REG - Ming Yang Smart Engy - 2026 First Quarterly Report
28/04/2026 17:15
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RNS Number : 2769C Ming Yang Smart Energy Group Ltd 28 April 2026
Stock code:601615
Stock
abbreviation: MYSE
Ming Yang Smart Energy Group Limited
2026 First Quarterly Report
Important
The Company's Board, directors, and senior officers warrant that this Quarterly Report are true, accurate and complete, with no false records, misleading statements or material omissions, and they shall bear individual and joint legal liabilities accordingly.
The Company Principal, the Chief Financial Officer and the Chief Accountant (the accounting manager), warrant the truthfulness, accuracy and completeness of the financial information contained in this Quarterly Report.
Whether the first quarter financial statements have been audited
☐Yes √No
I. Key financial data
(I) Key accounting data and financial indicators
Unit: RMB Currency: RMB
Item Reporting period Same period last year Change for this reporting period compared to the same period of previous year
(%)
Operating revenue 8,662,636,011.79 7,703,617,576.77 12.45
Total profit 35,495,976.41 333,881,851.53 -89.37
Net profit attributable to shareholders of the listed company 24,658,521.64 302,060,615.88 -91.84
Net profit attributable to shareholders of the Listed Company after deducting -114,919,965.37 286,783,375.53 -140.07
non-recurring profit or loss
Net cash flows from operating activities -3,910,193,779.92 -2,178,322,594.43 N/A
Basic earnings per share (RMB/share) 0.01 0.13 -92.31
Diluted earnings per share (RMB/share) 0.01 0.13 -92.31
Weighted average rate of return on net assets (%) 0.09 1.14 A decrease of 1.05 percentage points
At the end of the reporting period At the end of the previous year Change at the end of the reporting period as compared with the end of the
previous year (%)
Total assets 97,740,226,184.19 96,853,624,816.70 0.92
Owners' equity attributable to shareholders of the listed company 26,379,688,168.96 26,317,003,412.97 0.24
(II) Non-recurring profit or loss items and amounts
√Applicable ☐N/A
Unit: RMB Currency: RMB
Non-recurring profit or loss items Amount in the current period Description
Profit or loss from disposal of non-current assets (including the part offset -310,454.63
with the provision for impairment of assets)
Government subsidies (except for the grants which are closely related to the 26,151,242.29
Company's business and have the standard amount and continuing impact on the
Company's profit or loss in accordance with the national standard)
attributable to profit or loss for the period
Profit or loss from changes in fair value arising from held-for-trading 112,199,915.75
financial assets by non-financial enterprises and financial liabilities, and
profit or loss arising from disposal of held-for-trading financial assets and
financial liabilities other than effective hedging business related to the
Company's normal business operations
Fund possession fee received from non-financial enterprises attributable to
profit or loss for the period
Profit or loss from entrusting others to invest or manage assets 22,720,229.39
Profit or loss from external entrusted loans
Asset impairment provisions due to force majeure factors such as natural
disasters
Reversal of provision made for impairment of receivables that are individually -
tested for impairment
Gains when the investment cost of acquiring a subsidiary, an associate and a
joint venture is less than the fair value of the identifiable net assets of
the invested entity
The current net profit or loss of subsidiary resulting from combination under
common control from the beginning of the period to consolidation date
Profit or loss from exchange of non-monetary assets
Profits or losses from debt restructuring
One-off expenses arising from discontinued continuing activities of the
company such as staff settlement expenses
Impact on the current profit or loss by one-off adjustment according to laws
and regulations related to tax and accounting
Share payment expenses recognized due to cancelling and amending share option
incentive scheme
Profit or loss arising from the changes in fair value of employee compensation
payable in respect of shares payment in cash after the vesting date
Profit or loss from changes in fair value of investment properties
subsequently measured in the fair value mode
Gains from transactions with significantly unfair transaction prices
Profit or loss arising from contingencies irrelevant to the Company's normal
business operations
Custody fee income from entrusted operations
Other non-operating revenue and expenses other than the above 4,864,246.31
Other profit or loss items that meet the definition of non-recurring profit or 49,151.47
loss
Less: Effect of income tax 25,851,583.63
Effect of minority interests (after tax) 244,259.94
Total 139,578,487.01
Explanation on defining items that are not illustrated in the Explanatory
Announcement on Information Disclosure for Companies Offering Their Securities
to the Public No. 1 - Non-recurring Profit or Loss as non-recurring profit or
loss items with significant amounts, and defining the non-recurring profit or
loss items listed in the Explanatory Announcement on Information Disclosure
for Companies Offering Their Securities to the Public No. 1 - Non-recurring
Gain or Loss as recurring gain or loss items.
