Ningbo Shimao Energy Co., Ltd. Announcement on the Convening of the 2025 Annual Performance and Cash Dividend Explanation Meeting

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Security code: 605028 Stock short name: Shimao Energy Announcement No.: Lin 2026-012

Ningbo Shimao Energy Co., Ltd.

Announcement on the convening of the 2025 annual performance and cash dividend explanation meeting

The board of directors of this company and all directors hereby guarantee that there are no false records, misleading statements or material omissions in the contents of this announcement, and they shall assume individual and joint liability for the truthfulness, accuracy and completeness of the contents.

Ningbo Shimao Energy Co., Ltd. (hereinafter referred to as the “Company”) held the 2025 annual performance and cash dividend explanation meeting from 13:00 to 14:00 on March 31, 2026 at the Shanghai Stock Exchange’s SSE Roadshow Center (

I. Details on the convening of the performance explanation meeting

On March 24, 2026, the Company disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated information disclosure media the “Announcement of Ningbo Shimao Energy Co., Ltd. on convening the 2025 annual performance and cash dividend explanation meeting” (Announcement No.: Lin 2026-011).

From 13:00 to 14:00 on March 31, 2026, Mr. Li Lifeng, Chairman and General Manager, Ms. Hu Aihua, Director and Chief Financial Officer, Ms. Wu Yinyin, Independent Director, and Mr. Wu Jiangang, Secretary of the Board of Directors, attended this performance explanation meeting. They engaged in interactive exchange and communication with investors, and answered investors’ questions of concern.

II. Key questions raised by investors and the Company’s responses

The key questions raised by investors in this performance explanation meeting and the corresponding responses are summarized as follows:

Question 1: How were the Company’s operating results in 2025, and what about the dividend situation?

Response: Hello, investors. In 2025, the Company achieved operating revenue of RMB 32,282.34 million, a year-on-year decrease of 10.12%. Net profit attributable to the parent company was RMB 17,238.22 million, a year-on-year increase of 0.38%. After excluding non-recurring items, net profit was RMB 10,612.85 million, a year-on-year decrease of 31.42%. By the end of the year, the total asset size was RMB 153,709.16 million; net assets attributable to the parent company were RMB 137,166.16 million, respectively a year-on-year decrease of 2.13% and 0.26%. Basic earnings per share were RMB 1.08, a year-on-year increase of 0.93%. The Company’s main business decline in 2025 was due to the steam coal heat price linkage, which also led to a year-on-year decrease in the steam sales price. In addition, due to a decline in demand from surrounding heat-supply users, the steam sales volume also decreased. Meanwhile, the depreciation of fixed assets also increased significantly year-on-year, resulting in a much larger decline in after excluding non-recurring items net profit. Net profit attributable to the parent company increased slightly year-on-year; this was mainly because the Company responded to the development of the capital market. In the 2024 annual general meeting resolution, the Company was approved to use its own funds of no more than RMB 300 million for securities investment, and it achieved favorable investment returns.

The Company places great importance on market value management centered on enterprise value and investor returns. The Company will continue to focus on its core business, strive to operate well, solidify its fundamental businesses, enhance operating efficiency and profitability, and repay shareholders through continuous and stable cash dividends. For 2025, the Company plans to distribute a cash dividend of RMB 6 per 10 shares to all shareholders (including tax), with a total cash dividend of RMB 96.00 million (including tax). In addition, the cash dividend of RMB 48.00 million (including tax) for the first half of 2025 has already been completed. The cumulative cash dividend for 2025 as a proportion of the net profit attributable to shareholders of listed companies for 2025 is 83.54%. Thank you for your attention!

Question 2: What is the current project operation status, and what measures are there to improve efficiency and benefits?

Response: Hello, investors. The Company is a combined heat and power cogeneration enterprise that uses municipal solid waste and coal as its main raw materials. It currently operates 2 circulating fluidized bed boilers of 130 t/h (tons per hour), with total coal-fired boiler capacity of 260 t/h. It has 4 grate-type waste incineration furnaces of 500 t/d (tons per day), with a designed daily waste processing capacity of 2,000 t/d (tons per day). It also has 1 back-pressure steam turbine generator set of 12 MW, 1 back-pressure steam turbine generator set of 6 MW, 2 extraction-condensing steam turbine generator sets of 12 MW each, 1 extraction back-pressure steam turbine generator set of 15 MW, and 1 back-pressure steam turbine generator set of 15 MW, with a total installed capacity of 72 MW. The Company’s operations are currently in good condition. On the one hand, it reduces costs and increases efficiency through refined management. On the other hand, it is actively expanding new businesses to provide industrial gases such as compressed air to enterprises in the park and to expand the centralized supply field for industrial gases such as compressed air. The Phase I of the project for harmless treatment of fly ash has been operating stably and has reached the designed production capacity. The Phase II expansion and retrofit is being advanced in an orderly manner, achieving “zero landfilling” of fly ash, further promoting the resource utilization and harmless treatment of fly ash. At the same time, it also increases the Company’s operating income. The sludge harmless treatment project is also being actively promoted. Thank you for your attention!

