Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. THIRD QUARTERLY REPORT OF 2026 Pursuant to the regulations of Shanghai Stock Exchange, the Company is required to publish a quarterly report for each of the first and third quarters. All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC Accounting Standards (“PRC GAAP”). This announcement is made by the Company pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). IMPORTANT NOTICE (1) The board of directors of Huaneng Power International, Inc. (the “Company”, “Huaneng International”) together with the members thereof and the senior management warrant that the information contained in this report does not contain any false statements, misleading representations or material omissions. All of them jointly and severally accept responsibility as to the truthfulness, accuracy and completeness of the content of this report. (2) All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC GAAP. (3) The legal representative, person in charge of accounting function and person in charge of the accounting department warrant the truthfulness, accuracy and completeness of the financial information contained in the quarterly report.
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– 2 – (4) This announcement is made by the Company pursuant to Rule 13.09 and Rules 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). I. MAJOR FINANCIAL DATA (1) Major accounting data and financial indices (Amounts: In RMB Yuan) Items Current reporting period Fluctuation from same period of last year (%) For the nine months ended 30 September 2026 Fluctuation from same period of last year (%) Operating revenue 58,939,565,202 (3.29) 165,848,591,073 (4.12) Profit before tax 2,708,728,739 (67.74) 14,164,895,767 (38.84) Net profit attributable to equity holders of the Company 1,236,453,726 (77.84) 7,822,183,052 (47.29) Net profit after deducting non-recurring profit or loss items attributable to equity holders of the Company 816,200,277 (84.41) 6,853,824,572 (51.19) Net cash flows generated from operating activities 15,963,076,102 (27.52) 41,205,702,834 (21.92) Basic earnings per share (RMB per share) 0.04 (87.10) 0.39 (51.85) Diluted earnings per share (RMB per share) 0.04 (87.10) 0.39 (51.85) Return on net assets (weighted average) (%) 1.00 Decreased by 6.59 percentage points 9.26 Decreased by 11.03 percentage points End of current reporting period End of last year Fluctuation from end of last year (%) Total Assets 622,419,961,633 611,789,826,893 1.74 Equity attributable to equity holders of the Company 143,465,679,154 142,468,648,190 0.70 Notes: i. “Current reporting period” refers to the three-month period from the beginning to the end of the third quarter of 2026; the same below.
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– 3 – (2) Non-recurring profit or loss items and amounts (Amounts: In RMB Yuan) Items Total amount of current reporting period Total amount for the nine months ended 30 September 2026 Notes Net gain on disposal of non-current assets, including the reversal of impairment loss on assets 103,412,513 418,272,688 Mainly includes income from the scrapping of fixed assets of the Company’s subsidiaries. Government grants recognized in profit or loss for the current period (except for government grants that are closely related to normal business operations, comply with national policies and regulations, are enjoyed according to determined standards, and have a sustained impact on profit or loss) 267,101,434 671,684,441 Mainly includes the heating subsidies and environmental protection subsidies received by the Company’s subsidiaries. Profit or loss on investment or management of assets entrusted to others (1,514,750) (17,573,750) Profit or loss from external entrusted loans – 140,181 Income from custodian fees obtained from entrusted operations 96,316,569 252,214,120 Reversal of impairment loss on receivables tested individually for impairment 3,345,452 13,365,884 Net amount of other non-operating income and expenses excluding the above items 70,570,654 (3,348,450) Other non-recurring profit or loss items 6,384,534 4,544,185 Less: Income tax impact 64,109,765 188,284,867 Impact of non-controlling interests, net of tax 61,253,192 182,655,952 Total 420,253,449 968,358,480
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– 4 – When items not listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – No n-recurring Profit and Loss are recognised as non-recurring profit and loss items with significant amounts, and non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – Nonrecurring Profit and Loss are recognised as recurring profit and loss items, the reasons should be explained. ✓ Applicable ½ Not applicable (Amounts: In RMB Yuan) Items Total amount for the nine months ended 30 September 2026 Reason Value-added tax levied immediately returned 106,989,919 Closely related to the normal business of the Company Carbon emissions trading fee 95,649,054 Closely related to the normal business of the Company Carbon emissions trading income 74,042,064 Closely related to the normal business of the Company
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– 5 – (3) Disclosure as to, and reasons for, material changes in accounting data and financial indices ✓ Applicable ½ Not applicable Items Fluctuation (%) Reasons Items of Major Accounting Data and Financial Indices for the nine months ended 30 September 2026: Profit before tax (38.84) Mainly due to the year-on-year decrease in the Company’s domestic on-grid electricity and average on-grid electricity tariff, as well as the year-on-year increase in unit fuel cost for electricity sold. Net profit attributable to equity holders of the Company (47.29) For the same reason as above. Net profit after deducting non-recurring profit or loss items attributable to equity holders of the Company (51.19) For the same reason as above. Basic earnings per share (RMB/share) (51.85) For the same reason as above. Diluted earnings per share (RMB/share) (51.85) For the same reason as above. Items of Consolidated Statement of Financial Position (End of current reporting period): Notes receivable (54.17) Mainly due to the acceptance of certain matured notes during the period. Advances to suppliers 40.20 Mainly due to the increase in prepaid coal payments. Inventories (22.58) Mainly due to the decrease in fuel inventory compared to the beginning of the year. Long-term receivables (20.21) Mainly due to the impact of the collection of receivables from finance leases. Fixed assets (0.86) Mainly due to the combined effects of infrastructure and technical renovation projects transferred into fixed assets, as well as the provision for depreciation.
