubei Yuansheng Shangyi Ruida New | 100,850,000.00 75,000,000.00 99,600,000.00 54,377,700.00 73,000,000.00 89,800,000.00 30,000,000.00 51,180,000.00 70,850,000.00 8,000,000.00 8,000,000.00 2,000,000.00 9,800,000.00 3,197,700.00 | | | 125,000,000.00 164,400,000.00 143,450,000.00 153,450,000.00 10,000,000.00 20,450,000.00 20,000,000.00 53,000,000.00 10,000,000.00 20,450,000.00 20,000,000.00 43,000,000.00 39,400,000.00 10,000,000.00 6,375,000.00 10,000,000.00 6,375,000.00 | | Energy Co., Ltd. New Energy Co., Ltd. Ltd. Energy Co., Ltd. Energy Co., Ltd New Energy Co., Ltd Energy Co., Ltd. Yuxi Qianrun New Ltd. Ltd. Co., Ltd. Co., Ltd. Co., Ltd. New Energy Co., Ltd. | 10,000,000.00 10,000,000.00 | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Notes to Financial Statement Page238 Ningxiang | SDIC Meizhouwan Gushanfeng New SDIC Genting | | | --- | --- | | | 179,700,000.00 179,700,000.00 | | Energy Development Meizhouwan (Putian) Zhangjiakou Kaitou SDIC Zhejiang New SDIC Tibet Renbu SDIC (Shandong) SDIC (Guangdong) Yangquan Guoli New SDIC Tibet Nyima (Putian) Power Co., SDIC (Fujian) New Pubei Yuanli New Zhangjiakou Fufeng Shilin Qianrun New | 129,850,000.00 41,233,987.00 30,500,000.00 46,210,000.00 10,733,987.00 83,640,000.00 | | | 220,000,000.00 20,000,000.00 86,000,000.00 20,000,000.00 94,000,000.00 200,000,000.00 85,800,000.00 45,800,000.00 24,000,000.00 93,500,000.00 40,000,000.00 30,000,000.00 20,000,000.00 60,000,000.00 20,000,000.00 94,000,000.00 20,000,000.00 80,000,000.00 45,800,000.00 24,000,000.00 93,500,000.00 40,000,000.00 30,000,000.00 26,000,000.00 5,800,000.00 | | New Energy Co., Ltd. Ltd Energy Co., Ltd. Energy Co., Ltd. New Energy Co., Ltd. Co., Ltd. Energy Co., Ltd. New Energy Co., Ltd. New Energy Co., Ltd Energy Co., Ltd New Energy Co., Ltd. Energy Co., Ltd. New Energy Co., Ltd. New Energy Co., Ltd. Energy Co., Ltd. | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) 2. Investment in associates and joint ventures Beginning Ending Notes to Financial Statement Page239 balance of balance of Beginning Ending balance Investee impairment impairment Profit or loss balance Cash Other | on investments dividends and provision Provision provision | Other | | | | | --- | --- | --- | --- | --- | | comprehensive Additional | Reduced | | | | | for accrued Others Xuzhou Huarun Tongshan Guosheng Green Fuzhou Changle changes in recognized | profits | | | Increase/decrease in the current period | | investment investment | income | | | | | 182,700,000.00 Jiangxi Ganneng Electric Power Huarun Electric impairment Energy (Tai'an) Co., Guomin New Energy Lingshan Yuansheng 101,743,224.39 2,713,319.07 86,767,835.55 46,568,705.00 declared to 143,956,729.28 525,984,642.99 360,981,694.98 | under the 97,324,157.56 equity 106,080,000.00 57,919.98 106,080,000.00 20,400,000.00 20,400,000.00 5,946.74 8,344.08 | | | | | Zepu Hongsheng 106,960,161.00 2,334,959,112.55 364,202,042.38 2,599,439,568.96 3,157,482.31 adjustments | 4,081,092.72 | | | | | 1. Associates Hanlan 1,500,427,161.85 159,749,246.79 1,598,203,013.25 4,680,069.27 69,315,249.15 | 2,661,784.49 50,000,000.00 76,500,001.00 50,000,000.00 76,500,001.00 | | | | | 49,945,533,464.11 52,332,920,900.55 Power Co., Ltd. equity method Co., Ltd. Co., Ltd. New Energy Co., Ltd. New Energy Co., Ltd. Ltd. Co. | 3,021,851,688.00 616,225,422.12 pay | Total 18,238,829.44 | 18,238,829.44 | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) Beginning Ending Notes to Financial Statement Page240 balance of balance of Beginning Ending balance Investee impairment impairment Profit or loss balance Cash Other | Zepu Guoli New on investments Jiangxi Enpu dividends and provision Provision provision | Other | | | --- | --- | --- | | comprehensive Additional Reduced | | | | for accrued Others Energy CPC Green Capstone Energy Energy Power Liaoning Dalian changes in recognized | profits | Increase/decrease in the current period | | 73,500,000.00 investment investment | 73,500,000.00 income 554,152.39 553,330.06 -822.33 | | | Energy (Hainan) (Yunnan) Co., Generation Co., Environment Pumped Storage impairment