2025年年度报告（英文版）

2025 Annual Report of Shenzhen Nanshan Power Co., Ltd. 1 Stock code: 000037, 200037 Stock abbreviation: Shenzhen Nanshan Power A, Shenzhen Nanshan Power B Announcement No.: 2026-021 Shenzhen Nanshan Power Co., Ltd. 2025 Annual Report April 2026 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd. 2 2025 Annual Report I. Important, contents and definitions The Board of Directors, directors and senior officers of the Company warrant that the contents of this annual report are true, accurate and complete, and that there are no false records, misleading statements or material omissions. They will bear joint and several liability for such matters. The Company's Principal and Accounting Director KONG Guoliang, Chief Finance Officer ZHANG Xiaoyin, and Chief Accountant (accounting officer) LIN Xiaojia declare that they guarantee the authenticity, accuracy and completeness of the financial report in this annual report. All directors attended the meeting of Board of Directors at which the report was reviewed. The Company's profit distribution plan reviewed and approved by the Board of Directors this time is as follows: based on 602,762,596 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. The annual report is prepared in Chinese and English respectively. If there is any ambiguity in the understanding of the two texts, the Chinese text shall prevail. Investors are requested to read the full text of the annual report carefully. Forward-looking statements such as future development strategies and business plans involved in this annual report (if any) do not constitute a 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd. 3 substantial commitment by the Company to investors. Investors and related persons are requested to maintain sufficient risk awareness, understand the differences between plans, forecasts and commitments, and pay attention to investment risks. 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd. 4 Table of Contents I. Important, contents and definitions ....................................................................................................................... 2 II. Company Profile and Major Financial Indicators ................................................................................................ 7 III. Management's Discussion and Analysis ............................................................................................................. 12 IV. Corporate Governance, Environment and Society .............................................................................................. 50 V. Important Matters ................................................................................................................................................. 74 VI. Changes in Shares and Shareholders .........................