2025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Stock code: 000037 200037 Stock abbreviation: Shenzhen Nanshan Power A Shenzhen Announcement No.: 2025-017

Nanshan Power B

Shenzhen Nanshan Power Co. Ltd.

2025 First Quarter Report

The Company and all members of the Board of Directors guarantee that the information disclosed is true accurate and complete

and contains no false records misleading statements or major omissions.Important:

1. The Board of Directors the Board of Supervisors the directors supervisors and senior officers shall ensure that the quarterly

report is true accurate and complete and contains no false records misleading statements or major omissions and shall bear

individual and joint legal liability.

2. The Company's Principal Chief Accountant Chief Financial Officer and Head of the Finance Department (Finance Head)

hereby declare and guarantee that the financial information in the quarterly report is true accurate and complete.

3. Whether the First Quarter Report has been audited

□Yes □No

12025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

I. Key financial data

(I) Key accounting data and financial indicators

Whether the Company needs to retroactively adjust or restate the accounting data of previous years

□Yes □No

Increase or decrease in the

reporting period compared

Reporting period Same period last year

with the same period last year

(%)

Operating revenue (RMB) 58411466.37 80580975.91 -27.51%

Net profit attributable to

shareholders of listed -12305181.65 -29071219.61 57.67%

companies (RMB)

Net profit attributable to

shareholders of listed

companies after deducting -15484838.12 -32868603.74 52.89%

non-recurring profit or loss

(RMB)

Net cash flows from operating

-29375286.18-71854442.0559.12%

activities (RMB)

Basic earnings per share

-0.0204-0.048257.68%

(RMB/share)

Diluted earnings per share

-0.0204-0.048257.68%

(RMB/share)

Weighted average rate of Increased by 1.18 percentage

-0.83%-2.01%

return on net assets points

Increase or decrease at the

At the end of the reporting At the end of the previous end of the reporting period

period year compared with the end of the

previous year (%)

Total assets (RMB) 2020545952.45 2012736635.59 0.39%

Owners' equity attributable to

shareholders of listed 1474284546.01 1485380575.08 -0.75%

companies (RMB)

(II) Non-recurring profit or loss items and amounts

□Applicable □ Not applicable

Unit: RMB

Amount in the reporting

Item Remark

period

Mainly due to the impact of

Profit or loss on disposal of non-current assets (including unrealized internal transaction

1157781.75

write-off of provision for asset impairment) profit or loss adjustment after

disposal of non-current assets.Government subsidies included in the current profit or loss

(except for those that are closely related to the Company's

normal business operations comply with national policies Mainly due to the government

64855.95

and regulations are enjoyed according to determined subsidies related to income.standards and have a sustained impact on the Company's

profit or loss)

22025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Profit or loss from changes in fair value of financial assets

Mainly due to the investment

and liabilities held by non-financial enterprises and profit

income obtained from the deposit

or loss from the disposal of financial assets and financial 1694999.94

of large-denomination certificates

liabilities except for effective hedging operations related to

of deposit.the Company's normal business operations

Less: income tax impact

Changes in the amount of minority interests (after tax) -262018.83

Total 3179656.47 --

Details of other profit or loss items that meet the definition of non-recurring profit or loss

□Applicable □Not applicable

The Company had no specific profit or loss items that meet the definition of non-recurring profit or loss.Notes on the definition of the non-recurring profit or loss items listed in the "Interpretive Announcement No. 1 on Information

Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or Loss" as recurring profit or loss items

□Applicable □Not applicable

The Company had no circumstances of definition of the non-recurring profit or loss items listed in the "Interpretive Announcement

No. 1 on Information Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or Loss" as recurring profit

or loss items.(III) Changes in key accounting data and financial indicators and their causes

