2024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Ticker: 000037 200037 Stock name: Shenzhen Nanshan Power A Shenzhen Nanshan Power B Announcement No.: 2024-030

Shenzhen Nanshan Power Co. Ltd.2024 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

12024 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

The reporting period Same period last year

with the same period last year

(%)

Operating revenue (RMB) 80580975.91 111067616.64 -27.45%

Net profit attributable to

shareholders of listed -29071219.61 -31147959.30 6.67%

companies (RMB)

Net profit attributable to

shareholders of listed

companies after deducting -32868603.74 -41178992.24 20.18%

non-recurring profit or loss

(RMB)

Net cash flows from operating

-71854442.05-36865225.55-94.91%

activities (RMB)

Basic earnings per share

-0.0482-0.05176.77%

(RMB/share)

Diluted earnings per share

-0.0482-0.05176.77%

(RMB/share)

Weighted average rate of Increased by 0.15 percentage

-2.01%-2.16%

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) 2055455896.84 2049365388.69 0.30%

Owners' equity attributable to

shareholders of listed 1431132704.93 1459288691.94 -1.93%

companies (RMB)

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

□Applicable □Not applicable

Unit: RMB

Item Amount in the reporting period Remark

Profit or loss on disposal of non-current

Mainly due to the impact of profit or loss

assets (including write-off of provision -107421.00

from disposal of non-current assets

for asset impairment)

Government subsidies included in the

current profit or loss (except for those

that are closely related to the Company's Mainly government subsidies related to

normal business operations comply with income and apportionment of

2026590.29

national policies and regulations are government subsidies related to assets

enjoyed according to determined etc.standards and have a sustained impact

on the Company's profit or loss)

Mainly investment income obtained from

Profit or loss from changes in fair value 1847905.67

financial assets held for trading

22024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

of financial assets and liabilities held by

non-financial enterprises and profit or

loss from the disposal of financial assets

and financial liabilities except for

effective hedging operations related to

the Company's normal business

operations

Other non-operating revenue and

37730.70

expenses other than the above

Less: effect of minority interests (after

7421.53

tax)

Total 3797384.13 --

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 March 31 2024 January 1 2024 Change Description of changes

items ratio

Mainly due to the Company's the current

period investment in Shenzhen New

Energy Storage Industry Equity Fund

Monetary funds 102511047.91 316188782.49 -67.58%

and the placement of self-owned funds in

structured deposits resulting in a

decrease in monetary funds

Mainly due to the increase in financial

assets held for trading as a result of the

Financial assets

394000000.00 226000000.00 74.34% placement of structured deposits with

held for trading

idle self-owned funds during the current

period.Mainly due to the depreciation of right-

Right-of-use

906778.55 2266946.42 -60.00% of-use assets according to their useful

assets

life

Mainly due to the Company's efforts to

strengthen project development and take

Notes payable 40000000.00 0.00 100.00%

multiple measures to coordinate funds

resulting in an increase in notes payable

Mainly due to the decrease in natural gas

Accounts payable 1121465.81 4342166.50 -74.17%

payables

Mainly due to the payment of employee

compensation related to land acquisition

Employee

and storage of Shenzhen Nanshan Power

compensation 4648453.24 46238982.57 -89.95%

Zhongshan Company in the current

payable

period resulting in a decrease in

employee compensation payable

Mainly due to the decrease in value-

Taxes payable 296962.89 3089330.47 -90.39%

added tax payable

32024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Year-on-year

Income statement

January-March 2024 January-March 2023 increase or Description of changes

items

decrease

Mainly because Shenzhen Nanshan

Power Zhongshan Company no longer

engaged in power production and sales

Operating revenue 80580975.91 111067616.64 -27.45% business due to shutdown units and land

acquisition and storage in the current

period and the operating revenue

decreased year-on-year

Mainly because Shenzhen Nanshan

Power Zhongshan Company no longer

engaged in power production and sales

Operating costs 87874016.00 126842855.91 -30.72% business due to shutdown units and land

acquisition and storage in the current

period resulting in a decrease in the

operating costs on a year-on-year basis

Mainly due to the Company's continued

efforts to strengthen project

Selling and development and vigorously expansion

distribution 877286.87 62973.97 1293.09% of its business in the field of integrated