☐Applicable √N/A
(III) Changes in key accounting data and financial indicators and their causes
√Applicable ☐N/A
Name of project Change ratio (%) Main reason
Total profit -89.37 This was mainly due to the decrease in the scale of power station sales.
Net profit attributable to shareholders of the listed company -91.84
Net profit attributable to shareholders of the Listed Company after deducting -140.07
non-recurring profit or loss
Basic earnings per share (RMB/share) -92.31
Diluted earnings per share (RMB/share) -92.31
II. Shareholder 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 shareholder as at the end of the reporting period 138,428 Total number of preferred shareholder with restored voting rights as at the 0
end of the reporting period (if any)
Shareholdings of top 10 shareholders (excluding shares lent through
refinancing)
Name of shareholder Nature of shareholder Number of shares held Shareholding ratio (%) Number of shares subject to selling restrictions Pledged, marked or frozen
Status of shares Number
WISER TYSON INVESTMENT CORP LIMITED Overseas legal person 157,062,475 6.95 - Pledged 45,000,000
FIRST BASE INVESTMENTS LIMITED Overseas legal person 119,470,011 5.28 - Pledged 114,000,000
Mingyang New Energy Investment Holding Group Co., Ltd. Domestic non-state-owned legal person 113,591,612 5.02 - None -
Hong Kong Securities Clearing Company Limited Other 68,630,797 3.03 - None -
Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge Domestic non-state-owned legal person 46,954,498 2.08 - Pledged 46,954,498
account for non-public issuance of exchangeable corporate bonds (first
tranche) to professional investors in 2023
KEYCORP LIMITED Overseas legal person 44,683,336 1.98 - Pledged 8,390,000
Basic endowment insurance fund 1205 portfolio Other 36,994,136 1.64 - None -
E Fund - China Life Insurance Company Limited - Participating Insurance - E Other 36,865,200 1.63 - None -
Fund China Life Growth Stock Portfolio Single Asset Management Plan (Available
for Sale)
Hainan Boyun Investment Partnership (Limited Partnership) Domestic non-state-owned legal person 36,647,003 1.62 - None -
China Pacific Life Insurance Co., Ltd. - Dividends - Personal Dividends Other 33,445,807 1.48 - None -
Shareholdings of top 10 shareholders not subject to selling restrictions
(excluding lending of shares through refinancing)
Name of shareholder Number of shares not subject to selling restrictions held Type and number of shares
Type Number
WISER TYSON INVESTMENT CORP LIMITED 157,062,475 RMB-denominated ordinary shares 157,062,475
FIRST BASE INVESTMENTS LIMITED 119,470,011 RMB-denominated ordinary shares 119,470,011
Mingyang New Energy Investment Holding Group Co., Ltd. 113,591,612 RMB-denominated ordinary shares 113,591,612
Hong Kong Securities Clearing Company Limited 68,630,797 RMB-denominated ordinary shares 68,630,797
Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge 46,954,498 RMB-denominated ordinary shares 46,954,498
account for non-public issuance of exchangeable corporate bonds (first
tranche) to professional investors in 2023
KEYCORP LIMITED 44,683,336 RMB-denominated ordinary shares 44,683,336
Basic endowment insurance fund 1205 portfolio 36,994,136 RMB-denominated ordinary shares 36,994,136
E Fund - China Life Insurance Company Limited - Participating Insurance - E 36,865,200 RMB-denominated ordinary shares 36,865,200
Fund China Life Growth Stock Portfolio Single Asset Management Plan (Available
for Sale)
Hainan Boyun Investment Partnership (Limited Partnership) 36,647,003 RMB-denominated ordinary shares 36,647,003
China Pacific Life Insurance Co., Ltd. - Dividends - Personal Dividends 33,445,807 RMB-denominated ordinary shares 33,445,807
Information of the above-mentioned shareholders' related relationships or (1) The controlling shareholder, Mingyang New Energy Investment Holding Group
concerted actions Co., Ltd., issued non-public exchangeable corporate bonds and pledged its
stocks to Shenwan & Hongyuan Securities Co., Ltd. through a transfer
registration with China Securities Depository and Clearing Corporation
Limited. The stocks were independently registered under the shareholder
account "Mingyang New Energy Investment Holding Group Co., Ltd. - Special
pledge account for non-public issuance of exchangeable corporate bonds (first
tranche) to professional investors in 2023". Therefore, it has a concert party
relationship with Mingyang New Energy Investment Holding Group Co., Ltd.
