CHINA GAS HOLD (00384) adheres to the "green city operator" strategic direction to build a multi-energy complementary energy system in coordination with ecology, and has signed a strategic cooperation agreement with Eve Energy Co., Ltd.

CHINA GAS HOLD (00384) announced that the board of directors gladly provides the latest developments in the group's business to company shareholders and potential investors: (1) Policy-driven market opportunities, rapid expansion of energy storage business scale Since the beginning of this year, relevant national departments have intensively introduced a series of policies on deepening the market-oriented reform of new energy on-grid electricity prices, accelerating the construction of electricity spot markets comprehensively, and promoting the integration and regulation of new energy, effectively driving the explosion of energy storage demand on the industrial and commercial user side. The group, with its first-mover advantage and integration capabilities, accurately grasped the policy dividends, accelerated project implementation and market expansion, and achieved rapid scale development in this sector. As of September 30, 2025, the group's energy storage business on the industrial and commercial user side has continued to show strong growth momentum, with accumulated operational capacity reaching 617.7 megawatt-hours (MWh), and cumulative contracted installation capacity reaching 1.2 gigawatt-hours (GWh). The main projects are concentrated in regions such as Jiangsu, Zhejiang, and Guangdong. In addition, against the backdrop of the continuous increase in the scale and marketization level of green electricity trading, the group actively uses artificial intelligence (AI) technology to enhance the accuracy of electricity trading, and through innovative models such as virtual power plants, aggregates decentralized energy resources, combined with energy storage project operations, effectively broadening the profit channels of the electricity new energy business. (2) Firm strategic direction, building a collaborative ecosystem The group adheres to the strategic direction of being a "green city operator," actively responding to the national "dual carbon" goal, with energy storage business on the industrial and commercial user side as the core, horizontally integrating distributed photovoltaics, charging piles, biomass energy supply, and energy-saving services, and relying on mature electricity sales business, effectively driving the integration and development of emerging formats such as green electricity and green certificate trading, virtual power plants, and efforts to build a collaborative ecosystem of multiple complementary energy sources for customers to provide low-carbon and diverse comprehensive energy solutions. In addition, on December 2, 2025, the company signed a strategic cooperation agreement with Huizhou Eve Energy Co., Ltd. to officially establish a comprehensive and deep strategic partnership. The two sides will uphold the principles of "complementing strengths, sharing resources, and mutually beneficial cooperation," work together to deepen the layout in energy storage technology innovation, biomass technology application, and green clean energy, and jointly contribute to the realization of the national "dual carbon" goal. According to the agreement, the cooperation between the two parties will focus on three core areas: 1. Technology research and development: combining the group's application scenarios in distributed solar storage energy, biomass, and green low-carbon platforms with Eve Energy Co., Ltd.'s leading capabilities in battery systems solutions, jointly develop coupling technologies for energy storage systems and biomass energy, and promote the commercial application of low-carbon energy management platforms. 2. Project development and market expansion: the two parties plan to jointly develop projects in areas such as industrial and commercial energy storage, mobile energy storage, heavy-duty vehicle battery swapping, and zero-carbon industrial parks, and gradually expand to overseas markets. According to the plan, the two parties will achieve order replacement of 1 gigawatt-hour (GWh) of battery core or energy storage direct current products within one year, covering the group's domestic and international energy storage projects. In the next three years, the group will explore market opportunities in areas such as industrial and commercial energy storage, electric heavy-duty truck batteries, and mobile energy storage, providing substantial project demand for the cooperation of both parties, and these demands will provide specific scenario support for the cooperation of both parties. 3. Building a green energy ecosystem: the group will provide comprehensive energy security such as biomass gas, steam, and new energy electricity to Eve Energy Co., Ltd.'s production bases in Yunnan, Hubei, Malaysia, and other places. This strategic cooperation is an aggregation of advantages of leading enterprises in the upstream and downstream of the new energy industry chain. In the future, the two parties will continue to deepen cooperation in the field of comprehensive energy, continuously expand the breadth and depth of cooperation, promote the high-quality development of the new energy industry chain through technological collaboration and project construction, and inject new momentum into the global energy transformation. The group will closely focus on the construction of zero-carbon cities (parks) and systematically layout the "source-grid-load-storage" full industrial chain. In the new situation where the national strategy of "peak carbon emissions and carbon neutrality" is strongly deployed, through the operation of energy assets, it is committed to achieving coordinated supply and closed-loop management between multiple energy systems such as electricity, gas, heat, and cold. The group provides carbon measurement and energy-saving emission reduction services throughout the entire life cycle of buildings, and through digital management platforms, builds smart low-carbon industrial parks, continuously empowers through digitalization, promotes effective integration of the Internet of Things and multi-energy coupling. This is aimed at gradually building a unique group-style dual-carbon business ecosystem, earnestly practicing the group's corporate vision of being a "green city operator."