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– 6 – Items Fluctuation (%) Reasons Construction-in-progress 12.92 Mainly due to the combined effects of an increase in infrastructure and technical renovation projects and the transfer of such projects into fixed assets. Short-term loans 4.15 Mainly due to the increase in net short-term loans. Notes payable 66.52 Mainly due to the increase in newly issued notes payable. Contract liabilities (76.70) Mainly due to the decrease in advance receipts for heating fees. Other payables (4.03) Mainly due to the decrease in accounts payable for infrastructure projects. Current portion of non-current liabilities (21.00) Mainly due to the decrease in current portion of long-term loans, among other factors. Long-term loans 3.77 Mainly due to the increase in net long-term loans. Bonds payable 10.83 Mainly due to the issuance of bonds during the period. (4) The profits by domestic power segments of the Company (Unit: RMB100 million) Profit before tax for the nine months ended 30 September Fluctuation (%)The domestic power segments 2026 2025 Coal-fired 68.56 132.68 (48) Combined cycle 12.10 8.84 37 Wind-power 41.87 46.30 (10) PV 23.58 33.07 (29) Hydro-power 1.14 0.90 27 Biomass power (0.03) (0.19) 84 Note 1: Profits for each power segment are calculated by aggregating the profits of the power stations within that segment. Note 2: The fluctuation is calculated based on the absolute value of the denominator.
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– 7 – II. SHAREHOLDER INFORMATION (1) Total number of shareholders of ordinary shares and shareholders of preference shares with restored voting rights and shareholdings of the top ten shareholders Unit: share Total number of ordinary shareholders at the end of the reporting period 184,129 Total number of shareholders of preference shares with restored voting rights at the end of the reporting period (if any) – Shareholdings of the top ten shareholders (excluding shares lent through securities lending and refinancing) Name of shareholders Nature of shareholder Number of shares held Percentage of shareholding (%) Number of shares held subject to selling restrictions Shares pledged, marked or frozen Status of shares Number Huaneng International Power Development Corporation State-owned entity 5,066,662,118 32.28 – Nil – HKSCC Nominees Limited Foreign entity 4,203,943,870 26.78 – Nil – China Huaneng Group Co., Ltd. State-owned entity 1,555,124,549 9.91 – Nil – Hebei Construction & Investment Group Co., Ltd. State-owned entity 493,316,146 3.14 – Nil – China Hua Neng Group Hong Kong Limited Foreign entity 472,000,000 3.01 – Nil – Dalian State-Owned Capital Management and Operation Co., Ltd. State-owned entity 301,500,000 1.92 – Nil – Jiangsu Guoxin Investment Group Limited State-owned entity 258,452,600 1.65 – Nil – Liaoning Energy Investment (Group) Limited State-owned entity 244,205,000 1.56 – Nil – Hong Kong Securities Clearing Company Limited Others 139,466,801 0.89 – Nil – Nantong Investment Management Co., Ltd. State-owned entity 81,285,426 0.52 – Nil –
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– 8 – Shareholdings of the top ten shareholders whose shares are not subject to selling restrictions (excluding shares lent through securities lending and refinancing) Name of shareholders Number of shares in circulation without any selling restrictions Type and number of shares Type of shares Number Huaneng International Power Development Corporation 5,066,662,118 RMB denominated ordinary shares 5,066,662,118 HKSCC Nominees Limited 4,203,943,870 Overseas listed foreign invested shares 4,203,943,870 China Huaneng Group Co., Ltd. 1,555,124,549 RMB denominated ordinary shares 1,555,124,549 Hebei Construction & Investment Group Co., Ltd. 493,316,146 RMB denominated ordinary shares 493,316,146 China Hua Neng Group Hong Kong Limited 472,000,000 Overseas listed foreign invested shares 472,000,000 Dalian State-Owned Capital Management and Operation Co., Ltd. 301,500,000 RMB denominated ordinary shares 301,500,000 Jiangsu Guoxin Investment Group Limited 258,452,600 RMB denominated ordinary shares 258,452,600 Liaoning Energy Investment (Group) Limited 244,205,000 RMB denominated ordinary shares 244,205,000 Hong Kong Securities Clearing Company Limited 139,466,801 RMB denominated ordinary shares 139,466,801 Nantong Investment Management Co., Ltd. 