(2) The abovementioned shareholders, WISER TYSON INVESTMENT CORP LIMITED,
FIRST BASE INVESTMENTS LIMITED, Mingyang New Energy Investment Holding Group
Co., Ltd. (including the "Mingyang New Energy Investment Holding Group Co.,
Ltd. - Special pledge account for non-public issuance of exchangeable
corporate bonds (first tranche) to professional investors in 2023"), KEYCORP
LIMITED, and Hainan Boyun Investment Partnership (Limited Partnership) are all
controlled by the Company's actual controllers, Chuanwei Zhang, Ling Wu, and
Rui Zhang. Therefore, they are related parties to each other.
Explanation of the participation of the top 10 shareholders and top 10 At the end of the reporting period, the number of the Company's stocks held by
shareholders who are not subject to selling restrictions in margin trading and the top 10 shareholders and the top 10 non-restricted shareholders through
refinancing business (if any) credit securities accounts was 0
Explanation of the participation of the shareholders who hold more than 5%,
top 10 shareholders and top 10 shareholders who are not subject to selling
restrictions in refinancing and borrowing business
☐Applicable √N/A
Changes of top 10 shareholders and top 10 shareholders who are not subject to
selling restrictions in refinancing business due to refinancing
borrowing/repayment as compared with last period.
☐Applicable √N/A
III. Other reminders
Other important information about the Company's operation in the reporting
period that investors should be reminded of
√Applicable ☐N/A
(I) Listing of the Asset-Backed Special Plan for Hold-Type Real Estate
On September 25, 2025 and November 19, 2025, the Company held the 24th meeting
of the third Board and the 27th meeting of the third Board, respectively, at
which the relevant proposals on the application and issuance of the
Asset-Backed Special Plan for Hold-Type Real Estate were deliberated and
approved.
The special plan was accepted by the Shanghai Stock Exchange on September 26,
2025. On December 2, 2025, the Shanghai Stock Exchange issued the Letter of No
Objection to the Listing and Transfer of the Asset-Backed Securities in
CSC-MYSE New Energy Asset-Backed Special Plan for Hold-Type Real Estate (SZH
2025 No. 3934).
On January 23, 2026, the CSC-MYSE New Energy Asset-Backed Special Plan for
Hold-Type Real Estate was officially listed on the Shanghai Stock Exchange.
(II) Proposed issuance of shares and cash payment for the acquisition of
Uniwatt Technology Co., Ltd.
On January 22, 2026, the Company held the 30th meeting of the third Board, at
which the Proposal on the Proposal of Ming Yang Smart Energy Group Limited on
Issuance of Shares and Cash Payment for Asset Acquisition, Raising of
Supporting Funds and Related-Party Transactions and its Summary was
deliberated and approved. The Company intended to acquire 100% equity of
Uniwatt Technology Co., Ltd. and raise supporting funds through the issuance
of shares and payment of cash, constituting a related-party transaction. The
transaction is not expected to constitute a major asset restructuring.
On January 23, 2026, the Company received the Inquiry Letter on the
Information Disclosure of the Proposal of Ming Yang Smart Energy Group Limited
on Issuance of Shares and Cash Payment for Asset Acquisition (SZGH 2026 No.
0129) (hereinafter referred to as the "Inquiry Letter") from the Listed
Company Management Department I of the Shanghai Stock Exchange. The Company
organized relevant parties to carefully verify, analyze, and study the
relevant matters, responded to the contents of the Inquiry Letter item by
item, revised and supplemented the disclosure of the Proposal of Ming Yang
Smart Energy Group Limited on Issuance of Shares and Cash Payment for Asset
Acquisition, Raising of Supporting Funds and Related-Party Transactions and
its summary.
As of the disclosure date of this Report, the audit, valuation, and legal due
diligence for the Target Assets involved in the Transaction are in progress.
(III) Proposed issuance of medium-term notes
On February 9, 2026, the Company held the 31st meeting of the third Board, at
which the Announcement on the Proposed Issuance of Medium-Term Notes was
deliberated and approved. It approved the Company's application to register
with the National Association of Financial Market Institutional Investors for
the issuance of medium-term notes with a total amount of no more than RMB 3
billion (inclusive). Within the registered issuance limit and validity period,
the Company plans to issue the aforesaid medium-term notes in one or multiple
tranches in accordance with market conditions, interest rate fluctuations and
the Company's capital requirements. On March 2, 2026, the aforesaid proposal
was approved at the second extraordinary Shareholders' Meeting of the Company
in 2026.
As of the disclosure date of this Report, the Company has successfully issued
the first tranche of green sci-tech innovation bonds of 2026, with a total
issuance amount of RMB 500 million.