□Applicable □ Not applicable

Balance sheet Change

Ending balance Beginning balance Description of changes

items ratio

Mainly due to the Company's strengthening

of fund management improving the

efficiency of fund use depositing stock

Monetary funds 72215046.61 478979221.66 -84.92%

monetary funds in structured deposits of

commercial banks and reducing monetary

funds.Mainly due to the Company's strengthening

of fund management improving the

Financial assets efficiency of fund use depositing stock

355000000.000.00100.00%

held for trading monetary funds in structured deposits of

commercial banks and increasing financial

assets held for trading.Mainly due to the completion of the delivery

and transfer of the generating unit equipment

and related assets of Shenzhen Nanshan

Other receivables 184823444.23 131831575.62 40.20% Power Zhongshan Company resulting in the

formation of corresponding accounts

receivable which has led to an increase in

other receivables.Mainly due to the Company's active

promotion of the construction of Zhongshan

Construction in

11747722.25 6983713.85 68.22% independent energy storage project and the

progress

increase in equipment procurement and

project payment in the current period.Mainly due to the construction of the

Zhongshan independent energy storage

Right-of-use assets 32818059.97 6160020.43 432.76% project the new lease project land and the

recognition of the right-of-use assets of the

above-ground buildings in the current period.

32025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Other non-current Mainly due to the prepayment of Zhongshan

55513096.765596476.40891.93%

assets independent energy storage project.Mainly due to the decrease in natural gas

Accounts payable 8904451.81 14022157.61 -36.50%

payables.Employee Mainly due to the payment of the

compensation 5113691.54 16052879.47 -68.14% performance-based remuneration from the

payable previous year in the current period.Mainly due to the fact that Xiefu Company

paid the corporate income tax that was

Taxes payable 5144297.19 14348908.04 -64.15% accrued at the end of the previous year in the

current period resulting in a decrease in

taxes payable.Mainly due to the fact that Shenzhen

Nanshan Power Zhongshan Company paid

the demolition and disposal expenses of the

oil tank and oil pipeline of Plot A at the end

Other payables 7540299.30 15685234.29 -51.93%

of the previous year in the current period

according to the relevant agreements on land

acquisition and storage resulting in a

decrease in other payables.Mainly due to the construction of Zhongshan

Long-term independent energy storage project and the

35031013.880.00100.00%

borrowings new special fixed assets loan in the current

period.Mainly due to the recognition of lease

liabilities for the lease contracts of land and

Lease liabilities 26734745.09 2125910.18 1157.57%

buildings for the new Zhongshan

independent energy storage project.Year-on-

Amount incurred

Income Amount incurred in year

in the current Description of changes

statement items previous period increase or

period

decrease

Mainly due to the fact that the Company's

Nanshan Power Plant based on the node

electricity price situation took the

maximization of comprehensive income from

Operating costs 56376282.35 87874016.00 -35.84% power business as the goal dynamically

adjusted the spot clearing strategy and

actively reduced the power generation

resulting in a YoY decrease in operating

costs.Mainly due to the Company's expansion of

low-cost financing methods and the decrease

Financial expenses 1590170.58 3174568.27 -49.91%

in interest costs resulting in the YoY

decrease in financial expenses.Mainly due to the dividend distribution of the

investments in other equity instruments held

Investment income 7294999.94 1854861.43 293.29% by the Company in the current period

resulting in the YoY increase in investment

income.Mainly due to the adjustment of unrealized

internal transaction profit or loss after the

Gains from

1157781.75 0.00 100.00% disposal of non-current assets in the current

disposal of assets

period resulting in YoY increase in the gains

from disposal of assets.

42025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Year-on-

Statement of

Amount incurred in Amount incurred year

cash flows Description of changes

the current period in previous period increase or

items

decrease

Mainly due to the fact that the Company

focused on its primary business aiming at

maximizing the comprehensive income of

the power business and formulated a

Net cash flows

clearing strategy in a refined manner and

from operating -29375286.18 -71854442.05 59.12%

strengthened the management of gas-

activities

electricity matching. The marginal

contribution of the power business increased

significantly YoY and the net cash flows

from operating activities increased YoY.Mainly due to the facts that: first the

Company actively promoted the construction

of Zhongshan independent energy storage

project and the equipment procurement and

project payment increased in the current

Net cash flows period; second the Company strengthened

from investing -397098683.31 -221147900.68 -79.56% fund management and improved the use of

