Full-Year Revenue Growth of 867.9% Year-over-Year
Achieved Net Income Turnaround in Fiscal Year 2025

HONG KONG, March 21, 2026 /PRNewswire/ — FiEE, Inc. (NASDAQ:FIEE) (“FiEE” or the “Company”), a technology company integrating IoT, connectivity and AI to redefine brand management solutions in the digital era, today announced its financial results for the fourth quarter and full-year ended December 31, 2025.

Operational and Financial Highlights for the Year Ended December 31, 2025

• Revenue increased 867.9% year-over-year to approximately $6.2 million. The increase in revenue primarily reflects the Company’s strategic transition from legacy hardware operations to SaaS solutions, with a new business model focusing on integrating AI and big data into content creation and brand management. Notably, during March 2025, we successfully secured our first customer orders and generated initial sales, marking a critical milestone in the strategic pivot. Our target clients are individuals or entities seeking to grow their online presence as influencers or content creators.

• Gross profit increased 2,483.0% year-over-year to approximately $5.4 million. Gross margin improved significantly to 86.4%, as compared to 32.4% in the prior year.

• Net income was approximately $1.1 million, representing a turnaround from a net loss of $4.2 million in the prior year.

• Net cash provided by operating activities was approximately $3.6 million during the year ended December 31, 2025.

• During 2025, the Company onboarded approximately 800 customers. The newly onboarded customers in 2025 led to SaaS – MCN digital service fees totaling $6.8 million, of which $5.3 million was recognized as revenue in 2025.

• The Company introduced customized software services in July 2025. As of December 31, 2025, we have secured contracts totaling $1.2 million for customized software services, a portion of which was recognized as revenue in 2025 based on the progress of completion. As of December 31, 2025, we successfully signed contracts with 13 customers for these customized software services, with related accounts receivable amounting to $0.6 million.

• Through the acquisition of Houren-Geiju Kabushikikaisha, a Japanese technology company specializing in digital authentication services for art collections, in November 2025, we added the ability to provide digital authentication services. As of December 31, 2025, digital authentication services generated $0.3 million in revenue, serving one corporate client and 38 individual clients. This service leverages AI and blockchain technology to provide authentication, certification, and display services for artworks and collectibles, further diversifying our revenue streams.

Operational and Financial Highlights for the Fourth Quarter Ended December 31, 2025

• Revenue was approximately $4.2 million, compared to $1.9 million for the three months ended September 30, 2025. The increase was primarily driven by the full launch of our new business operations following the strategic transformation.

• Gross profit was approximately $3.7 million, compared to $1.6 million for the three months ended September 30, 2025.

• Net income was approximately $2.3 million, compared to a net loss of $0.3 million for the three months ended September 30, 2025.

Rafael Li, Chief Executive Officer of FiEE, commented, “We are pleased to report a strong fourth-quarter and full-year 2025 performance, with full-year revenues rising 867.9% year-over-year to approximately $6.2 million, supported by our changing strategic focus from hardware operations to SaaS solutions. Despite receiving our first customer orders in March 2025, we were able to onboard 800 customers in the span of 10 months, while significantly boosting our gross margin by 54.0 percentage points to 86.4%. As a result, FiEE expects its profit turnaround in 2025 to lay a solid foundation for sustainable performance.”

Mr. Li further mentioned, “Looking ahead, we plan to remain committed to investing in R&D to expand our service offerings, enhance customer experience, and deliver greater brand value across the digital content landscape. In addition to organic growth, we also plan to keep a keen eye on other external opportunities, in an attempt to further accelerate business growth and create greater value for our stockholders.”

Financial Results for the Year Ended December 31, 2025

Revenue was approximately $6.2 million, compared to approximately $0.6 million in the same period of fiscal year 2024.

Gross profit was approximately $5.4 million, compared to approximately $0.2 million in the same period of 2024.

Gross margin was 86.4%, compared to 32.4% in the same period of 2024.

Operating expenses were approximately $3.8 million, representing a decrease of 14.4% from $4.4 million in the same period of 2024.

• Selling and marketing expenses were approximately $0.4 million, representing an increase of 531.7% from $0.07 million in the prior year, primarily due to the Company’s business transformation. In 2024, the Company was in a transition period with reduced legacy operations, resulting in low sales support costs. In 2025, with the full launch of new business operations, the Company increased marketing activities and investments to promote its digital content services, software development services, and digital authentication services.

• General and administrative expenses were approximately $3.3 million, representing an increase of 61.8% from $2.1 million in the prior year. The increase was primarily due to the reallocation of our business operation from hardware-focused to software-focused and cost reduction efforts in 2024, which significantly reduced expenses associated with personnel, administrative support, and related infrastructure. The warrant issuance to Mr. David Lazar, a former director and officer of the Company, accounted for approximately $1.0 million in warrant expenses in the third quarter of 2025, representing over 84.3% of the total increase in general and administrative expenses in 2025.