IV. Quarterly financial statements
(I) Type of audit opinion
☐Applicable √N/A
(II) Financial statements
Consolidated Balance Sheet
March 31, 2026
Prepared by: Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item March 31, 2026 December 31, 2025
Current assets:
Monetary funds 8,566,379,466.72 10,648,946,857.19
Balances with clearing companies
Loans to banks and other financial institutions
Financial assets held for trading 3,697,076,799.41 1,353,210,184.11
Derivative financial assets
Notes receivable 162,540,124.16 190,647,713.05
Accounts receivable 17,359,862,245.21 16,836,798,034.54
Receivables financing 635,628,271.18 955,117,792.00
Advances to suppliers 1,350,306,617.14 868,735,535.04
Premiums receivable
Reinsurance accounts receivable
Deposits receivable from reinsurance contracts
Other receivables 1,446,489,248.71 1,392,616,660.69
Including: interest receivable
Dividends receivable 55,040,000.00 75,040,000.00
Financial assets purchased under resale agreements
Inventories 16,831,304,721.98 18,221,890,055.29
Including: data resources
Contract assets 4,395,592,239.62 3,155,177,189.75
Assets held for sale
Non-current assets due within one year 2,832,355,492.20 1,505,150,633.22
Other current assets 2,947,158,950.09 3,210,797,579.16
Total current assets 60,224,694,176.42 58,339,088,234.04
Non-current assets:
Loans and advances granted
Debt investments
Other debt investments
Long-term receivables 103,512,426.49 103,512,426.49
Long-term equity investments 1,368,621,863.18 1,216,569,240.53
Other equity instrument investments 83,656,464.54 82,904,416.77
Other non-current financial assets 592,851,727.65 501,095,378.15
Investment properties 37,826,993.98 38,186,669.80
Fixed assets 16,613,678,989.23 17,159,690,346.86
Construction in progress 3,317,454,514.61 3,145,262,251.94
Productive biological assets
Oil and gas assets
Right-of-use assets 304,882,535.96 313,883,873.80
Intangible assets 2,489,126,677.19 2,483,695,747.78
Including: data resources
Development expenditure 514,642,821.98 463,495,207.27
Including: data resources
Goodwill 87,145,931.02 87,145,931.02
Long-term deferred expenses 71,690,480.92 72,492,230.26
Deferred tax assets 1,214,306,479.20 1,051,141,664.41
Other non-current assets 10,716,134,101.82 11,795,461,197.58
Total non-current assets 37,515,532,007.77 38,514,536,582.66
Total assets 97,740,226,184.19 96,853,624,816.70
Current liabilities:
Short-term borrowings 7,928,452,807.65 3,820,287,364.04
Borrowings from central bank
Borrowings from banks and other financial institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 11,086,385,233.37 12,329,684,746.90
Accounts payable 17,399,430,025.02 17,901,665,179.25
Advances from customers 695,487.55 1,307,152.51
Contract liabilities 8,640,607,327.24 9,266,416,106.99
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 213,526,668.11 376,486,013.01
Taxes and surcharges payable 105,866,835.25 241,525,352.33
Other payables 3,206,508,306.07 3,602,818,238.83
Including: interest payable
Dividends payable 2,200,000.00 2,200,000.00
Handling charges and commissions
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 2,310,545,380.57 2,204,909,107.88
Other current liabilities 766,491,327.92 834,612,044.97
Total current liabilities 51,658,509,398.75 50,579,711,306.71
Non-current liabilities:
Reserves for insurance contract
Long-term borrowings 13,332,768,874.29 13,582,676,284.43
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 269,123,059.20 267,328,810.06
Long-term payables 3,187,646,341.17 3,281,316,120.96
Long-term employee compensation payable
Estimated liabilities 1,430,883,023.92 1,358,731,544.85
Deferred income 302,566,337.62 317,091,340.96
Deferred tax liabilities 77,207,708.29 68,232,358.78
Other non-current liabilities
Total non-current liabilities 18,600,195,344.49 18,875,376,460.04
Total liabilities 70,258,704,743.24 69,455,087,766.75
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital) 2,261,496,706.00 2,261,496,706.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 16,711,925,997.92 16,690,116,904.38
Less: treasury shares 1,138,444,189.99 1,138,444,189.99
Other comprehensive income 46,226,016.76 41,708,163.29
Special reserve 186,560,899.39 174,861,612.05
Surplus reserve 860,484,486.51 860,484,486.51
General risk reserve
Undistributed profits 7,451,438,252.37 7,426,779,730.73
Total owners' equity (or shareholders' equity) attributable to the parent 26,379,688,168.96 26,317,003,412.97
company
Minority equity 1,101,833,271.99 1,081,533,636.98