Question 3: In terms of reducing costs and increasing efficiency and enhancing profitability, what specific arrangements does the Company have this year?

Response: Hello, investors. The Company will continue to carry out technological innovation. While continuously upgrading and modifying equipment, through continuously optimizing production methods, strictly controlling operating parameters, conducting periodic data comparison and analysis, regularly carrying out operation and maintenance work, extending the continuous and stable operation cycle of the waste boilers, and improving production efficiency. While improving production efficiency, the Company strictly complies with environmental protection requirements to ensure that all pollutant emission indicators will always meet the environmental emission standards. At the same time as meeting environmental standards, it strictly controls the consumption of environmental protection consumables, finely adjusts the dosage of reagents, strengthens whole-process management and control, and achieves the optimal balance between cost and benefits. Thank you for your attention!

Question 4: What new plans does the Company have in business expansion in the future?

Response: Hello, investors. The Company is a combined heat and power cogeneration enterprise that uses municipal solid waste and coal as its main raw materials. It provides customers with industrial steam and generates electricity for grid connection. With the purpose of “providing clean, efficient, stable, and reliable integrated energy services,” it converts municipal solid waste into clean energy through incineration and disposal, realizing the cyclic utilization of resources, and is an integrated energy services high-tech enterprise. The Company adheres to the overall work tone of making progress while maintaining stability, leverages the Company’s technical advantages and regional advantages in the field of solid waste disposal, and improves the level of refined management in the fields of “decrementalization, resource utilization, and harmless treatment” for solid waste. The Company actively explores new businesses in the solid waste field. It also adheres to technological transformation and innovation and management model innovation, and coordinates and balances the production capacity of waste boilers and coal-fired boilers to adapt to the challenges and opportunities brought by the market-oriented trading of the electricity market through refined management. It continuously promotes cost reduction and efficiency improvement to ensure stable, controllable, safe and environmentally friendly production.

1. Rely on regional advantages, focus on the core business, and coordinate to increase boiler production capacity. Relying on its regional advantages, the Company concentrates on supplying heat to the China-Italy Ningbo Eco-Park and surrounding electroplating and food processing parks, serving as the only regional combined heat and power cogeneration enterprise in the area. As the only public heat source point in this region, the Company is committed to a sustainable development path featuring green, efficient, circular, low-carbon, and safe development. It further expands the scope of the traditional heat-supply business, continuously enhances the Company’s operating performance, and meets customers’ energy needs in an all-around manner.

2. Closely follow policy guidance and participate in the construction of the nationwide unified electricity market. Against the dual background of accelerating the construction of the nationwide unified electricity market system and Ningbo being selected as a pilot for building a national-level new-type power system, the Company, as an integrated energy service enterprise in the region specializing in combined heat and power cogeneration and garbage resource utilization treatment, will closely follow policy guidance, rely on its regional advantages, and promote the transformation of electricity business toward greening and marketization.

3. Strengthen the foundation of performance, actively expand, and explore a second growth curve with complementary advantages. Based on meeting the needs for business development in the local area, the Company will fully leverage its own mature experience in operating solid waste treatment and coal-fired combined heat and power cogeneration projects and technologies to further expand the scope of the traditional heat-supply business, consolidate the foundation of performance, and provide industrial gases such as compressed air to enterprises in the park. It will expand the centralized supply field for industrial gases such as compressed air, promote sludge disposal projects, and build an integrated energy supply framework, helping enterprises in the park save production costs and utilize energy more efficiently. It will actively explore a second growth curve with complementary advantages. Thank you for your attention!

For detailed information on the Company’s 2025 annual performance and cash dividend explanation meeting, please visit the SSE Roadshow Center of the Shanghai Stock Exchange (

Hereby announced.

Ningbo Shimao Energy Co., Ltd.

Board of Directors

April 1, 2026

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