• Research and development expenses were approximately $0.05 million, representing a decrease of 58.1% from $0.1 million in the prior year. The research and development expenses incurred in 2025 were primarily related to software subscriptions and support costs. The research and development expenses may fluctuate depending on the timing and number of development activities, and could vary significantly as a percentage of revenues, depending on actual revenues achieved in any given year.

Operating income was approximately $1.6 million, as compared to a loss of $4.2 million in the prior year.

Net income was approximately $1.1 million, representing a turnaround from a loss of $4.2 million in the prior year.

Diluted earnings per common share was $0.10, as compared to a loss of $1.34 in the prior year.

As of December 31, 2025, total cash was $3.1 million, as compared to $0.03 million as of December 31, 2024.

About FiEE, Inc.

FiEE, Inc. (NASDAQ:FIEE), formerly Minim, Inc., was founded in 1977. It has a historical track record of delivering comprehensive WiFi/Software as a Service platform in the market. After years of development, it made the strategic decision to transition to a Software First Model in 2024 to expand its technology portfolio and revenue streams. In 2025, FiEE, Inc. rebranded itself as a technology company leveraging its expertise in IoT, connectivity, and AI to explore new business prospects and extend its global footprint.

FiEE, Inc.’s services are structured into four key categories: Cloud-Managed Connectivity (WiFi) Platform, IoT Hardware Sales & Licensing, SAAS Solutions, and Professional To-C and To-B Services & Support. Notably, FiEE, Inc. has introduced its innovative Software as a Service solutions, which integrate its AI and data analytics capabilities into content creation and brand management. This initiative has led to the nurturing of a robust pool of KOLs on major social media platforms worldwide, assisting them in developing, managing, and optimizing their digital presence across global platforms. FiEE, Inc.’s services include customized graphics and posts, short videos, and editorial calendars tailored to align with brand objectives.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements, written, oral or otherwise made, represent the Company’s expectation or belief concerning future events. Without limiting the foregoing, the words “believes,” “expects,” “may,” “might,” “will,” “should,” “seeks,” “intends,” “plans,” “strives,” “goal,” “estimates,” “forecasts,” “projects” or “anticipates” or the negative of these terms and similar expressions are intended to identify forward-looking statements. Forward-looking statements included in this press release may include, among others, statements relating to (i) the future financial position and performance of the Company, (ii) our ability to successfully implement our strategic business transformation, (iii) our long-term growth objectives and opportunities, (iv) our commitment to investing in R&D to expand our service offerings, enhance customer experience, and deliver greater brand value across the digital content landscape and (v) our plans to further accelerate business growth and create value for our stockholders.

By nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statement. In addition, there may be other factors of which we are presently unaware or that we currently deem immaterial that could cause our actual results to be materially different from the results referenced in the forward-looking statements. All forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement. Although we believe that our plans, intentions and expectations are reasonable, we may not achieve our plans, intentions or expectations. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. See “Risk Factors” and “Special Note Regarding Forward-Looking Statements” included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and other risk factors described from time to time in subsequent quarterly reports on Form 10-Q or other subsequent filings. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

For investor and media inquiries, please contact:
Email: fiee@dlkadvisory.com
(financial tables follow)

SHANGHAI, March 21, 2026 /PRNewswire/ — U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced the closing of its underwritten public offering of 13,360,000 Units, on a firm commitment basis, at a price to the public of $0.449 per Unit (the “Offering”).

Each Unit consists of one Class A ordinary share, par value $0.00001 per share (each, a “Class A Ordinary Share,” and collectively, the “Class A Ordinary Shares”), and one Class A warrant (each, a “Warrant,” and collectively, the “Warrants”). Each Warrant expires one year from the date of issuance, and is exercisable immediately on the date of issuance at the initial exercise price of US$0.449 per share, subject to adjustment on the 2nd and 5th trading days following the closing of this Offering to the price that is equal to 70% and 50%, respectively, of the initial exercise price of the Warrants, and the number of Class A Ordinary Shares underlying the Warrants will be proportionately increased. The Warrants may, at any time following the closing of the Offering and in the holders’ sole discretion, be exercised in whole or in part by means of a zero exercise price option, in which the holders will receive twice the number of Class A Ordinary Shares that would be issuable upon a cash exercise of the Warrant, without payment of additional consideration.

The Company has granted the underwriter a 45-day option to purchase up to an additional 2,004,000 Class A Ordinary Shares and/or additional 2,004,000 Warrants, or any combination thereof, as determined by the underwriter, at its respective public offering price less underwriting discounts and commissions. On March 20, 2026, the underwriter partially exercised such option with respect to 1,890,000 Warrants.

The gross proceeds from the Offering, before deducting underwriting discounts and other offering expenses, and excluding any proceeds from exercise of the Warrants, were $6.0 million.

Maxim Group LLC acted as the exclusive underwriter for the Offering. Hunter Taubman Fischer & Li LLC served as U.S. securities counsel to the Company and Ellenoff Grossman & Schole LLP served as U.S. securities counsel to the underwriter.