Total owners' equity (or shareholders' equity) 27,481,521,440.95 27,398,537,049.95
Total liabilities and owners' equity (or shareholders' equity) 97,740,226,184.19 96,853,624,816.70
Company Principal: Chuanwei Zhang Chief Financial Officer: Meng Fang Chief
Accountant: Feng Zhang
Consolidated Income Statement
January - March 2026
Prepared by: Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item 2026 Q1 2025 Q1
I. Total operating revenue 8,662,636,011.79 7,703,617,576.77
Including: operating revenue 8,662,636,011.79 7,703,617,576.77
Interest income
Premiums earned
Handling charges and commission income
II. Total operating costs 8,746,427,125.65 7,459,093,892.31
Including: operating costs 7,779,010,087.66 6,687,622,367.08
Interest expenses
Handling charges and commission expenses
Surrender value
Net amount of compensation payout
Net amount withdrawn for insurance liability reserves
Policy dividend payment
Reinsurance costs
Taxes and surcharges 28,316,591.11 33,850,508.26
Selling expenses 203,847,098.56 148,934,608.72
G&A expenses 306,625,700.85 266,196,299.56
R&D expenses 220,198,853.24 213,473,892.05
Financial expenses 208,428,794.23 109,016,216.64
Including: interest expenses 141,312,714.51 134,559,444.18
Interest income 17,124,296.80 49,050,359.83
Plus: other income 34,840,014.57 29,943,633.77
Investment income (loss expressed with "-") 97,996,277.03 127,534,513.28
Including: income from investment in associates and joint ventures 10,474,631.40 11,602,818.66
Gains from derecognition of financial assets measured at amortized cost
Exchange gains (loss expressed with "-")
Gains from net exposure hedging (loss expressed with "-")
Gains from changes in fair value (loss expressed with "-") 76,694,655.86 -20,702,269.25
Losses from credit impairment (loss expressed with "-") -75,238,816.25 -37,874,350.17
Asset impairment loss (loss expressed with "-") -19,558,832.64 5,893,230.11
Gains from disposal of assets (loss expressed with "-") 155,647.42 -295,160.70
III. Operating profit (loss expressed with "-") 31,097,832.13 349,023,281.50
Plus: non-operating revenue 7,529,164.35 1,013,897.46
Less: non-operating expenses 3,131,020.07 16,155,327.43
IV. Total profit (total loss expressed with "-") 35,495,976.41 333,881,851.53
Less: income tax expenses 1,456,747.68 13,860,146.83
V. Net profit (net loss expressed with "-") 34,039,228.73 320,021,704.70
(I) Classification by business continuity
1. Net profit from continuing operations (net loss expressed with "-") 34,039,228.73 235,556,906.65
2. Net profit from discontinued operations (net loss expressed with "-") 84,464,798.05
(II) Classification by ownership
1. Net profit attributable to shareholders of the parent company (net loss 24,658,521.64 302,060,615.88
expressed with "-")
2. Minority interest (net loss expressed with "-") 9,380,707.09 17,961,088.82
VI. Other comprehensive income, net of tax 4,517,864.97 3,005,069.69
(I) Other comprehensive income attributable to owners of the parent company, 4,517,853.47 2,756,439.03
net of tax
1. Other comprehensive income that cannot be reclassified into profit or loss 333,229.11 1,442,200.68
(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) Changes in fair value of other equity instrument investments 333,229.11 1,442,200.68
(4) Changes in fair value of the enterprise's own credit risk
2. Other comprehensive income that will be reclassified into profit or loss 4,184,624.36 1,314,238.35
(1) Other comprehensive income that can be transferred to profit or loss under
the equity method
(2) Changes in fair value of other debt investments
(3) Amount of financial assets reclassified into other comprehensive income
(4) Provision for credit impairment of other debt investments
(5) Cash flow hedging reserve
(6) Differences arising from translation of foreign currency financial 4,184,624.36 1,314,238.35
statements
(7) Other
(II) Other comprehensive income attributable to minority shareholders, net of 11.50 248,630.66
tax
VII. Total comprehensive income 38,557,093.70 323,026,774.39
(I) Total comprehensive income attributable to owners of the parent company 29,176,375.11 304,817,054.91
(II) Total comprehensive income attributable to minority shareholders 9,380,718.59 18,209,719.48
VIII. Earnings per share:
(I) Basic earnings per share (RMB/share) 0.01 0.13
(II) Diluted earnings per share (RMB/share) 0.01 0.13
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 0, and the net profit realized by the combined party in the previous
period was: RMB 0.
