Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co. Ltd.Stock code: 000037 200037 Stock abbreviation: Shenzhen Nanshan Power A Shenzhen Announcement No.: 2026-022

Nanshan Power B

Summary of the 2025 Annual Report of Shenzhen

Nanshan Power Co. Ltd.I. Important notes

The summary of the annual report is extracted from the full text of the annual report. In order to fully understand the

Company's operating results financial status and future development plans investors should carefully read the full text

of the annual report on the media designated by the CSRC.All the directors attended the board meeting for the review of this Report.Prompt of a modified report

□Applicable □Not applicable

Proposed profit distribution plan or the proposal for capitalization of reserves to increase share capital for the reporting

period deliberated by the Board of Directors

□Applicable □Not applicable

Whether to convert capital reserve into share capital

□Yes□ No

The Company's profit distribution plan reviewed and approved by the Board of Directors this time is as follows: based

on 602762596 shares a cash dividend of RMB 0.32 (tax included) will be distributed to all shareholders for every 10

shares and 0 shares (tax included) will be given as bonus shares. The capital reserve will not be converted into share

capital.Proposed profit distribution plan for preferred shares for the reporting period resolved by the Board of Directors

□Applicable □Not applicable

II. Basic information of the Company

1. Company profile

Shenzhen Nanshan Power A Shenzhen

Stock abbreviation Stock code 000037 200037

Nanshan Power B

Stock exchange Shenzhen Stock Exchange

Contact person

and contact Secretary to the Board of Directors Securities affairs representative

information

Name ZOU Yi LU Yindi

Office Address 16/F and 17/F Hantang Tower Overseas 16/F and 17/F Hantang Tower Overseas

1Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co. Ltd.

Chinese Town Nanshan District Shenzhen City Chinese Town Nanshan District Shenzhen

Guangdong Province City Guangdong Province

Fax 0755-26003684 0755-26003684

Tel 0755-26003611 0755-26003611

E-mail investor@nspower.com.cn investor@nspower.com.cn

2. Introduction to main business or products during the reporting period

The Company's main business is power generation and sales and integrated energy services. At the end of the

reporting period the Company's Nanshan Power Plant had three sets of 9E gas-steam combined cycle generating

units with a total installed capacity of 540000 kW. The power plant located in the power load center of the Qianhai

Area of China (Guangdong) Pilot Free Trade Zone in Shenzhen serves as a peak-shaving power source for the region.The two sets of 9E gas-steam combined cycle generating units at the Zhongshan Nanlang Power Plant have been

shut down and withdrawn from dispatch operations and the power generation unit equipment and related assets were

successfully listed for transfer in March 2025. During the reporting period Nanshan Power Plant actively fulfilled its

responsibility to ensure power supply firmly built a safety defense line scientifically coordinated gas and power

matching and dynamically adjusted its power marketing and fuel procurement strategies completing an on-grid

electricity volume of 282 million kWh and a contracted electricity volume for settlement of 480 million kWh. Its

subsidiary Shenzhen Nanshan Power Environmental Protection Company made every effort to expand its electricity

sales business acting as an agent for a total user electricity volume of 40.76 million kWh. The Zhongshan

Independent Energy Storage Power Station (Phase I) project of Shenzhen Nanshan Power Xiwan Company was

officially put into commercial operation in June 2025 with cumulative charging and discharging volumes of 82.1066

million kWh and 72.6871 million kWh respectively (including the discharging volume during commissioning in May)

and the annual cumulative frequency regulation mileage of 4614674 MW.During the reporting period the Company focused on the business development and market expansion of its

subsidiaries made every effort to build an integrated platform of "investment construction operation management

and maintenance" and continued to enhance its full-chain business synergy and value creation capabilities: Shenzhen

Nanshan Power Engineering Company leveraging its years of technical expertise and accumulated cooperation

resources in the field of gas turbine power station engineering and construction concentrated on tackling engineering

and technical service business in the gas turbine field. Relying on its specialized and refined technical capabilities it

successfully signed multiple contracts to provide high-quality technical services to clients. Shenzhen Nanshan Power

Environmental Protection Company delved into the new energy operation and maintenance service field and

comprehensively developed integrated energy service projects such as operation and maintenance and solar-storage-

charging forming a diversified integrated energy service portfolio. Energy Technology Company closely followed the

Company's overall development strategy and focused on the new energy engineering and construction field. With the

goal of "rapid integration efficient synergy and precise breakthroughs" it leveraged its professional EPC advantages

to cultivate the energy storage and photovoltaic fields achieving rapid business implementation within half a year.Server Company actively expanded its business scope and focused on the property leasing and management service

business of SEC significantly enhancing its market expansion capabilities property management capabilities and

profitability. Shenzhen Nanshan Power Xiwan Company completed the Zhongshan Independent Energy Storage

Power Station (Phase I) project with high quality and efficiency and continued to strengthen its operation management

capabilities.

2Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co. Ltd.