The securities described above were offered pursuant to a registration statement on Form F-1 (File No. 333-294161) initially publicly filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 10, 2026, under the Securities Act of 1933, as amended (the “Registration Statement”), which was declared effective by the SEC on March 18, 2026. The Offering was made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the Offering has been filed with the SEC, and a final prospectus relating to the Offering was filed with the SEC on March 20, 2026. Electronic copies of the preliminary prospectus and final prospectus may be obtained on the SEC’s website at www.sec.gov and may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About U Power Limited

U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.

Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI-driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power’s comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.

For more information, please visit the Company’s website: https://www.upower-limited.com/.

Safe Harbor Statements

This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company’s registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

Contact

U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com

Revenue Increased 3.2% to HK$5,558.6 million, with Rising Dividend Payout to 34.7%

Industrial and Consumer Power Supply Businesses Recorded Solid Growth,
Supported by Expanding Global Manufacturing Capabilities

Financial highlights

HONG KONG, March 20, 2026 /PRNewswire/ — Ten Pao Group Holdings Limited（’Ten Pao’ or ‘the Company’, together with the subsidiaries as the Group’, Stock code: 1979.HK ), an industry-leading intelligent power supply solutions provider, is pleased to announce its annual results for the year ended 31 December 2025 (“the Year”).

Financial Review

Looking back at 2025, intensifying macroeconomic uncertainties, rising geopolitical risks, fluctuating trade policies, and growing volatility of raw material prices have all exerted notable pressure on business operations worldwide. Despite the cautious market sentiment, Ten Pao, as an industry-leading intelligent power supply solutions provider, was able to maintain stable volume of orders throughout the year, thanks to its established customer base, comprehensive product portfolio, and agile global footprint. In particular, its high-technology and high-value-added products continued to be well received by the market. While the demand for industrial power supply products saw a rebound, the smart controller business also achieved satisfactory growth, with customers placing growing emphasis on supply chain stability and one-stop services. The Group also proactively expanded into green energy products, high-end smart controllers and intelligent equipment, laying a solid foundation for sustainable business development.

Leveraging its solid operational foundation and forward-looking strategies, the Group maintained stable business performance during the Year. Overall revenue increased by approximately 3.2% year-on-year to HK$5,558.6 million (2024: HK$5,385.7 million). Due to intensified competition in the electronics industry and rising raw material costs, the gross profit margin, even after taking into account the Group’s supply chain advantages, slightly declined by 1.3 percentage points to 18.2% (2024: 19.5%). Despite operating at a healthy level, this has led to a decrease in gross profit of approximately 3.5% year-on-year, reaching HK$1,011.6 million (2024: HK$1,048.2 million). As a result of stringent cost control, operating profit for the Year increased by 1.3% to HK$424.0 million (2024: HK$418.6 million). Overall, profit for the year remained largely stable, amounted to HK$380.4 million (2024: HK$383.6 million), with basic earnings per share reaching HK36.9 cents (2024: HK37.3 cents).

The Group is committed to maintaining a stable dividend policy to reward shareholders for their long-term support. In view of its resilient performance during the Year, the Board recommended a final dividend of HK6.6 cents per ordinary share for the year ended 31 December 2025 (2024: HK6.0 cents per ordinary share), with an option provided to the Company’s shareholders to receive new and fully paid shares in lieu of cash, in whole or in part, under a scrip dividend scheme. Together with the interim dividend of HK6.2 cents per ordinary share paid for the six months ended 30 June 2025 (2024: HK5.2 cents per ordinary share), total dividends for the Year reach HK12.8 cents per ordinary share (2024: HK11.2 cents per ordinary share), representing a payout ratio of 34.7% (2024: 30.0%).

Segment Development and Business Highlights

During the Year, the industrial power supply segment (smart chargers and controllers) remained Group’s key business segment, with revenue increasing by 7.4% year-on-year to HK$2,158.8 million (2024: HK$2,009.6 million), accounting for 38.8% of the Group’s total revenue (2024: 37.3%). In terms of product portfolio, the Group continued to increase R&D investment in high-value-added, high-technical, and high-entry-barrier products, successfully launching a new series of high-power supply products with output ranging from 3,500W to 10,000W. These products can effectively meet the stringent stability and performance requirements of the next generation AI hardware, and can be widely used in high-performance computing (“HPC”) scenarios, such as cloud computing data centers, supercomputing/HPC systems, and enterprise-level servers. Riding on its global supply chain network, the Group was also able to respond to tariff challenges by actively strengthening its relationships with existing Fortune Global 500 customers, effectively fulfilling customer demand for high-end industrial power supplies, and in turn, driving segment growth.