Company Principal: Chuanwei Zhang Chief Financial Officer: Meng Fang Chief
Accountant: Feng Zhang
Consolidated Statement of Cash Flows
January - March 2026
Prepared by: Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item 2026 Q1 2025 Q1
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 6,513,549,791.74 5,586,349,507.05
Net increase in customer bank deposits and due to banks and other financial
institutions
Net increase in borrowings from 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 deposits and investments from policyholders
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
Refund of taxes and surcharges 18,595,620.06 7,429,758.33
Other cash received related to operating activities 116,265,350.86 185,655,251.40
Sub-total of cash inflows from operating activities 6,648,410,762.66 5,779,434,516.78
Cash paid for purchase of goods and rendering of services 8,749,200,451.48 6,318,694,921.47
Net increase in loans and advances to customers
Net increase in deposits in central bank, other banks and financial
institutions
Cash paid for original insurance contract claims
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 for employees 849,582,672.15 800,027,088.52
Cash paid for taxes and surcharges 390,893,615.72 363,673,033.11
Other cash paid related to operating activities 568,927,803.23 475,362,068.11
Sub-total of cash outflows from operating activities 10,558,604,542.58 7,957,757,111.21
Net cash flows from operating activities -3,910,193,779.92 -2,178,322,594.43
II. Cash flows from investing activities:
Cash received from disinvestment 1,045,230,336.98 639,000,000.00
Cash received from investment income 79,333,679.07 182,403,526.53
Net cash received from disposal of fixed assets, intangible assets and other 141,970,955.92 173,773.00
long-term assets
Net cash received from disposal of subsidiaries and other business units 36,442,802.91
Other cash received relating to investing activities 272,030,257.46 36,708,865.24
Sub-total of cash inflows from investing activities 1,538,565,229.43 894,728,967.68
Cash paid for the acquisition and construction of fixed assets, intangible 442,127,790.77 761,341,107.80
assets and other long-term assets
Cash paid for investments 3,242,071,531.02 1,557,702,182.99
Net increase in pledge loans
Net cash paid for acquisition of subsidiaries and other business units 8,543,494.07
Other cash paid related to investing activities 1,944,251.17
Sub-total of cash outflows from investing activities 3,686,143,572.96 2,327,586,784.86
Net cash flows from investing activities -2,147,578,343.53 -1,432,857,817.18
III. Cash flows from financing activities:
Cash received from absorption of investments 40,006,944.45
Including: cash received by subsidiaries from investments of minority 40,006,944.45
shareholders
Cash received from borrowings 4,903,886,314.73 1,929,580,896.98
Other cash received related to financing activities 245,096,882.29 711,436,226.25
Sub-total of cash inflows from financing activities 5,148,983,197.02 2,681,024,067.68
Cash paid for debt repayments 800,275,506.74 254,958,067.82
Cash paid for distribution of dividends, profits or interest payments 99,083,102.01 111,705,681.20
Including: dividends and profits paid to minority shareholders by subsidiaries
Other cash paid related to financing activities 10,092,933.16 38,403,396.80
Sub-total of cash outflows from financing activities 909,451,541.91 405,067,145.82
Net cash flows from financing activities 4,239,531,655.11 2,275,956,921.86
IV. Effect of fluctuation in exchange rate on cash and cash equivalents -31,552,187.45 242,010.36
V. Net increase in cash and cash equivalents -1,849,792,655.79 -1,334,981,479.39
Plus: beginning balance of cash and cash equivalents 10,257,669,704.56 14,217,771,011.92
VI. Ending balance of cash and cash equivalents 8,407,877,048.77 12,882,789,532.53
Company Principal: Chuanwei Zhang Chief Financial Officer: Meng Fang Chief
Accountant: Feng Zhang
Balance Sheet of the Parent Company
March 31, 2026
Prepared by: Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item March 31, 2026 December 31, 2025
Current assets:
Monetary funds 5,664,000,635.24 7,210,051,681.81
Financial assets held for trading 3,525,803,106.54 1,111,216,929.83
Derivative financial assets
Notes receivable 147,010,465.54 176,607,245.98
Accounts receivable 19,274,801,038.91 16,584,277,892.88
Receivables financing 609,096,783.45 916,066,099.32
Advances to suppliers 1,116,185,270.51 1,002,098,063.86
Other receivables 10,909,699,665.64 10,174,924,811.53
Including: interest receivable
Dividends receivable
Inventories 4,932,800,643.05 6,993,540,712.23
Including: data resources
