Core Power Technology: Termination of Some Raised Funds Sub-Projects, Remaining 165 Million Yuan Supplementary Cash Flow

Xinneng Technology announced that the resolution was passed at the first extraordinary general meeting and bondholder meeting in 2026 to terminate some sub-projects of the "distributed photovoltaic power station construction project" that do not meet the implementation conditions, and to permanently supplement the remaining funds raised with 165 million yuan for working capital. As of May 19, out of the 77 sub-projects of the project, 62 have been connected to the grid, and 15 have not been built. Zhongzheng Pengyuan believes that this matter will not have a significant adverse impact on the company's operation and debt repayment ability, and maintains the company's credit rating of AA- and the credit rating outlook for "Xinneng Convertible Bonds" as stable.