The consumer power supply segment (telecommunication, media and entertainment, lighting and others) remained generally stable during the Year, with segment revenue increasing slightly by 5.5% year-on-year to HK$2,457.1 million (2024: HK$2,328.0 million), accounting for 44.2% of total revenue (2024: 43.2%). From an application perspective, the media and entertainment and lighting sub-segments delivered solid performance, with revenue increasing by 56.3% year-on-year to HK$465.9 million and 14.6% year-on-year to HK$418.6 million, respectively, effectively offsetting the negative impact of weaker demand in the telecommunication business. As a result of the diverging underlying performance, the change in revenue mix as compared to the year ended 31 December 2024 has also led to an expanding segment gross profit margin.

The new energy business segment is another important sector of the Group. During the Year, the Group made strategic adjustments to optimise its existing customer and product mix, targeting customers and products with lower gross profit margins, allowing the Group to achieve a good balance between revenue scale and profitability. Hence, segment revenue declined slightly year-on-year to HK$942.7 million (2024: HK$1,048.2 million), accounting for 17.0% of total revenue (2024: 19.5%). Although competition in the new energy market remains intense, and some projects are still in the ramp-up stage with potentially limited short-term profit contribution, the management believes that these investments are closely aligned with the prevailing market trends, supported by well-thought strategies and strong market demand. The developments are expected to further consolidate the Group’s position in the green power market in Southeast Asia and even globally, serving as a key new growth driver in the future.

While expanding its industrial power supply, new energy, and consumer power supply businesses in an orderly manner, the Group also continued to optimise its global manufacturing network, addressing macro uncertainties and meeting customer needs with its diversified and multi-location manufacturing solutions. In Chinese Mainland, the Group’s new Intelligent Manufacturing Industrial Park in Huizhou commenced full operation in October 2025, becoming the Group’s latest generation of intelligent manufacturing base. Green manufacturing concepts were also incorporated from the planning stage, enabling meaningful reductions in carbon emissions and unit production costs. With the aforesaid planning and execution, the Group was awarded the title of “Green Factory in Guangdong Province” in 2024, as well as officially recognised as a “National Green Factory” in February 2026, paving the way for future collaborations with international customers that prioritise supply chain sustainability.

Beyond Chinese Mainland, the Group has already established production bases in Mexico, Vietnam, and Hungary, essentially forming a complementary network with domestic production facilities. Each plant can configure its production lines and product mixes based on its market positioning, allowing the Group to quickly respond to the increasingly complex and volatile customer demands, amid ongoing shifts in global trade and geopolitical environment. The diversified footprint also allows the Group to flexibly adjust its production schedule, thereby creating cost-effective and reliable product solutions for clients.

Prospect

Looking ahead to 2026, the global economic and industry environment is expected to see lingering impact from multiple uncertainties, including inflation, geopolitical changes, and trade disputes. In particular, China’s manufacturing sector is facing a challenging landscape where “short-term contracts and long-term opportunities coexistence”. While industry chain is concerned about direct

impact such as raw material supply and escalation of logistics costs, they are also striving to capture new development opportunities arising from supply chain restructuring and market transformation.

As geopolitical dynamics continue to swing and the market accelerates its shift towards leading enterprises, this may also prompt companies to seek more secure supply chains. Elevated oil prices have also fully highlighted the economic benefits of new energy. Against the backdrop of accelerating global energy transition, leading Chinese industry players are seeing favourable growth opportunities, supported by policy support, technological upgrades, and the expansion of application scenarios. The Group’s three major segments – industrial power supply, new energy business, and consumer power supply — are also expected to enjoy long-term and sustainable growth.

In view of the prevailing trends, the Group will focus on enhancing the energy efficiency, system adaptability, and integration capabilities of its smart controllers. Building on its existing strengths in power control and modular design, the Group will further expand its high-end smart controller business, thereby reinforcing its leading position in the industrial power supply market. With the global energy transition and the introduction of green low-carbon policies, the “oil-to-electricity” and electric mobility markets are also entering a phase of rapid growth. In the face of diverse green travel scenarios, the Group will further enhance its production efficiency, reduce energy consumption and carbon intensity, and take concrete actions to contribute to the sustainable development of a low-carbon society.

In the long term, by leveraging its accumulated technological expertise and industry experience, the Group will strive to promote the modular development of its technological inventories. This approach will enable more efficient product upgrades with lower investments, allowing the Group to further enhance its intelligence capabilities and market competitiveness while tapping into new application scenarios. Beyond product portfolio development, the Group will also actively explore opportunities in emerging markets, such as the Belt and Road Initiative regions and Southeast Asia, diversifying its business coverage to mitigate the potential impact of the EU Carbon Border Adjustment Mechanism (carbon tax).

The Group will also actively respond to the national policy direction of developing “new quality productive forces” by continuously increasing R&D and investment in high-efficiency power supplies, smart controllers, and automated manufacturing. The Group will strive to integrate further AI application technologies and production equipment into its existing production, while advancing the full operation of Huizhou Intelligent Manufacturing Industrial Park. Supported by the Group’s multi-location production footprint, the Group believes it will be able to flexibly meet the needs of customers across different regions, providing reliable products and services at a more competitive cost.