Technology Co., declared to under the | 15,147,489.44 15,190,759.71 63,030,000.00 63,030,000.00 equity 4,999,541.91 4,999,504.63 43,270.27 -37.28 | | | 73,500,000.00 182,700,000.00 10,608,790.63 263,043,245.70 4,542,426,258.69 672,305,629.22 4,859,854,600.87 adjustments 6,757,168.03 | Total | | | Ltd. Co., Ltd. Co., Ltd. equity method Ltd. Co., Ltd Ltd. | pay | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) (III) Operating income and operating cost 1. Details of operating income and operating cost List of operating income: (IV) Investment income | | | | | | Notes to Financial Statement Page | 241 | | --- | --- | --- | --- | --- | --- | --- | | Investment income from long-term equity investments calculated Dividend income during the holding period of other equity Investment income from long-term equity investments calculated Amount in the current | Amount in the | Item | | | | | | | 4,159,365,182.73 541,753,304.19 | 4,376,351.86 5,099,290,914.27 672,305,629.22 | 5,497,205.36 | Item | | | | Guarantee fee by equity method instruments Others by cost method Investment income from disposal of long-term equity investments Others Other business | previous period 4,937,046,536.07 193,186,917.39 Revenue Revenue Amount in the previous period Amount in the previous period | 70,397,339.09 28,469,984.77 70,397,339.09 28,469,984.77 Amount in the current period Amount in the current period 38,364,779.90 Cost Cost Total Total 5,807,239,189.08 Item period | 30,145,440.23 | Total 70,397,339.09 28,469,984.77 41,811,144.75 28,469,984.77 28,586,194.34 | | | SDIC Power Holdings Co., Ltd. Notes to the Financial Statements For the Year Ended December 31, 2025 (Unless otherwise specified, the amount of this note is in RMB yuan ) XVI. Supplementary information (一) Breakdown of non-recurring profit or loss in the current period Notes to Financial Statement Page 242 Profit or loss from the change in fair value of financial asset and liability held by Government subsidies included in the current profits and losses (exclusive of those non-financial enterprise and gain or loss from the disposal of financial asset and The cost of investments in subsidiaries, associates and joint ventures acquired by an 18,683,142.00 Reversal of provision for impairment of receivables individually tested for For cash-settled share-based payments, gains or losses arising from changes in the Profit and loss from the disposal of non-current assets, including the write-off with One-time recognition of share-based payment expenses due to the cancellation or Net current gain or loss of subsidiaries from the beginning of the period to the date One-time impact on current profit or loss due to adjustments in tax, accounting and Gains or losses arising from changes in the fair value of investment properties enterprise is less than its share of the gain arising from the fair value of the One-time costs incurred by the enterprise due to the fact that the relevant operating which are closely related with the enterprise business or government subsidies Occupancy fees charged to non-financial enterprises included in profit or loss for liability, except for the effective hedging business in relation to the normal business 55,166,313.28 180,674.93 7,225,609.13 of consolidation arising from a business combination under the same control other laws and regulations subsequently measured using the fair value model investee's identifiable net assets at the time of investment acquisition Gain or loss on exchange of non-monetary assets activities are no longer continuing, such as expenses for relocating employees granted according to national standard fixed rate or quantity) the period Gains and losses on debt restructuring of the Company Gains and losses on entrusted investment or asset management Gains and losses on entrusted external loans impairment fair value of employee compensation payable after the feasible date of entitlement provision for asset impairment Losses on assets due to force majeure factors, such as natural disasters modification of the share incentive plan Note Amount Item