81,285,426 RMB denominated ordinary shares 81,285,426 Details relating to the related relationships among the above shareholders or parties acting in concert Among the above shareholders, China Huaneng Group Co., Ltd., Huaneng International Power Development Corporation and China Hua Neng Group Hong Kong Limited are regarded as parties acting in concert under the “Management Rules on Acquisition of Listing Companies”. The Company is not aware of any related relationship among the other shareholders. Description of the top 10 shareholders and the top 10 unrestricted shareholders participating in margin trading and securities lending and refinancing business (if any) –
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– 9 – Information on shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders holding shares in circulation without selling restrictions who participated in securities lending and refinancing business Applicable ✔ Not applicable Changes in the top 10 shareholders and top 10 shareholders holding shares in circulation without selling restrictions from previous period due to lending/ returning of shares through securities lending and refinancing business Applicable ✔ Not applicable III. OTHER REMINDERS Other important information about the operation of the Company during the reporting period that needs to be brought to the attention of investors Applicable ✔ Not applicable IV. QUARTERLY FINANCIAL STATEMENTS (1) Type of audit opinion Applicable ✔ Not applicable
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– 10 – (2) Financial statements HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRC GAAP) As at 30 September 2026 Amounts: In RMB Yuan, Except as noted 30 September 2026 31 December 2025 ASSETS CURRENT ASSETS Bank balances and cash 22,480,943,790 19,455,512,962 Derivative financial assets 730,102,693 20,552,477 Notes receivable 450,215,802 982,460,857 Accounts receivable 48,716,597,012 46,256,781,062 Advances to suppliers 5,499,685,425 3,922,862,959 Other receivables 4,006,086,883 3,465,629,660 Inventories 8,519,045,189 11,003,717,868 Contract assets 70,212,621 57,473,304 Current portion of non-current assets 1,203,954,146 1,107,617,161 Other current assets 5,100,269,599 5,196,748,985 Total current assets 96,777,113,160 91,469,357,295 NON-CURRENT ASSETS Derivative financial assets (long-term) 160,061,635 6,678,237 Long-term receivables 4,607,797,127 5,774,703,712 Long-term equity investments 25,841,657,867 25,390,499,946 Other equity instrument investments 466,646,993 481,759,793 Investment property 841,114,481 844,745,088 Fixed assets 354,867,952,428 357,935,104,831 Construction-in-progress 75,815,929,401 67,139,846,118 Right-of-use assets 12,193,795,690 12,024,605,411 Intangible assets 20,528,909,053 20,136,889,766 Goodwill 11,457,593,727 11,885,643,709 Long-term deferred expenses 433,150,752 415,375,011 Deferred income tax assets 2,373,244,576 2,810,399,945 Other non-current assets 16,054,994,743 15,474,218,031 Total non-current assets 525,642,848,473 520,320,469,598 TOTAL ASSETS 622,419,961,633 611,789,826,893
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– 11 – 30 September 2026 31 December 2025 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term loans 64,499,008,942 61,931,728,636 Derivative financial liabilities 78,273,032 594,099,526 Notes payable 6,587,136,252 3,955,771,800 Accounts payable 18,088,523,117 17,339,620,019 Contract liabilities 868,211,890 3,726,285,587 Salary and welfare payables 2,818,398,707 1,201,450,262 Taxes payable 2,384,384,181 2,761,306,699 Other payables 37,216,543,479 38,779,834,002 Current portion of non-current liabilities 25,263,984,118 31,980,862,125 Other current liabilities 13,316,040,888 12,510,304,471 Total current liabilities 171,120,504,606 174,781,263,127 NON-CURRENT LIABILITIES Derivative financial liabilities (long-term) 283,835,915 387,029,296 Long-term loans 162,991,451,243 157,066,581,848 Bonds payable 55,383,282,912 49,969,166,392 Lease liabilities 7,996,128,471 7,939,859,687 Long-term payables 1,586,376,078 1,675,925,113 Long-term employee benefits payable 23,812,928 24,041,444 Provision 7,533,800 83,671,047 Deferred income 1,396,147,398 1,552,473,957 Deferred income tax liabilities 1,950,613,233 1,703,211,148 Other non-current liabilities 3,836,060,683 4,088,521,700 Total non-current liabilities 235,455,242,661 224,490,481,632 TOTAL LIABILITIES 406,575,747,267 399,271,744,759