As the Group completes its global footprint, future capital expenditure is also expected to decline progressively, which in turn, would support strong cash flow performance and create sufficient cash reserves to cope with external uncertainties. The Group will also prioritise shareholders’ return by improving long-term operational efficiency, strengthening capital management, and implementing policies such as share buybacks or dividend distributions at appropriate times.

About Ten Pao Group

Established in 1979 and listed on the Main Board of the Hong Kong Stock Exchange since 2015, Ten Pao has accumulated 46 years of experience in the power supply industry. Embracing the calling for high-end and digital intelligent development, the Group strives to provide customers with “intelligent, efficient, safe, reliable, and fast-to-market” product customization and manufacturing services, while offering “one-stop” intelligent power supply solutions. Over the years, Ten Pao has established long-term cooperative relationships with many well-known international brands, and has truly become an international leading, reliable, and innovative power supply enterprise.

HONG KONG, March 20, 2026 /PRNewswire/ — China Everbright Environment Group Limited (“Everbright Environment” or the “Company”) (257.HK) announces the consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2025 (“2025” or the “year under review”).

During the year under review, facing a complex and severe internal and external environment, the Group remained focused on its core responsibilities and core business areas. It empowered industrial development through technological innovation, expanded development horizons through international expansion, and solidified development foundations through industrial ecosystem construction, steadily implementing all business operations to deliver tangible results, while advancing high-quality development. As a result, the Group deepened its three major development strategies, namely technology as a driving force, an internationalisation path, and an industrial ecological system, making every effort to drive its “Second-Stage Entrepreneurship” and laying a solid foundation for a smooth commencement of the 15th Five-Year Plan period.

In terms of operating results, during the year under review, the Group recorded a total revenue of approximately HK$27.521 billion; gross profit amounted to approximately HK$11.085 billion; earnings before interest, taxes, depreciation and amortisation (“EBITDA”) amounted to approximately HK$10.273 billion; profit attributable to equity holders of the Company amounted to HK$3.925 billion; and basic earnings per share amounted to HK63.90 cents.

The Group upholds the principle of sharing its operating results with shareholders of the Company (the “Shareholders”). To reward the Shareholders’ support and in line with business development and strategic planning, the board of directors of the Company recommended the distribution of a final dividend of HK12.0 cents per share for the year ended 31 December 2025 (2024: HK9.0 cents per share), with a full-year dividend per share of HK27.0 cents (2024: HK23.0 cents per share). The proposed dividend payout ratio stood at 42.3%, representing an increase of 0.5 percentage point from 2024.

As of 31 December 2025, the Group’s business presence had expanded to 24 provinces, autonomous regions, municipalities and 1 special administrative region in China, with its footprint spanning 228 districts, counties and cities, in addition to overseas markets in 16 countries, including Germany, Poland, Vietnam and Uzbekistan. The total number of environmental protection projects invested in and held by the Group was 605, with an aggregate investment of approximately RMB164.691 billion. Additionally, the Group undertook various asset-light services, including environmental remediation, waste sorting, design and consulting, equipment supply, and technical services. The Group secured a total of 196 Waste-to-Energy (“WTE”) projects under its environmental energy and greentech sectors, with a designed daily household waste processing capacity of 163,050 tonnes (including capacity under the operation and management (“O&M”) model).

The designed treatment or supply capacities of new projects secured in 2025 are summarised below:

*Including treatment capacity under the O&M model

On the market expansion front, during the year under review, the Group adhered to the principle of pursuing development at home and abroad and advancing both asset-light and

asset-heavy businesses, steadily advancing its expansion efforts. On the one hand, the Group continued to solidify and innovate domestic market deployment: while further consolidating its strengths in areas such as WTE and waste water treatment (“WWT”), the Group vigorously expanded the Business-to-Business market and other emerging growth drivers; it achieved business breakthroughs in key regions such as Beijing and Guangzhou and successfully signed the first biomethane project, marking a breakthrough in high-value utilisation of biomass. The diversification and contribution of synergy-based businesses, such as heat and steam supply, continued to increase, leading to ongoing optimisation of the business structure. At the same time, the Group accelerated its internationalisation progress, steadily building its global service capability: It secured 2 WTE projects in Uzbekistan, marking a key footprint in the Central Asia market; in markets such as Egypt, Thailand, and Malaysia, it secured asset-light businesses, with contract value of overseas equipment sales reaching new highs. It established representative offices in Vietnam, Indonesia, and Central Asia, driving the transformation of the overseas expansion structure from a project-driven model to a region-focused model.

