Yinhua Shaoxing Source Water Water Resources Real Estate Investment Trust: The first-level emergency response for source water has not been lifted.

On March 17th, YinHua Fund announced that due to the continuous low water level of Tangpu Reservoir, as of the disclosure date of this announcement, the emergency guarantee level I response of YinHua Shaoxing Original Water Resources REIT has not been lifted, and the water supply volume of Tangpu Reservoir continues to be restricted within the range of the previous proportion. The announcement stated that from January 1st to March 15th, 2026, the water supply volume of the project company was 15.76 million cubic meters, a decrease of 71.6% compared to the same period last year. It is expected to impact the first quarter original water revenue, profit margin, and cash flow of the project company, and therefore affect the current fund distribution for fund shareholders. Since the fourth quarter of 2025, the water supply in Tangpu Reservoir Basin in Shaoxing City has been below normal, and on January 7th, 2026, YinHua Fund issued an announcement regarding the emergency guarantee level I response of YinHua Shaoxing Original Water Resources REIT for the project company's original water, disclosing that Shaoxing City initiated the emergency guarantee level I response from January 5th. During the response period, the water supply volume of Tangpu Reservoir is limited to 40% of the daily average original water supply in the month of the nearest normal supply year, with the minimum supply ratio potentially falling below 10%. The fund manager and the operational management institution have taken or plan to take relevant response measures in accordance with the emergency guarantee response regulations of Shaoxing City, combined with the actual operation of Tangpu Reservoir, including strengthening coordination with meteorological departments and implementing artificial rain enhancement operations at appropriate times.