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– 12 – 30 September 2026 31 December 2025 LIABILITIES AND EQUITY (CONTINUED) EQUITY Share capital 15,698,093,359 15,698,093,359 Other equity instruments 77,449,028,717 77,538,362,348 Capital surplus 16,761,588,429 16,698,339,468 Other comprehensive income (186,472,383) (826,580,447) Special reserves 1,694,934,288 1,167,031,198 Surplus reserves 8,186,274,738 8,186,274,738 Undistributed profits 23,862,232,006 24,007,127,526 Equity attributable to equity holders of the Company 143,465,679,154 142,468,648,190 Non-controlling interests 72,378,535,212 70,049,433,944 Total equity 215,844,214,366 212,518,082,134 TOTAL LIABILITIES AND EQUITY 622,419,961,633 611,789,826,893 Legal representative: Person in charge of accounting function: Person in charge of accounting department: Wang Kui Wen Minggang Zhou Yuanhui
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– 13 – For the nine months ended 30 September 2026 2025 Operating revenue 165,848,591,073 172,974,894,698 Less: Operating cost 140,496,652,911 138,469,447,153 Tax and levies on operation 1,661,574,862 1,772,604,558 Selling expenses 190,807,879 195,223,744 General and administrative expenses 5,038,019,315 4,854,324,712 Research and development expenses 1,068,504,062 956,067,660 Financial expenses 5,297,355,787 4,975,177,567 Add: Other income 783,693,488 575,213,198 Investment income 881,150,736 1,024,212,053 Including: In vestment income from associates and joint ventures 881,389,227 1,021,699,676 Gain on changes in fair value 4,209,674 – Credit impairment loss (620,642) (5,336,846) Asset impairment reversal/(loss) 65,534 (621,447,183) Gain on disposal of assets 47,633,910 176,991,055 Operating profit 13,811,808,957 22,901,681,581 Add: Non-operating income 702,403,456 600,683,224 Less: Non-operating expenses 349,316,646 342,866,715 Profit before tax 14,164,895,767 23,159,498,090 Less: Income tax expense 2,703,678,398 3,723,354,777 Net profit 11,461,217,369 19,436,143,313 (1) Cl assification according to the continuity of operation Net profit from continuous operating 11,461,217,369 19,436,143,313 (2) Cl assification according to ownership Equity holders of the Company 7,822,183,052 14,840,905,124 Non-controlling interests 3,639,034,317 4,595,238,189 HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (PRC GAAP) For the nine months ended 30 September 2026 Amounts: In RMB Yuan, Except as noted
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– 14 – For the nine months ended 30 September 2026 2025 Other comprehensive income, net of tax 551,166,041 74,298,460 Other comprehensive income attributed to equity holders of the Company, net of tax 645,122,271 189,838,988 Other comprehensive income that may not be reclassified to profit or loss 4,509,513 76,442,869 Share of other comprehensive income of the equity-accounted investee that may not be reclassified to profit or loss (504,694) 76,442,869 Fair value changes of other equity instrument investments 5,014,207 – Other comprehensive income that may be reclassified to profit or loss 640,612,758 113,396,119 Share of other comprehensive income of investees accounted for under the equity method (38,404,016) (10,093,361) Effective portion of cash flow hedges 1,345,712,490 (392,913,768) Translation differences of the financial statements of foreign operations (666,695,716) 516,403,248 Other comprehensive income attributable to non-controlling interests, net of tax (93,956,230) (115,540,528) Total comprehensive income 12,012,383,410 19,510,441,773 Equity holders of the Company 8,467,305,323 15,030,744,112 Non-controlling interests 3,545,078,087 4,479,697,661 Earnings per share (expressed in RMB per share) – Basic earnings per share 0.39 0.81 – Diluted earnings per share 0.39 0.81 Legal representative: Person in charge of accounting function: Person in charge of accounting department: Wang Kui Wen Minggang Zhou Yuanhui
