ZH Zheneng Jinjiang BWM

Original report: PDF p. 156 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 157 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 157 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 158 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 160 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 159 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 160 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 161 ↗ PDF p. 162 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 152 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 153 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 153 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 155 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 156 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 157 ↗ PDF p. 158 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 153 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 154 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 154 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 156 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 157 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 158 ↗ PDF p. 159 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 142 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 143 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 143 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 144 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 145 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 146 ↗ PDF p. 147 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 120 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.

Original report: PDF p. 121 ↗ PDF p. 122 ↗

Five financial years ended 31 December 2021–2025. All primary statements are in Renminbi thousands and EPS in Renminbi cents. Group consolidated comprehensive income and cash flows, Group and Company financial position and changes in equity are disclosed; no separate Company income or cash-flow statement is provided.

FY2021 is restated in the FY2022 comparative following the IAS16 amendment. Original FY2021 Group income, financial position, equity and cash flows, and Company financial-position classifications, are retained separately. Original FY2023 Company financial position retains a printed blank for investment property rather than substituting the later dash.

Changes in equity retain the original components and subtotals. Profit plus OCI equals comprehensive income; the comprehensive subtotal is counted once. Original FY2021 reserve-transfer subtotal is repeated in print and is not a second transfer. The FY2022 opening prior/adoption/restated bridge is separately dated 1 January 2022, not labelled a year-end closing position.

FY2025 ended 31 December 2025. Deloitte & Touche LLP issued an unmodified true-and-fair opinion at physical151; partner Lim Bee Hui signed10April2026. The KAM concerns impairment assessment of property, plant and equipment aboutRMB12,524million. Prior FY2024 was audited by another auditor.

Primary statements are in Renminbi thousands; EPS is in Renminbi cents. Trading currency and dividends quoted in Singapore dollars are different units. Group consolidated comprehensive income/cash flows and Group and Company financial position/equity are disclosed; no separate Company income or cash-flow statement is supplied.

The Company does not designate the formal title CEO. Executive Chairman Wei Dongliang performs CEO-equivalent duties and day-to-day oversight together with Wang Ruihong and named CFO Jin Ruizhi. The formal title and duties are retained; no separate CEO holder is invented.

Annual snapshot has seven directors, two named non-director managers Wang Wuzhong and Qi Liang, and two joint Company Secretaries Hoon Chi Tern and Toh Li Ping, Angela. Wang Wuzhong is distinct from director Wang Ruihong. Outside offices in biographies are not labelled Group subsidiaries or issuer management jobs.

Low Penny joined29April2026, increasing the Board to eight. Kan became Lead Independent Director and Nominating Chairman; Ang Swee Tian and Ni Mingjiang remain directors but became non-independent after nine years. Low chairs Remuneration; the annual independence snapshot is not silently overwritten.

SGX-ST granted an extension until29October2026 for the one-third independent-director requirement after the April redesignations. The31July2026 announcement states grant30July; this is a time extension, not a statement that the Board proportion already complies.

29April2026 AGM approved the FY2025 final dividend3.70Singaporecents, re-elected Wei, Kan, Liang and Jin, appointed Low Penny and re-appointed Deloitte & Touche LLP. The annual proposed dividend and later approval retain separate dates.

Note23 main significant-subsidiary schedule has36rows including three Indian entities fully disposed in2024. Its parent-direct, Group-held and NCI percentages are separate columns, not three years or automatically effective look-through ownership. The main heading covers2025and2024 without individual year columns; no extra comparative percentages are invented.

Two material joint ventures Zibo Green New Energy Co., Ltd. 淄博绿能新能源有限公司 and Hohhot Jiasheng are30%in2025and2024 and accounted for by equity method. The similarly named100%-Group-held subsidiary Zibo Energy 淄博环保能源有限公司 is a different disclosed legal entity; Chinese names and source classifications distinguish them.

Note21 supplies only aggregate individually immaterial associates, carrying15,288/15,341RMBthousand and loss53/53. No individually material or named associate schedule is supplied here; missing names are not fabricated.

Tangshan Jinhuan separate schedule retains current dash/prior100%and all six parent/Group/NCI columns. Remaining30%was acquired24May2024 forRMB260thousand, NCI310thousand derecognised and owner equity increased50thousand; entity was wound up11February2025, not a current100%subsidiary.

Prime Gain was dissolved15August2025 after its former Hangzhou Kesheng holding had transferred in2023; no disposal of the underlying EMC business is inferred. Outstanding Mode annual winding-up status precedes striking-off10March2026 and dissolution13March2026. Those dates are retained separately.

Xiaoshan Jinjiang annual Group holding is90%and NCI10%. Lin’an Jiasheng bought the remaining10%on22June2026 forRMB11.6million, increasing ownership to100%. Later ownership is not backfilled into the FY2025 schedule.