Contract assets 3,915,351,953.95 2,583,005,321.03
Assets held for sale
Non-current assets due within one year 2,832,355,492.20 1,505,150,633.22
Other current assets 5,790,341,385.84 6,179,493,788.85
Total current assets 58,717,446,440.87 54,436,433,180.54
Non-current assets:
Debt investments
Other debt investments
Long-term receivables 93,512,426.49 93,512,426.49
Long-term equity investments 14,919,949,131.91 14,658,415,635.32
Other equity instrument investments 14,646,276.40 13,979,743.46
Other non-current financial assets 363,701,266.61 252,407,196.58
Investment properties
Fixed assets 963,659,145.57 1,110,830,183.88
Construction in progress 524,163,244.20 472,383,334.12
Productive biological assets
Oil and gas assets
Right-of-use assets 200,783,745.98 210,218,049.60
Intangible assets 1,155,386,874.07 1,180,778,543.30
Including: data resources
Development expenditure 420,416,390.81 350,118,282.26
Including: data resources
Goodwill
Long-term deferred expenses 20,147,168.53 18,076,408.78
Deferred tax assets 308,209,566.35 159,522,278.54
Other non-current assets 10,416,589,955.01 11,308,845,341.01
Total non-current assets 29,401,165,191.93 29,829,087,423.34
Total assets 88,118,611,632.80 84,265,520,603.88
Current liabilities:
Short-term borrowings 3,401,950,972.24 829,500,000.00
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 10,550,533,104.94 11,805,688,375.98
Accounts payable 25,785,076,890.54 24,996,988,419.67
Advances from customers
Contract liabilities 9,957,328,372.07 10,768,803,949.75
Employee compensation payable 97,880,582.45 160,715,581.25
Taxes and surcharges payable 8,942,421.34 8,116,108.90
Other payables 9,104,000,750.15 6,412,662,310.98
Including: interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one year 905,881,390.04 883,963,373.44
Other current liabilities 940,824,554.54 1,031,085,201.03
Total current liabilities 60,752,419,038.31 56,897,523,321.00
Non-current liabilities:
Long-term borrowings 830,647,968.82 1,044,285,739.09
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 152,840,385.19 152,822,903.10
Long-term payables 1,041,374,680.07 932,731,214.98
Long-term employee compensation payable
Estimated liabilities 1,378,984,129.25 1,298,859,853.75
Deferred income 103,458,350.69 105,811,214.44
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 3,507,305,514.02 3,534,510,925.36
Total liabilities 64,259,724,552.33 60,432,034,246.36
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital) 2,261,496,706.00 2,261,496,706.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 16,999,934,004.93 16,978,124,911.39
Less: treasury shares 1,138,444,189.99 1,138,444,189.99
Other comprehensive income 1,627,474.98 1,366,921.97
Special reserve
Surplus reserve 860,484,486.51 860,484,486.51
Undistributed profits 4,873,788,598.04 4,870,457,521.64
Total owners' equity (or shareholders' equity) 23,858,887,080.47 23,833,486,357.52
Total liabilities and owners' equity (or shareholders' equity) 88,118,611,632.80 84,265,520,603.88
Company Principal: Chuanwei Zhang Chief Financial Officer: Meng Fang Chief
Accountant: Feng Zhang
Income Statement of the Parent Company
January - March 2026
Prepared by: Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item 2026 Q1 2025 Q1
I. Operating revenue 8,107,777,487.42 7,728,030,081.84
Less: operating costs 7,706,284,082.21 7,266,181,092.60
Taxes and surcharges 4,729,597.81 7,211,633.83
Selling expenses 134,911,952.69 73,548,298.59
G&A expenses 134,838,916.24 103,946,127.49
R&D expenses 124,579,330.42 101,785,166.61
Financial expenses 94,225,018.02 23,138,739.20
Including: interest expenses 52,209,062.53 49,462,470.15
Interest income 31,040,079.07 43,595,345.65
Plus: other income 10,763,468.08 3,458,171.34
Investment income (loss expressed with "-") 77,427,959.58 39,812,667.03
Including: income from investment in associates and joint ventures 8,232,519.13 4,915,834.04
Gains from derecognition of financial assets measured at amortized cost
Gains from net exposure hedging (loss expressed with "-")
Gains from changes in fair value (loss expressed with "-") 91,047,831.60 -4,491,840.97
Losses from credit impairment (loss expressed with "-") -82,588,152.89 -20,503,967.17
Asset impairment loss (loss expressed with "-") -20,426,493.78 -694,068.26
Gains from disposal of assets (loss expressed with "-") -959,252.50 -34,678.85
II. Operating profit (loss expressed with "-") -16,526,049.88 169,765,306.64
Plus: non-operating revenue 2,691,859.20 466,963.03
Less: non-operating expenses 1,534,398.16 15,842,145.63
III. Total profit (total loss expressed with "-") -15,368,588.84 154,390,124.04
Less: income tax expenses -18,699,665.24 8,639,594.82