expenses energy service resulting in an increase

in the selling and distribution expenses

on a year-on-year basis

Mainly due to the decrease in R&D

projects in the current period compared

R&D expenses 3803023.78 5693516.08 -33.20%

with the same period last year resulting

in a decrease in R&D expenses

Mainly due to the Company's

optimization of the asset and liability

structure and continued reduction of

Financial expenses 3174568.27 5148233.99 -38.34%

financing costs resulting in a decrease

in the financial expenses on a year-on-

year basis

Mainly due to the decrease in the size

Investment of financial assets held for trading

1854861.435012807.20-63.00%

income resulting in a decrease in investment

income on a year-on-year basis

Year-on-year

Statement of cash

January-March 2024 January-March 2023 increase or Description of changes

flows items

decrease

Mainly due to the payment of employee

compensation related to the land

acquisition and storage of Shenzhen

Net cash flows

Nanshan Power Zhongshan Company

from operating -71854442.05 -36865225.55 -94.91%

in the current period resulting in a

activities

decrease in the net cash flows from

operating activities on a year-on-year

basis

Mainly due to the new investment in

Shenzhen New Energy Storage Industry

Net cash flows

Equity Fund in the current period

from investing -221147900.68 -186966454.48 -18.28%

resulting in a decrease in the net cash

activities

flows from investing activities on a

year-on-year basis

Mainly due to the Company's

optimization of its asset and liability

structure the cash paid for debt

Net cash flows

repayment decreased year-on-year

from financing 79321416.35 -127709340.67 162.11%

during the current period resulting in

activities

an increase in the net cash flows from

financing activities on a year-on-year

basis

42024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Mainly due to the Company's

optimization of its asset and liability

structure resulting in a decrease in the

Net increase in cash paid for debt repayment in the

-213664305.88-351657204.9339.24%

cash equivalents current period on a year-on-year basis

and an increase in the net increase in

cash and cash equivalents on a year-on-

year basis

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 ordinary Total number of preferred shareholders whose voting

shareholders at the end of the 54471 rights have been restored at the end of the reporting 0

reporting period period (if any)

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

Number of Pledge marking or freezing

Nature of Shareholding Number of shares held

Name

shareholder ratio (%) shares held with selling Share status Quantity

restrictions

HONG KONG

NAM HOI Overseas legal

15.28% 92123248 0 Not applicable

(INTERNATIO person

NAL) LTD

Shenzhen

Guangju State-owned

12.22% 73666824 0 Not applicable

Industrial Co. legal person

Ltd.Shenzhen

State-owned

Energy 10.80% 65106130 0 Not applicable

legal person

Corporation

Domestic

Zeng Ying 1.19% 7159600 0 Not applicable

natural person

BOCI

Overseas legal

SECURITIES 0.92% 5552215 0 Not applicable

person

LIMITED

China

Merchants

Overseas legal

Securities 0.90% 5402154 0 Not applicable

person

(Hong Kong)

Co. Ltd.Meiyi

Domestic non-

Investment

state-owned 0.87% 5223200 0 Not applicable

Real Estate Co.legal person

Ltd.LISHERYNZH Overseas

0.66% 4005959 0 Not applicable

ANMING natural person

Haitong

International

Securities Overseas legal

0.65% 3908357 0 Not applicable

Company person

Limited-

Account Client

52024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Domestic

Huang Yilong 0.64% 3866500 0 Not applicable

natural person

Shareholdings of the top 10 shareholders without selling restrictions

Type of shares

Name Number of shares held without selling restrictions

Type of shares Quantity

HONG KONG NAM HOI Domestic listed

9212324892123248

(INTERNATIONAL) LTD foreign shares

Shenzhen Guangju Industrial Co. Renminbi

7366682473666824

Ltd. ordinary shares

Renminbi

Shenzhen Energy Corporation 65106130 65106130

ordinary shares

Domestic listed

Zeng Ying 7159600 7159600

foreign shares

Domestic listed

BOCI SECURITIES LIMITED 5552215 5552215

foreign shares

China Merchants Securities (Hong Domestic listed

54021545402154

Kong) Co. Ltd. foreign shares

Meiyi Investment Real Estate Co. Renminbi

52232005223200

Ltd. ordinary shares

Domestic listed

LISHERYNZHANMING 4005959 4005959

foreign shares

Haitong International Securities Domestic listed

39083573908357

Company Limited-Account Client foreign shares

Renminbi

Huang Yilong 3866500 3866500

ordinary shares

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

Explanation of the above-mentioned

(INTERNATIONAL) LTD

shareholders' relationship or concerted

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

actions

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

participation in the margin trading and None

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

Disposal of assets related to the generator units of Shenzhen Nanshan Power Zhongshan Company: On February 6 and

February 26 2024 the 23rd Extraordinary Meeting of the Ninth Board of Directors the 12th Extraordinary Meeting of the Ninth