FY2022 Note2.1 IAS16 amendment restates FY2021 sales of electricity+12,577, waste treatment+28,145 and cost of sales+47,127RMBthousand. Owners profit decreases5,568andNCI837, total6,405; EPS30.12→29.74RMBcents. PPE/equity decrease6,405, and no opening1January2021impact is reported. Original and restated primary presentations are retained.

FY2022 Note2.1 cash-flow bridge prints investing increase/(decrease)as(6,405), but original(1,060,845)to restated(1,054,440)arithmetically increases6,405RMBthousand. Operating329,157→322,752decreases6,405and total net cash change stays29,228. The printed bridge sign discrepancy is recorded without changing the original or restated primary values.

FY2022 Note37 groups FY2021 current receivables2,438,221+25,896+17,832+386,550=2,868,499RMBthousand; current payables2,077,756+4,507+17,065+61,096=2,160,424. Borrowings and lease liabilities are merged, deferred grants move into payables. Company due-from-subsidiaries2,116,567moves into other receivables and85,884due-to into payables. These reclassifications do not create new cash or alter income.

FY2021 original cash working-capital receivables(680,025)+contract63,708+other-tax(55,747)+NCI6,218=(665,846), and payables310,519+other-tax(17,773)+deferred54,808=347,554RMBthousand. Note37 retains those explicit original-to-comparative reclassifications; no legal-entity transfer is invented.

Original FY2023 Company investment-property cell is blank; the FY2024 comparative prints a dash. Both original and later presentations are retained, and the blank is not replaced by a numeric zero. New treasury-share zero columns and omitted or added zero cash-flow rows are separately mapped without inventing nonzero movements.

Equity subtotal rows are preserved without duplicate roll-forward counting. Profit plus OCI equals comprehensive income; original FY2021 appropriation subtotal repeats the reserve transfer and is counted once. The separate1January2022prior/adoption/restated bridge is not presented as a year-end closing table.

Annual register18March2026 excludes19,904,200treasury shares from the1,434,120,500holder denominator. All issued shares including treasury total1,454,024,700and give printed1.369%treasury. Mixed-currency paid-up capital US$10,000/RMB748,000,000/S$316,380,235is not added across currencies or substituted for financial-statement RMBcapital.

Twenty registered accounts total1,418,812,600shares. Original aggregate98.94%equals the sum of individually rounded percentages, while exact aggregate divided by1,434,120,500rounds98.93%. Last distribution band17of439holders is3.87%, versus printed3.65%; original distribution percentages sum99.78%. Original values and both discrepancies are retained.

Fifteen substantial-holder rows are overlapping direct/deemed positions: four430million chain rows, eight372,560,575chain rows, direct Harvest214million and two394,620,574chain rows. Win328,365,000+JinjiangGreen44,195,575share UOB; JeeUp180,620,574Tiger subaccount+Harvest214million is one394,620,574block. Only explicitly disclosed nominee sub-blocks are assigned.

Annual Zhejiang Energy HK and WinCharm positions are printed as deemed, with custodian links retained. Zhejiang Energy International ownership71.22%ProvincialEnergy/28.78%FuelGroup and ProvincialEnergy90%SASAC/10%FinanceDepartment differ from the ultimate state-controlled shorthand. No all-100%chain is invented.

29September2026proposed scheme offersS$0.70cash or one new Offeror share perBWMshare; each shareholder elects one form for all own shares. Offeror Jieneng ownership percentages in the announcement are not new BWMdirect shareholder percentages. Scheme is proposed, not a completed acquisition or delisting.

Proposed special dividendS$64.6million≈4.50Singaporecents has twoS$32.3million≈2.25cent tranches and is subject to shareholder approval. Second record31March2027may payOfferor if then sole shareholder. It is not an interim/final dividend for any particular financial period.14OctoberEGMnotice convenes29October2026solely for special dividend, not Scheme approval; no approved/paid event is invented.

Group and Company net current liabilities areRMB825,603and1,212,943thousand. Note2.2 directors rely on covenants, credit facilities and positive operating cash-flow forecasts for going concern. This management basis is distinct from the unmodified audit opinion and does not erase the negative working-capital figures.

Management review cash-flow presentation excludes/reclassifies aboutRMB150millionBOTintangible spending: review operating1.676billion/investing(1.241billion)differs from primary operating1,525,704/investing(1,090,822)RMBthousand. Primary values remain unchanged; source narrative presentation is separately described. EBITDA highlight explicitly excludes BOT profit, exchange and non-recurring items.

FY2025 cash dividends paid182,643RMBthousand relate to the previous year finalS$0.0230per share; prior payment98,980relates toS$0.0130. Proposed FY2025finalS$0.0370is not included as a year-end liability. These dates and currencies differ from the later September special-dividend proposal.