Investor Relations Activity Category	√ Specific Object Research        √ Analyst Meeting□ Media Interview            □ Performance Briefing□ Press Conference          √ Roadshow□ Site Visit √ Other
Participating Institutions	Changjiang Securities, Puyang Amundi, Cinda Securities, Guosheng Securities, Renqiao Asset, Grandeur Peak, Guohai Securities, Guotai Haitong Securities, Shuang’an Asset, Yinhua Fund, Yongying Fund, CICC Securities, China Life Pension, Wusong Capital, E Fund, Zheshang Securities, Shanghai Zhuxi, Invesco Great Wall, UBS SDIC, CITIC Asset Management, Zheshang Securities, Tianfeng Securities, etc.
Date	November 1, 2025 – November 30, 2025
Meeting Format	On-site Research, Conference Call, Reverse Roadshow
Company Representatives	Board Secretary Jin Yi
Main Content of Investor Relations Activities	Mr. Jin Yi, Secretary of the Board, introduced the company’s recent operating performance and business conditions to investors and answered their questions. The main contents are as follows: Q: What are the main reasons for the recovery in the company’s operating performance in the first three quarters, and what are the main reasons for the growth in the third quarter? A: In the first three quarters, the company’s overseas market revenue from main business increased slightly year-on-year. Among them, the electricity business saw a slight year-on-year decline in revenue due to demand fluctuations in some markets, but showed signs of quarter-by-quarter recovery. The company’s new businesses, such as new energy, smart water meters, and distribution network overseas expansion, developed rapidly abroad, offsetting the revenue gap caused by demand fluctuations in a few key markets for the electricity business. In the first three quarters, the company’s domestic market revenue declined year-on-year due to the decrease in bidding prices for distribution and electricity equipment and the slower execution of framework agreements. In the third quarter, grid contract execution accelerated, narrowing the year-on-year decline in domestic revenue compared to the first half of the year. Q: In which accounts is the company’s monetary capital mainly reflected in the financial statements? A: The company’s monetary capital is mainly presented under the “Monetary Capital” account on the balance sheet. In addition, financial products or structured deposits purchased by the company to improve capital efficiency are classified based on their liquidity: financial products with a holding period of no more than one year, due to their strong liquidity, are recorded under the “Trading Financial Assets” account. Financial products with a holding period exceeding one year are recorded under the “Other Non-current Assets” account. Q: The company has a large amount of cash assets. Will it accelerate the company’s development through investments and mergers and acquisitions? A: Investment and M&A are important paths for enterprises to achieve scale expansion and ecosystem improvement. This year, the company jointly established the CICC-Hexing Industrial Fund with CICC, focusing on investments in cutting-edge technologies such as new energy, energy algorithms, IoT technology, and intelligent manufacturing, as well as upstream and downstream of the company’s industrial chain. This fund aims to cultivate or incubate high-quality enterprises, which can not only reduce the integration risks that may be faced in direct M&A but also achieve deep synergy in technology, products, and channels, laying the foundation for potential future industrial integration. The company has always regarded M&A as an important option for external development. Currently, the funds on hand will be prioritized for deepening core businesses, breaking through new businesses, and investing in R&D for next-generation technologies. At the same time, the company will continue to pay attention to high-quality targets both domestically and internationally. If opportunities with high technology matching, strong synergy, and alignment with long-term strategy are identified, the company will advance with comprehensive evaluation combining commercial feasibility and risk control, achieving dual-driven growth through internal growth and external expansion. In the future, the company will always aim to enhance core competitiveness and shareholder value, flexibly using various development methods to seize industry opportunities.
Attachment List (if any)	None
Date	December 2, 2025