Board of Supervisors and the 2nd Extraordinary General Meeting in 2024 respectively reviewed and approved the Proposal on

Listing and Transfer of Assets Related to the Generator Units and Heavy Oil Processing Lines of the Company's Held Subsidiary -

Shenzhen Nanshan Power (Zhongshan) Power Co. Ltd. and agreed to list and transfer two generator units and their auxiliary

62024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

equipment and other assets of Shenzhen Nanshan Power Zhongshan Company on the Shenzhen United Property and Equity

Exchange. Shenzhen Nanshan Power Zhongshan Company was officially listed twice on Shenzhen United Property and Equity

Exchange on March 7 and April 9.IV. Quarterly financial statements

(I) Financial statements

1. Consolidated balance sheet

Prepared by: Shenzhen Nanshan Power Co. Ltd.Unit: RMB

Item Ending balance Beginning balance

Current assets:

Monetary funds 102511047.91 316188782.49

Balances with clearing companies

Loans to banks and other financial

institutions

Financial assets held for trading 394000000.00 226000000.00

Derivative financial assets

Notes receivable

Accounts receivable 104041878.72 111975251.10

Receivables financing

Advances to suppliers 29475887.35 26869175.59

Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract

reserve

Other receivables 26917754.49 19233117.52

Including: interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 83170946.16 86158251.16

Including: data resources

Contract assets 88000.00 88000.00

Assets held for sale

Non-current assets due within one year

Other current assets 232138911.80 232865968.63

Total current assets 972344426.43 1019378546.49

Non-current assets:

Issuance of loans and advances

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 90008131.80 90001176.04

Other investments in equity

350615000.00300615000.00

instruments

Other non-current financial assets

72024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Investment properties 1622927.41 1664566.60

Fixed assets 568581622.07 571482734.35

Construction in progress 4316226.27 3448855.10

Productive biological assets

Oil and gas assets

Right-of-use assets 906778.55 2266946.42

Intangible assets 19263396.54 19285629.03

Including: data resources

Development expenses

Including: data resources

Goodwill

Long-term deferred expenses 3588058.60 3891832.93

Deferred tax assets 1172366.49 1172366.49

Other non-current assets 43036962.68 36157735.24

Total non-current assets 1083111470.41 1029986842.20

Total assets 2055455896.84 2049365388.69

Current liabilities:

Short-term borrowings 386275332.21 341237886.72

Borrowing from the Central Bank

Borrowings from banks and other

financial institutions

Financial liabilities held for trading

Derivative financial liabilities

Notes payable 40000000.00

Accounts payable 1121465.81 4342166.50

Advances from customers

Contract liabilities 287000.00

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 4648453.24 46238982.57

Taxes payable 296962.89 3089330.47

Other payables 15286426.96 13973447.42

Including: interest payable

Dividends payable

Handling charges and commissions

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one

1016730.203926326.45

year

Other current liabilities 11990.26

Total current liabilities 448944361.57 412808140.13

Non-current liabilities:

Reserves for insurance contract

82024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Long-term borrowings 59884372.43 58829426.30

Bonds payable

Including: preferred shares

Perpetual bonds

Lease liabilities 15000000.00 15000000.00

Long-term payables

Long-term employee compensations

payable

Estimated liabilities

Deferred income 66282624.37 67869348.07

Deferred tax liabilities

Other non-current liabilities 104045112.54 104045112.54

Total non-current liabilities 245212109.34 245743886.91

Total liabilities 694156470.91 658552027.04

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 -2500000.00 -2500000.00

Special reserve 915232.60

Surplus reserve 332908397.60 332908397.60

General risk reserve

Undistributed profits 134275556.63 163346776.24

Total equity attributable to the owners of

1431132704.931459288691.94

the parent company

Minority interests -69833279.00 -68475330.29

Total owners' equity 1361299425.93 1390813361.65

Total liabilities and owners' equity 2055455896.84 2049365388.69

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

Item Amount incurred in the current period Amount incurred in previous period

I. Total operating revenue 80580975.91 111067616.64

Including: operating revenue 80580975.91 111067616.64

Interest income

Premiums earned

Handling charges and

commission income

II. Total operating costs 114821905.65 155909683.28

Including: operating costs 87874016.00 126842855.91

Interest expenses

Handling charges and

commission expenses

92024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Surrender value

Net amount of compensation

payout

Net amount of insurance

liability reserve withdrawn

Policy dividends

Reinsurance costs

Taxes and surcharges 221276.34 637958.75

Selling and distribution

877286.8762973.97

expenses

G&A expenses 18871734.39 17524144.58

R&D expenses 3803023.78 5693516.08

Financial expenses 3174568.27 5148233.99

Including: interest expenses 3834570.17 7293315.78

Interest income -667274.30 -2373844.43

Plus: other income 2026590.29 2002061.76

Investment income (losses

1854861.435012807.20

expressed with "-")