On the technology deployment front, during the year under review, the Group centred on the “3+1” key directions and made solid progress: forming a 100 tonnes/day waste charcoal production process and a fly ash recirculation treatment process; and completing the straw natural gas explosion + enzymatic hydrolysis research trails. The Group also completed independent research and development (“R&D”) and full set manufacturing of micro-scale waste grate furnace. In respect of commercialisation and application of research results, technologies for energy-saving, efficiency enhancement, digitalisation were converted into tangible commercial applications. For example, technologies for efficiently producing biomethane from biogas in synergy with waste incineration facilitated the Group’s projects to sell biomethane to external clients; breakthroughs were achieved in selective catalytic reduction (“SCR”) high-dust denitrification technology for biomass boilers with a water-cooled vibrating grate; key technologies for high efficiency pyrolysis of waste power batteries and complete equipment for recovering valuable components were included in a national catalogue, helping to establish the first full-industry-chain battery recycling demonstration project in Jiangsu Province. As of 31 December 2025, the Group had cumulatively been granted more than 2,300 intellectual property rights.

On the operations management front, during the year under review, the Group pursued incremental improvements while also digging into the potential to reduce costs and enhance efficiency in existing businesses. Leveraging on measures such as the “Twenty Refined Management Measures”, the “Fifteen Special Measures to Increase Operating Revenue” and other requirements to enhance the operating quality and efficiency of existing projects, operating indicators have been continuously improved. In the environmental energy sector, WTE projects generated about 467 kWh of electricity per tonne of incoming waste fed into the furnace, an increase of 1% from 2024; heat and steam supply volume was about 3.50 million tonnes, an increase of 39% from 2024; slag production volume was about 12 million tonnes, an increase of 55% from 2024. In the environmental water sector, WWT volume was about 1.811 billion m³, an increase of 3% from 2024; more than 30 external business contracts were signed leveraging existing projects, generating additional revenue streams; the “In-Plant Solar Power” program continued to advance. In the greentech sector, heat and steam supply volume of integrated biomass utilisation projects and solid waste treatment projects increased 17% compared with 2024.

On the project construction front, during the year under review, 31 projects of the Group commenced operation, 1 project completed construction, and 8 environmental remediation services were completed and delivered. Meanwhile, 18 projects commenced construction, and 4 environmental remediation services entered the implementation phase.

On the environmental contribution front, in 2025, the Group processed a total of nearly 66 million tonnes of household waste, hazardous and solid waste and agricultural and forestry waste, generating approximately 28.5 billion kWh of electricity, equivalent to saving more than 11 million tonnes of standard coal. The volume of heat and steam supplied was approximately 8.19 million. Nearly 15 million tonnes of CO₂ equivalent greenhouse gas emissions were displaced in total. The volume of waste water and WTE plants’ leachate treated exceeded 1.8 billion m³, reducing chemical oxygen demand emission by more than 920,000 tonnes.

Mr. Luan Zusheng, Executive Director and CEO of Everbright Environment, said, “In 2025, Everbright Environment focused on its core responsibilities and core businesses, strived to increase revenue and create value, prevented and resolved risks, and steadily implemented all business operations to deliver tangible results, deepen its three major development strategies, and made every effort to drive its ‘Second-Stage Entrepreneurship’. In the future, the Group will anchor its strategic directions and deepen its core responsibilities and core businesses. By solidifying its business fundamentals, it will focus on market expansion, promote industrial upgrading, and maintain risk bottom lines, in order to push its own high-quality development to a new level, thereby creating sustainable value for the Shareholders and other stakeholders.”

Mr. Wang Silian, Executive Director and Chairman of the Board of Everbright Environment, said, “In 2026, Everbright Environment will anchor the goal and vision of ‘Building a World-Class Environmental Company with Chinese Characteristics’, seize the ‘Four Adherences’ including problem orientation, people-centeredness, focus on core businesses and unite efforts. By focusing on the ‘Six Key Areas’ namely solidifying the leading position, racing to the front, controlling risks, creating value, taking the lead in innovation and expanding into international markets, the Group will effectively enhance its core competitiveness. With a strong start to the 15th Five-Year Plan, the Group will strive to create more achievements through high-quality development, in order to contribute to building a Beautiful China and a beautiful world.”

Business Review by Sectors

ENVIRONMENTAL ENERGY

In respect of market expansion, during the year under review, environmental energy continued to pursue both domestic and international growth. Internationally, it achieved new breakthroughs in Central Asia and Thailand by securing WTE projects in the Fergana Region and Namangan Region of Uzbekistan, and signing a WTE plant engineering management service contract in Thailand. Domestically, it secured Hainan Sanya WTE Project Phase V, continuing to solidify its market position in the region. At the same time, environmental energy further diversified its market expansion, with asset-light and WTE synergy-based business in areas such as waste sorting, sanitation integration, and heat and steam supply as key driving forces. It also actively explored new business opportunities, such as pilot projects on gasification for hydrogen production and methanol synthesis at biomass grate furnace, expanding the space for business development. In 2025, environmental energy invested in and secured 4 new projects with a total investment of approximately RMB2.953 billion, and signed contracts for asset-light businesses, with a total contract value of approximately RMB240 million. These new projects added a designed daily household waste processing capacity of 3,750 tonnes.