activities funds. The stock monetary funds deposited in

structured deposits of commercial banks in

the current period increased and the cash

outflow of investing activities increased

resulting in the YoY decrease in the net cash

flow from investing activities.Mainly due to the continuous optimization of

the asset and liability structure. The newly

Net cash flows

added financing scale in the current period

from financing 19718778.32 79321416.35 -75.14%

decreased YoY resulting in the YoY

activities

decrease in the net cash flows from financing

activities.Mainly due to the facts that: first the

Company actively promoted the construction

of Zhongshan independent energy storage

project and the equipment procurement and

project payment increased in the current

period; second the Company strengthened its

Net increase in fund management and improved the

-406764175.05-213664305.88-90.38%

cash equivalents efficiency of fund use. The stock monetary

funds deposited in structured deposits of

commercial banks in the current period

increased; third the new financing scale in

the current period decreased YoY resulting

an overall YoY decrease in net increase in

cash and cash equivalents.

52025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

II. Shareholder's information

(I) Total number of ordinary shareholders number of preferred shareholders whose voting rights have

been restored and shareholdings of the top 10 shareholders

Unit: Share

Total number of preferred

Total number of ordinary shareholders whose voting

shareholders at the end of the 40424 rights have been restored at the 0

reporting period end of the reporting period (if

any)

Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)

Number Pledge marking or freezing

of shares

Sharehold

Nature of Number of shares held with

Name ing ratio

shareholder held selling

(%) Share status Quantity

restriction

s

HONG KONG NAM HOI Overseas legal

15.28% 92123248.00 0.00 Not applicable 0.00

(INTERNATIONAL) LTD person

Shenzhen Guangju Industrial State-owned

12.22% 73666824.00 0.00 Not applicable 0.00

Co. Ltd. legal person

State-owned

Shenzhen Energy Corporation 10.80% 65106130.00 0.00 Not applicable 0.00

legal person

Domestic

Zeng Ying 1.19% 7159600.00 0.00 Not applicable 0.00

natural person

GUOTAI JUNAN

Overseas legalSECURITIES（HONG 1.05% 6326759.00 0.00 Not applicable 0.00personKONG） LIMITED

Domestic

Li Baoqin 0.94% 5670167.00 0.00 Not applicable 0.00

natural person

China Merchants Securities Overseas legal

0.90% 5438154.00 0.00 Not applicable 0.00

(Hong Kong) Co. Ltd. person

Overseas legal

BOCI SECURITIES LIMITED 0.72% 4310566.00 0.00 Not applicable 0.00

person

Overseas

LISHERYNZHANMING 0.69% 4149400.00 0.00 Not applicable 0.00

natural person

Haitong International Securities

Overseas legal

Company Limited-Account 0.65% 3908357.00 0.00 Not applicable 0.00

person

Client

Shareholdings of the top 10 non-restricted shareholders (excluding shares lent through refinancing and locked shares of senior

executives)

Number of shares held without Type of shares

Name

selling restrictions Type of shares Quantity

HONG KONG NAM HOI Domestic listed foreign

92123248.0092123248.00

(INTERNATIONAL) LTD shares

Shenzhen Guangju Industrial Co. Renminbi ordinary

73666824.0073666824.00

Ltd. shares

Renminbi ordinary

Shenzhen Energy Corporation 65106130.00 65106130.00

shares

Domestic listed foreign

Zeng Ying 7159600.00 7159600.00

shares

GUOTAI JUNAN SECURITIES Domestic listed foreign

6326759.006326759.00（HONG KONG） LIMITED shares

62025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Renminbi ordinary

2593500.00

shares

Li Baoqin 5670167.00

Domestic listed foreign

3076667.00

shares

China Merchants Securities (Hong Domestic listed foreign

5438154.005438154.00

Kong) Co. Ltd. shares

Domestic listed foreign

BOCI SECURITIES LIMITED 4310566.00 4310566.00

shares

Domestic listed foreign

LISHERYNZHANMING 4149400.00 4149400.00

shares

Haitong International Securities Domestic listed foreign

3908357.003908357.00

Company Limited-Account Client shares

1. Shenzhen Energy Corporation holds 100% equity in HONG KONG NAM HOI

Explanation of the above-mentioned

(INTERNATIONAL) LTD

shareholders' relationship or

2. The Company is unaware of whether the above-mentioned other public shareholders

concerted actions

have any relationship or are persons acting in concert.Description of the top 10

shareholders' participation in the

None

margin trading and securities lending

business (if any)