3. Key accounting data and financial indicators

(1) Major accounting data and financial indicators in the past three years

May the Company make retroactive adjustment or restatement of the accounting data of the previous years

□Yes□ No

Unit: RMB

As at December 31 As at December 31 Changed over last As at December 31

2025 2024 year (%) 2023

Total assets 2313750813.45 2012736635.59 14.96% 2049365388.69

Net assets

attributable to

1677559728.271485380575.0812.94%1459288691.94

shareholders of the

listed company

Changed over last

202520242023

year (%)

Operating income 401681583.10 442971955.85 -9.32% 589780190.71

Net profit attributable

to the shareholders 161038200.40 21908828.57 635.04% 4158797.10

of the listed company

Net profit attributable

to the shareholders

of the listed company -80894749.49 -87508091.57 7.56% -70789007.91

after deducting non-

recurring gain/loss

Net cash flow from

-16801521.85-37635766.0555.36%-100371976.92

operating activities

Basic earning per

0.26720.0363636.09%0.0069

share (RMB/Share)

Diluted gains per

0.26720.0363636.09%0.0069

share (RMB/Share)

Weighted average

10.28% 1.49% Up 8.79% 0.29%

ROE

(2) Quarterly main accounting data

Unit: RMB

First quarter Second quarter Third quarter Fourth quarter

Operating income 58411466.37 107978487.88 112542562.16 122749066.69

Net profit attributable

to the shareholders -12305181.65 -9434327.99 1796231.44 180981478.60

of the listed company

Net profit attributable

to the shareholders

of the listed company -15484838.12 -12842179.23 779925.20 -53347657.34

after deducting non-

recurring gain/loss

Net cash flow from

-29375286.18-32878479.3312587586.3032864657.36

operating activities

3Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co. Ltd.

Whether significant variances exist between the above financial index or the index with its sum and the financial index

of the quarterly report as well as semi-annual report index disclosed by the Company.□Yes□ No

4. Share capital and shareholders

(1) Number of ordinary shareholders number of preferred shareholders whose voting rights have been

restored and shareholdings of the top 10 shareholders

Unit: Share

Total

Total

number of

number of

preferred

Total ordinary

sharehold Total number of

number of sharehold

ers whose preferred shareholders

common ers at the

voting whose voting right is

sharehold end of the

48735 63118 rights 0 restored at the end of 0

ers at the month

have been the month before the

end of the before the

restored disclosure date of the

reporting disclosure

at the end annual report

period date of the

of the

annual

reporting

report

period

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

Name of Number of share

Nature of Sharehold

the Amount of restricted pledged/frozen

sharehold ing ratio Number of shares held

sharehold shares held

er (%) State of

er Quantityshare

HONG

KONG

Overseas

NAM HOI Not

Legal 15.28% 92123248 0 0

(INTERNA applicable

person

TIONAL)

LTD

Shenzhen

Guangju State- Not

12.22%7366682400

Industrial owned applicable

Co. Ltd.Shenzhen

Energy State- Not

10.80%6510613000

Corporatio owned applicable

n

Domestic

ZENG Not

Natural 1.19% 7159600 0 0

Ying applicable

person

China

Merchants Overseas

Not

Securities Legal 0.91% 5462154 0 0

applicable

(HK) Co. person

Limited

GUOTAI Overseas

Not

JUNAN Legal 0.89% 5379880 0 0

applicable

SECURITI person

4Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co. Ltd.

ES

(HONG

KONG)

LIMITED

BOCI

Overseas

SECURITI Not

Legal 0.72% 4310566 0 0

ES applicable

person

LIMITED

LISHERY Overseas

Not

NZHANMI Natural 0.69% 4163600 0 0

applicable

NG person

Domestic

HUANG Not

Natural 0.64% 3866500 0 0

Yilong applicable

person

Domestic

ZHANG Not

Natural 0.55% 3300053 0 0

Yuexiang applicable

person

Explanation on 1. Shenzhen Energy Corporation holds 100% equity of HHONG KONG NAM HOI

shareholders (INTERNATIONAL) LTD.participating in the 2. The Company is not aware of whether the other public shareholders mentioned above

margin trading business have any related party relationships or are persons acting in concert.Shareholders

participating in margin

financing and securities None

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

(2) Total number of preferred shareholders of the Company and shares held by top 10 preferred shareholders

□Applicable □Not applicable

The Company had no preferred shareholders during the reporting period.

5Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co. Ltd.

(3) Disclose the property rights and control relationship between the company and the actual owner in the

form of a block diagram

Shenzhen SASAC Finance Bureau of Nanshan District

Shenzhen

Shenzhen Shenhuitong Investment Holding

Group Co. Ltd.Shenzhen Kehuitong Investment Holding Co. Shenzhen Huitong Jinkong Fund Investment

Ltd. Co. Ltd.Shenzhen Capital Holdings Co. Ltd.Shenzhen Guangju Investment Holdings

(Group) Co. Ltd.Shenzhen Energy (Hong Kong) International Shenzhen Guangju Energy Co. Ltd.Co. Ltd.Shenzhen Energy Corporation HONG KONG NAM HOI (INTERNATIONAL) Shenzhen Guangju Industrial Co. Ltd.LTD

Shenzhen Nanshan Power Co. Ltd.

5. Bonds existing on the approval date of the annual report

□Applicable □Not applicable

III. Important matters

During the reporting period there were no significant changes in the company's business operations. For details

on the company's business operations and management during the reporting period please refer to the full text of the

company's 2025 Annual Report.

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