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– 15 – For the nine months ended 30 September 2026 2025 Cash flows generated from operating activities Cash received from sales of goods and services rendered 182,821,915,955 194,701,324,443 Cash received from return of taxes and fees 406,547,981 293,331,477 Other cash received relating to operating activities 1,293,249,018 758,599,206 Sub-total of cash inflows of operating activities 184,521,712,954 195,753,255,126 Cash paid for goods and services received 118,132,168,299 117,664,330,184 Cash paid to and on behalf of employees 13,436,055,012 12,693,846,735 Payments of taxes 9,420,091,460 9,895,556,864 Other cash paid relating to operating activities 2,327,695,349 2,726,751,115 Sub-total of cash outflows of operating activities 143,316,010,120 142,980,484,898 Net cash flows generated from operating activities 41,205,702,834 52,772,770,228 Cash flows generated from investing activities Cash received from return of investments 248,598,346 5,570,532 Cash received on investment income 455,321,349 467,048,963 Cash received from disposal of fixed assets, intangible assets and other long-term assets 468,411,598 873,255,373 Net cash received from disposing subsidiaries and other business units – 9,597,769 Other cash received relating to investing activities 59,432,656 11,588,488 Sub-total of cash inflows of investing activities 1,231,763,949 1,367,061,125 HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (PRC GAAP) For the nine months ended 30 September 2026 Amounts: In RMB Yuan, Except as noted
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– 16 – For the nine months ended 30 September 2026 2025 Payment for the purchase of fixed assets, intangible assets and other long-term assets 31,927,975,197 36,936,144,448 Cash paid for investments 185,498,373 207,184,337 Other cash paid relating to investing activities 2,000,000 33,224,515 Sub-total of cash outflows of investing activities 32,115,473,570 37,176,553,300 Net cash flows used in investing activities (30,883,709,621) (35,809,492,175) Cash flows generated from financing activities Cash received from investments 23,837,525,238 21,404,899,053 Including: ca sh received from non-controlling interests of subsidiaries 1,637,525,238 616,788,917 Cash received from borrowings 103,354,030,834 82,546,353,909 Cash received from bonds 44,000,000,000 29,800,000,000 Other cash received related to financing activities 30,470,158 331,948,455 Sub-total of cash inflows of financing activities 171,222,026,230 134,083,201,417 Repayments of borrowings 138,809,522,756 112,411,251,170 Redemption of other equity instruments 22,000,000,000 20,500,000,000 Payments for dividends, profit or interest expense 16,658,759,940 13,472,852,023 Including: di vidends paid to non-controlling interests of subsidiaries 2,390,694,940 1,813,036,729 Other cash paid relating to financing activities 743,932,266 1,029,971,416 Sub-total of cash outflows of financing activities 178,212,214,962 147,414,074,609
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– 17 – For the nine months ended 30 September 2026 2025 Net cash flows used in financing activities (6,990,188,732) (13,330,873,192) Effect of exchange rate fluctuations on cash held (328,974,189) (12,654,316) Net increase in cash and cash equivalent 3,002,830,292 3,619,750,545 Add: Ca sh and cash equivalent at beginning of period 18,045,574,910 18,601,106,276 Cash and cash equivalent at end of period 21,048,405,202 22,220,856,821 Legal representative: Person in charge of accounting function: Person in charge of accounting department: Wang Kui Wen Minggang Zhou Yuanhui
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– 18 – (3) Adjustments of financial statements at the beginning of the year in which the new accounting standards or standards interpretation were implemented for the first time since 2026 Applicable ✔ Not applicable By Order of the Board Huaneng Power International, Inc. Wen Minggang Joint Company Secretary As at the date of this announcement, the directors of the Company are: Wang Kui (Executive Director) Liu Ancang (Executive Director) Du Daming (Non-executive Director) Zhou Yi (Non-executive Director) Li Lailong (Non-executive Director) Li Jin (Non-executive Director) Cao Xin (Non-executive Director) Gao Guoqin (Non-executive Director) Ding Xuchun (Non-executive Director) Wang Jianfeng (Non-executive Director) Kou Yaozhou (Non-executive Director) He Qiang (Independent Non-executive Director) Zhang Liying (Independent Non-executive Director) Zhang Shouwen (Independent Non-executive Director) Dang Ying (Independent Non-executive Director) Zhang Xianchong (Independent Non-executive Director) Mei Shengwei (Independent Non-executive Director) Wang Yu (Employee Representative Director) Beijing, the PRC 28 October 2026