Participation of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10 shareholders of

unrestricted tradable shares in refinancing business and lending shares

□ Applicable □Not applicable

Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the previous period

due to refinancing lending/repayment

□ Applicable □ Not applicable

(II) Total number of preferred shareholders in the Company and shareholdings of the top 10 preferred

shareholders

□Applicable □ Not applicable

III. Other important matters

□Applicable □Not applicable

72025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

IV. Quarterly financial statements

(I) Financial statements

1. Consolidated balance sheet

Prepared by: Shenzhen Nanshan Power Co. Ltd.March 31 2025

Unit: RMB

Item Ending balance Beginning balance

Current assets:

Monetary funds 72215046.61 478979221.66

Balances with clearing companies

Loans to banks and other financial institutions

Financial assets held for trading 355000000.00 0.00

Derivative financial assets

Notes receivable

Accounts receivable 56978433.50 67817025.91

Receivables financing

Advances to suppliers 23618414.60 19062352.04

Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserve

Other receivables 184823444.23 131831575.62

Including: interest receivable

Dividends receivable

Financial assets purchased under resale agreements

Inventories 80524229.89 80234374.79

Including: data resources

Contract assets 151002.18 95580.68

Assets held for sale 24582784.59 24582784.59

Non-current assets due within one year

Other current assets 289698301.92 285528539.22

Total current assets 1087591657.52 1088131454.51

Non-current assets:

Issuance of loans and advances

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 90587521.44 90587521.44

Investments in other equity instruments 354798054.57 354798054.57

Other non-current financial assets

82025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Investment properties 1456370.65 1498009.84

Fixed assets 378695683.40 451203790.97

Construction in progress 11747722.25 6983713.85

Productive biological assets

Oil and gas assets

Right-of-use assets 32818059.97 6160020.43

Intangible assets 1358365.32 1349731.81

Including: data resources

Development expenses

Including: data resources

Goodwill

Long-term deferred expenses 5354420.57 5802861.77

Deferred tax assets 625000.00 625000.00

Other non-current assets 55513096.76 5596476.40

Total non-current assets 932954294.93 924605181.08

Total assets 2020545952.45 2012736635.59

Current liabilities:

Short-term borrowings 255098633.32 268615009.19

Loans from the Central Bank

Borrowings from banks and other financial

institutions

Financial liabilities held for trading

Derivative financial liabilities

Notes payable

Accounts payable 8904451.81 14022157.61

Advances from customers

Contract liabilities 50000.00

Financial assets sold under repurchase agreements

Customer bank deposits and due to banks and other

financial institutions

Receivings from vicariously traded securities

Receivings from vicariously underwritten securities

Employee compensation payable 5113691.54 16052879.47

Taxes payable 5144297.19 14348908.04

Other payables 7540299.30 15685234.29

Including: interest payable

Dividends payable

Handling charges and commissions

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year 5651118.99 4466835.32

92025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Other current liabilities 116207485.56 107922984.82

Total current liabilities 403659977.71 441164008.74

Non-current liabilities:

Reserves for insurance contract

Long-term borrowings 35031013.88

Bonds payable

Including: preferred shares

Perpetual bonds

Lease liabilities 26734745.09 2125910.18

Long-term payables

Long-term employee compensations payable

Estimated liabilities

Deferred income 59936405.92 61522875.97

Deferred tax liabilities

Other non-current liabilities

Total non-current liabilities 121702164.89 63648786.15

Total liabilities 525362142.60 504812794.89

Owners' equity:

Equity 602762596.00 602762596.00

Other equity instruments

Including: preferred shares

Perpetual bonds

Capital reserve 362770922.10 362770922.10

Less: treasury shares

Other comprehensive income 1683054.57 1683054.57

Special reserve 1209152.58

Surplus reserve 332908397.60 332908397.60

General risk reserve

Undistributed profits 172950423.16 185255604.81

Total equity attributable to the owners of the parent

1474284546.011485380575.08

company

Minority interests 20899263.84 22543265.62

Total owners' equity 1495183809.85 1507923840.70

Total liabilities and owners' equity 2020545952.45 2012736635.59

Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the

Finance Department: Lin Xiaojia

2. Consolidated income statement

Unit: RMB

Amount incurred in previous

Item Amount incurred in the current period

period

102025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

I. Total operating revenue 58411466.37 80580975.91

Including: operating revenue 58411466.37 80580975.91

Interest income

Premiums earned

Handling charges and commission income

II. Total operating costs 82464757.49 114821905.65

Including: operating costs 56376282.35 87874016.00

Interest costs

Handling charges and commission expenses

Surrender value

Net amount of compensation payout

Net amount of insurance liability reserve

withdrawn

Policy dividends

Reinsurance costs

Taxes and surcharges 344631.34 221276.34

Selling and distribution expenses 663086.73 877286.87

G&A expenses 20003429.70 18871734.39

R&D expenses 3487156.79 3803023.78

Financial expenses 1590170.58 3174568.27

Including: interest expenses 2043777.62 3834570.17

Interest income -476680.96 -667274.30

Plus: other income 1651326.00 2026590.29

Investment income (losses expressed with "-") 7294999.94 1854861.43

Including: investment income from

6955.76

associates and joint ventures

Gains from derecognition of

financial assets measured at amortized costs

Exchange gains (losses expressed with "-")

Net exposure hedging gains (losses expressed

with "-")

Gains from fair value changes (losses expressed

with "-")

Losses from credit impairment (losses

expressed with "-")

Asset impairment loss (losses expressed with "-

")

Gains from disposal of assets (losses expressed

1157781.75

with "-")

III. Operating profit (losses expressed with "-") -13949183.43 -30359478.02

Plus: non-operating revenue 37730.70

Less: non-operating expenses 107421.00

IV. Total profit (total losses expressed with "-") -13949183.43 -30429168.32

Less: income tax expenses

112025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

V. Net profit (losses expressed with "-") -13949183.43 -30429168.32

(I) Classification by business continuity

1. Net profit from continuing operations (net

-13949183.43-30429168.32

losses expressed with "-")

2. Net profit from discontinued operations (net

losses expressed with "-")

(II) Classification by ownership

1. Net profit attributable to owners of the parent

-12305181.65-29071219.61

company

2. Minority interest income -1644001.78 -1357948.71

VI. Net after-tax amount of other comprehensive

income

Net after-tax amount of other comprehensive income

attributable to owners of parent company

(I) Other comprehensive income that cannot be

reclassified into profit or loss

1. Remeasurement of changes in defined benefit

plans

2. Other comprehensive income that cannot be

transferred to profit or loss under the equity method

3. Fair value changes of investments in other

equity instruments

4. Fair value changes of the enterprise's own

credit risk

5. Others

(II) Other comprehensive income that will be

reclassified to profit or loss

1. Other comprehensive income that can be

transferred to profit or loss under the equity method

2. Fair value changes of other debt investments

3. Amount of financial assets reclassified and

included in other comprehensive income

4. Provision for credit impairment of other debt

investments

5. Cash flow hedging reserve

6. Differences arising from foreign currency

financial statements

7. Others

Net after-tax amount of other comprehensive income

attributable to minority shareholders

VII. Total comprehensive income -13949183.43 -30429168.32

Total comprehensive income attributable to owners

-12305181.65-29071219.61

of the parent company

Total comprehensive income attributable to minority

-1644001.78-1357948.71

shareholders

VIII. Earnings per share:

(I) Basic earnings per share -0.0204 -0.0482

(II) Diluted earnings per share -0.0204 -0.0482

Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the

Finance Department: Lin Xiaojia

122025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

3. Consolidated statement of cash flows

Unit: RMB

Amount incurred in the current Amount incurred in

Item

period previous period

I. Cash flows from operating activities:

Cash received from sales of goods and rendering of services 72811090.66 98704722.15