Including: investment

income from associates and joint 6955.76 141762.68

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 with "-")

III. Operating profit (losses expressed

-30359478.02-37827197.68

with "-")

Plus: non-operating revenue 37730.70 3975125.39

Less: non-operating expenses 107421.00 10458.26

IV. Total profit (total losses expressed

-30429168.32-33862530.55

with "-")

Less: income tax expenses 9136.05

V. Net profit (losses expressed with "-") -30429168.32 -33871666.60

(I) Classification by business

continuity

1. Net profit from continuing

-30429168.32-33862530.55

operations (net losses expressed with "-")

2. Net profit from discontinued

operations (net losses expressed with "-")

102024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

(II) Classification by ownership

1. Net profit attributable to owners

-29071219.61-31147959.30

of the parent company

2. Minority interest income -1357948.71 -2723707.30

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 -30429168.32 -33871666.60

Total comprehensive income

attributable to owners of the parent -29071219.61 -31147959.30

company

Total comprehensive income

-1357948.71-2723707.30

attributable to minority shareholders

VIII. Earnings per share:

(I) Basic earnings per share -0.0482 -0.0517

(II) Diluted earnings per share -0.0482 -0.0517

For business combination under the common control that occurred in the current period the net profit realized by the combined

party before the combination was: RMB and the net profit realized by the combined party in the previous period was: RMB .Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the Finance

Department: Lin Xiaojia

112024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

3. Consolidated statement of cash flows

Unit: RMB

Item Amount incurred in the current period Amount incurred in previous period

I. Cash flows from operating activities:

Cash received from sales of goods and

98704722.15118687636.19

rendering of services

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

Other cash received related to

9930608.147112925.06

operating activities

Sub-total of cash inflows from operating

108635330.29125800561.25

activities

Cash paid for purchase of goods and

93167965.39114751562.51

acceptance of services

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

65632162.9730874421.30

employees

Taxes and fees paid 11055674.24 8332669.15

Payments of other cash related to

10633969.748707133.84

operating activities

Sub-total of cash outflows from 180489772.34 162665786.80

122024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

operating activities

Net cash flows from operating activities -71854442.05 -36865225.55

II. Cash flows from investing activities:

Recovery of cash received from

investment

Cash received from investment

152905.734871044.52

income

Net cash recovered from disposal of

fixed assets intangible assets and other 553380.00

long-term assets

Net cash received from disposal of

subsidiaries and other business units

Other cash received relating to

13000000.00

investing activities

Sub-total of cash inflows from investing

13152905.735424424.52

activities

Cash paid for the acquisition and

construction of fixed assets intangible 3300806.41 2390879.00

assets and other long-term assets

Cash paid for investments 50000000.00 110000000.00

Net increase in pledge loans

Net cash paid for acquisition of

subsidiaries and other business units

Payments of other cash related to

181000000.0080000000.00

investing activities

Sub-total of cash outflows from investing

234300806.41192390879.00

activities

Net cash flows from investing activities -221147900.68 -186966454.48

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

98558036.2251185377.44

borrowings

Other cash received related to

financing activities

Sub-total of cash inflows from financing

98558036.2251185377.44

activities

Cash paid for debt repayment 13901933.75 175373796.22

Cash paid for distribution of

3724022.123520921.89

dividends profits or interest payments

Including: dividends and profits

paid by subsidiaries to minority

shareholders

Payments of other cash related to

1610664.00

financing activities

Sub-total of cash outflows from

19236619.87178894718.11

financing activities

Net cash flows from financing activities 79321416.35 -127709340.67

IV. Impact of fluctuation in exchange

16620.50-116184.23

rate on cash and cash equivalents

V. Net increase in cash and cash

-213664305.88-351657204.93

equivalents

132024 First Quarter Report of Shenzhen Nanshan Power Co. Ltd.

Plus: beginning balance of cash and

310734919.56648021672.06

cash equivalents

VI. Ending balance of cash and cash

97070613.68296364467.13

equivalents

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

Department: Lin Xiaojia

(II) Items related to the financial statements for 2024 in which the adjustments of new

accounting standards are implemented

□Applicable□ Not applicable

(III) Audit 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 26 2024

14