As of 31 December 2025, environmental energy business had invested in and held a total of 284 projects, with an aggregate investment of approximately RMB101.378 billion, and undertook different types of asset-light businesses including 4 O&M and EPCO (Engineering Design-Procurement-Construction-Operation) projects. The designed capacities of these projects (including processing capacity under the O&M model) include but not limited to: an annual processing capacity of 55,297,500 tonnes of household waste, an annual on-grid electricity generation of 19,288,795,800 kWh, an annual processing capacity of 3,151,045 tonnes of food and kitchen waste, and an annual heat and steam supply capacity of 1,910,832 tonnes.

In respect of operations management, during the year under review, environmental energy advanced refined management measures, including deeper application of intelligent power plant-related results to improve operating performance against the headwinds. The core indicators improved as compared with 2024: the average power generation per tonne of incoming waste fed into the furnace of the WTE projects was approximately 467 kWh, increased by 1% as compared with 2024; the comprehensive plant power consumption rate was approximately 15.5%, maintained at a similar level as compared with 2024; supply of heat and steam increased by 39% as compared with 2024; and 2 WTE projects received regulatory approval to increase waste treatment fee.

In respect of project construction, during the year under review, 17 projects commenced operation, and 10 projects commenced construction.

ENVIRONMENTAL WATER

As of 31 December 2025, the Group held a 72.87% stake in China Everbright Water Limited (“Everbright Water”).

In respect of market expansion, during the year under review, Everbright Water proactively promoted market expansion. First, it accelerated its key regional presence. Domestically, it acquired a minority equity stake in an industrial WWT project serving the cosmetics manufacturing sector in Huadu District, Guangzhou City of Guangdong Province. This marked a dual breakthrough in both new markets and niche business areas. Internationally, it expanded its footprint in Southeast Asia by securing equipment procurement service contracts for a municipal water plant in Thailand, further supporting China’s “Belt and Road” Initiative. Second, it broadened its business scope, continuing to extend along both the upstream and downstream segments of the industry value chain. Notably, it signed an investment cooperation agreement with Daxing District People’s Government of Beijing Municipality in relation to zero-carbon energy projects, and also explored opportunities in agricultural waste resource utilisation across multiple provinces. In 2025, Everbright Water invested in and secured 2 projects, in addition to the extension of the concession rights for 1 existing project, with a total investment value of approximately RMB223 million. It also undertook various asset-light projects and services, with a total contract value of approximately RMB266 million. The newly secured projects and services have added a designed daily water treatment capacity of 11,050 m³ (including O&M capacity).

As of 31 December 2025, Everbright Water had invested in and held 172 projects, with a total investment of approximately RMB31.853 billion. It also undertook 16 O&M services and other asset-light businesses. The designed capacities of these projects (including treatment capacity under the O&M model) are as follows: an annual WWT capacity of 2,352,443,250 m³, an annual reusable water supply capacity of 118,479,000 m³, an annual water supply capacity of 310,250,000 m³, an annual sludge treatment capacity of 793,875 tonnes, and an annual livestock and poultry manure treatment capacity of 109,500 tonnes.

In respect of operations management, during the year under review, in respect of cost control, Everbright Water streamlined its supply chain and optimised procurement processes, achieving notable reductions in key operating cost items, including unit procurement costs and chemical consumption per tonne of water. In respect of efficiency enhancement, supported by the development of intelligent capabilities, it deployed a range of practical digital applications such as “dark factory”, artificial intelligence-driven visual inspections and intelligent dosing algorithms. These initiatives effectively strengthened automation, improved operational efficiency and reduced reliance on manual labour and material consumption. As of 31 December 2025, solar power generation facilities had been put into operation at 12 projects, with a total installed capacity of approximately 20 MWp, generating an average annual power of approximately 20 million kWh.

In respect of project construction, during the year under review, Everbright Water had 9 projects that commenced operation upon completion of construction work and 4 projects that commenced construction,

GREENTECH

As of 31 December 2025, the Group held a 69.70% stake in China Everbright Greentech Limited (“Everbright Greentech”).

In respect of market expansion, during the year under review, Everbright Greentech continued to push forward its business structure transformation and achieved remarkable results: it implemented the Group’s first biomethane project, supplying natural gas to Jingjiang Special Steel Co., Ltd., marking an important advance in high-value utilisation of biomass; secured Jiangsu Huai’an Xinhuai Energy Heat Pipeline Network Project, strengthening its advantages in heat and steam supply; and further boosted the market share and earnings contribution of the electricity sales business. In 2025, Everbright Greentech invested in and secured 2 new projects with a total investment of approximately RMB72 million, and signed new contracts for 6 environmental remediation services with a total contract value of approximately RMB155 million. The new projects are designed to have an annual biomass raw material processing capacity of 50,000 tonnes and a biomethane supply capacity of 10,000,000 Nm³.