Net increase in customer bank deposits and due to banks and

other financial institutions

Net increase in borrowings from the Central Bank

Net increase in borrowings from banks and other financial

institutions

Cash received from premiums from the original insurance

contract

Net cash received from reinsurance business

Net increase in policyholder deposits and investments

Cash received from interest handling charges and

commissions

Net increase in borrowings from banks and other financial

institutions

Net increase in funds from repurchase business

Net cash received from vicariously traded securities

Tax refunds received 1259.08

Other cash received related to operating activities 6652551.98 9929349.06

Sub-total of cash inflows from operating activities 79463642.64 108635330.29

Cash paid for purchase of goods and acceptance of services 58140112.23 93167965.39

Net increase in loans and advances to customers

Net increase in deposits with the Central Bank and interbank

funds

Cash paid for compensation for the original insurance

contract

Net increase in loans to banks and other financial institutions

Cash paid for interest handling charges and commissions

Cash paid for policy dividends

Cash paid to and on behalf of employees 35011115.74 65632162.97

Taxes and fees paid 9973463.74 11055674.24

Payments of other cash related to operating activities 5714237.11 10633969.74

Sub-total of cash outflows from operating activities 108838928.82 180489772.34

Net cash flows from operating activities -29375286.18 -71854442.05

II. Cash flows from investing activities:

Recovery of cash received from investment

Cash received from investment income 5600000.00 152905.73

Net cash recovered from disposal of fixed assets intangible

8343642.91

assets and other long-term assets

Net cash received from disposal of subsidiaries and other

business units

132025 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Other cash received relating to investing activities 13000000.00

Sub-total of cash inflows from investing activities 13943642.91 13152905.73

Cash paid for the acquisition and construction of fixed

56042326.223300806.41

assets intangible assets and other long-term assets

Cash paid for investments 50000000.00

Net increase in pledge loans

Net cash paid for acquisition of subsidiaries and other

business units

Payments of other cash related to investing activities 355000000.00 181000000.00

Sub-total of cash outflows from investing activities 411042326.22 234300806.41

Net cash flows from investing activities -397098683.31 -221147900.68

III. Cash flows from financing activities:

Cash received from absorption of investments

Including: cash received by subsidiaries from absorption

of minority shareholders' investments

Cash received from acquisition of borrowings 35000000.00 98558036.22

Other cash received related to financing activities

Sub-total of cash inflows from financing activities 35000000.00 98558036.22

Cash paid for debt repayment 13901933.75

Cash paid for distribution of dividends profits or interest

14424149.683724022.12

payments

Including: dividends and profits paid by subsidiaries to

minority shareholders

Payments of other cash related to financing activities 857072.00 1610664.00

Sub-total of cash outflows from financing activities 15281221.68 19236619.87

Net cash flows from financing activities 19718778.32 79321416.35

IV. Impact of fluctuation in exchange rate on cash and cash

-8983.8816620.50

equivalents

V. Net increase in cash and cash equivalents -406764175.05 -213664305.88

Plus: beginning balance of cash and cash equivalents 471067121.66 310734919.56

VI. Ending balance of cash and cash equivalents 64302946.61 97070613.68

Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the

Finance Department: Lin Xiaojia

(II) Adjustments to relevant items in financial statements at the beginning of the year

when the new accounting standards are implemented for the first time in 2025.□ Applicable □ Not applicable

(III) Auditor's report

Whether the First Quarter Report has been audited

□Yes □No

The First Quarter Report of the Company has not been audited.The Board of Directors of Shenzhen Nanshan Power Co. Ltd.April 30 2025

14