CHENGDU EXPWAY (01785) subsidiary invests 150 million yuan to participate in the establishment of a fund to further enhance its capital operation capabilities and resource allocation efficiency in the energy storage field.

Chengdu Expway (01785) announced on April 20, 2026, that its subsidiary, Energy Development Company (as a limited partner), entered into a partnership agreement with Chengdu Investment Excellence Fund Company (as a general partner), Chengdu Investment Capital Company (as a limited partner), and Sichuan Aviation Electronics Micro (as a limited partner). As per the agreement, the Chengdu Energy Storage Industry Chain Equity Investment Fund Limited Partnership will be set up with a total subscribed capital of 1 billion RMB, of which Energy Development Company will contribute 150 million RMB, accounting for 15% of the total. After the establishment of the fund, it will not be considered a subsidiary of the company, and the fund will not be included in the company's consolidated financial statements. The fund will focus on energy storage assets in the Chengdu region, including energy storage projects in scenarios such as backup power supply, transportation hubs, and industrial parks. Chengdu Investment Excellence Fund Company may invest the fund's cash assets in bank demand deposits, treasury bonds, central bank bills, and other cash management tools recognized by the China Securities Regulatory Commission for cash management purposes before the fund completes private equity fund registration or when funds are idle. Without the unanimous consent of all partners, the fund may not engage in any other investment activities beyond the specified scope. In response to national policies favoring the energy storage industry, such as the Action Plan for Scale-up Development of New Energy Storage (2025-2027) and the Action Plan for High-quality Development of New Energy Storage Manufacturing, Energy Development Company is actively promoting new energy and energy storage-related businesses, focusing on developing various application scenarios such as backup power supply microgrids, transportation hub microgrids, and industrial park microgrids, while continuously improving the distributed energy and smart energy management system. The establishment of the fund will help Energy Development Company leverage a specialized fund platform to enhance its capital operation capabilities and resource allocation efficiency in the field of energy storage. By leveraging the fund's leverage effect, the company can maximize the investment efficiency of limited funds and control costs and risks within the subscribed capital. The fund's investment decision committee effectively controls investment risks, promoting the standardized development of related businesses. The fund will focus on investment in the energy storage industry chain in the Chengdu region, implementing specific projects through fund investments and subsequent establishment of SPV companies to accelerate the implementation of energy storage projects, allowing Energy Development Company to quickly complete the strategic layout of the core elements of the industrial chain and integrate project operation data and asset management into its management platform, promoting synergies and capabilities in power market transactions, demand-side response, and smart energy management, thus strengthening the group's core competitiveness in microgrids, smart energy, and other business areas. Furthermore, the establishment of the fund will facilitate the deep integration of capital and industry, deepen the understanding of the latest industry developments in the new energy business, diversify investment risks, and explore potential strategic partners to seize future development opportunities. Combined with the professional investment management capabilities of the fund manager and the industry technology and scene resources of the partners, the Board believes that the group's investment in the fund can build an investment layout covering the energy storage industry chain, supporting the continuous development and strategic transformation of Energy Development Company's new energy business. In addition, the fund's annualized investment return is approximately 8.5%, and Sichuan Aviation Electronics Micro will provide a supplementary payment of 6% per year on the operating income of SPV companies, further securing the realization of the fund's investment returns. Therefore, the Board believes that the fund will provide potential returns beyond fixed income, effectively utilizing the group's existing financial resources and competitive advantages, enhancing capital allocation efficiency, and improving capital returns. From a long-term perspective, this investment will benefit the gradual optimization and upgrade of the company's business structure and enhance its sustainable operational capabilities. With controllable risks, the company expects to enjoy the returns from the fund in the future, benefiting the interests of shareholders.