IV. Net profit (net loss expressed with "-") 3,331,076.40 145,750,529.22
(I) Net profit from continuing operations (net loss expressed with "-") 3,331,076.40 145,750,529.22
(II) Net profit from discontinued operation (net loss expressed with "-")
V. Other comprehensive income, net of tax 260,553.01 294,152.37
(I) Other comprehensive income that cannot be reclassified into profit or loss 260,553.01 294,152.37
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. Changes in fair value of investments in other equity instruments 260,553.01 294,152.37
4. Changes in fair value of the enterprise's own credit risk
(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. Changes in fair value of other debt investments
3. Amount of financial assets reclassified into other comprehensive income
4. Provision for credit impairment of other debt investments
5. Cash flow hedging reserve
6. Differences arising from translation of foreign currency financial
statements
7. Other
VI. Total comprehensive income 3,591,629.41 146,044,681.59
VII. Earnings per share:
(I) Basic earnings per share (RMB/share)
(II) Diluted earnings per share (RMB/share)
Company Principal: Chuanwei Zhang Chief Financial Officer: Meng Fang Chief
Accountant: Feng Zhang
Statement of Cash Flows of the Parent Company
January - March 2026
Prepared by: Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item 2026 Q1 2025 Q1
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 8,841,494,887.82 4,885,839,864.12
Refund of taxes and surcharges 2,524,031.64
Other cash received related to operating activities 238,666,645.00 743,635,112.04
Sub-total of cash inflows from operating activities 9,080,161,532.82 5,631,999,007.80
Cash paid for purchase of goods and rendering of services 10,072,308,390.35 6,244,676,207.30
Cash paid to and for employees 312,599,236.21 255,233,237.60
Cash paid for taxes and surcharges 138,445,531.90 208,562,121.59
Other cash paid related to operating activities 495,052,959.40 392,532,109.77
Sub-total of cash outflows from operating activities 11,018,406,117.86 7,101,003,676.26
Net cash flows from operating activities -1,938,244,585.04 -1,469,004,668.46
II. Cash flows from investing activities:
Cash received from disinvestment 272,289,281.26 639,000,000.00
Cash received from investment income 44,511,350.53 79,510,580.96
Net cash received from disposal of fixed assets, intangible assets and other 136,733,708.00
long-term assets
Net cash received from disposal of subsidiaries and other business units
Other cash received relating to investing activities 947,951,646.28 301,714,336.47
Sub-total of cash inflows from investing activities 1,401,485,986.07 1,020,224,917.43
Cash paid for the acquisition and construction of fixed assets, intangible 86,604,790.36 137,517,689.74
assets and other long-term assets
Cash paid for investments 2,865,591,531.02 1,955,695,151.19
Net cash paid for acquisition of subsidiaries and other business units
Other cash paid related to investing activities 613,329,641.94 408,807,510.95
Sub-total of cash outflows from investing activities 3,565,525,963.32 2,502,020,351.88
Net cash flows from investing activities -2,164,039,977.25 -1,481,795,434.45
III. Cash flows from financing activities:
Cash received from absorption of investments
Cash received from borrowings 3,153,350,655.79 872,375,054.56
Other cash received related to financing activities 17,500,000.00
Sub-total of cash inflows from financing activities 3,153,350,655.79 889,875,054.56
Cash paid for debt repayments 550,000,000.00 61,400,000.00
Cash paid for distribution of dividends, profits or interest payments 18,257,403.85 24,851,587.27
Other cash paid related to financing activities 1,427,955.25 2,099,739.02
Sub-total of cash outflows from financing activities 569,685,359.10 88,351,326.29
Net cash flows from financing activities 2,583,665,296.69 801,523,728.27
IV. Effect of fluctuation in exchange rate on cash and cash equivalents -21,709,508.19 -2,297,015.37
V. Net increase in cash and cash equivalents -1,540,328,773.79 -2,151,573,390.01
Plus: beginning balance of cash and cash equivalents 7,174,116,656.37 10,117,007,049.72
VI. Ending balance of cash and cash equivalents 5,633,787,882.58 7,965,433,659.71
Company Principal: Chuanwei Zhang Chief Financial Officer: Meng Fang Chief
Accountant: Feng Zhang
(III) Adjustments to the financial statements as at the beginning of the year relating to the initial application of the new accounting standards or interpretations of standards since 2026
☐Applicable √N/A
Ming Yang Smart Energy Group Limited
April 28, 2026
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