As of 31 December 2025, Everbright Greentech had invested in and held 143 projects, with a total investment of approximately RMB30.663 billion. These projects are designed to have an annual biomass raw material processing capacity of 8,259,800 tonnes, an annual household waste processing capacity of 4,237,650 tonnes, an annual hazardous and solid waste processing capacity of 2,234,876 tonnes, an annual on-grid electricity supply capacity of 7,144,334,985 kWh, an annual heat and steam supply of 6,306,663 tonnes, a solar and wind power installed capacity of 276.91 MW, and an energy storage capacity of 22.2 MW. In addition, Everbright Greentech undertook 14 environmental remediation services (excluding services that had been completed and delivered).

In respect of operations management, during the year under review, Everbright Greentech focused on revenue growth, cost reduction, and green value-add initiatives, effectively enhancing the competitiveness of its projects. In terms of revenue growth, the heat and steam supply volume of relevant projects increased by about 17% from 2024, driving a significant increase in related revenue. In terms of cost reduction, the biomass fuel settlement costs declined by 8.6% from 2024, effectively easing cost pressures. Notably, Anhui Dangshan Biomass Utilisation Project became the Group’s first benchmark for turning a loss into a profit without relying on national subsidies. In terms of green value-added initiatives, the green certificate trading volume increased approximately 11.3 times from 2024, further strengthening green profitability.

In respect of project construction, during the year under review, Everbright Greentech had 3 projects that commenced operation, and 8 environmental remediation services were completed and delivered. In addition, 4 projects commenced construction, and 4 environmental remediation services started remediation works.

EQUIPMENT MANUFACTURING

In respect of market expansion, during the year under review, equipment manufacturing adhered to the approach of “seizing major market opportunities, expanding overseas markets, and seeking breakthroughs in new fields”, achieving solid domestic and international sales results. In the domestic market, it tackled key challenges and tapped internal potential to solidify growth support: winning the bid for SCR denitrification upgrade works, achieving a breakthrough in turnkey EPC (Engineering, Procurement and Construction) projects for flue gas treatment in the coal-fired power sector; deeply developing mini-scale waste incineration technology and securing related projects in Sichuan Province and other places; focusing on sub-fields such as flue gas treatment upgrading and implementing multiple projects, further extending the technology road map for the industry chain. In overseas markets, it shifted from equipment import to service upgrading: signing an equipment supply project in Thailand, achieving a breakthrough in overseas application of its self-developed water-cooled grate technology; subsequently signing or winning the bid for asset-light contracts for equipment supply and technical services in Malaysia, Italy, Turkey, and other countries, laying a solid foundation for deeper expansion into the European and Asian markets.

In 2025, equipment manufacturing signed 20 contracts for external sales of equipment, with a total contract value of approximately RMB528 million. On the equipment supply and after-sales service front, supply services were initiated for 211 projects; production was completed for 5 sets of grate furnaces for internal and external clients; 48 sets of furnaces and leachate treatment systems were delivered; and 66 instances of unmanned coking services were completed. The sector also signed 210 contracts in relation to external after-sale services, with a total contract value of approximately RMB88 million. In 2025, equipment manufacturing provided 199 after-sales service projects for internal and external clients.

ENVIROTECH

In respect of technological innovation, during the year under review, envirotech advanced in an orderly manner around the Group’s “3+1” priority directions: developing a unique charcoal production process plan and a key performance indicator system, and forming a 100 tonnes/day waste charcoal production process; developing a fly ash recirculation treatment process with independent intellectual property rights; completing the straw natural gas explosion + enzymatic hydrolysis research trails; and completing the independent R&D and full-set manufacturing of 10 tonnes/day micro-scale waste grate furnace.

In addition, envirotech actively participated in developing industry standards during the year under review, including driving the formulation of 2 national standards, undertaking 1 national key R&D project, and, as part of the core team, driving the formulation of multiple association standards, thereby continuously enhancing its industry influence.

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About China Everbright Environment Group Limited

China Everbright Environment Group Limited (“Everbright Environment”) is a flagship enterprise of China Everbright Group Ltd. in the industrial sector. Everbright Environment is listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”) (257.HK). It has two listed subsidiary companies: China Everbright Water Limited, which is dual listed on Singapore Exchange Securities Trading Limited and HKEX (U9E.SG and 1857.HK) and China Everbright Greentech Limited, which is listed on HKEX (1257.HK). Since its transformation into the environmental field in 2003, Everbright Environment has become the largest environmental enterprise in China, a leading player in Asia’s environmental protection industry, as well as a world-renowned environmental group.

As the world’s largest waste-to-energy operator, Everbright Environment has a designed daily household waste processing capacity of more than 160,000 tonnes. The Company has a business presence in 24 provinces, autonomous regions, municipalities and a special administrative region in China, as well as 18 overseas markets including Germany, Poland, Vietnam and Uzbekistan. Focusing on the areas of solid waste, water-related business and clean energy, the Company’s main businesses cover waste-to-energy and synergistic waste treatment, integrated biomass utilisation, hazardous and solid waste treatment, new energy, environmental remediation, water environment management, equipment manufacturing, waste sorting, environmental sanitation integration, resource recycling, development of zero-waste cities, research and development relating to green technologies, ecological and environmental planning and designing, as well as environmental protection industrial parks.